-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BAPqe5/tMWAywvZ7DcxaxKXqQbX9z1FJDo+tFMnfVqL8b6TXqDZtgqrr9RYwXaie sakLAhzbs4lrSvvl/k/6yw== 0000935069-04-001551.txt : 20040928 0000935069-04-001551.hdr.sgml : 20040928 20040928141243 ACCESSION NUMBER: 0000935069-04-001551 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040731 FILED AS OF DATE: 20040928 DATE AS OF CHANGE: 20040928 EFFECTIVENESS DATE: 20040928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MAIN STREET OPPORTUNITY FUND CENTRAL INDEX KEY: 0001116894 IRS NUMBER: 841552997 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-10001 FILM NUMBER: 041049391 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 N-CSR 1 ra731_11784.txt RA731_11784.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-10001 OPPENHEIMER MAIN STREET OPPORTUNITY FUND --------------------------------------------------- (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 ------------------------------------------------------- (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 ----------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: JULY 31 Date of reporting period: AUGUST 1, 2003 - JULY 31, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2004, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We attribute the Fund's strong relative performance primarily to its focus on small-cap stocks during the first half of the reporting period. As had been the case since the Fund's inception in September 2000, small-cap stocks consistently outperformed their large-cap counterparts during the reporting period's first half. Accordingly, the Fund benefited from its relatively heavy exposure to smaller-capitalizations stocks and its relatively light holdings of mega-cap stocks during that time. In addition to benefiting from its allocation strategy across market capitalizations, the Fund's stock selection strategy contributed positively to its performance in all capitalization ranges except the mega-cap range, where stock selection detracted modestly from the Fund's returns compared to the Russell 3000 Index. We do not actively allocate by sector but rather our stock selection process leads to sector allocations. Although energy stocks achieved higher absolute returns than any other market sector over the reporting period, the Fund's security selection and sector allocation strategies provided the greatest relative value among consumer discretionary stocks, followed by health care and energy. The Fund's security selection strategy contributed positively to its relative performance in all market sectors except the information technology area. In contrast, the Fund's sector allocation exerted relatively little influence over the Fund's relative performance during the reporting period, making the most meaningfully positive difference in the energy sector, where the Fund's relatively heavy exposure benefited returns. The Fund currently is positioned to benefit from what we believe to be a fundamental shift in market leadership toward larger-cap stocks. Our models indicate that the five-year cycle of small-cap outperformance that began in 1999 has probably come to an end. After having correctly favored smaller stocks during most of this period, a number of factors considered by our models--including interest rate spread indicators and relative valuation components--now favor large stocks over small ones. As a result, during the second half of the reporting period we substantially increased the Fund's investments in mega-cap stocks, which accounted for more than 50% of the portfolio at the end of the reporting period. In fact, all of the Fund's top-10 overweighted positions relative to the Russell 3000 benchmark were mega-cap stocks as of the end of the reporting period. In contrast, at the end of the previous reporting period (January 31, 2004), none of the top 10-overweighted positions were mega-cap stocks. From a sector 9 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- allocation standpoint, the Fund ended the reporting period with a larger percentage of assets invested in energy and financial stocks than the Fund's benchmark, the Russell 3000 Index, and a smaller percentage allocated to utilities and consumer discretionary stocks. However, it should be noted that fundamental changes of this nature, when they occur quickly, take some time to be reflected in our quantitative models. In addition, we tend to make such changes to the portfolio gradually, with an eye toward managing transaction costs. As always, we remain committed to remaining fully invested in equities and to attempting to reduce risk and minimize transaction costs through a well diversified portfolio of stocks in all capitalization ranges. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2004. In the case of Class A, Class B, Class C, and Class Y, performance is measured from inception of the classes on September 25, 2000. In the case of Class N shares, performance is measured from inception of the class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C, and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index of large-capitalization U.S. companies. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 10 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS A) RUSSELL 3000 INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Value of Investment Russell 3000 Date In Fund Index 09/25/2000 $ 9,425 $10,000 10/31/2000 9,218 9,858 01/31/2001 9,714 9,411 04/30/2001 9,638 8,635 07/31/2001 9,874 8,403 10/31/2001 9,214 7,377 01/31/2002 10,015 7,956 04/30/2002 10,459 7,708 07/31/2002 8,752 6,508 10/31/2002 8,544 6,318 01/31/2003 8,346 6,167 04/30/2003 8,931 6,629 07/31/2003 10,091 7,288 10/31/2003 11,270 7,815 01/31/2004 12,345 8,457 04/30/2004 11,986 8,294 07/31/2004 11,968 8,258 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 7/31/04 1-Year Since Inception - ------ --------------- 11.78% 4.78% Inception Date 9/25/00 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS B) RUSSELL 3000 INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Value of Investment Russell 3000 Date In Fund Index 09/25/2000 $10,000 $10,000 10/31/2000 9,780 9,858 01/31/2001 10,280 9,411 04/30/2001 10,180 8,635 07/31/2001 10,400 8,403 10/31/2001 9,700 7,377 01/31/2002 10,520 7,956 04/30/2002 10,960 7,708 07/31/2002 9,150 6,508 10/31/2002 8,920 6,318 01/31/2003 8,700 6,167 04/30/2003 9,290 6,629 07/31/2003 10,470 7,288 10/31/2003 11,670 7,815 01/31/2004 12,760 8,457 04/30/2004 12,360 8,294 07/31/2004 12,010 8,258 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 7/31/04 1-Year Since Inception - ------ --------------- 12.57% 4.87% Inception Date 9/25/00 12 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS C) RUSSELL 3000 INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Value of Investment Russell 3000 Date In Fund Index 09/25/2000 $10,000 $10,000 10/31/2000 9,780 9,858 01/31/2001 10,280 9,411 04/30/2001 10,180 8,635 07/31/2001 10,400 8,403 10/31/2001 9,690 7,377 01/31/2002 10,510 7,956 04/30/2002 10,960 7,708 07/31/2002 9,150 6,508 10/31/2002 8,920 6,318 01/31/2003 8,700 6,167 04/30/2003 9,290 6,629 07/31/2003 10,480 7,288 10/31/2003 11,680 7,815 01/31/2004 12,780 8,457 04/30/2004 12,380 8,294 07/31/2004 12,340 8,258 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 7/31/04 1-Year Since Inception - ------ --------------- 16.75% 5.61% Inception Date 9/25/00 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS N SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS N) RUSSELL 3000 INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Value of Investment Russell 3000 Date In Fund Index 03/01/2001 $10,000 $10,000 04/30/2001 10,376 10,098 07/31/2001 10,620 9,827 10/31/2001 9,909 8,627 01/31/2002 10,762 9,304 04/30/2002 11,220 9,014 07/31/2002 9,380 7,611 10/31/2002 9,157 7,389 01/31/2003 8,943 7,212 04/30/2003 9,563 7,753 07/31/2003 10,793 8,523 10/31/2003 12,053 9,139 01/31/2004 13,191 9,891 04/30/2004 12,795 9,700 07/31/2004 12,764 9,657 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT 7/31/04 1-Year Since Inception - ------ --------------- 17.27% 7.40% Inception Date 3/1/01 14 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS Y) RUSSELL 3000 INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Value of Investment Russell 3000 Date In Fund Index 09/25/2000 $10,000 $10,000 10/31/2000 9,780 9,858 01/31/2001 10,314 9,411 04/30/2001 10,233 8,635 07/31/2001 10,494 8,403 10/31/2001 9,803 7,377 01/31/2002 10,654 7,956 04/30/2002 11,135 7,708 07/31/2002 9,322 6,508 10/31/2002 9,112 6,318 01/31/2003 8,912 6,167 04/30/2003 9,553 6,629 07/31/2003 10,804 7,288 10/31/2003 12,086 7,815 01/31/2004 13,247 8,457 04/30/2004 12,877 8,294 07/31/2004 12,877 8,258 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT 7/31/04 1-Year Since Inception - ------ --------------- 19.18% 6.79% Inception Date 9/25/00 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES - -------------------------------------------------------------------------------- TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. THE FUND'S INVESTMENT STRATEGY AND FOCUS CAN CHANGE OVER TIME. THE MENTION OF SPECIFIC FUND HOLDINGS DOES NOT CONSTITUTE A RECOMMENDATION BY OPPENHEIMERFUNDS, INC. CLASS A shares of the Fund were first publicly offered on 9/25/00. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 9/25/00. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 3% (since inception). Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 9/25/00. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 9/25/00. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 16 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2004. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND EXPENSES - -------------------------------------------------------------------------------- the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. BEGINNING ENDING ACCOUNT ACCOUNT EXPENSES PAID VALUE VALUE DURING 6 MONTHS (2/1/04) (7/31/04) ENDED 7/31/04 - ------------------------------------------------------------------------- Class A Actual $ 1,000.00 $ 969.40 $ 5.53 - ------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.24 5.67 - ------------------------------------------------------------------------- Class B Actual 1,000.00 964.70 9.72 - ------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,014.97 9.97 - ------------------------------------------------------------------------- Class C Actual 1,000.00 965.60 9.04 - ------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.66 9.27 - ------------------------------------------------------------------------- Class N Actual 1,000.00 967.60 7.44 - ------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.30 7.62 - ------------------------------------------------------------------------- Class Y Actual 1,000.00 972.00 3.19 - ------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.63 3.27 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those expense ratios for the 6-month period ended July 31, 2004 are as follows: CLASS EXPENSE RATIOS - ------------------------ Class A 1.13% - ------------------------ Class B 1.99 - ------------------------ Class C 1.85 - ------------------------ Class N 1.52 - ------------------------ Class Y 0.65 The expense ratios reflect voluntary reimbursements of expenses by the Fund's Transfer Agent that can be terminated at any time, without advance notice. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such reimbursements. 18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS July 31, 2004 - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--98.4% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.7% - -------------------------------------------------------------------------------- AUTO COMPONENTS--0.3% Autoliv, Inc. 39,200 $ 1,649,928 - -------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 46,100 1,081,045 - -------------------------------------------------------------------------------- Dana Corp. 82,000 1,581,780 - -------------------------------------------------------------------------------- Drew Industries, Inc. 1 15,500 591,635 - -------------------------------------------------------------------------------- Dura Automotive Systems, Inc. 1 5,600 51,240 - -------------------------------------------------------------------------------- Lear Corp. 12,000 661,560 - -------------------------------------------------------------------------------- Spartan Motors, Inc. 3,700 44,400 - -------------------------------------------------------------------------------- Stoneridge, Inc. 1 2,000 29,360 - -------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 5,100 106,080 -------------- 5,797,028 - -------------------------------------------------------------------------------- AUTOMOBILES--0.4% Ford Motor Co. 295,100 4,343,872 - -------------------------------------------------------------------------------- General Motors Corp. 24,700 1,065,558 - -------------------------------------------------------------------------------- Harley-Davidson, Inc. 14,600 874,102 - -------------------------------------------------------------------------------- Monaco Coach Corp. 19,100 463,748 - -------------------------------------------------------------------------------- Winnebago Industries, Inc. 15,100 556,435 -------------- 7,303,715 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Adesa, Inc. 1 20,200 365,014 - -------------------------------------------------------------------------------- Pomeroy Computer Resources, Inc. 2,900 33,292 - -------------------------------------------------------------------------------- WESCO International, Inc. 1 14,300 293,865 -------------- 692,171 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.5% Ambassadors Group, Inc. 4,500 119,700 - -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 7,500 201,600 - -------------------------------------------------------------------------------- Applebee's International, Inc. 40,350 1,074,924 - -------------------------------------------------------------------------------- Boca Resorts, Inc., Cl. A 1 10,600 206,700 VALUE SHARES SEE NOTE - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Caesars Entertainment, Inc. 1 117,400 $1,729,302 - -------------------------------------------------------------------------------- CBRL Group, Inc. 12,300 408,606 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 11,650 423,478 - -------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 10,900 116,739 - -------------------------------------------------------------------------------- Choice Hotels International, Inc. 18,900 994,140 - -------------------------------------------------------------------------------- Dave & Buster's, Inc. 1 44,700 761,688 - -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 23,000 225,170 - -------------------------------------------------------------------------------- Frisch's Restaurants, Inc. 1,100 26,521 - -------------------------------------------------------------------------------- Harrah's Entertainment, Inc. 15,800 734,542 - -------------------------------------------------------------------------------- International Game Technology 108,300 3,502,422 - -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 56,500 913,605 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1 39,600 1,263,240 - -------------------------------------------------------------------------------- La Quinta Corp. 1 8,100 62,046 - -------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 17,200 416,928 - -------------------------------------------------------------------------------- Mandalay Resort Group 28,700 1,937,250 - -------------------------------------------------------------------------------- Marriott International, Inc., Cl. A 40,400 1,971,520 - -------------------------------------------------------------------------------- McDonald's Corp. 222,300 6,113,250 - -------------------------------------------------------------------------------- MGM Mirage, Inc. 1 24,800 1,094,920 - -------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 30,000 1,080,000 - -------------------------------------------------------------------------------- Steak n Shake Co. (The) 1 27,800 475,936 - -------------------------------------------------------------------------------- Yum! Brands, Inc. 1 75,200 2,886,928 -------------- 28,741,155 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.9% Black & Decker Corp. 20,500 1,433,155 - -------------------------------------------------------------------------------- Blount International, Inc. 1 4,700 56,259 - -------------------------------------------------------------------------------- Centex Corp. 1,400 59,388 19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Chromcraft Revington, Inc. 1 1,200 $ 15,720 - -------------------------------------------------------------------------------- CSS Industries, Inc. 29,100 924,216 - -------------------------------------------------------------------------------- D.R. Horton, Inc. 35,500 980,865 - -------------------------------------------------------------------------------- Harman International Industries, Inc. 5,000 428,650 - -------------------------------------------------------------------------------- Hovnanian Enterprises, Inc., Cl. A 1 13,300 412,699 - -------------------------------------------------------------------------------- KB Home 27,800 1,780,590 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 10,100 138,976 - -------------------------------------------------------------------------------- Leggett & Platt, Inc. 26,600 719,530 - -------------------------------------------------------------------------------- Lennar Corp., Cl. A 21,000 896,280 - -------------------------------------------------------------------------------- Lifetime Hoan Corp. 6,000 98,580 - -------------------------------------------------------------------------------- M.D.C. Holdings, Inc. 14,110 947,487 - -------------------------------------------------------------------------------- Meritage Corp. 1 15,500 959,450 - -------------------------------------------------------------------------------- Mestek, Inc. 1 4,300 71,638 - -------------------------------------------------------------------------------- Pulte Homes, Inc. 16,900 923,247 - -------------------------------------------------------------------------------- Ryland Group, Inc. (The) 19,900 1,540,658 - -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 7,000 293,300 - -------------------------------------------------------------------------------- Stanley Works (The) 36,500 1,547,600 - -------------------------------------------------------------------------------- Technical Olympic USA, Inc. 37,750 818,043 - -------------------------------------------------------------------------------- Toll Brothers, Inc. 1 11,100 441,114 - -------------------------------------------------------------------------------- Tupperware Corp. 30,100 516,817 - -------------------------------------------------------------------------------- Whirlpool Corp. 17,100 1,067,724 -------------- 17,071,986 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.3% Amazon.com, Inc. 1 35,000 1,362,200 - -------------------------------------------------------------------------------- Coldwater Creek, Inc. 1 