<PAGE> 1
[PHOTO]
ANNUAL REPORT JUNE 30, 2000
Oppenheimer
MAIN STREET(R) SMALL CAP FUND
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<PAGE> 2
INFORMATION AND SERVICES
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TICKER SYMBOLS Class A: OPMSX Class B: OPMBX Class C: OPMCX
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[OPPENHEIMERFUNDS LOGO]
RA0847.001.0600 August 29, 2000
<PAGE> 3
REPORT HIGHLIGHTS
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Managers
8 Fund Performance
13 FINANCIAL
STATEMENTS
40 INDEPENDENT
AUDITORS' REPORT
41 Federal
Income Tax
Information
42 Officers and Trustees
THE FUND GOT OFF TO A STRONG START during a period when small-cap stocks
performed particularly well.
Overweighted positions in energy and healthcare, an underweighted position in
financials, and GOOD STOCK SELECTION IN TECHNOLOGY ALL CONTRIBUTED POSITIVELY TO
THE FUND'S STRONG PERFORMANCE.
WE SEE SIGNS THAT THE DISPARITIES IN VALUE BETWEEN LARGE AND SMALL STOCKS HAVE
BEGUN TO CLOSE, creating a more favorable environment for small-cap investing.
CUMULATIVE
TOTAL RETURNS*
<TABLE>
<CAPTION>
For the Period
from 8/2/99 to 6/30/00
<S> <C>
Class A
Without With
Sales Chg. Sales Chg.
------------------------
47.98% 39.47%
Class B
Without With
Sales Chg. Sales Chg.
------------------------
47.08% 42.08%
Class C
Without With
Sales Chg. Sales Chg.
------------------------
47.08% 46.08%
Class Y
Without With
Sales Chg. Sales Chg.
------------------------
48.48% 48.48%
</TABLE>
* SEE NOTES ON PAGE 12 FOR FURTHER DETAILS.
<PAGE> 4
PRESIDENT'S LETTER
[PHOTO] [PHOTO]
JAMES C. SWAIN
Chairman
Oppenheimer
Main Street
Small Cap Fund
BRIDGET A. MACASKILL
President
Oppenheimer
Main Street
Small Cap Fund
DEAR SHAREHOLDER,
The 1990s, although not free of volatility, were distinguished by an overall
bull market. In contrast, the year 2000 has been characterized so far as a
relatively difficult investment environment with high levels of volatility.
As we entered the year, a vital concern weighing on investors' minds was
growing evidence of a trend toward higher inflation. While productivity
improvements and various economic forces helped keep inflation low over the last
decade, the year 2000 has seen upward pressure on wages and some prices. That's
primarily because the U.S. economy has been growing at a vigorous pace, creating
a labor shortage for businesses and high spending levels among consumers. In
response, since the summer of 1999, the Federal Reserve Board raised short-term
interest rates six times through June 30, 2000 in an attempt to forestall
inflationary pressures.
During that period, higher interest rates adversely affected many stocks and
bonds. In a dramatic decline, previously high-flying technology stocks generally
fell to more reasonable valuations. At the same time, long-neglected value
stocks began to attract investor interest. The result: narrowing of the
valuation gap between growth stocks and value stocks. Finally, in the bond
market, higher interest rates caused prices of most fixed income securities to
fall.
At OppenheimerFunds, we were not surprised by these developments, many of
which we anticipated in our recent letters to investors. What did concern us was
that, prior to the April 2000 correction, we began to see disturbing signs that
short-term trading was taking place not just in technology stocks, but also in
mutual funds. Prudent investors will understand our concern: most stock and bond
funds are carefully
1 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 5
PRESIDENT'S LETTER
designed as long-term investments to help individuals and families progress
toward significant financial goals. In general, short-term trading is risky and
may compromise a well-planned financial strategy. It may also result in
unforeseen adverse consequences, such as unnecessarily high tax bills.
We continue to believe that maintaining a long-term perspective and
practicing diversification are the fundamental drivers of consistent performance
over time. These strategies have helped individual investors, as well as
professional investors, weather declining markets and participate in rising
ones. On the following pages, your portfolio manager discusses the long-term
strategies and particular investment decisions that affected your fund during
the reporting period.
You can remain confident that our portfolio managers will continue to monitor
areas of opportunity in the arenas in which your fund invests, as the effects of
today's changing investment environment take hold. Knowing what's going on in
the world's economies, markets and companies--and making investment decisions
designed to try to take advantage of them over the long term--is central to what
makes OppenheimerFunds The Right Way to Invest.
Sincerely,
/s/ JAMES C. SWAIN /s/ BRIDGET A. MACASKILL
James C. Swain Bridget A. Macaskill
July 24, 2000
These general market views represent opinions of OppenheimerFunds, Inc. and are
not intended to predict or depict performance of any particular fund. Specific
discussion, as it applies to your Fund, is contained in the pages that follow.
Stocks and bonds have different types of investment risks; stocks are subject to
market volatility and bonds are subject to credit and interest rate risks.
2 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 6
AN INTERVIEW WITH YOUR FUND'S MANAGERS
[PHOTO]
PORTFOLIO MANAGEMENT
TEAM (L TO R)
Mark Zavanelli
(Portfolio Manager)
Charles Albers
(Portfolio Manager)
Nikolaos Monoyios
Alex Zhou
HOW WOULD YOU CHARACTERIZE THE FUND'S PERFORMANCE SINCE ITS INCEPTION ON AUGUST
2, 1999?
A. We are pleased with Oppenheimer Main Street(R) Small Cap Fund's performance
during the past year, especially given a volatile environment for many of the
stocks in which we invest. We attribute the Fund's fast start to generally
favorable market conditions and the effectiveness of our disciplined approach to
security selection, which combines quantitative analysis with the judgement of
experienced investment professionals. We also benefited from our decision to
place slightly greater emphasis on growth-oriented stocks than value-oriented
stocks during a period in which growth generally outperformed value.
WHAT IS THE FUND'S INVESTMENT APPROACH?
Oppenheimer Main Street Small Cap Fund seeks capital appreciation from stocks of
companies with market values between $100 million and $2.5 billion. Our
quantitative model evaluates over 1,000 small companies, looking for attractive
investments among stocks from diverse industries and across a broad range of
growth and value characteristics. For each company, we measure approximately 50
characteristics relating to earnings growth, valuation, momentum and risk. We
also employ analytical models that help us determine which areas of the
small-cap market, such as value-oriented or growth-oriented sectors, may offer
the most attractive prospects under prevailing market conditions. Lastly, we
adjust our opinion for each company based on management activities, such as
share buybacks or offerings.
Although the Fund is new, we bring to it an investing approach that we have
used successfully for quite some time. As portfolio managers, we have been
employing similar quantitative models for many years across a wide range of
market cycles
3 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 7
"WE CONTINUE TO ADHERE TO THE DISCIPLINED INVESTMENT STYLE THAT HAS HELPED THE
FUND GET OFF TO A STRONG START."
AN INTERVIEW WITH YOUR FUND'S MANAGERS
--------------------------------------------------------------------------------
and conditions. In the process, we have conducted numerous research studies to
validate and refine our approach. Equally important is the considerable
experience we have gained in gauging the behavior of our models under a variety
of economic environments and responding effectively to evolving, real-world
market conditions. We believe our approach enables us to reduce investment risks
while positioning the Fund to perform well in a wide spectrum of market
conditions.
WHAT KINDS OF MARKET CONDITIONS CONFRONTED THE FUND DURING THE REPORTING PERIOD?
Equity markets demonstrated considerable strength during the period, supported
by continued expansion of the U.S. economy, low rates of inflation, growing
evidence of global economic recovery and diminishing fears of Y2K-related
problems. These factors drove most broad market indices sharply higher during
the last few months of 1999, with growth-oriented stocks generally outperforming
value-oriented stocks.
Small-cap stocks performed particularly well. In our opinion, due to several
previous years of small-cap underperformance, small-cap stocks were attractively
valued relative to large-cap stocks at the Fund's inception. During the
reporting period, this valuation gap narrowed to the Fund's benefit.
As the new year began, however, investors' views began to be colored by the
threat of possible inflation. This remained the most serious negative factor
affecting the markets. Although measurable inflation remained low, high levels
of consumer spending fueled a rate of economic growth that many observers
considered unsustainable. The Federal Reserve Board raised interest rates in an
effort to slow the pace of economic growth and thereby head off inflation. The
uncertainties associated with these issues culminated in a series of sharp
declines and recoveries beginning in late March 2000 that affected virtually all
segments of the equities market.
4 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 8
CUMULATIVE
TOTAL RETURNS
For the Period from 8/2/99 to
6/30/00(1)
<TABLE>
<CAPTION>
Since
Inception
-------------------------
<S> <C>
Class A 39.47%
-------------------------
Class B 42.08
-------------------------
Class C 46.08
-------------------------
Class Y 48.48
</TABLE>
HOW DID YOU MANAGE THE FUND IN LIGHT OF THESE CONDITIONS?
Through information generated by our quantitative models, we have built a
diversified portfolio of over 300 stocks in a wide variety of industry sectors,
such as energy, healthcare, financials and others. We also found slightly
greater opportunities among growth-oriented stocks than among value-oriented
stocks.
These investment decisions generally benefited the Fund. The strong economic
environment tended to favor growth-oriented stocks, which the Fund emphasized.
