-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ByAAAianjaADTuQKJN8zkWqdwplbTiPneNv3Fmt/yY1gXFrXmDsAOQAobzaAO0TV 6s7QQjw9OVJFd5i70Ss7ig== 0000935069-07-001846.txt : 20070824 0000935069-07-001846.hdr.sgml : 20070824 20070823175253 ACCESSION NUMBER: 0000935069-07-001846 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070630 FILED AS OF DATE: 20070824 DATE AS OF CHANGE: 20070823 EFFECTIVENESS DATE: 20070824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MAIN STREET SMALL CAP FUND CENTRAL INDEX KEY: 0001086165 IRS NUMBER: 841501338 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 071076442 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0001086165 S000008470 OPPENHEIMER MAIN STREET SMALL CAP FUND C000023216 A C000023217 B C000023218 C C000023219 N C000023220 Y N-CSR 1 ra847_41042ncsr.txt RA847_41042NCSR.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09333 OPPENHEIMER MAIN STREET SMALL CAP FUND (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: JUNE 30 Date of reporting period: 06/30/2007 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN COMMON STOCK HOLDINGS - -------------------------------------------------------------------------------- EMCOR Group, Inc. 0.4% - -------------------------------------------------------------------------------- Ohio Casualty Corp. 0.4 - -------------------------------------------------------------------------------- Arris Group, Inc. 0.4 - -------------------------------------------------------------------------------- Deluxe Corp. 0.4 - -------------------------------------------------------------------------------- Tenneco, Inc. 0.4 - -------------------------------------------------------------------------------- Chemed Corp. 0.4 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 0.4 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 0.4 - -------------------------------------------------------------------------------- Infrasource Services, Inc. 0.4 - -------------------------------------------------------------------------------- Priceline.com, Inc. 0.4 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2007, and are based on net assets. TOP TEN COMMON STOCK INDUSTRIES - -------------------------------------------------------------------------------- Insurance 6.5% - -------------------------------------------------------------------------------- Commercial Services & Supplies 6.3 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 4.9 - -------------------------------------------------------------------------------- Specialty Retail 4.1 - -------------------------------------------------------------------------------- Health Care Providers & Services 3.6 - -------------------------------------------------------------------------------- Software 3.6 - -------------------------------------------------------------------------------- Machinery 3.5 - -------------------------------------------------------------------------------- Chemicals 3.5 - -------------------------------------------------------------------------------- Real Estate Investment Trusts 3.1 - -------------------------------------------------------------------------------- Communications Equipment 3.1 Portfolio holdings and allocations are subject to change. Percentages are a s of June 30, 2007, and are based on net assets. - -------------------------------------------------------------------------------- 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Information Technology 19.0% Consumer Discretionary 18.9 Industrials 17.3 Financials 14.6 Health Care 8.9 Materials 7.3 Energy 4.8 Consumer Staples 3.7 Utilities 3.4 Telecommunication Services 2.1 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2007, and are based on the total market value of common stocks. - -------------------------------------------------------------------------------- 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2007, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. For the 12-month period ended June 30, 2007, Oppenheimer Main Street Small Cap Fund produced total returns that were in line with its benchmark, the Russell 2000 Index, and higher than the median return of the funds reported in its peer group, the Lipper Small Cap-Core category. The Fund particularly benefited from its emphasis on stocks with market capitalizations toward the larger end of the small-cap range, including a larger-than-average number of holdings in the mid-cap category. This positioning enabled the Fund to participate more fully in relative strength among mid-cap companies, which generally produced higher returns than all other capitalization categories for the reporting period. The Fund also benefited from its relatively light exposure to micro-cap companies, where returns trailed all of the larger capitalization categories. The Fund was overweight in midcap stocks which helped; however, security selection did not help. In addition, the Fund achieved strong relative performance from its security selections in the small-cap category. Our security selection models assigned relatively low rankings to most banks, leading to a generally underweighted position in the financials sector. As a result, the Fund avoided the full brunt of declines in the financials sector's weakest industry group. The Fund also held relatively few real estate investment trusts ("REITS"), which helped support relative performance when REITS produced lackluster results in the wake of strong returns in previous reporting periods. Our statistical models found a number of highly ranked opportunities in the materials sector, helping the Fund participate more heavily than its benchmark in the sector's market-leading performance. A slightly overweighted position in the relatively small telecommunications services sector also helped support the Fund's returns. Conversely, the Fund's security selection models proved to be less effective in the information technology area. As of the end of the reporting period, the Fund remained tilted toward larger companies. From a sector allocation perspective, the Fund maintained significantly overweighted positions in the consumer discretionary and industrials sectors, and relatively low exposure to the financials and health care areas. As always, the Fund has remained fully invested and committed to our quantitative approach to investing. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until June 30, 2007. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the classes on August 2, 1999. In the case of Class N shares, performance is measured from inception of the class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Russell 2000 Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund category includes the 30 largest mutual funds within the investment category as defined by Lipper. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class A) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Street Lipper Small-Cap Small Cap Fund (Class A) Russell 2000 Index Core Fund Index 08/02/1999 $ 9,425 $10,000 $10,000 09/30/1999 $ 9,557 $ 9,632 $ 9,626 12/31/1999 $12,125 $11,409 $11,450 03/31/2000 $12,994 $12,217 $12,632 06/30/2000 $13,947 $11,755 $12,430 09/30/2000 $14,608 $11,885 $12,779 12/31/2000 $13,356 $11,064 $12,244 03/31/2001 $12,916 $10,344 $11,313 06/30/2001 $15,015 $11,822 $13,051 09/30/2001 $12,756 $ 9,364 $10,768 12/31/2001 $15,082 $11,339 $13,117 03/31/2002 $15,562 $11,791 $13,585 06/30/2002 $15,122 $10,806 $12,406 09/30/2002 $12,572 $ 8,493 $10,014 12/31/2002 $12,672 $ 9,016 $10,594 03/31/2003 $12,162 $ 8,611 $10,047 06/30/2003 $14,782 $10,629 $12,113 09/30/2003 $16,123 $11,593 $12,997 12/31/2003 $18,563 $13,277 $14,928 03/31/2004 $19,493 $14,108 $15,838 06/30/2004 $19,523 $14,175 $16,086 09/30/2004 $19,313 $13,770 $15,856 12/31/2004 $22,122 $15,711 $17,669 03/31/2005 $21,494 $14,872 $17,116 06/30/2005 $22,222 $15,514 $17,641 09/30/2005 $23,577 $16,242 $18,693 12/31/2005 $24,335 $16,426 $19,005 03/31/2006 $27,438 $18,716 $21,212 06/30/2006 $26,270 $17,775 $20,202 09/30/2006 $25,739 $17,853 $19,995 12/31/2006 $27,899 $19,443 $21,608 03/31/2007 $29,022 $19,821 $22,287 06/30/2007 $30,599 $20,697 $23,670 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 6/30/07 1-Year 9.78% 5-Year 13.78% Since Inception (8/2/99) 15.18% 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class B) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Street Lipper Small-Cap Small Cap Fund (Class B) Russell 2000 Index Core Fund Index 08/02/1999 $10,000 $10,000 $10,000 09/30/1999 $10,130 $ 9,632 $ 9,626 12/31/1999 $12,824 $11,409 $11,450 03/31/2000 $13,726 $12,217 $12,632 06/30/2000 $14,708 $11,755 $12,430 09/30/2000 $15,369 $11,885 $12,779 12/31/2000 $14,020 $11,064 $12,244 03/31/2001 $13,531 $10,344 $11,313 06/30/2001 $15,707 $11,822 $13,051 09/30/2001 $13,319 $ 9,364 $10,768 12/31/2001 $15,725 $11,339 $13,117 03/31/2002 $16,193 $11,791 $13,585 06/30/2002 $15,704 $10,806 $12,406 09/30/2002 $13,028 $ 8,493 $10,014 12/31/2002 $13,113 $ 9,016 $10,594 03/31/2003 $12,561 $ 8,611 $10,047 06/30/2003 $15,237 $10,629 $12,113 09/30/2003 $16,585 $11,593 $12,997 12/31/2003 $19,049 $13,277 $14,928 03/31/2004 $19,962 $14,108 $15,838 06/30/2004 $19,951 $14,175 $16,086 09/30/2004 $19,707 $13,770 $15,856 12/31/2004 $22,530 $15,711 $17,669 03/31/2005 $21,837 $14,872 $17,116 06/30/2005 $22,541 $15,514 $17,641 09/30/2005 $23,896 $16,242 $18,693 12/31/2005 $24,665 $16,426 $19,005 03/31/2006 $27,809 $18,716 $21,212 06/30/2006 $26,626 $17,775 $20,202 09/30/2006 $26,088 $17,853 $19,995 12/31/2006 $28,277 $19,443 $21,608 03/31/2007 $29,415 $19,821 $22,287 06/30/2007 $31,014 $20,697 $23,670 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 6/30/07 1-Year 10.63% 5-Year 14.01% Since Inception (8/2/99) 15.38% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class C) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Street Russell 2000 Lipper Small-Cap Small Cap Fund (Class C) Index Core Fund Index 08/02/1999 $ 10,000 $ 10,000 $ 10,000 09/30/1999 $ 10,130 $ 9,632 $ 9,626 12/31/1999 $ 12,824 $ 11,409 $ 11,450 03/31/2000 $ 13,726 $ 12,217 $ 12,632 06/30/2000 $ 14,708 $ 11,755 $ 12,430 09/30/2000 $ 15,369 $ 11,885 $ 12,779 12/31/2000 $ 14,030 $ 11,064 $ 12,244 03/31/2001 $ 13,541 $ 10,344 $ 11,313 06/30/2001 $ 15,717 $ 11,822 $ 13,051 09/30/2001 $ 13,319 $ 9,364 $ 10,768 12/31/2001 $ 15,725 $ 11,339 $ 13,117 03/31/2002 $ 16,192 $ 11,791 $ 13,585 06/30/2002 $ 15,703 $ 10,806 $ 12,406 09/30/2002 $ 13,038 $ 8,493 $ 10,014 12/31/2002 $ 13,113 $ 9,016 $ 10,594 03/31/2003 $ 12,571 $ 8,611 $ 10,047 06/30/2003 $ 15,247 $ 10,629 $ 12,113 09/30/2003 $ 16,595 $ 11,593 $ 12,997 12/31/2003 $ 19,069 $ 13,277 $ 14,928 03/31/2004 $ 19,993 $ 14,108 $ 15,838 06/30/2004 $ 19,982 $ 14,175 $ 16,086 09/30/2004 $ 19,738 $ 13,770 $ 15,856 12/31/2004 $ 22,571 $ 15,711 $ 17,669 03/31/2005 $ 21,890 $ 14,872 $ 17,116 06/30/2005 $ 22,594 $ 15,514 $ 17,641 09/30/2005 $ 23,921 $ 16,242 $ 18,693 12/31/2005 $ 24,646 $ 16,426 $ 19,005 03/31/2006 $ 27,750 $ 18,716 $ 21,212 06/30/2006 $ 26,514 $ 17,775 $ 20,202 09/30/2006 $ 25,933 $ 17,853 $ 19,995 12/31/2006 $ 28,053 $ 19,443 $ 21,608 03/31/2007 $ 29,138 $ 19,821 $ 22,287 06/30/2007 $ 30,670 $ 20,697 $ 23,670 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 6/30/07 1-Year 14.68% 5-Year 14.33% Since Inception (8/2/99) 15.22% 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS N SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class N) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Street Russell 2000 Lipper Small-Cap Small Cap Fund (Class N) Index Core Fund Index 03/01/2001 $ 10,000 $ 10,000 $ 10,000 03/31/2001 $ 9,542 $ 9,511 $ 9,527 06/30/2001 $ 11,086 $ 10,870 $ 10,991 09/30/2001 $ 9,409 $ 8,610 $ 9,068 12/31/2001 $ 11,121 $ 10,426 $ 11,046 03/31/2002 $ 11,469 $ 10,841 $ 11,440 06/30/2002 $ 11,129 $ 9,935 $ 10,448 09/30/2002 $ 9,258 $ 7,809 $ 8,433 12/31/2002 $ 9,325 $ 8,290 $ 8,922 03/31/2003 $ 8,947 $ 7,918 $ 8,461 06/30/2003 $ 10,863 $ 9,772 $ 10,201 09/30/2003 $ 11,839 $ 10,659 $ 10,945 12/31/2003 $ 13,613 $ 12,207 $ 12,571 03/31/2004 $ 14,286 $ 12,972 $ 13,338 06/30/2004 $ 14,294 $ 13,033 $ 13,546 09/30/2004 $ 14,131 $ 12,661 $ 13,353 12/31/2004 $ 16,178 $ 14,445 $ 14,880 03/31/2005 $ 15,705 $ 13,674 $ 14,414 06/30/2005 $ 16,227 $ 14,264 $ 14,856 09/30/2005 $ 17,198 $ 14,933 $ 15,742 12/31/2005 $ 17,734 $ 15,103 $ 16,004 03/31/2006 $ 19,980 $ 17,208 $ 17,864 06/30/2006 $ 19,115 $ 16,343 $ 17,013 09/30/2006 $ 18,713 $ 16,415 $ 16,838 12/31/2006 $ 20,260 $ 17,877 $ 18,197 03/31/2007 $ 21,065 $ 18,225 $ 18,768 06/30/2007 $ 22,189 $ 19,029 $ 19,933 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT 6/30/07 1-Year 15.08% 5-Year 14.80% Since Inception (3/1/01) 13.42% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class Y) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Street Russell 2000 Lipper Small-Cap Small Cap Fund (Class Y) Index Core Fund Index 08/02/1999 $ 10,000 $ 10,000 $ 10,000 09/30/1999 $ 10,140 $ 9,632 $ 9,626 12/31/1999 $ 12,874 $ 11,409 $ 11,450 03/31/2000 $ 13,816 $ 12,217 $ 12,632 06/30/2000 $ 14,848 $ 11,755 $ 12,430 09/30/2000 $ 15,570 $ 11,885 $ 12,779 12/31/2000 $ 14,240 $ 11,064 $ 12,244 03/31/2001 $ 13,784 $ 10,344 $ 11,313 06/30/2001 $ 16,021 $ 11,822 $ 13,051 09/30/2001 $ 13,625 $ 9,364 $ 10,768 12/31/2001 $ 16,135 $ 11,339 $ 13,117 03/31/2002 $ 16,655 $ 11,791 $ 13,585 06/30/2002 $ 16,199 $ 10,806 $ 12,406 09/30/2002 $ 13,504 $ 8,493 $ 10,014 12/31/2002 $ 13,632 $ 9,016 $ 10,594 03/31/2003 $ 13,101 $ 8,611 $ 10,047 06/30/2003 $ 15,944 $ 10,629 $ 12,113 09/30/2003 $ 17,408 $ 11,593 $ 12,997 12/31/2003 $ 20,071 $ 13,277 $ 14,928 03/31/2004 $ 21,100 $ 14,108 $ 15,838 06/30/2004 $ 21,153 $ 14,175 $ 16,086 09/30/2004 $ 20,962 $ 13,770 $ 15,856 12/31/2004 $ 24,037 $ 15,711 $ 17,669 03/31/2005 $ 23,384 $ 14,872 $ 17,116 06/30/2005 $ 24,200 $ 15,514 $ 17,641 09/30/2005 $ 25,704 $ 16,242 $ 18,693 12/31/2005 $ 26,565 $ 16,426 $ 19,005 03/31/2006 $ 30,002 $ 18,716 $ 21,212 06/30/2006 $ 28,757 $ 17,775 $ 20,202 09/30/2006 $ 28,209 $ 17,853 $ 19,995 12/31/2006 $ 30,601 $ 19,443 $ 21,608 03/31/2007 $ 31,877 $ 19,821 $ 22,287 06/30/2007 $ 33,644 $ 20,697 $ 23,670 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 6/30/07 1-Year 17.00% 5-Year 15.74% Since Inception (8/2/99) 16.57% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER INFORMATION. 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES - -------------------------------------------------------------------------------- Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the "since inception" return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2007. 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 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. 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (1/1/07) (6/30/07) JUNE 30, 2007 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,096.80 $5.73 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.34 5.52 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,093.20 9.70 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.57 9.34 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,093.30 9.49 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.77 9.14 - -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,095.20 7.51 - -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.65 7.23 - -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,099.50 3.44 - -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.52 3.31 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2007 are as follows: CLASS EXPENSE RATIOS - ------------------------ Class A 1.10% - ------------------------ Class B 1.86 - ------------------------ Class C 1.82 - ------------------------ Class N 1.44 - ------------------------ Class Y 0.66 The expense ratio reflects reduction to custodian fees and voluntary waiver or reimbursement by the Fund's Manager and 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. - -------------------------------------------------------------------------------- 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS June 30, 2007 - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--98.9% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.7% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.5% Aftermarket Technology Corp. 1,2 93,600 $ 2,778,048 - -------------------------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 2 456,300 13,515,606 - -------------------------------------------------------------------------------- ArvinMeritor, Inc. 2 782,100 17,362,620 - -------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 118,100 3,261,922 - -------------------------------------------------------------------------------- Drew Industries, Inc. 1 68,000 2,253,520 - -------------------------------------------------------------------------------- Fuel Systems Solutions, Inc. 1,2 29,400 487,452 - -------------------------------------------------------------------------------- GenTek, Inc. 1,2 49,100 1,729,302 - -------------------------------------------------------------------------------- Gentex Corp. 396,400 7,805,116 - -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1 141,000 4,901,160 - -------------------------------------------------------------------------------- Lear Corp. 1 203,600 7,250,196 - -------------------------------------------------------------------------------- Modine Manufacturing Co. 2 69,600 1,572,960 - -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 194,900 5,800,224 - -------------------------------------------------------------------------------- Shiloh Industries, Inc. 23,600 287,448 - -------------------------------------------------------------------------------- Standard Motor Products, Inc. 2 89,000 1,337,670 - -------------------------------------------------------------------------------- Tenneco, Inc. 1,2 630,400 22,089,216 ----------------- 92,432,460 - -------------------------------------------------------------------------------- AUTOMOBILES--0.1% Monaco Coach Corp. 2 127,700 1,832,495 - -------------------------------------------------------------------------------- Winnebago Industries, Inc. 2 172,400 5,089,248 ----------------- 6,921,743 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Keystone Automotive Industries, Inc. 1,2 15,300 632,961 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.8% Coinstar, Inc. 1 360,100 11,335,948 - -------------------------------------------------------------------------------- CPI Corp. 29,900 2,078,050 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES Continued DeVry, Inc. 539,600 $ 18,357,192 - -------------------------------------------------------------------------------- INVESTools, Inc. 1,2 71,400 711,144 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 61,300 7,195,394 - -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 2 192,500 5,411,175 - -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 7,600 331,436 - -------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 1 62,500 4,019,375 - -------------------------------------------------------------------------------- Regis Corp. 396,997 15,185,135 - -------------------------------------------------------------------------------- Service Corp. International 181,300 2,317,014 - -------------------------------------------------------------------------------- Sotheby's 2 167,200 7,694,544 - -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1 116,800 5,737,216 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 657,600 5,122,704 - -------------------------------------------------------------------------------- Strayer Education, Inc. 2 148,000 19,493,080 - -------------------------------------------------------------------------------- Vertrue, Inc. 1 41,100 2,004,858 ----------------- 106,994,265 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.1% AFC Enterprises, Inc. 1,2 132,600 2,292,654 - -------------------------------------------------------------------------------- Ambassadors Group, Inc. 2 69,700 2,476,441 - -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 221,869 7,707,729 - -------------------------------------------------------------------------------- Applebee's International, Inc. 550,700 13,271,870 - -------------------------------------------------------------------------------- Bally Technologies, Inc. 1,2 150,100 3,965,642 - -------------------------------------------------------------------------------- Bob Evans Farms, Inc. 496,800 18,307,080 - -------------------------------------------------------------------------------- Brinker International, Inc. 219,900 6,436,473 - -------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1,2 97,500 4,055,025 - -------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1,2 85,950 1,846,206 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued CBRL Group, Inc. 2 351,626 $ 14,937,072 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 323,900 11,401,280 - -------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 595,100 11,943,657 - -------------------------------------------------------------------------------- Darden Restaurants, Inc. 174,500 7,676,255 - -------------------------------------------------------------------------------- Denny's Corp. 1 535,400 2,382,530 - -------------------------------------------------------------------------------- Domino's Pizza, Inc. 2 641,500 11,720,205 - -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 2 19,800 297,198 - -------------------------------------------------------------------------------- IHOP Corp. 2 285,700 15,550,651 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1,2 182,700 12,960,738 - -------------------------------------------------------------------------------- Luby's, Inc. 1 94,200 909,972 - -------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1,2 83,400 2,163,396 - -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 81,700 2,193,645 - -------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1 9,000 138,600 - -------------------------------------------------------------------------------- O'Charley's, Inc. 2 111,900 2,255,904 - -------------------------------------------------------------------------------- Premier Exhibitions, Inc. 1,2 56,800 895,168 - -------------------------------------------------------------------------------- Ruby Tuesday, Inc. 2 201,100 5,294,963 - -------------------------------------------------------------------------------- Speedway Motorsports, Inc. 27,800 1,111,444 - -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 134,300 8,174,841 - -------------------------------------------------------------------------------- Wendy's International, Inc. 221,700 8,147,475 - -------------------------------------------------------------------------------- WMS Industries, Inc. 1,2 39,150 1,129,869 - -------------------------------------------------------------------------------- Wyndham Worldwide Corp. 1 140,500 5,094,530 ----------------- 186,738,513 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.6% American Greetings Corp., Cl. A 2 689,000 19,519,370 - -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 22,700 1,746,538 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Black & Decker Corp. 48,700 $ 4,300,697 - -------------------------------------------------------------------------------- Blyth, Inc. 328,200 8,723,556 - -------------------------------------------------------------------------------- Champion Enterprises, Inc. 1,2 366,400 3,601,712 - -------------------------------------------------------------------------------- CSS Industries, Inc. 18,492 732,468 - -------------------------------------------------------------------------------- Helen of Troy Ltd. 1 69,200 1,868,400 - -------------------------------------------------------------------------------- Hooker Furniture Corp. 2 32,000 718,080 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 361,430 5,063,634 - -------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 175,100 2,006,646 - -------------------------------------------------------------------------------- Leggett & Platt, Inc. 2 111,300 2,454,165 - -------------------------------------------------------------------------------- Libbey, Inc. 2 41,300 890,841 - -------------------------------------------------------------------------------- Newell