[GRAPHIC]
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Semiannual Report December 31, 1999
Oppenheimer
Main Street(R)
Small Cap Fund
[LOGO] OppenheimerFunds (R)
The Right Way to Invest
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REPORT HIGHLIGHTS
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CONTENTS
1 President's Letter
3 An Interview with Your Fund's Managers
10 Financial Statements
32 Officers and Trustees
33 OppenheimerFunds Family
We attribute our fast start both to favorable market conditions and the
effectiveness of our disciplined approach to security selection.
Small cap stocks began the reporting period very attractively valued relative to
large-cap stocks.
- -----------------------------
Cumulative
Total Returns
For the period
from 8/2/99 to 12/31/99*
Class A
Without With
Sales Chg. Sales Chg.
- -----------------------------
28.65% 21.25%
Class B
Without With
Sales Chg. Sales Chg.
- -----------------------------
28.24% 23.24%
Class C
Without With
Sales Chg. Sales Chg.
- -----------------------------
28.24% 27.24%
Class Y
Without With
Sales Chg. Sales Chg.
- -----------------------------
28.74% 28.74%
- ------------------
Not FDIC Insured.
No Bank Guarantee.
May Lose Value.
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* Shares of the Fund were first offered on 8/2/99.
See page 8 for further details.
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PRESIDENT'S LETTER
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[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Main Street(R)
Small Cap Fund
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Dear shareholder,
Whenever a new year begins--let alone a new decade or century--it makes sense to
pause a moment to assess where we've been and where we're going.
In retrospect, U.S. stocks and bonds in 1999 were subject to sudden and
substantial swings in investor sentiment because of economic uncertainty. When
the year began, investors were concerned that growth in the United States might
slow in response to economic weakness overseas. At mid-year, investors were
concerned that the economy was too strong, potentially rekindling inflationary
pressures. Yet, by year end, it became clearer that while the U.S. economy grew
robustly in 1999, inflation remained at low levels. Indeed, investors appeared
more comfortable with the economy after the Federal Reserve Board demonstrated
its inflation-fighting resolve by raising interest rates three times between
June and November.
As is normal in a rising-interest-rate environment, bond prices generally
declined in 1999, led lower by U.S. Treasury bonds. In the stock market, while
most major indices advanced, strong performance was mostly limited to a handful
of large-capitalization growth companies, principally in the technology arena.
Smaller and value-oriented stocks provided particularly lackluster returns, and
overall, foreign stocks outperformed U.S. stocks in 1999.
Looking forward, we expect the U.S. economy to remain on a moderate-growth,
low-inflation course. As recent revisions of 1999's economic statistics
demonstrated, the economy has defied many analysts' forecasts by growing at a
strong rate, which should be positive for the bond market. Similarly, positive
economic forces could help the stock market's performance broaden to include
value-oriented and smaller stocks.
We see particularly compelling opportunities outside of the U.S. market.
Many foreign stocks also ended 1999 more attractively valued than large-cap U.S.
stocks, and economic trends in overseas markets could lead to higher stock
prices. In Europe, corporate restructuring has just begun, giving
1 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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PRESIDENT'S LETTER
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companies there the same potential for cost-cutting and productivity
improvements that U.S. companies enjoyed 10 years ago. In Japan and Asia,
economic recovery is expected to gain strength, which could allow stocks to
rally from relatively low levels.
Another 1999 trend that should remain in force in 2000 is the growth of
businesses related to the Internet. The rise of e-commerce has been good for
consumers and the economy because of greater price competition, which has helped
keep inflation under control. The Internet has also been good for investors, as
even companies with no earnings have seen their stock prices soar. Clearly,
while the Internet is here to stay, not all "dot-com" companies will survive,
and many of these high-flying Internet stocks will eventually--and perhaps very
suddenly--return to more reasonable levels. The long-term winners are most
likely to be companies that support the Internet's growth with content or
infrastructure.
What else is in store for investors in 2000? While we do not have an
infallible crystal ball, we believe that in almost any investment environment,
consistent success stems from an unwavering focus on fundamental investment
principles such as maintaining a long-term perspective, using diversification to
manage risks, and availing oneself of the services of a knowledgeable financial
advisor. Indeed, these principles serve as the foundation for every investment
we offer, helping to make OppenheimerFunds The Right Way to Invest in 2000 and
beyond.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
January 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.
2 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
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[PHOTO]
Portfolio
Management Team (l to r)
Mark Zavanelli
(Portfolio Manager)
Charles Albers
(Portfolio Manager)
Nikolaos Monoyios
Alex Zhou
- -------------------
Q. How did Oppenheimer Main Street(R) Small Cap Fund perform since the Fund's
inception on August 2, 1999?
A. As of December 31, 1999, the Fund was off to an excellent start. As assets
flowed into the Fund, we have moved quickly to put that money to work in a
broadly diversified portfolio of small-cap stocks. However, we believe less than
five months is too short a time frame to assess the Fund's long-term
performance.
We attribute our fast start both to favorable market conditions and the
effectiveness of our disciplined approach to security selection, which combines
quantitative models with knowledgeable human judgement. We received especially
attractive returns from our growth-oriented holdings, while value-oriented
stocks lagged.
How is the Fund managed?
The investment objective of Oppenheimer Main Street Small Cap Fund is capital
appreciation from small company stocks, which we consider to be businesses with
market values between $100 million and $1.8 billion.
Our investment strategy is a combination of science and art. We employ
quantitative models to help determine which small stocks are likely to
outperform, while recognizing a role for portfolio manager judgement. The
criteria used in our models are based on extensive historical research on the
driving factors we believe are behind stock performance. While the models are
our primary decision tool, we also review the fundamental characteristics of
each company to complete our analysis. Although the Fund is new, our approach is
not. As portfolio managers, we have been employing similar models and analyses
in the management of large-cap stocks for more than 25 years.
3 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
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"We employ a disciplined investment process that combines technical and
fundamental analysis."
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What is the Fund's investment approach?
Our quantitative models evaluate over 1000 small companies that comprise our
investment universe. This broad universe includes stocks from many different
industries which have a range of growth and value characteristics. We believe
that this diversity is an advantage, allowing us to seek promising investments
regardless of the market environment. For each company we currently measure
approximately 50 characteristics relating to earnings growth, valuation,
momentum and risk. Our stock selection model combines these factors
mathematically to determine a relative rating for each company.
In addition to this stock selection model, we have also developed models
which help us to determine which areas of the small cap market may offer the
most attractive prospects. For example, these models might steer us to favor
growth or value stocks, larger or smaller stocks within the small cap universe.
Lastly, we adjust our opinion for each company based on management activities,
such as share buybacks or offerings. Over the past 25 years we have conducted
many research studies on the potential investment implications of these
corporate actions, and have developed a method for integrating this with our
other models.
How did the small-cap stock market perform during the reporting period?
