-----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, I8NqAAyH24Vl6rY2/rnBCyZqU/sKRfefCPGnwG6OmSqmiImpvnLyfBqfqNryOtKx 4IM05V/k2YZmumAD8c7glQ== 0000935069-05-002866.txt : 20051007 0000935069-05-002866.hdr.sgml : 20051007 20051006173336 ACCESSION NUMBER: 0000935069-05-002866 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20051007 DATE AS OF CHANGE: 20051006 EFFECTIVENESS DATE: 20051007 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: 051127916 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_18531ncsr.txt RA731_18531NCSR 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, 2004 THROUGH JULY 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES - -------------------------------------------------------------------------------- Oil & Gas 11.6% - -------------------------------------------------------------------------------- Commercial Banks 7.9 - -------------------------------------------------------------------------------- Diversified Financial Services 7.6 - -------------------------------------------------------------------------------- Insurance 5.7 - -------------------------------------------------------------------------------- Pharmaceuticals 5.6 - -------------------------------------------------------------------------------- Health Care Providers & Services 4.0 - -------------------------------------------------------------------------------- Computers & Peripherals 3.7 - -------------------------------------------------------------------------------- Industrial Conglomerates 3.5 - -------------------------------------------------------------------------------- Software 3.4 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 3.1 Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2005, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS - -------------------------------------------------------------------------------- Exxon Mobil Corp. 3.4% - -------------------------------------------------------------------------------- General Electric Co. 2.6 - -------------------------------------------------------------------------------- Microsoft Corp. 2.1 - -------------------------------------------------------------------------------- Intel Corp. 1.9 - -------------------------------------------------------------------------------- Citigroup, Inc. 1.8 - -------------------------------------------------------------------------------- Johnson & Johnson 1.7 - -------------------------------------------------------------------------------- Bank of America Corp. 1.7 - -------------------------------------------------------------------------------- Pfizer, Inc. 1.7 - -------------------------------------------------------------------------------- Chevron Corp. 1.3 - -------------------------------------------------------------------------------- International Business Machines Corp. 1.2 Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2005, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. 8 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND - -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Financials 22.9% Information Technology 13.5 Energy 12.7 Health Care 12.5 Industrials 10.6 Consumer Discretionary 10.5 Consumer Staples 7.8 Utilities 3.5 Materials 3.2 Telecommunication Services 2.8 Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2005, and are based on total market value of common stocks. - -------------------------------------------------------------------------------- 9 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2005, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. During its fiscal year ended July 31, 2005, Oppenheimer Main Street Opportunity Fund produced slightly lower returns than its benchmark, the Russell 3000 Index. We attributed the Fund's relative performance primarily to its overweighed position in mega-cap stocks during a time in which large-, mid- and small-cap stocks provided higher returns. In March 2004, before the start of the reporting period, the Fund's quantitative models began to indicate that the cycle of small-cap outperformance that began in 1999 was likely to end. Accordingly, we gradually increased the Fund's weighted average market capitalization from $28.3 billion on December 31, 2003 to $94 billion as of March 31, 2005, an increase of 232%. Much of this increase was achieved through greater emphasis on mega-cap stocks. However, mid-cap stocks produced better performance than any other capitalization category during the reporting period, and mega-cap produced the lowest returns. As a result, the Fund's emphasis on mega-cap stocks detracted from its relative performance. Between March 31, 2005 and July 31, 2005, we reduced the Fund's weighted average market capitalization to $78 billion. This reduction did not represent a change in strategy, however. Rather, we shifted some assets from the mega-cap category to the large-cap category in order to achieve a better balance relative to the benchmark. Weakness related to the Fund's larger weighted average market capitalization was partially offset by stronger results from the Fund's security selection strategy. Holdings in the energy and consumer discretionary areas fared particularly well. Conversely, the health care and financials area detracted modestly from the Fund's relative performance. As of the end of the reporting period, our quantitative process has led us to overweight the energy and financials sectors, and underweight the consumer discretionary and information technology areas relative to the Russell 3000 benchmark. In addition, the fund remains broadly diversified, with 828 holdings as of July 31, 2005. 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, 2005. 