Rubbermaid, Inc. 55,800 1,642,194 - -------------------------------------------------------------------------------- NVR, Inc. 1 5,500 3,738,625 - -------------------------------------------------------------------------------- Ryland Group, Inc. (The) 2 106,400 3,976,168 - -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 36,400 747,656 - -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 2 654,600 16,954,140 - -------------------------------------------------------------------------------- Tupperware Brands Corp. 598,000 17,186,520 - -------------------------------------------------------------------------------- Universal Electronics, Inc. 1,2 47,800 1,736,096 ----------------- 97,607,506 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.8% 1-800-FLOWERS.com, Inc. 1,2 152,500 1,438,075 - -------------------------------------------------------------------------------- Blue Nile, Inc. 1,2 105,000 6,342,000 - -------------------------------------------------------------------------------- Expedia, Inc. 1 326,015 9,548,979 - -------------------------------------------------------------------------------- FTD Group, Inc. 2 126,600 2,330,706 - -------------------------------------------------------------------------------- Gaiam, Inc. 1,2 42,100 767,483 - -------------------------------------------------------------------------------- GSI Commerce, Inc. 1,2 100,700 2,286,897 - -------------------------------------------------------------------------------- PetMed Express, Inc. 1,2 29,700 381,348 - -------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 306,700 21,082,558 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL Continued Systemax, Inc. 2 83,700 $ 1,741,797 - -------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1,2 22,000 249,040 ----------------- 46,168,883 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.8% Brunswick Corp. 174,900 5,706,987 - -------------------------------------------------------------------------------- Hasbro, Inc. 251,500 7,899,615 - -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 124,100 3,492,174 - -------------------------------------------------------------------------------- K2, Inc. 1 54,100 821,779 - -------------------------------------------------------------------------------- Mattel, Inc. 335,800 8,492,382 - -------------------------------------------------------------------------------- Nautilus, Inc. 2 159,000 1,914,360 - -------------------------------------------------------------------------------- Polaris Industries, Inc. 2 236,900 12,830,504 - -------------------------------------------------------------------------------- RC2 Corp. 1,2 131,600 5,265,316 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 2 37,500 1,297,125 - -------------------------------------------------------------------------------- Sturm, Ruger & Co., Inc. 1,2 129,100 2,003,632 ----------------- 49,723,874 - -------------------------------------------------------------------------------- MEDIA--2.6% Arbitron, Inc. 2 301,500 15,536,295 - -------------------------------------------------------------------------------- Belo Corp., Cl. A 452,100 9,308,739 - -------------------------------------------------------------------------------- Carmike Cinemas, Inc. 2 22,300 489,708 - -------------------------------------------------------------------------------- Catalina Marketing Corp. 30,500 960,750 - -------------------------------------------------------------------------------- Citadel Broadcasting Corp. 2 158,000 1,019,100 - -------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 508,400 7,239,616 - -------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 177,300 1,657,755 - -------------------------------------------------------------------------------- DG Fastchannel, Inc. 1,2 39,300 800,934 - -------------------------------------------------------------------------------- DreamWorks Animation SKG, Inc. 1,2 204,400 5,894,896 - -------------------------------------------------------------------------------- Entravision Communications Corp. 1 974,300 10,161,949 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIA Continued Gemstar-TV Guide International, Inc. 1 1,429,700 $ 7,034,124 - -------------------------------------------------------------------------------- Getty Images, Inc. 1 138,700 6,631,247 - -------------------------------------------------------------------------------- Global Sources Ltd. 1 109,100 2,476,570 - -------------------------------------------------------------------------------- Gray Television, Inc. 2 35,400 328,158 - -------------------------------------------------------------------------------- Harris Interactive, Inc. 1,2 153,500 821,225 - -------------------------------------------------------------------------------- Idearc, Inc. 220,000 7,772,600 - -------------------------------------------------------------------------------- Interactive Data Corp. 11,200 299,936 - -------------------------------------------------------------------------------- Journal Communications, Inc. 2 222,200 2,890,822 - -------------------------------------------------------------------------------- Knology, Inc. 1,2 64,100 1,113,417 - -------------------------------------------------------------------------------- Lee Enterprises, Inc. 206,000 4,297,160 - -------------------------------------------------------------------------------- Lin TV Corp. 1,2 277,000 5,210,370 - -------------------------------------------------------------------------------- Live Nation, Inc. 1 203,000 4,543,140 - -------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 250,400 6,380,192 - -------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 623,950 6,046,076 - -------------------------------------------------------------------------------- Meredith Corp. 96,400 5,938,240 - -------------------------------------------------------------------------------- Nexstar Broadcasting Group, Inc., Cl. A 1 24,000 315,360 - -------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 79,100 5,994,198 - -------------------------------------------------------------------------------- Regal Entertainment Group 164,300 3,603,099 - -------------------------------------------------------------------------------- Scholastic Corp. 1 181,600 6,526,704 - -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 979,850 13,933,467 - -------------------------------------------------------------------------------- Tribune Co. 118,450 3,482,430 - -------------------------------------------------------------------------------- Westwood One, Inc. 2 130,000 934,700 - -------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 50,000 2,414,500 - -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 2 136,600 2,184,234 ----------------- 154,241,711 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.7% 99 Cents Only Stores 1,2 242,100 $ 3,173,931 - -------------------------------------------------------------------------------- Big Lots, Inc. 1 315,100 9,270,242 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 138,300 4,969,119 - -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 232,100 10,107,955 - -------------------------------------------------------------------------------- Family Dollar Stores, Inc. 256,300 8,796,216 - -------------------------------------------------------------------------------- Fred's, Inc. 2 141,500 1,893,270 - -------------------------------------------------------------------------------- Saks, Inc. 184,700 3,943,345 ----------------- 42,154,078 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--4.1% A.C. Moore Arts & Crafts, Inc. 1,2 87,100 1,708,031 - -------------------------------------------------------------------------------- Aeropostale, Inc. 1 484,000 20,173,120 - -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 227,500 5,837,650 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 138,900 4,919,838 - -------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 536,500 13,385,675 - -------------------------------------------------------------------------------- AutoZone, Inc. 1 65,900 9,003,258 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 2 38,400 979,200 - -------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 1,2 546,600 2,355,846 - -------------------------------------------------------------------------------- Books-A-Million, Inc. 2 116,400 1,971,816 - -------------------------------------------------------------------------------- Brown Shoe Co., Inc. 195,100 4,744,832 - -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 398,375 15,695,975 - -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 94,600 955,460 - -------------------------------------------------------------------------------- Cato Corp., Cl. A 34,950 766,803 - -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 282,400 3,058,392 - -------------------------------------------------------------------------------- Conn's, Inc. 1,2 26,300 751,128 - -------------------------------------------------------------------------------- CSK Auto Corp. 1 200,200 3,683,680 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 454,400 9,324,288 - -------------------------------------------------------------------------------- DSW, Inc., Cl. A 1,2 209,800 7,305,236 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued GameStop Corp., Cl. A 1 15,000 $ 586,500 - -------------------------------------------------------------------------------- Genesco, Inc. 1,2 234,300 12,256,233 - -------------------------------------------------------------------------------- Gymboree Corp. 1 412,800 16,268,448 - -------------------------------------------------------------------------------- Haverty Furniture Cos., Inc. 2 800 9,336 - -------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1,2 125,000 3,553,750 - -------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1,2 57,000 2,363,790 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 149,000 7,609,430 - -------------------------------------------------------------------------------- Midas, Inc. 1,2 86,500 1,960,955 - -------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 2 37,300 1,396,885 - -------------------------------------------------------------------------------- Office Depot, Inc. 1 107,200 3,248,160 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 324,500 10,237,975 - -------------------------------------------------------------------------------- Pep Boys-Manny, Moe & Jack 2 180,300 3,634,848 - -------------------------------------------------------------------------------- RadioShack Corp. 2 264,900 8,778,786 - -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1,2 752,400 19,735,452 - -------------------------------------------------------------------------------- Ross Stores, Inc. 229,900 7,080,920 - -------------------------------------------------------------------------------- Sally Beauty Holdings, Inc. 1 802,000 7,218,000 - -------------------------------------------------------------------------------- Sherwin-Williams Co. 134,500 8,940,215 - -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 60,500 1,663,145 - -------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 430,700 12,477,379 - -------------------------------------------------------------------------------- Stage Stores, Inc. 365,950 7,670,312 - -------------------------------------------------------------------------------- Syms Corp. 1,2 7,400 146,002 - -------------------------------------------------------------------------------- TravelCenters of America LLC 1 6,700 271,015 - -------------------------------------------------------------------------------- Tween Brands, Inc. 1,2 85,250 3,802,150 - -------------------------------------------------------------------------------- West Marine, Inc. 1,2 53,600 737,536 - -------------------------------------------------------------------------------- Wet Seal, Inc., Cl. A 1,2 354,700 2,131,747 ----------------- 250,399,197 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Cherokee, Inc. 2 37,400 1,366,596 - -------------------------------------------------------------------------------- Columbia Sportswear Co. 2 90,500 6,215,540 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS Continued Deckers Outdoor Corp. 1,2 151,600 $ 15,296,440 - -------------------------------------------------------------------------------- Fossil, Inc. 1,2 376,600 11,105,934 - -------------------------------------------------------------------------------- Hanesbrands, Inc. 1 164,800 4,454,544 - -------------------------------------------------------------------------------- Kellwood Co. 2 214,800 6,040,176 - -------------------------------------------------------------------------------- Liz Claiborne, Inc. 193,000 7,198,900 - -------------------------------------------------------------------------------- Maidenform Brands, Inc. 1 105,900 2,103,174 - -------------------------------------------------------------------------------- Movado Group, Inc. 152,600 5,148,724 - -------------------------------------------------------------------------------- Oxford Industries, Inc. 2 74,400 3,298,896 - -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1,2 71,600 2,303,372 - -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 40,300 2,440,971 - -------------------------------------------------------------------------------- Skechers USA, Inc., Cl. A 1 33,600 981,120 - -------------------------------------------------------------------------------- Steven Madden Ltd. 77,550 2,540,538 - -------------------------------------------------------------------------------- Stride Rite Corp. 63,600 1,288,536 - -------------------------------------------------------------------------------- UniFirst Corp. 2 40,300 1,775,215 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 169,700 6,675,998 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 605,300 16,772,863 ----------------- 97,007,537 - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.6% - -------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1,2 49,600 1,951,760 - -------------------------------------------------------------------------------- Central European Distribution Corp. 1,2 11,200 387,744 - -------------------------------------------------------------------------------- MGP Ingredients, Inc. 2 73,400 1,240,460 - -------------------------------------------------------------------------------- Molson Coors Brewing Co., Cl. B 9,900 915,354 - -------------------------------------------------------------------------------- National Beverage Corp. 1,2 25,056 288,395 - -------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 218,000 7,342,240 ----------------- 12,125,953 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.7% Arden Group, Inc., Cl. A 2 9,898 $ 1,350,087 - -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 136,600 4,921,698 - -------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 190,800 5,201,208 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 153,100 5,274,295 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 171,200 8,991,424 - -------------------------------------------------------------------------------- Nash Finch Co. 2 72,400 3,583,800 - -------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 12,500 162,000 - -------------------------------------------------------------------------------- Performance Food Group Co. 1,2 365,000 11,858,850 - -------------------------------------------------------------------------------- Spartan Stores, Inc. 67,400 2,218,134 - -------------------------------------------------------------------------------- Topps Co., Inc. (The) 10,400 109,304 - -------------------------------------------------------------------------------- Wild Oats Markets, Inc. 1 46,600 781,016 ----------------- 44,451,816 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% Cal-Maine Foods, Inc. 2 70,500 1,154,790 - -------------------------------------------------------------------------------- Corn Products International, Inc. 26,200 1,190,790 - -------------------------------------------------------------------------------- Dean Foods Co. 211,400 6,737,318 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 402,300 13,420,728 - -------------------------------------------------------------------------------- Fresh Del Monte Produce, Inc. 2 138,200 3,461,910 - -------------------------------------------------------------------------------- Hain Celestial Group, Inc. 1,2 17,031 462,221 - -------------------------------------------------------------------------------- Imperial Sugar Co. 2 81,500 2,509,385 - -------------------------------------------------------------------------------- J&J Snack Foods Corp. 2 40,746 1,537,754 - -------------------------------------------------------------------------------- J.M. Smucker Co. (The) 109,900 6,996,234 - -------------------------------------------------------------------------------- Lance, Inc. 2 14,500 341,620 - -------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 1,2 176,200 9,417,890 - -------------------------------------------------------------------------------- Reddy Ice Holdings, Inc. 2 86,400 2,464,128 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Seaboard Corp. 2 2,520 $ 5,909,400 - -------------------------------------------------------------------------------- Tyson Foods, Inc., Cl. A 258,600 5,958,144 ----------------- 61,562,312 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.3% Clorox Co. (The) 143,300 8,898,930 - -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 89,600 8,924,160 - -------------------------------------------------------------------------------- WD-40 Co. 2 45,500 1,495,585 ----------------- 19,318,675 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.8% Alberto-Culver Co. 274,300 6,506,396 - -------------------------------------------------------------------------------- Chattem, Inc. 1,2 163,800 10,381,644 - -------------------------------------------------------------------------------- Elizabeth Arden, Inc. 1 88,600 2,149,436 - -------------------------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 147,400 6,708,174 - -------------------------------------------------------------------------------- Inter Parfums, Inc. 2 12,800 340,736 - -------------------------------------------------------------------------------- Mannatech, Inc. 2 74,027 1,176,289 - -------------------------------------------------------------------------------- NBTY, Inc. 1 190,000 8,208,000 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 2 115,500 1,905,750 - -------------------------------------------------------------------------------- Playtex Products, Inc. 1,2 613,800 9,090,378 - -------------------------------------------------------------------------------- Prestige Brands Holdings, Inc. 1,2 159,900 2,075,502 ----------------- 48,542,305 - -------------------------------------------------------------------------------- TOBACCO--0.6% Loews Corp./ Carolina Group 110,100 8,507,427 - -------------------------------------------------------------------------------- Universal Corp. 2 281,000 17,118,520 - -------------------------------------------------------------------------------- UST, Inc. 2 177,600 9,538,896 - -------------------------------------------------------------------------------- Vector Group Ltd. 2 9,300 209,529 ----------------- 35,374,372 - -------------------------------------------------------------------------------- ENERGY--4.8% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.0% Atwood Oceanics, Inc. 1,2 111,200 7,630,544 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Dawson Geophysical Co. 1,2 33,300 $ 2,046,618 - -------------------------------------------------------------------------------- Dresser-Rand Group, Inc. 1 58,400 2,306,800 - -------------------------------------------------------------------------------- ENSCO International, Inc. 33,900 2,068,239 - -------------------------------------------------------------------------------- Ensign Energy Services, Inc. 98,500 1,756,865 - -------------------------------------------------------------------------------- Global Industries Ltd. 1 313,800 8,416,116 - -------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 1,587,900 13,084,296 - -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 2 1,600 55,520 - -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 254,200 13,020,124 - -------------------------------------------------------------------------------- Hercules Offshore, Inc. 1,2 320,600 10,381,028 - -------------------------------------------------------------------------------- Input/Output, Inc. 1,2 258,000 4,027,380 - -------------------------------------------------------------------------------- Leader Energy Services Ltd. 1,3 612,800 431,448 - -------------------------------------------------------------------------------- Lufkin Industries, Inc. 2 20,400 1,316,820 - -------------------------------------------------------------------------------- Matrix Service Co. 1,2 104,500 2,596,825 - -------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1 80,300 3,697,012 - -------------------------------------------------------------------------------- Newpark Resources, Inc. 1,2 122,200 947,050 - -------------------------------------------------------------------------------- North American Energy Partners, Inc. 1,2 17,600 356,576 - -------------------------------------------------------------------------------- Oil States International, Inc. 1,2 209,100 8,644,194 - -------------------------------------------------------------------------------- Parker Drilling Co. 1,2 382,100 4,027,334 - -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 22,600 592,346 - -------------------------------------------------------------------------------- Superior Offshore International, Inc. 1 74,800 1,361,360 - -------------------------------------------------------------------------------- T-3 Energy Services, Inc. 1 33,500 1,120,575 - -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 86,337 - -------------------------------------------------------------------------------- Technicoil Corp. 1 896,900 833,542 - -------------------------------------------------------------------------------- Tidewater, Inc. 2 124,700 8,838,736 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Todco 1 125,100 $ 5,905,971 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 76,800 1,563,757 - -------------------------------------------------------------------------------- Trico Marine Services, Inc. 1,2 83,800 3,425,744 - -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 103,300 7,486,151 ----------------- 118,025,308 - -------------------------------------------------------------------------------- OIL & GAS--2.8% Alberta Clipper Energy, Inc. 1 46,013 134,767 - -------------------------------------------------------------------------------- Alon USA Energy, Inc. 2 274,100 12,063,141 - -------------------------------------------------------------------------------- Alpha Natural Resources, Inc. 1,2 316,600 6,582,114 - -------------------------------------------------------------------------------- Arlington Tankers Ltd. 2 8,400 240,912 - -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 340,840 12,842,851 - -------------------------------------------------------------------------------- Cabot Oil & Gas Corp., Cl. A 15,000 553,200 - -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 49,500 674,250 - -------------------------------------------------------------------------------- Continental Resources, Inc. 1 427,100 6,833,600 - -------------------------------------------------------------------------------- Copano Energy LLC 2 76,800 3,277,056 - -------------------------------------------------------------------------------- Delek US Holdings, Inc. 145,800 3,885,570 - -------------------------------------------------------------------------------- Delphi Energy Corp. 1 12,600 21,646 - -------------------------------------------------------------------------------- Delphi Energy Corp. 1 126,300 216,972 - -------------------------------------------------------------------------------- Frontier Oil Corp. 174,000 7,615,980 - -------------------------------------------------------------------------------- Frontline