-----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, O6JyqPc1siOlp2V0zPrOTPmyy14w99jyDueAsq4iJEWYuSrHOXjsd+il1ZkbC+8B 6VMGVSUri9cpDKXtxnye6Q== 0000935069-08-000367.txt : 20080222 0000935069-08-000367.hdr.sgml : 20080222 20080222155445 ACCESSION NUMBER: 0000935069-08-000367 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080222 DATE AS OF CHANGE: 20080222 EFFECTIVENESS DATE: 20080222 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 08636431 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-CSRS 1 rs0847_44475ncsrs.txt RS0847_44475NCSRS 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: 12/31/2007 ---------- ITEM 1. REPORTS TO STOCKHOLDERS. DECEMBER 31, 2007 - -------------------------------------------------------------------------------- Management Oppenheimer Commentaries Main Street and Small Cap Fund(R) Semiannual Report - -------------------------------------------------------------------------------- MANAGEMENT COMMENTARIES An Interview with Your Fund's Managers Listing of Top Holdings SEMIANNUAL REPORT [GRAPHIC] Listing of Investments Financial Statements [LOGO] OPPENHEIMERFUNDS(R) The Right Way to Invest TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES - -------------------------------------------------------------------------------- Software 8.1% - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 7.8 - -------------------------------------------------------------------------------- Commercial Services & Supplies 5.2 - -------------------------------------------------------------------------------- IT Services 3.8 - -------------------------------------------------------------------------------- Insurance 3.8 - -------------------------------------------------------------------------------- Health Care Providers & Services 3.8 - -------------------------------------------------------------------------------- Chemicals 3.3 - -------------------------------------------------------------------------------- Machinery 3.3 - -------------------------------------------------------------------------------- Metals & Mining 3.2 - -------------------------------------------------------------------------------- Specialty Retail 3.2 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2007, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 0.4% - -------------------------------------------------------------------------------- MGI Pharma, Inc. 0.4 - -------------------------------------------------------------------------------- Varian, Inc. 0.4 - -------------------------------------------------------------------------------- Woodward Governor Co. 0.4 - -------------------------------------------------------------------------------- Alpha Natural Resources, Inc. 0.4 - -------------------------------------------------------------------------------- Tupperware Brands Corp. 0.4 - -------------------------------------------------------------------------------- Tenet Healthcare Corp. 0.4 - -------------------------------------------------------------------------------- Aeropostale, Inc. 0.3 - -------------------------------------------------------------------------------- GrafTech International Ltd. 0.3 - -------------------------------------------------------------------------------- Massey Energy Co. 0.3 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2007, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. - -------------------------------------------------------------------------------- 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Information Technology 30.5% Software 8.2 Semiconductors & Semiconductor Equipment 7.8 IT Services 3.8 Communications Equipment 3.0 Internet Software & Services 2.7 Electronic Equipment & Instruments 2.6 Computers & Peripherals 2.3 Office Electronics 0.1 Industrials 16.4 Consumer Discretionary 15.1 Health Care 11.0 Financials 8.8 Materials 7.7 Energy 4.1 Consumer Staples 2.8 Telecommunication Services 2.5 Utilities 1.1 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2007, and are based on the total market value of common stocks. - -------------------------------------------------------------------------------- 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES - -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the "since inception" return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2007. ACTUAL EXPENSES. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section 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 first section 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 second section of the table provides 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 for each class before expenses, which is not the 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). 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED ACTUAL JULY 1, 2007 DECEMBER 31, 2007 DECEMBER 31, 2007 - -------------------------------------------------------------------------------- Class A $1,000.00 $ 897.60 $5.42 - -------------------------------------------------------------------------------- Class B 1,000.00 894.20 9.02 - -------------------------------------------------------------------------------- Class C 1,000.00 894.20 8.88 - -------------------------------------------------------------------------------- Class N 1,000.00 896.10 7.20 - -------------------------------------------------------------------------------- Class Y 1,000.00 899.60 3.41 HYPOTHETICAL (5% return before expenses) - -------------------------------------------------------------------------------- Class A 1,000.00 1,019.51 5.77 - -------------------------------------------------------------------------------- Class B 1,000.00 1,015.73 9.60 - -------------------------------------------------------------------------------- Class C 1,000.00 1,015.88 9.44 - -------------------------------------------------------------------------------- Class N 1,000.00 1,017.64 7.66 - -------------------------------------------------------------------------------- Class Y 1,000.00 1,021.63 3.62 Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended December 31, 2007 are as follows: CLASS EXPENSE RATIOS - --------------------------- Class A 1.13% - --------------------------- Class B 1.88 - --------------------------- Class C 1.85 - --------------------------- Class N 1.50 - --------------------------- Class Y 0.71 The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund's Manager 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 and reduction to custodian expenses, if applicable. - -------------------------------------------------------------------------------- 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS December 31, 2007 / Unaudited - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--99.6% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--15.0% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.4% Aftermarket Technology Corp. 1,2 172,500 $ 4,702,350 - -------------------------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 2 605,600 11,276,272 - -------------------------------------------------------------------------------- Amerigon, Inc. 1,2 171,700 3,629,738 - -------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 2 753,720 12,496,678 - -------------------------------------------------------------------------------- Drew Industries, Inc. 1,2 265,100 7,263,740 - -------------------------------------------------------------------------------- Fuel Systems Solutions, Inc. 1,2 28,500 407,265 - -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1 413,200 11,660,504 - -------------------------------------------------------------------------------- Hayes Lemmerz International, Inc. 1 191,800 876,526 - -------------------------------------------------------------------------------- Lear Corp. 1,2 374,000 10,344,840 - -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 66,600 1,668,330 - -------------------------------------------------------------------------------- Shiloh Industries, Inc. 18,000 177,300 - -------------------------------------------------------------------------------- Tenneco, Inc. 1 585,400 15,261,378 - -------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 71,400 1,492,260 ---------------- 81,257,181 - -------------------------------------------------------------------------------- AUTOMOBILES--0.2% Fleetwood Enterprises, Inc. 1,2 354,000 2,116,920 - -------------------------------------------------------------------------------- Monaco Coach Corp. 2 156,100 1,386,168 - -------------------------------------------------------------------------------- Thor Industries, Inc. 2 172,800 6,568,128 - -------------------------------------------------------------------------------- Winnebago Industries, Inc. 18,100 380,462 ---------------- 10,451,678 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Core-Mark Holding Co., Inc. 1,2 34,200 982,224 - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.4% Apollo Group, Inc., Cl. A 1 201,900 14,163,285 SHARES VALUE - -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES Continued Capella Education Co. 1,2 105,230 $ 6,888,356 - -------------------------------------------------------------------------------- Career Education Corp. 1 69,000 1,734,660 - -------------------------------------------------------------------------------- Coinstar, Inc. 1,2 327,000 9,205,050 - -------------------------------------------------------------------------------- DeVry, Inc. 204,800 10,641,408 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 118,300 10,087,441 - -------------------------------------------------------------------------------- K12, Inc. 1 45,820 1,185,822 - -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 2 20,200 946,774 - -------------------------------------------------------------------------------- Noah Education Holdings Ltd., ADR 1,2 164,520 1,326,031 - -------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 1 84,100 4,654,935 - -------------------------------------------------------------------------------- Regis Corp. 72,297 2,021,424 - -------------------------------------------------------------------------------- Sotheby's 2 34,400 1,310,640 - -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1,2 96,500 4,261,440 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 121,400 1,080,460 - -------------------------------------------------------------------------------- Strayer Education, Inc. 2 41,570 7,091,011 - -------------------------------------------------------------------------------- Weight Watchers International, Inc. 49,900 2,254,482 ---------------- 78,853,219 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.0% AFC Enterprises, Inc. 1,2 50,000 566,000 - -------------------------------------------------------------------------------- Ambassadors Group, Inc. 2 49,900 913,669 - -------------------------------------------------------------------------------- Bally Technologies, Inc. 1,2 88,500 4,400,220 - -------------------------------------------------------------------------------- Bob Evans Farms, Inc. 2 416,600 11,219,038 - -------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1,2 130,200 3,023,244 - -------------------------------------------------------------------------------- CBRL Group, Inc. 2 87,226 2,825,250 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1,2 81,300 2,110,548 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Chipotle Mexican Grill, Inc., Cl. A 1,2 23,400 $ 3,441,438 - -------------------------------------------------------------------------------- Denny's Corp. 1,2 779,600 2,923,500 - -------------------------------------------------------------------------------- Domino's Pizza, Inc. 2 219,300 2,901,339 - -------------------------------------------------------------------------------- IHOP Corp. 2 179,300 6,558,794 - -------------------------------------------------------------------------------- Luby's, Inc. 1,2 12,100 122,936 - -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 128,000 3,082,240 - -------------------------------------------------------------------------------- Premier Exhibitions, Inc. 1,2 260,800 2,853,152 - -------------------------------------------------------------------------------- Riviera Holdings Corp. 1,2 4,600 141,680 - -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 24,100 1,296,821 - -------------------------------------------------------------------------------- Wendy's International, Inc. 98,800 2,552,992 - -------------------------------------------------------------------------------- WMS Industries, Inc. 1,2 65,000 2,381,600 - -------------------------------------------------------------------------------- Wyndham Worldwide Corp. 138,500 3,263,060 ---------------- 56,577,521 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.6% American Greetings Corp., Cl. A 2 694,200 14,092,260 - -------------------------------------------------------------------------------- Black & Decker Corp. 164,900 11,485,285 - -------------------------------------------------------------------------------- Blyth, Inc. 356,800 7,828,192 - -------------------------------------------------------------------------------- Centex Corp. 17,900 452,154 - -------------------------------------------------------------------------------- Champion Enterprises, Inc. 1,2 398,400 3,752,928 - -------------------------------------------------------------------------------- CSS Industries, Inc. 2 88,292 3,240,316 - -------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 85,500 2,436,750 - -------------------------------------------------------------------------------- Helen of Troy Ltd. 1 106,500 1,825,410 - -------------------------------------------------------------------------------- Hooker Furniture Corp. 2 68,200 1,370,820 - -------------------------------------------------------------------------------- KB Home 2 385,300 8,322,480 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 201,630 2,762,331 - -------------------------------------------------------------------------------- Lennar Corp., Cl. A 2 556,800 9,961,152 SHARES VALUE - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Mohawk Industries, Inc. 1,2 93,600 $ 6,963,840 - -------------------------------------------------------------------------------- NVR, Inc. 1,2 19,900 10,427,600 - -------------------------------------------------------------------------------- Russ Berrie & Co., Inc. 1 3,000 49,080 - -------------------------------------------------------------------------------- Stanley Works (The) 234,610 11,373,893 - -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 2 555,470 14,425,556 - -------------------------------------------------------------------------------- Toll Brothers, Inc. 1 508,700 10,204,522 - -------------------------------------------------------------------------------- Tupperware Brands Corp. 2 616,500 20,362,995 - -------------------------------------------------------------------------------- Universal Electronics, Inc. 1,2 122,100 4,083,024 - -------------------------------------------------------------------------------- Whirlpool Corp. 2 31,900 2,603,997 ---------------- 148,024,585 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.2% 1-800-FLOWERS.com, Inc. 1,2 288,600 2,519,478 - -------------------------------------------------------------------------------- Audible, Inc. 1,2 108,000 963,360 - -------------------------------------------------------------------------------- Blue Nile, Inc. 1 150,300 10,229,418 - -------------------------------------------------------------------------------- Expedia, Inc. 1,2 378,100 11,955,522 - -------------------------------------------------------------------------------- Gaiam, Inc. 1,2 176,200 5,229,616 - -------------------------------------------------------------------------------- IAC/InterActiveCorp 1 84,800 2,282,816 - -------------------------------------------------------------------------------- NetFlix.com, Inc. 1,2 506,000 13,469,720 - -------------------------------------------------------------------------------- NutriSystem, Inc. 1 49,200 1,327,416 - -------------------------------------------------------------------------------- Overstock.com, Inc. 1,2 191,570 2,975,082 - -------------------------------------------------------------------------------- PetMed Express, Inc. 1,2 207,400 2,509,540 - -------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 82,400 9,464,464 - -------------------------------------------------------------------------------- Shutterfly, Inc. 1,2 56,500 1,447,530 - -------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 42,700 520,086 - -------------------------------------------------------------------------------- Systemax, Inc. 170,500 3,464,560 - -------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1 59,200 372,368 ---------------- 68,730,976 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.8% Arctic Cat, Inc. 2 8,300 99,102 - -------------------------------------------------------------------------------- Brunswick Corp. 2 431,500 7,357,075 - -------------------------------------------------------------------------------- Callaway Golf Co. 2 750,150 13,075,115 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS Continued Eastman Kodak Co. 2 23,100 $ 505,197 - -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 177,400 4,188,414 - -------------------------------------------------------------------------------- Polaris Industries, Inc. 2 325,100 15,530,027 - -------------------------------------------------------------------------------- RC2 Corp. 1,2 99,800 2,801,386 - -------------------------------------------------------------------------------- Sturm, Ruger & Co., Inc. 1,2 159,000 1,316,520 ---------------- 44,872,836 - -------------------------------------------------------------------------------- MEDIA--1.3% Charter Communications, Inc., Cl. A 1,2 4,335,700 5,072,769 - -------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 271,940 3,304,071 - -------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 155,200 1,247,808 - -------------------------------------------------------------------------------- DG Fastchannel, Inc. 1,2 37,900 971,756 - -------------------------------------------------------------------------------- Entravision Communications Corp. 1 1,059,300 8,294,319 - -------------------------------------------------------------------------------- Getty Images,Inc. 1,2 202,400 5,869,600 - -------------------------------------------------------------------------------- Global Sources Ltd. 1,2 298,386 8,420,453 - -------------------------------------------------------------------------------- Gray Television, Inc. 2 14,700 117,894 - -------------------------------------------------------------------------------- Harte-Hanks, Inc. 2 29,300 506,890 - -------------------------------------------------------------------------------- Idearc, Inc. 149,900 2,632,244 - -------------------------------------------------------------------------------- Journal Communications, Inc. 2 55,600 497,064 - -------------------------------------------------------------------------------- Lin TV Corp. 1,2 286,700 3,489,139 - -------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 408,700 10,916,377 - -------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 115,850 531,752 - -------------------------------------------------------------------------------- Scholastic Corp. 1 343,100 11,970,759 - -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 858,250 7,046,233 - -------------------------------------------------------------------------------- Warner Music Group Corp. 2 552,800 3,349,968 ---------------- 74,239,096 SHARES VALUE - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.6% Big Lots, Inc. 1,2 730,000 $ 11,672,700 - -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 399,400 10,352,448 - -------------------------------------------------------------------------------- Family Dollar Stores, Inc. 557,600 10,722,648 ---------------- 32,747,796 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.2% A.C. Moore Arts & Crafts, Inc. 1,2 176,500 2,426,875 - -------------------------------------------------------------------------------- Abercrombie & Fitch Co., Cl. A 121,000 9,676,370 - -------------------------------------------------------------------------------- Advance Auto Parts, Inc. 89,100 3,384,909 - -------------------------------------------------------------------------------- Aeropostale, Inc. 1,2 739,050 19,584,825 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 162,100 4,143,276 - -------------------------------------------------------------------------------- AutoNation, Inc. 1 557,600 8,732,016 - -------------------------------------------------------------------------------- AutoZone, Inc. 1 100,550 12,056,951 - -------------------------------------------------------------------------------- Barnes & Noble, Inc. 293,400 10,107,630 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 2 74,900 1,080,058 - -------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 1, 2 2,188,300 8,534,370 - -------------------------------------------------------------------------------- Books-A-Million, Inc. 2 76,600 913,072 - -------------------------------------------------------------------------------- Brown Shoe Co., Inc. 2 490,300 7,437,851 - -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 385,975 12,737,175 - -------------------------------------------------------------------------------- Build-A-Bear- Workshop, Inc. 1 14,500 202,275 - -------------------------------------------------------------------------------- Cato Corp., Cl. A 2 121,250 1,898,775 - -------------------------------------------------------------------------------- Chico's FAS, Inc. 1 288,300 2,603,349 - -------------------------------------------------------------------------------- Christopher & Banks Corp. 2 170,700 1,954,515 - -------------------------------------------------------------------------------- Conn's, Inc. 1,2 136,900 2,342,359 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 656,200 8,209,062 - -------------------------------------------------------------------------------- Hibbett Sports, Inc. 1,2 192,800 3,852,144 - -------------------------------------------------------------------------------- Hot Topic, Inc. 1,2 298,100 1,734,942 - -------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1,2 77,900 1,018,932 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Jos. A. Banks Clothiers, Inc. 1,2 129,100 $ 3,672,895 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 457,400 12,340,652 - -------------------------------------------------------------------------------- Midas, Inc. 1,2 27,700 406,082 - -------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 2 18,750 365,438 - -------------------------------------------------------------------------------- Office Depot, Inc. 1 264,200 3,675,022 - -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1,2 72,600 1,024,386 - -------------------------------------------------------------------------------- Pep Boys-Manny, Moe & Jack 2 101,520 1,165,450 - -------------------------------------------------------------------------------- Pier 1 Imports, Inc. 1,2 382,100 1,998,383 - -------------------------------------------------------------------------------- RadioShack Corp. 2 600,100 10,117,686 - -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 190,800 2,770,416 - -------------------------------------------------------------------------------- Sally Beauty Holdings, Inc. 1,2 869,500 7,868,975 - -------------------------------------------------------------------------------- Select Comfort Corp. 1 259,300 1,817,693 - -------------------------------------------------------------------------------- Sherwin-Williams Co. 2 61,600 3,575,264 - -------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 39,600 766,656 - -------------------------------------------------------------------------------- Stage Stores, Inc. 2 66,450 983,460 - -------------------------------------------------------------------------------- Talbots, Inc. (The) 2 10,500 124,110 - -------------------------------------------------------------------------------- Ulta Salon, Cosmetics & Fragrance, Inc. 1,2 15,750 270,113 - -------------------------------------------------------------------------------- West Marine, Inc. 1,2 9,500 85,310 ---------------- 177,659,722 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.3% Cherokee, Inc. 2 33,300 1,074,591 - -------------------------------------------------------------------------------- Deckers Outdoor Corp. 1,2 74,890 11,612,443 - -------------------------------------------------------------------------------- Fossil, Inc. 1,2 339,900 14,269,002 - -------------------------------------------------------------------------------- Kellwood Co. 2 114,840 1,910,938 - -------------------------------------------------------------------------------- Maidenform Brands, Inc. 1 9,500 128,535 - -------------------------------------------------------------------------------- Movado Group, Inc. 2 166,600 4,213,314 - -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1,2 80,300 1,235,014 - -------------------------------------------------------------------------------- Polo Ralph Lauren Corp., Cl. A 152,300 9,410,617 SHARES VALUE - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS Continued Steven Madden Ltd. 1 144,820 $ 2,896,400 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 398,800 13,878,240 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 547,600 13,427,152 ---------------- 74,056,246 - -------------------------------------------------------------------------------- CONSUMER STAPLES--2.8% - -------------------------------------------------------------------------------- BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A 1,2 39,500 1,487,175 - -------------------------------------------------------------------------------- Hansen Natural Corp. 1,2 55,300 2,449,237 ---------------- 3,936,412 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.8% Arden Group, Inc., Cl. A 2 9,588 1,483,168 - -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 465,500 15,747,865 - -------------------------------------------------------------------------------- Casey's General Stores, Inc. 340,000 10,067,400 - -------------------------------------------------------------------------------- China Nepstar Chain Drugstore Ltd., ADR 1,2 51,020 896,932 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 131,400 3,336,246 - -------------------------------------------------------------------------------- Nash Finch Co. 2 103,300 3,644,424 - -------------------------------------------------------------------------------- Performance Food Group Co. 1,2 208,900 5,613,143 - -------------------------------------------------------------------------------- PriceSmart, Inc. 2 59,900 1,800,594 - -------------------------------------------------------------------------------- SUPERVALU, Inc. 17,500 656,600 ---------------- 43,246,372 - -------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Agria Corp., ADR 1 101,800 1,057,702 - -------------------------------------------------------------------------------- Cal-Maine Foods, Inc. 2 149,700 3,971,541 - -------------------------------------------------------------------------------- Chiquita Brands International, Inc. 1,2 175,420 3,225,974 - -------------------------------------------------------------------------------- Darling International, Inc. 1 550,600 6,364,936 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 702,050 16,434,991 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Fresh Del Monte Produce, Inc. 1,2 8,700 $ 292,146 - -------------------------------------------------------------------------------- Green Mountain Coffee, Inc. 1,2 145,700 5,929,990 - -------------------------------------------------------------------------------- Imperial Sugar Co. 2 126,000 2,365,020 - -------------------------------------------------------------------------------- Reddy Ice Holdings, Inc. 83,700 2,118,447 - -------------------------------------------------------------------------------- Seaboard Corp. 2 798 1,173,060 ---------------- 42,933,807 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.2% Energizer Holdings, Inc. 1 47,320 5,305,992 - -------------------------------------------------------------------------------- WD-40 Co. 2 121,235 4,603,293 ---------------- 9,909,285 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.5% American Oriental Bioengineering, Inc. 1,2 752,500 8,337,700 - -------------------------------------------------------------------------------- Elizabeth Arden, Inc. 1,2 137,200 2,792,020 - -------------------------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 38,100 1,661,541 - -------------------------------------------------------------------------------- Herbalife Ltd. 117,000 4,712,760 - -------------------------------------------------------------------------------- NBTY, Inc. 1 362,700 9,937,980 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 59,300 974,299 ---------------- 28,416,300 - -------------------------------------------------------------------------------- TOBACCO--0.5% Alliance One International, Inc. 1,2 198,500 807,895 - -------------------------------------------------------------------------------- Universal Corp. 2 266,100 13,629,642 - -------------------------------------------------------------------------------- UST, Inc. 2 122,100 6,691,080 - -------------------------------------------------------------------------------- Vector Group Ltd. 2 324,355 6,506,561 ---------------- 27,635,178 - -------------------------------------------------------------------------------- ENERGY--4.1% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.0% Atwood Oceanics, Inc. 1,2 14,400 1,443,456 SHARES VALUE - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Dawson Geophysical Co. 1,2 40,800 $ 2,915,568 - -------------------------------------------------------------------------------- Dresser-Rand Group, Inc. 1 263,000 10,270,150 - -------------------------------------------------------------------------------- Dril-Quip, Inc. 1 51,400 2,860,924 - -------------------------------------------------------------------------------- ENGlobal Corp. 1,2 55,500 630,480 - -------------------------------------------------------------------------------- Ensign Energy Services, Inc. 5,700 87,467 - -------------------------------------------------------------------------------- Exterran Holdings, Inc. 1,2 53,400 4,368,120 - -------------------------------------------------------------------------------- Global Industries Ltd. 1 430,200 9,214,884 - -------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 1,318,500 7,027,605 - -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 2 77,600 2,460,696 - -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 225,263 10,540,056 - -------------------------------------------------------------------------------- Matrix Service Co. 1 140,730 3,070,729 - -------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1,2 224,600 12,162,090 - -------------------------------------------------------------------------------- Newpark Resources, Inc. 1,2 302,400 1,648,080 - -------------------------------------------------------------------------------- Oil States International, Inc. 1,2 388,032 13,239,652 - -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 2 30,100 587,552 - -------------------------------------------------------------------------------- Seacor Holdings, Inc. 1,2 105,320 9,767,377 - -------------------------------------------------------------------------------- T-3 Energy Services, Inc. 1,2 73,300 3,445,833 - -------------------------------------------------------------------------------- Technicoil Corp. 1 870,300 394,078 - -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 42,066 - -------------------------------------------------------------------------------- Tidewater, Inc. 2 60,300 3,308,058 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 23,000 445,049 - -------------------------------------------------------------------------------- Trico Marine Services, Inc. 1,2 9,200 340,584 - -------------------------------------------------------------------------------- Willbros Group, Inc. 1 299,970 11,485,851 ---------------- 111,756,405 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--2.1% Alberta Clipper Energy, Inc. 1 20,913 $ 40,614 - -------------------------------------------------------------------------------- Alpha Natural Resources, Inc. 1,2 641,800 20,845,664 - -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 83,995 3,733,578 - -------------------------------------------------------------------------------- Bois d'Arc Energy, Inc. 1 23,500 466,475 - -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 18,100 203,985 - -------------------------------------------------------------------------------- Delphi Energy Corp. 1 81,300 149,707 - -------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 2 368,600 19,351,500 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 53,500 834,423 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 138,750 2,164,042 - -------------------------------------------------------------------------------- Jura Energy Corp. 1 750,700 279,492 - -------------------------------------------------------------------------------- Knightsbridge Tankers Ltd. 2 24,400 589,260 - -------------------------------------------------------------------------------- Mariner Energy, Inc. 1 319,100 7,301,008 - -------------------------------------------------------------------------------- MarkWest Hydrocarbon, Inc. 20,100 1,259,265 - -------------------------------------------------------------------------------- Massey Energy Co. 544,200 19,455,150 - -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 539,550 586,349 - -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 28,800 397,022 - -------------------------------------------------------------------------------- Petrohawk Energy Corp. 1 65,900 1,140,729 - -------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 364,045 227,116 - -------------------------------------------------------------------------------- Rosetta Resources, Inc. 1,2 208,500 4,134,555 - -------------------------------------------------------------------------------- Stone Energy Corp. 1 284,400 13,341,204 - -------------------------------------------------------------------------------- Tesoro Corp. 268,000 12,783,600 - -------------------------------------------------------------------------------- Tristar Oil & Gas Ltd. 1 47,500 599,366 - -------------------------------------------------------------------------------- Tusk Energy Corp. 397,100 567,400 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 613,415 876,484 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1,3 275,000 392,936 - -------------------------------------------------------------------------------- USEC, Inc. 1,2 480,560 4,325,040 SHARES VALUE - -------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS Continued VAALCO Energy, Inc. 1 43,800 $ 203,670 - -------------------------------------------------------------------------------- Vero Energy, Inc. 1 29,717 173,434 - -------------------------------------------------------------------------------- W&T Offshore, Inc. 2 45,200 1,354,192 ---------------- 117,777,260 - -------------------------------------------------------------------------------- FINANCIALS--8.7% - -------------------------------------------------------------------------------- CAPITAL MARKETS--1.1% Calamos Asset Management, Inc., Cl. A 159,100 4,737,998 - -------------------------------------------------------------------------------- FCStone Group, Inc. 1 40,700 1,873,421 - -------------------------------------------------------------------------------- GAMCO Investors, Inc., Cl. A 2 110,400 7,639,680 - -------------------------------------------------------------------------------- GFI Group, Inc. 1,2 52,100 4,987,012 - -------------------------------------------------------------------------------- Greenhill & Co., Inc. 2 10,900 724,632 - -------------------------------------------------------------------------------- Janus Capital Group, Inc. 2 387,400 12,726,090 - -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1 84,000 1,209,600 - -------------------------------------------------------------------------------- optionsXpress Holdings, Inc. 2 415,400 14,048,828 - -------------------------------------------------------------------------------- Pzena Investment Management, Inc. 2 40,800 465,120 - -------------------------------------------------------------------------------- SWS Group, Inc. 2 192,000 2,432,640 - -------------------------------------------------------------------------------- Tradestation Group, Inc. 1,2 266,700 3,789,807 - -------------------------------------------------------------------------------- U.S. Global Investors, Inc., Cl. A 2 159,600 2,658,936 - -------------------------------------------------------------------------------- W.P. Carey & Co. LLC 24,300 806,760 - -------------------------------------------------------------------------------- Waddell & Reed Financial, Inc. 79,000 2,851,110 ---------------- 60,951,634 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--0.3% Amcore Financial, Inc. 2 22,415 508,821 - -------------------------------------------------------------------------------- BancFirst Corp. 4,800 205,680 - -------------------------------------------------------------------------------- Capital City Bank Group, Inc. 2 1,800 50,796 - -------------------------------------------------------------------------------- Cascade Bancorp 2 46,200 643,104 - -------------------------------------------------------------------------------- 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Chemical Financial Corp. 2 5,300 $ 126,087 - -------------------------------------------------------------------------------- City Holding Co. 2 61,400 2,077,776 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 40,700 1,210,011 - -------------------------------------------------------------------------------- F.N.B. Corp. 12,000 176,400 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 210 30,629 - -------------------------------------------------------------------------------- First Security Group, Inc. 2 94,100 844,077 - -------------------------------------------------------------------------------- Independent Bank Corp., Massachusetts 2 18,200 495,404 - -------------------------------------------------------------------------------- NBT Bancorp, Inc. 2 67,200 1,533,504 - -------------------------------------------------------------------------------- Park National Corp. 2 2,200 141,900 - -------------------------------------------------------------------------------- Porter Bancorp, Inc. 16,000 316,000 - -------------------------------------------------------------------------------- S&T Bancorp, Inc. 2 4,400 121,616 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 2 8,400 153,972 - -------------------------------------------------------------------------------- Sterling Bancorp 8,800 120,032 - -------------------------------------------------------------------------------- Sterling Financial Corp., Eastern US 2 16,500 270,930 - -------------------------------------------------------------------------------- SVB Financial Group 1,2 88,200 4,445,280 - -------------------------------------------------------------------------------- WesBanco, Inc. 2 85,500 1,761,300 ---------------- 15,233,319 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.3% Advance America Cash Advance Centers, Inc. 22,100 224,536 - -------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 493,200 3,980,124 - -------------------------------------------------------------------------------- AmeriCredit Corp. 1,2 364,500 4,661,955 - -------------------------------------------------------------------------------- Discover Financial Services 302,000 4,554,160 - -------------------------------------------------------------------------------- Student Loan Corp. (The) 2,600 286,000 - -------------------------------------------------------------------------------- World Acceptance Corp. 1,2 112,400 3,032,552 ---------------- 16,739,327 SHARES VALUE - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.3% Asset Acceptance Capital Corp. 2 189,400 $ 1,971,654 - -------------------------------------------------------------------------------- ASTA Funding, Inc. 2 14,400 380,736 - -------------------------------------------------------------------------------- CIT Group, Inc. 351,100 8,436,933 - -------------------------------------------------------------------------------- Financial Federal Corp. 2 59,600 1,328,484 - -------------------------------------------------------------------------------- MarketAxess Holdings, Inc. 1,2 187,965 2,411,591 - -------------------------------------------------------------------------------- NASDAQ Stock Market, Inc. 1 14,700 727,503 - -------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 2 141,400 5,609,338 ---------------- 20,866,239 - -------------------------------------------------------------------------------- INSURANCE--3.8% Alfa Corp. 33,700 730,279 - -------------------------------------------------------------------------------- Alleghany Corp. 1 1,000 402,000 - -------------------------------------------------------------------------------- Ambac Financial Group, Inc. 2 251,300 6,476,001 - -------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 2,843 23,568 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 2 93,450 3,874,437 - -------------------------------------------------------------------------------- Amerisafe, Inc. 1 181,800 2,819,718 - -------------------------------------------------------------------------------- AmTrust Financial Services, Inc. 2 238,500 3,284,145 - -------------------------------------------------------------------------------- Argo Group International Holdings Ltd. 1,2 113,847 4,796,374 - -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 8,800 253,792 - -------------------------------------------------------------------------------- Assurant, Inc. 209,200 13,995,480 - -------------------------------------------------------------------------------- Assured Guaranty Ltd. 116,800 3,099,872 - -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 101,500 3,025,715 - -------------------------------------------------------------------------------- CNA Surety Corp. 1,2 164,600 3,257,434 - -------------------------------------------------------------------------------- CNinsure, Inc., ADR 1 33,280 524,160 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 143,100 5,148,738 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE Continued Darwin Professional Underwriters, Inc. 1,2 26,900 $ 650,173 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 2 362,175 12,777,534 - -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 8,500 145,945 - -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2 14,000 331,380 - -------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 2 160,500 5,542,065 - -------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 268,100 3,916,941 - -------------------------------------------------------------------------------- First American Corp. (The) 2 274,800 9,376,176 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 44,940 1,931,521 - -------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 111,700 2,842,765 - -------------------------------------------------------------------------------- Hallmark