The small-cap stock market has recently been showing signs of strength. This is
a dramatic departure from the trends that prevailed over the last several years,
when large-cap stocks consistently outperformed their small-cap counterparts. In
our opinion, as a result of this long period of relative underperformance, small
cap stocks began the reporting period very attractively valued relative to
large-cap stocks.
Since the Fund's inception, the small-cap stock market has been
characterized by a striking divergence between growth-oriented stocks and
value-oriented stocks. Growth stocks, which
4 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
are so designated because of their above-average earnings growth trends, have
provided very attractive gains. Technology growth stocks and Internet-related
stocks in particular have generally posted stellar returns. Value stocks, on the
other hand, have continued to produce relatively lackluster returns. As their
name implies, value stocks sell at low prices relative to their earnings and
other financial measures.
In what types of technology companies has the Fund invested?
First, it is important to note that Oppenheimer Main Street Small Cap Fund is
not a technology fund, and does not have a prescribed weighting in technology
stocks. Instead, we invest in companies from all market sectors and industries
according to their ranking in our models and the results of our fundamental
judgement. With that said, during the period between August 2, 1999 and December
31, 1999, technology stocks had an approximately 30% weight in the Russell 2000
Index, and were an important contributor to the Fund's performance. The Fund's
technology holdings comprised about 24% of assets as of December 31.
Our technology investments focused primarily on smaller semiconductor
manufacturers, software companies and electronics companies specializing in
fast-growing, emerging markets, such as fiber optics and telecommunications
technology. All of these sub-areas of technology performed well for us during
the fiscal period ended December 31, 1999.
What other areas of the small-cap marketplace have contributed positively to
performance?
Our healthcare investments have done quite well. Although some small-cap
healthcare companies--such as hospitals and HMOs--are encountering very
difficult market conditions because of proposed changes in the Medicare program,
other companies--such as medical device companies--are thriving. Typically, many
of these companies are successful because they
5 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
================================================================================
have good products or ideas that appeal to a large market. We also owned some of
the smaller pharmaceutical companies, which had much lower valuations than
larger pharmaceutical companies. The Fund benefited as that valuation gap began
to narrow.
What is your outlook for the foreseeable future?
We are generally optimistic about the long-term prospects for small-cap stocks.
In our opinion, the current disparities in valuations between large and small
stocks is unsustainable. As that gap moves closer to historical norms, we
believe small stocks should benefit.
Nonetheless, we will continue to adhere to the disciplined investment style
that has helped the Fund get off to a good 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(R) Small Cap Fund an important part of The
Right Way to Invest.
6 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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Sector Allocation(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Cyclicals 25.0%
Technology 23.3
Capital Goods 12.3
Healthcare 8.8
Basic Materials 7.9
Financial 7.4
Energy 7.0
Consumer Staples 4.1
Communication Services 2.4
Transportation 1.6
Utilities 0.2
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Top Ten Stock Holdings(1)
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King Pharmaceuticals, Inc. 1.3%
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Optical Coating Laboratory, Inc. 1.2
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Varian Semiconductor Equipment Associates, Inc. 1.1
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Progress Software Corp. 1.1
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Micromuse, Inc. 1.0
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Xircom, Inc. 1.0
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Datascope Corp. 0.8
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Zoll Medical Corp. 0.8
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Imation Corp. 0.7
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CT Communications, Inc. 0.7
Top Five Common Stock Industries(1)
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Electronics 10.2%
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Autos & Housing 7.8
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Retail: Specialty 6.3
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Computer Software 5.9
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Manufacturing 5.2
(1) Portfolio is subject to change. Percentages are as of December 31, 1999, and
are based on total market value of common stock.
7 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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NOTES
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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. For updates on the Fund's performance, please contact your
financial advisor, call us at 1.800.525.7048 or visit our website,
www.oppenheimerfunds.com.
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. These total returns cover a short
period of time, and may not be representative of performance of a fund, such as
Oppenheimer Main Street(R) Small Cap Fund, that seeks capital appreciation for
long-term investors.
All classes were first publicly offered on 8/2/99.
Class A returns include the current maximum initial sales charge of 5.75%.
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.
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 different performance calculations is in the Fund's
prospectus.
8 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
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Financials
9 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited
================================================================================
Market Value
Shares See Note 1
================================================================================
Common Stocks--96.6%
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Basic Materials--7.5%
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Chemicals--4.2%
Arch Chemicals, Inc. 39,100 $ 818,656
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Cabot Corp. 20,000 407,500
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ChemFirst, Inc. 7,000 153,125
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CK Witco Corp. 22,500 300,937
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Cytec Industries, Inc.(1) 25,000 578,125
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Ethyl Corp. 35,000 137,812
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Georgia Gulf Corp. 17,000 517,437
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H.B. Fuller Co. 6,000 335,625
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Lubrizol Corp. (The) 23,000 710,125
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Omnova Solutions, Inc. 73,000 565,750
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SCP Pool Corp.(1) 34,000 881,875
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Spartech Corp. 10,000 322,500
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Universal Corp. 15,000 342,187
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W.R. Grace & Co.(1) 6,000 83,250
-----------
6,154,904
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Metals--2.0%
AK Steel Holding Corp. 28,000 528,500
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Commercial Metals Co. 19,700 668,569
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Gibraltar Steel Corp. 25,000 584,375
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Quanex Corp. 20,000 510,000
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Ryerson Tull, Inc. 6,000 116,625
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Worthington Industries, Inc. 35,000 579,687
-----------
2,987,756
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Paper--1.3%
Longview Fibre Co. 7,000 99,750
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Louisiana-Pacific Corp. 50,000 712,500
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Pactiv Corp.(1) 90,000 956,250
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Rayonier, Inc. 4,300 207,744
-----------
1,976,244
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Capital Goods--12.0%
Aerospace/Defense--0.9%
Alliant Techsystems, Inc.(1) 9,000 560,812
- --------------------------------------------------------------------------------
Cordant Technologies, Inc. 21,000 693,000
-----------
1,253,812
10 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
Market Value
Shares See Note 1
================================================================================
Electrical Equipment--1.3%
Amphenol Corp., Cl. A(1) 4,000 $ 266,250
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Kemet Corp.(1) 8,000 360,500
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Power Integrations, Inc.(1) 16,000 767,000
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Technitrol, Inc. 10,000 445,000
-----------
1,838,750
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Industrial Services--4.8%
Advanced Marketing Services, Inc. 21,000 597,187