16,050 302,061 - -------------------------------------------------------------------------------- eBay, Inc. 1 48,200 3,775,506 - -------------------------------------------------------------------------------- Priceline.com, Inc. 1 25,100 594,368 -------------- 6,034,135 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.2% Brunswick Corp. 17,300 675,219 - -------------------------------------------------------------------------------- Eastman Kodak Co. 8,000 211,920 - -------------------------------------------------------------------------------- Hasbro, Inc. 52,600 955,742 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS Continued Marvel Enterprises, Inc. 1 48,100 $ 627,705 - -------------------------------------------------------------------------------- Nautilus Group, Inc. (The) 25,800 477,816 - -------------------------------------------------------------------------------- Polaris Industries, Inc. 13,500 645,300 - -------------------------------------------------------------------------------- RC2 Corp. 1 6,500 204,100 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1 6,300 187,614 -------------- 3,985,416 - -------------------------------------------------------------------------------- MEDIA--2.2% 4Kids Entertainment, Inc. 1 12,800 278,784 - -------------------------------------------------------------------------------- Belo Corp., Cl. A 20,400 476,952 - -------------------------------------------------------------------------------- Clear Channel Communications, Inc. 27,900 996,030 - -------------------------------------------------------------------------------- Comcast Corp., Cl. A 1 266,700 7,307,580 - -------------------------------------------------------------------------------- Cox Communications, Inc., Cl. A 1 56,800 1,566,544 - -------------------------------------------------------------------------------- Hearst-Argyle Television, Inc. 26,800 606,484 - -------------------------------------------------------------------------------- Information Holdings, Inc. 1 900 24,570 - -------------------------------------------------------------------------------- Knight-Ridder, Inc. 6,800 447,372 - -------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 55,600 4,173,336 - -------------------------------------------------------------------------------- New Frontier Media, Inc. 1 5,300 38,160 - -------------------------------------------------------------------------------- NTL, Inc. 1 5,000 260,600 - -------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 7,700 349,426 - -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg 25,400 362,712 - -------------------------------------------------------------------------------- Reading International, Inc. 1 2,300 18,055 - -------------------------------------------------------------------------------- Salem Communications Corp., Cl. A 1 10,900 276,860 - -------------------------------------------------------------------------------- Thomas Nelson, Inc. 42,200 909,410 - -------------------------------------------------------------------------------- Time Warner, Inc. 1 672,800 11,202,120 - -------------------------------------------------------------------------------- Viacom, Inc., Cl. B 229,800 7,718,982 - -------------------------------------------------------------------------------- Walt Disney Co. (The) 300,400 6,936,236 20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIA Continued World Wrestling Federation Entertainment, Inc. 11,100 $ 141,081 -------------- 44,091,294 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.9% Bon-Ton Stores, Inc. 17,900 247,199 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 44,600 1,016,434 - -------------------------------------------------------------------------------- Federated Department Stores, Inc. 54,400 2,606,848 - -------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 56,200 2,248,000 - -------------------------------------------------------------------------------- Kmart Holding Corp. 1 14,700 1,138,221 - -------------------------------------------------------------------------------- May Department Stores Co. 13,700 363,461 - -------------------------------------------------------------------------------- Neiman Marcus Group, Inc. (The), Cl. A 12,500 681,875 - -------------------------------------------------------------------------------- Nordstrom, Inc. 42,800 1,878,920 - -------------------------------------------------------------------------------- Saks, Inc. 54,800 715,140 - -------------------------------------------------------------------------------- Sears Roebuck & Co. 46,700 1,712,956 - -------------------------------------------------------------------------------- Stein Mart, Inc. 1 27,000 489,780 - -------------------------------------------------------------------------------- Target Corp. 121,000 5,275,600 -------------- 18,374,434 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.5% Abercrombie & Fitch Co., Cl. A 32,600 1,202,288 - -------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 19,800 734,976 - -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 1 44,100 1,445,157 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 48,600 1,304,424 - -------------------------------------------------------------------------------- AutoNation, Inc. 1 56,800 915,616 - -------------------------------------------------------------------------------- Barnes & Noble, Inc. 1 24,700 849,186 - -------------------------------------------------------------------------------- bebe stores, inc. 1 35,700 693,651 - -------------------------------------------------------------------------------- Best Buy Co., Inc. 62,200 2,995,552 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 1 27,300 583,401 - -------------------------------------------------------------------------------- Blair Corp. 16,300 446,620 - -------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 19,100 253,457 - -------------------------------------------------------------------------------- Borders Group, Inc. 76,800 1,756,416 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Buckle, Inc. (The) 2,300 $ 63,250 - -------------------------------------------------------------------------------- Building Materials Holding Corp. 54,400 1,089,360 - -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1 58,300 427,922 - -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 91,900 1,295,790 - -------------------------------------------------------------------------------- Claire's Stores, Inc. 71,500 1,648,075 - -------------------------------------------------------------------------------- Deb Shops, Inc. 1,800 41,256 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1 23,800 398,650 - -------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 9,200 231,012 - -------------------------------------------------------------------------------- Foot Locker, Inc. 48,300 1,086,750 - -------------------------------------------------------------------------------- Gap, Inc. (The) 227,000 5,152,900 - -------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 86,200 751,664 - -------------------------------------------------------------------------------- Guess?, Inc. 1 34,700 562,140 - -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 29,800 567,988 - -------------------------------------------------------------------------------- Hollywood Entertainment Corp. 1 3,400 43,894 - -------------------------------------------------------------------------------- Home Depot, Inc. 540,700 18,232,404 - -------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1 1,800 47,736 - -------------------------------------------------------------------------------- Limited Brands, Inc. 71,700 1,465,548 - -------------------------------------------------------------------------------- Loehmann's Holdings, Inc. 1 8,300 188,833 - -------------------------------------------------------------------------------- Lowe's Cos., Inc. 52,700 2,567,544 - -------------------------------------------------------------------------------- Michaels Stores, Inc. 21,000 1,134,630 - -------------------------------------------------------------------------------- Office Depot, Inc. 1 85,000 1,394,000 - -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 72,700 1,483,080 - -------------------------------------------------------------------------------- Pep Boys-Manny, Moe & Jack 16,100 333,270 - -------------------------------------------------------------------------------- RadioShack Corp. 40,200 1,123,590 - -------------------------------------------------------------------------------- Regis Corp. 14,700 605,052 - -------------------------------------------------------------------------------- Sherwin-Williams Co. 53,400 2,156,292 - -------------------------------------------------------------------------------- Staples, Inc. 177,100 5,114,648 - -------------------------------------------------------------------------------- Syms Corp. 1 800 8,304 - -------------------------------------------------------------------------------- Talbots, Inc. (The) 28,100 865,480 - -------------------------------------------------------------------------------- TJX Cos., Inc. (The) 95,900 2,250,773 21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Toys "R" Us, Inc. 1 50,800 $ 836,168 - -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 21,800 216,474 - -------------------------------------------------------------------------------- United Auto Group, Inc. 16,600 455,504 - -------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 19,700 585,878 - -------------------------------------------------------------------------------- Zale Corp. 1 50,800 1,378,712 -------------- 68,985,315 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.5% Cherokee, Inc. 8,700 212,541 - -------------------------------------------------------------------------------- Deckers Outdoor Corp. 1 9,300 272,025 - -------------------------------------------------------------------------------- DHB Industries, Inc. 1 15,500 235,755 - -------------------------------------------------------------------------------- Hampshire Group Ltd. 1 23,653 671,272 - -------------------------------------------------------------------------------- Hartmarx Corp. 1 32,100 242,034 - -------------------------------------------------------------------------------- Jones Apparel Group, Inc. 44,900 1,677,015 - -------------------------------------------------------------------------------- Kellwood Co. 18,200 730,730 - -------------------------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 1,700 54,553 - -------------------------------------------------------------------------------- Nike, Inc., Cl. B 40,200 2,922,942 - -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 25,100 1,456,804 - -------------------------------------------------------------------------------- VF Corp. 17,700 885,177 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 9,000 170,100 -------------- 9,530,948 - -------------------------------------------------------------------------------- CONSUMER STAPLES--9.1% - -------------------------------------------------------------------------------- BEVERAGES--2.6% Anheuser-Busch Cos., Inc. 127,900 6,638,010 - -------------------------------------------------------------------------------- Boston Beer Co., Inc., Cl. A 1 1,800 41,364 - -------------------------------------------------------------------------------- Coca-Cola Co. (The) 475,400 20,851,044 - -------------------------------------------------------------------------------- Coca-Cola Enterprises, Inc. 57,600 1,175,040 - -------------------------------------------------------------------------------- National Beverage Corp. 7,600 63,460 - -------------------------------------------------------------------------------- Pepsi Bottling Group, Inc. (The) 50,900 1,417,565 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BEVERAGES Continued PepsiAmericas, Inc. 59,700 $ 1,120,569 - -------------------------------------------------------------------------------- PepsiCo, Inc. 407,700 20,385,000 -------------- 51,692,052 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.2% 7-Eleven, Inc. 1 26,100 447,615 - -------------------------------------------------------------------------------- Albertson's, Inc. 74,700 1,821,933 - -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 4,498 373,334 - -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 18,700 435,897 - -------------------------------------------------------------------------------- Costco Wholesale Corp. 86,300 3,508,958 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 7,700 88,088 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 18,100 380,100 - -------------------------------------------------------------------------------- Rite Aid Corp. 1 206,500 1,013,915 - -------------------------------------------------------------------------------- Ruddick Corp. 22,000 430,320 - -------------------------------------------------------------------------------- Smart & Final, Inc. 1 36,700 550,867 - -------------------------------------------------------------------------------- SUPERVALU, Inc. 29,800 851,088 - -------------------------------------------------------------------------------- Sysco Corp. 91,300 3,145,285 - -------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 548,900 29,097,189 - -------------------------------------------------------------------------------- Weis Markets, Inc. 10,300 328,467 -------------- 42,473,056 - -------------------------------------------------------------------------------- FOOD PRODUCTS--0.8% Alico, Inc. 1,200 46,308 - -------------------------------------------------------------------------------- Archer-Daniels- Midland Co. 60,200 928,886 - -------------------------------------------------------------------------------- Corn Products International, Inc. 21,900 944,328 - -------------------------------------------------------------------------------- Del Monte Foods Co. 1 89,200 940,168 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 21,550 562,455 - -------------------------------------------------------------------------------- Heinz (H.J.) Co. 131,900 4,865,791 - -------------------------------------------------------------------------------- Hershey Foods Corp. 12,900 624,876 - -------------------------------------------------------------------------------- J&J Snack Foods Corp. 1 10,300 378,319 - -------------------------------------------------------------------------------- Kellogg Co. 52,900 2,203,814 - -------------------------------------------------------------------------------- Lance, Inc. 11,500 172,960 - -------------------------------------------------------------------------------- M&F Worldwide Corp. 1 83,800 1,094,428 22 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Maui Land & Pineapple Co. 1 700 $ 23,520 - -------------------------------------------------------------------------------- Omega Protein Corp. 56,000 505,120 - -------------------------------------------------------------------------------- Sara Lee Corp. 39,200 860,832 - -------------------------------------------------------------------------------- Smithfield Foods, Inc. 1 3,600 102,024 - -------------------------------------------------------------------------------- Tyson Foods, Inc., Cl. A 92,000 1,753,520 -------------- 16,007,349 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.8% Chattem, Inc. 1 2,100 60,501 - -------------------------------------------------------------------------------- Colgate-Palmolive Co. 78,300 4,165,560 - -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 5,700 217,170 - -------------------------------------------------------------------------------- Kimberly-Clark Corp. 48,500 3,107,395 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 40,300 1,100,593 - -------------------------------------------------------------------------------- Procter & Gamble Co. (The) 492,200 25,668,230 - -------------------------------------------------------------------------------- Rayovac Corp. 1 12,200 326,106 -------------- 34,645,555 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.4% Avon Products, Inc. 47,400 2,038,674 - -------------------------------------------------------------------------------- Del Laboratories, Inc. 3,159 108,417 - -------------------------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 21,800 957,020 - -------------------------------------------------------------------------------- First Years, Inc. (The) 9,400 173,054 - -------------------------------------------------------------------------------- Gillette Co. 131,800 5,137,564 -------------- 8,414,729 - -------------------------------------------------------------------------------- TOBACCO--1.3% Altria Group, Inc. 483,900 23,033,640 - -------------------------------------------------------------------------------- R.J. Reynolds Tobacco Holdings, Inc. 34,300 2,467,885 - -------------------------------------------------------------------------------- UST, Inc. 5,000 189,750 -------------- 25,691,275 - -------------------------------------------------------------------------------- ENERGY--9.6% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.7% Cal Dive International, Inc. 1 25,700 796,700 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Diamond Offshore Drilling, Inc. 23,600 $ 576,784 - -------------------------------------------------------------------------------- Ensign Resource Service Group, Inc. 95,000 1,572,734 - -------------------------------------------------------------------------------- Halliburton Co. 49,300 1,565,275 - -------------------------------------------------------------------------------- Oil States International, Inc. 1 80,000 1,316,800 - -------------------------------------------------------------------------------- Precision Drilling Corp. 1 25,000 1,241,068 - -------------------------------------------------------------------------------- RPC, Inc. 900 13,887 - -------------------------------------------------------------------------------- Schlumberger Ltd. 21,100 1,357,152 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 130,000 4,194,810 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 41,400 1,019,682 -------------- 13,654,892 - -------------------------------------------------------------------------------- OIL & GAS--8.9% Amerada Hess Corp. 28,900 2,408,815 - -------------------------------------------------------------------------------- Apache Corp. 10,800 502,524 - -------------------------------------------------------------------------------- Ashland, Inc. 21,500 1,123,805 - -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 500,000 1,289,959 - -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 6,100 184,586 - -------------------------------------------------------------------------------- Burlington Resources, Inc. 139,600 5,328,532 - -------------------------------------------------------------------------------- Callon Petroleum Co. 1 23,800 320,824 - -------------------------------------------------------------------------------- Canadian Superior Energy, Inc. 1 634,700 873,637 - -------------------------------------------------------------------------------- Chesapeake Energy