Among industry sectors, many of our energy holdings rose sharply in value in
response to rising prices for oil and gas. Our holdings among healthcare
services and medical devices companies also prospered in response to strong
earnings. Our decision to hold a relatively small position in the financial
sector also proved beneficial, because financial stocks were hurt by the
unfavorable interest rate environment.
We also looked beyond the guidance of our quantitative models to assess
opportunities in unconventional investment sectors. For example, although most
biotechnology companies have not yet developed sufficient earnings or revenues
to be highly scored by our models, in our professional judgment the sector
offers a number of outstanding long-term investment opportunities. Accordingly,
we allocated approximately 4% of the Fund's assets to biotechnology stocks.
1. See Notes on page 12 for further details.
5 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 9
AN INTERVIEW WITH YOUR FUND'S MANAGERS
SECTOR ALLOCATION(2)
[PIE CHART]
<TABLE>
<S> <C>
- Technology 21.4%
- Capital Goods 17.5
- Healthcare 16.7
- Energy 13.8
- Consumer
Cyclicals 10.3
- Financial 5.8
- Communication
Services 5.6
- Consumer
Staples 4.2
- Basic Materials 2.9
- Transportation 1.1
- Utilities 0.7
</TABLE>
DID ANY OTHER SECTORS SIGNIFICANTLY AFFECT THE FUND'S PERFORMANCE?
Technology was a particularly volatile sector during the period, rising strongly
during the last few months of 1999 and the first few months of 2000, and then
correcting sharply in late March, April and May 2000 before rallying again at
the end of the period. However, for the year, the overall impact of our
technology holdings was emphatically positive. In fact, as we look back on the
past year, technology was one of the Fund's strongest-performing sectors, led by
semiconductor manufacturers.
WHAT IS YOUR OUTLOOK FOR THE FUTURE?
We remain optimistic about the long-term prospects for small-cap stocks.
Although large-cap stocks have generally been favored by the market since
approximately 1994, small-cap performance has been equal to, or better than,
that of large-cap stocks over the longer term. We believe the current
disparities in value between large and small stocks are unsustainable. During
the reporting period, we saw that gap move somewhat closer to historical norms.
If the trend continues, we believe small stocks should benefit.
We will continue to adhere to the disciplined investment style that has
helped the Fund get off to a strong start. Our quantitative models and
fundamental research are designed to help us identify the best market sectors,
investment styles and individual companies in the small-cap universe at any
particular time. This disciplined, long-term approach to small-cap stocks is
what makes Oppenheimer Main Street Small Cap Fund an important part of The Right
Way to Invest.
2. Portfolio is subject to change. Percentages are as of June 30, 2000, and are
based on total market value of common stock.
6 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 10
<TABLE>
<CAPTION>
TOP TEN STOCK HOLDINGS(2)
--------------------------------------------------------------
<S> <C>
Quest Diagnostics, Inc. 1.1%
--------------------------------------------------------------
Varian Semiconductor Equipment Associates, Inc. 1.1
--------------------------------------------------------------
C&D Technologies, Inc. 1.0
--------------------------------------------------------------
Three-Five Systems, Inc. 1.0
--------------------------------------------------------------
Learning Tree International, Inc. 1.0
--------------------------------------------------------------
Technitrol, Inc. 0.9
--------------------------------------------------------------
Power-One, Inc. 0.9
--------------------------------------------------------------
Tollgrade Communications, Inc. 0.9
--------------------------------------------------------------
Excel Technology, Inc. 0.9
--------------------------------------------------------------
Quantra Services, Inc. 0.9
<CAPTION>
TOP FIVE COMMON STOCK INDUSTRIES(2)
--------------------------------------------------------------
<S> <C>
Electronics 10.2%
--------------------------------------------------------------
Healthcare/Supplies & Services 9.8
--------------------------------------------------------------
Manufacturing 7.5
--------------------------------------------------------------
Healthcare/Drugs 6.9
--------------------------------------------------------------
Industrial Services 6.3
</TABLE>
2. Portfolio is subject to change. Percentages are as of June 30, 2000, and are
based on total market value of common stock.
7 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 11
FUND PERFORMANCE
HOW HAS THE FUND PERFORMED?
Below is a discussion, by the Manager, of the Fund's performance during its
fiscal year ended June 30, 2000, followed by a graphical comparison of the
Fund's performance to an appropriate broad-based market index.
MANAGEMENT'S DISCUSSION OF PERFORMANCE. During the fiscal year that ended June
30, 2000, the U.S. economy enjoyed strong growth. Most equity markets rose until
concerns over rising interest rates hindered performance in late March 2000.
Small-cap stocks performed particularly well, narrowing a gap between the
relative value of large- and small-cap stocks that had grown to unprecedented
proportions in prior years. The Fund benefited from the relative strength in
small-cap stocks. We also benefited from our emphasis on growth-oriented stocks
over value-oriented stocks. Guided by our quantitative investment models, we
identified and invested in several strong-performing sectors and individual
stocks, while avoiding most investments in the weak-performing financial sector.
Our best areas of investment were technology, energy and healthcare. The Fund's
portfolio holdings, allocations and strategies are subject to change.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each Class of shares of the
Fund held until June 30, 2000. The performance for all Class shares, A, B, C and
Y is measured from August 2, 1999 to June 30, 2000, and the index performance
began on July 31, 1999, for Class A, B, C and Y. The Fund performance reflects
the deduction of the maximum initial sales charge on Class A shares and the
applicable contingent deferred sales charge for Class B and Class C shares. The
graphs assume that all dividends and capital gains distributions were reinvested
in additional shares.
8 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 12
The Fund's performance is compared to the performance of the Lipper Small-Cap
Core Fund Index. The Lipper Small-Cap Core Fund Index includes funds that, by
portfolio practice, invest at least 75% of their equity assets in companies with
market capitalizations (on a three-year weighted basis) of less than 250% of the
dollar weighted median market capitalization of the S&P Small-Cap 600 Index.
Index performance reflects the reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the data
in the graphs that follow shows the effect of taxes. The Fund's performance
reflects the effects of Fund business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
9 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 13
FUND PERFORMANCE
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
-- Oppenheimer Main Street Small Cap Fund (Class A)
-- Lipper Small-Cap Core Fund Index
[The following table was originally a line graph in the printed materials.]
<TABLE>
<CAPTION>
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund Core Fund Index
<S> <C> <C>
8/2/99 $ 9,425 $10,000
9/30/99 9,557 9,573
12/31/99 12,125 11,388
3/31/00 12,994 12,563
6/30/00 13,948 12,362
</TABLE>
CUMMULATIVE TOTAL RETURN OF CLASS A SHARES OF THE FUND AT 6/30/00(1)
LIFE 39.47%
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
-- Oppenheimer Main Street Small Cap Fund (Class B)
-- Lipper Small-Cap Core Fund Index
[The following table was originally a line graph in the printed materials.]
<TABLE>
<CAPTION>
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund Core Fund Index
<S> <C> <C>
8/2/99 $10,000 $10,000
9/30/99 10,130 9,573
12/31/99 12,824 11,388
3/31/00 13,726 12,563
6/30/00 14,708 12,362
</TABLE>
CUMMULATIVE TOTAL RETURN OF CLASS B SHARES OF THE FUND AT 6/30/00(1)
LIFE 42.08%
1. See page 12 for further details.
10 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 14
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
-- Oppenheimer Main Street Small Cap Fund (Class C)
-- Lipper Small-Cap Core Fund Index
[The following table was originally a line graph in the printed materials.]
<TABLE>
<CAPTION>
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund Core Fund Index
<S> <C> <C>
8/2/99 $10,000 $10,000
9/30/99 10,130 9,573
12/31/99 12,824 11,388
3/31/00 13,726 12,563
6/30/00 14,708 12,362
</TABLE>
CUMMULATIVE TOTAL RETURN OF CLASS C SHARES OF THE FUND AT 6/30/00(1)
LIFE 46.08%
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
-- Oppenheimer Main Street Small Cap Fund (Class Y)
-- Lipper Small-Cap Core Fund Index
[The following table was originally a line graph in the printed materials.]
<TABLE>
<CAPTION>
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund Core Fund Index
<S> <C> <C>
8/2/99 $10,000 $10,000
9/30/99 10,140 9,573
12/31/99 12,874 11,388
3/31/00 13,816 12,563
6/30/00 14,848 12,362
</TABLE>
CUMMULATIVE TOTAL RETURN OF CLASS Y SHARES OF THE FUND AT 6/30/00(1)
LIFE 48.48%
1. See page 12 for further details.
The performance information for Lipper Small-Cap Core Fund Index in the graph
begins on 7/31/99 for Class A, B, C and Y.
Past performance is not predictive of future performance. Graphs are not drawn
to same scale.
11 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 15
NOTES
ALTHOUGH THE FUND MAY INVEST IN INITIAL PUBLIC OFFERINGS (IPOS), DURING THE PAST
FISCAL YEAR IT HAS NOT SIGNIFICANTLY DONE SO. HOWEVER, INVESTORS IN THE FUND
SHOULD BE WILLING TO ACCEPT GREATER RISK OF LOSS BECAUSE OF POTENTIAL IPO
INVESTMENTS, WHICH TEND TO BE MORE VOLATILE DUE TO THE LIMITED NUMBER OF SHARES
AVAILABLE FOR TRADING.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. BECAUSE OF ONGOING
MARKET VOLATILITY, THE FUND'S PERFORMANCE MAY BE SUBJECT TO SUBSTANTIAL
SHORT-TERM CHANGES AND CURRENT RETURNS MAY BE LESS THAN THE RESULTS SHOWN AS OF
6/30/00. FOR QUARTERLY UPDATES ON THE FUND'S PERFORMANCE, PLEASE CONTACT YOUR
FINANCIAL ADVISOR, CALL US AT 1.800.525.7048 OR VISIT OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM.