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Aviation Sales Co.(1) 30,000 495,000
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Brady Corp., Cl. A 9,500 322,406
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Building One Services Corp.(1) 20,800 196,300
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Comfort Systems USA, Inc.(1) 50,000 368,750
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Eagle USA Airfreight, Inc.(1) 19,000 819,375
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Graco, Inc. 18,100 649,337
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Helix Technology Corp. 20,000 896,250
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Interim Services, Inc.(1) 10,000 247,500
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Mail-Well, Inc. (1) 25,000 337,500
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Modis Professional Services, Inc.(1) 40,000 570,000
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Quanta Services, Inc.(1) 8,000 226,000
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RCM Technologies, Inc.(1) 15,000 258,750
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Reynolds & Reynolds Co., Cl. A 15,000 337,500
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United Stationers, Inc.(1) 10,000 285,625
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Wackenhut Corrections Corp.(1) 15,000 175,312
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Waste Connections, Inc.(1) 15,000 216,562
-----------
6,999,354
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Manufacturing--5.0%
ACX Technologies, Inc.(1) 20,000 213,750
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AMERCO(1) 20,000 500,000
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American Woodmark Corp. 10,000 242,500
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Astec Industries, Inc.(1) 6,500 122,281
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Ball Corp. 8,000 315,000
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Briggs & Stratton Corp. 7,100 380,737
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Cummins Engine Co., Inc. 9,000 434,812
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Donaldson Company, Inc. 5,000 120,312
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Imation Corp.(1) 30,600 1,027,012
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Mark IV Industries, Inc. 14,000 247,625
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Miller (Herman), Inc. 10,000 230,000
11 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited/Continued
================================================================================
Market Value
Shares See Note 1
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Manufacturing Continued
NACCO Industries, Inc., Cl. A 6,000 $ 333,375
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Paxar Corp.(1) 20,000 168,750
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Simpson Manufacturing Co., Inc.(1) 3,000 131,250
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SLI, Inc.(1) 25,000 339,062
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Smith (A.O.) Corp. 21,800 476,875
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SPS Technologies, Inc.(1) 12,000 383,250
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Tecumseh Products Co., Cl. A 6,100 287,844
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Tenneco Automotive, Inc.(1) 20,000 186,250
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Terex Corp.(1) 25,000 693,750
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Trinity Industries, Inc. 5,000 142,187
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Wabash National Corp. 10,000 150,000
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Westinghouse Air Brake Co. 10,000 177,500
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7,304,122
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Communication Services--2.3%
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Telecommunications-Long Distance--1.3%
C&D Technologies, Inc. 4,000 170,000
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CT Communications, Inc. 18,000 1,008,000
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TALK.com, Inc. 43,000 763,250
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1,941,250
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Telephone Utilities--0.4%
Commonwealth Telephone Enterprises, Inc.(1) 10,700 565,762
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Telecommunications-Wireless--0.6%
Price Communications Corp. 27,130 754,553
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Tritel, Inc.(1) 2,800 88,725
-----------
843,278
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Consumer Cyclicals - 24.3%
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Autos & Housing--7.5%
Arvin Industries, Inc. 8,000 227,000
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Borg-Warner Automotive, Inc. 9,000 364,500
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Centex Construction Products, Inc. 15,900 620,100
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Cooper Tire & Rubber Co. 25,000 389,062
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Crossmann Communities, Inc.(1) 8,000 124,000
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D.R. Horton, Inc. 10,000 138,125
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Detroit Diesel Corp. 6,800 130,475
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Dura Automotive Systems, Inc.(1) 10,000 174,375
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Federal-Mogul Corp. 15,000 301,875
12 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
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Market Value
Shares See Note 1
================================================================================
Autos & Housing Continued
Florida Rock Industries, Inc. 6,700 $ 230,731
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Furniture Brands International, Inc.(1) 7,000 154,000
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Harman International Industries, Inc. 9,000 505,125
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Hayes Lemmerz International, Inc.(1) 8,000 139,500
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Hughes Supply, Inc. 10,000 215,625
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Insituform Technologies, Cl. A(1) 25,300 714,725
- --------------------------------------------------------------------------------
La-Z-Boy, Inc. 12,000 201,750
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Lancaster Colony Corp. 5,000 165,625
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M.D.C. Holdings, Inc. 10,000 156,875
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Meritor Automotive, Inc. 29,000 561,875
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Monaco Coach Corp.(1) 23,000 587,937
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NCI Building Systems, Inc.(1) 7,000 129,500
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NVR, Inc.(1) 6,500 310,375
- --------------------------------------------------------------------------------
Pulte Corp. 5,000 112,500
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Ryland Group, Inc. (The) 10,000 230,625
- --------------------------------------------------------------------------------
Salton, Inc.(1) 25,000 835,937
- --------------------------------------------------------------------------------
Southdown, Inc. 11,000 567,875
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Standard Pacific Corp. 10,000 110,000
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Superior Industries International, Inc. 9,000 241,312
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Texas Industries, Inc. 13,000 553,312
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Toll Brothers, Inc.(1) 10,000 186,250
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Toro Co. (The) 6,800 253,725
- --------------------------------------------------------------------------------
Tower Automotive, Inc.(1) 19,000 293,312
- --------------------------------------------------------------------------------
Trendwest Resorts, Inc.(1) 3,500 78,750
- --------------------------------------------------------------------------------
Webb (Del E.) Corp.(1) 10,000 249,375
- --------------------------------------------------------------------------------
Winnebago Industries, Inc. 12,000 240,750
- --------------------------------------------------------------------------------
York International Corp. 18,000 493,875
-----------
10,990,753
- --------------------------------------------------------------------------------
Consumer Services--1.7%
Avis Rent A Car, Inc.(1) 30,000 766,875
- --------------------------------------------------------------------------------
Catalina Marketing Corp.(1) 2,000 231,500
- --------------------------------------------------------------------------------
Central Garden & Pet Co.(1) 40,000 415,000
- --------------------------------------------------------------------------------
Korn/Ferry International(1) 16,000 582,000
- --------------------------------------------------------------------------------
Rent-Way, Inc.(1) 25,000 467,187
-----------
2,462,562
13 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited/Continued
================================================================================
Market Value
Shares See Note 1
================================================================================
Leisure & Entertainment--2.9%
American Classic Voyages Co.(1) 5,000 $ 175,000
- --------------------------------------------------------------------------------
Argosy Gaming Co.(1) 60,000 933,750