Corp. 81,000 1,243,350 - -------------------------------------------------------------------------------- ChevronTexaco Corp. 275,000 26,303,750 - -------------------------------------------------------------------------------- Cimarex Energy Co. 1 27,293 887,841 - -------------------------------------------------------------------------------- Clear Energy, Inc. 1 264,466 736,009 - -------------------------------------------------------------------------------- ConocoPhillips 114,800 9,042,796 - -------------------------------------------------------------------------------- Crew Energy, Inc. 1 80,000 349,003 - -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 30,720 138,870 - -------------------------------------------------------------------------------- Denbury Resources, Inc. 1 16,000 349,600 - -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 64,500 671,926 23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued Encore Acquisition Co. 1 5,500 $ 162,085 - -------------------------------------------------------------------------------- Energy Partners Ltd. 1 46,000 719,440 - -------------------------------------------------------------------------------- EOG Resources, Inc. 36,400 2,313,220 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1,2 361,200 978,052 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1 213,800 578,924 - -------------------------------------------------------------------------------- Exxon Mobil Corp. 1,430,000 66,209,000 - -------------------------------------------------------------------------------- Forest Oil Corp. 1 20,000 565,800 - -------------------------------------------------------------------------------- Frontier Oil Corp. 42,800 918,060 - -------------------------------------------------------------------------------- General Maritime Corp. 1 23,900 708,874 - -------------------------------------------------------------------------------- Holly Corp. 70,000 2,758,700 - -------------------------------------------------------------------------------- Houston Exploration Co. 1 31,200 1,684,800 - -------------------------------------------------------------------------------- Kerr-McGee Corp. 35,500 1,863,750 - -------------------------------------------------------------------------------- Ketch Resources Ltd. 1 100,000 936,442 - -------------------------------------------------------------------------------- Magnum Hunter Resources, Inc. 1 68,300 732,176 - -------------------------------------------------------------------------------- Marathon Oil Corp. 109,300 4,117,331 - -------------------------------------------------------------------------------- Maritrans, Inc. 35,400 550,470 - -------------------------------------------------------------------------------- Meridian Resource Corp. (The) 1 83,400 696,390 - -------------------------------------------------------------------------------- Murphy Oil Corp. 5,600 433,104 - -------------------------------------------------------------------------------- Newfield Exploration Co. 1 16,900 998,283 - -------------------------------------------------------------------------------- Noble Energy, Inc. 36,800 2,035,408 - -------------------------------------------------------------------------------- Occidental Petroleum Corp. 114,300 5,631,561 - -------------------------------------------------------------------------------- OMI Corp. 93,800 1,364,790 - -------------------------------------------------------------------------------- OPTI Canada, Inc. 1 70,000 932,456 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 22,500 1,010,475 - -------------------------------------------------------------------------------- Paramount Resources Ltd. 1 196,700 2,475,209 - -------------------------------------------------------------------------------- Penn Virginia Corp. 20,600 776,414 - -------------------------------------------------------------------------------- Petroleum Development Corp. 1 4,400 117,084 - -------------------------------------------------------------------------------- Pioneer Natural Resources Co. 37,900 1,366,295 - -------------------------------------------------------------------------------- Pogo Producing Co. 24,900 1,105,062 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued ProEx Energy Ltd. 1 30,720 $ 136,328 - -------------------------------------------------------------------------------- Range Resources Corp. 19,400 324,950 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 165,000 1,061,113 - -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 9,100 202,475 - -------------------------------------------------------------------------------- StarPoint Energy Ltd. 1 447,512 1,595,492 - -------------------------------------------------------------------------------- Stelmar Shipping Ltd. 4,400 147,180 - -------------------------------------------------------------------------------- Sunoco, Inc. 32,900 2,242,793 - -------------------------------------------------------------------------------- Swift Energy Co. 1 6,800 154,292 - -------------------------------------------------------------------------------- Talisman Energy, Inc. 100,000 2,373,073 - -------------------------------------------------------------------------------- Teekay Shipping Corp. 36,000 1,432,080 - -------------------------------------------------------------------------------- Tesoro Petroleum Corp. 1 9,200 266,800 - -------------------------------------------------------------------------------- Thunder Energy, Inc. 1 207,976 1,073,122 - -------------------------------------------------------------------------------- TransMontaigne, Inc. 1 1,400 8,834 - -------------------------------------------------------------------------------- Tusk Energy, Inc. 1 300,000 1,033,471 - -------------------------------------------------------------------------------- Unocal Corp. 68,900 2,670,564 - -------------------------------------------------------------------------------- Valero Energy Corp. 33,600 2,517,312 - -------------------------------------------------------------------------------- Vintage Petroleum, Inc. 26,900 459,990 - -------------------------------------------------------------------------------- Williams Cos., Inc. (The) 150,000 1,822,500 - -------------------------------------------------------------------------------- World Fuel Services Corp. 15,400 585,200 -------------- 176,603,051 - -------------------------------------------------------------------------------- FINANCIALS--22.5% - -------------------------------------------------------------------------------- CAPITAL MARKETS--0.4% Bank of New York Co., Inc. (The) 173,600 4,987,528 - -------------------------------------------------------------------------------- Mellon Financial Corp. 23,500 645,780 - -------------------------------------------------------------------------------- Northern Trust Corp. 28,600 1,147,718 - -------------------------------------------------------------------------------- Stifel Financial Corp. 1 600 14,544 - -------------------------------------------------------------------------------- Tradestation Group, Inc. 1 26,900 160,055 -------------- 6,955,625 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--8.4% Alliance Financial Corp. 1,200 32,796 - -------------------------------------------------------------------------------- Associated Banc-Corp 32,250 971,048 - -------------------------------------------------------------------------------- Astoria Financial Corp. 11,500 392,840 24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Bank of America Corp. 479,131 $ 40,730,926 - -------------------------------------------------------------------------------- Bank of Hawaii Corp. 10,900 489,737 - -------------------------------------------------------------------------------- Banknorth Group, Inc. 61,267 1,955,030 - -------------------------------------------------------------------------------- Banner Corp. 3,400 92,684 - -------------------------------------------------------------------------------- BB&T Corp. 55,780 2,160,359 - -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 9,600 359,040 - -------------------------------------------------------------------------------- Camden National Corp. 1,400 43,456 - -------------------------------------------------------------------------------- Capital Crossing Bank 1 9,378 482,498 - -------------------------------------------------------------------------------- CB Bancshares, Inc. 8,550 786,600 - -------------------------------------------------------------------------------- Center Financial Corp. 3,600 54,504 - -------------------------------------------------------------------------------- CFS Bancorp, Inc. 1,700 22,525 - -------------------------------------------------------------------------------- Charter One Financial, Inc. 83,300 3,699,353 - -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 13,500 317,250 - -------------------------------------------------------------------------------- City Holding Co. 26,200 798,314 - -------------------------------------------------------------------------------- City National Corp. 11,300 728,850 - -------------------------------------------------------------------------------- Coastal Financial Corp. 1,962 29,391 - -------------------------------------------------------------------------------- Colonial BancGroup, Inc. (The) 72,400 1,396,596 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 23,963 521,675 - -------------------------------------------------------------------------------- Comerica, Inc. 43,500 2,543,445 - -------------------------------------------------------------------------------- Community Bank System, Inc. 35,500 799,105 - -------------------------------------------------------------------------------- Community First Bankshares, Inc. 22,200 714,840 - -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 1,320 39,824 - -------------------------------------------------------------------------------- ESB Financial Corp. 400 4,932 - -------------------------------------------------------------------------------- EverTrust Financial Group, Inc. 2,600 66,144 - -------------------------------------------------------------------------------- Exchange National Bancshares, Inc. 1,100 33,451 - -------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 1,600 54,704 - -------------------------------------------------------------------------------- Fifth Third Bancorp 48,296 2,383,891 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 1,800 214,200 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued First Commonwealth Financial Corp. 13,200 $ 168,828 - -------------------------------------------------------------------------------- First Defiance Financial Corp. 3,400 80,750 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 9,600 279,840 - -------------------------------------------------------------------------------- First Place Financial Corp. 7,400 131,868 - -------------------------------------------------------------------------------- First Republic Bank 22,300 965,590 - -------------------------------------------------------------------------------- Flushing Financial Corp. 29,950 517,536 - -------------------------------------------------------------------------------- Fulton Financial Corp. 2,310 47,378 - -------------------------------------------------------------------------------- Greenpoint Financial Corp. 65,300 2,653,139 - -------------------------------------------------------------------------------- Hibernia Corp., Cl. A 50,400 1,275,120 - -------------------------------------------------------------------------------- Home Federal Bancorp 12,900 322,500 - -------------------------------------------------------------------------------- Horizon Financial Corp. 1,000 19,500 - -------------------------------------------------------------------------------- Hudson River Bancorp, Inc. 15,200 262,656 - -------------------------------------------------------------------------------- Huntington Bancshares, Inc. 58,200 1,423,572 - -------------------------------------------------------------------------------- Independence Community Bank Corp. 52,087 1,944,929 - -------------------------------------------------------------------------------- Independent Bank Corp., Michigan 1,403 35,889 - -------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 53,700 1,783,914 - -------------------------------------------------------------------------------- International Bancshares Corp. 4,934 190,206 - -------------------------------------------------------------------------------- ITLA Capital Corp. 1 2,200 88,418 - -------------------------------------------------------------------------------- KeyCorp 72,000 2,172,960 - -------------------------------------------------------------------------------- M&T Bank Corp. 17,400 1,622,202 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 26,218 1,052,653 - -------------------------------------------------------------------------------- NASB Financial, Inc. 3,300 130,317 - -------------------------------------------------------------------------------- National City Corp. 162,500 5,931,250 - -------------------------------------------------------------------------------- Oak Hill Financial, Inc. 1,300 42,198 - -------------------------------------------------------------------------------- PAB Bankshares, Inc. 900 10,908 - -------------------------------------------------------------------------------- Pacific Capital Bancorp 41,954 1,162,965 25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Parkvale Financial Corp. 2,900 $ 75,690 - -------------------------------------------------------------------------------- PennRock Financial Services Corp. 5,830 162,249 - -------------------------------------------------------------------------------- PFF Bancorp, Inc. 2,300 84,456 - -------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 89,900 4,548,940 - -------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 4,050 94,608 - -------------------------------------------------------------------------------- Provident Financial Services, Inc. 5,064 89,380 - -------------------------------------------------------------------------------- Quaker City Bancorp, Inc. 2,750 150,728 - -------------------------------------------------------------------------------- R&G Financial Corp., Cl. B 45,600 1,599,648 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 20,990 422,529 - -------------------------------------------------------------------------------- Santander BanCorp 1,650 37,950 - -------------------------------------------------------------------------------- Silicon Valley Bancshares 1 12,800 468,608 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 30,600 572,832 - -------------------------------------------------------------------------------- State Financial Services Corp. 16,000 454,080 - -------------------------------------------------------------------------------- Sterling Bancorp 22,600 609,296 - -------------------------------------------------------------------------------- Sterling Financial Corp., Western US 36,501 1,154,892 - -------------------------------------------------------------------------------- SunTrust Banks, Inc. 67,100 4,425,245 - -------------------------------------------------------------------------------- U.S. Bancorp 588,000 16,640,400 - -------------------------------------------------------------------------------- UnionBanCal Corp. 34,200 1,985,310 - -------------------------------------------------------------------------------- United Community Financial Corp. 5,700 66,291 - -------------------------------------------------------------------------------- Wachovia Corp. 374,700 16,602,957 - -------------------------------------------------------------------------------- Webster Financial Corp. 20,111 943,608 - -------------------------------------------------------------------------------- Wells Fargo & Co. 422,900 24,278,689 - -------------------------------------------------------------------------------- WesBanco, Inc. 2,000 56,320 - -------------------------------------------------------------------------------- Westcorp 16,500 686,070 - -------------------------------------------------------------------------------- Wilshire State Bank 1 7,600 208,316 - -------------------------------------------------------------------------------- WSFS Financial Corp. 24,500 1,218,875 - -------------------------------------------------------------------------------- Zions Bancorp 23,900 1,445,950 -------------- 166,321,011 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.0% ASTA Funding, Inc. 19,059 $ 287,791 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.0% American Capital Strategies Ltd. 30,800 900,284 - -------------------------------------------------------------------------------- American Express Co. 171,700 8,627,925 - -------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 31,900 2,661,098 - -------------------------------------------------------------------------------- Capital One Financial Corp. 66,300 4,595,916 - -------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 5,500 690,250 - -------------------------------------------------------------------------------- CIT Group, Inc. 65,500 2,276,780 - -------------------------------------------------------------------------------- Citigroup, Inc. 1,140,000 50,262,600 - -------------------------------------------------------------------------------- CompuCredit Corp. 1 58,000 912,340 - -------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 138,200 1,529,874 - -------------------------------------------------------------------------------- First Albany Cos., Inc. 7,900 66,676 - -------------------------------------------------------------------------------- Franklin Resources, Inc. 7,700 371,525 - -------------------------------------------------------------------------------- JPMorgan Chase & Co. 841,152 31,400,204 - -------------------------------------------------------------------------------- Knight Trading Group, Inc. 1 62,800 534,428 - -------------------------------------------------------------------------------- MBNA Corp. 215,000 5,308,350 - -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 201,800 10,033,496 - -------------------------------------------------------------------------------- Morgan Stanley 262,400 12,944,192 - -------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 86,300 2,933,337 - -------------------------------------------------------------------------------- Providian Financial Corp. 1 78,000 1,079,520 - -------------------------------------------------------------------------------- Raymond James Financial, Inc. 5,950 139,052 - -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 8,600 107,586 - -------------------------------------------------------------------------------- WFS Financial, Inc. 1,800 82,350 -------------- 137,457,783 - -------------------------------------------------------------------------------- INSURANCE--5.0% ACE Ltd. 33,000 1,339,470 - -------------------------------------------------------------------------------- AFLAC, Inc. 51,400 2,037,496 - -------------------------------------------------------------------------------- Allmerica