Financial Services, Inc. 1 10,100 160,186 - -------------------------------------------------------------------------------- Harleysville Group, Inc. 2 58,500 2,069,730 - -------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 133,600 3,831,648 - -------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 58,100 2,357,117 - -------------------------------------------------------------------------------- Horace Mann Educators Corp. 176,270 3,338,554 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 2 143,100 5,170,203 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 129,700 3,744,439 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 30,400 1,016,880 - -------------------------------------------------------------------------------- Max Capital Group Ltd. 2 436,920 12,229,391 - -------------------------------------------------------------------------------- MBIA, Inc. 2 303,600 5,656,068 - -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1,2 39,300 369,813 - -------------------------------------------------------------------------------- Midland Co. (The) 2 61,480 3,977,141 - -------------------------------------------------------------------------------- Montpelier Re Holdings Ltd. 2 147,000 2,500,470 SHARES VALUE - -------------------------------------------------------------------------------- INSURANCE Continued National Interstate Corp. 2 43,400 $ 1,436,540 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2 4,150 860,586 - -------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1,2 70,000 4,550,000 - -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 543,200 6,447,784 - -------------------------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 194,600 6,919,976 - -------------------------------------------------------------------------------- Presidential Life Corp. 2 3,900 68,289 - -------------------------------------------------------------------------------- ProAssurance Corp. 1,2 110,600 6,074,152 - -------------------------------------------------------------------------------- ProCentury Corp. 75,800 1,163,530 - -------------------------------------------------------------------------------- RAM Holdings Ltd. 1,2 56,500 279,110 - -------------------------------------------------------------------------------- RLI Corp. 2 226,320 12,852,713 - -------------------------------------------------------------------------------- Safeco Corp. 182,100 10,139,328 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 2,500 91,550 - -------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1,2 144,900 2,185,092 - -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 170,400 3,917,496 - -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 60,800 3,063,104 - -------------------------------------------------------------------------------- State Auto Financial Corp. 32,100 844,230 - -------------------------------------------------------------------------------- Torchmark Corp. 131,800 7,977,854 - -------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 2 24,400 1,773,148 - -------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1,2 275,357 5,485,111 - -------------------------------------------------------------------------------- United Fire & Casualty Co. 2 87,700 2,551,193 - -------------------------------------------------------------------------------- Universal Insurance Holdings, Inc. 11,000 81,510 - -------------------------------------------------------------------------------- Zenith National Insurance Corp. 43,410 1,941,729 ---------------- 216,351,878 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--2.5% Acadia Realty Trust 2 14,600 $ 373,906 - -------------------------------------------------------------------------------- Agree Realty Corp. 2 54,800 1,649,480 - -------------------------------------------------------------------------------- Alexander's, Inc. 1,2 1,360 480,420 - -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 39,100 3,975,297 - -------------------------------------------------------------------------------- Arbor Realty Trust, Inc. 2 42,300 681,453 - -------------------------------------------------------------------------------- Ashford Hospitality Trust 2 288,300 2,072,877 - -------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 33,900 320,016 - -------------------------------------------------------------------------------- BioMed Realty Trust, Inc. 2 8,500 196,945 - -------------------------------------------------------------------------------- Brandywine Realty Trust 2 112,592 2,018,775 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 2 44,200 1,354,730 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 2 113,800 2,720,958 - -------------------------------------------------------------------------------- Cedar Shopping Centers, Inc. 2 58,900 602,547 - -------------------------------------------------------------------------------- Colonial Properties Trust 2 28,225 638,732 - -------------------------------------------------------------------------------- Corporate Office Properties Trust 2 48,700 1,534,050 - -------------------------------------------------------------------------------- DCT Industrial Trust, Inc. 2 1,800 16,758 - -------------------------------------------------------------------------------- DiamondRock Hospitality Co. 259,200 3,882,816 - -------------------------------------------------------------------------------- Digital Realty Trust, Inc. 2 173,400 6,653,358 - -------------------------------------------------------------------------------- DuPont Fabros Technology, Inc. 2 37,690 738,724 - -------------------------------------------------------------------------------- EastGroup Properties, Inc. 2 41,300 1,728,405 - -------------------------------------------------------------------------------- Entertainment Properties Trust 2 85,800 4,032,600 - -------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 45,200 2,064,284 - -------------------------------------------------------------------------------- Equity One, Inc. 2 137,100 3,157,413 - -------------------------------------------------------------------------------- FelCor Lodging Trust, Inc. 273,300 4,260,747 SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued First Industrial Realty Trust, Inc. 2 206,000 $ 7,127,600 - -------------------------------------------------------------------------------- Glimcher Realty Trust 2 28,700 410,123 - -------------------------------------------------------------------------------- Gramercy Capital Corp. 2 53,200 1,293,292 - -------------------------------------------------------------------------------- Hersha Hospitality Trust 2 61,300 582,350 - -------------------------------------------------------------------------------- Highwoods Properties, Inc. 134,500 3,951,610 - -------------------------------------------------------------------------------- Home Properties of New York, Inc. 2 36,800 1,650,480 - -------------------------------------------------------------------------------- Inland Real Estate Corp. 2 265,900 3,765,144 - -------------------------------------------------------------------------------- Kite Realty Group Trust 2 74,100 1,131,507 - -------------------------------------------------------------------------------- LaSalle Hotel Properties 2 68,600 2,188,340 - -------------------------------------------------------------------------------- Lexington Realty Trust 2 140,400 2,041,416 - -------------------------------------------------------------------------------- LTC Properties, Inc. 2 79,900 2,001,495 - -------------------------------------------------------------------------------- Medical Properties Trust, Inc. 2 34,600 352,574 - -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2 48,300 2,064,825 - -------------------------------------------------------------------------------- National Health Investors, Inc. 2 33,900 945,810 - -------------------------------------------------------------------------------- National Retail Properties, Inc. 2 212,800 4,975,264 - -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 337,900 10,599,923 - -------------------------------------------------------------------------------- Newcastle Investment Corp. 2 103,600 1,342,656 - -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 198,500 3,185,925 - -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 62,100 2,296,458 - -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 140,100 4,158,168 - -------------------------------------------------------------------------------- PS Business Parks, Inc. 2 56,100 2,948,055 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued RAIT Financial Trust 2 142,100 $ 1,224,902 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 58,500 1,250,145 - -------------------------------------------------------------------------------- Realty Income Corp. 2 245,700 6,638,814 - -------------------------------------------------------------------------------- Redwood Trust, Inc. 2 46,000 1,575,040 - -------------------------------------------------------------------------------- Resource Capital Corp. 2 11,500 107,065 - -------------------------------------------------------------------------------- Saul Centers, Inc. 2 23,600 1,260,948 - -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 286,100 6,488,748 - -------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 33,800 1,355,380 - -------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 2 152,500 2,551,325 - -------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 2 181,000 3,310,490 - -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 139,100 5,245,461 - -------------------------------------------------------------------------------- Taubman Centers, Inc. 2 63,800 3,138,322 - -------------------------------------------------------------------------------- Washington Real Estate Investment Trust 2 75,100 2,358,891 ---------------- 140,673,837 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.4% Dime Community Bancshares, Inc. 2 17,400 222,198 - -------------------------------------------------------------------------------- Downey Financial Corp. 2 112,500 3,499,875 - -------------------------------------------------------------------------------- Encore Bancshares, Inc. 1,2 53,200 1,063,468 - -------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 49,900 1,313,368 - -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 689,700 8,303,988 - -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 136,600 4,893,012 - -------------------------------------------------------------------------------- KBNT Bancorp, Inc. 5,200 80,184 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 2 79,600 1,057,088 SHARES VALUE - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued Radian Group, Inc. 2 100,080 $ 1,168,934 - -------------------------------------------------------------------------------- TierOne Corp. 67,200 1,488,480 - -------------------------------------------------------------------------------- ViewPoint Financial Group 2 3,200 52,896 - -------------------------------------------------------------------------------- WSFS Financial Corp. 2 21,000 1,054,200 ---------------- 24,197,691 - -------------------------------------------------------------------------------- HEALTH CARE--11.0% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--1.0% Acorda Therapeutics, Inc. 1 19,200 421,632 - -------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc. 1,2 18,300 1,373,049 - -------------------------------------------------------------------------------- Alnylam Pharmaceuticals, Inc. 1 135,100 3,928,708 - -------------------------------------------------------------------------------- Applera Corp./Celera Genomics Group 1 69,100 1,096,617 - -------------------------------------------------------------------------------- Cubist Pharmaceuticals, Inc. 1,2 593,200 12,166,532 - -------------------------------------------------------------------------------- CytRx Corp. 1,2 573,100 1,627,604 - -------------------------------------------------------------------------------- Enzon Pharmaceuticals, Inc. 1,2 73,900 704,267 - -------------------------------------------------------------------------------- Halozyme Therapeutics, Inc. 1,2 176,300 1,253,493 - -------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1,2 44,100 694,575 - -------------------------------------------------------------------------------- Onyx Pharmaceuticals, Inc. 1 47,338 2,632,940 - -------------------------------------------------------------------------------- OSI Pharmaceuticals, Inc. 1,2 397,900 19,302,129 - -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1 121,332 2,930,168 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Savient Pharmaceuticals, Inc. 1,2 148,400 $ 3,408,748 - -------------------------------------------------------------------------------- Seattle Genetics, Inc. 1,2 248,000 2,827,200 - -------------------------------------------------------------------------------- XOMA Ltd. 1,2 568,528 1,927,310 ---------------- 56,294,972 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Abaxis, Inc. 1,2 88,300 3,166,438 - -------------------------------------------------------------------------------- Align Technology, Inc. 1,2 175,400 2,925,672 - -------------------------------------------------------------------------------- Analogic Corp. 132,200 8,952,584 - -------------------------------------------------------------------------------- ArthroCare Corp. 1,2 72,400 3,478,820 - -------------------------------------------------------------------------------- ConMed Corp. 1,2 234,800 5,426,228 - -------------------------------------------------------------------------------- Cynosure, Inc., Cl. A 1,2 95,100 2,516,346 - -------------------------------------------------------------------------------- Datascope Corp. 2 74,011 2,694,000 - -------------------------------------------------------------------------------- Hansen Medical, Inc. 1,2 53,000 1,586,820 - -------------------------------------------------------------------------------- Hologic, Inc. 1,2 63,900 4,386,096 - -------------------------------------------------------------------------------- Immucor, Inc. 1,2 40,650 1,381,694 - -------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1 53,000 17,198,500 - -------------------------------------------------------------------------------- Invacare Corp. 2 74,700 1,882,440 - -------------------------------------------------------------------------------- Inverness Medical Innovations, Inc. 1 16,322 916,970 - -------------------------------------------------------------------------------- IRIS International, Inc. 1,2 84,300 1,653,966 - -------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 162,600 8,708,856 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 369,126 11,103,310 - -------------------------------------------------------------------------------- Merit Medical Systems, Inc. 1 10,900 151,510 - -------------------------------------------------------------------------------- OraSure Technologies, Inc. 1,2 59,800 531,622 - -------------------------------------------------------------------------------- Quidel Corp. 1,2 220,200 4,287,294 - -------------------------------------------------------------------------------- Regeneration Technologies, Inc. 1,2 51,300 445,284 - -------------------------------------------------------------------------------- Somanetics Corp. 1,2 12,800 302,720 - -------------------------------------------------------------------------------- SonoSite, Inc. 1,2 65,200 2,195,284 - -------------------------------------------------------------------------------- Steris Corp. 536,000 15,458,240 SHARES VALUE - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Trans1, Inc. 1 55,500 $ 914,085 ---------------- 102,264,779 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.8% Air Methods Corp. 1,2 89,199 4,430,514 - -------------------------------------------------------------------------------- Alliance Imaging, Inc. 1,2 315,200 3,032,224 - -------------------------------------------------------------------------------- American Dental Partners, Inc. 1,2 55,600 557,668 - -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 418,500 15,254,325 - -------------------------------------------------------------------------------- AmerisourceBergen Corp. 276,000 12,384,120 - -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1,2 594,300 12,819,051 - -------------------------------------------------------------------------------- BioScrip, Inc. 1 56,800 439,064 - -------------------------------------------------------------------------------- Centene Corp. 1,2 514,860 14,127,758 - -------------------------------------------------------------------------------- Chemed Corp. 2 307,000 17,155,160 - -------------------------------------------------------------------------------- CorVel Corp. 1 7,350 169,197 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 231,800 13,734,150 - -------------------------------------------------------------------------------- Emergency Medical Services LP, Cl. A 1,2 241,200 7,062,336 - -------------------------------------------------------------------------------- Health Net, Inc. 1 237,750 11,483,325 - -------------------------------------------------------------------------------- Healthspring, Inc. 1 643,800 12,264,390 - -------------------------------------------------------------------------------- HMS Holdings Corp. 1 7,200 239,112 - -------------------------------------------------------------------------------- Humana, Inc. 1 173,400 13,058,754 - -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 234,620 5,860,808 - -------------------------------------------------------------------------------- Landauer, Inc. 2 38,700 2,006,595 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 161,886 3,232,863 - -------------------------------------------------------------------------------- Lincare Holdings, Inc. 1,2 246,400 8,663,424 - -------------------------------------------------------------------------------- MedCath Corp. 1,2 50,700 1,245,192 - -------------------------------------------------------------------------------- Molina Healthcare, Inc. 1,2 330,700 12,798,090 - -------------------------------------------------------------------------------- MWI Veterinary Supply, Inc. 1,2 10,200 408,000 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued National HealthCare Corp. 2 1,400 $ 72,380 - -------------------------------------------------------------------------------- Omnicare, Inc. 2 239,900 5,472,119 - -------------------------------------------------------------------------------- PharMerica Corp. 1,2 82,830 1,149,680 - -------------------------------------------------------------------------------- Providence Service Corp. 1,2 51,800 1,457,652 - -------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 46,300 906,091 - -------------------------------------------------------------------------------- RehabCare Group, Inc. 1,2 154,300 3,481,008 - -------------------------------------------------------------------------------- Res-Care, Inc. 1 126,500 3,182,740 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 25,400 1,065,784 - -------------------------------------------------------------------------------- Skilled Healthcare Group, Inc., Cl. A 1,2 60,100 879,263 - -------------------------------------------------------------------------------- Tenet Healthcare Corp. 1,2 3,913,500 19,880,580 - -------------------------------------------------------------------------------- Universal American Corp. 1 40,700 1,041,513 - -------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1 94,720 4,017,075 ---------------- 215,032,005 - -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.4% Computer Programs & Systems, Inc. 2 16,600 377,484 - -------------------------------------------------------------------------------- Eclipsys Corp. 1,2 118,397 2,996,628 - -------------------------------------------------------------------------------- Omnicell, Inc. 1,2 382,240 10,293,723 - -------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 358,400 7,795,200 ---------------- 21,463,035 - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--1.5% Albany Molecular Research, Inc. 1,2 105,700 1,519,966 - -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 116,900 3,965,248 - -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 8,200 849,684 SHARES VALUE - -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES Continued Bruker BioSciences Corp. 1 21,100 $ 280,630 - -------------------------------------------------------------------------------- Dionex Corp. 1,2 175,530 14,544,416 - -------------------------------------------------------------------------------- eResearch Technology, Inc. 1,2 317,100 3,748,122 - -------------------------------------------------------------------------------- Illumina, Inc. 1,2 21,800 1,291,868 - -------------------------------------------------------------------------------- Invitrogen Corp. 1 133,800 12,498,258 - -------------------------------------------------------------------------------- Kendle International, Inc. 1,2 93,500 4,574,020 - -------------------------------------------------------------------------------- Nektar Therapeutics 1 36,400 244,244 - -------------------------------------------------------------------------------- Parexel International Corp. 1,2 261,900 12,649,770 - -------------------------------------------------------------------------------- Pharmanet Development Group, Inc. 1,2 129,400 5,073,774 - -------------------------------------------------------------------------------- Varian, Inc. 1 325,200 21,235,560 - -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1,2 43,000 3,750,890 ---------------- 86,226,450 - -------------------------------------------------------------------------------- PHARMACEUTICALS--2.5% Auxilium Pharmaceuticals, Inc. 1 68,300 2,048,317 - -------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1 33,700 585,369 - -------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1,2 106,100 2,090,170 - -------------------------------------------------------------------------------- Cypress Bioscience, Inc. 1 24,600 271,338 - -------------------------------------------------------------------------------- Durect Corp. 1 36,600 235,338 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 331,800 8,849,106 - -------------------------------------------------------------------------------- Forest Laboratories, Inc. 1 429,800 15,666,210 - -------------------------------------------------------------------------------- K-V Pharmaceutical Co., Cl. A 1,2 198,100 5,653,774 - -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 1,260,000 12,902,400 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- PHARMACEUTICALS Continued Medicis Pharmaceutical Corp., Cl. A 2 496,500 $ 12,894,105 - -------------------------------------------------------------------------------- MGI Pharma, Inc. 1,2 565,100 22,903,503 - -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1,2 72,100 1,000,748 - -------------------------------------------------------------------------------- Obagi Medical Products, Inc. 1,2 198,000 3,621,420 - -------------------------------------------------------------------------------- Pain Therapeutics, Inc. 1,2 119,500 1,266,700 - -------------------------------------------------------------------------------- Par Pharmaceutical Cos., Inc. 1,2 46,780 1,122,720 - -------------------------------------------------------------------------------- Perrigo Co. 2 267,800 9,375,678 - -------------------------------------------------------------------------------- Pozen, Inc. 1,2 215,400 2,584,800 - -------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1 22,800 179,664 - -------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 529,100 10,820,095 - -------------------------------------------------------------------------------- Sepracor, Inc. 1 399,800 10,494,750 - -------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc. 1 350,006 4,189,572 - -------------------------------------------------------------------------------- Vivus, Inc. 1,2 28,300 146,594 - -------------------------------------------------------------------------------- Xenoport, Inc. 1 190,600 10,650,728 ---------------- 139,553,099 - -------------------------------------------------------------------------------- INDUSTRIALS--16.3% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.6% Aeroviroment, Inc. 1,2 70,800 1,713,360 - -------------------------------------------------------------------------------- American Science & Engineering, Inc. 2 64,600 3,666,050 - -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1,2 7,700 325,325 - -------------------------------------------------------------------------------- Ceradyne, Inc. 1,2 259,250 12,166,603 - -------------------------------------------------------------------------------- Cubic Corp. 2 256,100 10,039,120 - -------------------------------------------------------------------------------- Curtiss-Wright Corp. 2 326,150 16,372,730 - -------------------------------------------------------------------------------- DRS Technologies, Inc. 2 278,870 15,134,275 - -------------------------------------------------------------------------------- Ducommun, Inc. 1 69,900 2,656,200 SHARES VALUE - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued DynCorp International, Inc., Cl. A 1 450,200 $ 12,101,376 - -------------------------------------------------------------------------------- HEICO Corp. 2 116,700 6,357,816 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 260,600 6,389,912 - -------------------------------------------------------------------------------- Stanley, Inc. 1,2 60,000 1,921,200 - -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 21,300 1,135,929 ---------------- 89,979,896 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.3% ABX Holdings, Inc. 1,2 192,300 803,814 - -------------------------------------------------------------------------------- Atlas Air Worldwide Holdings, Inc. 1,2 135,913 7,369,203 - -------------------------------------------------------------------------------- Dynamex, Inc. 1,2 1,700 46,002 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1,2 172,490 4,584,784 - -------------------------------------------------------------------------------- Pacer International, Inc. 2 187,800 2,741,880 ---------------- 15,545,683 - -------------------------------------------------------------------------------- AIRLINES--1.2% Allegiant Travel Co. 1,2 57,900 1,860,906 - -------------------------------------------------------------------------------- AMR Corp. 1,2 700,300 9,825,209 - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1 447,360 9,953,760 - -------------------------------------------------------------------------------- Copa Holdings SA, Cl. A 155,700 5,849,649 - -------------------------------------------------------------------------------- Delta Air Lines, Inc. 1 195,700 2,913,973 - -------------------------------------------------------------------------------- Northwest Airlines Corp. 1 602,300 8,739,373 - -------------------------------------------------------------------------------- Pinnacle Airlines Corp. 1,2 212,600 3,242,150 - -------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1,2 297,900 5,835,861 - -------------------------------------------------------------------------------- SkyWest, Inc. 111,870 3,003,710 - -------------------------------------------------------------------------------- UAL Corp. 1,2 308,900 11,015,374 - -------------------------------------------------------------------------------- US Airways Group, Inc. 1,2 521,200 7,666,852 ---------------- 69,906,817 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.5% Aaon, Inc. 2 39,050 $ 773,971 - -------------------------------------------------------------------------------- Ameron International Corp. 2 3,703 341,231 - -------------------------------------------------------------------------------- Apogee Enterprises, Inc. 188,500 3,225,235 - -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 49,400 356,668 - -------------------------------------------------------------------------------- Goodman Global, Inc. 1 223,000 5,472,420 - -------------------------------------------------------------------------------- Lennox International, Inc. 275,300 11,402,926 - -------------------------------------------------------------------------------- Simpson Manufacturing Co., Inc. 2 120,100 3,193,459 - -------------------------------------------------------------------------------- USG Corp. 1,2 163,100 5,837,349 ---------------- 30,603,259 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.2% ABM Industries, Inc. 2 262,100 5,344,219 - -------------------------------------------------------------------------------- Acco Brands Corp. 1,2 200,800 3,220,832 - -------------------------------------------------------------------------------- Administaff, Inc. 2 375,900 10,630,452 - -------------------------------------------------------------------------------- Advisory Board Co. (The) 1,2 87,300 5,603,787 - -------------------------------------------------------------------------------- American Ecology Corp. 2 69,700 1,636,556 - -------------------------------------------------------------------------------- American Reprographics Co. 1 16,700 275,216 - -------------------------------------------------------------------------------- Barrett Business Services, Inc. 2 1,300 23,413 - -------------------------------------------------------------------------------- Bowne & Co., Inc. 2 233,100 4,102,560 - -------------------------------------------------------------------------------- Casella Waste Systems, Inc., Cl. A 1,2 93,200 1,215,328 - -------------------------------------------------------------------------------- CBIZ, Inc. 1,2 222,900 2,186,649 - -------------------------------------------------------------------------------- CDI Corp. 2 137,000 3,323,620 - -------------------------------------------------------------------------------- ChoicePoint, Inc. 1 258,200 9,403,644 - -------------------------------------------------------------------------------- Comfort Systems USA, Inc. 294,400 3,762,432 - -------------------------------------------------------------------------------- COMSYS IT Partners, Inc. 1,2 177,300 2,797,794 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 82,900 3,964,278 SHARES VALUE - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Cornell Corrections, Inc. 1,2 149,300 $ 3,481,676 - -------------------------------------------------------------------------------- Corporate Executive Board Co. (The) 131,500 7,903,150 - -------------------------------------------------------------------------------- CRA International, Inc. 1,2 54,100 2,575,701 - -------------------------------------------------------------------------------- Deluxe Corp. 538,800 17,721,132 - -------------------------------------------------------------------------------- Diamond Management & Technology Consultants, Inc. 2 218,600 1,589,222 - -------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 79,200 2,989,008 - -------------------------------------------------------------------------------- EnergySolutions, Inc. 1 215,361 5,812,593 - -------------------------------------------------------------------------------- Ennis, Inc. 2 148,900 2,680,200 - -------------------------------------------------------------------------------- Exponent, Inc. 1,2 128,400 3,471,936 - -------------------------------------------------------------------------------- First Consulting Group, Inc. 1 3,400 43,962 - -------------------------------------------------------------------------------- FTI Consulting, Inc. 1 4,593 283,113 - -------------------------------------------------------------------------------- Fuel-Tech, Inc. NV 1,2 45,100 1,021,515 - -------------------------------------------------------------------------------- GeoEye, Inc. 1,2 139,700 4,700,905 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 2 192,898 7,158,445 - -------------------------------------------------------------------------------- HNI Corp. 2 204,200 7,159,252 - -------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1,2 195,600 1,644,996 - -------------------------------------------------------------------------------- ICF International, Inc. 1,2 104,000 2,627,040 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 2 70,853 922,506 - -------------------------------------------------------------------------------- Innerworkings, Inc. 1,2 70,600 1,218,556 - -------------------------------------------------------------------------------- Interface, Inc., Cl. A 2 590,200 9,632,064 - -------------------------------------------------------------------------------- Knoll, Inc. 728,200 11,964,326 - -------------------------------------------------------------------------------- Korn-Ferry International 1 578,400 10,885,488 - -------------------------------------------------------------------------------- Layne Christensen Co. 1,2 171,330 8,431,149 - -------------------------------------------------------------------------------- Learning Tree International, Inc. 1,2 15,300 351,288 - -------------------------------------------------------------------------------- LECG Corp. 1 12,600 189,756 - -------------------------------------------------------------------------------- Manpower, Inc. 32,980 1,876,562 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Miller (Herman), Inc. 260,860 $ 8,449,255 - -------------------------------------------------------------------------------- PHH Corp. 1 93,000 1,640,520 - -------------------------------------------------------------------------------- Pike Electric Corp. 1,2 131,200 2,198,912 - -------------------------------------------------------------------------------- Resources Connection, Inc. 2 260,500 4,730,680 - -------------------------------------------------------------------------------- Robert Half International, Inc. 354,700 9,591,088 - -------------------------------------------------------------------------------- Rollins, Inc. 471,750 9,057,600 - -------------------------------------------------------------------------------- School Specialty, Inc. 1 81,500 2,815,825 - -------------------------------------------------------------------------------- Spherion Corp. 1,2 475,300 3,460,184 - -------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 2 533,100 8,460,297 - -------------------------------------------------------------------------------- Team, Inc. 1,2 95,500 3,493,390 - -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 414,300 8,812,161 - -------------------------------------------------------------------------------- Tetra Tech, Inc. 1 254,067 5,462,441 - -------------------------------------------------------------------------------- TrueBlue, Inc. 1,2 662,700 9,595,896 - -------------------------------------------------------------------------------- United Stationers, Inc. 1,2 188,007 8,687,803 - -------------------------------------------------------------------------------- Viad Corp. 286,900 9,060,302 - -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 37,750 689,315 - -------------------------------------------------------------------------------- VSE Corp. 2 2,500 122,100 - -------------------------------------------------------------------------------- Waste Connections, Inc. 1,2 407,335 12,586,652 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 2 37,000 1,343,100 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 2 147,400 6,840,834 ---------------- 292,924,676 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.7% Baker (Michael) Corp. 1,2 92,200 3,789,420 - -------------------------------------------------------------------------------- EMCOR Group, Inc. 1,2 292,300 6,907,049 - -------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1,2 116,500 2,189,035 - -------------------------------------------------------------------------------- Perini Corp. 1 310,500 12,860,910 - -------------------------------------------------------------------------------- Shaw Group, Inc. (The) 1 181,800 10,987,992 SHARES VALUE - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING Continued URS Corp. 1 28,080 $ 1,525,586 ---------------- 38,259,992 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.2% Acuity Brands, Inc. 355,600 16,002,000 - -------------------------------------------------------------------------------- AZZ, Inc. 1,2 12,300 348,705 - -------------------------------------------------------------------------------- Belden, Inc. 2 117,000 5,206,500 - -------------------------------------------------------------------------------- Day4 Energy, Inc. 1 522,900 3,625,258 - -------------------------------------------------------------------------------- Encore Wire Corp. 2 134,500 2,141,240 - -------------------------------------------------------------------------------- FuelCell Energy, Inc. 1 52,500 520,800 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 91,389 8,700,233 - -------------------------------------------------------------------------------- GrafTech International Ltd. 1,2 1,097,800 19,485,950 - -------------------------------------------------------------------------------- II-VI, Inc. 1,2 7,100 216,905 - -------------------------------------------------------------------------------- LSI Industries, Inc. 2 199,300 3,627,260 - -------------------------------------------------------------------------------- Orion Energy Systems, Inc. 1,2 36,600 682,956 - -------------------------------------------------------------------------------- Plug Power, Inc. 1,2 36,700 144,965 - -------------------------------------------------------------------------------- Powell Industries, Inc. 1,2 32,800 1,445,496 - -------------------------------------------------------------------------------- Power-One, Inc. 1,2 42,600 169,974 - -------------------------------------------------------------------------------- Regal-Beloit Corp. 2 157,860 7,095,807 - -------------------------------------------------------------------------------- Rockwell Automation, Inc. 210,730 14,531,941 - -------------------------------------------------------------------------------- Roper Industries, Inc. 11,300 706,702 - -------------------------------------------------------------------------------- Smith (A.O.) Corp. 2 95,930 3,362,347 - -------------------------------------------------------------------------------- Superior Essex, Inc. 1,2 109,200 2,620,800 - -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 196,500 9,636,360 - -------------------------------------------------------------------------------- Vicor Corp. 2 95,363 1,486,709 - -------------------------------------------------------------------------------- Woodward Governor Co. 2 309,701 21,044,183 ---------------- 122,803,091 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.3% Raven Industries, Inc. 2 68,400 2,625,876 - -------------------------------------------------------------------------------- Teleflex, Inc. 155,042 9,769,196 - -------------------------------------------------------------------------------- Tredegar Corp. 2 98,800 1,588,704 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES Continued Walter Industries, Inc. 101,900 $ 3,661,267 ---------------- 17,645,043 - -------------------------------------------------------------------------------- MACHINERY--3.3% Accuride Corp. 1,2 80,000 628,800 - -------------------------------------------------------------------------------- Actuant Corp., Cl. A 2 318,900 10,845,789 - -------------------------------------------------------------------------------- AGCO Corp. 1 52,600 3,575,748 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 2 96,200 3,668,106 - -------------------------------------------------------------------------------- Astec Industries, Inc. 1,2 190,320 7,078,001 - -------------------------------------------------------------------------------- Axsys Technologies, Inc. 1,2 61,300 2,246,645 - -------------------------------------------------------------------------------- Badger Meter, Inc. 2 102,100 4,589,395 - -------------------------------------------------------------------------------- Barnes Group, Inc. 2 236,640 7,901,410 - -------------------------------------------------------------------------------- Blount International, Inc. 1,2 211,600 2,604,796 - -------------------------------------------------------------------------------- Briggs & Stratton Corp. 2 14,700 333,102 - -------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 2 16,600 1,649,874 - -------------------------------------------------------------------------------- Cascade Corp. 2 28,100 1,305,526 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 2 101,400 4,700,904 - -------------------------------------------------------------------------------- Columbus McKinnon Corp. 1,2 123,400 4,025,308 - -------------------------------------------------------------------------------- Crane Co. 3,700 158,730 - -------------------------------------------------------------------------------- EnPro Industries, Inc. 1,2 285,080 8,737,702 - -------------------------------------------------------------------------------- Freightcar America, Inc. 2 28,600 1,001,000 - -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 412,560 13,614,480 - -------------------------------------------------------------------------------- Gorman-Rupp Co. (The) 2 45,113 1,407,526 - -------------------------------------------------------------------------------- Hardinge, Inc. 2 45,400 761,812 - -------------------------------------------------------------------------------- Hurco Cos., Inc. 1,2 73,300 3,199,545 - -------------------------------------------------------------------------------- Kadant, Inc. 1,2 119,400 3,542,598 - -------------------------------------------------------------------------------- Kaydon Corp. 2 19,960 1,088,618 - -------------------------------------------------------------------------------- L.B. Foster Co., Cl. A 1,2 88,500 4,578,105 SHARES VALUE - -------------------------------------------------------------------------------- MACHINERY Continued McCoy Corp. 4 315,600 $ 968,585 - -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 166,700 12,772,554 - -------------------------------------------------------------------------------- Mueller Industries, Inc. 2 302,300 8,763,677 - -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 42,430 4,229,847 - -------------------------------------------------------------------------------- RBC Bearings, Inc. 1,2 125,700 5,462,922 - -------------------------------------------------------------------------------- Robbins & Myers, Inc. 2 200,440 15,159,277 - -------------------------------------------------------------------------------- SPX Corp. 128,200 13,185,370 - -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 120,200 3,032,646 - -------------------------------------------------------------------------------- Tecumseh Products Co., Cl. A 1,2 155,300 3,635,573 - -------------------------------------------------------------------------------- Tennant Co. 130,850 5,795,347 - -------------------------------------------------------------------------------- Titan International, Inc. 2 91,000 2,844,660 - -------------------------------------------------------------------------------- Toro Co. (The) 233,060 12,687,786 - -------------------------------------------------------------------------------- TurboChef Technologies, Inc. 1,2 55,700 919,050 - -------------------------------------------------------------------------------- Twin