Cumulative total returns and the ending account values in the graphs include
changes in share price and reinvestment of dividends and capital gains
distributions in a hypothetical investment for the periods shown. Cumulative
total returns are not annualized. The Fund's total returns shown do not show the
effects 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.
All classes were first publicly offered on 8/2/99.
Unless otherwise noted, Class A returns include the current maximum initial
sales charge of 5.75%.
Unless otherwise noted, Class B returns include the applicable contingent
deferred sales charge of 5%. Class B shares are subject to an annual 0.75%
asset-based sales charge.
Unless otherwise noted, Class C returns include the contingent deferred sales
charge of 1%. Class C shares are subject to an annual 0.75% asset-based sales
charge.
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.
12 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 16
FINANCIALS
13 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 17
STATEMENT OF INVESTMENTS June 30, 2000
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--98.5%
-----------------------------------------------------------------------------------
BASIC MATERIALS--2.9%
-----------------------------------------------------------------------------------
CHEMICALS--1.6%
Bush Boake Allen, Inc.(1) 22,000 $ 962,500
-----------------------------------------------------------------------------------
Cambrex Corp. 17,000 765,000
-----------------------------------------------------------------------------------
Georgia Gulf Corp. 27,000 561,937
-----------------------------------------------------------------------------------
NOVA Chemicals Corp. 15,000 322,500
-----------------------------------------------------------------------------------
SCP Pool Corp.(1) 66,000 1,551,000
-----------------------------------------------------------------------------------
Spartech Corp. 10,000 270,000
-----------
4,432,937
-----------------------------------------------------------------------------------
METALS--0.7%
CIRCOR International, Inc. 75,000 614,062
-----------------------------------------------------------------------------------
Lone Star Technologies, Inc.(1) 28,000 1,295,000
-----------
1,909,062
-----------------------------------------------------------------------------------
PAPER--0.6%
Longview Fibre Co. 37,000 409,312
-----------------------------------------------------------------------------------
Pactiv Corp.(1) 70,000 551,250
-----------------------------------------------------------------------------------
Pope & Talbort, Inc. 45,000 720,000
-----------------------------------------------------------------------------------
Rayonier, Inc. 4,300 154,262
-----------------------------------------------------------------------------------
1,834,824
-----------------------------------------------------------------------------------
CAPITAL GOODS--17.3%
-----------------------------------------------------------------------------------
AEROSPACE/DEFENSE--1.7%
Alliant Techsystems, Inc.(1) 12,000 809,250
-----------------------------------------------------------------------------------
L-3 Communications Holdings, Inc.(1) 32,000 1,826,000
-----------------------------------------------------------------------------------
Precision Castparts Corp. 20,000 905,000
-----------------------------------------------------------------------------------
Teledyne Technologies, Inc.(1) 70,000 1,172,500
-----------
4,712,750
-----------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--2.0%
C-Cube Microsystems, Inc.(1) 20,000 392,500
-----------------------------------------------------------------------------------
GaSonics International Corp.(1) 20,000 788,750
-----------------------------------------------------------------------------------
Kemet Corp.(1) 16,000 401,000
-----------------------------------------------------------------------------------
Littlefuse, Inc.(1) 30,000 1,470,000
-----------------------------------------------------------------------------------
Technitrol, Inc. 27,000 2,615,625
-----------
5,667,875
</TABLE>
14 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 18
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL SERVICES--6.2%
Administaff, Inc.(1) 16,000 $ 1,016,000
-----------------------------------------------------------------------------------
Advanced Marketing Services, Inc. 81,500 1,502,656
-----------------------------------------------------------------------------------
Coflexip SA, Sponsored ADR 21,000 1,270,500
-----------------------------------------------------------------------------------
Electroglas, Inc.(1) 35,000 752,500
-----------------------------------------------------------------------------------
Excel Technology, Inc.(1) 48,000 2,415,000
-----------------------------------------------------------------------------------
Forrester Research, Inc.(1) 8,000 582,500
-----------------------------------------------------------------------------------
Graco, Inc. 18,100 588,250
-----------------------------------------------------------------------------------
Granite Construction, Inc. 20,000 490,000
-----------------------------------------------------------------------------------
Helix Technology Corp. 20,000 780,000
-----------------------------------------------------------------------------------
Insituform Technologies, Inc., Cl. A(1) 35,300 957,512
-----------------------------------------------------------------------------------
Keynote Systems, Inc.(1) 5,000 352,812
-----------------------------------------------------------------------------------
Manhattan Associates, Inc.(1) 10,000 250,000
-----------------------------------------------------------------------------------
META Group, Inc.(1) 10,000 192,500
-----------------------------------------------------------------------------------
National Computer Systems, Inc. 17,500 861,875
-----------------------------------------------------------------------------------
Pason Systems, Inc.(1) 40,000 242,964
-----------------------------------------------------------------------------------
Planar Systems, Inc.(1) 20,000 258,750
-----------------------------------------------------------------------------------
Quanta Services, Inc.(1) 43,500 2,392,500
-----------------------------------------------------------------------------------
Startek, Inc.(1) 27,000 1,360,125
-----------------------------------------------------------------------------------
Teekay Shipping Corp. 10,000 328,750
-----------------------------------------------------------------------------------
United Stationers, Inc.(1) 10,000 323,750
-----------------------------------------------------------------------------------
Zomax, Inc.(1) 50,000 656,250
------------
17,575,194
-----------------------------------------------------------------------------------
MANUFACTURING--7.4%
Asyst Technologies, Inc.(1) 29,000 993,250
-----------------------------------------------------------------------------------
Brooks Automation, Inc.(1) 10,000 639,375
-----------------------------------------------------------------------------------
Cognex Corp.(1) 16,500 853,875
-----------------------------------------------------------------------------------
Coherent, Inc.(1) 25,000 2,096,875
-----------------------------------------------------------------------------------
Columbia Sportswear Co.(1) 16,000 430,000
-----------------------------------------------------------------------------------
CoorsTek, Inc.(1) 15,000 690,000
-----------------------------------------------------------------------------------
Credence Systems Corp.(1) 20,000 1,103,750
-----------------------------------------------------------------------------------
CTS Corp. 6,300 283,500
-----------------------------------------------------------------------------------
Cuno, Inc.(1) 10,000 231,250
-----------------------------------------------------------------------------------
FSI International, Inc.(1) 20,000 433,750
-----------------------------------------------------------------------------------
GSI Lumonics, Inc.(1) 47,000 1,650,875
</TABLE>
15 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 19
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING Continued
Imation Corp.(1) 30,600 $ 898,875
-----------------------------------------------------------------------------------
Kulicke & Soffa Industries, Inc.(1) 23,000 1,365,625
-----------------------------------------------------------------------------------
Mark IV Industries, Inc. 14,000 292,250
-----------------------------------------------------------------------------------
Maverick Tube Corp.(1) 20,000 582,500
-----------------------------------------------------------------------------------
Measurement Specialties, Inc.(1) 37,000 1,419,875
-----------------------------------------------------------------------------------
Oakley, Inc.(1) 66,000 759,000
-----------------------------------------------------------------------------------
Paxar Corp.(1) 20,000 238,750
-----------------------------------------------------------------------------------
Photon Dynamics, Inc.(1) 8,000 597,500
-----------------------------------------------------------------------------------
Plexus Corp.(1) 9,000 1,017,000
-----------------------------------------------------------------------------------
PRI Automation, Inc.(1) 5,000 326,953
-----------------------------------------------------------------------------------
Robotic Vision System, Inc.(1) 35,000 630,000
-----------------------------------------------------------------------------------
Rudolph Technologies, Inc.(1) 8,000 310,000
-----------------------------------------------------------------------------------
SLI, Inc. 35,000 424,375
-----------------------------------------------------------------------------------
Three-Five Systems, Inc.(1) 48,000 2,832,000
------------
21,101,203
-----------------------------------------------------------------------------------
COMMUNICATION SERVICES--5.5%
-----------------------------------------------------------------------------------
TELECOMMUNICATIONS: LONG DISTANCE--4.5%
Accelerated Networks, Inc.(1) 7,600 320,625
-----------------------------------------------------------------------------------
ADTRAN, Inc.(1) 17,000 1,017,875
-----------------------------------------------------------------------------------
Applied Signal Technology, Inc. 50,000 578,125
-----------------------------------------------------------------------------------
C&D Technologies, Inc. 52,000 2,938,000
-----------------------------------------------------------------------------------
Corsair Communications, Inc.(1) 51,000 1,466,250
-----------------------------------------------------------------------------------
CT Communications, Inc. 21,000 597,187
-----------------------------------------------------------------------------------
Lightbridge, Inc.(1) 20,000 477,500
-----------------------------------------------------------------------------------
MasTec, Inc.(1) 16,500 630,094
-----------------------------------------------------------------------------------
NICE Systems Ltd., Sponsored ADR(1) 10,000 771,875
-----------------------------------------------------------------------------------
SymmetriCom, Inc.(1) 53,000 1,338,250
-----------------------------------------------------------------------------------
Tollgrade Communications, Inc.(1) 19,000 2,517,500
-----------------------------------------------------------------------------------
Tut Systems, Inc.(1) 5,000 286,875
------------
12,940,156
-----------------------------------------------------------------------------------
TELECOMMUNICATIONS: WIRELESS--0.9%
Centigram Communications Corp.(1) 60,000 1,533,750
-----------------------------------------------------------------------------------
EMS Technologies, Inc.(1) 28,000 504,000
-----------------------------------------------------------------------------------
Price Communications Corp.(1) 22,130 521,438
------------
2,559,188
-----------------------------------------------------------------------------------