Financial Corp. 1 51,600 1,538,196 - -------------------------------------------------------------------------------- Allstate Corp. 144,600 6,807,768 26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued American International Group, Inc. 505,500 $ 35,713,575 - -------------------------------------------------------------------------------- American Medical Security Group, Inc. 1 18,850 478,979 - -------------------------------------------------------------------------------- AmerUs Group Co. 21,400 823,900 - -------------------------------------------------------------------------------- Aon Corp. 80,900 2,138,996 - -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 20,100 773,850 - -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 12,700 299,720 - -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg 2,325 59,450 - -------------------------------------------------------------------------------- Chubb Corp. 60,100 4,133,678 - -------------------------------------------------------------------------------- Cincinnati Financial Corp. 42,630 1,700,084 - -------------------------------------------------------------------------------- CNA Financial Corp. 1 32,100 846,798 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 1,300 62,933 - -------------------------------------------------------------------------------- Conseco, Inc. 1 10,400 186,992 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 13,500 547,425 - -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 32,700 686,700 - -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 3,000 63,960 - -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 61,236 2,219,805 - -------------------------------------------------------------------------------- First American Corp. (The) 34,500 926,670 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1 7,700 182,490 - -------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 1 46,900 1,066,506 - -------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 83,400 5,429,340 - -------------------------------------------------------------------------------- Horace Mann Educators Corp. 4,700 78,772 - -------------------------------------------------------------------------------- Hub International Ltd. 500 9,270 - -------------------------------------------------------------------------------- Independence Holding Co. 2,240 48,160 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 8,200 235,996 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued IPC Holdings Ltd. 15,500 $ 581,250 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 11,900 470,050 - -------------------------------------------------------------------------------- Lincoln National Corp. 52,400 2,289,880 - -------------------------------------------------------------------------------- Loews Corp. 32,400 1,834,812 - -------------------------------------------------------------------------------- MBIA, Inc. 14,200 766,516 - -------------------------------------------------------------------------------- Mercury General Corp. 11,700 551,421 - -------------------------------------------------------------------------------- MetLife, Inc. 89,100 3,178,197 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 1 2,800 447,664 - -------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 33,500 1,188,245 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 15,900 371,265 - -------------------------------------------------------------------------------- Ohio Casualty Corp. 1 29,700 555,390 - -------------------------------------------------------------------------------- Old Republic International Corp. 20,900 486,761 - -------------------------------------------------------------------------------- Partnerre Holdings Ltd. 10,800 564,948 - -------------------------------------------------------------------------------- Penn-America Group, Inc. 2,300 29,900 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 9,500 519,365 - -------------------------------------------------------------------------------- Progressive Corp. 45,400 3,478,548 - -------------------------------------------------------------------------------- Protective Life Corp. 26,000 942,500 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 30,900 1,231,365 - -------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 25,300 1,340,900 - -------------------------------------------------------------------------------- Safeco Corp. 40,500 1,905,930 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 400 8,160 - -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 25,200 1,771,560 - -------------------------------------------------------------------------------- State Auto Financial Corp. 12,500 386,625 - -------------------------------------------------------------------------------- Torchmark Corp. 21,800 1,139,704 - -------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 3,625 205,284 27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued UICI 1 11,900 $ 284,648 - -------------------------------------------------------------------------------- United Fire & Casualty Co. 1,100 67,705 - -------------------------------------------------------------------------------- Unitrin, Inc. 23,800 991,270 - -------------------------------------------------------------------------------- Universal American Financial Corp. 1 71,700 777,945 - -------------------------------------------------------------------------------- Willis Group Holdings Ltd. 5,800 201,840 - -------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 5,200 367,536 -------------- 99,374,163 - -------------------------------------------------------------------------------- REAL ESTATE--0.1% Bluegreen Corp. 1 48,200 564,422 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 3,600 88,092 - -------------------------------------------------------------------------------- Forest City Enterprises, Inc., Cl. A 1,500 78,600 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 1 8,800 255,200 - -------------------------------------------------------------------------------- St. Joe Co. (The) 11,500 494,730 - -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 7,300 99,718 - -------------------------------------------------------------------------------- Trammell Crow Co. 1 2,600 34,866 - -------------------------------------------------------------------------------- United Capital Corp. 1 1,500 26,955 -------------- 1,642,583 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.6% Countrywide Financial Corp. 78,400 5,652,640 - -------------------------------------------------------------------------------- Doral Financial Corp. 21,125 829,156 - -------------------------------------------------------------------------------- Fannie Mae 230,100 16,327,896 - -------------------------------------------------------------------------------- Freddie Mac 47,700 3,067,587 - -------------------------------------------------------------------------------- Fremont General Corp. 53,100 997,218 - -------------------------------------------------------------------------------- MGIC Investment Corp. 30,200 2,144,200 - -------------------------------------------------------------------------------- New Century Financial Corp. 12,900 606,945 - -------------------------------------------------------------------------------- Ocwen Financial Corp. 1 7,900 69,994 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 27,800 1,146,194 - -------------------------------------------------------------------------------- Severn Bancorp, Inc. 600 18,702 -------------- 30,860,532 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE--12.1% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--1.1% Amgen, Inc. 1 197,700 $11,245,176 - -------------------------------------------------------------------------------- ArQule, Inc. 1 6,100 26,047 - -------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 1 14,800 667,036 - -------------------------------------------------------------------------------- Gen-Probe, Inc. 1 5,800 217,036 - -------------------------------------------------------------------------------- Genentech, Inc. 1 34,000 1,655,120 - -------------------------------------------------------------------------------- Nanogen, Inc. 1 6,500 31,460 - -------------------------------------------------------------------------------- Wyeth 194,800 6,895,920 -------------- 20,737,795 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.7% Abaxis, Inc. 1 23,000 345,230 - -------------------------------------------------------------------------------- Align Technology, Inc. 1 30,200 518,836 - -------------------------------------------------------------------------------- American Medical Systems Holdings, Inc. 1 7,300 232,286 - -------------------------------------------------------------------------------- Arrow International, Inc. 10,500 291,060 - -------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1 1,500 24,015 - -------------------------------------------------------------------------------- Bausch & Lomb, Inc. 27,900 1,718,361 - -------------------------------------------------------------------------------- Beckman Coulter, Inc. 10,900 601,353 - -------------------------------------------------------------------------------- Becton, Dickinson & Co. 50,000 2,361,500 - -------------------------------------------------------------------------------- CNS, Inc. 6,000 60,360 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 28,300 1,406,227 - -------------------------------------------------------------------------------- Datascope Corp. 400 13,884 - -------------------------------------------------------------------------------- Exactech, Inc. 1 6,651 130,493 - -------------------------------------------------------------------------------- Guidant Corp. 15,400 851,928 - -------------------------------------------------------------------------------- Hospira, Inc. 1 70,360 1,823,028 - -------------------------------------------------------------------------------- Kensey Nash Corp. 1 31,200 882,648 - -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1 11,300 249,504 - -------------------------------------------------------------------------------- Medtronic, Inc. 254,800 12,655,916 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 1 31,200 370,968 - -------------------------------------------------------------------------------- Mine Safety Applicances Co. 10,400 386,360 - -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1 8,600 127,624 28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued PolyMedica Corp. 4,100 $ 124,886 - -------------------------------------------------------------------------------- Respironics, Inc. 1 11,400 635,208 - -------------------------------------------------------------------------------- Stryker Corp. 96,500 4,601,120 - -------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 16,900 454,610 - -------------------------------------------------------------------------------- Thermo Electron Corp. 1 35,000 900,200 - -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 6,000 299,580 - -------------------------------------------------------------------------------- VISX, Inc. 1 38,500 824,285 - -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 800 30,472 -------------- 32,921,942 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.4% Aetna, Inc. 52,200 4,478,760 - -------------------------------------------------------------------------------- Amedisys, Inc. 1 14,600 383,104 - -------------------------------------------------------------------------------- Andrx Corp. 1 58,900 1,527,866 - -------------------------------------------------------------------------------- Anthem, Inc. 1 11,000 907,170 - -------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1 71,500 563,420 - -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1 61,100 757,029 - -------------------------------------------------------------------------------- CIGNA Corp. 33,000 2,046,330 - -------------------------------------------------------------------------------- Community Health Systems, Inc. 1 20,900 514,349 - -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 600 12,204 - -------------------------------------------------------------------------------- Covance, Inc. 1 17,800 653,082 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 32,600 1,666,186 - -------------------------------------------------------------------------------- DaVita, Inc. 1 18,650 566,401 - -------------------------------------------------------------------------------- Dendrite International, Inc. 1 56,300 839,433 - -------------------------------------------------------------------------------- eResearch Technology, Inc. 1 36,550 910,461 - -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1 6,900 185,265 - -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 53,600 815,256 - -------------------------------------------------------------------------------- Humana, Inc. 1 42,600 771,486 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PRODUCTS & SERVICES Continued IMS Health, Inc. 46,300 $ 1,122,312 - -------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 50,100 1,961,916 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 1 23,900 623,551 - -------------------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 27,000 902,070 - -------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 32,172 974,812 - -------------------------------------------------------------------------------- National HealthCare Corp. 5,100 137,649 - -------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 11,600 319,812 - -------------------------------------------------------------------------------- Owens & Minor, Inc. 39,200 1,006,264 - -------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 29,200 892,644 - -------------------------------------------------------------------------------- Parexel International Corp. 1 14,400 276,624 - -------------------------------------------------------------------------------- PDI, Inc. 1 19,900 567,349 - -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 18,600 1,176,264 - -------------------------------------------------------------------------------- Prime Medical Services, Inc. 1 9,500 69,825 - -------------------------------------------------------------------------------- Quest Diagnostics, Inc. 19,000 1,559,520 - -------------------------------------------------------------------------------- RehabCare Group, Inc. 1 5,000 119,750 - -------------------------------------------------------------------------------- Res-Care, Inc. 1 22,300 250,206 - -------------------------------------------------------------------------------- Service Corp. International 1 98,000 622,300 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 22,300 985,660 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 1 69,000 480,240 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1 23,700 836,610 - -------------------------------------------------------------------------------- Tenet Healthcare Corp. 1 114,900 1,284,582 - -------------------------------------------------------------------------------- Triad Hospitals, Inc. 1 29,100 991,146 - -------------------------------------------------------------------------------- UnitedHealth Group, Inc. 56,800 3,572,720 - -------------------------------------------------------------------------------- US Oncology, Inc. 1 218,800 3,253,556 - -------------------------------------------------------------------------------- VCA Antech, Inc. 1 22,000 924,660 29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Ventiv Health, Inc. 1 21,400 $ 326,136 - -------------------------------------------------------------------------------- WellChoice, Inc. 1 18,200 666,120 - -------------------------------------------------------------------------------- WellPoint Health Networks, Inc. 1 45,653 4,615,518 -------------- 48,117,618 - -------------------------------------------------------------------------------- PHARMACEUTICALS--6.9% Abbott Laboratories 265,000 10,427,750 - -------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 207,300 4,747,170 - -------------------------------------------------------------------------------- Eli Lilly & Co. 137,900 8,786,988 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 50,200 963,840 - -------------------------------------------------------------------------------- Eon Labs, Inc. 1 35,000 1,019,200 - -------------------------------------------------------------------------------- First Horizon Pharmaceutical Corp. 1 36,300 634,161 - -------------------------------------------------------------------------------- Johnson & Johnson 613,000 33,880,510 - -------------------------------------------------------------------------------- Merck & Co., Inc. 527,300 23,913,055 - -------------------------------------------------------------------------------- Perrigo Co. 52,900 881,314 - -------------------------------------------------------------------------------- Pfizer, Inc. 1,584,900 50,653,404 -------------- 135,907,392 - -------------------------------------------------------------------------------- INDUSTRIALS--10.2% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.2% Applied Signal Technology, Inc. 39,400 1,362,058 - -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 1,850 8,926 - -------------------------------------------------------------------------------- Boeing Co. 170,000 8,627,500 - -------------------------------------------------------------------------------- General Dynamics Corp. 10,300 1,017,846 - -------------------------------------------------------------------------------- Honeywell International, Inc. 75,000 2,820,750 - -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1 3,600 80,172 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1 21,000 240,450 - -------------------------------------------------------------------------------- Precision Castparts Corp. 20,400 1,149,132 - -------------------------------------------------------------------------------- SI International, Inc. 1 12,900 229,620 - -------------------------------------------------------------------------------- United Technologies Corp. 79,600 7,442,600 -------------- 22,979,054 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.5% EGL, Inc. 1 36,400 $ 924,924 - -------------------------------------------------------------------------------- Forward Air Corp. 1 9,100 361,361 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 12,000 391,680 - -------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 117,400 8,448,104 -------------- 10,126,069 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.1% American Standard Cos., Inc. 1 32,800 1,242,792 - -------------------------------------------------------------------------------- Masco Corp. 17,900 541,296 - -------------------------------------------------------------------------------- NCI Building Systems, Inc. 1 13,300 409,773 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 18,700 567,919 -------------- 2,761,780 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.0% Administaff, Inc. 1 3,200 42,560 - -------------------------------------------------------------------------------- Angelica