Ltd. 2 120,300 5,515,755 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 114,900 1,891,900 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 138,750 2,284,605 - -------------------------------------------------------------------------------- General Maritime Corp. 2 309,300 8,283,054 - -------------------------------------------------------------------------------- Golar LNG Ltd. 40,500 674,730 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued Holly Corp. 112,800 $ 8,368,632 - -------------------------------------------------------------------------------- Jura Energy Corp. 1 750,700 634,245 - -------------------------------------------------------------------------------- Kereco Energy Ltd. 1 48,984 271,303 - -------------------------------------------------------------------------------- Knightsbridge Tankers Ltd. 2 58,800 1,793,988 - -------------------------------------------------------------------------------- Mariner Energy, Inc. 1 306,200 7,425,350 - -------------------------------------------------------------------------------- MarkWest Hydrocarbon, Inc. 2 27,700 1,590,811 - -------------------------------------------------------------------------------- Meridian Resource Corp. (The) 1 50,700 153,114 - -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 556,050 897,823 - -------------------------------------------------------------------------------- Noble Energy, Inc. 76,300 4,760,357 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 2 101,400 8,253,960 - -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 109,600 2,124,609 - -------------------------------------------------------------------------------- Petroleum Development Corp. 1,2 35,700 1,695,036 - -------------------------------------------------------------------------------- PetroQuest Energy, Inc. 1,2 122,400 1,779,696 - -------------------------------------------------------------------------------- Plains Exploration & Production Co. 1 69,300 3,313,233 - -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 64,500 908,238 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 48,900 424,160 - -------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 364,045 358,833 - -------------------------------------------------------------------------------- Rosetta Resources, Inc. 1,2 323,300 6,963,882 - -------------------------------------------------------------------------------- Ship Finance International Ltd. 2 112,800 3,347,904 - -------------------------------------------------------------------------------- Sound Energy Trust 125,183 474,761 - -------------------------------------------------------------------------------- Sunoco, Inc. 117,400 9,354,432 - -------------------------------------------------------------------------------- Sure Energy, Inc. 1 70,941 86,574 - -------------------------------------------------------------------------------- Swift Energy Co. 1,2 11,200 478,912 - -------------------------------------------------------------------------------- Teekay Corp. 2 44,100 2,553,831 - -------------------------------------------------------------------------------- Tesoro Corp. 154,000 8,801,100 - -------------------------------------------------------------------------------- Thunder Energy Trust 102,132 382,546 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued True Energy Trust 16,836 $ 90,877 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 632,115 1,174,924 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 275,000 511,148 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 397,100 738,097 - -------------------------------------------------------------------------------- USEC, Inc. 1,2 556,700 12,236,266 - -------------------------------------------------------------------------------- Vero Energy, Inc. 1 30,617 215,562 - -------------------------------------------------------------------------------- Western Refining, Inc. 2 96,800 5,595,040 ----------------- 171,351,347 - -------------------------------------------------------------------------------- FINANCIALS--14.5% - -------------------------------------------------------------------------------- CAPITAL MARKETS--0.8% Apollo Investment Corp. 2 135,800 2,922,416 - -------------------------------------------------------------------------------- Ares Capital Corp. 2 154,500 2,603,325 - -------------------------------------------------------------------------------- Cohen & Steers, Inc. 2 129,100 5,609,395 - -------------------------------------------------------------------------------- GAMCO Investors, Inc., Cl. A 2 29,600 1,659,080 - -------------------------------------------------------------------------------- GFI Group, Inc. 1,2 43,300 3,138,384 - -------------------------------------------------------------------------------- Janus Capital Group, Inc. 320,000 8,908,800 - -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1,2 290,700 4,825,620 - -------------------------------------------------------------------------------- MCG Capital Corp. 2 88,000 1,409,760 - -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 268,900 14,985,797 - -------------------------------------------------------------------------------- Prospect Capital Corp. 2 12,600 220,122 - -------------------------------------------------------------------------------- SWS Group, Inc. 95,600 2,066,872 - -------------------------------------------------------------------------------- Technology Investment Capital Corp. 2 4,200 66,318 - -------------------------------------------------------------------------------- U.S. Global Investors, Inc., Cl. A 2 36,800 834,256 - -------------------------------------------------------------------------------- W.P. Carey & Co. LLC 42,100 1,324,045 ----------------- 50,574,190 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--1.1% Amcore Financial, Inc. 2 15,815 458,477 - -------------------------------------------------------------------------------- BancorpSouth, Inc. 59,200 1,448,032 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued BankFinancial Corp. 2 12,000 $ 185,400 - -------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 65,800 2,172,058 - -------------------------------------------------------------------------------- Citizens Republic Bancorp, Inc. 2 147,200 2,693,760 - -------------------------------------------------------------------------------- City Holding Co. 2 50,000 1,916,500 - -------------------------------------------------------------------------------- Colonial BancGroup, Inc. (The) 41,700 1,041,249 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 3,206 93,776 - -------------------------------------------------------------------------------- Comerica, Inc. 158,600 9,431,942 - -------------------------------------------------------------------------------- F.N.B. Corp. 2 278,400 4,660,416 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 6,600 1,283,040 - -------------------------------------------------------------------------------- First Security Group, Inc. 112,100 1,210,680 - -------------------------------------------------------------------------------- FirstMerit Corp. 2 147,300 3,082,989 - -------------------------------------------------------------------------------- Frontier Financial Corp. 2 9,450 212,909 - -------------------------------------------------------------------------------- Greater Bay Bancorp 191,200 5,323,008 - -------------------------------------------------------------------------------- Hanmi Financial Corp. 2 105,700 1,803,242 - -------------------------------------------------------------------------------- Huntington Bancshares, Inc. 302,800 6,885,672 - -------------------------------------------------------------------------------- International Bancshares Corp. 2 28,040 718,385 - -------------------------------------------------------------------------------- Intervest Bancshares Corp. 22,000 619,520 - -------------------------------------------------------------------------------- National Penn Bancshares, Inc. 2 85,973 1,434,030 - -------------------------------------------------------------------------------- Oriental Financial Group, Inc. 2 7,500 81,825 - -------------------------------------------------------------------------------- Park National Corp. 2 27,700 2,348,683 - -------------------------------------------------------------------------------- Porter Bancorp, Inc. 17,000 386,920 - -------------------------------------------------------------------------------- Preferred Bank 21,350 854,000 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 2 12,990 215,504 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 2 5,800 139,432 - -------------------------------------------------------------------------------- SVB Financial Group 1,2 226,100 12,008,171 - -------------------------------------------------------------------------------- TCF Financial Corp. 30,000 834,000 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Texas Capital Bancshares, Inc. 1 10,300 $ 230,205 - -------------------------------------------------------------------------------- UMB Financial Corp. 2 64,400 2,374,428 - -------------------------------------------------------------------------------- WesBanco, Inc. 2 18,100 533,950 ----------------- 66,682,203 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.8% Advance America Cash Advance Centers, Inc. 165,200 2,930,648 - -------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 471,600 14,685,624 - -------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 285,200 7,572,060 - -------------------------------------------------------------------------------- Cash America International, Inc. 281,900 11,177,335 - -------------------------------------------------------------------------------- Dollar Financial Corp. 1,2 41,600 1,185,600 - -------------------------------------------------------------------------------- EZCORP, Inc., Cl. A 1 130,700 1,730,468 - -------------------------------------------------------------------------------- World Acceptance Corp. 1,2 140,900 6,020,657 ----------------- 45,302,392 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.5% Asset Acceptance Capital Corp. 1 81,300 1,439,010 - -------------------------------------------------------------------------------- ASTA Funding, Inc. 2 75,700 2,909,151 - -------------------------------------------------------------------------------- CIT Group, Inc. 27,000 1,480,410 - -------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 2 267,500 17,481,125 - -------------------------------------------------------------------------------- MarketAxess Holdings, Inc. 1,2 79,100 1,423,009 - -------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 2 102,100 6,128,042 - -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 2 29,700 612,117 ----------------- 31,472,864 - -------------------------------------------------------------------------------- INSURANCE--6.5% Affirmative Insurance Holdings, Inc. 2 25,404 387,411 - -------------------------------------------------------------------------------- Alfa Corp. 2 43,300 674,181 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued Allied World Assurance Holdings Ltd. 70,400 $ 3,608,000 - -------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 109,800 9,573,462 - -------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 182,800 2,208,224 - -------------------------------------------------------------------------------- American Financial Group, Inc. 166,300 5,679,145 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 73,650 2,982,825 - -------------------------------------------------------------------------------- Amerisafe, Inc. 1 71,200 1,397,656 - -------------------------------------------------------------------------------- AmTrust Financial Services, Inc. 2 174,000 3,269,460 - -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 17,300 1,254,942 - -------------------------------------------------------------------------------- Argonaut Group, Inc. 2 293,400 9,157,014 - -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 307,800 8,639,946 - -------------------------------------------------------------------------------- Assurant, Inc. 163,400 9,627,528 - -------------------------------------------------------------------------------- Assured Guaranty Ltd. 194,000 5,734,640 - -------------------------------------------------------------------------------- Bristol West Holdings, Inc. 100,200 2,241,474 - -------------------------------------------------------------------------------- Cincinnati Financial Corp. 71,700 3,111,780 - -------------------------------------------------------------------------------- CNA Surety Corp. 1,2 217,100 4,105,361 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 2 191,300 6,641,936 - -------------------------------------------------------------------------------- Darwin Professional Underwriters, Inc. 1,2 40,700 1,024,419 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 2 460,675 19,265,429 - -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 26,600 396,340 - -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2 37,200 923,304 - -------------------------------------------------------------------------------- Endurance Specialty Holdings Ltd. 95,700 3,831,828 - -------------------------------------------------------------------------------- Enstar Group Ltd. 1,2 100 12,071 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued FBL Financial Group, Inc., Cl. A 2 112,700 $ 4,431,364 - -------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 359,500 8,520,150 - -------------------------------------------------------------------------------- First American Corp. (The) 2 133,800 6,623,100 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 65,740 2,680,220 - -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 2 12,400 299,956 - -------------------------------------------------------------------------------- Greenlight Capital Re Ltd., Cl. A 1 12,700 286,131 - -------------------------------------------------------------------------------- Harleysville Group, Inc. 149,200 4,977,312 - -------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 151,900 6,510,434 - -------------------------------------------------------------------------------- Horace Mann Educators Corp. 453,700 9,636,588 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 261,600 13,270,968 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 358,900 11,588,881 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 224,300 21,642,707 - -------------------------------------------------------------------------------- Markel Corp. 1 4,000 1,938,240 - -------------------------------------------------------------------------------- Max Capital Group Ltd. 179,000 5,065,700 - -------------------------------------------------------------------------------- MBIA, Inc. 2 136,200 8,474,364 - -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1,2 195,200 2,139,392 - -------------------------------------------------------------------------------- Midland Co. (The) 2 43,900 2,060,666 - -------------------------------------------------------------------------------- Montpelier Re Holdings Ltd. 278,500 5,163,390 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2 4,700 1,188,724 - -------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 119,600 7,561,112 - -------------------------------------------------------------------------------- NYMAGIC, Inc. 2 47,100 1,893,420 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 91,700 3,933,013 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued Ohio Casualty Corp. 552,000 $ 23,907,120 - -------------------------------------------------------------------------------- Old Republic International Corp. 17,350 368,861 - -------------------------------------------------------------------------------- Partnerre Holdings Ltd. 2 79,600 6,169,000 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 51,500 2,152,700 - -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 999,000 14,994,990 - -------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 197,200 6,852,700 - -------------------------------------------------------------------------------- ProAssurance Corp. 1,2 220,500 12,275,235 - -------------------------------------------------------------------------------- ProCentury Corp. 102,100 1,711,196 - -------------------------------------------------------------------------------- Pxre Group Ltd. 1 103,800 481,632 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 87,500 5,271,000 - -------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 83,300 5,163,767 - -------------------------------------------------------------------------------- RLI Corp. 2 293,500 16,421,325 - -------------------------------------------------------------------------------- Safeco Corp. 149,000 9,276,740 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 54,100 2,239,740 - -------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1,2 113,800 1,989,224 - -------------------------------------------------------------------------------- Security Capital Assurance Ltd. 120,100 3,707,487 - -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 326,500 8,776,320 - -------------------------------------------------------------------------------- State Auto Financial Corp. 114,700 3,515,555 - -------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 21,500 1,529,295 - -------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 295,557 7,350,503 - -------------------------------------------------------------------------------- United Fire & Casualty Co. 2 53,700 1,899,906 - -------------------------------------------------------------------------------- Universal American Financial Corp. 1,2 42,000 893,760 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued Zenith National Insurance Corp. 404,900 $ 19,066,741 ----------------- 391,649,005 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--3.1% Acadia Realty Trust 2 15,100 391,845 - -------------------------------------------------------------------------------- Agree Realty Corp. 2 56,600 1,768,750 - -------------------------------------------------------------------------------- Alesco Financial, Inc. 2 189,100 1,537,383 - -------------------------------------------------------------------------------- Alexander's, Inc. 1,2 1,400 565,950 - -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 40,400 3,911,528 - -------------------------------------------------------------------------------- American Home Mortgage Investment Corp. 2 22,100 406,198 - -------------------------------------------------------------------------------- Anthracite Capital, Inc. 2 20,400 238,680 - -------------------------------------------------------------------------------- Arbor Realty Trust, Inc. 85,300 2,201,593 - -------------------------------------------------------------------------------- Ashford Hospitality Trust 297,500 3,498,600 - -------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 35,000 545,650 - -------------------------------------------------------------------------------- BioMed Realty Trust, Inc. 2 8,800 221,056 - -------------------------------------------------------------------------------- Brandywine Realty Trust 116,192 3,320,767 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 2 45,600 1,556,784 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 117,400 4,232,270 - -------------------------------------------------------------------------------- Cedar Shopping Centers, Inc. 60,800 872,480 - -------------------------------------------------------------------------------- Colonial Properties Trust 2 29,125 1,061,606 - -------------------------------------------------------------------------------- Corporate Office Properties Trust 2 50,300 2,062,803 - -------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 55,200 1,238,688 - -------------------------------------------------------------------------------- DCT Industrial Trust, Inc. 2 1,900 20,444 - -------------------------------------------------------------------------------- Deerfield Triarc Capital Corp. 2 37,600 550,088 - -------------------------------------------------------------------------------- DiamondRock Hospitality Co. 267,500 5,103,900 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Digital Realty Trust, Inc. 179,000 $ 6,744,720 - -------------------------------------------------------------------------------- EastGroup Properties, Inc. 2 42,600 1,866,732 - -------------------------------------------------------------------------------- Entertainment Properties Trust 2 88,600 4,764,908 - -------------------------------------------------------------------------------- Equity Inns, Inc. 2 157,100 3,519,040 - -------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 46,700 2,437,273 - -------------------------------------------------------------------------------- Equity One, Inc. 2 141,500 3,615,325 - -------------------------------------------------------------------------------- FelCor Lodging Trust, Inc. 2 282,100 7,343,063 - -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 212,600 8,240,376 - -------------------------------------------------------------------------------- Glimcher Realty Trust 2 29,600 740,000 - -------------------------------------------------------------------------------- Gramercy Capital Corp. 2 70,100 1,930,554 - -------------------------------------------------------------------------------- Hersha Hospitality Trust 2 63,300 748,206 - -------------------------------------------------------------------------------- Highland Hospitality Corp. 177,900 3,415,680 - -------------------------------------------------------------------------------- Highwoods Properties, Inc. 138,800 5,205,000 - -------------------------------------------------------------------------------- Home Properties of New York, Inc. 38,000 1,973,340 - -------------------------------------------------------------------------------- Inland Real Estate Corp. 2 274,400 4,659,312 - -------------------------------------------------------------------------------- Innkeepers USA Trust 2 61,600 1,092,168 - -------------------------------------------------------------------------------- Jer Investors Trust, Inc. 2 25,200 378,000 - -------------------------------------------------------------------------------- Kite Realty Group Trust 2 76,500 1,455,030 - -------------------------------------------------------------------------------- KKR Financial Holdings LLC 2 37,400 931,634 - -------------------------------------------------------------------------------- LaSalle Hotel Properties 2 70,800 3,074,136 - -------------------------------------------------------------------------------- Lexington Realty Trust 2 144,900 3,013,920 - -------------------------------------------------------------------------------- LTC Properties, Inc. 2 82,500 1,876,875 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Luminent Mortgage Capital, Inc. 2 46,000 $ 464,140 - -------------------------------------------------------------------------------- Medical Properties Trust, Inc. 2 35,700 472,311 - -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2 49,800 2,613,504 - -------------------------------------------------------------------------------- National Health Investors, Inc. 2 35,000 1,110,200 - -------------------------------------------------------------------------------- National Retail Properties, Inc. 2 219,600 4,800,456 - -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 348,700 9,484,640 - -------------------------------------------------------------------------------- Newcastle Investment Corp. 2 144,000 3,610,080 - -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 204,900 3,243,567 - -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 64,100 3,078,723 - -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 144,600 6,410,118 - -------------------------------------------------------------------------------- PS Business Parks, Inc. 57,900 3,669,123 - -------------------------------------------------------------------------------- RAIT Financial Trust 2 146,700 3,817,134 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 60,400 2,170,172 - -------------------------------------------------------------------------------- Realty Income Corp. 2 253,600 6,388,184 - -------------------------------------------------------------------------------- Redwood Trust, Inc. 2 47,500 2,298,050 - -------------------------------------------------------------------------------- Resource Capital Corp. 2 11,900 166,362 - -------------------------------------------------------------------------------- Saul Centers, Inc. 2 24,400 1,106,540 - -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 295,300 6,009,355 - -------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 34,900 1,680,784 - -------------------------------------------------------------------------------- Spirit Finance Corp. 154,000 2,242,240 - -------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 2 157,400 3,539,926 - -------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 2 186,800 5,303,252 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Tanger Factory Outlet Centers, Inc. 2 143,600 $ 5,377,820 - -------------------------------------------------------------------------------- Taubman Centers, Inc. 65,800 3,264,338 - -------------------------------------------------------------------------------- Washington Real Estate Investment Trust 2 77,500 2,635,000 - -------------------------------------------------------------------------------- Winston Hotels, Inc. 48,300 724,500 ----------------- 190,012,874 - -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% Jones Lang LaSalle, Inc. 61,000 6,923,500 - -------------------------------------------------------------------------------- Stratus Properties, Inc. 1,2 16,166 557,727 - -------------------------------------------------------------------------------- Thomas Properties Group, Inc. 2 6,400 102,272 ----------------- 7,583,499 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.6% Astoria Financial Corp. 58,000 1,452,320 - -------------------------------------------------------------------------------- City Bank (Lynnwood Washington) 2 12,400 390,724 - -------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 303,700 5,241,862 - -------------------------------------------------------------------------------- Downey Financial Corp. 2 80,250 5,294,895 - -------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 52,100 1,782,862 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 11,900 389,249 - -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 909,500 11,914,450 - -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 204,600 11,606,958 - -------------------------------------------------------------------------------- Franklin Bank Corp. 1,2 42,100 627,290 - -------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 483,300 5,905,926 - -------------------------------------------------------------------------------- ITLA Capital Corp. 2 16,900 880,828 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 219,200 11,893,792 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued MGIC Investment Corp. 2 73,500 $ 4,179,210 - -------------------------------------------------------------------------------- Ocwen Financial Corp. 1,2 326,100 4,346,913 - -------------------------------------------------------------------------------- PFF Bancorp, Inc. 2 24,520 684,844 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 152,900 6,830,043 - -------------------------------------------------------------------------------- Provident Financial Services, Inc. 2 336,800 5,307,968 - -------------------------------------------------------------------------------- Radian Group, Inc. 2 92,200 4,978,800 - -------------------------------------------------------------------------------- TierOne Corp. 76,100 2,290,610 - -------------------------------------------------------------------------------- Triad Guaranty, Inc. 1,2 37,700 1,505,361 - -------------------------------------------------------------------------------- Washington Federal, Inc. 211,900 5,151,289 - -------------------------------------------------------------------------------- Westfield Financial, Inc. 2 24,500 244,265 - -------------------------------------------------------------------------------- WSFS Financial Corp. 2 18,300 1,197,369 ----------------- 94,097,828 - -------------------------------------------------------------------------------- HEALTH CARE--8.8% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.3% Acorda Therapeutics, Inc. 1 131,900 2,250,214 - -------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc. 1,2 50,100 2,257,506 - -------------------------------------------------------------------------------- Alnylam Pharmaceuticals, Inc. 1,2 17,500 265,825 - -------------------------------------------------------------------------------- Array BioPharma, Inc. 1,2 60,200 702,534 - -------------------------------------------------------------------------------- CytRx Corp. 1,2 234,300 731,016 - -------------------------------------------------------------------------------- Halozyme Therapeutics, Inc. 1,2 25,200 232,596 - -------------------------------------------------------------------------------- Immunomedics, Inc. 1,2 268,800 1,115,520 - -------------------------------------------------------------------------------- Indevus Pharmaceuticals, Inc. 1,2 29,200 196,516 - -------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1,2 192,200 1,860,496 - -------------------------------------------------------------------------------- Maxygen, Inc. 1,2 9,500 81,415 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Medarex, Inc. 1,2 18,800 $ 268,652 - -------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 30,100 1,119,419 - -------------------------------------------------------------------------------- OSI Pharmaceuticals, Inc. 1 52,500 1,901,025 - -------------------------------------------------------------------------------- Pharmion Corp. 1,2 28,700 830,865 - -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1,2 342,500 6,137,600 ----------------- 19,951,199 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.7% Advanced Medical Optics, Inc. 1,2 162,100 5,654,048 - -------------------------------------------------------------------------------- Align Technology, Inc. 1,2 129,900 3,138,384 - -------------------------------------------------------------------------------- Analogic Corp. 2 43,500 3,197,685 - -------------------------------------------------------------------------------- Cholestech Corp. 1 38,600 848,814 - -------------------------------------------------------------------------------- ConMed Corp. 1 295,100 8,640,528 - -------------------------------------------------------------------------------- Cynosure, Inc., Cl. A 1,2 21,800 794,174 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 159,900 8,493,888 - -------------------------------------------------------------------------------- Datascope Corp. 2 44,111 1,688,569 - -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 141,000 6,956,940 - -------------------------------------------------------------------------------- Greatbatch, Inc. 1,2 130,200 4,218,480 - -------------------------------------------------------------------------------- Hologic, Inc. 1,2 26,000 1,438,060 - -------------------------------------------------------------------------------- Immucor, Inc. 1,2 629,550 17,608,514 - -------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,2 50,200 2,480,884 - -------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 118,900 6,179,233 - -------------------------------------------------------------------------------- Mentor Corp. 2 61,100 2,485,548 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 113,825 2,465,450 - -------------------------------------------------------------------------------- Quidel Corp. 1,2 99,800 1,752,488 - -------------------------------------------------------------------------------- Steris Corp. 442,600 13,543,560 - -------------------------------------------------------------------------------- TomoTherapy, Inc. 1 62,480 1,369,562 - -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 2 250,200 11,796,930 ----------------- 104,751,739 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.6% Air Methods Corp. 1,2 62,399 $ 2,288,171 - -------------------------------------------------------------------------------- Alliance Imaging, Inc. 1 268,300 2,519,337 - -------------------------------------------------------------------------------- American Dental Partners, Inc. 1 41,900 1,088,143 - -------------------------------------------------------------------------------- AmerisourceBergen Corp. 192,500 9,522,975 - -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 608,700 17,512,299 - -------------------------------------------------------------------------------- Centene Corp. 1,2 207,500 4,444,650 - -------------------------------------------------------------------------------- Chemed Corp. 2 332,800 22,061,312 - -------------------------------------------------------------------------------- Community Health Systems, Inc. 1 135,800 5,493,110 - -------------------------------------------------------------------------------- CorVel Corp. 1 59,150 1,546,181 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 151,400 8,728,210 - -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 56,600 944,088 - -------------------------------------------------------------------------------- CryoLife, Inc. 1,2 96,300 1,252,863 - -------------------------------------------------------------------------------- Emergency Medical Services LP, Cl. A 1,2 235,600 9,219,028 - -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1 60,028 4,107,116 - -------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc. 1 24,000 259,200 - -------------------------------------------------------------------------------- Health Net, Inc. 1 167,900 8,865,120 - -------------------------------------------------------------------------------- HealthExtras, Inc. 1,2 165,800 4,904,364 - -------------------------------------------------------------------------------- Healthspring, Inc. 1 633,000 12,064,980 - -------------------------------------------------------------------------------- Humana, Inc. 1 150,200 9,148,682 - -------------------------------------------------------------------------------- InVentiv Health, Inc. 1,2 24,203 886,072 - -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 510,900 15,694,848 - -------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 108,800 8,514,688 - -------------------------------------------------------------------------------- Landauer, Inc. 2 39,500 1,945,375 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 287,286 13,577,136 - -------------------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 87,400 3,380,632 - -------------------------------------------------------------------------------- Matria Healthcare, Inc. 1,2 36,000 1,090,080 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued MedCath Corp. 1,2 124,800 $ 3,968,640 - -------------------------------------------------------------------------------- Molina Healthcare, Inc. 1,2 320,300 9,775,556 - -------------------------------------------------------------------------------- National HealthCare Corp. 2 9,700 500,520 - -------------------------------------------------------------------------------- Nighthawk Radiology Holdings, Inc. 1,2 62,300 1,124,515 - -------------------------------------------------------------------------------- Option Care, Inc. 2 17,500 269,500 - -------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 558,300 10,172,226 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 26,200 1,089,396 - -------------------------------------------------------------------------------- Skilled Healthcare Group, Inc., Cl. A 1,2 240,400 3,728,604 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 288,200 11,525,118 - -------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1 73,400 6,643,434 ----------------- 219,856,169 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.2% HLTH Corp. 1 318,400 4,460,784 - -------------------------------------------------------------------------------- Omnicell, Inc. 1,2 154,000 3,200,120 - -------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 179,400 3,019,302 ----------------- 10,680,206 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--1.2% Bio-Rad Laboratories, Inc., Cl. A 1,2 30,300 2,289,771 - -------------------------------------------------------------------------------- Bruker BioSciences Corp. 1 148,500 1,337,985 - -------------------------------------------------------------------------------- Dionex Corp. 1,2 162,500 11,535,875 - -------------------------------------------------------------------------------- eResearch Technology, Inc. 1,2 17,900 170,229 - -------------------------------------------------------------------------------- Invitrogen Corp. 1 104,900 7,736,375 - -------------------------------------------------------------------------------- Parexel International Corp. 1,2 133,100 5,598,186 - -------------------------------------------------------------------------------- PerkinElmer, Inc. 249,000 6,488,940 - -------------------------------------------------------------------------------- Pharmanet Development Group, Inc. 1,2 101,100 3,223,068 - -------------------------------------------------------------------------------- Varian, Inc. 1 344,200 18,872,486 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES Continued Ventana Medical Systems, Inc. 1,2 187,800 $ 14,511,306 ----------------- 71,764,221 - -------------------------------------------------------------------------------- PHARMACEUTICALS--1.8% Alpharma, Inc., Cl. A 2 486,300 12,648,663 - -------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1 103,900 1,623,957 - -------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1,2 109,500 2,377,245 - -------------------------------------------------------------------------------- Cypress Bioscience, Inc. 1,2 133,500 1,770,210 - -------------------------------------------------------------------------------- Impax Laboratories, Inc. 1 16,900 202,800 - -------------------------------------------------------------------------------- K-V Pharmaceutical Co., Cl. A 1,2 388,700 10,588,188 - -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 366,800 7,504,728 - -------------------------------------------------------------------------------- Medicines Co. (The) 1 224,500 3,955,690 - -------------------------------------------------------------------------------- MGI Pharma, Inc. 1,2 368,300 8,238,871 - -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1,2 96,800 2,269,960 - -------------------------------------------------------------------------------- Par Pharmaceutical Cos., Inc. 1,2 466,400 13,166,472 - -------------------------------------------------------------------------------- Perrigo Co. 896,200 17,547,596 - -------------------------------------------------------------------------------- Pozen, Inc. 1,2 122,400 2,211,768 - -------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1,2 42,500 522,750 - -------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 639,800 15,073,688 - -------------------------------------------------------------------------------- ViroPharma, Inc. 1,2 406,700 5,612,460 - -------------------------------------------------------------------------------- Vivus, Inc. 1,2 13,800 72,174 ----------------- 105,387,220 - -------------------------------------------------------------------------------- INDUSTRIALS--17.1% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.4% Aeroviroment, Inc. 1,2 33,400 688,374 - -------------------------------------------------------------------------------- Alliant Techsystems, Inc. 1,2 57,000 5,651,550 - -------------------------------------------------------------------------------- Armor Holdings, Inc. 1 92,800 8,061,536 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued Astronics Corp., Cl. B 1 7,900 $ 253,590 - -------------------------------------------------------------------------------- BE Aerospace, Inc. 1 105,300 4,348,890 - -------------------------------------------------------------------------------- Ceradyne, Inc. 1,2 259,950 19,225,902 - -------------------------------------------------------------------------------- Cubic Corp. 2 9,600 289,728 - -------------------------------------------------------------------------------- Curtiss-Wright Corp. 2 307,300 14,323,253 - -------------------------------------------------------------------------------- DRS Technologies, Inc. 21,000 1,202,670 - -------------------------------------------------------------------------------- Ducommun, Inc. 1 20,800 535,184 - -------------------------------------------------------------------------------- DynCorp International, Inc., Cl. A 1,2 234,700 5,161,053 - -------------------------------------------------------------------------------- EDO Corp. 2 58,900 1,936,043 - -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1,2 79,600 1,848,312 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 837,000 17,585,370 - -------------------------------------------------------------------------------- United Industrial Corp. 2 31,500 1,889,370 ----------------- 83,000,825 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.5% ABX Air, Inc. 1 198,500 1,599,910 - -------------------------------------------------------------------------------- Atlas Air Worldwide Holdings, Inc. 1,2 33,700 1,986,278 - -------------------------------------------------------------------------------- EGL, Inc. 1 137,400 6,386,352 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1,2 520,490 18,300,428 - -------------------------------------------------------------------------------- Pacer International, Inc. 2 77,000 1,811,040 ----------------- 30,084,008 - -------------------------------------------------------------------------------- AIRLINES--0.3% AMR Corp. 1,2 285,100 7,512,385 - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 35,600 1,205,772 - -------------------------------------------------------------------------------- Pinnacle Airlines Corp. 1,2 87,100 1,633,125 - -------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1,2 195,800 3,984,530 - -------------------------------------------------------------------------------- SkyWest, Inc. 222,200 5,295,026 ----------------- 19,630,838 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.2% American Woodmark Corp. 2 62,200 $ 2,152,120 - -------------------------------------------------------------------------------- Apogee Enterprises, Inc. 2 101,900 2,834,858 - -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 27,300 438,438 - -------------------------------------------------------------------------------- Lennox International, Inc. 72,700 2,488,521 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 140,800 5,950,208 ----------------- 13,864,145 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--6.3% ABM Industries, Inc. 598,300 15,442,123 - -------------------------------------------------------------------------------- Acco Brands Corp. 1,2 568,900 13,113,145 - -------------------------------------------------------------------------------- Administaff, Inc. 2 346,700 11,610,983 - -------------------------------------------------------------------------------- Angelica Corp. 2 5,600 118,048 - -------------------------------------------------------------------------------- Bowne & Co., Inc. 2 120,800 2,356,808 - -------------------------------------------------------------------------------- CDI Corp. 2 91,900 2,959,180 - -------------------------------------------------------------------------------- Cenveo, Inc. 1,2 347,300 8,053,887 - -------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 52,400 2,589,608 - -------------------------------------------------------------------------------- Comfort Systems USA, Inc. 2 164,000 2,325,520 - -------------------------------------------------------------------------------- COMSYS IT Partners, Inc. 1,2 169,500 3,866,295 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 207,500 14,375,600 - -------------------------------------------------------------------------------- Cornell Corrections, Inc. 1,2 24,500 601,720 - -------------------------------------------------------------------------------- Deluxe Corp. 549,200 22,303,012 - -------------------------------------------------------------------------------- Diamond Management & Technology Consultants, Inc. 147,600 1,948,320 - -------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 233,000 10,137,830 - -------------------------------------------------------------------------------- Dun & Bradstreet Corp. 4,100 422,218 - -------------------------------------------------------------------------------- Ennis, Inc. 2 98,100 2,307,312 - -------------------------------------------------------------------------------- Exponent, Inc. 1,2 106,100 2,373,457 - -------------------------------------------------------------------------------- First Consulting Group, Inc. 1 38,900 369,550 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued FTI Consulting, Inc. 1,2 106,800 $ 4,061,604 - -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1,2 76,300 2,220,330 - -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 18,475 545,013 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1,2 278,298 14,259,990 - -------------------------------------------------------------------------------- HNI Corp. 66,400 2,722,400 - -------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1 114,400 2,447,016 - -------------------------------------------------------------------------------- IHS, Inc., Cl. A 1,2 152,100 6,996,600 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 1,288,100 20,107,241 - -------------------------------------------------------------------------------- Interface, Inc., Cl. A 2 410,200 7,736,372 - -------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 75,700 2,078,722 - -------------------------------------------------------------------------------- Kforce, Inc. 1,2 38,100 608,838 - -------------------------------------------------------------------------------- Knoll, Inc. 641,300 14,365,120 - -------------------------------------------------------------------------------- Korn-Ferry International 1 689,100 18,095,766 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1 773,200 17,868,652 - -------------------------------------------------------------------------------- Manpower, Inc. 113,700 10,487,688 - -------------------------------------------------------------------------------- McGrath Rentcorp 2 20,200 680,538 - -------------------------------------------------------------------------------- Miller (Herman), Inc. 189,700 5,994,520 - -------------------------------------------------------------------------------- Mine Safety Appliances Co. 2 1,700 74,392 - -------------------------------------------------------------------------------- PHH Corp. 1 351,900 10,982,799 - -------------------------------------------------------------------------------- Pike Electric Corp. 1,2 101,400 2,269,332 - -------------------------------------------------------------------------------- Republic Services, Inc. 279,900 8,576,136 - -------------------------------------------------------------------------------- Resources Connection, Inc. 1,2 62,100 2,060,478 - -------------------------------------------------------------------------------- Rollins, Inc. 2 237,900 5,416,983 - -------------------------------------------------------------------------------- RSC Holdings, Inc. 1,2 353,300 7,066,000 - -------------------------------------------------------------------------------- Spherion Corp. 1,2 295,600 2,775,684 - -------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 291,000 5,383,500 - -------------------------------------------------------------------------------- Taleo Corp., Cl. A 1 86,800 1,955,604 - -------------------------------------------------------------------------------- Team, Inc. 1,2 49,800 2,239,506 - -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1 195,000 6,333,600 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Tetra Tech, Inc. 1,2 726,767 $ 15,661,829 - -------------------------------------------------------------------------------- United Stationers, Inc. 1 266,200 17,739,568 - -------------------------------------------------------------------------------- Viad Corp. 2 381,600 16,092,072 - -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 188,350 3,473,174 - -------------------------------------------------------------------------------- Waste Connections, Inc. 1 156,900 4,744,656 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 2 31,800 1,085,652 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 421,200 21,262,176 ----------------- 383,744,167 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.4% Aecom Technology Corp. 1 209,000 5,185,290 - -------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 161,500 6,095,010 - -------------------------------------------------------------------------------- EMCOR Group, Inc. 1 329,600 24,027,840 - -------------------------------------------------------------------------------- Granite Construction, Inc. 83,100 5,333,358 - -------------------------------------------------------------------------------- Infrasource Services, Inc. 1 568,300 21,083,930 - -------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1 44,100 1,453,977 - -------------------------------------------------------------------------------- Jacobs Engineering Group, Inc. 1 24,500 1,408,995 - -------------------------------------------------------------------------------- Perini Corp. 1 284,900 17,529,897 - -------------------------------------------------------------------------------- Washington Group International, Inc. 1,2 32,200 2,576,322 ----------------- 84,694,619 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.4% Acuity Brands, Inc. 185,000 11,151,800 - -------------------------------------------------------------------------------- AZZ, Inc. 1,2 47,300 1,591,645 - -------------------------------------------------------------------------------- Baldor Electric Co. 2 43,900 2,163,392 - -------------------------------------------------------------------------------- Belden, Inc. 2 188,300 10,422,405 - -------------------------------------------------------------------------------- EnerSys, Inc. 1,2 129,800 2,375,340 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 38,089 2,991,510 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT Continued GrafTech International Ltd. 1,2 1,233,600 $ 20,773,824 - -------------------------------------------------------------------------------- II-VI, Inc. 1,2 198,900 5,404,113 - -------------------------------------------------------------------------------- Lamson & Sessions Co. (The) 1,2 59,900 1,591,543 - -------------------------------------------------------------------------------- Powell Industries, Inc. 1,2 7,900 250,904 - -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 126,600 7,342,800 - -------------------------------------------------------------------------------- Vicor Corp. 2 43,863 580,307 - -------------------------------------------------------------------------------- Woodward Governor Co. 2 360,901 19,369,557 ----------------- 86,009,140 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.2% Raven Industries, Inc. 2 8,000 285,680 - -------------------------------------------------------------------------------- Sequa Corp., Cl. A 1,2 53,200 5,958,400 - -------------------------------------------------------------------------------- Standex International Corp. 2 10,500 298,620 - -------------------------------------------------------------------------------- Teleflex, Inc. 25,300 2,069,034 - -------------------------------------------------------------------------------- Tredegar Corp. 2 241,500 5,143,950 ----------------- 13,755,684 - -------------------------------------------------------------------------------- MACHINERY--3.5% Accuride Corp. 1 175,800 2,709,078 - -------------------------------------------------------------------------------- AGCO Corp. 1 56,000 2,430,960 - -------------------------------------------------------------------------------- American Railcar Industries, Inc. 2 46,900 1,829,100 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 2 64,800 2,597,832 - -------------------------------------------------------------------------------- Astec Industries, Inc. 1,2 100,900 4,259,998 - -------------------------------------------------------------------------------- Blount International, Inc. 1,2 9,200 120,336 - -------------------------------------------------------------------------------- Cascade Corp. 2 52,800 4,141,632 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 2 46,200 1,867,866 - -------------------------------------------------------------------------------- Clarcor, Inc. 2 38,500 1,441,055 - -------------------------------------------------------------------------------- Columbus McKinnon Corp. 1,2 43,600 1,403,920 - -------------------------------------------------------------------------------- Cummins, Inc. 128,400 12,995,364 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY Continued EnPro Industries, Inc. 1 40,600 $ 1,737,274 - -------------------------------------------------------------------------------- Freightcar America, Inc. 2 37,900 1,813,136 - -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 256,600 10,918,330 - -------------------------------------------------------------------------------- Gorman-Rupp Co. (The) 2 8,850 281,961 - -------------------------------------------------------------------------------- Hardinge, Inc. 2 28,300 963,049 - -------------------------------------------------------------------------------- Hurco Cos., Inc. 1,2 33,100 1,654,338 - -------------------------------------------------------------------------------- Kadant, Inc. 1,2 92,300 2,879,760 - -------------------------------------------------------------------------------- Kaydon Corp. 2 294,900 15,370,188 - -------------------------------------------------------------------------------- Lydall, Inc. 1 7,800 113,958 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 74,600 5,996,348 - -------------------------------------------------------------------------------- McCoy Corp. 3 315,600 1,629,477 - -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 233,200 13,950,024 - -------------------------------------------------------------------------------- Miller Industries, Inc. 1,2 8,200 205,820 - -------------------------------------------------------------------------------- Mueller Industries, Inc. 133,500 4,597,740 - -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 2 79,000 12,283,710 - -------------------------------------------------------------------------------- Navistar International Corp. 1,2 92,600 6,111,600 - -------------------------------------------------------------------------------- Nordson Corp. 207,000 10,383,120 - -------------------------------------------------------------------------------- Pall Corp. 202,800 9,326,772 - -------------------------------------------------------------------------------- RBC Bearings, Inc. 1,2 77,000 3,176,250 - -------------------------------------------------------------------------------- Robbins & Myers, Inc. 70,040 3,721,225 - -------------------------------------------------------------------------------- SPX Corp. 101,400 8,903,934 - -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 35,600 1,753,300 - -------------------------------------------------------------------------------- Tecumseh Products Co., Cl. A 1,2 24,400 383,324 - -------------------------------------------------------------------------------- Tennant Co. 2 32,300 1,178,950 - -------------------------------------------------------------------------------- Terex Corp. 1 56,100 4,560,930 - -------------------------------------------------------------------------------- Titan International, Inc. 2 93,900 2,968,179 - -------------------------------------------------------------------------------- Toro Co. (The) 159,500 9,392,955 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY Continued Valmont Industries, Inc. 2 256,300 $ 18,648,388 - -------------------------------------------------------------------------------- Wabash National Corp. 2 162,000 2,370,060 - -------------------------------------------------------------------------------- Wabtec Corp. 534,000 19,507,020 ----------------- 212,578,261 - -------------------------------------------------------------------------------- MARINE--0.3% Eagle Bulk Shipping, Inc. 2 43,776 981,020 - -------------------------------------------------------------------------------- Excel Maritime Carriers Ltd. 62,200 1,566,196 - -------------------------------------------------------------------------------- Genco Shipping & Trading Ltd. 2 38,200 1,576,132 - -------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 418,300 13,703,508 ----------------- 17,826,856 - -------------------------------------------------------------------------------- ROAD & RAIL--0.7% Avis Budget Group, Inc. 1 248,800 7,073,384 - -------------------------------------------------------------------------------- Con-way, Inc. 126,400 6,350,336 - -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1 92,500 3,777,700 - -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1 8,400 250,656 - -------------------------------------------------------------------------------- Kansas City Southern, Inc. 1,2 188,100 7,061,274 - -------------------------------------------------------------------------------- Laidlaw International, Inc. 210,600 7,276,230 - -------------------------------------------------------------------------------- Landstar System, Inc. 120,100 5,794,825 - -------------------------------------------------------------------------------- P.A.M. Transportation Services, Inc. 1,2 500 9,140 - -------------------------------------------------------------------------------- Saia, Inc. 1 61,499 1,676,463 ----------------- 39,270,008 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Applied Industrial Technologies, Inc. 2 546,200 16,112,900 - -------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 2 77,900 817,171 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS Continued Kaman Corp., Cl. A 2 64,400 $ 2,008,636 - -------------------------------------------------------------------------------- TAL International Group, Inc. 2 5,100 151,521 - -------------------------------------------------------------------------------- UAP Holding Corp. 2 595,033 17,934,295 - -------------------------------------------------------------------------------- W.W. Grainger, Inc. 102,900 9,574,845 - -------------------------------------------------------------------------------- Watsco, Inc. 11,200 609,280 ----------------- 47,208,648 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% CAI International, Inc. 1 206,400 2,720,352 - -------------------------------------------------------------------------------- Macquarie Infrastructure Co. LLC 2 20,500 850,340 ----------------- 3,570,692 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--18.8% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.1% 3Com Corp. 1 357,600 1,476,888 - -------------------------------------------------------------------------------- ADC Telecommunications, Inc. 1 59,900 1,097,967 - -------------------------------------------------------------------------------- ADTRAN, Inc. 2 756,500 19,646,305 - -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 104,300 1,836,723 - -------------------------------------------------------------------------------- Andrew Corp. 1 406,600 5,871,304 - -------------------------------------------------------------------------------- Arris Group, Inc. 1,2 1,286,800 22,634,812 - -------------------------------------------------------------------------------- Avaya, Inc. 1 516,300 8,694,492 - -------------------------------------------------------------------------------- BigBand Networks, Inc. 1,2 21,900 287,109 - -------------------------------------------------------------------------------- C-COR.net Corp. 1,2 179,800 2,527,988 - -------------------------------------------------------------------------------- CommScope, Inc. 1 212,800 12,416,880 - -------------------------------------------------------------------------------- Comtech Group, Inc. 1 25,400 419,354 - -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1,2 353,000 16,386,260 - -------------------------------------------------------------------------------- Digi International, Inc. 1,2 19,809 291,985 - -------------------------------------------------------------------------------- Ditech Networks, Inc. 1,2 138,400 1,133,496 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Dycom Industries, Inc. 1,2 520,100 $ 15,592,598 - -------------------------------------------------------------------------------- EMS Technologies, Inc. 1,2 86,100 1,899,366 - -------------------------------------------------------------------------------- Extreme Networks, Inc. 1,2 467,500 1,893,375 - -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 433,650 7,224,609 - -------------------------------------------------------------------------------- Infinera Corp. 1,2 174,600 4,351,032 - -------------------------------------------------------------------------------- Inter-Tel, Inc. 2 8,400 201,012 - -------------------------------------------------------------------------------- InterDigital Communications Corp. 1,2 526,350 16,932,680 - -------------------------------------------------------------------------------- Loral Space & Communications Ltd. 1,2 72,100 3,553,088 - -------------------------------------------------------------------------------- Netgear, Inc. 1,2 387,756 14,056,155 - -------------------------------------------------------------------------------- Network Equipment Technologies, Inc. 1,2 105,600 1,007,424 - -------------------------------------------------------------------------------- Oplink Communications, Inc. 1 83,800 1,257,000 - -------------------------------------------------------------------------------- Performance Technologies, Inc. 1 35,000 158,200 - -------------------------------------------------------------------------------- Plantronics, Inc. 2 177,500 4,654,050 - -------------------------------------------------------------------------------- Polycom, Inc. 1 51,100 1,716,960 - -------------------------------------------------------------------------------- Sonus Networks, Inc. 1 1,280,000 10,905,600 - -------------------------------------------------------------------------------- Starent Networks Corp. 1 101,380 1,490,286 - -------------------------------------------------------------------------------- UTStarcom, Inc. 1,2 567,797 3,185,341 - -------------------------------------------------------------------------------- ViaSat, Inc. 1,2 119,500 3,835,950 ----------------- 188,636,289 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.8% Avid Technology, Inc. 1,2 51,900 1,834,665 - -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 370,900 2,900,438 - -------------------------------------------------------------------------------- Data Domain, Inc. 1 51,700 1,189,100 - -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1,2 468,600 13,223,892 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS Continued Emulex Corp. 1 414,400 $ 9,050,496 - -------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1,2 1,800 33,858 - -------------------------------------------------------------------------------- Hypercom Corp. 1,2 251,200 1,484,592 - -------------------------------------------------------------------------------- Immersion Corp. 1,2 8,000 119,840 - -------------------------------------------------------------------------------- Intevac, Inc. 1,2 102,500 2,179,150 - -------------------------------------------------------------------------------- Novatel Wireless, Inc. 1,2 151,000 3,929,020 - -------------------------------------------------------------------------------- Palm, Inc. 1,2 191,500 3,065,915 - -------------------------------------------------------------------------------- Stratasys, Inc. 1,2 42,300 1,987,254 - -------------------------------------------------------------------------------- Western Digital Corp. 1 258,900 5,009,715 ----------------- 46,007,935 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.9% Acacia Research Corp. 1,2 187,800 3,034,848 - -------------------------------------------------------------------------------- Aeroflex, Inc. 1 170,800 2,420,236 - -------------------------------------------------------------------------------- Agilysys, Inc. 2 131,900 2,967,750 - -------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 171,100 6,575,373 - -------------------------------------------------------------------------------- AuthenTec, Inc. 1 187,500 1,940,625 - -------------------------------------------------------------------------------- Avnet, Inc. 1 204,200 8,094,488 - -------------------------------------------------------------------------------- AVX Corp. 2 151,700 2,539,458 - -------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 2 37,400 1,383,052 - -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 132,500 3,345,625 - -------------------------------------------------------------------------------- Cognex Corp. 2 194,000 4,366,940 - -------------------------------------------------------------------------------- CPI International, Inc. 1,2 43,000 852,690 - -------------------------------------------------------------------------------- CTS Corp. 2 139,500 1,766,070 - -------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A 1 41,600 1,473,056 - -------------------------------------------------------------------------------- Echelon Corp. 1,2 15,800 246,954 - -------------------------------------------------------------------------------- Excel Technology, Inc. 1 27,200 759,968 - -------------------------------------------------------------------------------- FARO Technologies, Inc. 1 64,300 2,048,598 - -------------------------------------------------------------------------------- FLIR Systems, Inc. 1,2 63,900 2,955,375 - -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 251,200 5,669,584 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Littlefuse, Inc. 1,2 356,200 $ 12,028,874 - -------------------------------------------------------------------------------- LoJack Corp. 1,2 72,400 1,613,796 - -------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 170,900 2,674,585 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 75,200 7,182,352 - -------------------------------------------------------------------------------- MTS Systems Corp. 2 70,100 3,131,367 - -------------------------------------------------------------------------------- National Instruments Corp. 80,700 2,628,399 - -------------------------------------------------------------------------------- OYO Geospace Corp. 1,2 19,100 1,417,029 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 2 97,700 2,753,186 - -------------------------------------------------------------------------------- PC Connection, Inc. 1,2 91,300 1,208,812 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 247,600 17,084,400 - -------------------------------------------------------------------------------- Rogers Corp. 1,2 4,800 177,600 - -------------------------------------------------------------------------------- Smart Modular Technologies, Inc. 1 94,100 1,294,816 - -------------------------------------------------------------------------------- SYNNEX Corp. 1,2 25,100 517,311 - -------------------------------------------------------------------------------- Technitrol, Inc. 146,800 4,208,756 - -------------------------------------------------------------------------------- Tektronix, Inc. 33,800 1,140,412 - -------------------------------------------------------------------------------- Vishay Intertechnology, Inc. 1 94,900 1,501,318 - -------------------------------------------------------------------------------- X-Rite, Inc. 5,300 78,281 - -------------------------------------------------------------------------------- Zygo Corp. 1,2 57,000 814,530 ----------------- 113,896,514 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.9% AsiaInfo Holdings, Inc. 1,2 181,300 1,758,610 - -------------------------------------------------------------------------------- Chordiant Software, Inc. 1 166,200 2,602,692 - -------------------------------------------------------------------------------- CMGI, Inc. 1,2 5,332,350 10,398,083 - -------------------------------------------------------------------------------- comScore, Inc. 1 33,400 773,210 - -------------------------------------------------------------------------------- DealerTrack Holdings, Inc. 1 102,500 3,776,100 - -------------------------------------------------------------------------------- EarthLink, Inc. 1,2 157,300 1,175,031 - -------------------------------------------------------------------------------- Greenfield Online, Inc. 1 19,100 303,881 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued iBasis, Inc. 1,2 11,000 $ 110,550 - -------------------------------------------------------------------------------- Imergent, Inc. 2 64,200 1,570,332 - -------------------------------------------------------------------------------- Internet Capital Group, Inc. 1,2 27,600 342,240 - -------------------------------------------------------------------------------- Interwoven, Inc. 1,2 191,500 2,688,660 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1,2 495,768 17,302,303 - -------------------------------------------------------------------------------- Limelight Networks, Inc. 1,2 152,370 3,013,879 - -------------------------------------------------------------------------------- Open Text Corp. 1,2 494,000 10,749,440 - -------------------------------------------------------------------------------- S1 Corp. 1 327,200 2,614,328 - -------------------------------------------------------------------------------- Savvis, Inc. 1,2 88,113 4,362,475 - -------------------------------------------------------------------------------- SonicWALL, Inc. 1 233,600 2,006,624 - -------------------------------------------------------------------------------- TechTarget, Inc. 1 51,540 662,289 - -------------------------------------------------------------------------------- TheStreet.com, Inc. 2 139,100 1,513,408 - -------------------------------------------------------------------------------- Travelzoo, Inc. 1,2 32,200 856,198 - -------------------------------------------------------------------------------- United Online, Inc. 2 1,075,950 17,742,416 - -------------------------------------------------------------------------------- ValueClick, Inc. 1 288,898 8,510,935 - -------------------------------------------------------------------------------- VeriSign, Inc. 1 293,700 9,319,101 - -------------------------------------------------------------------------------- Vignette Corp. 1 147,500 2,826,100 - -------------------------------------------------------------------------------- Websense, Inc. 1,2 219,800 4,670,750 ----------------- 111,649,635 - -------------------------------------------------------------------------------- IT SERVICES--2.6% Acxiom Corp. 226,900 6,001,505 - -------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 76,000 5,873,280 - -------------------------------------------------------------------------------- Authorize.Net Holdings, Inc. 1,2 195,700 3,501,073 - -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 1,029,600 12,180,168 - -------------------------------------------------------------------------------- Broadridge Financial Solutions LLC 236,175 4,515,666 - -------------------------------------------------------------------------------- Ceridian Corp. 1 39,500 1,382,500 - -------------------------------------------------------------------------------- CIBER, Inc. 1,2 280,900 2,297,762 - -------------------------------------------------------------------------------- Computer Sciences Corp. 1 179,400 10,611,510 - -------------------------------------------------------------------------------- Convergys Corp. 1 271,800 6,588,432 - -------------------------------------------------------------------------------- Covansys Corp. 1 401,200 13,612,716 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- IT SERVICES