TELEPHONE UTILITIES--0.1%
OCI Communications, Inc., Cl. B(1) 30,000 215,631
</TABLE>
16 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 20
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS--10.2%
-----------------------------------------------------------------------------------
AUTOS & HOUSING--1.8%
Carlisle Cos., Inc. 25,000 $1,125,000
-----------------------------------------------------------------------------------
Fastenal Co. 13,000 658,125
-----------------------------------------------------------------------------------
NVR, Inc.(1) 6,500 370,500
-----------------------------------------------------------------------------------
Salton, Inc.(1) 38,000 1,401,250
-----------------------------------------------------------------------------------
Southdown, Inc. 11,000 635,250
-----------------------------------------------------------------------------------
Superior Industries International, Inc. 19,000 489,250
-----------------------------------------------------------------------------------
Trex Co., Inc.(1) 6,000 300,000
-----------
4,979,375
-----------------------------------------------------------------------------------
CONSUMER SERVICES--1.5%
-----------------------------------------------------------------------------------
Advo, Inc.(1) 38,000 1,596,000
-----------------------------------------------------------------------------------
Grey Advertising, Inc. 1,000 520,000
-----------------------------------------------------------------------------------
Heidrick & Struggles International, Inc.(1) 1,000 63,125
-----------------------------------------------------------------------------------
On Assignment, Inc.(1) 67,000 2,043,500
-----------
4,222,625
-----------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--0.7%
Argosy Gaming Co.(1) 15,000 215,625
-----------------------------------------------------------------------------------
Crestline Capital Corp.(1) 10,000 170,625
-----------------------------------------------------------------------------------
Isle of Capri Casinos, Inc.(1) 90,000 1,220,625
-----------------------------------------------------------------------------------
Station Casinos, Inc.(1) 20,000 500,000
-----------
2,106,875
-----------------------------------------------------------------------------------
MEDIA--1.0%
Penton Media, Inc. 26,000 910,000
-----------------------------------------------------------------------------------
R.H. Donnelley Corp. 35,200 682,000
-----------------------------------------------------------------------------------
Scholastic Corp.(1) 20,000 1,222,500
-----------
2,814,500
-----------------------------------------------------------------------------------
RETAIL: SPECIALTY--3.9%
1-800 CONTACTS, Inc.(1) 13,000 611,000
-----------------------------------------------------------------------------------
Braun's Fashions Corp.(1) 62,500 2,292,969
-----------------------------------------------------------------------------------
Hot Topic, Inc.(1) 40,000 1,280,000
-----------------------------------------------------------------------------------
Insight Enterprises, Inc.(1) 15,000 889,687
-----------------------------------------------------------------------------------
Justin Industries, Inc. 25,000 546,875
-----------------------------------------------------------------------------------
Michaels Stores, Inc.(1) 20,000 916,250
-----------------------------------------------------------------------------------
PC Connection, Inc.(1) 22,500 1,282,500
</TABLE>
17 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 21
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
RETAIL: SPECIALTY Continued
Pier 1 Imports, Inc. 110,000 $ 1,072,500
-----------------------------------------------------------------------------------
Timberland Co., Cl. A(1) 23,000 1,628,687
-----------------------------------------------------------------------------------
Yankee Candle, Inc. (The)(1) 18,000 389,250
-----------------------------------------------------------------------------------
Zale Corp.(1) 5,500 200,750
------------
11,110,468
-----------------------------------------------------------------------------------
TEXTILE/APPAREL & HOME FURNISHINGS--1.3%
Gildan Activewear, Inc., Cl. A(1) 27,000 992,250
-----------------------------------------------------------------------------------
Guess ?, Inc.(1) 37,000 518,000
-----------------------------------------------------------------------------------
Kenneth Cole Productions, Inc., Cl. A(1) 27,000 1,080,000
-----------------------------------------------------------------------------------
Steven Madden Ltd.(1) 60,000 393,750
-----------------------------------------------------------------------------------
Too, Inc.(1) 30,000 763,125
------------
3,747,125
-----------------------------------------------------------------------------------
CONSUMER STAPLES--4.1%
-----------------------------------------------------------------------------------
BEVERAGES--0.2%
Canandaigua Brands, Inc., Cl. A(1) 11,000 554,812
-----------------------------------------------------------------------------------
EDUCATION--1.1%
Career Education Corp.(1) 7,000 339,500
-----------------------------------------------------------------------------------
Learning Tree International, Inc.(1) 45,000 2,756,250
------------
3,095,750
-----------------------------------------------------------------------------------
ENTERTAINMENT--1.7%
Applebee's International, Inc. 31,300 948,781
-----------------------------------------------------------------------------------
Aztar Corp.(1) 25,000 387,500
-----------------------------------------------------------------------------------
Brinker International, Inc.(1) 12,000 351,000
-----------------------------------------------------------------------------------
CEC Entertainment, Inc.(1) 27,000 691,875
-----------------------------------------------------------------------------------
Cheesecake Factory (The)(1) 22,500 618,750
-----------------------------------------------------------------------------------
P.F. Chang's China Bistro, Inc.(1) 13,000 415,187
-----------------------------------------------------------------------------------
Rare Hospitality International, Inc.(1) 31,000 875,750
-----------------------------------------------------------------------------------
Ruby Tuesday, Inc. 44,000 552,750
------------
4,841,593
</TABLE>
18 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 22
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
FOOD--1.0%
Green Mountain Coffee, Inc.(1) 27,200 $ 474,300
-----------------------------------------------------------------------------------
NBTY, Inc.(1) 82,000 522,750
-----------------------------------------------------------------------------------
Performance Food Group Co.(1) 30,000 960,000
-----------------------------------------------------------------------------------
Suiza Foods Corp.(1) 17,000 830,875
-----------
2,787,925
-----------------------------------------------------------------------------------
HOUSEHOLD GOODS--0.1%
Water Pik Technologies, Inc.(1) 65,000 406,250
-----------------------------------------------------------------------------------
ENERGY--13.5%
-----------------------------------------------------------------------------------
ENERGY SERVICES--2.8%
Cabot Oil & Gas Corp., Cl. A 40,000 847,500
-----------------------------------------------------------------------------------
Cal Dive International, Inc.(1) 15,000 812,812
-----------------------------------------------------------------------------------
Cross Timbers Oil Co. 85,000 1,880,625
-----------------------------------------------------------------------------------
Grey Wolf, Inc.(1) 150,000 750,000
-----------------------------------------------------------------------------------
Gulf Island Fabrication, Inc.(1) 25,000 425,000
-----------------------------------------------------------------------------------
Pogo Producing Co. 10,000 221,250
-----------------------------------------------------------------------------------
Rowan Cos., Inc.(1) 30,000 911,250
-----------------------------------------------------------------------------------
St. Mary Land & Exploration Co. 45,000 1,892,812
-----------------------------------------------------------------------------------
Superior Energy Services, Inc.(1) 31,000 321,625
-----------
8,062,874
-----------------------------------------------------------------------------------
OIL: DOMESTIC--6.0%
Barrett Resources Corp.(1) 15,000 456,562
-----------------------------------------------------------------------------------
Berry Petroleum Co., Cl. A 25,000 425,000
-----------------------------------------------------------------------------------
Brown (Tom), Inc.(1) 14,000 322,875
-----------------------------------------------------------------------------------
Callon Petroleum Co.(1) 73,000 1,085,875
-----------------------------------------------------------------------------------
Chieftain International, Inc.(1) 4,300 82,999
-----------------------------------------------------------------------------------
Chieftain International, Inc.(1) 40,100 764,406
-----------------------------------------------------------------------------------
Frontier Oil Corp.(1) 123,800 990,400
-----------------------------------------------------------------------------------
Genesis Exploration Ltd.(1) 150,000 1,113,586
-----------------------------------------------------------------------------------
Helmerich & Payne, Inc. 30,000 1,121,250
-----------------------------------------------------------------------------------
HS Resources, Inc.(1) 30,000 900,000
-----------------------------------------------------------------------------------
Key Production Co., Inc.(1) 15,600 273,000
-----------------------------------------------------------------------------------
Louis Dreyfus Natural Gas Corp.(1) 10,000 313,125
-----------------------------------------------------------------------------------
Mitchell Energy & Development Corp., Cl. B 56,000 1,799,000
-----------------------------------------------------------------------------------
Newfield Exploration Co.(1) 18,000 704,250
</TABLE>
19 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 23
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
OIL: DOMESTIC Continued
Noble Affiliates, Inc. 12,000 $ 447,000
-----------------------------------------------------------------------------------
Patterson Energy, Inc.(1) 16,000 456,000
-----------------------------------------------------------------------------------
Pennzoil-Quaker State Co. 60,000 723,750
-----------------------------------------------------------------------------------
Santa Fe Snyder Corp.(1) 40,000 455,000
-----------------------------------------------------------------------------------
Stone Energy Corp.(1) 17,700 1,057,575
-----------------------------------------------------------------------------------
Swift Energy Co.(1) 24,000 681,000
-----------------------------------------------------------------------------------
Tesoro Petroleum Corp.(1) 44,000 445,500
-----------------------------------------------------------------------------------
Triton Energy Ltd.(1) 20,000 786,250
-----------------------------------------------------------------------------------
Unit Corp.(1) 45,000 607,500
-----------------------------------------------------------------------------------
Valero Energy Corp. 35,000 1,111,250
------------
17,123,153
-----------------------------------------------------------------------------------
OIL: INTERNATIONAL--4.7%
Anderson Exploration Ltd.(1) 85,727 1,556,358
-----------------------------------------------------------------------------------
Beau Canada Exploration Ltd.(1) 449,500 491,456
-----------------------------------------------------------------------------------
Berkley Petroleum Corp.(1) 149,700 944,655
-----------------------------------------------------------------------------------
Canadian 88 Energy Corp. 80,000 164,704
-----------------------------------------------------------------------------------