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, 10 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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. 11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- 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 CHART IN THE PRINTED MATERIAL.] Oppenheimer Main Street Opportunity Fund(R) Russell 3000 (Class A) 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 10/31/2004 12,383 8,557 01/31/2005 13,062 9,027 04/30/2005 12,816 8,873 07/31/2005 13,901 9,654 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALE CHARGE OF THE FUND AT 7/31/05 1-Year 9.48% Since Inception (9/25/00) 7.03% 12 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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 CHART IN THE PRINTED MATERIAL.] Oppenheimer Main Street Opportunity Fund(R) Russell 3000 (Class B) 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 12,310 8,258 10/31/2004 12,720 8,557 01/31/2005 13,378 9,027 04/30/2005 13,107 8,873 07/31/2005 13,978 9,654 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALE CHARGE OF THE FUND AT 7/31/05 1-Year 10.17% Since Inception (9/25/00) 7.15% 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 17 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- 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 CHART IN THE PRINTED MATERIAL.] Oppenheimer Main Street Opportunity Fund(R) Russell 3000 (Class C) 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 10/31/2004 12,750 8,557 01/31/2005 13,418 9,027 04/30/2005 13,147 8,873 07/31/2005 14,228 9,654 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALE CHARGE OF THE FUND AT 7/31/05 1-Year 14.30% Since Inception (9/25/00) 7.54% 14 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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 CHART IN THE PRINTED MATERIAL.] Oppenheimer Main Street Opportunity Fund(R) Russell 3000 (Class N) 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 10/31/2004 13,191 10,008 01/31/2005 13,899 10,557 04/30/2005 13,624 10,377 07/31/2005 14,758 11,290 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALE CHARGE OF THE FUND AT 7/31/05 1-Year 14.62% Since Inception (3/1/01) 9.21% 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 17 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- 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 CHART IN THE PRINTED MATERIAL.] Oppenheimer Main Street Opportunity Fund(R) Russell 3000 (Class Y) 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 10/31/2004 13,338 8,557 01/31/2005 14,077 9,027 04/30/2005 13,826 8,873 07/31/2005 14,992 9,654 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 7/31/05 1-Year 16.43% Since Inception (9/25/00) 8.71% 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 17 FOR FURTHER INFORMATION. 16 | 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. 17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2005. 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 18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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 EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (2/1/05) (7/31/05) JULY 31, 2005 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,064.30 $ 5.65 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.34 5.52 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,059.80 10.01 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.12 9.79 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,060.40 9.49 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.62 9.29 - -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,061.80 7.85 - -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.21 7.68 - -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,065.00 4.31 - -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,020.63 4.22 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended July 31, 2005 are as follows: CLASS EXPENSE RATIOS - -------------------------- Class A 1.10% - -------------------------- Class B 1.95 - -------------------------- Class C 1.85 - -------------------------- Class N 1.53 - -------------------------- Class Y 0.84 The expense ratios reflect voluntary waivers or 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 waivers or reimbursements. - -------------------------------------------------------------------------------- 19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS July 31, 2005 - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMMON STOCKS--98.5% - ------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--10.3% - ------------------------------------------------------------------------------- AUTO COMPONENTS--0.1% Autoliv, Inc. 30,600 $ 1,363,230 - ------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1,2 15,500 269,855 - ------------------------------------------------------------------------------- Modine Manufacturing Co. 10,900 393,163 - ------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 20,000 393,600 - ------------------------------------------------------------------------------- Tenneco Automotive, Inc. 1 39,000 735,540 - ------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 5,700 151,791 ---------------- 3,307,179 - ------------------------------------------------------------------------------- AUTOMOBILES--0.3% Ford Motor Co. 737,600 7,921,824 - ------------------------------------------------------------------------------- DISTRIBUTORS--0.1% Genuine Parts Co. 35,700 1,634,703 - ------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.0% Ameristar Casinos, Inc. 28,000 821,240 - ------------------------------------------------------------------------------- Bob