Continued CSG Systems International, Inc. 1 651,800 $ 17,279,218 - -------------------------------------------------------------------------------- eFunds Corp. 1,2 61,100 2,156,219 - -------------------------------------------------------------------------------- EnerNOC, Inc. 1 17,400 663,462 - -------------------------------------------------------------------------------- Fiserv, Inc. 1 193,000 10,962,400 - -------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 75,500 2,123,815 - -------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1 158,500 3,897,515 - -------------------------------------------------------------------------------- infoUSA, Inc. 2 15,268 156,039 - -------------------------------------------------------------------------------- ManTech International Corp. 1 312,200 9,625,126 - -------------------------------------------------------------------------------- MPS Group, Inc. 1 764,300 10,218,691 - -------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 83,000 1,391,910 - -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 599,300 10,212,072 - -------------------------------------------------------------------------------- PROS Holdings, Inc. 234,800 3,075,880 - -------------------------------------------------------------------------------- Safeguard Scientifics, Inc. 1,2 339,700 954,557 - -------------------------------------------------------------------------------- SAIC, Inc. 1,2 196,300 3,547,141 - -------------------------------------------------------------------------------- Sapient Corp. 1,2 158,100 1,222,113 - -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 157,600 2,992,824 - -------------------------------------------------------------------------------- Syntel, Inc. 2 155,700 4,731,723 - -------------------------------------------------------------------------------- TNS, Inc. 2,700 38,907 - -------------------------------------------------------------------------------- Total System Services, Inc. 2 160,400 4,733,404 - -------------------------------------------------------------------------------- Wright Express Corp. 1,2 67,200 2,302,944 ----------------- 158,850,572 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.9% Actel Corp. 1,2 116,500 1,620,515 - -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1 689,900 15,633,134 - -------------------------------------------------------------------------------- AMIS Holdings, Inc. 1,2 760,600 9,522,712 - -------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 824,550 12,986,663 - -------------------------------------------------------------------------------- Asyst Technologies, Inc. 1,2 177,800 1,285,494 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Atheros Communications, Inc. 1,2 541,300 $ 16,693,692 - -------------------------------------------------------------------------------- ATMI, Inc. 1,2 391,600 11,748,000 - -------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1,2 380,800 2,471,392 - -------------------------------------------------------------------------------- Brooks Automation, Inc. 1,2 809,700 14,696,055 - -------------------------------------------------------------------------------- Cabot Microelectronics Corp. 1,2 33,700 1,196,013 - -------------------------------------------------------------------------------- Cohu, Inc. 8,100 180,225 - -------------------------------------------------------------------------------- Credence Systems Corp. 1,2 177,700 639,720 - -------------------------------------------------------------------------------- Cymer, Inc. 1,2 406,480 16,340,496 - -------------------------------------------------------------------------------- Entegris, Inc. 1,2 788,190 9,363,697 - -------------------------------------------------------------------------------- Exar Corp. 1,2 168,700 2,260,580 - -------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 316,800 6,120,576 - -------------------------------------------------------------------------------- FEI Co. 1,2 462,400 15,009,504 - -------------------------------------------------------------------------------- Hittite Microwave Corp. 1,2 136,800 5,845,464 - -------------------------------------------------------------------------------- Intersil Corp., Cl. A 60,300 1,897,038 - -------------------------------------------------------------------------------- KLA-Tencor Corp. 55,200 3,033,240 - -------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 321,900 3,370,293 - -------------------------------------------------------------------------------- Lam Research Corp. 1 139,700 7,180,580 - -------------------------------------------------------------------------------- LTX Corp. 1,2 176,000 978,560 - -------------------------------------------------------------------------------- Mattson Technology, Inc. 1,2 46,100 447,170 - -------------------------------------------------------------------------------- Micrel, Inc. 1,324,800 16,851,456 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 15,000 555,600 - -------------------------------------------------------------------------------- MKS Instruments, Inc. 1 617,400 17,101,980 - -------------------------------------------------------------------------------- Monolithic Power Systems, Inc. 1,2 23,000 401,350 - -------------------------------------------------------------------------------- National Semiconductor Corp. 2 351,800 9,945,386 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Netlogic Microsystems, Inc. 1,2 61,200 $ 1,948,608 - -------------------------------------------------------------------------------- Novellus Systems, Inc. 1,2 223,000 6,326,510 - -------------------------------------------------------------------------------- ON Semiconductor Corp. 1 725,400 7,776,288 - -------------------------------------------------------------------------------- Redcorp Ventures Ltd. 1,3 4,502,900 1,965,594 - -------------------------------------------------------------------------------- RF Micro Devices, Inc. 1,2 415,400 2,592,096 - -------------------------------------------------------------------------------- Rudolph Technologies, Inc. 1 8,400 139,524 - -------------------------------------------------------------------------------- Semtech Corp. 1,2 372,000 6,446,760 - -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1,2 481,600 1,796,368 - -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1,2 104,100 2,159,034 - -------------------------------------------------------------------------------- Supertex, Inc. 1,2 50,200 1,573,268 - -------------------------------------------------------------------------------- Teradyne, Inc. 1 368,000 6,469,440 - -------------------------------------------------------------------------------- Tessera Technologies, Inc. 1,2 336,700 13,653,185 - -------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1 251,200 1,271,072 - -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 215,750 8,642,945 - -------------------------------------------------------------------------------- Verigy Ltd. 1 502,300 14,370,803 - -------------------------------------------------------------------------------- Xilinx, Inc. 277,500 7,428,675 - -------------------------------------------------------------------------------- Zoran Corp. 1 413,200 8,280,528 ----------------- 298,217,283 - -------------------------------------------------------------------------------- SOFTWARE--3.6% Actuate Corp. 1,2 436,200 2,961,798 - -------------------------------------------------------------------------------- Advent Software, Inc. 1,2 64,200 2,089,710 - -------------------------------------------------------------------------------- Ansoft Corp. 1,2 134,746 3,973,660 - -------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 781,800 10,945,200 - -------------------------------------------------------------------------------- Blackbaud, Inc. 392,724 8,671,346 - -------------------------------------------------------------------------------- Blackboard, Inc. 1,2 30,500 1,284,660 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued BMC Software, Inc. 1 278,300 $ 8,432,490 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 402,000 8,827,920 - -------------------------------------------------------------------------------- Cognos, Inc. 1 117,800 4,673,126 - -------------------------------------------------------------------------------- Compuware Corp. 1 707,100 8,386,206 - -------------------------------------------------------------------------------- Comverge, Inc. 1 9,320 289,013 - -------------------------------------------------------------------------------- Epicor Software Corp. 1,2 350,100 5,205,987 - -------------------------------------------------------------------------------- EPIQ Systems, Inc. 1,2 188,550 3,046,968 - -------------------------------------------------------------------------------- Fair Isaac Corp. 2 185,700 7,450,284 - -------------------------------------------------------------------------------- FalconStor Software, Inc. 1,2 209,800 2,213,390 - -------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 379,200 9,764,400 - -------------------------------------------------------------------------------- i2 Technoloogies, Inc. 1,2 63,900 1,191,096 - -------------------------------------------------------------------------------- Interactive Intelligence, Inc. 1 10,500 216,300 - -------------------------------------------------------------------------------- Magma Design Automation, Inc. 1 194,500 2,730,780 - -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1,2 233,000 6,503,030 - -------------------------------------------------------------------------------- McAfee, Inc. 1 253,100 8,909,120 - -------------------------------------------------------------------------------- Mentor Graphics Corp. 1,2 1,001,700 13,192,389 - -------------------------------------------------------------------------------- MICROS Systems, Inc. 1,2 120,700 6,566,080 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 137,000 12,945,130 - -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 7,000 80,570 - -------------------------------------------------------------------------------- Parametric Technology Corp. 1 585,550 12,653,736 - -------------------------------------------------------------------------------- Quality Systems, Inc. 2 136,800 5,194,296 - -------------------------------------------------------------------------------- Quest Software, Inc. 1 438,300 7,096,077 - -------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 52,300 692,452 - -------------------------------------------------------------------------------- Secure Computing Corp. 1,2 223,900 1,699,401 - -------------------------------------------------------------------------------- SPSS, Inc. 1,2 160,200 7,071,228 - -------------------------------------------------------------------------------- Sybase, Inc. 1 257,300 6,146,897 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued Synopsys, Inc. 1 276,400 $ 7,305,252 - -------------------------------------------------------------------------------- The9 Ltd., ADR 1 176,700 8,174,142 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 2,091,400 18,927,170 - -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 136,200 1,690,242 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1,2 215,600 2,371,600 ----------------- 219,573,146 - -------------------------------------------------------------------------------- MATERIALS--7.2% - -------------------------------------------------------------------------------- CHEMICALS--3.5% Albemarle Corp. 159,500 6,145,535 - -------------------------------------------------------------------------------- Cabot Corp. 139,400 6,646,592 - -------------------------------------------------------------------------------- Calgon Carbon Corp. 1,2 218,200 2,531,120 - -------------------------------------------------------------------------------- Celanese Corp., Series A 171,000 6,631,380 - -------------------------------------------------------------------------------- CF Industries Holdings, Inc. 251,500 15,062,335 - -------------------------------------------------------------------------------- Ferro Corp. 419,900 10,468,107 - -------------------------------------------------------------------------------- Fuller (H.B.) Co. 279,800 8,363,222 - -------------------------------------------------------------------------------- Hercules, Inc. 1 734,100 14,425,065 - -------------------------------------------------------------------------------- Innophos Holdings, Inc. 2 109,400 1,564,420 - -------------------------------------------------------------------------------- Innospec, Inc. 2 39,500 2,338,795 - -------------------------------------------------------------------------------- International Flavors & Fragrances, Inc. 49,100 2,560,074 - -------------------------------------------------------------------------------- Koppers Holdings, Inc. 2 96,400 3,246,752 - -------------------------------------------------------------------------------- Landec Corp. 1,2 102,100 1,368,140 - -------------------------------------------------------------------------------- LSB Industries, Inc. 1,2 42,400 906,512 - -------------------------------------------------------------------------------- Lubrizol Corp. (The) 130,400 8,417,320 - -------------------------------------------------------------------------------- Lyondell Chemical Co. 240,300 8,919,936 - -------------------------------------------------------------------------------- Minerals Technologies, Inc. 66,200 4,432,090 - -------------------------------------------------------------------------------- Nalco Holding Co. 264,200 7,252,290 - -------------------------------------------------------------------------------- NewMarket Corp. 48,900 2,365,293 - -------------------------------------------------------------------------------- Olin Corp. 227,700 4,781,700 - -------------------------------------------------------------------------------- OM Group, Inc. 1 42,100 2,227,932 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CHEMICALS Continued Pioneer Cos., Inc. 1 75,600 $ 2,598,372 - -------------------------------------------------------------------------------- PolyOne Corp. 1,2 345,400 2,483,426 - -------------------------------------------------------------------------------- Rockwood Holdings, Inc. 1 302,900 11,070,995 - -------------------------------------------------------------------------------- Schulman (A.), Inc. 2 25,800 627,714 - -------------------------------------------------------------------------------- Sensient Technologies Corp. 2 661,500 16,795,485 - -------------------------------------------------------------------------------- Spartech Corp. 506,500 13,447,575 - -------------------------------------------------------------------------------- Stepan Co. 2 26,400 799,392 - -------------------------------------------------------------------------------- Terra Industries, Inc. 1,2 533,654 13,565,485 - -------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 171,500 2,466,170 - -------------------------------------------------------------------------------- Tronox, Inc., Cl. B 23,200 325,960 - -------------------------------------------------------------------------------- Valhi, Inc. 2 98,800 1,610,440 - -------------------------------------------------------------------------------- Valspar Corp. (The) 186,400 5,295,624 - -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 684,700 16,768,303 ----------------- 208,509,551 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.9% AEP Industries, Inc. 1,2 36,900 1,660,869 - -------------------------------------------------------------------------------- AptarGroup, Inc. 175,000 6,223,000 - -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 101,500 2,534,455 - -------------------------------------------------------------------------------- Greif, Inc., Cl. A 2 18,100 1,078,941 - -------------------------------------------------------------------------------- Myers Industries, Inc. 2 140,100 3,097,611 - -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 15,000 525,000 - -------------------------------------------------------------------------------- Packaging Corp. of America 186,000 4,707,660 - -------------------------------------------------------------------------------- Pactiv Corp. 1 231,900 7,395,291 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 489,200 15,517,424 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 124,300 6,871,304 - -------------------------------------------------------------------------------- Sonoco Products Co. 167,300 7,162,113 ----------------- 56,773,668 - -------------------------------------------------------------------------------- METALS & MINING--2.5% A. M. Castle & Co. 2 33,200 1,192,212 - -------------------------------------------------------------------------------- AK Steel Holding Corp. 1,2 115,300 4,308,761 - -------------------------------------------------------------------------------- Amerigo Resources Ltd. 779,600 2,034,535 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- METALS & MINING Continued Brush Engineered Materials, Inc. 1,2 123,250 $ 5,175,268 - -------------------------------------------------------------------------------- Century Aluminum Co. 1,2 335,900 18,350,217 - -------------------------------------------------------------------------------- Chaparral Steel Co. 2 126,430 9,086,524 - -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 2 149,500 11,611,665 - -------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 390,700 13,541,662 - -------------------------------------------------------------------------------- Farallon Resources Ltd. 1 1,067,800 771,843 - -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 7,613 231,695 - -------------------------------------------------------------------------------- Haynes International, Inc. 8,300 700,769 - -------------------------------------------------------------------------------- Hecla Mining Co. 1,2 1,593,500 13,608,490 - -------------------------------------------------------------------------------- Inmet Mining Corp. 9,700 750,322 - -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 23,700 648,538 - -------------------------------------------------------------------------------- Metal Management, Inc. 367,500 16,195,725 - -------------------------------------------------------------------------------- Pearl Exploration & Production Ltd. 1 41,442 197,241 - -------------------------------------------------------------------------------- Quanex Corp. 303,573 14,784,005 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 331,400 15,887,316 - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 188,300 7,891,653 - -------------------------------------------------------------------------------- Universal Stainless & Alloy Products, Inc. 1,2 23,200 817,336 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 2 657,500 14,234,875 ----------------- 152,020,652 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Bowater, Inc. 2 334,400 8,343,280 - -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1 209,300 3,237,871 - -------------------------------------------------------------------------------- Mercer International, Inc. 1,2 118,900 1,212,780 - -------------------------------------------------------------------------------- Neenah Paper, Inc. 2 76,000 3,135,760 - -------------------------------------------------------------------------------- Schweitzer-Mauduit International, Inc. 2 80,700 2,501,700 ----------------- 18,431,391 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.1% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.8% Alaska Communications Systems Group, Inc. 2 200,800 $ 3,180,672 - -------------------------------------------------------------------------------- Atlantic Tele-Network, Inc. 30,300 867,792 - -------------------------------------------------------------------------------- Cbeyond, Inc. 1,2 339,500 13,074,145 - -------------------------------------------------------------------------------- CenturyTel, Inc. 177,100 8,686,755 - -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 3,367,000 19,461,260 - -------------------------------------------------------------------------------- Citizens Communications Co. 517,468 7,901,736 - -------------------------------------------------------------------------------- Cogent Communications Group, Inc. 1,2 576,900 17,232,003 - -------------------------------------------------------------------------------- Consolidated Communications Holdings, Inc. 2 118,500 2,678,100 - -------------------------------------------------------------------------------- CT Communications, Inc. 2 105,000 3,203,550 - -------------------------------------------------------------------------------- Embarq Corp. 173,600 11,001,032 - -------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1,2 175,500 2,248,155 - -------------------------------------------------------------------------------- Golden Telecom, Inc. 2 15,200 836,152 - -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 2 138,300 3,143,559 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 10,000 212,500 - -------------------------------------------------------------------------------- NTELOS Holdings Corp. 57,000 1,575,480 - -------------------------------------------------------------------------------- PAETEC Holding Corp. 1,2 271,892 3,069,661 - -------------------------------------------------------------------------------- Premiere Global Services, Inc. 1,2 649,600 8,457,792 ----------------- 106,830,344 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.3% Cellcom Israel Ltd. 2 156,590 4,144,937 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES Continued Dobson Communications Corp., Cl. A 1,2 305,500 $ 3,394,105 - -------------------------------------------------------------------------------- InPhonic, Inc. 1 26,000 121,160 - -------------------------------------------------------------------------------- Rural Cellular Corp., Cl. A 1 11,900 521,339 - -------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 147,200 9,210,304 - -------------------------------------------------------------------------------- USA Mobility, Inc. 2 127,200 3,403,872 ----------------- 20,795,717 - -------------------------------------------------------------------------------- UTILITIES--3.3% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.9% ALLETE, Inc. 2 100,900 4,747,345 - -------------------------------------------------------------------------------- Central Vermont Public Service Corp. 25,500 960,840 - -------------------------------------------------------------------------------- El Paso Electric Co. 1 562,500 13,815,000 - -------------------------------------------------------------------------------- IDACORP, Inc. 2 200,800 6,433,632 - -------------------------------------------------------------------------------- Otter Tail Corp. 2 145,200 4,656,564 - -------------------------------------------------------------------------------- Portland General Electric Co. 75,000 2,058,000 - -------------------------------------------------------------------------------- UIL Holdings Corp. 2 22,566 746,935 - -------------------------------------------------------------------------------- UniSource Energy Corp. 471,600 15,510,924 - -------------------------------------------------------------------------------- Westar Energy, Inc. 177,700 4,314,556 ----------------- 53,243,796 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.2% Canadian Hydro Developers, Inc. 1 406,000 2,359,202 - -------------------------------------------------------------------------------- Mirant Corp. 1 56,300 2,401,195 - -------------------------------------------------------------------------------- NRG Energy, Inc. 1,2 268,000 11,140,760 ----------------- 15,901,157 - -------------------------------------------------------------------------------- GAS UTILITIES--1.4% Atmos Energy Corp. 217,700 6,544,062 - -------------------------------------------------------------------------------- Cascade Natural Gas Corp. 2 9,700 256,177 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 2 291,400 14,867,228 - -------------------------------------------------------------------------------- Nicor, Inc. 