Disc, Inc. 2 10,200 721,854 - -------------------------------------------------------------------------------- Valmont Industries, Inc. 2 20,600 1,835,872 - -------------------------------------------------------------------------------- Wabtec Corp. 2 36,880 1,270,147 ---------------- 186,528,687 - -------------------------------------------------------------------------------- MARINE--0.2% Excel Maritime Carriers Ltd. 180,900 7,270,371 - -------------------------------------------------------------------------------- Genco Shipping & Trading Ltd. 2 36,700 2,009,692 - -------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 40,300 751,192 - -------------------------------------------------------------------------------- Star Bulk Carriers Corp. 1,2 128,400 1,649,940 - -------------------------------------------------------------------------------- TBS International Ltd., Cl. A 1 35,658 1,178,853 ---------------- 12,860,048 - -------------------------------------------------------------------------------- ROAD & RAIL--0.3% Avis Budget Group, Inc. 1 108,600 1,411,800 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- ROAD & RAIL Continued Con-way, Inc. 91,879 $ 3,816,654 - -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 81,490 1,929,683 - -------------------------------------------------------------------------------- Landstar System, Inc. 231,200 9,745,080 ---------------- 16,903,217 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.5% Applied Industrial Technologies, Inc. 2 412,600 11,973,652 - -------------------------------------------------------------------------------- Houston Wire & Cable Co. 2 34,200 483,588 - -------------------------------------------------------------------------------- Kaman Corp., Cl. A 2 34,000 1,251,540 - -------------------------------------------------------------------------------- NuCo2, Inc. 1 36,800 916,320 - -------------------------------------------------------------------------------- UAP Holding Corp. 2 277,639 10,716,865 - -------------------------------------------------------------------------------- W.W. Grainger, Inc. 10,700 936,464 ---------------- 26,278,429 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% CAI International, Inc. 1 180,000 1,893,600 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--30.4% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.0% ADC Telecommunications, Inc. 1,2 914,800 14,225,140 - -------------------------------------------------------------------------------- ADTRAN, Inc. 2 708,200 15,141,316 - -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 2,100 34,629 - -------------------------------------------------------------------------------- Arris Group, Inc. 1 89,234 890,555 - -------------------------------------------------------------------------------- Avocent Corp. 1 165,420 3,855,940 - -------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 2 36,200 1,248,538 - -------------------------------------------------------------------------------- Blue Coat Systems, Inc. 1 392,400 12,898,188 - -------------------------------------------------------------------------------- CommScope, Inc. 1 204,327 10,054,932 - -------------------------------------------------------------------------------- Comtech Group, Inc. 1,2 189,200 3,048,012 - -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1,2 333,500 18,012,335 - -------------------------------------------------------------------------------- Digi International, Inc. 1,2 11,400 161,766 SHARES VALUE - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Dycom Industries, Inc. 1,2 503,900 $ 13,428,935 - -------------------------------------------------------------------------------- EMS Technologies, Inc. 1,2 138,200 4,179,168 - -------------------------------------------------------------------------------- Extreme Networks, Inc. 1,2 878,700 3,110,598 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 256,525 7,316,093 - -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 633,050 11,091,036 - -------------------------------------------------------------------------------- Globecomm Systems, Inc. 1,2 47,000 549,900 - -------------------------------------------------------------------------------- Harmonic, Inc. 1,2 738,900 7,743,672 - -------------------------------------------------------------------------------- InterDigital,Inc. 1,2 272,950 6,367,924 - -------------------------------------------------------------------------------- Ixia 1 176,600 1,674,168 - -------------------------------------------------------------------------------- Loral Space & Communications Ltd. 1 29,300 1,003,525 - -------------------------------------------------------------------------------- MasTec, Inc. 1,2 297,600 3,026,592 - -------------------------------------------------------------------------------- Netgear, Inc. 1,2 48,700 1,737,129 - -------------------------------------------------------------------------------- Network Equipment Technologies,Inc. 1,2 320,400 2,697,768 - -------------------------------------------------------------------------------- Performance Technologies,Inc. 1,2 20,200 111,100 - -------------------------------------------------------------------------------- Plantronics, Inc. 2 467,500 12,155,000 - -------------------------------------------------------------------------------- ShoreTel, Inc. 1,2 200,700 2,803,779 - -------------------------------------------------------------------------------- Tellabs, Inc. 1 628,100 4,107,774 - -------------------------------------------------------------------------------- UTStarcom, Inc. 1,2 107,000 294,250 - -------------------------------------------------------------------------------- ViaSat, Inc. 1,2 235,000 8,091,050 -------------- 171,060,812 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--2.3% Brocade Communications Systems, Inc. 1 1,445,400 10,609,236 - -------------------------------------------------------------------------------- Diebold, Inc. 21,900 634,662 - -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1,2 376,400 8,461,472 - -------------------------------------------------------------------------------- Emulex Corp. 1 621,770 10,147,286 - -------------------------------------------------------------------------------- Hutchinson Technology,Inc. 1,2 1,700 44,744 - -------------------------------------------------------------------------------- Hypercom Corp. 1 11,700 58,266 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS Continued Intevac, Inc. 1,2 67,700 $ 984,358 - -------------------------------------------------------------------------------- Iomega Corp. 1,2 277,300 962,231 - -------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 314,700 10,970,442 - -------------------------------------------------------------------------------- NCR Corp. 1 422,300 10,599,730 - -------------------------------------------------------------------------------- Network Appliance, Inc. 1 570,300 14,234,688 - -------------------------------------------------------------------------------- Novatel Wireless, Inc. 1,2 236,100 3,824,820 - -------------------------------------------------------------------------------- Palm, Inc. 2 897,000 5,686,980 - -------------------------------------------------------------------------------- QLogic Corp. 1 1,117,100 15,862,820 - -------------------------------------------------------------------------------- Quantum Corp. 1 162,800 437,932 - -------------------------------------------------------------------------------- Stratasys, Inc. 1 154,700 3,997,448 - -------------------------------------------------------------------------------- Synaptics, Inc. 1,2 275,500 11,339,580 - -------------------------------------------------------------------------------- Teradata Corp. 1 185,200 5,076,332 - -------------------------------------------------------------------------------- Western Digital Corp. 1 492,800 14,887,488 ---------------- 128,820,515 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--2.6% Acacia Research Corp. 1,2 211,600 1,900,168 - -------------------------------------------------------------------------------- Anixter International, Inc. 1,2 18,200 1,133,314 - -------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 302,300 11,874,344 - -------------------------------------------------------------------------------- Avnet, Inc. 1 325,900 11,396,723 - -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 451,400 11,727,372 - -------------------------------------------------------------------------------- Cognex Corp. 2 77,100 1,553,565 - -------------------------------------------------------------------------------- CPI International, Inc. 1,2 40,000 684,000 - -------------------------------------------------------------------------------- CTS Corp. 2 258,900 2,570,877 - -------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A 1 152,700 7,592,244 - -------------------------------------------------------------------------------- Electro Scientific Industries,Inc. 1,2 133,600 2,651,960 - -------------------------------------------------------------------------------- Excel Technology, Inc. 1,2 8,900 241,190 - -------------------------------------------------------------------------------- FARO Technologies, Inc. 1 92,900 2,525,022 SHARES VALUE - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued FLIR Systems, Inc. 1,2 127,100 $ 3,978,230 - -------------------------------------------------------------------------------- Gerber Scientific, Inc. 1,2 20,100 217,080 - -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1,2 105,800 1,929,792 - -------------------------------------------------------------------------------- Littlefuse, Inc. 1,2 210,000 6,921,600 - -------------------------------------------------------------------------------- LoJack Corp. 1,2 89,100 1,497,771 - -------------------------------------------------------------------------------- Measurement Specialties, Inc. 1,2 64,600 1,427,660 - -------------------------------------------------------------------------------- Mercury Computer Systems, Inc. 1,2 46,500 749,115 - -------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 2 290,490 4,775,656 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 39,200 4,460,960 - -------------------------------------------------------------------------------- MTS Systems Corp. 2 113,400 4,838,778 - -------------------------------------------------------------------------------- NAM TAI Electronics, Inc. 124,000 1,397,480 - -------------------------------------------------------------------------------- National Instruments Corp. 234,500 7,815,885 - -------------------------------------------------------------------------------- OSI Systems, Inc. 1 5,800 153,526 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 2 149,700 4,227,528 - -------------------------------------------------------------------------------- PC Connection, Inc. 1,2 88,400 1,003,340 - -------------------------------------------------------------------------------- RadiSys Corp. 1,2 22,200 297,480 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 479,800 23,083,178 - -------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 2,386,300 4,343,066 - -------------------------------------------------------------------------------- ScanSource, Inc. 1,2 8,200 265,270 - -------------------------------------------------------------------------------- Smart Modular Technologies, Inc. 1 196,200 1,997,316 - -------------------------------------------------------------------------------- Tech Data Corp. 1 270,800 10,214,576 - -------------------------------------------------------------------------------- Technitrol, Inc. 135,320 3,867,446 - -------------------------------------------------------------------------------- TTM Technologies, Inc. 1,2 50,600 589,996 ---------------- 145,903,508 - -------------------------------------------------------------------------------- INTERNET SOFTWARE &SERVICES--2.7% Ariba, Inc. 1 84,000 936,600 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued Art Technology Group, Inc. 1,2 198,900 $ 859,248 - -------------------------------------------------------------------------------- AsiaInfo Holdings, Inc. 1,2 346,300 3,809,300 - -------------------------------------------------------------------------------- Bankrate, Inc. 1,2 108,100 5,198,529 - -------------------------------------------------------------------------------- Chordiant Software, Inc. 1 346,900 2,965,995 - -------------------------------------------------------------------------------- CMGI, Inc. 1,2 442,044 5,786,356 - -------------------------------------------------------------------------------- CNET Networks, Inc. 1,2 135,300 1,236,642 - -------------------------------------------------------------------------------- Digital River, Inc. 1,2 377,000 12,467,390 - -------------------------------------------------------------------------------- DivX, Inc. 1,2 186,500 2,611,000 - -------------------------------------------------------------------------------- EarthLink, Inc. 1,2 367,600 2,598,932 - -------------------------------------------------------------------------------- Equinix, Inc. 1,2 24,700 2,496,429 - -------------------------------------------------------------------------------- Greenfield Online, Inc. 1 198,100 2,894,241 - -------------------------------------------------------------------------------- iBasis, Inc. 2 9,000 46,170 - -------------------------------------------------------------------------------- Imergent, Inc. 2 138,500 1,466,715 - -------------------------------------------------------------------------------- Internet Capital Group, Inc. 1 1,200 14,088 - -------------------------------------------------------------------------------- Interwoven, Inc. 1 201,200 2,861,064 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1,2 531,768 11,257,529 - -------------------------------------------------------------------------------- Keynote Systems, Inc. 1,2 15,100 212,155 - -------------------------------------------------------------------------------- LoopNet, Inc. 1,2 57,300 805,065 - -------------------------------------------------------------------------------- National Information Consortium, Inc. 35,500 299,620 - -------------------------------------------------------------------------------- NaviSite, Inc. 1,2 162,300 821,238 - -------------------------------------------------------------------------------- Omniture, Inc. 1,2 370,300 12,327,287 - -------------------------------------------------------------------------------- Open Text Corp. 1,2 345,400 10,862,830 - -------------------------------------------------------------------------------- S1 Corp. 1 513,100 3,745,630 - -------------------------------------------------------------------------------- SonicWALL, Inc. 1,2 483,500 5,183,120 - -------------------------------------------------------------------------------- SoundBite Communications, Inc. 1 110,000 759,000 - -------------------------------------------------------------------------------- Switch & Data Facilities Co. 1 41,600 666,432 - -------------------------------------------------------------------------------- TechTarget, Inc. 1 3,440 50,843 SHARES VALUE - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued TheStreet.com, Inc. 2 241,400 $ 3,843,088 - -------------------------------------------------------------------------------- Travelzoo, Inc. 1 102,400 1,400,832 - -------------------------------------------------------------------------------- United Online, Inc. 2 1,118,650 13,222,443 - -------------------------------------------------------------------------------- ValueClick, Inc. 1 606,298 13,277,926 - -------------------------------------------------------------------------------- VeriSign, Inc. 1,2 407,400 15,322,314 - -------------------------------------------------------------------------------- Vignette Corp. 1 193,000 2,819,730 - -------------------------------------------------------------------------------- Vocus, Inc. 1,2 122,300 4,223,019 - -------------------------------------------------------------------------------- Websense, Inc. 1,2 86,600 1,470,468 ---------------- 150,819,268 - -------------------------------------------------------------------------------- IT SERVICES--3.8% Acxiom Corp. 323,100 3,789,963 - -------------------------------------------------------------------------------- Affiliated Computer Services, Inc., Cl. A 1 254,100 11,459,910 - -------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 58,400 4,379,416 - -------------------------------------------------------------------------------- BearingPoint, Inc. 1,2 709,000 2,006,470 - -------------------------------------------------------------------------------- Broadridge Financial Solutions, Inc. 321,375 7,208,441 - -------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1,2 229,340 10,267,552 - -------------------------------------------------------------------------------- CIBER, Inc. 1,2 354,000 2,162,940 - -------------------------------------------------------------------------------- Computer Sciences Corp. 1 258,960 12,810,751 - -------------------------------------------------------------------------------- Convergys Corp. 1 325,100 5,351,146 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 316,600 4,660,352 - -------------------------------------------------------------------------------- CyberSource Corp. 1,2 470,944 8,368,675 - -------------------------------------------------------------------------------- Deltek, Inc. 1 72,757 1,108,089 - -------------------------------------------------------------------------------- DST Systems, Inc. 1 141,700 11,697,335 - -------------------------------------------------------------------------------- Electronic Data Systems Corp. 721,700 14,960,841 - -------------------------------------------------------------------------------- Exlservice Holdings, Inc. 1,2 19,000 438,520 - -------------------------------------------------------------------------------- Fidelity National Information Services, Inc. 109,500 4,554,105 - -------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 6,300 176,526 - -------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1,2 460,500 8,086,380 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- IT SERVICES Continued Global Cash Access, Inc. 1 36,700 $ 222,402 - -------------------------------------------------------------------------------- Heartland Payment Systems, Inc. 2 373,600 10,012,480 - -------------------------------------------------------------------------------- Hewitt Associates, Inc. 1,2 300,700 11,513,803 - -------------------------------------------------------------------------------- ManTech International Corp. 1,2 348,800 15,284,416 - -------------------------------------------------------------------------------- Maximus, Inc. 2 282,180 10,894,970 - -------------------------------------------------------------------------------- MPS Group, Inc. 1 657,300 7,190,862 - -------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 66,400 1,136,104 - -------------------------------------------------------------------------------- NeuStar, Inc., Cl. A 1,2 219,500 6,295,260 - -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1,2 43,500 587,250 - -------------------------------------------------------------------------------- RightNow Technologies, Inc. 1,2 145,700 2,309,345 - -------------------------------------------------------------------------------- SAIC, Inc. 1,2 340,200 6,844,824 - -------------------------------------------------------------------------------- Sapient Corp. 1,2 734,500 6,470,945 - -------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1,2 242,900 7,153,405 - -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 228,400 4,111,200 - -------------------------------------------------------------------------------- Syntel, Inc. 2 226,500 8,724,780 - -------------------------------------------------------------------------------- TNS, Inc. 2,600 46,150 - -------------------------------------------------------------------------------- Unisys Corp. 1 963,029 4,555,127 ---------------- 216,840,735 - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.1% Zebra Technologies Corp., Cl. A 1 157,500 5,465,250 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--7.8% Actel Corp. 1,2 94,100 1,285,406 - -------------------------------------------------------------------------------- Advanced Analogic Technologies, Inc. 1 207,200 2,337,216 - -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1,2 524,800 6,864,384 - -------------------------------------------------------------------------------- AMIS Holdings, Inc. 1 555,400 5,565,108 - -------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 1,247,010 10,636,995 - -------------------------------------------------------------------------------- Analog Devices, Inc. 368,700 11,687,790 - -------------------------------------------------------------------------------- Asyst Technologies, Inc. 1,2 115,500 376,530 SHARES VALUE - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Atheros Communications, Inc. 1,2 102,600 $ 3,133,404 - -------------------------------------------------------------------------------- Atmel Corp. 1 1,827,600 7,895,232 - -------------------------------------------------------------------------------- ATMI, Inc. 1,2 380,500 12,271,125 - -------------------------------------------------------------------------------- AuthenTec, Inc. 1,2 60,900 884,877 - -------------------------------------------------------------------------------- Brooks Automation, Inc. 1,2 895,600 11,830,876 - -------------------------------------------------------------------------------- Cabot Microelectronics Corp. 1,2 291,600 10,471,356 - -------------------------------------------------------------------------------- Cohu, Inc. 