- --------------------------------------------------------------------------------
Handleman Co.(1) 25,600 342,400
- --------------------------------------------------------------------------------
Hollywood Park, Inc. 18,000 403,875
- --------------------------------------------------------------------------------
International Game Technology 20,000 406,250
- --------------------------------------------------------------------------------
Isle of Capri Casinos, Inc.(1) 70,000 923,125
- --------------------------------------------------------------------------------
JAKKS Pacific, Inc.(1) 18,000 336,375
- --------------------------------------------------------------------------------
Midway Games, Inc.(1) 10,000 239,375
- --------------------------------------------------------------------------------
Sunterra Corp.(1) 25,000 287,500
- --------------------------------------------------------------------------------
WMS Industries, Inc.(1) 10,000 131,250
----------
4,178,900
- --------------------------------------------------------------------------------
Media--2.8%
Banta Corp. 25,000 564,062
- --------------------------------------------------------------------------------
Central Newspapers, Inc., Cl. A 21,300 838,687
- --------------------------------------------------------------------------------
Consolidated Graphics, Inc.(1) 10,000 149,375
- --------------------------------------------------------------------------------
Harland (John H.) Co. 14,300 261,869
- --------------------------------------------------------------------------------
Pulitzer, Inc. 19,300 778,031
- --------------------------------------------------------------------------------
R.H. Donnelley Corp.(1) 35,200 664,400
- --------------------------------------------------------------------------------
True North Communications, Inc. 10,000 446,875
- --------------------------------------------------------------------------------
Workflow Management, Inc.(1) 15,000 429,375
-----------
4,132,674
- --------------------------------------------------------------------------------
Retail: Specialty--6.1%
Ann Taylor Stores Corp.(1) 2,000 68,875
- --------------------------------------------------------------------------------
Braun's Fashions Corp.(1) 37,500 787,500
- --------------------------------------------------------------------------------
Burlington Coat Factory Warehouse Corp. 15,000 208,125
- --------------------------------------------------------------------------------
Charming Shoppes, Inc.(1) 83,000 549,875
- --------------------------------------------------------------------------------
Children's Place Retail Stores, Inc.(1) 4,000 65,750
- --------------------------------------------------------------------------------
Discount Auto Parts, Inc.(1) 12,300 222,169
- --------------------------------------------------------------------------------
Footstar, Inc.(1) 7,400 225,700
- --------------------------------------------------------------------------------
Fossil, Inc.(1) 3,400 78,625
- --------------------------------------------------------------------------------
Hot Topic, Inc.(1) 40,000 930,000
- --------------------------------------------------------------------------------
Insight Enterprises, Inc.(1) 15,000 609,375
- --------------------------------------------------------------------------------
Michaels Stores, Inc.(1) 10,000 285,000
- --------------------------------------------------------------------------------
Micro Warehouse, Inc.(1) 20,000 370,000
- --------------------------------------------------------------------------------
Pacific Sunware of California, Inc.(1) 14,900 474,937
- --------------------------------------------------------------------------------
Pier 1 Imports, Inc. 40,000 255,000
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14 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
Market Value
Shares See Note 1
================================================================================
Retail: Specialty Continued
Shopko Stores, Inc.(1) 14,000 $ 322,000
- --------------------------------------------------------------------------------
Stride Rite Corp. 45,000 292,500
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 20,000 892,500
- --------------------------------------------------------------------------------
Timberland Co., Cl. A(1) 18,000 951,750
- --------------------------------------------------------------------------------
Too, Inc.(1) 30,000 517,500
- --------------------------------------------------------------------------------
Trans World Entertainment Corp.(1) 20,000 210,000
- --------------------------------------------------------------------------------
Urban Outfitters, Inc.(1) 7,000 203,875
- --------------------------------------------------------------------------------
Whitehall Jewellers, Inc. 2,100 77,438
- --------------------------------------------------------------------------------
Zale Corp.(1) 5,500 266,063
-----------
8,864,557
- --------------------------------------------------------------------------------
Textile/Apparel & Home Furnishings--3.3%
Dixie Group, Inc. (The)(1) 45,000 331,875
- --------------------------------------------------------------------------------
Guess ?, Inc.(1) 37,000 804,750
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 27,000 501,609
- --------------------------------------------------------------------------------
Kellwood Co. 17,000 330,438
- --------------------------------------------------------------------------------
Kenneth Cole Productions, Inc., Cl. A(1) 18,000 823,500
- --------------------------------------------------------------------------------
Mohawk Industries, Inc.(1) 10,000 263,750
- --------------------------------------------------------------------------------
Russell Corp. 30,000 502,500
- --------------------------------------------------------------------------------
Steven Madden Ltd.(1) 50,000 953,125
- --------------------------------------------------------------------------------
Warnaco Group, Inc. (The), Cl. A 20,000 246,250
-----------
4,757,797
- --------------------------------------------------------------------------------
Consumer Staples--4.0%
- --------------------------------------------------------------------------------
Broadcasting--0.3%
Classic Communications, Inc.(1) 4,600 168,188
- --------------------------------------------------------------------------------
ValueVision International, Inc., Cl. A(1) 5,000 286,563
-----------
454,751
- --------------------------------------------------------------------------------
Entertainment--1.2%
Applebee's International, Inc. 7,300 215,350
- --------------------------------------------------------------------------------
Buffets, Inc.(1) 15,000 150,000
- --------------------------------------------------------------------------------
CEC Entertainment, Inc.(1) 8,000 227,000
- --------------------------------------------------------------------------------
Ruby Tuesday, Inc. 17,000 309,188
- --------------------------------------------------------------------------------
Sonic Corp.(1) 12,100 344,850
- --------------------------------------------------------------------------------
THQ, Inc.(1) 24,500 568,094
-----------
1,814,482
15 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited/Continued
================================================================================
Market Value
Shares See Note 1
================================================================================
Food--1.2%
Agribrands International, Inc.(1) 13,800 $ 634,800
- --------------------------------------------------------------------------------
Aurora Foods, Inc./de(1) 10,000 93,125
- --------------------------------------------------------------------------------
Corn Products International, Inc. 18,800 615,700
- --------------------------------------------------------------------------------
Dean Foods Co. 3,000 119,250
- --------------------------------------------------------------------------------
Suiza Foods Corp.(1) 6,000 237,750
-----------
1,700,625
- --------------------------------------------------------------------------------
Household Goods--1.3%
- --------------------------------------------------------------------------------
Blyth Industries, Inc.(1) 15,000 368,438
- --------------------------------------------------------------------------------
Church & Dwight Co., Inc. 27,000 720,563
- --------------------------------------------------------------------------------
Water Pik Technologies, Inc.(1) 80,000 765,000
-----------
1,854,001
- --------------------------------------------------------------------------------
Tobacco--0.0%
UST, Inc. 500 12,594
- --------------------------------------------------------------------------------
Energy--6.7%
- --------------------------------------------------------------------------------
Energy Services--1.0%
Grey Wolf, Inc.(1) 140,000 402,500
- --------------------------------------------------------------------------------
Marine Drilling Cos., Inc.(1) 15,000 336,563
- --------------------------------------------------------------------------------
Pride International, Inc.(1) 33,000 482,625
- --------------------------------------------------------------------------------
Tidewater, Inc. 8,000 288,000
-----------
1,509,688
- --------------------------------------------------------------------------------
Oil--Domestic--1.9%
Brown (Tom), Inc.(1) 14,000 187,250
- --------------------------------------------------------------------------------
Chieftain International, Inc.(1) 30,100 519,225
- --------------------------------------------------------------------------------
Chieftain International, Inc.(1) 4,300 73,979
- --------------------------------------------------------------------------------