Corp. 2,300 55,361 - -------------------------------------------------------------------------------- Apollo Group, Inc., Cl. A 1 31,000 2,590,050 - -------------------------------------------------------------------------------- Brady Corp., Cl. A 11,600 524,320 - -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 9,400 477,050 - -------------------------------------------------------------------------------- Brink's Co. (The) 24,900 805,515 - -------------------------------------------------------------------------------- Century Business Services, Inc. 1 8,300 35,026 - -------------------------------------------------------------------------------- ChoicePoint, Inc. 1 6,200 260,400 - -------------------------------------------------------------------------------- CompX International, Inc. 1 4,400 61,688 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 16,800 730,968 - -------------------------------------------------------------------------------- Copart, Inc. 1 15,700 349,325 - -------------------------------------------------------------------------------- CPI Corp. 10,300 138,226 - -------------------------------------------------------------------------------- Darling International, Inc. 1 155,800 740,050 - -------------------------------------------------------------------------------- Deluxe Corp. 20,600 907,430 - -------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 8,400 471,576 - -------------------------------------------------------------------------------- Duratek, Inc. 1 14,000 199,500 - -------------------------------------------------------------------------------- Electro Rent Corp. 7,300 70,956 30 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Ennis, Inc. 28,600 $ 520,520 - -------------------------------------------------------------------------------- Exponent, Inc. 1 28,900 725,679 - -------------------------------------------------------------------------------- General Binding Corp. 1 10,300 122,879 - -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 16,400 301,760 - -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 3,150 53,015 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 16,900 447,174 - -------------------------------------------------------------------------------- ICT Group, Inc. 1 21,000 191,940 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 67,900 805,973 - -------------------------------------------------------------------------------- Imagistics International, Inc. 1 11,900 386,750 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 7,300 232,505 - -------------------------------------------------------------------------------- Korn-Ferry International 1 46,600 830,878 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1 37,700 528,554 - -------------------------------------------------------------------------------- Miller (Herman), Inc. 32,600 873,680 - -------------------------------------------------------------------------------- Republic Services, Inc. 56,000 1,601,600 - -------------------------------------------------------------------------------- Robert Half International, Inc. 59,500 1,655,290 - -------------------------------------------------------------------------------- Rollins, Inc. 19,950 461,843 - -------------------------------------------------------------------------------- School Specialty, Inc. 1 24,900 856,809 - -------------------------------------------------------------------------------- SITEL Corp. 1 34,600 103,800 - -------------------------------------------------------------------------------- Spherion Corp. 1 5,000 43,250 - -------------------------------------------------------------------------------- University of Phoenix Online. 1 4,700 404,999 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 200 2,208 -------------- 19,611,107 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% Comfort Systems USA, Inc. 1 53,400 319,866 - -------------------------------------------------------------------------------- Dycom Industries, Inc. 1 6,800 183,192 - -------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1 95,400 808,038 -------------- 1,311,096 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.5% AMETEK, Inc. 21,500 $ 663,060 - -------------------------------------------------------------------------------- Cooper Industries Ltd., Cl. A 10,400 591,448 - -------------------------------------------------------------------------------- Emerson Electric Co. 57,500 3,490,250 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 9,000 560,700 - -------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 33,200 1,500,640 - -------------------------------------------------------------------------------- II-VI, Inc. 1 37,400 1,108,162 - -------------------------------------------------------------------------------- Preformed Line Products Co. 800 18,400 - -------------------------------------------------------------------------------- Rockwell Automation, Inc. 28,200 1,054,962 -------------- 8,987,622 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--4.6% 3M Co. 218,800 18,020,368 - -------------------------------------------------------------------------------- Alleghany Corp. 1,000 270,500 - -------------------------------------------------------------------------------- General Electric Co. 2,079,100 69,130,075 - -------------------------------------------------------------------------------- Raven Industries, Inc. 18,900 720,468 - -------------------------------------------------------------------------------- Standex International Corp. 2,900 66,004 - -------------------------------------------------------------------------------- Textron, Inc. 27,700 1,698,010 - -------------------------------------------------------------------------------- United Industrial Corp. 27,900 683,829 -------------- 90,589,254 - -------------------------------------------------------------------------------- MACHINERY--1.5% A.S.V., Inc. 1 31,100 1,025,678 - -------------------------------------------------------------------------------- Alamo Group, Inc. 7,700 125,048 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 14,600 191,260 - -------------------------------------------------------------------------------- Badger Meter, Inc. 100 4,475 - -------------------------------------------------------------------------------- BHA Group, Inc., Cl. A 17,200 652,740 - -------------------------------------------------------------------------------- Briggs & Stratton Corp. 8,700 726,450 - -------------------------------------------------------------------------------- Cascade Corp. 24,500 717,115 - -------------------------------------------------------------------------------- Caterpillar, Inc. 45,700 3,358,493 - -------------------------------------------------------------------------------- Cummins, Inc. 22,500 1,562,175 - -------------------------------------------------------------------------------- Deere & Co. 25,800 1,620,498 - -------------------------------------------------------------------------------- Encore Wire Corp. 1 8,300 149,815 - -------------------------------------------------------------------------------- Flanders Corp. 1 2,100 21,483 - -------------------------------------------------------------------------------- Graco, Inc. 22,150 697,282 31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY Continued Greenbrier Cos., Inc. 1 1,200 $ 27,540 - -------------------------------------------------------------------------------- Harsco Corp. 14,000 628,320 - -------------------------------------------------------------------------------- Illinois Tool Works, Inc. 3,800 343,976 - -------------------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 34,600 2,376,674 - -------------------------------------------------------------------------------- ITT Industries, Inc. 13,800 1,103,310 - -------------------------------------------------------------------------------- Joy Global, Inc. 36,100 1,071,809 - -------------------------------------------------------------------------------- Kadant, Inc. 1 9,200 184,920 - -------------------------------------------------------------------------------- Kennametal, Inc. 23,500 1,034,000 - -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 17,300 588,373 - -------------------------------------------------------------------------------- Middleby Corp. (The) 9,300 504,060 - -------------------------------------------------------------------------------- Nordson Corp. 15,600 653,172 - -------------------------------------------------------------------------------- Paccar, Inc. 48,800 2,926,048 - -------------------------------------------------------------------------------- Pall Corp. 20,900 484,253 - -------------------------------------------------------------------------------- Parker-Hannifin Corp. 36,700 2,105,846 - -------------------------------------------------------------------------------- Penn Engineering & Manufacturing Corp. 2,200 43,604 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 14,200 565,444 - -------------------------------------------------------------------------------- SPX Corp. 30,600 1,253,070 - -------------------------------------------------------------------------------- Timken Co. 42,600 1,058,184 - -------------------------------------------------------------------------------- Toro Co. (The) 14,100 923,550 -------------- 28,728,665 - -------------------------------------------------------------------------------- MARINE--0.0% Kirby Corp. 1 2,300 88,780 - -------------------------------------------------------------------------------- ROAD & RAIL--0.5% Arkansas Best Corp. 8,300 290,251 - -------------------------------------------------------------------------------- CNF Transportation, Inc. 32,700 1,349,202 - -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1 16,000 371,200 - -------------------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 39,300 1,509,513 - -------------------------------------------------------------------------------- Landstar System, Inc. 1 3,600 179,316 - -------------------------------------------------------------------------------- Mullen Transportation, Inc. 41,000 1,287,514 - -------------------------------------------------------------------------------- Norfolk Southern Corp. 104,400 2,786,436 - -------------------------------------------------------------------------------- Ryder Systems, Inc. 37,700 1,617,330 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ROAD & RAIL Continued SCS Transportation, Inc. 1 36,100 $ 929,575 - -------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 13,500 247,995 -------------- 10,568,332 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.2% Applied Industrial Technologies, Inc. 38,600 1,234,042 - -------------------------------------------------------------------------------- Hughes Supply, Inc. 18,600 1,133,112 - -------------------------------------------------------------------------------- Lawson Products, Inc. 2,700 100,224 - -------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A 37,400 1,170,620 - -------------------------------------------------------------------------------- W.W. Grainger, Inc. 20,300 1,074,885 -------------- 4,712,883 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--16.6% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.0% Adaptec, Inc. 1 18,200 136,318 - -------------------------------------------------------------------------------- ADTRAN, Inc. 32,600 870,746 - -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1 4,800 57,552 - -------------------------------------------------------------------------------- Aspect Communications Corp. 1 66,303 561,586 - -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 138,600 668,052 - -------------------------------------------------------------------------------- Brooktrout, Inc. 1 53,100 468,342 - -------------------------------------------------------------------------------- Cisco Systems, Inc. 1 1,388,900 28,972,454 - -------------------------------------------------------------------------------- Comverse Technology, Inc. 1 8,900 151,834 - -------------------------------------------------------------------------------- Digi International, Inc. 1 54,900 623,115 - -------------------------------------------------------------------------------- Ditech Communications Corp. 1 28,600 588,874 - -------------------------------------------------------------------------------- Harris Corp. 32,300 1,533,604 - -------------------------------------------------------------------------------- Lucent Technologies, Inc. 1 757,400 2,310,070 - -------------------------------------------------------------------------------- Motorola, Inc. 465,000 7,407,450 - -------------------------------------------------------------------------------- Packeteer, Inc. 1 45,200 423,976 - -------------------------------------------------------------------------------- Paradyne Networks, Inc. 1 18,600 91,140 32 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Performance Technologies, Inc. 1 51,100 $ 306,089 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 169,100 11,681,428 - -------------------------------------------------------------------------------- Scientific-Atlanta, Inc. 54,400 1,672,800 - -------------------------------------------------------------------------------- SCM Microsystems, Inc. 1 1,900 7,144 - -------------------------------------------------------------------------------- Symmetricom, Inc. 1 43,300 355,060 -------------- 58,887,634 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.7% Apple Computer, Inc. 1 86,600 2,800,644 - -------------------------------------------------------------------------------- Dell, Inc. 1 602,100 21,356,487 - -------------------------------------------------------------------------------- Hewlett-Packard Co. 646,700 13,031,005 - -------------------------------------------------------------------------------- International Business Machines Corp. 334,000 29,081,380 - -------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 39,400 3,486,900 - -------------------------------------------------------------------------------- NCR Corp. 1 37,400 1,736,482 - -------------------------------------------------------------------------------- Presstek, Inc. 1 44,500 380,030 - -------------------------------------------------------------------------------- SBS Technologies, Inc. 1 2,300 29,555 - -------------------------------------------------------------------------------- Storage Technology Corp. 1 45,000 1,122,750 - -------------------------------------------------------------------------------- Synaptics, Inc. 1 15,700 232,203 -------------- 73,257,436 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.9% Agilent Technologies, Inc. 1 54,800 1,304,788 - -------------------------------------------------------------------------------- Agilysys, Inc. 13,700 204,130 - -------------------------------------------------------------------------------- Amphenol Corp., Cl. A 1 1,800 56,574 - -------------------------------------------------------------------------------- Anixter International, Inc. 21,300 713,124 - -------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 66,100 1,563,926 - -------------------------------------------------------------------------------- Avnet, Inc. 1 48,400 939,928 - -------------------------------------------------------------------------------- Cognex Corp. 28,600 860,288 - -------------------------------------------------------------------------------- Coherent, Inc. 1 1,000 26,315 - -------------------------------------------------------------------------------- Dionex Corp. 1 9,800 462,462 - -------------------------------------------------------------------------------- Hypercom Corp. 1 46,000 312,800 - -------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 35,500 505,875 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Keithley Instruments, Inc. 14,100 $ 292,152 - -------------------------------------------------------------------------------- Littlefuse, Inc. 1 19,200 744,960 - -------------------------------------------------------------------------------- Maxwell Technologies, Inc. 1 7,700 71,687 - -------------------------------------------------------------------------------- Measurement Specialties, Inc. 1 17,100 367,137 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 9,500 396,150 - -------------------------------------------------------------------------------- Molex, Inc. 47,400 1,372,704 - -------------------------------------------------------------------------------- MTS Systems Corp. 17,200 369,284 - -------------------------------------------------------------------------------- Nu Horizons Electronics Corp. 1 1,600 12,320 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 1,800 41,364 - -------------------------------------------------------------------------------- Paxar Corp. 1 47,600 917,728 - -------------------------------------------------------------------------------- PC Connection, Inc. 1 19,500 149,195 - -------------------------------------------------------------------------------- PerkinElmer, Inc. 68,300 1,200,714 - -------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 202,400 1,485,616 - -------------------------------------------------------------------------------- Tech Data Corp. 1 28,400 1,063,864 - -------------------------------------------------------------------------------- Tektronix, Inc. 46,800 1,422,720 - -------------------------------------------------------------------------------- Varian, Inc. 1 700 26,530 -------------- 16,884,335 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.3% Corillian Corp. 1 81,200 401,940 - -------------------------------------------------------------------------------- Covansys Corp. 1 28,400 262,416 - -------------------------------------------------------------------------------- CyberSource Corp. 1 33,300 168,498 - -------------------------------------------------------------------------------- Digitas, Inc. 1 55,242 369,569 - -------------------------------------------------------------------------------- EarthLink, Inc. 1 76,000 750,120 - -------------------------------------------------------------------------------- InfoSpace, Inc. 1 16,500 618,090 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1 20,600 829,356 - -------------------------------------------------------------------------------- Modem Media, Inc. 1 54,100 248,319 - -------------------------------------------------------------------------------- Selectica, Inc. 1 17,400 69,252 - -------------------------------------------------------------------------------- United Online, Inc. 1 37,600 586,560 - -------------------------------------------------------------------------------- VeriSign, Inc. 1 19,300 337,943 - -------------------------------------------------------------------------------- Vitria Technology, Inc. 1 13,200 33,396 - -------------------------------------------------------------------------------- Websense, Inc. 1 15,100 576,669 -------------- 5,252,128 33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- IT SERVICES--0.7% Acxiom Corp. 50,700 $ 1,115,400 - -------------------------------------------------------------------------------- American