2 129,700 1,984,410 - -------------------------------------------------------------------------------- Credence Systems Corp. 1,2 704,700 1,705,374 - -------------------------------------------------------------------------------- Cymer, Inc. 1,2 406,480 15,824,266 - -------------------------------------------------------------------------------- DSP Group, Inc. 1 14,200 173,240 - -------------------------------------------------------------------------------- EMCORE Corp. 1,2 266,800 4,082,040 - -------------------------------------------------------------------------------- Entegris, Inc. 1 1,276,860 11,019,302 - -------------------------------------------------------------------------------- FEI Co. 1,2 516,600 12,827,178 - -------------------------------------------------------------------------------- Hittite Microwave Corp. 1,2 14,600 697,296 - -------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 847,600 9,586,356 - -------------------------------------------------------------------------------- Intellon Corp. 1,2 109,300 824,122 - -------------------------------------------------------------------------------- Intersil Corp., Cl. A 440,900 10,793,232 - -------------------------------------------------------------------------------- IXYS Corp. 1 15,200 121,904 - -------------------------------------------------------------------------------- KLA-Tencor Corp. 272,400 13,118,784 - -------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 413,050 2,833,523 - -------------------------------------------------------------------------------- Lam Research Corp. 1 238,500 10,310,355 - -------------------------------------------------------------------------------- Linear Technology Corp. 2 410,900 13,078,947 - -------------------------------------------------------------------------------- LTX Corp. 1,2 171,600 545,688 - -------------------------------------------------------------------------------- Mattson Technology, Inc. 1,2 389,700 3,335,832 - -------------------------------------------------------------------------------- Micrel, Inc. 2 1,098,700 9,284,015 - -------------------------------------------------------------------------------- Microtune, Inc. 1,2 279,000 1,821,870 - -------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1,2 143,300 710,768 - -------------------------------------------------------------------------------- MKS Instruments, Inc. 1,2 636,100 12,174,954 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Monolithic Power Systems, Inc. 1,2 201,900 $ 4,334,793 - -------------------------------------------------------------------------------- National Semiconductor Corp. 520,300 11,779,592 - -------------------------------------------------------------------------------- Netlogic Microsystems, Inc. 1,2 113,100 3,641,820 - -------------------------------------------------------------------------------- Novellus Systems, Inc. 1 399,600 11,016,972 - -------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 1,140,000 10,123,200 - -------------------------------------------------------------------------------- Pericom Semiconductor Corp. 1 88,000 1,645,600 - -------------------------------------------------------------------------------- Photronics, Inc. 1 17,300 215,731 - -------------------------------------------------------------------------------- PMC-Sierra, Inc. 1,2 1,889,120 12,354,845 - -------------------------------------------------------------------------------- Rambus, Inc. 1,2 296,600 6,210,804 - -------------------------------------------------------------------------------- RF Micro Devices, Inc. 1,2 2,305,300 13,163,263 - -------------------------------------------------------------------------------- Rubicon Technology, Inc. 1 189,800 4,507,750 - -------------------------------------------------------------------------------- Rudolph Technologies, Inc. 1,2 177,800 2,012,696 - -------------------------------------------------------------------------------- Semtech Corp. 1,2 744,920 11,561,158 - -------------------------------------------------------------------------------- Sigma Designs, Inc. 1,2 235,000 12,972,000 - -------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 242,300 9,069,289 - -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1,2 216,700 647,933 - -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1,2 116,600 2,930,158 - -------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1,2 1,625,280 13,814,880 - -------------------------------------------------------------------------------- Standard Microsystems Corp. 1,2 193,000 7,540,510 - -------------------------------------------------------------------------------- Supertex, Inc. 1,2 89,800 2,809,842 - -------------------------------------------------------------------------------- Techwell, Inc. 1 57,400 631,974 - -------------------------------------------------------------------------------- Teradyne, Inc. 1 1,116,100 11,540,474 - -------------------------------------------------------------------------------- Tessera Technologies, Inc. 1,2 110,700 4,605,120 SHARES VALUE - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued TriQuint Semiconductor, Inc. 1 195,800 $ 1,298,154 - -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1,2 106,700 1,301,740 - -------------------------------------------------------------------------------- Ultratech, Inc. 1 10,100 114,534 - -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 289,470 10,710,390 - -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1,2 167,700 2,800,590 - -------------------------------------------------------------------------------- Verigy Ltd. 1 520,400 14,139,268 - -------------------------------------------------------------------------------- Volterra Semiconductor Corp. 1,2 130,000 1,433,900 - -------------------------------------------------------------------------------- Xilinx, Inc. 578,870 12,659,887 - -------------------------------------------------------------------------------- Zoran Corp. 1 645,600 14,532,456 ---------------- 440,215,078 - -------------------------------------------------------------------------------- SOFTWARE--8.1% Activision, Inc. 1 534,000 15,859,800 - -------------------------------------------------------------------------------- Actuate Corp. 1,2 546,500 4,246,305 - -------------------------------------------------------------------------------- Advent Software, Inc. 1,2 221,490 11,982,609 - -------------------------------------------------------------------------------- Ansoft Corp. 1,2 142,146 3,674,474 - -------------------------------------------------------------------------------- Ansys, Inc. 1 254,260 10,541,620 - -------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 1,014,590 16,456,650 - -------------------------------------------------------------------------------- Autodesk, Inc. 1 322,300 16,037,648 - -------------------------------------------------------------------------------- BEA Systems, Inc. 1 784,600 12,380,988 - -------------------------------------------------------------------------------- Blackbaud, Inc. 394,224 11,054,041 - -------------------------------------------------------------------------------- Blackboard, Inc. 1,2 255,100 10,267,775 - -------------------------------------------------------------------------------- BMC Software, Inc. 1 394,600 14,063,544 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 690,900 11,752,209 - -------------------------------------------------------------------------------- Check Point Software Technologies Ltd. 1 329,600 7,238,016 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 334,860 12,728,029 - -------------------------------------------------------------------------------- Cognos, Inc. 1 182,500 10,506,525 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- SOFTWARE Continued Commvault Systems, Inc. 1,2 233,960 $ 4,955,273 - -------------------------------------------------------------------------------- Compuware Corp. 1 1,171,400 10,402,032 - -------------------------------------------------------------------------------- Concur Technologies, Inc. 1,2 349,770 12,665,172 - -------------------------------------------------------------------------------- Double-Take Software, Inc. 1,2 175,700 3,816,204 - -------------------------------------------------------------------------------- EPIQ Systems, Inc. 1 165,950 2,889,190 - -------------------------------------------------------------------------------- Fair Isaac Corp. 2 304,900 9,802,535 - -------------------------------------------------------------------------------- FalconStor Software, Inc. 1,2 363,400 4,091,884 - -------------------------------------------------------------------------------- Henry (Jack) & Associates, Inc. 2 534,400 13,007,296 - -------------------------------------------------------------------------------- i2 Technologies, Inc. 1 35,700 449,820 - -------------------------------------------------------------------------------- Informatica Corp. 1,2 840,900 15,153,018 - -------------------------------------------------------------------------------- Interactive Intelligence, Inc. 1,2 159,100 4,192,285 - -------------------------------------------------------------------------------- Intervoice, Inc. 1,2 203,800 1,628,362 - -------------------------------------------------------------------------------- Intuit, Inc. 1 452,600 14,306,686 - -------------------------------------------------------------------------------- JDA Software Group, Inc. 1 194,300 3,975,378 - -------------------------------------------------------------------------------- Lawson Software, Inc. 1,2 1,369,100 14,019,584 - -------------------------------------------------------------------------------- Magma Design Automation, Inc. 1,2 65,800 803,418 - -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1 170,700 4,499,652 - -------------------------------------------------------------------------------- McAfee, Inc. 1 318,800 11,955,000 - -------------------------------------------------------------------------------- Mentor Graphics Corp. 1,2 9,700 104,566 - -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 142,600 10,004,816 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 158,500 15,073,350 - -------------------------------------------------------------------------------- NAVTEQ Corp. 1 41,800 3,160,080 - -------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1,2 86,100 2,527,896 - -------------------------------------------------------------------------------- NetScout Systems, Inc. 1,2 83,300 1,063,741 - -------------------------------------------------------------------------------- Novell, Inc. 1 1,511,800 10,386,066 - -------------------------------------------------------------------------------- Nuance Communications, Inc. 1 197,900 3,696,772 SHARES VALUE - -------------------------------------------------------------------------------- SOFTWARE Continued Parametric Technology Corp. 1 87,750 $ 1,566,338 - -------------------------------------------------------------------------------- Progress Software Corp. 1 159,300 5,365,224 - -------------------------------------------------------------------------------- PROS Holdings, Inc. 1,2 173,700 3,407,994 - -------------------------------------------------------------------------------- Quality Systems, Inc. 2 16,700 509,183 - -------------------------------------------------------------------------------- Quest Software, Inc. 1,2 388,000 7,154,720 - -------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 244,300 4,209,289 - -------------------------------------------------------------------------------- Red Hat, Inc. 1 533,400 11,116,056 - -------------------------------------------------------------------------------- Salesforce.com, Inc. 1 134,200 8,412,998 - -------------------------------------------------------------------------------- Secure Computing Corp. 1 46,700 448,320 - -------------------------------------------------------------------------------- Sonic Solutions, Inc. 1,2 102,000 1,059,780 - -------------------------------------------------------------------------------- SPSS, Inc. 1,2 165,900 5,957,469 - -------------------------------------------------------------------------------- Sybase, Inc. 1 314,400 8,202,696 - -------------------------------------------------------------------------------- Synchronoss Technologies, Inc. 1,2 204,592 7,250,740 - -------------------------------------------------------------------------------- Synopsys, Inc. 1 427,400 11,082,482 - -------------------------------------------------------------------------------- Taleo Corp., Cl. A 1 154,300 4,595,054 - -------------------------------------------------------------------------------- The9 Ltd., ADR 1,2 184,900 3,942,068 - -------------------------------------------------------------------------------- THQ, Inc. 1,2 200,400 5,649,276 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 1,232,000 9,942,240 - -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 281,300 3,625,957 - -------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 128,500 4,043,895 - -------------------------------------------------------------------------------- Vasco Data Security International, Inc. 1 42,500 1,186,600 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 618,734 5,525,295 ---------------- 461,673,983 - -------------------------------------------------------------------------------- MATERIALS--7.7% - -------------------------------------------------------------------------------- CHEMICALS--3.3% American Vanguard Corp. 12,700 220,345 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- CHEMICALS Continued Arch Chemicals, Inc. 2 274,300 $ 10,080,525 - -------------------------------------------------------------------------------- Ashland, Inc. 189,500 8,987,985 - -------------------------------------------------------------------------------- Cabot Corp. 129,980 4,333,533 - -------------------------------------------------------------------------------- Calgon Carbon Corp. 1,2 298,600 4,744,754 - -------------------------------------------------------------------------------- Celanese Corp., Series A 285,000 12,061,200 - -------------------------------------------------------------------------------- CF Industries Holdings, Inc. 144,700 15,925,682 - -------------------------------------------------------------------------------- Eastman Chemical Co. 88,600 5,412,574 - -------------------------------------------------------------------------------- Ferro Corp. 252,200 5,228,106 - -------------------------------------------------------------------------------- Fuller (H.B.) Co. 2 507,400 11,391,130 - -------------------------------------------------------------------------------- GenTek, Inc. 1,2 26,500 775,655 - -------------------------------------------------------------------------------- ICO, Inc. 1 223,200 2,865,888 - -------------------------------------------------------------------------------- Innophos Holdings, Inc. 2 90,800 1,351,104 - -------------------------------------------------------------------------------- Innospec, Inc. 140,105 2,404,202 - -------------------------------------------------------------------------------- Koppers Holdings, Inc. 2 155,800 6,736,792 - -------------------------------------------------------------------------------- Landec Corp. 1,2 237,700 3,185,180 - -------------------------------------------------------------------------------- LSB Industries, Inc. 1 76,600 2,161,652 - -------------------------------------------------------------------------------- Minerals Technologies, Inc. 2 14,800 990,860 - -------------------------------------------------------------------------------- NewMarket Corp. 2 20,460 1,139,417 - -------------------------------------------------------------------------------- Olin Corp. 2 460,467 8,900,827 - -------------------------------------------------------------------------------- OM Group, Inc. 1 271,500 15,622,110 - -------------------------------------------------------------------------------- PolyOne Corp. 1,2 37,400 246,092 - -------------------------------------------------------------------------------- Rockwood Holdings, Inc. 1 90,928 3,020,628 - -------------------------------------------------------------------------------- Schulman (A.), Inc. 135,700 2,924,335 - -------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 194,500 7,278,190 - -------------------------------------------------------------------------------- Sensient Technologies Corp. 473,300 13,384,924 - -------------------------------------------------------------------------------- Spartech Corp. 111,600 1,573,560 - -------------------------------------------------------------------------------- Stepan Co. 2 37,700 1,226,381 - -------------------------------------------------------------------------------- Terra Industries, Inc. 1,2 339,254 16,202,771 - -------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 36,500 324,850 SHARES VALUE - -------------------------------------------------------------------------------- CHEMICALS Continued Valhi, Inc. 2 6,700 $ 106,798 - -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 555,100 14,532,518 - -------------------------------------------------------------------------------- Zep, Inc. 1 172,575 2,393,615 ---------------- 187,734,183 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.0% AptarGroup, Inc. 2 54,000 2,209,140 - -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 181,900 4,665,735 - -------------------------------------------------------------------------------- Graphic Packaging Corp. 1,2 39,200 144,648 - -------------------------------------------------------------------------------- Myers Industries, Inc. 135,700 1,963,579 - -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 297,300 14,716,350 - -------------------------------------------------------------------------------- Packaging Corp. of America 371,500 10,476,300 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 2 518,700 13,180,167 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 132,800 6,897,632 ---------------- 54,253,551 - -------------------------------------------------------------------------------- METALS & MINING--3.2% AK Steel Holding Corp. 1,2 235,100 10,871,024 - -------------------------------------------------------------------------------- Amerigo Resources Ltd. 757,900 1,754,045 - -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1,2 50,400 1,865,808 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 159,000 11,952,030 - -------------------------------------------------------------------------------- Century Aluminum Co. 1,2 325,500 17,557,470 - -------------------------------------------------------------------------------- Claymont Steel Holdings, Inc. 1 29,800 695,830 - -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 2 33,000 3,326,400 - -------------------------------------------------------------------------------- Commercial Metals Co. 94,000 2,768,300 - -------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 313,800 12,865,800 - -------------------------------------------------------------------------------- Esmark, Inc. 1,2 9,790 138,333 - -------------------------------------------------------------------------------- Farallon Resources Ltd. 1 1,036,200 729,865 - -------------------------------------------------------------------------------- Haynes International, Inc. 1,2 31,000 2,154,500 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND SHARES VALUE - -------------------------------------------------------------------------------- METALS & MINING Continued Hecla Mining Co. 1,2 1,627,200 $ 15,214,320 - -------------------------------------------------------------------------------- Metal Management, Inc. 2 334,400 15,225,232 - -------------------------------------------------------------------------------- Olympic Steel, Inc. 2 10,800 342,468 - -------------------------------------------------------------------------------- Quanex Corp. 328,873 17,068,509 - -------------------------------------------------------------------------------- Redcorp Ventures Ltd. 1,4 4,502,900 1,200,713 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 164,100 8,894,220 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 171,200 11,835,056 - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 223,900 13,337,723 - -------------------------------------------------------------------------------- United States Steel Corp. 158,600 19,176,326 - -------------------------------------------------------------------------------- Universal Stainless & Alloy Products, Inc. 1,2 35,400 1,259,178 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 2 682,100 12,195,948 - -------------------------------------------------------------------------------- Yamana Gold, Inc. 51,405 666,744 ---------------- 183,095,842 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% AbitibiBowater, Inc. 2 59,832 1,233,138 - -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1,2 277,200 3,465,000 - -------------------------------------------------------------------------------- Glatfelter 2 41,200 630,772 - -------------------------------------------------------------------------------- Schweitzer-Mauduit International, Inc. 2 97,000 2,513,270 - -------------------------------------------------------------------------------- Wausau Paper Corp. 2 182,300 1,638,877 ---------------- 9,481,057 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.5% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.0% Alaska Communications Systems Group, Inc. 2 301,000 4,515,000 - -------------------------------------------------------------------------------- Atlantic Tele-Network, Inc. 2 93,585 3,161,301 - -------------------------------------------------------------------------------- Cbeyond, Inc. 