Evans Farms, Inc. 45,300 1,148,808 - ------------------------------------------------------------------------------- Brinker International, Inc. 1 5,600 229,040 - ------------------------------------------------------------------------------- CBRL Group, Inc. 7,800 305,526 - ------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 37,850 1,450,034 - ------------------------------------------------------------------------------- Choice Hotels International, Inc. 10,400 689,728 - ------------------------------------------------------------------------------- CKE Restaurants, Inc. 66,700 864,432 - ------------------------------------------------------------------------------- Darden Restaurants, Inc. 71,700 2,487,990 - ------------------------------------------------------------------------------- Hilton Hotels Corp. 98,700 2,442,825 - ------------------------------------------------------------------------------- IHOP Corp. 16,300 715,896 - ------------------------------------------------------------------------------- International Game Technology 20,200 552,672 - ------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 44,600 1,248,800 - ------------------------------------------------------------------------------- Jack in the Box, Inc. 1 26,000 989,300 - ------------------------------------------------------------------------------- La Quinta Corp. 1 56,700 510,300 - ------------------------------------------------------------------------------- Landry's Restaurants, Inc. 21,900 682,185 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Marriott International, Inc., Cl. A 62,600 $ 4,286,222 - ------------------------------------------------------------------------------- McDonald's Corp. 347,500 10,831,575 - ------------------------------------------------------------------------------- MGM Mirage, Inc. 1 208,000 9,453,600 - ------------------------------------------------------------------------------- P.F. Chang's China Bistro, Inc. 1 1,200 68,388 - ------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 47,900 1,712,425 - ------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc. 81,000 5,128,920 - ------------------------------------------------------------------------------- Vail Resorts, Inc. 1 36,100 1,025,601 - ------------------------------------------------------------------------------- Wendy's International, Inc. 45,700 2,362,690 - ------------------------------------------------------------------------------- Yum! Brands, Inc. 123,800 6,480,930 ---------------- 56,489,127 - ------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.9% American Greetings Corp., Cl. A 42,000 1,068,480 - ------------------------------------------------------------------------------- Black & Decker Corp. 26,100 2,357,091 - ------------------------------------------------------------------------------- Blount International, Inc. 1 1,400 24,612 - ------------------------------------------------------------------------------- Centex Corp. 24,800 1,834,704 - ------------------------------------------------------------------------------- D.R. Horton, Inc. 146,333 6,011,360 - ------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 4,900 161,700 - ------------------------------------------------------------------------------- Furniture Brands International, Inc. 29,300 561,388 - ------------------------------------------------------------------------------- KB Home 18,300 1,498,953 - ------------------------------------------------------------------------------- Lennar Corp., Cl. A 26,200 1,762,474 - ------------------------------------------------------------------------------- MDC Holdings, Inc. 10,900 931,078 - ------------------------------------------------------------------------------- Mestek, Inc. 1 2,300 55,200 - ------------------------------------------------------------------------------- Newell Rubbermaid, Inc. 26,100 649,107 - ------------------------------------------------------------------------------- NVR, Inc. 1 1,300 1,219,400 - ------------------------------------------------------------------------------- Pulte Homes, Inc. 12,000 1,123,440 - ------------------------------------------------------------------------------- Ryland Group, Inc. (The) 31,600 2,553,280 - ------------------------------------------------------------------------------- Standard Pacific Corp. 15,600 1,488,084 - ------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1 24,700 425,087 20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Toll Brothers, Inc. 1 24,400 $ 1,352,248 - ------------------------------------------------------------------------------- Tupperware Corp. 43,000 917,190 - ------------------------------------------------------------------------------- Whirlpool Corp. 5,700 455,886 - ------------------------------------------------------------------------------- Yankee Candle, Inc. (The) 13,600 412,080 ---------------- 26,862,842 - ------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.0% eBay, Inc. 1 17,500 731,150 - ------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 5,100 104,040 ---------------- 835,190 - ------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Eastman Kodak Co. 38,300 1,024,142 - ------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1 36,100 699,979 - ------------------------------------------------------------------------------- Nautilus, Inc. 2 40,900 1,139,474 - ------------------------------------------------------------------------------- Oakley, Inc. 9,700 181,196 - ------------------------------------------------------------------------------- SCP Pool Corp. 2,300 83,812 ---------------- 3,128,603 - ------------------------------------------------------------------------------- MEDIA--1.9% Arbitron, Inc. 28,400 1,178,600 - ------------------------------------------------------------------------------- Catalina Marketing Corp. 49,400 1,182,142 - ------------------------------------------------------------------------------- Comcast Corp., Cl. A 1 235,500 7,236,915 - ------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 1 17,600 361,328 - ------------------------------------------------------------------------------- Gannett Co., Inc. 12,900 941,184 - ------------------------------------------------------------------------------- Getty Images, Inc. 1 16,200 1,308,150 - ------------------------------------------------------------------------------- Harte-Hanks, Inc. 27,300 742,560 - ------------------------------------------------------------------------------- Insight Communications Co., Inc. 1 4,100 47,437 - ------------------------------------------------------------------------------- Journal Communications, Inc. 4,700 75,200 - ------------------------------------------------------------------------------- Liberty Corp. 10,500 405,825 - ------------------------------------------------------------------------------- McGraw-Hill Cos., Inc. (The) 128,000 5,889,280 - ------------------------------------------------------------------------------- Media General, Inc., Cl. A 7,200 493,200 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- MEDIA Continued Meredith Corp. 32,400 $ 1,603,800 - ------------------------------------------------------------------------------- News Corp., Inc., Cl. A 98,000 1,605,240 - ------------------------------------------------------------------------------- NTL, Inc. 1 5,200 346,476 - ------------------------------------------------------------------------------- Omnicom Group, Inc. 1,100 93,357 - ------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 21,100 1,382,050 - ------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 49,600 805,504 - ------------------------------------------------------------------------------- Scholastic Corp. 1 10,000 369,700 - ------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 34,300 308,700 - ------------------------------------------------------------------------------- Time Warner, Inc. 1 626,600 10,664,732 - ------------------------------------------------------------------------------- Viacom, Inc., Cl. B 318,029 10,650,791 - ------------------------------------------------------------------------------- Walt Disney Co. (The) 176,100 4,515,204 - ------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 32,400 1,388,340 ---------------- 53,595,715 - ------------------------------------------------------------------------------- MULTILINE RETAIL--1.4% Big Lots, Inc. 1 59,900 776,903 - ------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 66,000 1,508,760 - ------------------------------------------------------------------------------- Federated Department Stores, Inc. 120,300 9,127,161 - ------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 143,500 8,056,090 - ------------------------------------------------------------------------------- Nordstrom, Inc. 96,000 3,552,960 - ------------------------------------------------------------------------------- Shopko Stores, Inc. 1 15,000 381,750 - ------------------------------------------------------------------------------- Stage Stores, Inc. 1 24,400 1,077,748 - ------------------------------------------------------------------------------- Stein Mart, Inc. 40,600 921,214 - ------------------------------------------------------------------------------- Target Corp. 245,500 14,423,125 ---------------- 39,825,711 - ------------------------------------------------------------------------------- SPECIALTY RETAIL--3.0% Aaron Rents, Inc. 1,300 31,902 - ------------------------------------------------------------------------------- Abercrombie & Fitch Co., Cl. A 23,600 1,700,380 - ------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 38,400 2,648,064 - ------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 62,000 2,042,900 - ------------------------------------------------------------------------------- AutoNation, Inc. 1 91,400 1,973,326 21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Barnes & Noble, Inc. 1 27,500 $ 1,128,050 - ------------------------------------------------------------------------------- bebe stores, inc. 26,250 747,075 - ------------------------------------------------------------------------------- Bed Bath & Beyond, Inc. 1 86,000 3,947,400 - ------------------------------------------------------------------------------- Best Buy Co., Inc. 22,700 1,738,820 - ------------------------------------------------------------------------------- Blockbuster, Inc., Cl. B 24,085 196,293 - ------------------------------------------------------------------------------- Borders Group, Inc. 3,100 76,911 - ------------------------------------------------------------------------------- Buckle, Inc. (The) 17,700 764,994 - ------------------------------------------------------------------------------- Building Materials Holding Corp. 13,700 1,138,470 - ------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. 