Canadian Hunter Exploration Ltd.(1) 62,000 1,315,988
-----------------------------------------------------------------------------------
Compton Petroleum Corp.(1) 225,000 394,817
-----------------------------------------------------------------------------------
Encal Energy Ltd.(1) 108,000 685,159
-----------------------------------------------------------------------------------
Ensign Resource Service Group, Inc. 44,000 1,449,146
-----------------------------------------------------------------------------------
Paramount Resources Ltd. 95,600 977,485
-----------------------------------------------------------------------------------
Petromet Resources Ltd.(1) 250,000 894,243
-----------------------------------------------------------------------------------
Precision Drilling Corp.(1) 34,500 1,332,562
-----------------------------------------------------------------------------------
Prize Energy, Inc.(1,2) 1,985,249 562,735
-----------------------------------------------------------------------------------
Ranger Oil Ltd.(1) 91,400 491,526
-----------------------------------------------------------------------------------
Rio Alto Exploration Ltd.(1) 40,000 731,592
-----------------------------------------------------------------------------------
Trican Well Service Ltd.(1) 50,100 449,706
-----------------------------------------------------------------------------------
Vermilion Resources Ltd.(1) 209,800 1,005,318
------------
13,447,450
-----------------------------------------------------------------------------------
FINANCIAL--5.7%
-----------------------------------------------------------------------------------
BANKS--2.5%
American Financial Holdings, Inc. 40,000 635,000
-----------------------------------------------------------------------------------
Corus Bankshares, Inc. 7,000 185,062
-----------------------------------------------------------------------------------
Downey Financial Corp. 25,000 725,000
-----------------------------------------------------------------------------------
First Midwest Bancorp, Inc. 22,500 523,125
</TABLE>
20 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 24
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
BANKS Continued
GBC Bancorp 20,000 $ 585,000
-----------------------------------------------------------------------------------
Greater Bay Bancorp 17,000 794,750
-----------------------------------------------------------------------------------
Imperial Bancorp(1) 36,600 569,587
-----------------------------------------------------------------------------------
Investors Financial Services Corp. 26,000 1,031,875
-----------------------------------------------------------------------------------
National Bancorp of Alaska, Inc. 15,000 538,125
-----------------------------------------------------------------------------------
PFF Bancorp, Inc. 20,000 365,000
-----------------------------------------------------------------------------------
Riggs National Corp. 15,000 189,375
-----------------------------------------------------------------------------------
Silicon Valley Bancshares(1) 15,000 639,375
-----------------------------------------------------------------------------------
Whitney Holding Corp. 8,000 273,500
-----------
7,054,774
-----------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--0.8%
Affiliated Managers Group, Inc.(1) 10,000 455,000
-----------------------------------------------------------------------------------
CompuCredit Corp.(1) 14,000 420,000
-----------------------------------------------------------------------------------
Eaton Vance Corp. 4,800 222,000
-----------------------------------------------------------------------------------
John Nuveen Co. (The), Cl. A 4,100 171,944
-----------------------------------------------------------------------------------
Metris Cos., Inc. 27,000 678,375
-----------------------------------------------------------------------------------
Southwest Securities Group, Inc. 10,000 372,500
-----------
2,319,819
-----------------------------------------------------------------------------------
INSURANCE--2.4%
AmerUs Life Holdings, Inc., Cl. A 10,000 206,250
-----------------------------------------------------------------------------------
Commerce Group, Inc. (The) 40,000 1,180,000
-----------------------------------------------------------------------------------
Everest Re Group Ltd. 35,000 1,150,625
-----------------------------------------------------------------------------------
Gallagher (Arthur J.) & Co. 22,200 932,400
-----------------------------------------------------------------------------------
Leucadia National Corp. 15,000 342,188
-----------------------------------------------------------------------------------
MONY Group, Inc. (The) 37,000 1,251,063
-----------------------------------------------------------------------------------
Old Republic International Corp. 20,000 330,000
-----------------------------------------------------------------------------------
RenaissanceRe Holdings Ltd. 20,000 871,250
-----------------------------------------------------------------------------------
StanCorp Financial Group, Inc. 15,000 481,875
-----------
6,745,651
-----------------------------------------------------------------------------------
HEALTHCARE--16.4%
-----------------------------------------------------------------------------------
HEALTHCARE/DRUGS-6.8%
Aclara Biosciences, Inc.(1) 4,500 229,219
-----------------------------------------------------------------------------------
Alkermes, Inc.(1) 12,000 565,500
-----------------------------------------------------------------------------------
Alpharma, Inc., Cl. A 27,000 1,680,750
</TABLE>
21 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 25
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/DRUGS Continued
Andrx Corp.(1) 37,000 $ 2,365,109
-----------------------------------------------------------------------------------
Antigenics, Inc.(1) 4,400 73,150
-----------------------------------------------------------------------------------
BioCryst Pharmaceuticals, Inc.(1) 10,000 286,875
-----------------------------------------------------------------------------------
Collaterial Therapeutics, Inc.(1) 10,000 253,594
-----------------------------------------------------------------------------------
Corixa Corp.(1) 10,000 429,375
-----------------------------------------------------------------------------------
CuraGen Corp.(1) 8,000 304,500
-----------------------------------------------------------------------------------
Dentsply International, Inc. 50,000 1,540,625
-----------------------------------------------------------------------------------
Edwards Lifesciences Corp.(1) 20,000 370,000
-----------------------------------------------------------------------------------
IntraBiotics Pharmaceuticals, Inc.(1) 25,000 667,188
-----------------------------------------------------------------------------------
Jones Pharma, Inc. 24,000 958,500
-----------------------------------------------------------------------------------
LifePoint Hospitals, Inc.(1) 40,000 890,000
-----------------------------------------------------------------------------------
Noven Pharmaceuticals, Inc.(1) 45,000 1,352,813
-----------------------------------------------------------------------------------
Pharmacyclics, Inc.(1) 8,000 488,000
-----------------------------------------------------------------------------------
Protein Design Labs, Inc.(1) 6,000 989,719
-----------------------------------------------------------------------------------
RehabCare Group, Inc.(1) 20,000 545,000
-----------------------------------------------------------------------------------
Sequenom, Inc.(1) 4,300 195,113
-----------------------------------------------------------------------------------
Syncor International Corp.(1) 8,000 576,000
-----------------------------------------------------------------------------------
Thoratec Laboratories Corp.(1) 20,000 323,750
-----------------------------------------------------------------------------------
Trigon Healthcare, Inc.(1) 25,000 1,289,063
-----------------------------------------------------------------------------------
Trimeris, Inc.(1) 9,000 629,438
-----------------------------------------------------------------------------------
Ventiv Health, Inc.(1) 135,000 1,501,875
-----------------------------------------------------------------------------------
Vertex Pharmaceuticals, Inc.(1) 7,000 737,625
------------
19,242,781
-----------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES--9.6%
ADAC Laboratories(1) 25,000 600,000
-----------------------------------------------------------------------------------
Arrow International, Inc. 37,000 1,239,500
-----------------------------------------------------------------------------------
ArthroCare Corp.(1) 8,000 426,000
-----------------------------------------------------------------------------------
Beckman Coulter, Inc. 6,000 350,250
-----------------------------------------------------------------------------------
Biosite Diagnostics, Inc.(1) 6,000 289,125
-----------------------------------------------------------------------------------
Cerus Corp.(1) 20,000 1,023,750
-----------------------------------------------------------------------------------
Cooper Companies, Inc. (The) 55,000 2,000,625
-----------------------------------------------------------------------------------
CorVel Corp.(1) 40,000 987,500
-----------------------------------------------------------------------------------
Cytyc Corp.(1) 30,000 1,601,250
-----------------------------------------------------------------------------------
Datascope Corp. 34,100 1,227,600
-----------------------------------------------------------------------------------
First Health Group Corp.(1) 40,000 1,312,500
-----------------------------------------------------------------------------------
Gentiva Health Services, Inc.(1) 40,000 325,000
-----------------------------------------------------------------------------------
Hooper Holmes, Inc. 40,000 320,000
-----------------------------------------------------------------------------------
ICU Medical, Inc.(1) 54,500 1,471,500
</TABLE>
22 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 26
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES Continued
IMPATH, Inc.(1) 18,000 $ 976,500
-----------------------------------------------------------------------------------
INAMED Corp.(1) 14,000 512,750
-----------------------------------------------------------------------------------
Mid Atlantic Medical Services, Inc.(1) 70,000 945,000
-----------------------------------------------------------------------------------
Option Care, Inc.(1) 40,000 200,000
-----------------------------------------------------------------------------------
Oxford Health Plans, Inc.(1) 25,000 595,313
-----------------------------------------------------------------------------------
PacifiCare Health Systems, Inc.(1) 6,000 361,125
-----------------------------------------------------------------------------------
Patterson Dental Co.(1) 13,000 663,000
-----------------------------------------------------------------------------------
PolyMedica Corp.(1) 18,000 778,500
-----------------------------------------------------------------------------------
Priority Healthcare Corp., Cl. B(1) 20,000 1,486,250
-----------------------------------------------------------------------------------
Quest Diagnostics, Inc.(1) 42,000 3,139,500
-----------------------------------------------------------------------------------
SonoSite, Inc.(1) 14,000 403,375
-----------------------------------------------------------------------------------
Techne Corp.(1) 11,500 1,495,000
-----------------------------------------------------------------------------------
Triad Hospitals, Inc.(1) 40,000 967,500
-----------------------------------------------------------------------------------
Zoll Medical Corp.(1) 35,000 1,715,000
------------
27,413,413
-----------------------------------------------------------------------------------
TECHNOLOGY--21.2%