1,2 326,800 12,741,932 - -------------------------------------------------------------------------------- CenturyTel, Inc. 208,800 8,656,848 - -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 3,262,400 15,496,400 SHARES VALUE - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued Cogent Communications Group, Inc. 1,2 472,600 $ 11,205,346 - -------------------------------------------------------------------------------- Consolidated Communications Holdings, Inc. 119,600 2,380,040 - -------------------------------------------------------------------------------- Embarq Corp. 270,900 13,417,677 - -------------------------------------------------------------------------------- FairPoint Communications, Inc. 2 63,300 824,166 - -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 2 176,000 2,861,760 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 9,700 220,093 - -------------------------------------------------------------------------------- NTELOS Holdings Corp. 368,400 10,937,796 - -------------------------------------------------------------------------------- PAETEC Holding Corp. 1,2 99,992 974,922 - -------------------------------------------------------------------------------- Premiere Global Services, Inc. 1,2 890,480 13,223,628 - -------------------------------------------------------------------------------- Qwest Communications International, Inc. 1,2 419,200 2,938,592 - -------------------------------------------------------------------------------- Shenandoah Telecommunications Co. 2 6,500 155,870 - -------------------------------------------------------------------------------- SureWest Communications 2 1,300 22,230 - -------------------------------------------------------------------------------- Time Warner Telecom, Inc., Cl. A 1 79,900 1,621,171 - -------------------------------------------------------------------------------- Vonage Holdings Corp. 1 37,800 86,940 - -------------------------------------------------------------------------------- Windstream Corp. 406,300 5,290,026 ---------------- 110,731,738 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.5% Centennial Communications Corp. 1 551,200 5,120,648 - -------------------------------------------------------------------------------- Rural Cellular Corp., Cl. A 1,2 36,700 1,618,103 - -------------------------------------------------------------------------------- Syniverse Holdings, Inc. 1 741,565 11,553,583 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES Continued Telephone & Data Systems, Inc. 188,900 $ 11,825,140 - -------------------------------------------------------------------------------- USA Mobility, Inc. 2 34,400 491,920 ---------------- 30,609,394 - -------------------------------------------------------------------------------- UTILITIES--1.1% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.3% El Paso Electric Co. 1,2 303,400 7,757,938 - -------------------------------------------------------------------------------- Otter Tail Corp. 2 77,700 2,688,420 - -------------------------------------------------------------------------------- Reliant Energy, Inc. 1 102,400 2,686,976 - -------------------------------------------------------------------------------- UniSource Energy Corp. 160,800 5,073,240 ---------------- 18,206,574 - -------------------------------------------------------------------------------- ENERGY TRADERS--0.0% Canadian Hydro Developers, Inc. 1 406,000 2,614,611 - -------------------------------------------------------------------------------- GAS UTILITIES--0.6% New Jersey Resources Corp. 2 110,800 5,542,216 - -------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 271,200 13,196,592 - -------------------------------------------------------------------------------- South Jersey Industries, Inc. 2 2,600 93,834 - -------------------------------------------------------------------------------- Southwest Gas Corp. 52,600 1,565,902 - -------------------------------------------------------------------------------- WGL Holdings,Inc. 2 423,500 13,873,860 ---------------- 34,272,404 - -------------------------------------------------------------------------------- MULTI-UTILITIES--0.2% Avista Corp. 2 92,800 1,998,912 - -------------------------------------------------------------------------------- Black Hills Corp. 2 51,000 2,249,100 - -------------------------------------------------------------------------------- Energy East Corp. 66,500 1,809,455 - -------------------------------------------------------------------------------- Vectren Corp. 2 80,800 2,344,008 ---------------- 8,401,475 ---------------- Total Common Stocks (Cost $5,477,501,246) 5,632,244,780 UNITS - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Redcorp Ventures Ltd. Wts., Exp. 7/5/09 1,4 (Cost $0) 2,251,450 147,257 SHARES VALUE - -------------------------------------------------------------------------------- INVESTMENT COMPANIES--1.0% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.03% 5,6 (Cost $56,679,283) 56,679,283 $ 56,679,283 - -------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $5,534,180,529) 5,689,071,320 PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--24.1% 7 - -------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--2.1% Carrington Mortgage Loan Trust, Series 2007-RFC1, Cl. A1, 4.92%, 1/25/08 $ 17,967,768 17,556,612 - -------------------------------------------------------------------------------- Credit-Based Asset Servicing & Securitization LLC, 4.91%, 1/25/08 4,276,630 4,186,791 - -------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 4.96%, 1/25/08 2,806,874 2,805,781 - -------------------------------------------------------------------------------- Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 4.93%, 1/25/08 4,242,770 4,113,073 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Series 2007-NC2, Cl. A2A, 4.98%, 1/25/08 15,722,820 15,356,715 - -------------------------------------------------------------------------------- Morgan Stanley ABS Capital I, Series 2007-NC4, Cl. A2A, 4.95%, 1/25/08 20,894,055 20,229,206 - -------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Series 2007-2, Cl. SA1, 4.96%, 1/25/08 11,115,474 10,900,067 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE Continued Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 4.95%, 1/25/08 $ 3,062,687 $ 3,040,912 - -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 4.96%, 1/25/08 1,614,490 1,613,861 - -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.04%, 3/17/08 38,000,000 37,982,478 ---------------- 117,785,496 - -------------------------------------------------------------------------------- BANK FLOATING RATE NOTE--0.5% Wachovia Bank NA, 4.36%, 1/2/08 31,000,000 30,917,788 - -------------------------------------------------------------------------------- DOMESTIC FLOATING CERTIFICATE OF DEPOSIT--2.4% Comerica, 4.71%, 1/2/08 70,000,000 69,898,433 - -------------------------------------------------------------------------------- Manufactures & Traders, 5.29%, 1/15/08 64,818,921 64,844,845 ---------------- 134,743,278 - -------------------------------------------------------------------------------- FUNDING AGREEMENT/GUARANTEED INVESTMENT CONTRACT--1.0% Metropolitan Life Insurance Co., 5.28%, 1/2/08 20,000,000 20,000,000 - -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.15%, 2/26/08 15,000,000 15,000,000 - -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.16%, 1/29/08 19,000,000 19,000,000 ---------------- 54,000,000 PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.1% Undivided interest of 28.86% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,250,000) with Bank of America NA, 4.50%, dated 12/31/07, to be repurchased at $288,643,446 on 1/2/08, collateralized by U.S. Agency Mortgages, 5%, 5/1/35, with a value of $1,020,000,000 $288,571,303 $ 288,571,303 - -------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.7% Citigroup Global Markets, Inc., 4.65%, 1/2/08 40,000,000 40,000,000 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--12.2% AIG Match Funding Corp., 4.36%, 1/2/08 40,000,000 39,879,533 - -------------------------------------------------------------------------------- American Express Credit Corp., 5.04%, 1/15/08 8,000,000 8,000,272 - -------------------------------------------------------------------------------- American General Finance Corp., 5.26%, 1/9/08 13,000,000 12,869,337 - -------------------------------------------------------------------------------- American Honda Finance Corp., 4.98%, 3/17/08 49,024,726 49,003,675 - -------------------------------------------------------------------------------- American Honda Finance Corp., 5.16%, 3/10/08 13,508,067 13,503,888 - -------------------------------------------------------------------------------- Beta Finance, Inc., 4.37%, 1/2/08 4,999,822 4,985,445 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued Beta Finance, Inc., 4.39%, 1/2/08 $ 24,988,847 $ 24,501,800 - -------------------------------------------------------------------------------- Caixa Catal, 5.18%, 3/7/08 15,000,000 14,983,500 - -------------------------------------------------------------------------------- CC USA, Inc., 4.37%, 1/2/08 9,000,000 8,996,382 - -------------------------------------------------------------------------------- CC USA, Inc., 4.37%, 1/2/08 7,000,000 6,991,453 - -------------------------------------------------------------------------------- CC USA, Inc., 4.38%, 1/2/08 13,999,294 13,978,734 - -------------------------------------------------------------------------------- CC USA, Inc., 4.38%, 1/2/08 6,999,647 6,988,135 - -------------------------------------------------------------------------------- CC USA, Inc., 4.39%, 1/2/08 25,488,610 25,077,593 - -------------------------------------------------------------------------------- Dorada Finance, Inc., 4.37%, 1/2/08 6,000,000 5,992,638 - -------------------------------------------------------------------------------- Fifth Third Bancorp, 4.91%, 1/23/08 2,000,000 1,990,580 - -------------------------------------------------------------------------------- Five Finance, Inc., 4.38%, 1/2/08 18,999,521 18,971,367 - -------------------------------------------------------------------------------- Five Finance, Inc., 4.38%, 1/2/08 3,999,904 3,992,992 - -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 4.41%, 1/2/08 25,000,000 24,922,575 - -------------------------------------------------------------------------------- HBOS Treasury Services plc, 4.37%, 1/2/08 3,000,000 2,997,564 - -------------------------------------------------------------------------------- HSBC Finance Corp., 5.26%, 1/7/08 3,000,000 2,991,180 - -------------------------------------------------------------------------------- Jackson National Life Global Fund, 5.14%, 3/3/08 25,000,000 24,875,000 - -------------------------------------------------------------------------------- K2 (USA) LLC, 4.37%, 1/2/08 49,977,531 48,768,200 - -------------------------------------------------------------------------------- K2 (USA) LLC, 4.39%, 1/2/08 5,999,622 5,988,096 - -------------------------------------------------------------------------------- LINKS Finance LLC, 4.37%, 1/2/08 7,000,681 6,965,765 - -------------------------------------------------------------------------------- LINKS Finance LLC, 4.37%, 1/2/08 44,983,194 43,746,570 PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued LINKS Finance LLC, 4.38%, 1/2/08 $ 8,003,507 $ 7,975,870 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.37%, 1/2/08 32,500,000 32,455,280 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.37%, 1/2/08 8,000,000 7,799,808 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.37%, 1/2/08 18,000,000 17,805,168 - -------------------------------------------------------------------------------- MBIA Global Funding LLC, 4.86%, 1/30/08 5,000,000 4,996,505 - -------------------------------------------------------------------------------- Merrill Lynch & Co., 4.41%, 1/2/08 30,000,000 29,772,570 - -------------------------------------------------------------------------------- Merrill Lynch & Co., 4.42%, 1/2/08 40,000,000 39,612,400 - -------------------------------------------------------------------------------- Metropolitan Life Global Funding, 4.89%, 1/22/08 38,500,000 38,472,708 - -------------------------------------------------------------------------------- Nationwide Global Fund I, 4.99%, 3/17/08 54,036,287 54,018,251 - -------------------------------------------------------------------------------- PACCAR Financial Corp., 5.05%, 2/28/08 7,503,630 7,502,130 - -------------------------------------------------------------------------------- Pricoa Global Funding I, 5.13%, 3/12/08 14,001,451 13,997,480 - -------------------------------------------------------------------------------- Sigma Finance, Inc., 4.37%, 1/2/08 10,000,000 9,991,770 - -------------------------------------------------------------------------------- Tango Finance Corp., 4.38%, 1/2/08 3,499,825 3,490,599 ---------------- 689,852,813 - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.1% Natexis Banques Populaires NY, 4.37%, 1/2/08 2,000,000 1,999,812 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL AMOUNT VALUE - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT Continued Natexis Banques Populaires NY, 4.39%, 1/2/08 $ 3,999,902 $ 3,999,964 ---------------- 5,999,776 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $1,369,116,085) 1,361,870,454 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $6,903,296,614) 124.7% 7,050,941,774 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (24.7) (1,395,379,489) ------------------------------- NET ASSETS 100.0% $ 5,655,562,285 =============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See Note 7 of accompanying Notes. 3. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2007 was $392,936, which represents 0.01% of the Fund's net assets, of which $392,936 is considered restricted. See Note x of accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 11/15/04 $492,524 $392,936 $99,588
4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $2,316,555 or 0.04% of the Fund's net assets as of December 31, 2007. 5. Rate shown is the 7-day yield as of December 31, 2007. 6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES JUNE 30, 2007 ADDITIONS REDUCTIONS DECEMBER 31, 2007 - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 59,435,689 939,065,434 941,821,840 56,679,283
DIVIDEND VALUE INCOME - ----------------------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $56,679,283 $1,174,292
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. 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
December 31, 2007 - ----------------------------------------------------------------------------------------------------------- ASSETS - ----------------------------------------------------------------------------------------------------------- Investments, at value--see accompanying statement of investments: Unaffiliated companies (cost $6,846,617,331) $ 6,994,262,491 Affiliated companies (cost $56,679,283) 56,679,283 ---------------- 7,050,941,774 - ----------------------------------------------------------------------------------------------------------- Cash 293,053 - ----------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 72,478,773 Shares of beneficial interest sold 12,583,845 Interest and dividends 5,339,057 Other 767,740 ---------------- Total assets 7,142,404,242 - ----------------------------------------------------------------------------------------------------------- LIABILITIES - ----------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 1,369,116,085 - ----------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 93,978,013 Shares of beneficial interest redeemed 18,913,600 Distribution and service plan fees 3,089,567 Transfer and shareholder servicing agent fees 1,514,965 Shareholder communications 123,151 Trustees' compensation 31,468 Other 75,108 ---------------- Total liabilities 1,486,841,957 - ----------------------------------------------------------------------------------------------------------- NET ASSETS $ 5,655,562,285 ================ - ----------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ----------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 289,746 - ----------------------------------------------------------------------------------------------------------- Additional paid-in capital 5,542,753,268 - ----------------------------------------------------------------------------------------------------------- Accumulated net investment loss (11,836,151) - ----------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (23,288,205) - ----------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 147,643,627 ---------------- NET ASSETS $ 5,655,562,285 ================
42 | 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 $3,684,984,776 and 186,853,124 shares of beneficial interest outstanding) $ 19.72 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 20.92 - ----------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $368,725,662 and 20,317,606 shares of beneficial interest outstanding) $ 18.15 - ----------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $614,548,155 and 33,706,318 shares of beneficial interest outstanding) $ 18.23 - ----------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $293,440,709 and 15,251,306 shares of beneficial interest outstanding) $ 19.24 - ----------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $693,862,983 and 33,617,554 shares of beneficial interest outstanding) $ 20.64
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2007 - ----------------------------------------------------------------------------------------------------------- INVESTMENT INCOME - ----------------------------------------------------------------------------------------------------------- Dividends: Unaffiliated companies $ 18,986,110 Affiliated companies 1,174,292 - ----------------------------------------------------------------------------------------------------------- Portfolio lending fees 4,184,235 - ----------------------------------------------------------------------------------------------------------- Interest 93,407 - ----------------------------------------------------------------------------------------------------------- Other income 62,079 ---------------- Total investment income 24,500,123 - ----------------------------------------------------------------------------------------------------------- EXPENSES - ----------------------------------------------------------------------------------------------------------- Management fees 17,853,837 - ----------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 4,510,510 Class B 2,109,548 Class C 3,354,468 Class N 752,404 - ----------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 5,227,894 Class B 546,133 Class C 762,625 Class N 577,932 Class Y 324,230 - ----------------------------------------------------------------------------------------------------------- Shareholder communications--Class Y 648 - ----------------------------------------------------------------------------------------------------------- Trustees' compensation 44,046 - ----------------------------------------------------------------------------------------------------------- Custodian fees and expenses 17,008 - ----------------------------------------------------------------------------------------------------------- Administration service fees 750 - ----------------------------------------------------------------------------------------------------------- Other 147,192 ---------------- Total expenses 36,229,225 Less reduction to custodian expenses (11,365) Less waivers and reimbursements of expenses (73,950) ---------------- Net expenses 36,143,910 - ----------------------------------------------------------------------------------------------------------- NET INVESTMENT LOSS (11,643,787)