Frontier Oil Corp.(1) 123,800 835,650
- --------------------------------------------------------------------------------
Mitchell Energy & Development Corp., Cl. B 6,000 129,375
- --------------------------------------------------------------------------------
Pennzoil-Quaker State Co. 40,000 407,500
- --------------------------------------------------------------------------------
Stone Energy Corp.(1) 7,700 274,313
- --------------------------------------------------------------------------------
Tesoro Petroleum Corp.(1) 34,000 393,125
-----------
2,820,417
- --------------------------------------------------------------------------------
Oil--International--3.8%
Anderson Exploration Ltd.(1) 52,800 629,310
- --------------------------------------------------------------------------------
Beau Canada Exploration Ltd.(1) 449,500 527,983
- --------------------------------------------------------------------------------
Berkley Petroleum Corp.(1) 49,700 434,399
- --------------------------------------------------------------------------------
Canadian 88 Energy Corp. 7,000 9,188
16 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
Market Value
Shares See Note 1
================================================================================
Oil--International Continued
Canadian 88 Energy Corp. 73,000 $ 100,878
- --------------------------------------------------------------------------------
Canadian Hunter Exploration Ltd.(1) 12,000 196,918
- --------------------------------------------------------------------------------
Encal Energy Ltd.(1) 108,000 492,503
- --------------------------------------------------------------------------------
Ensign Resource Service Group, Inc. 9,000 208,319
- --------------------------------------------------------------------------------
Newport Petroleum Corp.(1) 226,000 515,304
- --------------------------------------------------------------------------------
Paramount Resources Ltd. 48,700 572,031
- --------------------------------------------------------------------------------
Precision Drilling Corp.(1) 18,500 475,219
- --------------------------------------------------------------------------------
Prize Energy, Inc.(1) 15,384 3,189
- --------------------------------------------------------------------------------
Ranger Oil Ltd.(1) 66,400 206,453
- --------------------------------------------------------------------------------
Ranger Oil Ltd.(1) 25,000 78,125
- --------------------------------------------------------------------------------
Rio Alto Exploration Ltd.(1) 18,600 262,171
- --------------------------------------------------------------------------------
Tri Link Resources Ltd.(1) 40,000 203,137
- --------------------------------------------------------------------------------
Ulster Petroleums Ltd.(1) 50,000 443,930
- --------------------------------------------------------------------------------
Vermilion Resources Ltd.(1) 67,200 206,619
-----------
5,565,676
- --------------------------------------------------------------------------------
Financial--7.1%
- --------------------------------------------------------------------------------
Banks--3.1%
1st Source Corp. 5,000 125,000
- --------------------------------------------------------------------------------
Area Bancshares Corp. 5,000 122,500
- --------------------------------------------------------------------------------
Citizens Banking Corp. 10,000 223,750
- --------------------------------------------------------------------------------
Cullen Frost Bankers, Inc. 6,500 167,375
- --------------------------------------------------------------------------------
CVB Financial Corp. 10,000 231,250
- --------------------------------------------------------------------------------
Downey Financial Corp. 10,000 201,875
- --------------------------------------------------------------------------------
First Commonwealth Financial Corp. 44,000 528,000
- --------------------------------------------------------------------------------
First Midwest Bancorp, Inc. 22,500 596,250
- --------------------------------------------------------------------------------
Imperial Bancorp(1) 10,000 241,250
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 11,000 230,313
- --------------------------------------------------------------------------------
MECH Financial, Inc. 8,400 290,325
- --------------------------------------------------------------------------------
Pacific Capital Bancorp 5,000 153,750
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 20,000 387,500
- --------------------------------------------------------------------------------
Staten Island Bancorp, Inc. 14,700 264,600
- --------------------------------------------------------------------------------
Texas Regional Bancshares, Inc., Cl. A 15,000 435,000
- --------------------------------------------------------------------------------
Whitney Holding Corp. 8,000 296,500
-----------
4,495,238
17 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited/Continued
================================================================================
Market Value
Shares See Note 1
================================================================================
Diversified Financial--1.4%
CompuCredit Corp.(1) 18,000 $ 693,000
- --------------------------------------------------------------------------------
Eaton Vance Corp. 4,800 182,400
- --------------------------------------------------------------------------------
John Nuveen Co. (The), Cl. A 4,100 147,856
- --------------------------------------------------------------------------------
NCO Group, Inc.(1) 6,000 180,750
- --------------------------------------------------------------------------------
Raymond James Financial, Inc. 15,000 280,313
- --------------------------------------------------------------------------------
SEI Investments Co. 5,000 595,078
-----------
2,079,397
- --------------------------------------------------------------------------------
Insurance--2.6%
Alfa Corp. 10,000 163,125
- --------------------------------------------------------------------------------
AmerUs Life Holdings, Inc., Cl. A 10,000 230,000
- --------------------------------------------------------------------------------
Enhance Financial Services Group, Inc. 17,000 276,250
- --------------------------------------------------------------------------------
Everest Reinsurance Holdings, Inc. 10,000 223,125
- --------------------------------------------------------------------------------
Foremost Corp. of America 7,300 207,138
- --------------------------------------------------------------------------------
Gallagher (Arthur J.) & Co. 11,100 718,725
- --------------------------------------------------------------------------------
Medical Assurance, Inc.(1) 4,600 97,463
- --------------------------------------------------------------------------------
MONY Group, Inc. (The) 22,000 642,125
- --------------------------------------------------------------------------------
Presidential Life Corp. 25,000 459,375
- --------------------------------------------------------------------------------
Radian Group, Inc. 5,000 238,750
- --------------------------------------------------------------------------------
Triad Guaranty, Inc.(1) 25,000 568,750
-----------
3,824,826
- --------------------------------------------------------------------------------
Healthcare--8.5%
- --------------------------------------------------------------------------------
Healthcare/Drugs--4.3%
AmeriSource Health Corp., Cl. A(1) 40,000 607,500
- --------------------------------------------------------------------------------
Andrx Corp.(1) 2,500 105,781
- --------------------------------------------------------------------------------
Coventry Health Care, Inc.(1) 52,500 354,375
- --------------------------------------------------------------------------------
Humana, Inc.(1) 90,000 736,875
- --------------------------------------------------------------------------------
Jones Pharma, Inc. 16,000 695,000
- --------------------------------------------------------------------------------
King Pharmaceuticals, Inc.(1) 33,000 1,850,063
- --------------------------------------------------------------------------------
Syncor International Corp.(1) 24,200 704,825
- --------------------------------------------------------------------------------
Trigon Healthcare, Inc.(1) 15,000 442,500
- --------------------------------------------------------------------------------
Ventiv Health, Inc.(1) 85,000 780,938
-----------
6,277,857
- --------------------------------------------------------------------------------
Healthcare/Supplies & Services--4.2%
Cooper Companies, Inc. (The) 10,000 301,250
- --------------------------------------------------------------------------------
Datascope Corp. 29,100 1,164,000
- --------------------------------------------------------------------------------
Haemonetics Corp.(1) 21,500 511,969
18 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
Market Value
Shares See Note 1
================================================================================
Healthcare/Supplies & Services Continued
Henry Schein, Inc.(1) 10,000 $ 133,125
- --------------------------------------------------------------------------------
Hooper Holmes, Inc. 10,000 257,500
- --------------------------------------------------------------------------------
Mentor Corp. 25,000 645,313
- --------------------------------------------------------------------------------
Quest Diagnostics, Inc.(1) 16,000 489,000
- --------------------------------------------------------------------------------
Res-Care, Inc.(1) 12,500 159,375
- --------------------------------------------------------------------------------