Software, Inc. 3,000 16,740 - -------------------------------------------------------------------------------- Answerthink, Inc. 1 75,500 350,320 - -------------------------------------------------------------------------------- Automatic Data Processing, Inc. 121,600 5,104,768 - -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 49,700 678,405 - -------------------------------------------------------------------------------- CheckFree Corp. 1 35,100 1,054,404 - -------------------------------------------------------------------------------- Computer Sciences Corp. 1 22,000 1,039,500 - -------------------------------------------------------------------------------- Convergys Corp. 1 31,500 417,060 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 47,500 779,000 - -------------------------------------------------------------------------------- Information Resources, Inc. 1 50,400 146,160 - -------------------------------------------------------------------------------- infoUSA, Inc. 1 81,900 736,281 - -------------------------------------------------------------------------------- Lawson Software, Inc. 1 63,800 452,980 - -------------------------------------------------------------------------------- ManTech International Corp. 1 22,500 321,750 - -------------------------------------------------------------------------------- National Processing, Inc. 1 1,400 36,792 - -------------------------------------------------------------------------------- Sabre Holdings Corp. 42,600 1,087,578 - -------------------------------------------------------------------------------- SS&C Technologies, Inc. 49,100 989,365 -------------- 14,326,503 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4% ADE Corp. 1 18,100 314,216 - -------------------------------------------------------------------------------- Advanced Micro Devices, Inc. 1 95,500 1,192,795 - -------------------------------------------------------------------------------- Altera Corp. 1 95,000 1,977,900 - -------------------------------------------------------------------------------- Analog Devices, Inc. 124,300 4,934,710 - -------------------------------------------------------------------------------- Applied Materials, Inc. 1 46,000 780,620 - -------------------------------------------------------------------------------- Atmel Corp. 1 242,300 1,037,044 - -------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 7,400 261,664 - -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1 63,800 387,904 - -------------------------------------------------------------------------------- Cree, Inc. 1 51,000 1,141,380 - -------------------------------------------------------------------------------- Diodes, Inc. 1 15,800 362,136 - -------------------------------------------------------------------------------- Entegris, Inc. 1 36,500 324,850 - -------------------------------------------------------------------------------- Exar Corp. 1 17,300 233,031 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Intel Corp. 1,472,700 $35,904,426 - -------------------------------------------------------------------------------- International Rectifier Corp. 1 13,000 509,600 - -------------------------------------------------------------------------------- Lam Research Corp. 1 33,700 803,745 - -------------------------------------------------------------------------------- Linear Technology Corp. 32,600 1,274,660 - -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 91,200 829,008 - -------------------------------------------------------------------------------- Micrel, Inc. 1 77,400 794,898 - -------------------------------------------------------------------------------- Microchip Technology, Inc. 64,000 1,854,080 - -------------------------------------------------------------------------------- Microsemi Corp. 1 66,500 814,625 - -------------------------------------------------------------------------------- National Semiconductor Corp. 1 114,900 1,970,535 - -------------------------------------------------------------------------------- Semtech Corp. 1 8,500 168,725 - -------------------------------------------------------------------------------- Silicon Image, Inc. 1 10,000 119,900 - -------------------------------------------------------------------------------- Siliconix, Inc. 1 600 25,572 - -------------------------------------------------------------------------------- Teradyne, Inc. 1 12,600 215,460 - -------------------------------------------------------------------------------- Texas Instruments, Inc. 334,100 7,126,353 - -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 16,000 105,120 - -------------------------------------------------------------------------------- Xilinx, Inc. 36,200 1,065,366 - -------------------------------------------------------------------------------- ZiLOG, Inc. 1 3,500 26,600 -------------- 66,556,923 - -------------------------------------------------------------------------------- SOFTWARE--4.6% Activision, Inc. 1 44,250 648,263 - -------------------------------------------------------------------------------- Actuate Corp. 1 18,000 64,800 - -------------------------------------------------------------------------------- Adobe Systems, Inc. 55,500 2,340,990 - -------------------------------------------------------------------------------- Amdocs Ltd. 1 25,100 544,670 - -------------------------------------------------------------------------------- Ansoft Corp. 1 18,800 259,440 - -------------------------------------------------------------------------------- Ansys, Inc. 1 22,200 1,053,168 - -------------------------------------------------------------------------------- Autodesk, Inc. 43,400 1,744,680 - -------------------------------------------------------------------------------- BMC Software, Inc. 1 89,200 1,398,656 - -------------------------------------------------------------------------------- Compuware Corp. 1 249,000 1,230,060 - -------------------------------------------------------------------------------- Entrust Technologies, Inc. 1 137,014 382,269 - -------------------------------------------------------------------------------- ePlus, inc. 1 28,000 253,960 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 12,500 539,375 34 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued FileNet Corp. 1 29,100 $ 552,900 - -------------------------------------------------------------------------------- McAfee, Inc. 55,000 988,900 - -------------------------------------------------------------------------------- Microsoft Corp. 1,865,000 53,077,900 - -------------------------------------------------------------------------------- Mobius Management Systems, Inc. 1 9,300 56,358 - -------------------------------------------------------------------------------- MRO Software, Inc. 1 9,700 102,917 - -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 4,400 40,920 - -------------------------------------------------------------------------------- Oracle Corp. 1 1,102,200 11,584,122 - -------------------------------------------------------------------------------- Parametric Technology Corp. 1 27,700 125,758 - -------------------------------------------------------------------------------- QRS Corp. 1 7,800 52,806 - -------------------------------------------------------------------------------- Quality Systems, Inc. 1 26,600 1,270,150 - -------------------------------------------------------------------------------- RSA Security, Inc. 1 49,100 914,242 - -------------------------------------------------------------------------------- Siebel Systems, Inc. 1 4,000 32,240 - -------------------------------------------------------------------------------- Sybase, Inc. 1 101,700 1,481,769 - -------------------------------------------------------------------------------- Symantec Corp. 1 94,400 4,414,144 - -------------------------------------------------------------------------------- Synopsys, Inc. 40,000 1,011,600 - -------------------------------------------------------------------------------- Synplicity, Inc. 1 1,300 6,578 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 13,200 413,424 - -------------------------------------------------------------------------------- THQ, Inc. 1 41,300 786,765 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 140,600 994,042 - -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 34,800 595,080 - -------------------------------------------------------------------------------- Ulticom, Inc. 1 13,000 139,490 - -------------------------------------------------------------------------------- Veritas Software Corp. 1 80,900 1,541,954 - -------------------------------------------------------------------------------- Verity, Inc. 1 21,800 242,634 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 50,100 490,980 -------------- 91,378,004 - -------------------------------------------------------------------------------- MATERIALS--3.2% - -------------------------------------------------------------------------------- CHEMICALS--1.1% Cabot Corp. 30,500 1,161,440 - -------------------------------------------------------------------------------- Cytec Industries, Inc. 13,600 633,760 - -------------------------------------------------------------------------------- Dow Chemical Co. 86,900 3,466,441 - -------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 136,100 5,834,607 - -------------------------------------------------------------------------------- Eastman Chemical Co. 30,100 1,344,868 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CHEMICALS Continued Engelhard Corp. 33,200 $ 976,080 - -------------------------------------------------------------------------------- FMC Corp. 1 24,600 1,081,170 - -------------------------------------------------------------------------------- Hawkins, Inc. 2,500 30,000 - -------------------------------------------------------------------------------- Monsanto Co. 72,300 2,621,598 - -------------------------------------------------------------------------------- NOVA Chemicals Corp. 18,200 552,734 - -------------------------------------------------------------------------------- Octel Corp. 12,000 309,840 - -------------------------------------------------------------------------------- OM Group, Inc. 1 7,000 224,140 - -------------------------------------------------------------------------------- PPG Industries, Inc. 27,500 1,621,125 - -------------------------------------------------------------------------------- Rohm & Haas Co. 29,700 1,164,240 - -------------------------------------------------------------------------------- Stepan Co. 7,300 176,952 - -------------------------------------------------------------------------------- Terra Industries, Inc. 1 82,100 525,440 - -------------------------------------------------------------------------------- Valspar Corp. (The) 14,300 700,700 -------------- 22,425,135 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% Eagle Materials, Inc. 8,800 580,624 - -------------------------------------------------------------------------------- Eagle Materials, Inc. 2,801 182,065 - -------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 23,600 1,032,500 - -------------------------------------------------------------------------------- Vulcan Materials Co. 33,900 1,614,318 -------------- 3,409,507 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.4% Ball Corp. 15,600 1,126,008 - -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 79,000 801,060 - -------------------------------------------------------------------------------- Greif, Inc., Cl. A 3,900 144,924 - -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 67,700 995,190 - -------------------------------------------------------------------------------- Packaging Corp. of America 13,300 310,688 - -------------------------------------------------------------------------------- Packaging Dynamics Corp. 1,960 27,479 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 1,700 24,089 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 29,600 1,424,056 - -------------------------------------------------------------------------------- Smurfit-Stone Container Corp. 52,100 969,581 - -------------------------------------------------------------------------------- Sonoco Products Co. 21,300 551,883 - -------------------------------------------------------------------------------- Temple-Inland, Inc. 16,900 1,153,425 -------------- 7,528,383 35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- METALS & MINING--0.9% Alcoa, Inc. 195,400 $ 6,258,662 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 35,300 1,517,900 - -------------------------------------------------------------------------------- Inco Ltd. 1 5,700 190,209 - -------------------------------------------------------------------------------- Inmet Mining Corp. 1 75,000 1,074,652 - -------------------------------------------------------------------------------- Metal Management, Inc. 1 10,900 211,351 - -------------------------------------------------------------------------------- Nucor Corp. 29,900 2,501,135 - -------------------------------------------------------------------------------- Phelps Dodge Corp. 1 31,700 2,470,698 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 23,200 717,576 - -------------------------------------------------------------------------------- Southern Peru Copper Corp. 31,600 1,236,508 - -------------------------------------------------------------------------------- Steel Technologies, Inc. 19,100 441,401 - -------------------------------------------------------------------------------- United States Steel Corp. 31,100 1,186,154 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 49,800 1,019,904 -------------- 18,826,150 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.6% Georgia-Pacific Corp. 83,200 2,795,520 - -------------------------------------------------------------------------------- Glatfelter 3,700 49,321 - -------------------------------------------------------------------------------- Louisiana-Pacific Corp. 76,100 1,802,048 - -------------------------------------------------------------------------------- MeadWestvaco Corp. 59,400 1,773,684 - -------------------------------------------------------------------------------- Potlatch Corp. 15,600 625,404 - -------------------------------------------------------------------------------- Weyerhaeuser Co. 65,900 4,085,800 -------------- 11,131,777 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.6% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--3.0% Alltel Corp. 64,800 3,369,600 - -------------------------------------------------------------------------------- BellSouth Corp. 400,000 10,836,000 - -------------------------------------------------------------------------------- CenturyTel, Inc. 55,300 1,713,747 - -------------------------------------------------------------------------------- Citizens Communications Co. 1 126,100 1,815,840 - -------------------------------------------------------------------------------- D&E Communications, Inc. 4,700 52,123 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 42,400 811,960 - -------------------------------------------------------------------------------- SBC Communications, Inc. 722,600 18,310,684 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued Shenandoah Telecommunications Co. 2,200 $ 50,600 - -------------------------------------------------------------------------------- Sprint Corp. (Fon Group) 53,200 993,776 - -------------------------------------------------------------------------------- Teleglobe International Holdings Ltd. 1 3,225 14,029 - -------------------------------------------------------------------------------- Verizon Communications, Inc. 540,700 20,838,578 -------------- 58,806,937 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.6% Arch Wireless, Inc., Cl. A 1 6,100 172,081 - -------------------------------------------------------------------------------- AT&T Wireless Services, Inc. 1 427,500 6,173,100 - -------------------------------------------------------------------------------- Linktone Ltd., ADR 1 3,000 33,750 - -------------------------------------------------------------------------------- Nextel Communications, Inc., Cl. A 1 201,400 4,583,864 - -------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 11,800 895,620 -------------- 11,858,415 - -------------------------------------------------------------------------------- UTILITIES--0.8% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.7% Allegheny Energy, Inc. 1 42,400 629,216 - -------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 280,000 543,362 - -------------------------------------------------------------------------------- Central Vermont Public Service Corp. 1 800 15,544 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 22,300 981,200 - -------------------------------------------------------------------------------- Constellation Energy Group, Inc. 47,100 1,815,705 - -------------------------------------------------------------------------------- Duke Energy Corp. 93,700 2,014,550 - -------------------------------------------------------------------------------- Edison International 70,100 1,878,680 - -------------------------------------------------------------------------------- Exelon Corp. 65,600 2,289,440 - -------------------------------------------------------------------------------- Green Mountain Power Corp. 8,400 215,376 - -------------------------------------------------------------------------------- IDACORP, Inc. 15,700 431,750 - -------------------------------------------------------------------------------- Northeast Utilities Co. 49,200 920,040 - -------------------------------------------------------------------------------- Pepco Holdings, Inc. 14,400 259,200 - -------------------------------------------------------------------------------- PG&E Corp. 1 34,000 970,360 36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRIC UTILITIES Continued Texas Genco Holdings, Inc. 17,200 $ 797,908 - -------------------------------------------------------------------------------- TXU Corp. 11,900 471,954 -------------- 14,234,285 - -------------------------------------------------------------------------------- GAS UTILITIES--0.1% Chesapeake Utilities Corp. 15,000 354,900 - -------------------------------------------------------------------------------- Energen Corp. 10,100 478,235 - -------------------------------------------------------------------------------- National Fuel Gas Co. 16,100 411,194 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 1 2,100 85,365 - -------------------------------------------------------------------------------- ONEOK, Inc. 21,700 455,700 - -------------------------------------------------------------------------------- Sempra Energy 4,600 164,444 -------------- 1,949,838 -------------- Total Common Stocks (Cost $1,861,311,010) 1,937,551,823 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.1% - -------------------------------------------------------------------------------- Undivided interest of 5.07% in joint repurchase agreement (Principal Amount/Value $446,558,000, with a maturity value of $446,606,749) with UBS Warburg LLC, 1.31%, dated 7/30/04, to be repurchased at $22,623,469 on 8/2/04, collateralized by Federal National Mortgage Assn., 4.50%--5%, 3/1/34, with a value of $456,762,011 (Cost $22,621,000) $ 22,621,000 $ 22,621,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,883,932,010) 99.5% 1,960,172,823 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.5 9,437,947 ------------------------------ NET ASSETS 100.0% $1,969,610,770 ============================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Illiquid or restricted security. See Note 6 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF ASSETS AND LIABILITIES July 31, 2004 - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- ASSETS - ------------------------------------------------------------------------------------------------------- Investments, at value (including securities loaned of approximately $ 3,784,000) (cost $1,883,932,010)--see accompanying statement of investments $ 1,960,172,823 - ------------------------------------------------------------------------------------------------------- Cash 312,932 - ------------------------------------------------------------------------------------------------------- Collateral for securities loaned 3,773,307 - ------------------------------------------------------------------------------------------------------- Unrealized appreciation on foreign currency contracts 1,173 - ------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 8,641,284 Shares of beneficial interest sold 5,411,478 Interest and dividends 1,978,098 Other 15,428 ---------------- Total assets 1,980,306,523 - ------------------------------------------------------------------------------------------------------- LIABILITIES - ------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 3,773,307 - ------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 3,675,425 Shares of beneficial interest redeemed 2,241,035 Distribution and service plan fees 412,050 Transfer and shareholder servicing agent fees 363,909 Shareholder communications 150,722 Trustees' compensation 12,204 Other 67,101 ---------------- Total liabilities 10,695,753 - ------------------------------------------------------------------------------------------------------- NET ASSETS $ 1,969,610,770 ================ - ------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 156,902 - ------------------------------------------------------------------------------------------------------- Additional paid-in capital 1,773,051,069 - ------------------------------------------------------------------------------------------------------- Accumulated net investment loss (11,248) - ------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 120,172,717 - ------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 76,241,330 ---------------- NET ASSETS $ 1,969,610,770 ================