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND - ----------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ----------------------------------------------------------------------------------------------------------- Net realized gain on: Investments from unaffiliated companies $ 140,777,880 Foreign currency transactions 1,589,927 ---------------- Net realized gain 142,367,807 - ----------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on: Investments (765,451,829) Translation of assets and liabilities denominated in foreign currencies 4,785 ---------------- Net change in unrealized appreciation (765,447,044) - ----------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (634,723,024) ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2007 JUNE 30, (UNAUDITED) 2007 - -------------------------------------------------------------------------------------------------------- OPERATIONS - -------------------------------------------------------------------------------------------------------- Net investment income (loss) $ (11,643,787) $ 10,852,625 - -------------------------------------------------------------------------------------------------------- Net realized gain 142,367,807 475,646,147 - -------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (765,447,044) 301,071,630 ---------------------------------- Net increase (decrease) in net assets resulting from operations (634,723,024) 787,570,402 - -------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - -------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (8,534,048) -- Class B -- -- Class C -- -- Class N -- -- Class Y (4,198,005) -- ---------------------------------- (12,732,053) -- - -------------------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (343,010,963) (198,184,565) Class B (37,385,963) (34,084,425) Class C (62,214,188) (45,157,710) Class N (27,741,742) (16,187,088) Class Y (60,260,258) (33,646,099) ---------------------------------- (530,613,114) (327,259,887) - -------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 683,167,605 891,622,920 Class B (20,018,408) (62,735,159) Class C 41,066,618 59,556,302 Class N 53,735,254 85,583,224 Class Y 20,477,648 324,792,387 ---------------------------------- 778,428,717 1,298,819,674 - -------------------------------------------------------------------------------------------------------- NET ASSETS - -------------------------------------------------------------------------------------------------------- Total increase (decrease) (399,639,474) 1,759,130,189 - -------------------------------------------------------------------------------------------------------- Beginning of period 6,055,201,759 4,296,071,570 ---------------------------------- End of period (including accumulated net investment income (loss) of $(11,836,151) and $12,539,689, respectively) $ 5,655,562,285 $ 6,055,201,759 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, CLASS A (UNAUDITED) 2007 2006 2005 2004 2003 - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 24.25 $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.03) 1 .08 1 (.02) 1 (.04) 1 (.10) (.08) Net realized and unrealized gain (loss) (2.44) 3.45 3.59 2.65 4.84 (.26) ------------------------------------------------------------------------------- Total from investment operations (2.47) 3.53 3.57 2.61 4.74 (.34) - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.05) -- -- -- -- -- Distributions from net realized gain (2.01) (1.55) (1.47) (1.96) -- -- ------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (2.06) (1.55) (1.47) (1.96) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.72 $ 24.25 $ 22.27 $ 20.17 $ 19.52 $ 14.78 =============================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (10.24)% 16.48% 18.22% 13.82% 32.07% (2.25)% - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $3,684,985 $3,766,574 $2,584,254 $1,557,307 $1,177,389 $ 584,052 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $3,737,216 $3,086,495 $2,040,757 $1,325,846 $ 904,397 $ 490,057 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.10% 0.35% (0.07)% (0.20)% (0.42)% (0.59)% Total expenses 1.13% 4 1.12% 4 1.15% 1.19% 1.17% 1.39% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.13% 1.12% 1.15% 1.19% 1.17% 1.36% - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 65% 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 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: Six Months Ended December 31, 2007 1.13% Year Ended June 30, 2007 1.12% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, CLASS B (UNAUDITED) 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 22.53 $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.11) 1 (.10) 1 (.18) 1 (.18) 1 (.20) (.14) Net realized and unrealized gain (loss) (2.26) 3.24 3.40 2.54 4.64 (.30) ------------------------------------------------------------------------------- Total from investment operations (2.37) 3.14 3.22 2.36 4.44 (.44) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (2.01) (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 18.15 $ 22.53 $ 20.94 $ 19.19 $ 18.79 $ 14.35 =============================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 (10.58)% 15.63% 17.29% 12.98% 30.94% (2.98)% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $368,725 $473,768 $501,742 $510,183 $482,028 $330,174 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $418,406 $479,042 $512,657 $490,050 $432,160 $268,057 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.64)% (0.46)% (0.85)% (0.98)% (1.26)% (1.34)% Total expenses 1.88% 4 1.89% 4 1.92% 1.97% 2.01% 2.21% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.88% 1.89% 1.92% 1.97% 2.01% 2.11% - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 65% 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 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: Six Months Ended December 31, 2007 1.88% Year Ended June 30, 2007 1.89% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, CLASS C (UNAUDITED) 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 22.62 $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.11) 1 (.08) 1 (.16) 1 (.17) 1 (.17) (.13) Net realized and unrealized gain (loss) (2.27) 3.24 3.40 2.55 4.63 (.30) ------------------------------------------------------------------------------------ Total from investment operations (2.38) 3.16 3.24 2.38 4.46 (.43) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (2.01) (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 18.23 $ 22.62 $ 21.01 $ 19.24 $ 18.82 $ 14.36 ==================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 (10.58)% 15.68% 17.35% 13.07% 31.06% (2.91)% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $614,548 $710,808 $600,331 $473,099 $402,056 $238,717 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $664,908 $645,637 $543,420 $433,888 $340,201 $186,380 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.61)% (0.39)% (0.79)% (0.91)% (1.17)% (1.30)% Total expenses 1.85% 4,5 1.84% 4,5 1.87% 5 1.90% 5,6 1.91% 5,6 2.07% 5 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 65% 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 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: Six Months Ended December 31, 2007 1.85% Year Ended June 30, 2007 1.84% 5. Reduction to custodian expenses less than 0.005%. 6. Voluntary waiver of transfer agent fees less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, CLASS N (UNAUDITED) 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 23.70 $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.07) 1 .01 1 (.09) 1 (.10) 1 (.14) (.11) Net realized and unrealized gain (loss) (2.38) 3.37 3.53 2.63 4.78 (.25) ------------------------------------------------------------------------ Total from investment operations (2.45) 3.38 3.44 2.53 4.64 (.36) Dividends and/or distributions to shareholders: Distributions from net realized gain (2.01) (1.55) (1.47) (1.96) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.24 $ 23.70 $ 21.87 $ 19.90 $ 19.33 $ 14.69 ======================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (10.39)% 16.08% 17.79% 13.53% 31.59% (2.39)% - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $293,441 $300,360 $192,089 $129,631 $84,678 $41,474 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $298,477 $245,298 $162,869 $105,497 $65,107 $24,417 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) (0.27)% 0.02% (0.40)% (0.50)% (0.77)% (0.83)% Total expenses 1.54% 4 1.45% 4 1.49% 1.54% 1.61% 1.64% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.50% 1.45% 1.48% 1.50% 1.52% 1.60% - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 65% 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 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: Six Months Ended December 31, 2007 1.54% Year Ended June 30, 2007 1.45% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, CLASS Y (UNAUDITED) 2007 2006 2005 2004 2003 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 25.32 $ 23.09 $ 20.76 $ 19.94 $ 15.03 $15.27 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .01 1 .20 1 .10 1 .08 1 (.03) (.07) Net realized and unrealized gain (loss) (2.54) 3.58 3.70 2.70 4.94 (.17) ---------------------------------------------------------------------------------- Total from investment operations (2.53) 3.78 3.80 2.78 4.91 (.24) - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.14) -- -- -- -- -- Distributions from net realized gain (2.01) (1.55) (1.47) (1.96) -- -- ---------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (2.15) (1.55) (1.47) (1.96) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.64 $ 25.32 $ 23.09 $ 20.76 $ 19.94 $15.03 ================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 (10.04)% 17.00% 18.83% 14.41% 32.67% (1.57)% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $693,863 $803,692 $417,656 $229,463 $14,714 $7,637 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $668,009 $570,576 $314,236 $ 84,470 $11,428 $3,460 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.50% 0.83% 0.42% 0.39% 0.06% 0.00% Total expenses 0.71% 4,5 0.66% 4,5 0.66% 5 0.69% 5 0.70% 5 0.79% 5 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 65% 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 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: Six Months Ended December 31, 2007 0.71% Year Ended June 30, 2007 0.66% 5. Reduction to custodian expenses less than 0.005%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the "Fund") is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment adviser 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 72 months 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 trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange 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 whose principal exchange is NASDAQ(R) are valued based on the closing price reported 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, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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. Shares of a registered investment company that are not valued on an exchange are valued at the acquired investment company's net asset value per share. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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") to seek current income while preserving liquidity. 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 adviser 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. - -------------------------------------------------------------------------------- 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 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. - -------------------------------------------------------------------------------- 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 Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund's tax return filings remain open for the three preceding fiscal reporting period ends. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a 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. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. - -------------------------------------------------------------------------------- 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 is recognized on an accrual basis. Market discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily. - -------------------------------------------------------------------------------- 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 accounting principles generally accepted in the United States of America 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows: 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED DECEMBER 31, 2007 YEAR ENDED JUNE 30, 2007 SHARES AMOUNT SHARES AMOUNT - ---------------------------------------------------------------------------------------------------------------- CLASS A Sold 40,688,797 $ 925,564,939 60,720,498 $1,383,194,872 Dividends and/or distributions reinvested 15,579,172 309,402,372 8,159,374 181,872,344 Redeemed (24,723,542) (551,799,706) (29,599,467) (673,444,296) ----------------------------------------------------------- Net increase 31,544,427 $ 683,167,605 39,280,405 $891,622,920 =========================================================== - ---------------------------------------------------------------------------------------------------------------- CLASS B Sold 1,133,854 $ 24,142,316 2,210,418 $ 46,913,865 Dividends and/or distributions reinvested 1,932,402 35,324,302 1,544,101 32,101,924 Redeemed (3,780,048) (79,485,026) (6,678,679) (141,750,948) ----------------------------------------------------------- Net decrease (713,792) $ (20,018,408) (2,924,160) $ (62,735,159) =========================================================== - ---------------------------------------------------------------------------------------------------------------- CLASS C Sold 3,406,803 $ 70,986,000 6,968,949 $ 148,591,292 Dividends and/or distributions reinvested 2,924,792 53,728,436 1,882,487 39,287,502 Redeemed (4,052,129) (83,647,818) (5,993,375) (128,322,492) ----------------------------------------------------------- Net increase 2,279,466 $ 41,066,618 2,858,061 $ 59,556,302 =========================================================== - ---------------------------------------------------------------------------------------------------------------- CLASS N Sold 3,635,213 $ 80,449,316 6,416,366 $ 142,597,904 Dividends and/or distributions reinvested 1,318,108 25,544,924 695,844 15,183,321 Redeemed (2,373,062) (52,258,986) (3,223,643) (72,198,001) ----------------------------------------------------------- Net increase 2,580,259 $ 53,735,254 3,888,567 $ 85,583,224 =========================================================== - ---------------------------------------------------------------------------------------------------------------- CLASS Y Sold 10,371,265 $ 245,281,457 15,743,029 $ 375,520,314 Dividends and/or distributions reinvested 2,893,642 60,129,873 1,425,840 33,093,751 Redeemed (11,387,799) (284,933,682) (3,518,471) (83,821,678) ----------------------------------------------------------- Net increase 1,877,108 $ 20,477,648 13,650,398 $ 324,792,387 ===========================================================
- -------------------------------------------------------------------------------- 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 six months ended December 31, 2007, were as follows: PURCHASES SALES ------------------------------------------------------- Investment securities $4,032,102,446 $3,761,502,248 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table: FEE SCHEDULE ---------------------------------- Up to $200 million 0.75% Next $200 million 0.72 Next $200 million 0.69 Next $200 million 0.66 Next $4.2 billion 0.60 Over $5 billion 0.58 - -------------------------------------------------------------------------------- ADMINISTRATION SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended December 31, 2007, the Fund paid $6,887,307 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 annually 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 (the "Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund 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 service 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 (the "Plans") for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 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 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited/Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the Plans at December 31, 2007 for Class B, Class C and Class N shares were $295,977, $8,874,945 and $3,521,495, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges ("CDSC") do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES CHARGES CHARGES CHARGES CHARGES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ------------------------------------------------------------------------------------------------------- December 31, 2007 $510,700 $18,728 $279,587 $26,313 $2,387
- -------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the six months ended December 31, 2007, OFS waived $51,500 for Class N shares. This undertaking may be amended or withdrawn at any time. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. During the six months ended December 31, 2007, the Manager waived $22,450 for IMMF management fees. - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY EXCHANGE CONTRACTS The Fund may enter into foreign currency exchange contracts ("forward contracts") for the purchase or sale of a foreign currency at a negotiated rate at a future date. Foreign currency exchange contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations. Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the coun-terparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. As of December 31, 2007, the Fund had no outstanding forward contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 2007, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. - -------------------------------------------------------------------------------- 7. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of December 31, 2007, the Fund had on loan securities valued at $1,361,925,399. Collateral of $1,369,116,085 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 8. RECENT ACCOUNTING PRONOUNCEMENT In September 2006, Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of December 31, 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. 60 | 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. 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Each year, the Board of Trustees (the "Board"), including a majority of the independent Trustees, is required to determine whether to renew the Fund's investment advisory agreement (the "Agreement"). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager's services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. Outlined below is a summary of the principal information considered by the Board as well as the Board's conclusions. The Board was aware that there are alternatives to retaining the Manager. NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager's key personnel who provide such services. The Manager's duties include providing the Fund with the services of the portfolio managers and the Manager's investment team, who provide research, analysis and other advisory services in regard to the Fund's investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund's investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund's operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund's shares. The Manager also provides the Fund with office space, facilities and equipment. The Board also considered the quality of the services provided and the quality of the Manager's resources that are available to the Fund. The Board took account of the fact 62 | OPPENHEIMER MAIN STREET SMALL CAP FUND that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager's administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager's key personnel and the size and functions of its staff providing investment management services to the Fund. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Nikolaos D. Monoyios and Mark Zavanelli and the Manager's Main Street Investment team and analysts. Mr. Monoyios has been a portfolio manager of the Fund since October 2003 and Mr. Zavanelli has been a portfolio manager of the Fund since July 1999. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. In light of the foregoing, the Board concluded that the Fund benefits from the services provided under the Agreement as a result of the Manager's experience, reputation, personnel, operations, and resources. INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the Manager provided information on the investment performance of the Fund and the Manager at each Board meeting, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund's historical performance to relevant market indices and to the performance of other retail front-end load and no-load small-cap core funds including both funds advised by the Manager and funds advised by other investment advisers. The Board noted that the Fund's three-year and five-year performance were better than its peer group median although its one-year performance was below its peer group median. The Board considered that for the period from the Fund's inception through April 30, 2007, the Fund has ranked in the top 10% of its peer group. COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board considered information regarding the Manager's costs in serving as the Fund's investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager's profitability from its relationship with the Fund. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, and other small-cap core and small-cap value funds with comparable asset levels and distribution features. The Board noted that the Fund's contractual and actual management fees are lower than its peer group median. 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued - -------------------------------------------------------------------------------- ECONOMIES OF SCALE. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with shareholders economies of scale that may exist as the Fund grows. OTHER BENEFITS TO THE MANAGER. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager's affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders. CONCLUSIONS. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees' counsel are both independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules. Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to semiannual reports. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2007, 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) Not applicable to semiannual reports. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Small Cap Fund By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 02/07/2008 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: 02/07/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 02/07/2008 EX-99.CERT 2 rs0847_44475cert302.txt RS0847_44475CERT302 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: 02/07/2008 /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: 02/07/2008 /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 3 rs0847_44475cert906.txt RS0847_44475CERT906 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 12/31/2007 (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. Section 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 Oppenheimer Main Street Small Cap Fund Small Cap Fund /s/ John V. Murphy /s/ Brian W. Wixted - -------------------------- --------------------------- John V. Murphy Brian W. Wixted Date: 02/07/2008 Date: 02/07/2008 -----END PRIVACY-ENHANCED MESSAGE-----