SonoSite, Inc.(1) 14,000 442,750
- --------------------------------------------------------------------------------
Sunrise Assisted Living, Inc.(1) 10,000 137,500
- --------------------------------------------------------------------------------
Techne Corp.(1) 6,500 357,906
- --------------------------------------------------------------------------------
US Oncology, Inc.(1) 80,000 395,000
- --------------------------------------------------------------------------------
Zoll Medical Corp.(1) 30,000 1,145,625
-----------
6,140,313
- --------------------------------------------------------------------------------
Technology--22.4%
- --------------------------------------------------------------------------------
Computer Hardware--2.1%
Cybex Computer Products Corp.(1) 5,000 202,500
- --------------------------------------------------------------------------------
In Focus Systems, Inc.(1) 29,000 672,438
- --------------------------------------------------------------------------------
NUR Macroprinters Ltd.(1) 15,000 169,688
- --------------------------------------------------------------------------------
Pinnacle Systems, Inc.(1) 18,000 732,375
- --------------------------------------------------------------------------------
Xircom, Inc.(1) 18,000 1,350,000
-----------
3,127,001
- --------------------------------------------------------------------------------
Computer Services--1.3%
American Management Systems, Inc.(1) 23,700 743,588
- --------------------------------------------------------------------------------
F.Y.I., Inc.(1) 5,000 170,000
- --------------------------------------------------------------------------------
FactSet Research Systems, Inc. 3,200 254,800
- --------------------------------------------------------------------------------
Kronos, Inc.(1) 9,600 576,000
- --------------------------------------------------------------------------------
MedQuist, Inc.(1) 5,000 129,063
-----------
1,873,451
- --------------------------------------------------------------------------------
Computer Software--5.7%
Advent Software, Inc.(1) 2,000 128,875
- --------------------------------------------------------------------------------
Ardent Software, Inc.(1) 11,000 429,000
- --------------------------------------------------------------------------------
Avant! Corp.(1) 40,000 600,000
- --------------------------------------------------------------------------------
Dendrite International, Inc.(1) 17,350 587,731
- --------------------------------------------------------------------------------
Mercury Interactive Corp.(1) 7,000 755,563
- --------------------------------------------------------------------------------
Micromuse, Inc.(1) 8,500 1,445,000
- --------------------------------------------------------------------------------
National Computer Systems, Inc. 17,500 658,438
- --------------------------------------------------------------------------------
Optio Software, Inc.(1) 6,800 159,800
- --------------------------------------------------------------------------------
Progress Software Corp.(1) 27,800 1,577,650
19 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF INVESTMENTS December 31, 1999 Unaudited/Continued
================================================================================
Market Value
Shares See Note 1
================================================================================
Computer Software Continued
Sybase, Inc.(1) 59,000 $1,003,000
- --------------------------------------------------------------------------------
Symantec Corp.(1) 17,000 996,625
----------
8,341,682
- --------------------------------------------------------------------------------
Communications Equipment--3.5%
Anixter International, Inc.(1) 28,000 577,500
- --------------------------------------------------------------------------------
BISYS Group, Inc. (The)(1) 4,000 261,000
- --------------------------------------------------------------------------------
Black Box Corp.(1) 3,000 201,000
- --------------------------------------------------------------------------------
Cable Design Technologies Corp.(1) 5,000 115,000
- --------------------------------------------------------------------------------
Carrier Access Corp.(1) 7,000 471,188
- --------------------------------------------------------------------------------
Harmonic, Inc.(1) 6,000 569,625
- --------------------------------------------------------------------------------
Inet Technologies, Inc.(1) 8,000 559,000
- --------------------------------------------------------------------------------
Optical Coating Laboratory, Inc. 5,500 1,628,000
- --------------------------------------------------------------------------------
Polycom, Inc.(1) 12,000 764,250
-----------
5,146,563
- --------------------------------------------------------------------------------
Electronics--9.8%
Actel Corp.(1) 10,000 240,000
- --------------------------------------------------------------------------------
Advanced Energy Industries, Inc.(1) 10,600 522,050
- --------------------------------------------------------------------------------
Audiovox Corp., Cl. A(1) 23,000 698,625
- --------------------------------------------------------------------------------
Burr-Brown Corp.(1) 13,500 487,688
- --------------------------------------------------------------------------------
Cognex Corp.(1) 10,500 409,500
- --------------------------------------------------------------------------------
Credence Systems Corp.(1) 7,000 605,500
- --------------------------------------------------------------------------------
CTS Corp. 12,300 927,113
- --------------------------------------------------------------------------------
Cymer, Inc.(1) 13,000 598,000
- --------------------------------------------------------------------------------
Dallas Semiconductor Corp. 11,000 708,813
- --------------------------------------------------------------------------------
Electro Scientific Industries, Inc.(1) 3,000 219,000
- --------------------------------------------------------------------------------
ESS Technology, Inc.(1) 40,000 887,500
- --------------------------------------------------------------------------------
Exar Corp.(1) 5,000 294,375
- --------------------------------------------------------------------------------
GenRad, Inc.(1) 15,000 241,875
- --------------------------------------------------------------------------------
Lanier Worldwide, Inc.(1) 200,000 775,000
- --------------------------------------------------------------------------------
LSI Industries, Inc. 31,000 670,375
- --------------------------------------------------------------------------------
MKS Instruments, Inc.(1) 18,000 650,250
- --------------------------------------------------------------------------------
NVIDIA Corp.(1) 8,000 375,500
- --------------------------------------------------------------------------------
Pioneer-Standard Electronics, Inc. 15,000 216,563
- --------------------------------------------------------------------------------
Sawtek, Inc.(1) 7,200 479,250
- --------------------------------------------------------------------------------
Semtech Corp.(1) 16,000 834,000
- --------------------------------------------------------------------------------
Varian Semiconductor Equipment Associates, Inc.(1) 47,500 1,615,000
20 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
Market Value
Shares See Note 1
================================================================================
Electronics Continued
Varian, Inc.(1) 31,000 $ 697,500
- --------------------------------------------------------------------------------
Vicor Corp.(1) 6,000 243,000
- --------------------------------------------------------------------------------
Zebra Technologies Corp., Cl. A(1) 16,700 976,950
-----------
14,373,427
- --------------------------------------------------------------------------------
Transportation--1.6%
- --------------------------------------------------------------------------------
Railroads & Truckers--1.3%
American Freightways Corp.(1) 11,900 192,631
- --------------------------------------------------------------------------------
Landstar System, Inc.(1) 18,900 809,156
- --------------------------------------------------------------------------------
USFreightways Corp. 12,000 574,500
- --------------------------------------------------------------------------------
XTRA Corp.(1) 6,100 260,013
-----------
1,836,300
- --------------------------------------------------------------------------------
Shipping--0.3%
Alexander & Baldwin, Inc. 20,800 474,500
- --------------------------------------------------------------------------------
Utilities--0.2%
- --------------------------------------------------------------------------------
Gas Utilities--0.2%
Northwest Natural Gas Co. 6,000 131,625
- --------------------------------------------------------------------------------
Philips NV, New York Shares 5,000 166,875
-----------
298,500
-----------
Total Common Stocks (Cost $124,315,951) 141,273,764
Face
Amount
================================================================================
Repurchase Agreements--3.0%
Repurchase agreement with
PaineWebber, Inc., 3%, dated 12/31/99,
to be repurchased at $4,301,075 on 1/3/00,
collateralized by U.S. Treasury Nts.,
5.625%-6.125%, 11/30/00-12/31/01, with a
value of $4,392,162 (Cost $4,300,000) $4,300,000 4,300,000
- --------------------------------------------------------------------------------
Total Investments, at Value
(Cost $128,615,951) 99.6% 145,573,764
- --------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.4 635,429
----------------------------
Net Assets 100.0% $146,209,193
============================
FOOTNOTES TO STATEMENT OF INVESTMENTS
(1) Non-income-producing security.