38 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ---------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ---------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $1,213,821,598 and 95,660,502 shares of beneficial interest outstanding) $ 12.69 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 13.46 - ---------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $366,608,091 and 29,773,134 shares of beneficial interest outstanding) $ 12.31 - ---------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $348,927,650 and 28,275,259 shares of beneficial interest outstanding) $ 12.34 - ---------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $33,664,703 and 2,681,093 shares of beneficial interest outstanding) $ 12.56 - ---------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $6,588,728 and 512,344 shares of beneficial interest outstanding) $ 12.86
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF OPERATIONS For the Year Ended July 31, 2004 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $20,248) $ 18,763,794 - -------------------------------------------------------------------------------- Interest 325,396 - -------------------------------------------------------------------------------- Portfolio lending fees 182,367 ------------- Total investment income 19,271,557 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 10,024,907 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 2,203,065 Class B 3,217,140 Class C 2,888,296 Class N 114,035 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 2,042,631 Class B 930,214 Class C 535,427 Class N 98,374 Class Y 129 - -------------------------------------------------------------------------------- Shareholder communications: Class A 212,222 Class B 152,367 Class C 73,610 Class N 4,646 Class Y 140 - -------------------------------------------------------------------------------- Trustees' compensation 31,338 - -------------------------------------------------------------------------------- Custodian fees and expenses 22,546 - -------------------------------------------------------------------------------- Other 124,078 ------------- Total expenses 22,675,165 Less reduction to custodian expenses (3,223) Less payments and waivers of expenses (32,734) ------------- Net expenses 22,639,208 - -------------------------------------------------------------------------------- NET INVESTMENT LOSS (3,367,651) 40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ---------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ---------------------------------------------------------------------------------------- Net realized gain on: Investments $ 240,273,220 Foreign currency transactions 786,108 Net increase from payment by affiliate 106,541 -------------- Net realized gain 241,165,869 - ---------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments (72,305,954) Translation of assets and liabilities denominated in foreign currencies 276,932 -------------- Net change in unrealized appreciation (72,029,022) - ---------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 165,769,196 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2004 2003 - ------------------------------------------------------------------------------------------------------------------ OPERATIONS - ------------------------------------------------------------------------------------------------------------------ Net investment loss $ (3,367,651) $ (2,813,190) - ------------------------------------------------------------------------------------------------------------------ Net realized gain (loss) 241,165,869 (67,144,463) - ------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) (72,029,022) 183,807,485 ----------------------------------- Net increase in net assets resulting from operations 165,769,196 113,849,832 - ------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS - ------------------------------------------------------------------------------------------------------------------ Net increase in net assets resulting from beneficial interest transactions: Class A 629,618,870 140,766,279 Class B 86,494,953 41,118,144 Class C 114,336,234 33,442,684 Class N 17,824,109 6,495,545 Class Y 1,311,934 1,145,255 - ------------------------------------------------------------------------------------------------------------------ NET ASSETS - ------------------------------------------------------------------------------------------------------------------ Total increase 1,015,355,296 336,817,739 - ------------------------------------------------------------------------------------------------------------------ Beginning of period 954,255,474 617,437,735 ----------------------------------- End of period (including accumulated net investment loss of $11,248 for the year ended July 31, 2004) $ 1,969,610,770 $ 954,255,474 ===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2004 2003 2002 2001 1 - ----------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.70 $ 9.28 $ 10.47 $ 10.00 - ----------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.02) (.01) (.04) -- 2 Net realized and unrealized gain (loss) 2.01 1.43 (1.15) .48 --------------------------------------------------------------- Total from investment operations 1.99 1.42 (1.19) .48 - ----------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- (.01) - ----------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.69 $ 10.70 $ 9.28 $ 10.47 =============================================================== - ----------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 18.60% 15.30% (11.37)% 4.76% - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $1,213,822 $501,227 $300,244 $119,194 - ----------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 892,462 $362,221 $248,681 $ 48,406 - ----------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income (loss) 0.11% (0.02)% (0.36)% (0.11)% Total expenses 1.17% 5,6 1.23% 5 1.30% 5,6 1.33% 5 - ----------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Less than $0.005 per share. 3. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 43 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS B YEAR ENDED JULY 31, 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.47 $ 9.15 $ 10.40 $ 10.00 - ------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.07) (.07) (.06) (.03) Net realized and unrealized gain (loss) 1.91 1.39 (1.19) .43 ----------------------------------------------------------- Total from investment operations 1.84 1.32 (1.25) .40 - ------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- -- - ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.31 $ 10.47 $ 9.15 $ 10.40 =========================================================== - ------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 17.57% 14.43% (12.02)% 4.00% - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $366,608 $237,002 $167,906 $ 51,412 - ------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $321,870 $187,066 $117,801 $ 17,362 - ------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.76)% (0.85)% (1.11)% (0.99)% Total expenses 2.01% 2.12% 2.05% 2.15% Expenses after payments and waivers and reduction to custodian expenses N/A 4,5 2.07% N/A 4,5 N/A 4 - -------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS C YEAR ENDED JULY 31, 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.48 $ 9.15 $ 10.40 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.05) (.06) (.06) (.03) Net realized and unrealized gain (loss) 1.91 1.39 (1.19) .43 ----------------------------------------------------------------------- Total from investment operations 1.86 1.33 (1.25) .40 - ------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 12.34 $ 10.48 $ 9.15 $ 10.40 ======================================================================= - ------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 17.75% 14.54% (12.02)% 4.00% - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $348,928 $198,180 $141,434 $ 43,613 - ------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $289,046 $159,105 $ 97,899 $ 16,456 - ------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.63)% (0.73)% (1.11)% (0.98)% Total expenses 1.89% 4,5 1.95% 4 2.05% 4,5 2.15% 4 - ------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS N YEAR ENDED JULY 31, 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 10.62 $ 9.23 $ 10.45 $ 9.84 - ------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.04) (.03) (.03) (.01) Net realized and unrealized gain (loss) 1.98 1.42 (1.19) .62 ---------------------------------------------------------------- Total from investment operations 1.94 1.39 (1.22) .61 - ------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- -- - ------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 12.56 $ 10.62 $ 9.23 $ 10.45 ================================================================ - ------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 18.27% 15.06% (11.67)% 6.20% - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 33,665 $ 13,369 $ 5,158 $ 8 - ------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 22,846 $ 8,524 $ 2,026 $ 3 - ------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.28)% (0.30)% (0.67)% (0.64)% Total expenses 1.62% 1.49% 1.58% 1.57% Expenses after payments and waivers and reduction to custodian expenses 1.54% N/A 4 N/A 4,5 N/A 4 - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 134% 165% 165% 92%
1. For the period from March 1, 2001 (inception of offering) to July 31, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS Y YEAR ENDED JULY 31, 2004 2003 2002 2001 1 - --------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $10.79 $ 9.31 $10.48 $ 10.00 - --------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .05 .02 (.03) .02 Net realized and unrealized gain (loss) 2.02 1.46 (1.14) .47 ------------------------------------------------------- Total from investment operations 2.07 1.48 (1.17) .49 - --------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- (.01) - --------------------------------------------------------------------------------------------------------- Net asset value, end of period $12.86 $10.79 $ 9.31 $ 10.48 ======================================================= - --------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 19.18% 15.90% (11.16)% 4.94% - --------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $6,589 $4,428 $2,696 $ 1 - --------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $5,921 $3,102 $1,953 $ 1 - --------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.57% 0.44% (0.07)% 0.35% Total expenses 0.67% 0.77% 1.04% 168.30% 4 Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5 1.00% 1.01% - --------------------------------------------------------------------------------------------------------- Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Added since July 31, 2001 to reflect expenses before reduction to custodian expenses and voluntary waiver of transfer agent fees. 5. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Opportunity Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Corporate, government and municipal debt instruments having a remaining maturity in excess of 60 days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). 48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars as of the close of The New York Stock Exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. 49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES ------------------------------------------------------------------------ $16,842,145 $106,612,843 $-- $72,959,058 1. During the fiscal year ended July 31, 2004, the Fund utilized $79,504,753 of capital loss carryforward to offset capital gains realized in that fiscal year. 2. During the fiscal year ended July 31, 2003, the Fund did not utilize any capital loss carryforward. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for July 31, 2004. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO REDUCTION TO ACCUMULATED ACCUMULATED NET INCREASE TO NET INVESTMENT REALIZED GAIN PAID-IN CAPITAL LOSS ON INVESTMENTS 3 ----------------------------------------------------------------- $11,679,874 $3,356,403 $15,036,277 3. $11,679,874, including $10,086,466 of long-term capital gain, was distributed in connection with Fund share redemptions. No distributions were paid during the years ended July 31, 2004 and July 31, 2003. The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2004 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $ 1,887,214,282 Federal tax cost of other investments 403,458 ---------------- Total federal tax cost $ 1,887,617,740 ================ Gross unrealized appreciation $ 142,472,776 Gross unrealized depreciation (69,513,718) ---------------- Net unrealized appreciation $ 72,959,058 ================ - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a 50 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable, represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows: YEAR ENDED JULY 31, 2004 YEAR ENDED JULY 31, 2003 SHARES AMOUNT SHARES AMOUNT - -------------------------------------------------------------------------------- CLASS A Sold 63,199,118 $ 810,042,516 30,151,690 $ 283,177,487 Redeemed (14,406,555) (180,423,646) (15,652,085) (142,411,208) --------------------------------------------------------------- Net increase 48,792,563 $ 629,618,870 14,499,605 $ 140,766,279 =============================================================== 51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST Continued YEAR ENDED JULY 31, 2004 YEAR ENDED JULY 31, 2003 SHARES AMOUNT SHARES AMOUNT - -------------------------------------------------------------------------------- CLASS B Sold 11,511,685 $ 139,957,897 10,206,409 $ 93,887,151 Redeemed (4,384,689) (53,462,944) (5,905,136) (52,769,007) --------------------------------------------------------------- Net increase 7,126,996 $ 86,494,953 4,301,273 $ 41,118,144 =============================================================== - ------------------------------------------------------------------------------- CLASS C Sold 12,280,558 $ 150,160,929 8,363,125 $ 76,878,026 Redeemed (2,923,666) (35,824,695) (4,901,031) (43,435,342) --------------------------------------------------------------- Net increase 9,356,892 $ 114,336,234 3,462,094 $ 33,442,684 =============================================================== - -------------------------------------------------------------------------------- CLASS N Sold 1,779,696 $ 22,298,461 856,590 $ 7,950,997 Redeemed (357,061) (4,474,352) (156,646) (1,455,452) --------------------------------------------------------------- Net increase 1,422,635 $ 17,824,109 699,944 $ 6,495,545 =============================================================== - -------------------------------------------------------------------------------- CLASS Y Sold 225,166 $ 2,880,882 246,796 $ 2,311,010 Redeemed (123,378) (1,568,948) (125,691) (1,165,755) ----------------------------------------------------=---------- Net increase 101,788 $ 1,311,934 121,105 $ 1,145,255 ==================================================-============ - -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2004, were $2,835,809,097 and $2,013,111,628, respectively. - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 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. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2004, the Fund paid $3,426,465 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the 52 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B and Class C shares and 0.25% per year on Class N shares. The Distributor also receives a service fee of up to 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at July 31, 2004 for Class B, Class C and Class N shares were $7,177,069, $3,302,368 and $450,211, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - -------------------------------------------------------------------------------------------------------- July 31, 2004 $1,242,598 $1,069 $460,471 $31,687 $19,491