-----------------------------------------------------------------------------------
COMPUTER HARDWARE--2.6%
Apex, Inc.(1) 12,000 525,000
-----------------------------------------------------------------------------------
Cybex Computer Products Corp.(1) 21,000 889,875
-----------------------------------------------------------------------------------
Henry (Jack) & Associates, Inc. 24,000 1,203,000
-----------------------------------------------------------------------------------
In Focus Systems, Inc.(1) 59,000 1,899,063
-----------------------------------------------------------------------------------
Marvell Technology Group Ltd.(1) 3,700 210,900
-----------------------------------------------------------------------------------
Mentor Graphics Corp.(1) 40,000 795,000
-----------------------------------------------------------------------------------
NUR Macroprinters Ltd.(1) 35,000 507,500
-----------------------------------------------------------------------------------
Phoenix Technologies Ltd.(1) 15,000 244,688
-----------------------------------------------------------------------------------
Procom Technology, Inc.(1) 5,000 258,438
-----------------------------------------------------------------------------------
Silicon Storage Technology, Inc.(1) 10,000 883,125
------------
7,416,589
-----------------------------------------------------------------------------------
COMPUTER SERVICES--0.9%
American Management Systems, Inc.(1) 25,700 843,683
-----------------------------------------------------------------------------------
Cerner Corp.(1) 15,000 408,750
-----------------------------------------------------------------------------------
Integral Systems, Inc.(1,3) 25,000 325,549
-----------------------------------------------------------------------------------
Kopin Corp.(1) 9,500 657,875
-----------------------------------------------------------------------------------
Viant Corp.(1) 10,000 296,250
------------
2,532,107
</TABLE>
23 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 27
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE--5.1%
Allaire Corp.(1) 7,000 $ 257,250
-----------------------------------------------------------------------------------
Alteon Websystems, Inc.(1) 5,000 500,313
-----------------------------------------------------------------------------------
AXENT Technologies, Inc.(1) 12,000 297,750
-----------------------------------------------------------------------------------
BARRA, Inc.(1) 18,000 892,125
-----------------------------------------------------------------------------------
Breakaway Solutions, Inc.(1) 10,000 270,000
-----------------------------------------------------------------------------------
Documentum, Inc.(1) 5,000 446,875
-----------------------------------------------------------------------------------
FileNet Corp.(1) 37,000 679,875
-----------------------------------------------------------------------------------
Informatica Corp.(1) 13,000 1,065,188
-----------------------------------------------------------------------------------
Innodata Corp.(1) 50,000 468,750
-----------------------------------------------------------------------------------
Interwoven, Inc.(1) 3,000 329,953
-----------------------------------------------------------------------------------
IntraNet Solutions, Inc.(1) 13,000 498,875
-----------------------------------------------------------------------------------
MapInfo Corp.(1) 30,000 1,218,750
-----------------------------------------------------------------------------------
Metasolv Software, Inc.(1) 14,000 616,000
-----------------------------------------------------------------------------------
Netegrity, Inc.(1) 6,000 451,875
-----------------------------------------------------------------------------------
NetIQ Corp.(1) 6,000 357,750
-----------------------------------------------------------------------------------
ONYX Software Corp.(1) 1,200 35,625
-----------------------------------------------------------------------------------
Rainbow Technologies, Inc.(1) 25,000 1,215,625
-----------------------------------------------------------------------------------
SERENA Software, Inc.(1) 37,000 1,680,031
-----------------------------------------------------------------------------------
StorageNetworks, Inc.(1) 2,000 180,500
-----------------------------------------------------------------------------------
Sybase, Inc.(1) 59,000 1,357,000
-----------------------------------------------------------------------------------
Symantec Corp.(1) 17,000 916,938
-----------------------------------------------------------------------------------
TeleTech Holdings, Inc.(1) 10,000 310,625
-----------------------------------------------------------------------------------
Verity, Inc.(1) 10,000 380,000
------------
14,427,673
-----------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--2.2%
Anixter International, Inc.(1) 38,000 1,007,000
-----------------------------------------------------------------------------------
Cable Design Technologies Corp.(1) 33,000 1,105,500
-----------------------------------------------------------------------------------
Canadian Satellite Communications, Inc. 30,400 482,149
-----------------------------------------------------------------------------------
Carrier Access Corp.(1) 16,000 846,000
-----------------------------------------------------------------------------------
Gentner Communications Corp.(1) 35,000 490,000
-----------------------------------------------------------------------------------
Inet Technologies, Inc.(1) 8,000 434,000
-----------------------------------------------------------------------------------
Newport Corp. 12,000 1,288,500
-----------------------------------------------------------------------------------
Tekelec(1) 10,000 481,875
------------
6,135,024
</TABLE>
24 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 28
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS--10.0%
Actel Corp.(1) 27,000 $ 1,231,875
-----------------------------------------------------------------------------------
Aeroflex, Inc.(1) 10,000 496,875
-----------------------------------------------------------------------------------
Anaren Microwave, Inc.(1) 15,000 1,968,516
-----------------------------------------------------------------------------------
Burr-Brown Corp.(1) 6,500 563,469
-----------------------------------------------------------------------------------
Cymer, Inc.(1) 13,000 620,750
-----------------------------------------------------------------------------------
DDi Corp./CA(1) 11,000 313,500
-----------------------------------------------------------------------------------
DuPont Photomasks, Inc.(1) 5,000 342,500
-----------------------------------------------------------------------------------
Elantec Semiconductor, Inc.(1) 20,000 1,392,500
-----------------------------------------------------------------------------------
Electro Scientific Industries, Inc.(1) 22,000 968,688
-----------------------------------------------------------------------------------
Exar Corp.(1) 19,000 1,656,563
-----------------------------------------------------------------------------------
Integrated Silicon Solution, Inc.(1) 26,000 988,000
-----------------------------------------------------------------------------------
Mattson Technology, Inc.(1) 10,000 325,000
-----------------------------------------------------------------------------------
Merix Corp.(1) 33,300 1,565,100
-----------------------------------------------------------------------------------
MKS Instruments, Inc.(1) 27,000 1,056,375
-----------------------------------------------------------------------------------
Mobility Electronics, Inc.(1) 12,700 165,100
-----------------------------------------------------------------------------------
Oak Technology, Inc.(1) 30,000 646,875
-----------------------------------------------------------------------------------
Pericom Semiconductor Corp.(1) 10,000 680,000
-----------------------------------------------------------------------------------
PLX Technology, Inc.(1) 29,500 1,224,250
-----------------------------------------------------------------------------------
Power-One, Inc.(1) 22,500 2,563,594
-----------------------------------------------------------------------------------
Rogers Corp.(1) 25,000 875,000
-----------------------------------------------------------------------------------
Semitool, Inc.(1) 20,000 346,250
-----------------------------------------------------------------------------------
Supertex, Inc.(1) 10,000 502,500
-----------------------------------------------------------------------------------
Trimble Navigation Ltd.(1) 20,000 976,250
-----------------------------------------------------------------------------------
TriQuint Semiconductor, Inc.(1) 5,000 478,438
-----------------------------------------------------------------------------------
Varian Medical Systems, Inc.(1) 32,000 1,252,000
-----------------------------------------------------------------------------------
Varian Semiconductor Equipment Associates, Inc.(1) 47,500 2,983,594
-----------------------------------------------------------------------------------
Varian, Inc.(1) 51,000 2,352,375
------------
28,535,937
-----------------------------------------------------------------------------------
PHOTOGRAPHY--0.4%
Concord Camera Corp.(1) 50,000 1,043,750
-----------------------------------------------------------------------------------
TRANSPORTATION--1.0%
-----------------------------------------------------------------------------------
RAILROADS & TRUCKERS--0.8%
Heartland Express, Inc.(1) 23,500 392,156
-----------------------------------------------------------------------------------
Landstar System, Inc.(1) 24,900 1,483,106
-----------------------------------------------------------------------------------
XTRA Corp.(1) 11,100 437,756
------------
2,313,018
</TABLE>
25 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 29
STATEMENT OF INVESTMENTS Continued
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
-----------------------------------------------------------------------------------
<S> <C> <C>
SHIPPING--0.2%
C.H. Robinson Worldwide, Inc. 6,000 $ 297,000
-----------------------------------------------------------------------------------
Newport News Shipbuilding, Inc. 11,000 404,250
-------------
701,250
-----------------------------------------------------------------------------------
UTILITIES--0.7%
-----------------------------------------------------------------------------------
GAS UTILITIES--0.7%
Philips NV, New York Shares 25,000 1,206,250
-----------------------------------------------------------------------------------
Questar Corp. 18,000 348,750
-----------------------------------------------------------------------------------
Western Gas Resources, Inc. 21,000 441,000
-------------
1,996,000
-------------
Total Common Stocks (Cost $223,044,236) 280,127,381
<CAPTION>
UNITS
===================================================================================
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.1%
-----------------------------------------------------------------------------------
Axxent, Inc. Wts., Exp. 7/31/00 (Cost $866,039) 70,000 440,246
<CAPTION>
PRINCIPAL
AMOUNT
===================================================================================
<S> <C> <C>
REPURCHASE AGREEMENTS--1.3%
-----------------------------------------------------------------------------------
Repurchase agreement with Banc One Capital
Markets, Inc., 6.55%, dated 6/30/00, to be
repurchased at $3,766,055 on 7/3/00,
collateralized by U.S. Treasury Nts., 5%-7.50%,
8/31/00-5/15/08, with a value of $2,839,404 and
U.S. Treasury Bonds, 5.25%-12%, 8/15/03
11/15/28, with a value of $1,003,033 (Cost
$3,764,000) $3,764,000 3,764,000
-----------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $227,674,275) 99.9% 284,331,627
-----------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.1 146,874
--------------------------
NET ASSETS 100.0% $284,478,501
==========================
</TABLE>
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income-producing security.
2. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer, and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended June 30, 2000. The
aggregate fair value of securities of affiliated companies held by the Fund as
of June 30, 2000 amounts to $562,735. Transactions during the period in which
the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
SHARES GROSS GROSS SHARES
AUGUST 2, 1999 ADDITIONS REDUCTIONS JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Prize Energy, Inc. -- 1,985,249 -- 1,985,249
</TABLE>
3. Identifies issues considered to be illiquid or restricted-See Note 6 of Notes
to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 30
STATEMENT OF ASSETS AND LIABILITIES June 30, 2000
<TABLE>
<S> <C>
======================================================================================================
ASSETS
Investments, at value--see accompanying statement:
Unaffiliated companies (cost $227,438,055) $283,768,892
Affiliated companies (cost $236,220) 562,735
------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 1,021,847
Investments sold 130,996
Interest and dividends 69,292
Other 456
------------
Total assets 285,554,218
======================================================================================================
LIABILITIES
Bank overdraft 40,660
------------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency contracts 9
------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 510,662
Distribution and service plan fees 178,533
Shares of beneficial interest redeemed 110,935
Shareholder reports 75,008
Transfer and shareholder servicing agent fees 71,639
Registration and filing fees 63,201
Trustees' compensation 693
Other 24,377
------------
Total liabilities 1,075,717
======================================================================================================
NET ASSETS $284,478,501
============
======================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $225,668,748
------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 2,152,481
------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 56,657,272
------------
NET ASSETS $284,478,501
============
</TABLE>
27 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 31
STATEMENT OF ASSETS AND LIABILITIES Continued
<TABLE>
<S> <C>
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$141,721,444 and 9,592,564 shares of beneficial interest outstanding) $14.77
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $15.67
--------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $99,060,183
and 6,748,205 shares of beneficial interest outstanding) $14.68
--------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $43,695,392
and 2,976,081 shares of beneficial interest outstanding) $14.68
--------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $1,482 and 100 shares of beneficial interest outstanding) $14.82
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 32
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE PERIOD FROM AUGUST 2, 1999 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 2000
=================================================================================================
<S> <C>
INVESTMENT INCOME
Dividends $ 561,807
-------------------------------------------------------------------------------------------------
Interest 362,235
-----------
Total income 924,042
=================================================================================================
EXPENSES
Management fees 1,011,905
-------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 193,207
Class B 471,651
Class C 199,517
-------------------------------------------------------------------------------------------------
Shareholder reports 105,804
-------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 98,624
-------------------------------------------------------------------------------------------------
Registration and filing fees 63,446
-------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 11,029
-------------------------------------------------------------------------------------------------
Custodian fees and expenses 7,077
-------------------------------------------------------------------------------------------------
Trustees' compensation 662
-------------------------------------------------------------------------------------------------
Other 361,670
-----------
Total expenses 2,524,592
Less expenses paid indirectly (5,811)
-----------
Net expenses 2,518,781
=================================================================================================
NET INVESTMENT LOSS (1,594,739)
=================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 3,962,987
Foreign currency transactions (30,618)
-----------
Net realized gain 3,932,369
-------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 56,782,923
Translation of assets and liabilities denominated in foreign currencies (125,651)
-----------
Net change 56,657,272
-----------
Net realized and unrealized gain 60,589,641
=================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $58,994,902
===========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 33
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PERIOD ENDED
JUNE 30, 2000(1)
-------------------------------------------------------------------------------------
<S> <C>
OPERATIONS
Net investment loss $ (1,594,739)
-------------------------------------------------------------------------------------
Net realized gain 3,932,369
-------------------------------------------------------------------------------------
Net change in unrealized appreciation 56,657,272
----------------
Net increase in net assets resulting from operations 58,994,902
=====================================================================================
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gain:
Class A (103,503)
Class B (73,371)
Class C (30,682)
Class Y (2)
=====================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from beneficial interest
transactions:
Class A 111,751,357
Class B 78,616,337
Class C 35,220,463
Class Y --
=====================================================================================
NET ASSETS
Total increase 284,375,501
-------------------------------------------------------------------------------------
Beginning of period 103,000(2)
----------------
End of period $284,478,501
================
</TABLE>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Reflects the value of the Manager's initial seed money investment at June 29,
1999.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 34
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A CLASS B
PERIOD PERIOD
ENDED ENDED
JUNE 30, JUNE 30,
2000(1) 2000(1)
====================================================================================================
<S> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $10.00 $10.00
----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.06) (.11)
Net realized and unrealized gain 4.85 4.81
-------------------------------
Total income from investment operations 4.79 4.70
----------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.02) (.02)
----------------------------------------------------------------------------------------------------
Net asset value, end of period $14.77 $14.68
===============================
====================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 47.98% 47.08%
====================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $141,721 $99,060
----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 75,295 $51,951
Ratios to average net assets:(3)
Net investment loss (0.82)% (1.53)%
Expenses 1.50% 2.21%
----------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 108%
</TABLE>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (commencement of operations), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 35
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
CLASS C CLASS Y
PERIOD PERIOD
ENDED ENDED
JUNE 30, JUNE 30,
2000(1) 2000(1)
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $10.00 $10.00
-----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.10) (.04)
Net realized and unrealized gain 4.80 4.88
--------------------------------
Total income from investment operations 4.70 4.84
-----------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.02) (.02)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $14.68 $14.82
================================
=====================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 47.08% 48.48%
=====================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $43,695 $1
-----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $21,984 $1
-----------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (1.54)% (0.37)%
Expenses 2.21% 1.18%
-----------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 108%
</TABLE>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (commencement of operations), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 36
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C 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 and Class C shares are sold without a front-end
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a CDSC. All classes of shares have identical rights to
earnings, assets and voting privileges, except that each class has its own
expenses directly attributable to that class and exclusive voting rights with
respect to matters affecting that class. Classes A, B and C have separate
distribution and/or service plans. No such plan has been adopted for Class Y
shares. Class B shares will automatically convert to Class A shares six years
after the date of purchase. The following is a summary of significant accounting
policies consistently followed by the Fund.
--------------------------------------------------------------------------------
SECURITIES VALUATION. Securities listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Fund's assets
are valued. 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 (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
--------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
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.
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is required
to be at least 102% of the resale
33 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 37
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES Continued
price at the time of purchase. 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 daily 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 continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
--------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
--------------------------------------------------------------------------------
CLASSIFICATION OF DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes primarily because of the recognition of certain foreign
currency gains (losses) as ordinary income (loss) for tax purposes. The
character of dividends and distributions made during the fiscal year from net
investment income or net realized gains may differ from its 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 realized gain was
recorded by the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
period ended June 30, 2000, amounts have been reclassified to reflect a decrease
in paid-in capital of $22,409, a decrease in accumulated net investment loss of
$1,594,739, and a decrease in accumulated net realized gain on investments of
$1,572,330. Net assets of the Fund were unaffected by the reclassifications.
--------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend date. Realized gains
and losses on investments and unreal-
34 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 38
ized appreciation and depreciation are determined on an identified cost basis,
which is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
================================================================================
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
PERIOD ENDED JUNE 30, 2000(1)
SHARES AMOUNT
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS A
Sold 11,029,007 $129,912,372
Dividends and/or
distributions reinvested 8,382 98,911
Redeemed (1,454,825) (18,259,926)
----------------------------------------
Net increase 9,582,564 $111,751,357
========================================
--------------------------------------------------------------------------------------------------------
CLASS B
Sold 7,409,304 $ 87,079,411
Dividends and/or
distributions reinvested 5,719 67,313
Redeemed (666,918) (8,530,387)
----------------------------------------
Net increase 6,748,105 $ 78,616,337
========================================
--------------------------------------------------------------------------------------------------------
CLASS C
Sold 3,277,979 $ 39,061,579
Dividends and/or
distributions reinvested 2,495 29,373
Redeemed (304,493) (3,870,489)
----------------------------------------
Net increase 2,975,981 $ 35,220,463
========================================
--------------------------------------------------------------------------------------------------------
CLASS Y
Sold -- $ --
Dividends and/or
distributions reinvested -- --
Redeemed -- --
----------------------------------------
Net increase -- $ --
========================================
</TABLE>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
35 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 39
NOTES TO FINANCIAL STATEMENTS Continued
===============================================================================
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the period ended June 30, 2000, were
$391,238,958 and $168,218,452, respectively.