See accompanying Notes to Financial Statements.
21 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF ASSETS AND LIABILITIES Unaudited
================================================================================
December 31, 1999
================================================================================
Assets
Investments, at value (cost $128,615,951)
- -- see accompanying statement $ 145,573,764
- --------------------------------------------------------------------------------
Cash 1,143,363
- --------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 4,142,897
Shares of beneficial interest sold 2,629,762
Interest and dividends 50,529
Other 2,380
-------------
Total assets 153,542,695
================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 7,003,657
Shares of beneficial interest redeemed 235,017
Distribution and service plan fees 54,128
Transfer and shareholder servicing agent fees 6,406
Other 34,294
-------------
Total liabilities 7,333,502
================================================================================
Net Assets $ 146,209,193
=============
================================================================================
Composition of Net Assets
Paid-in capital $ 122,964,450
- --------------------------------------------------------------------------------
Accumulated net investment loss (223,132)
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments
and foreign currency transactions 6,510,158
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 16,957,717
-------------
Net assets $ 146,209,193
=============
================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share
(based on net assets of $74,622,369 and 5,812,191
shares of beneficial interest outstanding) $12.84
Maximum offering price per share (net asset value
plus sales charge of 5.75% of offering price) $13.62
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge)
and offering price per share (based on net
assets of $49,502,636 and 3,868,368 shares of
beneficial interest outstanding) $12.80
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge)
and offering price per share (based on net
assets of $22,082,903 and 1,725,710 shares of
beneficial interest outstanding) $12.80
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering
price per share (based on net assets of $1,285
and 100 shares of beneficial interest outstanding) $12.85
See accompanying Notes to Financial Statements.
22 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF OPERATIONS Unaudited
================================================================================
For the Period from August 2, 1999 (commencement of operations)
to December 31, 1999
================================================================================
Investment Income
Dividends (net of foreign withholding taxes of $260) $ 138,829
- --------------------------------------------------------------------------------
Interest 131,906
------------
Total income 270,735
================================================================================
Expenses
Management fees 199,495
------------
Distribution and service plan fees:
Class A 33,356
Class B 95,057
Class C 33,808
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 83,019
- --------------------------------------------------------------------------------
Registration and filing fees 32,977
- --------------------------------------------------------------------------------
Custodian fees and expenses 2,330
- --------------------------------------------------------------------------------
Other 16,026
------------
Total expenses 496,068
Less expenses paid indirectly (2,201)
------------
Net expenses 493,867
================================================================================
Net Investment Loss (223,132)
================================================================================
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments 6,729,026
Foreign currency transactions (11,499)
------------
Net realized gain 6,717,527
- --------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 16,851,045
Translation of assets and liabilities denominated in
foreign currencies 106,672
------------
Net change 16,957,717
------------
Net realized and unrealized gain 23,675,244
================================================================================
Net Increase in Net Assets Resulting from Operations $ 23,452,112
============
See accompanying Notes to Financial Statements.
23 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
STATEMENT OF CHANGES IN NET ASSETS Unaudited
================================================================================
Period Ended December 31, 1999(1)
================================================================================
Operations
Net investment loss $ (223,132)
- --------------------------------------------------------------------------------
Net realized gain 6,717,527
- --------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 16,957,717
-------------
Net increase in net assets resulting from operations 23,452,112
================================================================================
Dividends and/or Distributions to Shareholders
Distributions from net realized gain:
Class A (103,349)
Class B (73,338)
Class C (30,682)
================================================================================
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions:
Class A 62,592,505
Class B 41,313,252
Class C 18,955,693
================================================================================
Net Assets
Total increase 146,106,193
- --------------------------------------------------------------------------------
Beginning of period 103,000(2)
-------------
End of period (including accumulated net investment loss of
$223,132 for the period ended December 31, 1999) $ 146,209,193
=============
(1) For the period from August 2, 1999 (commencement of operations) to December
31, 1999.
(2) Reflects the value of the Manager's initial seed money investment at June
29, 1999.
See accompanying Notes to Financial Statements.
24 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
FINANCIAL HIGHLIGHTS Unaudited
================================================================================
<TABLE>
<CAPTION>
Period Ended December 31, 1999(1) Class A Class B Class C Class Y
==============================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $ 10.00 $ 10.00 $ 10.00 $10.00
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.01) (.03) (.02) (.01)
Net realized and unrealized gain 2.87 2.85 2.84 2.88
------------------------------------------------------
Total income from investment operations 2.86 2.82 2.82 2.87
- --------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.02) (.02) (.02) (.02)
------------------------------------------------------
Net asset value, end of period $ 12.84 $ 12.80 $ 12.80 $12.85
==============================================================================================================
Total Return, at Net Asset Value(2) 28.65% 28.24% 28.24% 28.74%
==============================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $74,622 $49,503 $22,083 $ 1
- --------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $33,415 $23,150 $ 8,262 $ 1
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:3 Net investment loss (0.47)% (1.22)% (1.21)% (0.12)%
Expenses 1.49% 2.23% 2.22% 1.26%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 34% 34% 34% 34%
</TABLE>
(1) For the period from August 2, 1999 (commencement of operations) to December
31, 1999.
(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.
(4) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended December 31, 1999 were $138,168,349 and $20,581,524, respectively.
See accompanying Notes to Financial Statements.