53 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued PAYMENTS AND WAIVERS OF EXPENSES. Following a review of its use of brokerage commissions for sales that is permitted under its investment advisory agreement, the Fund's Manager terminated that practice in July 2003. Subsequently, the Manager paid the Fund $106,541, an amount equivalent to certain of such commissions incurred in prior years. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended July 31, 2004, OFS waived $7,821, $4,676, $2,742 and $17,495 for Class A, Class B, Class C and Class N shares, respectively. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of July 31, 2004, the Fund had outstanding foreign currency contracts as follows: CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000s) JULY 31, 2004 APPRECIATION - -------------------------------------------------------------------------------- CONTRACTS TO SELL Canadian Dollar [CAD] 8/3/04 536CAD $403,458 $1,173 - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of July 31, 2004, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional 54 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of July 31, 2004 was $978,052, which represents 0.05% of the Fund's net assets, all of which is considered restricted. Information concerning restricted securities is as follows: ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST JULY 31, 2004 APPRECIATION - -------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Esprit Exploration Ltd. 6/4/02 $661,668 $978,052 $316,384 - -------------------------------------------------------------------------------- 7. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of July 31, 2004, the Fund had on loan securities valued at approximately $3,784,000. Cash of $3,773,307 was received as collateral for the loans, and has been invested in approved instruments. - -------------------------------------------------------------------------------- 8. SUBSEQUENT EVENTS - LITIGATION Three complaints have been filed as putative derivative and class actions against the Manager, OFS and the Distributor (collectively, "OppenheimerFunds"), as well as 51 of the Oppenheimer funds (collectively, the "Funds") including this Fund, and nine directors/trustees of certain of the Funds (collectively, the "Directors/Trustees"). The complaints allege that the Manager charged excessive fees for distribution and other costs, improperly used assets of the Funds in the form of directed brokerage commissions and 12b-1 fees to pay brokers to promote sales of the Funds, and failed to properly disclose the use of Fund assets to make those payments in violation of the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The complaints further allege that by permitting and/or participating in those actions, the Directors/Trustees breached their fiduciary duties to Fund shareholders under the Investment Company Act of 1940 and at common law. OppenheimerFunds believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them, the Funds or the Directors/Trustees and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. However, OppenheimerFunds, the Funds and the Directors/Trustees believe that the allegations contained in the complaints are without merit and intend to defend these lawsuits vigorously. 55 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET OPPORTUNITY FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Opportunity Fund, including the statement of investments, as of July 31, 2004, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Opportunity Fund as of July 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado September 21, 2004 56 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2005, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2004. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Dividends, if any, paid by the Fund during the fiscal year ended July 31, 2004 which are not designated as capital gain distributions should be multiplied by 97.38% to arrive at the amount eligible for the corporate dividend-received deduction. A portion, if any, of the dividends paid by the Fund during the fiscal year ended July 31, 2004 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $18,106,732 of the Fund's fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2005, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 57 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund's Form N-PX filing is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied and the SEC's Public Reference Room in Washington D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 58 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 TRUSTEES S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking Vice Chairman (since 2003) companies: Cherry Creek Mortgage Company (since 1991), and Trustee (since 2000) Centennial State Mortgage Company (since 1994), The El Age: 67 Paso Mortgage Company (since 1993), Transland Financial Services, Inc. (since 1997); Chairman of the following private companies: Insurance (insurance agency) (since 1995), Great Frontier Ambassador Media Corporation and Broadway Ventures (since 1984); a director of the following public companies: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992) and UNUMProvident (insurance company) (since 1991). Mr. Armstrong is also a Director/Trustee of Campus Crusade for Christ and the Bradley Foundation. Formerly a director of the following: Storage Technology Corporation (a publicly held computer equipment company) (1991-February 2003), and International Family Entertainment (television channel) (1992-1997), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-1999), and Frontier Title (title insurance agency) (1995-June 1999); a U.S. Senator (January 1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT G. AVIS, Formerly, Director and President of A.G. Edwards Trustee (since 2000) Capital, Inc. (General Partner of private equity funds) Age: 73 (until February 2001); Chairman, President and Chief Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Vice Chairman and Director of A.G. Edwards, Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its brokerage company subsidiary) (until March 1999); Chairman of A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor) (until March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and A.G. Edwards Trust Company. Oversees 38 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December Trustee (since 2000) 1991-April 1999) of Centennial Asset Management Age: 67 Corporation; President, Treasurer and a director (June 1989-April 1999) of Centennial Capital Corporation; Chief Executive Officer and a director of MultiSource Services, Inc. (March 1996-April 1999). Until April 1999 Mr. Bowen held several positions in subsidiary or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George Trustee (since 2000) Washington's home (since June 2000). Formerly Director Age: 65 (March 2001-May 2002) of Genetic ID, Inc. and its subsidiaries (a privately held biotech company); a partner (July 1974-June 1999) with PricewaterhouseCoopers LLP (an accounting firm); and Chairman (July 1994-June 1998) of Price Waterhouse LLP Global Investment Management Industry Services Group. Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk Trustee (since 2000) Foundation (a not-for-profit foundation); a director Age: 62 (since 1997) of Putnam Lovell Finance (finance company); a director (since June 2002) of UNUMProvident (an insurance company). Formerly a director (October 1999-October 2003) of P.R. Pharmaceuticals (a privately held company); Chairman and a director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and a director (until October 1995) of
59 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- JON S. FOSSEL, Oppenheimer Acquisition Corp., Shareholders Services Continued Inc. and Shareholder Financial Services, Inc. Oversees 38 portfolios in the OppenheimerFunds complex. SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity) Trustee (since 2000) (since September 1984). Formerly (until October 1994) Age: 63 Mr. Freedman held several positions in subsidiary or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an Trustee (since 2002) educational organization) (since February 2000); a Age: 57 director of The California Endowment (a philanthropic organization) (since April 2002) and of Community Hospital of Monterey Peninsula (educational organization) (since February 2002); a director of America Funds Emerging Markets Growth Fund (since October 1991) (an investment company); an advisor to Credit Suisse First Boston's Sprout venture capital unit. Mrs. Hamilton also is a member of the investment committees of the Rockefeller Foundation and of the University of Michigan. Formerly, Trustee of MassMutual Institutional Funds (open-end investment company) (1996-May 2004); a director of MML Series Investment Fund (April 1989-May 2004) and MML Services (April 1987-May 2004) (investment companies); member of the investment committee (2000-2003) of Hartford Hospital; an advisor (2000-2003) to Unilever (Holland)'s pension fund; and President (February 1991-April 2000) of ARCO Investment Management Company. Oversees 37 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele Trustee (since 2002) Street State Bank (a commercial banking entity) (since Age: 59 August 2003); director of Colorado UpLIFT (a non-profit organization) (since 1986); trustee (since 2000) of the Gallagher Family Foundation (non-profit organization). Formerly, Chairman of U.S. Bank-Colorado (a subsidiary of U.S. Bancorp and formerly Colorado National Bank,) (July 1996-April 1, 1999), a director of: Commercial Assets, Inc. (a REIT) (1993-2000), Jones Knowledge, Inc. (a privately held company) (2001-July 2004) and U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 37 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996) Trustee (since 2000) and MML Series Investment Fund (since 1987) (both Age: 62 open-end investment companies) and the Springfield Library and Museum Association (since 1995) (museums) and the Community Music School of Springfield (music school) (since 1996); Trustee (since 1987), Chairman of the Board (since 2003) and Chairman of the investment committee (since 1994) for the Worcester Polytech Institute (private university); and President and Treasurer (since January 1999) of the SIS Fund (a private not for profit charitable fund). Formerly, member of the investment committee of the Community Foundation of Western Massachusetts (1998 - 2003); Chairman (January 1999-July 1999) of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank); and Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc. (commercial bank). Oversees 38 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO AND OFFICER WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL. JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since President and Trustee June 2001) and President (since September 2000) of the (since 2001) Manager; President and a director or trustee of other Age: 55 Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company) and
60 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND JOHN V. MURPHY, of Oppenheimer Partnership Holdings, Inc. (a holding Continued company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares of Babson Capital Management LLC); a member of the Investment Company Institute's Board of Governors (elected to serve from October 3, 2003 through September 30, 2006). Formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 73 portfolios as Trustee/ Director and 10 portfolios as Officer in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MR. ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MESSRS. MONOYIOS, VANDEHEY, WIXTED, AND ZAVANELLI, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER RESIGNATION, DEATH OR REMOVAL. NIKOLAOS D. MONOYIOS, Senior Vice President of the Manager since July 2004; a Vice President (since 2000) Certified Financial Analyst. Formerly Vice President of Age: 55 the Manager (April 1998-July 2004). An officer of 6 portfolios in the OppenheimerFunds complex. MARK ZAVANELLI, Vice President of the Manager since November 2000; a Vice President (since 2003) Chartered Financial Analyst; an officer of 3 portfolios Age: 44 in the OppenheimerFunds complex. Prior to joining the Manager in May 1998 he was President of Waterside Capital Management, a registered investment advisor (August 1995 - April 1998). BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) Treasurer (since 1999) of the Manager; Treasurer of HarbourView Asset Age: 44 Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), of OFI Private Investments, Inc. (since March 2000), of OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), of OFI Institutional Asset Management, Inc. (since November 2000), and of OppenheimerFunds Legacy Program (a Colorado non-profit corporation) (since June 2003); Treasurer and Chief Financial Officer (since May 2000) of OFI Trust Company (a trust company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds
61 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- BRIAN W. WIXTED, Legacy Program (April 2000-June 2003); Principal and Continued Chief Operating Officer (March 1995-March 1999) at Bankers Trust Company-Mutual Fund Services Division. An officer of 83 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and Vice President and Secretary General Counsel (since February 2002) of the Manager; (since 2001) General Counsel and a director (since November 2001) of Age: 56 the Distributor; General Counsel (since November 2001) of Centennial Asset Management Corporation; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Secretary and General Counsel (since November 2001) of Oppenheimer Acquisition Corp.; Assistant Secretary and a director (since October 1997) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and a director (since November 2001) of Oppenheimer Partnership Holdings, Inc.; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Financial Services, Inc., Shareholder Services, Inc., OFI Private Investments, Inc. and OFI Trust Company; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Senior Vice President and General Counsel (since November 2001) of OFI Institutional Asset Management, Inc.; a director (since June 2003) of OppenheimerFunds (Asia) Limited. Formerly Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); and OppenheimerFunds International Ltd. (October 1997-November 2001). An officer of 83 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer Vice President and Chief (since March 2004) of the Manager; Vice President (since Compliance Officer June 1983) of OppenheimerFunds Distributor, Inc., (since 2004) Centennial Asset Management Corporation and Shareholder Age: 53 Services, Inc. Formerly (until February 2004) Vice President and Director of Internal Audit of OppenheimerFunds, Inc. An officer of 83 portfolios in the Oppenheimer funds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 62 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $27,000 in fiscal 2004 and $24,000 in fiscal 2003. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $34,734 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews and consultation concerning financial accounting and reporting standards. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2004 and $10,448 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2004 and $3,500 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include services provided to the registrant's Board of Trustees with respect to the annual renewal of the registrant's investment advisory agreement. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Pre-approval of non-audit services is waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $48,682 in fiscal 2003 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal account's independence. No such services were rendered. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Board is responsible for approving nominees for election as trustees. To assist in this task, the Board has designated the Audit Committee as the nominating committee for the Board. It reviews and recommends nominees to the Board. The Committee is comprised entirely of disinterested trustees as defined in Section 2(a)(19) of the Investment Company Act of 1940. The Audit Committee charter describes the responsibilities of the Committee in nominating candidates for election as independent Trustees of the Registrant. The Registrant's Board has adopted a written charter for the Committee. A current copy of the Audit Committee charter is available to shareholders on the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM. Under the current policy, if the Board determines that a vacancy exists or is likely to exist on the Board, the Audit Committee of the Board will consider candidates for Board membership including recommended by Registrant shareholders. The Audit Committee will consider nominees recommended by independent Board members or recommended by any other Board members including Board members affiliated with the Registrant's investment advisors. The Committee may, upon Board approval, retain an executive search firm to assist in screening potential candidates. Upon Board approval, the Audit Committee may also use the services of legal, financial, or other external counsel that it deems necessary or desirable in the screening process. Shareholders wishing to submit a nominee for election to the Board may do so by mailing their submission to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO 80112, to the attention of the Board of Trustees of the named Registrant, c/o the Secretary of the Registrant. The Committee's process for identifying and evaluating nominees for trustees includes a number of factors. In screening candidates for board membership, whether the candidate is suggested by Board members, shareholders or others, the Committee considers the candidate's professional experience, soundness of judgment, integrity, ability to make independent, analytical inquiries, collegiality, willingness and ability to devote the time required to perform Board activities adequately, ability to represent the interests of all shareholders of the Registrant, and diversity relative to the board's composition. Candidates are expected to provide a mix of attributes, experience, perspective and skills necessary to effectively advance the interests of shareholders. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of July 31, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CODE 2 ex99_code-731.txt EX99_CODE-731.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A. 1 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules. 2 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Senior Vice President and General Counsel - -------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. EXHIBIT A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 3 ex99_302-731.txt EX99_302-731.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Opportunity Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 9/16/04 /s/John V. Murphy --------------------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Opportunity Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 9/16/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 4 ex99_906-731.txt EX99_906-731.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED, Chief Financial Officer, of Oppenheimer Main Street Opportunity Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2004 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer Main Street Opportunity Fund Oppenheimer Main Street Opportunity Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 9/16/04 Date: 9/16/04
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