As of June 30, 2000, unrealized appreciation (depreciation) based on cost of
securities for federal income tax purposes of $227,674,275 was:
<TABLE>
<S> <C>
Gross unrealized appreciation $ 67,688,759
Gross unrealized depreciation (11,031,406)
------------
Net unrealized appreciation $ 56,657,353
============
</TABLE>
===============================================================================
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee of
0.75% of the first $200 million of average annual net assets of the Fund, 0.72%
of the next $200 million, 0.69% of the next $200 million, 0.66% of the next
$200 million and 0.60% of average annual net assets in excess of $800 million.
The Fund's management fee for the period ended June 30, 2000, was an annualized
rate of 0.74%, before any waiver by the Manager if applicable.
-------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund on
an "at-cost" basis. OFS also acts as the transfer and shareholder servicing
agent for the other Oppenheimer funds.
-------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FEES. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the
period indicated.
<TABLE>
<CAPTION>
AGGREGATE CLASS A COMMISSIONS COMMISSIONS COMMISSIONS
FRONT-END FRONT-END ON CLASS A ON CLASS B ON CLASS C
SALES CHARGES SALES CHARGES SHARES SHARES SHARES
ON CLASS A RETAINED BY ADVANCED BY ADVANCED BY ADVANCED BY
PERIOD ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
June 30, 2000 $1,326,477 $409,675 $107,654 $2,005,132 $218,672
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
CONTINGENT DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES
PERIOD ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
June 30, 2000 $-- $65,916 $9,376
</TABLE>
36 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 40
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
-------------------------------------------------------------------------------
CLASS A SERVICE PLAN FEES. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements
to the Distributor at a rate of up to 0.25% of average annual net assets of
Class A shares purchased. The Distributor makes payments to plan recipients
quarterly at an annual rate not to exceed 0.25% of the average annual net
assets consisting of Class A shares of the Fund. For the period ended June 30,
2000, payments under the Class A plan totaled $193,207, all of which were paid
by the Distributor to recipients, and included $16,523 paid to an affiliate of
the Manager. Any unreimbursed expenses the Distributor incurs with respect to
Class A shares in any fiscal year cannot be recovered in subsequent years.
-------------------------------------------------------------------------------
CLASS B AND CLASS C DISTRIBUTION AND SERVICE PLAN FEES. Under each plan,
service fees and distribution fees are computed on the average of the net asset
value of shares in the respective class, determined as of the close of each
regular business day during the period. The Class B and Class C plans provide
for the Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may be
more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and asset-based sales charges from the Fund under
the plans. If any plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carry-forward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the period ended June 30, 2000,
were as follows:
<TABLE>
<CAPTION>
DISTRIBUTOR'S DISTRIBUTOR'S
AGGREGATE UNREIMBURSED
UNREIMBURSED EXPENSES AS %
TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS
UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $471,651 $423,540 $2,103,698 2.12%
Class C Plan 199,517 129,180 320,041 0.73
</TABLE>
37 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 41
NOTES TO FINANCIAL STATEMENTS Continued
===============================================================================
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts for operational purposes and to seek to protect
against adverse exchange rate fluctuations. Risks to the Fund include the
potential inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates as provided
by a reliable bank, dealer or pricing service. Unrealized appreciation and
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign currency transactions. Realized gains and losses are reported with all
other foreign currency gains and losses in the Statement of Operations.
Securities denominated in foreign currency to cover net exposure on
outstanding foreign currency contracts are noted in the Statement of
Investments where applicable.
As of June 30, 2000, the Fund had outstanding foreign currency contracts as
follows:
<TABLE>
<CAPTION>
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000s) JUNE 30, 2000 DEPRECIATION
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRACTS TO PURCHASE
Canadian Dollar (CAD) 7/4/00 60 CAD $40,600 $9
</TABLE>
===============================================================================
6. ILLIQUID OR RESTRICTED SECURITIES
As of June 30, 2000, investments in securities included issues that are
illiquid or restricted. Restricted securities are often purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of June 30, 2000, was
$325,549, which represents 0.11% of the Fund's net assets, all of which is
considered restricted. Information concerning restricted securities is as
follows:
<TABLE>
<CAPTION>
VALUATION
PER UNIT AS OF
SECURITY ACQUISITION DATE COST PER UNIT JUNE 30, 2000
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STOCKS
Integral Systems, Inc. 2/15/00 $31.00 $13.02
</TABLE>
38 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 42
===============================================================================
7. BANK BORROWINGS
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.08% per annum.
The Fund had no borrowings outstanding during the period ended June 30, 2000.
===============================================================================
8. SUBSEQUENT EVENT
William A. Baker and Ned M. Steel have resigned as Trustees of Main Street(R)
Small Cap Fund, effective July 1, 2000.
39 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 43
===============================================================================
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
OF OPPENHEIMER MAIN STREET SMALL CAP FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund, including the statement of investments,
as of June 30, 2000, and the related statement of operations for the period
then ended, the statement of changes in net assets for the period ended June
30, 2000, and the financial highlights for the period August 2, 1999
(commencement of operations), to June 30, 2000. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of June 30, 2000, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Small Cap Fund as of June 30, 2000, the results of its
operations for the period then ended, the changes in net assets for the period
ended June 30, 2000, and the financial highlights for the period August 2, 1999
(commencement of operations), to June 30, 2000, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 2000
40 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 44
FEDERAL INCOME TAX INFORMATION
===============================================================================
In early 2001 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 2000. Regulations
of the U.S. Treasury Department require the Fund to report this information to
the Internal Revenue Service.
Dividends and distributions of $0.0225 per share were paid to Class A, Class
B, Class C and Class Y shareholders, on December 10, 1999, all of which was
designated as ordinary income for federal income tax purposes. Whether
received in stock or in cash, the capital gain distribution should be treated
by shareholders as a gain from the sale of capital assets held for more than
one year (long-term capital gains).
Dividends paid by the Fund during the fiscal period ended June 30, 2000
which are not designated as capital gain distributions should be multiplied by
21.43% to arrive at the net amount eligible for the corporate
dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
41 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 45
OPPENHEIMER MAIN STREET SMALL CAP FUND
===============================================================================
OFFICERS AND TRUSTEES James C. Swain, Trustee and Chairman of the Board
Bridget A. Macaskill, Trustee and President
William L. Armstrong, Trustee
Robert G. Avis, Trustee
William A. Baker, Trustee
George C. Bowen, Trustee
Edward L. Cameron, Trustee
Jon S. Fossel, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Charles Albers, Vice President
Andrew J. Donohue, Vice President and Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
===============================================================================
INVESTMENT ADVISOR OppenheimerFunds, Inc.
===============================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
===============================================================================
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
===============================================================================
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
===============================================================================
INDEPENDENT AUDITORS Deloitte & Touche llp
===============================================================================
LEGAL COUNSEL Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of
Oppenheimer Main Street Small Cap Fund. This report
must be preceded or accompanied by a Prospectus of
Oppenheimer Main Street Small Cap Fund. For other
material information concerning the Fund, see the
Prospectus.
SHARES OF OPPENHEIMER FUNDS ARE NOT DEPOSITS OR
OBLIGATIONS OF ANY BANK, ARE NOT GUARANTEED BY ANY
BANK, ARE NOT INSURED BY THE FDIC OR ANY OTHER
AGENCY, AND INVOLVE INVESTMENT RISKS, INCLUDING THE
POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
OPPENHEIMER FUNDS ARE DISTRIBUTED BY
OPPENHEIMERFUNDS DISTRIBUTOR, INC., TWO WORLD TRADE
CENTER, NEW YORK, NY 10048-0203.
(C) Copyright 2000 OppenheimerFunds, Inc. All right reserved.
42 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 46
OPPENHEIMERFUNDS FAMILY
<TABLE>
<S> <C> <C>
====================================================================================================
GLOBAL EQUITY
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
====================================================================================================
EQUITY
Stock Stock & Bond
Enterprise Fund(1) Main Street(R) Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street(R) Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund(2)
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
Trinity Growth Fund Specialty
Trinity Core Fund Real Asset Fund
Trinity Value Fund Gold & Special Minerals Fund
====================================================================================================
FIXED INCOME
Taxable Municipal
International Bond Fund California Municipal Fund(3)
World Bond Fund Main Street(R) California Municipal Fund(3)
High Yield Fund Florida Municipal Fund(3)
Champion Income Fund New Jersey Municipal Fund(3)
Strategic Income Fund New York Municipal Fund(3)
Bond Fund Pennsylvania Municipal Fund(3)
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
Rochester Division
Rochester Fund Municipals
Limited Term New York Municipal Fund
====================================================================================================
MONEY MARKET(4)
Money Market Fund Cash Reserves
</TABLE>
1. Effective July 1, 1999, this fund is closed to new investors. See
prospectus for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income
Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although these funds may seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in these funds.
43 OPPENHEIMER MAIN STREET SMALL CAP FUND
<PAGE> 47
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