25 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
NOTES TO FINANCIAL STATEMENTS Unaudited
================================================================================
================================================================================
1. Significant Accounting Policies
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
an initial sales charge. Class B and Class C shares are sold without an initial
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. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
the last sale price on the prior trading day. Long-term and short-term
"non-money market" debt securities are valued by a portfolio pricing service
approved by the Board of Trustees. Such securities which cannot be valued by an
approved portfolio pricing service are valued using dealer-supplied valuations
provided the Manager is satisfied that the firm rendering the quotes is reliable
and that the quotes reflect current market value, or are valued under
consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Short-term "money market type" debt
securities having a remaining maturity of 60 days or less are valued at cost (or
last determined market value) adjusted for amortization to maturity of any
premium or discount. Foreign currency exchange contracts are valued based on the
closing prices of the foreign currency contract rates in the London foreign
exchange markets on a daily basis as provided by a reliable bank or dealer.
Options are valued based upon the last sale price on the principal exchange on
which the option is traded or, in the absence of any transactions that day, the
value is based upon the last sale price on the prior trading date if it is
within the spread between the closing bid and asked prices. If the last sale
price is outside the spread, the closing bid is used.
- --------------------------------------------------------------------------------
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.
25 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
1. Significant Accounting Policies Continued
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.
- --------------------------------------------------------------------------------
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 Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the 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
dividend 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.
- --------------------------------------------------------------------------------
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. Foreign dividend income is often
recorded on the payable date. Realized gains and losses on investments and
unrealized 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.
27 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
================================================================================
================================================================================
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:
Period Ended December 31, 1999(1)
Shares Amount
- --------------------------------------------------------------------------------
Class A
Sold 6,178,786 $66,669,966
Dividends and/or
distributions reinvested 8,365 98,706
Redeemed (384,960) (4,176,167)
---------------------------------
Net increase 5,802,191 $62,592,505
=================================
- --------------------------------------------------------------------------------
Class B
Sold 3,991,785 $42,689,816
Dividends and/or
distributions reinvested 5,716 67,281
Redeemed (129,233) (1,443,845)
---------------------------------
Net increase 3,868,268 $41,313,252
=================================
- --------------------------------------------------------------------------------
Class C
Sold 1,790,813 $19,676,693
Dividends and/or
distributions reinvested 2,499 29,410
Redeemed (67,702) (750,410)
---------------------------------
Net increase 1,725,610 $18,955,693
=================================
(1) For the period from August 2, 1999 (commencement of operations) to December
31, 1999.
================================================================================
3. Unrealized Gains and Losses on Securities
As of December 31, 1999, net unrealized appreciation on securities of
$16,957,813 was composed of gross appreciation of $20,386,059, and gross
depreciation of $3,428,246.
28 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
4. Management 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 December 31, 1999, was 0.74% of the
average annual net assets for each class of shares, annualized for periods of
less than one full year.
- --------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund and other
Oppenheimer funds. OFS's total costs of providing such services are allocated
ratably to these 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>
December 31, 1999 $612,623 $178,058 $46,402 $1,045,363 $101,910
</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>
December 31, 1999 $ -- $ 8,692 $ 3,108
</TABLE>
The Fund has adopted Distribution and Service Plans for Class A, 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.
29 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
================================================================================
================================================================================
4. Management Fees and Other Transactions with Affiliates Continued
Class A Distribution and Service Plan Fees. Under the plan the Fund pays an
asset-based sales charge to the Distributor at an annual rate of 0.25% of
average annual net assets of Class A shares of the Fund. The Fund also pays a
service fee to the Distributor of 0.25% of the average annual net assets of
Class A shares purchased. The Distributor currently uses the fees it receives
from the Fund to pay brokers, dealers and other financial institutions. 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 December 31, 1999, payments under the Class A
Plan totaled $33,356, all of which was paid by the Distributor to recipients.
That included $3,019 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 December 31, 1999 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 $95,057 $77,041 $1,276,312 2.58%
Class C Plan 33,808 21,246 198,191 0.90
</TABLE>
30 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
5. 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 December 31,
1999.
31 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
================================================================================
================================================================================
Officers and Trustees James C. Swain, Trustee and Chairman of the Board
Bridget A. Macaskill, Trustee and President
William H. 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 G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
================================================================================
Investment Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and OppenheimerFunds Services
Shareholder
Servicing Agent
================================================================================
Custodian of The Bank of New York
Portfolio Securities
================================================================================
Independent Auditors Deloitte & Touche LLP
================================================================================
Legal Counsel Myer, Swanson, Adams & Wolf, P.C.
The financial statements included herein have been taken
from the records of the Fund without examination of the
independent auditors.
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 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,
and are not insured by the FDIC or any other agency, and
involve investment risks, including the possible loss of
the principal amount invested.
35 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
OPPENHEIMERFUNDS FAMILY
================================================================================
================================================================================
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)
Discovery Fund Growth & Income Fund
Main Street(R)Small Cap Fund Quest Opportunity Value Fund
Quest Small Cap Value Fund Total Return Fund
MidCap Fund Quest Balanced Value Fund
Capital Appreciation Fund Capital Income Fund(2)
Growth Fund Multiple Strategies Fund
Disciplined Value Fund Disciplined Allocation Fund
Quest Value Fund Convertible Securities Fund
Trinity Growth Fund
Trinity Core Fund Specialty
Trinity Value Fund Real Asset Fund
Gold & Special Minerals Fund
================================================================================
Fixed Income
- --------------------------------------------------------------------------------
Taxable Municipal
International Bond Fund California Municipal Fund(3)
World Bond Fund Main Street(R) California
High Yield Fund Municipal Fund(3)
Champion Income Fund Florida Municipal Fund(3)
Strategic Income Fund New Jersey Municipal Fund(3)
Bond Fund New York Municipal Fund(3)
Senior Floating Rate Fund Pennsylvania Municipal Fund(3)
U.S. Government Trust Municipal Bond Fund
Limited-Term Government Fund Insured Municipal Fund
Intermediate Municipal Fund
Rochester Division
Rochester Fund Municipals
Limited Term New York
Municipal Fund
================================================================================
Money Market(4)
- --------------------------------------------------------------------------------
Money Market Fund Cash Reserves
(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.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY 10048-0203.
(C) Copyright 1999 OppenheimerFunds, Inc. All rights reserved.
36 OPPENHEIMER MAIN STREET(R) SMALL CAP FUND
<PAGE>
================================================================================
INFORMATION AND SERVICES
================================================================================
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to
help.
- --------------------------------------------------------------------------------
Internet
24-hr access to account information and transactions
www.oppenheimerfunds.com
- --------------------------------------------------------------------------------
General Information
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
- --------------------------------------------------------------------------------
Telephone Transactions
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
- --------------------------------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
- --------------------------------------------------------------------------------
Telecommunications Device for the Deaf (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
- --------------------------------------------------------------------------------
OppenheimerFunds Information Hotline
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments
1.800.835.3104
- --------------------------------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
- --------------------------------------------------------------------------------
[LOGO] OppenheimerFunds (R)
Distributor, Inc.
RS0847.001.1299 February 29, 2000