2 172,900 7,420,868 44 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- GAS UTILITIES Continued Northwest Natural Gas Co. 2 225,200 $ 10,401,988 - -------------------------------------------------------------------------------- ONEOK, Inc. 175,000 8,821,750 - -------------------------------------------------------------------------------- South Jersey Industries, Inc. 2 163,200 5,774,016 - -------------------------------------------------------------------------------- Southwest Gas Corp. 2 345,900 11,694,879 - -------------------------------------------------------------------------------- UGI Corp. 195,600 5,335,968 - -------------------------------------------------------------------------------- WGL Holdings, Inc. 383,000 12,501,120 ----------------- 83,618,056 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.8% Avista Corp. 2 543,500 11,712,425 - -------------------------------------------------------------------------------- Black Hills Corp. 2 352,500 14,011,875 - -------------------------------------------------------------------------------- CenterPoint Energy, Inc. 449,900 7,828,260 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 2 20,200 908,394 - -------------------------------------------------------------------------------- DTE Energy Co. 43,000 2,073,460 - -------------------------------------------------------------------------------- Energy East Corp. 2 68,600 1,789,774 - -------------------------------------------------------------------------------- NiSource, Inc. 341,900 7,080,749 - -------------------------------------------------------------------------------- PNM Resources, Inc. 57,700 1,603,483 - -------------------------------------------------------------------------------- Vectren Corp. 91,900 2,474,857 ----------------- 49,483,277 ----------------- Total Common Stocks (Cost $5,076,231,924) 5,989,217,299 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - -------------------------------------------------------------------------------- Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $93,170) 1,740 132,223 UNITS - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Redcorp Ventures Ltd. Wts., Exp. 7/5/09 1,4 (Cost $0) 2,251,500 76,935 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--1.0% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.28% 5,6 (Cost $59,435,689) 59,435,689 $ 59,435,689 - -------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $5,135,760,783) 6,048,862,146 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--24.4% 7 - -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--2.4% Carrington Mortgage Loan Trust, Series 2007-RFC1, Cl. A1, 5.37%, 7/25/07 $ 22,103,513 22,103,513 - -------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.38%, 7/25/07 827,448 827,448 - -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.43%, 7/25/07 276,088 276,088 - -------------------------------------------------------------------------------- Credit-Based Asset Servicing & Securitization LLC, 5.36%, 7/25/07 6,166,678 6,166,678 - -------------------------------------------------------------------------------- GE-WMC Mortgage Securities LLC, Series 2005-2, Cl. A2A, 5.42%, 7/25/07 443,185 443,185 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE Continued GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.41%, 7/25/07 $ 3,369,657 $ 3,369,657 - -------------------------------------------------------------------------------- Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 5.38%, 7/25/07 5,382,373 5,382,373 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Series 2007-NC2, Cl. A2A, 5.43%, 7/25/07 18,590,400 18,590,400 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Series 2007-NC4, Cl. A2A, 5.40%, 7/25/07 22,829,321 22,829,321 - -------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Series 2007-2, Cl. SA1, 5.41%, 7/25/07 12,952,759 12,952,759 - -------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.40%, 7/25/07 7,901,563 7,901,563 - -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.41%, 7/25/07 4,692,301 4,692,301 - -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.41%, 9/17/07 38,000,000 38,000,000 ----------------- 143,535,286 - -------------------------------------------------------------------------------- BANK FLOATING RATE NOTES--0.7% National City Bank Cleveland, 5.36%, 7/2/07 11,999,418 11,999,418 - -------------------------------------------------------------------------------- Wachovia Bank NA, 5.36%, 7/2/07 31,000,000 31,000,000 ----------------- 42,999,418 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL PAPER--0.8% Anglo Irish Bank Corp. plc, 5.36%, 7/13/07 $ 48,681,764 $ 48,681,764 - -------------------------------------------------------------------------------- FUNDING AGREEMENT/GUARANTEED INVESTMENT CONTRACT--0.9% Metropolitan Life Insurance Co., 5.37%, 7/2/07 20,000,000 20,000,000 - -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.43%, 7/26/07 15,000,000 15,000,000 - -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.48%, 7/30/07 19,000,000 19,000,000 ----------------- 54,000,000 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.7% Undivided interest of 1.19% in joint repurchase agreement (Principal Amount/Value $500,000,000, with a maturity value of $500,225,625) with Barclays Capital, 5.415%, dated 6/29/07, to be repurchased at $5,954,460 on 7/2/07, collateralized by Private Label CMOs, 0%, 5/27/35-2/25/48, with a value of $525,000,000 5,951,774 5,951,774 - -------------------------------------------------------------------------------- Undivided interest of 1.35% in joint repurchase agreement (Principal Amount/Value $1,320,000,000, with a maturity value of $1,320,596,750) with Nomura Securities, 5.425%, dated 6/29/07, to be repurchased at $17,808,142 on 7/2/07, collateralized by Private Label CMOs, 0%-6.75%, 10/25/21-1/25/47, with a value of $1,386,000,000 17,800,095 17,800,095 - -------------------------------------------------------------------------------- Undivided interest of 13.33% in joint repurchase agreement (Principal Amount/Value $750,000,000, with a maturity value of $750,338,438) with Barclays Capital, 5.415%, dated 6/29/07, to be repurchased at $100,045,125 on 7/2/07, collateralized by Private Label CMOs, 0%, 11/12/16-2/25/48, with a value of $787,500,000 100,000,000 100,000,000 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS Continued Undivided interest of 16% in joint repurchase agreement (Principal Amount/Value $500,000,000, with a maturity value of $500,225,625) with Credit Suisse First Boston LLC, 5.415%, dated 6/29/07, to be repurchased at 80,036,100 on 7/2/07, collateralized by Private Label CMOs, 0%-5.85%, 2/15/22-3/15/39, with a value of $525,005,020 $ 80,000,000 $ 80,000,000 - -------------------------------------------------------------------------------- Undivided interest of 3.33% in joint repurchase agreement (Principal Amount/Value $1,500,000,000, with a maturity value of $1,500,676,875) with Barclays Capital, 5.415%, dated 6/29/07, to be repurchased at $50,022,563 on 7/2/07, collateralized by Private Label CMOs, 0%-5.63%, 1/25/11-5/25/47, with a value of $1,575,000,000 50,000,000 50,000,000 - -------------------------------------------------------------------------------- Undivided interest of 34.62% in joint repurchase agreement (Principal Amount/Value $260,000,000, with a maturity value of $265,117,000) with BNP Paribas Securities Corp., 5.40%, dated 6/29/07, to be repurchased at $90,040,500 on 7/2/07, collateralized by Private label CMOs, 0%-6%, 5/1/29-6/1/37, with a value of $265,200,000 90,000,000 90,000,000 ----------------- 343,751,869 - -------------------------------------------------------------------------------- MASTER FLOATING NOTE--1.6% CDC Financial Products, Inc., 5.43%, 7/2/07 34,000,000 34,000,000 - -------------------------------------------------------------------------------- Citigroup Global Markets, Inc., 5.45%, 7/2/07 40,000,000 40,000,000 - -------------------------------------------------------------------------------- Morgan Stanley, 5.56%, 7/2/07 25,000,000 25,000,000 ----------------- 99,000,000 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--12.2% AIG Match Funding Corp., 5.36%, 7/2/07 40,000,000 40,000,000 - -------------------------------------------------------------------------------- American Express Credit Corp., 5.33%, 7/16/07 6,000,000 6,000,000 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued American General Finance Corp., 5.37%, 7/9/07 $ 13,000,000 $ 13,000,000 - -------------------------------------------------------------------------------- American Honda Finance Corp., 5.35%, 9/17/07 49,041,149 49,041,149 - -------------------------------------------------------------------------------- American Honda Finance Corp., 5.37%, 9/10/07 13,511,293 13,511,293 - -------------------------------------------------------------------------------- Bear Stearns, 5.37%, 7/2/07 19,000,000 19,000,000 - -------------------------------------------------------------------------------- Beta Finance, Inc., 5.37%, 7/2/07 4,999,457 4,999,457 - -------------------------------------------------------------------------------- Beta Finance, Inc., 5.39%, 7/2/07 24,984,298 24,984,298 - -------------------------------------------------------------------------------- Caixa Catal, 5.39%, 9/7/07 15,000,000 15,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 7/2/07 9,000,000 9,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 7/2/07 7,000,000 7,000,000 - -------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 7/2/07 13,997,883 13,997,883 - -------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 7/2/07 6,998,944 6,998,944 - -------------------------------------------------------------------------------- CC USA, Inc., 5.39%, 7/2/07 25,484,014 25,484,014 - -------------------------------------------------------------------------------- Dorada Finance, Inc., 5.37%, 7/2/07 6,000,000 6,000,000 - -------------------------------------------------------------------------------- Fifth Third Bancorp, 5.32%, 7/23/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 7/2/07 18,998,563 18,998,563 - -------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 7/2/07 3,999,709 3,999,709 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.41%, 7/2/07 25,000,000 25,000,000 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.54%, 7/2/07 5,000,000 5,000,000 - -------------------------------------------------------------------------------- HBOS Treasury Services plc, 5.37%, 7/2/07 3,000,000 3,000,000 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued HSBC Finance Corp., 5.33%, 7/6/07 $ 3,000,000 $ 3,000,000 - -------------------------------------------------------------------------------- Jackson National Life Global Fund, 5.38%, 9/4/07 25,000,000 25,000,000 - -------------------------------------------------------------------------------- K2 (USA) LLC, 5.37%, 7/2/07 49,970,000 49,970,000 - -------------------------------------------------------------------------------- K2 (USA) LLC, 5.39%, 7/2/07 5,998,866 5,998,866 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 7/2/07 7,000,506 7,000,506 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 7/2/07 44,977,500 44,977,500 - -------------------------------------------------------------------------------- LINKS Finance LLC, 5.38%, 7/2/07 8,002,495 8,002,495 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.33%, 7/30/07 3,000,000 3,000,000 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 7/2/07 32,500,000 32,500,000 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 7/2/07 18,000,000 18,000,000 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 7/2/07 8,000,000 8,000,000 - -------------------------------------------------------------------------------- Merrill Lynch & Co., 5.41%, 7/2/07 30,000,000 30,000,000 - -------------------------------------------------------------------------------- Merrill Lynch & Co., 5.42%, 7/2/07 40,000,000 40,000,000 - -------------------------------------------------------------------------------- Metropolitan Life Global Funding, 5.31%, 7/23/07 38,500,000 38,500,000 - -------------------------------------------------------------------------------- Morgan Stanley, 5.44%, 7/2/07 22,000,000 22,000,000 - -------------------------------------------------------------------------------- Nationwide Global Fund I, 5.36%, 9/17/07 54,054,730 54,054,730 - -------------------------------------------------------------------------------- PACCAR Financial Corp., 5.36%, 8/28/07 7,505,446 7,505,446 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued Pricoa Global Funding I, 5.36%, 9/12/07 $ 14,002,416 $ 14,002,416 - -------------------------------------------------------------------------------- Sigma Finance, Inc., 5.37%, 7/2/07 10,000,000 10,000,000 - -------------------------------------------------------------------------------- Tango Finance Corp., 5.38%, 7/2/07 3,499,472 3,499,472 ----------------- 737,026,741 - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.1% Natexis Banques Populaires NY, 5.37%, 7/2/07 2,000,000 2,000,000 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.39%, 7/2/07 3,999,708 3,999,708 ----------------- 5,999,708 ----------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $1,474,994,786) 1,474,994,786 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $6,610,755,569) 124.3% 7,523,856,932 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (24.3) (1,468,655,173) --------------------------------- NET ASSETS 100.0% $ 6,055,201,759 ================================= 48 | 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 $4,026,519 or 0.07% of the Fund's net assets as of June 30, 2007. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2007 was $588,083, which represents 0.01% of the Fund's net assets, of which $511,148 is considered restricted. See Note 6 of accompanying Notes. 5. Rate shown is the 7-day yield as of June 30, 2007. 6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2007, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES JUNE 30, 2006 ADDITIONS REDUCTIONS JUNE 30, 2007 - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E -- 1,081,024,860 1,021,589,171 59,435,689
VALUE DIVIDEND SEE NOTE 1 INCOME - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund,Cl. E $ 59,435,689 $ 2,141,106
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. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES June 30, 2007 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- ASSETS - --------------------------------------------------------------------------------------------------------- Investments, at value--see accompanying statement of investments: Unaffiliated companies (cost $6,551,319,880) $ 7,464,421,243 Affiliated companies (cost $59,435,689) 59,435,689 ---------------- 7,523,856,932 - --------------------------------------------------------------------------------------------------------- Cash 1,160,681 - --------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 49,063,802 Shares of beneficial interest sold 35,157,454 Interest and dividends 5,840,524 Other 38,217 ---------------- Total assets 7,615,117,610 - --------------------------------------------------------------------------------------------------------- LIABILITIES - --------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 1,474,994,786 - --------------------------------------------------------------------------------------------------------- Payables and other liabilities Investments purchased 72,553,984 Shares of beneficial interest redeemed 7,709,535 Distribution and service plan fees 3,149,822 Transfer and shareholder servicing agent fees 1,014,958 Shareholder communications 391,999 Trustees' compensation 25,548 Other 75,219 ---------------- Total liabilities 1,559,915,851 - --------------------------------------------------------------------------------------------------------- NET ASSETS $ 6,055,201,759 ================ - --------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - --------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 252,178 - --------------------------------------------------------------------------------------------------------- Additional paid-in capital 4,764,362,119 - --------------------------------------------------------------------------------------------------------- Accumulated net investment income 12,539,689 - --------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 364,957,102 - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 913,090,671 ---------------- NET ASSETS $ 6,055,201,759 ================
50 | 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 $3,766,573,389 and 155,308,697 shares of beneficial interest outstanding) $ 24.25 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 25.73 - ---------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $473,768,291 and 21,031,398 shares of beneficial interest outstanding) $ 22.53 - ---------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $710,808,070 and 31,426,852 shares of beneficial interest outstanding) $ 22.62 - ---------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $300,359,808 and 12,671,047 shares of beneficial interest outstanding) $ 23.70 - ---------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $803,692,201 and 31,740,446 shares of beneficial interest outstanding) $ 25.32
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS For the Year Ended June 30, 2007 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- INVESTMENT INCOME - --------------------------------------------------------------------------------------------------------- Dividends: Unaffiliated companies (net of foreign withholding taxes of $97,379) $ 65,317,223 Affiliated companies 2,141,106 - --------------------------------------------------------------------------------------------------------- Interest 1,128,014 - --------------------------------------------------------------------------------------------------------- Portfolio lending fees 5,012,362 - --------------------------------------------------------------------------------------------------------- Other income 62,282 -------------- Total investment income 73,660,987 - --------------------------------------------------------------------------------------------------------- EXPENSES - --------------------------------------------------------------------------------------------------------- Management fees 30,918,366 - --------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 7,582,197 Class B 4,786,014 Class C 6,451,775 Class N 1,224,617 - --------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 7,471,056 Class B 1,156,639 Class C 1,307,744 Class N 797,787 Class Y 244,557 - --------------------------------------------------------------------------------------------------------- Shareholder communications: Class A 395,619 Class B 144,379 Class C 102,288 Class N 12,320 Class Y 1,553 - --------------------------------------------------------------------------------------------------------- Trustees' compensation 76,658 - --------------------------------------------------------------------------------------------------------- Custodian fees and expenses 39,926 - --------------------------------------------------------------------------------------------------------- Administration service fees 1,500 - --------------------------------------------------------------------------------------------------------- Other 137,628 -------------- Total expenses 62,852,623 Less reduction to custodian expenses (1,095) Less waivers and reimbursements of expenses (43,166) -------------- Net expenses 62,808,362 - --------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 10,852,625
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND - --------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - --------------------------------------------------------------------------------------------------------- Net realized gain on: Investments 471,937,677 Foreign currency transactions 3,708,470 -------------- Net realized gain 475,646,147 - --------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on: Investments 304,110,821 Translation of assets and liabilities denominated in foreign currencies (3,039,191) -------------- Net change in unrealized appreciation 301,071,630 - --------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 787,570,402 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2007 2006 - ------------------------------------------------------------------------------------------------------------ OPERATIONS - ------------------------------------------------------------------------------------------------------------ Net investment income (loss) $ 10,852,625 $ (9,502,679) - ------------------------------------------------------------------------------------------------------------ Net realized gain 475,646,147 426,572,465 - ------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation 301,071,630 119,956,390 --------------------------------- Net increase in net assets resulting from operations 787,570,402 537,026,176 - ------------------------------------------------------------------------------------------------------------ DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ------------------------------------------------------------------------------------------------------------ Distributions from net realized gain: Class A (198,184,565) (123,396,354) Class B (34,084,425) (35,378,149) Class C (45,157,710) (36,694,343) Class N (16,187,088) (10,529,852) Class Y (33,646,099) (18,625,659) --------------------------------- (327,259,887) (224,624,357) - ------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS - ------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 891,622,920 849,583,069 Class B (62,735,159) (55,527,250) Class C 59,556,302 81,658,704 Class N 85,583,224 48,842,294 Class Y 324,792,387 159,430,395 --------------------------------- 1,298,819,674 1,083,987,212 - ------------------------------------------------------------------------------------------------------------ NET ASSETS - ------------------------------------------------------------------------------------------------------------ Total increase 1,759,130,189 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 $12,539,689 and ($343,710), respectively) $6,055,201,759 $4,296,071,570 =================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003 - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 - -------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .08 1 (.02) 1 (.04) 1 (.10) (.08) Net realized and unrealized gain (loss) 3.45 3.59 2.65 4.84 (.26) ------------------------------------------------------------------ Total from investment operations 3.53 3.57 2.61 4.74 (.34) - -------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 24.25 $ 22.27 $ 20.17 $ 19.52 $ 14.78 ================================================================== - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 16.48% 18.22% 13.82% 32.07% (2.25)% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $3,766,574 $2,584,254 $1,557,307 $1,177,389 $584,052 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $3,086,495 $2,040,757 $1,325,846 $ 904,397 $490,057 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.35% (0.07)% (0.20)% (0.42)% (0.59)% Total expenses 1.12% 4 1.15% 1.19% 1.17% 1.39% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.12% 1.15% 1.19% 1.17% 1.36% - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Year Ended June 30, 2007 1.12% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS B YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 - ------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.10) 1 (.18) 1 (.18) 1 (.20) (.14) Net realized and unrealized gain (loss) 3.24 3.40 2.54 4.64 (.30) ----------------------------------------------------------- Total from investment operations 3.14 3.22 2.36 4.44 (.44) - ------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 22.53 $ 20.94 $ 19.19 $ 18.79 $ 14.35 =========================================================== - ------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 15.63% 17.29% 12.98% 30.94% (2.98)% - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $473,768 $501,742 $510,183 $482,028 $330,174 - ------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $479,042 $512,657 $490,050 $432,160 $268,057 - ------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.46)% (0.85)% (0.98)% (1.26)% (1.34)% Total expenses 1.89% 4 1.92% 1.97% 2.01% 2.21% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.89% 1.92% 1.97% 2.01% 2.11% - ------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Year Ended June 30, 2007 1.89% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS C YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003 - -------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 - -------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.08) 1 (.16) 1 (.17) 1 (.17) (.13) Net realized and unrealized gain (loss) 3.24 3.40 2.55 4.63 (.30) ------------------------------------------------------------- Total from investment operations 3.16 3.24 2.38 4.46 (.43) - -------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- - -------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 22.62 $ 21.01 $ 19.24 $ 18.82 $ 14.36 ============================================================= - -------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 15.68% 17.35% 13.07% 31.06% (2.91)% - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $710,808 $600,331 $473,099 $402,056 $238,717 - -------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $645,637 $543,420 $433,888 $340,201 $186,380 - -------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.39)% (0.79)% (0.91)% (1.17)% (1.30)% Total expenses 1.84% 4 1.87% 1.90% 1.91% 2.07% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.84% 1.87% 1.90% 1.91% 2.07% - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Year Ended June 30, 2007 1.84% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS N YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 - ------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .01 1 (.09) 1 (.10) 1 (.14) (.11) Net realized and unrealized gain (loss) 3.37 3.53 2.63 4.78 (.25) ---------------------------------------------------------------- Total from investment operations 3.38 3.44 2.53 4.64 (.36) - ------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 23.70 $ 21.87 $ 19.90 $ 19.33 $ 14.69 ================================================================ - ------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 16.08% 17.79% 13.53% 31.59% (2.39)% - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 300,360 $ 192,089 $ 129,631 $ 84,678 $ 41,474 - ------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 245,298 $ 162,869 $ 105,497 $ 65,107 $ 24,417 - ------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income (loss) 0.02% (0.40)% (0.50)% (0.77)% (0.83)% Total expenses 1.45% 4 1.49% 1.54% 1.61% 1.64% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.45% 1.48% 1.50% 1.52% 1.60% - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Year Ended June 30, 2007 1.45% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS Y YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 23.09 $ 20.76 $ 19.94 $ 15.03 $15.27 - ------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .20 1 .10 1 .08 1 (.03) (.07) Net realized and unrealized gain (loss) 3.58 3.70 2.70 4.94 (.17) ----------------------------------------------------- Total from investment operations 3.78 3.80 2.78 4.91 (.24) - ------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 25.32 $ 23.09 $ 20.76 $ 19.94 $15.03 ===================================================== - ------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 17.00% 18.83% 14.41% 32.67% (1.57)% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $803,692 $417,656 $229,463 $14,714 $7,637 - ------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $570,576 $314,236 $ 84,470 $11,428 $3,460 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.83% 0.42% 0.39% 0.06% 0.00% Total expenses 0.66% 4 0.66% 0.69% 0.70% 0.79% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.66% 0.66% 0.69% 0.70% 0.79% - ------------------------------------------------------------------------------------------------------ Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Year Ended June 30, 2007 0.66% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(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 trading session ending at, or most recently prior to, the time when the Fund's assets are 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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. - -------------------------------------------------------------------------------- INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest 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. 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS 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. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES ----------------------------------------------------------------------- $89,746,569 $301,661,775 $-- $899,204,667 1. During the fiscal year ended June 30, 2007, the Fund did not utilize any capital loss carryforward. 2. During the fiscal year ended June 30, 2006, the Fund did not utilize any capital loss carryforward. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for June 30, 2007. Net assets of the Fund were unaffected by the reclassifications. 62 | OPPENHEIMER MAIN STREET SMALL CAP FUND INCREASE TO REDUCTION TO ACCUMULATED ACCUMULATED NET INCREASE TO NET INVESTMENT REALIZED GAIN PAID-IN CAPITAL INCOME ON INVESTMENTS 3 -------------------------------------------------------- $42,624,602 $2,030,774 $44,655,376 3. $42,624,602, including $33,936,376 of long-term capital gain, was distributed in connection with Fund share redemptions. The tax character of distributions paid during the years ended June 30, 2007 and June 30, 2006 was as follows: YEAR ENDED YEAR ENDED JUNE 30, 2007 JUNE 30, 2006 -------------------------------------------------------- Distributions paid from: Ordinary income $ 104,420,100 $ 39,998,944 Long-term capital gain 222,839,787 184,625,413 ------------------------------ Total $ 327,259,887 $224,624,357 ============================== The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2007 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $6,624,641,573 ============== Gross unrealized appreciation $1,002,065,573 Gross unrealized depreciation (102,860,906) -------------- Net unrealized appreciation $ 899,204,667 ============== - -------------------------------------------------------------------------------- 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 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 compensation deferral plan. 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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. - -------------------------------------------------------------------------------- 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. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JUNE 30, 2007 YEAR ENDED JUNE 30, 2006 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------ CLASS A Sold 60,720,498 $ 1,383,194,872 52,995,248 $ 1,162,183,582 Dividends and/or distributions reinvested 8,159,374 181,872,344 5,536,169 115,207,421 Redeemed (29,599,467) (673,444,296) (19,694,701) (427,807,934) ----------------------------------------------------------------- Net increase 39,280,405 $ 891,622,920 38,836,716 $ 849,583,069 ================================================================= - ------------------------------------------------------------------------------------------------ CLASS B Sold 2,210,418 $ 46,913,865 3,108,091 $ 64,354,603 Dividends and/or distributions reinvested 1,544,101 32,101,924 1,686,726 33,161,089 Redeemed (6,678,679) (141,750,948) (7,423,199) (153,042,942) ----------------------------------------------------------------- Net decrease (2,924,160) $ (62,735,159) (2,628,382) $ (55,527,250) ================================================================= - ------------------------------------------------------------------------------------------------ CLASS C Sold 6,968,949 $ 148,591,292 7,327,220 $ 152,216,805 Dividends and/or distributions reinvested 1,882,487 39,287,502 1,629,148 32,126,716 Redeemed (5,993,375) (128,322,492) (4,976,579) (102,684,817) ----------------------------------------------------------------- Net increase 2,858,061 $ 59,556,302 3,979,789 $ 81,658,704 ================================================================= - ------------------------------------------------------------------------------------------------ CLASS N Sold 6,416,366 $ 142,597,904 4,247,927 $ 91,418,231 Dividends and/or distributions reinvested 695,844 15,183,321 490,823 10,052,147 Redeemed (3,223,643) (72,198,001) (2,471,177) (52,628,084) ----------------------------------------------------------------- Net increase 3,888,567 $ 85,583,224 2,267,573 $ 48,842,294 ================================================================= - ------------------------------------------------------------------------------------------------ CLASS Y Sold 15,743,029 $ 375,520,314 8,542,508 $ 193,792,968 Dividends and/or distributions reinvested 1,425,840 33,093,751 864,309 18,599,939 Redeemed (3,518,471) (83,821,678) (2,367,710) (52,962,512) ----------------------------------------------------------------- Net increase 13,650,398 $ 324,792,387 7,039,107 $ 159,430,395 =================================================================
- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the year ended June 30, 2007, were as follows: PURCHASES SALES ------------------------------------------------------------------ Investment securities $6,654,115,896 $5,683,567,204 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 year ended June 30, 2007, the Fund paid $10,785,394 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 per annum for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a 66 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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 June 30, 2007 for Class B, Class C and Class N shares were $1,587,094, $8,144,898 and $2,859,515, 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 DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - -------------------------------------------------------------------------------------------------- June 30, 2007 $1,111,582 $16,834 $584,975 $62,155 $5,649
- -------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended June 30, 2007, OFS waived $2,212 for Class N. 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 year ended June 30, 2007, the Manager waived $40,954 for IMMF management fees. - -------------------------------------------------------------------------------- 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. 67 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS Continued The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2007, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of June 30, 2007, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows: ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST JUNE 30, 2007 APPRECIATION - -------------------------------------------------------------------------------- Tusk Energy Corp. 11/15/04 $ 492,524 $ 511,148 $ 18,624 - -------------------------------------------------------------------------------- 7. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of securities, letters of credit or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of June 30, 2007, the Fund had on loan securities valued at $1,442,715,893, which are included in the Statement of Assets and Liabilities 68 | OPPENHEIMER MAIN STREET SMALL CAP FUND as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $1,474,994,786 was received for the loans, all of which was received in cash and subsequently invested in approved investments. - -------------------------------------------------------------------------------- 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 June 30, 2007, 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, ("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 June 30, 2007, the Manager does not believe the 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. 69 | OPPENHEIMER MAIN STREET SMALL CAP FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET SMALL CAP FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund (the "Fund"), including the statement of investments, as of June 30, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of June 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado August 8, 2007 70 | OPPENHEIMER MAIN STREET SMALL CAP FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2008, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Capital gain distributions of $1.0577 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 12, 2006. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains). Dividends, if any, paid by the Fund during the fiscal year ended June 30, 2007 which are not designated as capital gain distributions should be multiplied by 33.61% to arrive at the amount eligible for the corporate dividend-received deduction. A portion, if any, of the dividends paid by the Fund during the fiscal year ended June 30, 2007 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $33,851,501 of the Fund's fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2007, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended June 30, 2007, $86,441,093 or 82.78% of the short-term capital gain distribution paid by the Fund qualifies as a short-term capital gain dividend. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 71 | 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. 72 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, President, Colorado Christian University (since 2006); Chairman, Cherry Creek Chairman of the Board of Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since Trustees (since 2003), 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Trustee (since 1999) Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director Age: 70 of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (non-profit) (since 1991); Former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992- 1997); U.S. Senator (January 1979-January 1991). Oversees 37 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Assistant Secretary and Director of the Manager (December 1991-April 1999); Trustee (since 1999) President, Treasurer and Director of Centennial Capital Corporation (June 1989- Age: 70 April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with OppenheimerFunds, Inc. and with subsidiary or affiliated companies of OppenheimerFunds, Inc. (September 1987-April 1999). Oversees 37 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical site) (June Trustee (since 1999) 2000-May 2006); Partner at PricewaterhouseCoopers LLP (accounting firm) (July Age: 68 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 37 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of Trustee (since 1999) Northwestern Energy Corp. (public utility corporation) (since November 2004); Age: 65 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and since February 2005); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. ("OAC") (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 37 portfolios in the OppenheimerFunds complex SAM FREEDMAN, Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Trustee (since 1999) Freedman held several positions with the Manager and with subsidiary or affiliated Age: 66 companies of the Manager (until October 1994). Oversees 37 portfolios in the OppenheimerFunds complex.
73 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational organization) Trustee (since 2002) (since February 2000); Board Member of Middlebury College (educational organization) Age: 60 (since December 2005); Director of The California Endowment (philanthropic organization) (since April 2002); Director (February 2002-2005) and Chairman of Trustees (since 2006) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds' Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (since 2001) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 37 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Director of Jones Knowledge, Inc. (since 2006); Director of Jones International Trustee (since 2002) University (educational organization) (since August 2005); Chairman, Chief Executive Age: 62 Officer and Director of Steele Street State Bank (commercial banking) (since August 2003); Director of Colorado UpLift (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 37 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) Trustee (since 2000) (investment company) (since 1996) and MML Series Investment Fund (investment Age: 65 company) (since 1996); Trustee of Worchester Polytech Institute (since 1985); Chairman (since 1994) of the Investment Committee of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 39 portfolios in the OppenheimerFunds complex. - ---------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001); Trustee, President and President of the Manager (September 2000-March 2007); President and a director or Principal Executive Officer trustee of other Oppenheimer funds; President and Director of Oppenheimer (since 2001) Acquisition Corp. ("OAC") (the Manager's parent holding company) and of Oppenheimer Age: 58 Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent
74 | OPPENHEIMER MAIN STREET SMALL CAP FUND JOHN V. MURPHY, subsidiaries of the Manager) (since July 2001); President and Director of Continued OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 102 portfolios in the OppenheimerFunds complex. - ---------------------------------------------------------------------------------------------------------------------- OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. THE FUND MONOYIOS, ZAVANELLI, ZACK, GILLESPIE AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112- 3924. EACH OFFICER SERVES FOR AN INDEFINITE OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. NIKOLAOS D. MONOYIOS, Senior Vice President of the Manager (since October 2003); a Certified Financial Vice President and Portfolio Analyst. Formerly Vice President of the Manager (April 1998-September 2003). An Manager (since 2003) officer of 6 portfolios in the OppenheimerFunds complex. Age: 58 MARK ZAVANELLI, Vice President of the Manager (since November 2000); a Chartered Financial Analyst. Vice President and Portfolio Prior to joining the Manager in May 1998 he was President of Waterside Capital Manager (since 1999) Management, a registered investment advisor (August 1995-April 1998). An officer of Age: 36 3 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Vice President and Chief Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since Compliance Officer March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset (since 2004) Management Corporation and Shareholder Services, Inc. (June 1983-February 2004). Age: 56 Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial Financial & Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. Officer (since 1999) and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Age: 47 Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program
75 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- BRIAN W. WIXTED, established by the Manager) (since June 2003); Treasurer and Chief Financial Officer Continued of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 102 portfolios in the OppenheimerFunds complex. BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Assistant Treasurer Manager (August 2002-February 2007); Manager/Financial Product Accounting of the (since 2004) Manager (November 1998-July 2002). An officer of 102 portfolios in the Age: 36 OppenheimerFunds complex. BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Assistant Treasurer Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager (since 2005) of Compliance of Berger Financial Group LLC (May 2001-March 2003); Director of Age: 37 Mutual Fund Operations at American Data Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) Vice President and Secretary of the Manager; General Counsel and Director of the Distributor (since December (since 2001) 2001); General Counsel of Centennial Asset Management Corporation (since December Age: 59 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 102 portfolios in the OppenheimerFunds complex. LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice Assistant Secretary President (April 2001-April 2004), Associate General Counsel (December 2000-April (since 2004) 2004), Corporate Vice President (May 1999-April 2001) and Assistant General Counsel Age: 39 (May 1999-December 2000) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the OppenheimerFunds complex. KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since Assistant Secretary October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since 2001) (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Age: 41 Management Corporation (since October 2003); Vice President
76 | OPPENHEIMER MAIN STREET SMALL CAP FUND KATHLEEN T. IVES, and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Continued Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102 portfolios in the OppenheimerFunds complex. PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September Assistant Secretary 2004); First Vice President (2000-September 2004), Director (2000-September 2004) (since 2004) and Vice President (1998-2000) of Merrill Lynch Investment Management. An officer of Age: 43 102 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE, UPON REQUEST, BY CALLING 1.800.981.2871. 77 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, are audit committee financial experts and that Messrs. Cameron and Bowen are "independent" for purposes of this Item 3. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $30,600 in fiscal 2007 and $25,000 in fiscal 2006. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees for fiscal 2007 and $8,583 in fiscal 2006. The principal accountant for the audit of the registrant's annual financial statements billed $12,000 for fiscal 2007 and no such fees for fiscal 2006 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees include compliance reviews and professional services for 22c-2 program. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $12,000 in fiscal 2007 and $8,583 in fiscal 2006 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) No such services were rendered. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2007, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Small Cap Fund By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 08/08/2007 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: 08/08/2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 08/08/2007 EX-99.CERT 2 ra847_41042cert302.txt RA847_41042CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 08/08/2007 By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 08/08/2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 3 ra847_41042cert906.txt RA847_41042CERT906.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Main Street Small Cap Fund (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended 06/30/2007 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Main Street Small Cap Oppenheimer Main Street Small Cap Fund Fund By: /S/ John V. Murphy By: /S/ Brian W. Wixted ----------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 08/08/2007 Date: 08/08/2007 EX-99.CODE ETH 4 ra847_41042codeeth.txt RA847_41042CODEETH.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to OFI's and each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.(1) 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. - ---------- (1) The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii)intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii)fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.(2) 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; - ---------- (2) An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003, as revised August 30, 2006. Exhibit A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI, WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Chief Financial Officer Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting -----END PRIVACY-ENHANCED MESSAGE-----