20,800 853,424 - ------------------------------------------------------------------------------- Charming Shoppes, Inc. 1 160,000 1,876,800 - ------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1 25,000 1,142,500 - ------------------------------------------------------------------------------- Circuit City Stores, Inc./ Circuit City Group 61,800 1,127,850 - ------------------------------------------------------------------------------- CSK Auto Corp. 1 18,300 342,393 - ------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 25,100 1,622,966 - ------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 47,400 857,466 - ------------------------------------------------------------------------------- GameStop Corp. 1,2 39,500 1,356,825 - ------------------------------------------------------------------------------- GameStop Corp., Cl. B 1 19,834 634,688 - ------------------------------------------------------------------------------- Gap, Inc. (The) 174,500 3,683,695 - ------------------------------------------------------------------------------- Genesco, Inc. 1 27,500 1,024,925 - ------------------------------------------------------------------------------- Guitar Center, Inc. 1 13,300 859,114 - ------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 26,600 1,064,798 - ------------------------------------------------------------------------------- Home Depot, Inc. 451,700 19,653,467 - ------------------------------------------------------------------------------- Lowe's Cos., Inc. 127,200 8,423,184 - ------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 45,450 1,634,382 - ------------------------------------------------------------------------------- Michaels Stores, Inc. 63,200 2,591,200 - ------------------------------------------------------------------------------- Movie Gallery, Inc. 51,600 1,294,128 - ------------------------------------------------------------------------------- Office Depot, Inc. 1 42,200 1,197,636 - ------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 40,600 990,234 - ------------------------------------------------------------------------------- Pantry, Inc. (The) 1 23,400 997,308 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Payless ShoeSource, Inc. 1 37,800 $ 734,076 - ------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 12,000 253,080 - ------------------------------------------------------------------------------- Sherwin-Williams Co. 3,800 180,918 - ------------------------------------------------------------------------------- Sonic Automotive, Inc. 9,200 214,360 - ------------------------------------------------------------------------------- Staples, Inc. 135,650 3,088,751 - ------------------------------------------------------------------------------- Talbots, Inc. (The) 16,400 560,388 - ------------------------------------------------------------------------------- Tiffany & Co. 19,300 656,779 - ------------------------------------------------------------------------------- TJX Cos., Inc. (The) 131,900 3,100,969 - ------------------------------------------------------------------------------- Too, Inc. 1 22,300 575,117 - ------------------------------------------------------------------------------- United Auto Group, Inc. 31,400 1,109,990 - ------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 11,600 704,236 - ------------------------------------------------------------------------------- Zale Corp. 1 35,000 1,190,000 ---------------- 83,732,232 - ------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.5% Brown Shoe Co., Inc. 5,700 224,865 - ------------------------------------------------------------------------------- Carter's, Inc. 1 5,500 334,675 - ------------------------------------------------------------------------------- Coach, Inc. 1 129,200 4,536,212 - ------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 29,700 1,002,969 - ------------------------------------------------------------------------------- Kellwood Co. 44,500 1,081,795 - ------------------------------------------------------------------------------- Nike, Inc., Cl. B 25,700 2,153,660 - ------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 36,400 1,233,960 - ------------------------------------------------------------------------------- Timberland Co., Cl. A 1 42,500 1,418,650 - ------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 20,200 269,064 - ------------------------------------------------------------------------------- UniFirst Corp. 14,900 663,199 - ------------------------------------------------------------------------------- Wolverine World Wide, Inc. 63,150 1,389,300 ---------------- 14,308,349 - ------------------------------------------------------------------------------- CONSUMER STAPLES--7.7% - ------------------------------------------------------------------------------- BEVERAGES--1.9% Anheuser-Busch Cos., Inc. 20,000 887,000 - ------------------------------------------------------------------------------- Brown-Forman Corp., Cl. B 16,600 970,270 - ------------------------------------------------------------------------------- Coca-Cola Co. (The) 488,400 21,372,384 - ------------------------------------------------------------------------------- Hansen Natural Corp. 1 5,300 489,720 22 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- BEVERAGES Continued Pepsi Bottling Group, Inc. (The) 87,000 $ 2,536,920 - ------------------------------------------------------------------------------- PepsiAmericas, Inc. 44,600 1,149,788 - ------------------------------------------------------------------------------- PepsiCo, Inc. 485,000 26,447,050 ---------------- 53,853,132 - ------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.7% 7-Eleven, Inc. 1 57,000 1,929,450 - ------------------------------------------------------------------------------- Albertson's, Inc. 2 114,000 2,429,340 - ------------------------------------------------------------------------------- Costco Wholesale Corp. 33,300 1,530,801 - ------------------------------------------------------------------------------- Kroger Co. (The) 1 65,800 1,306,130 - ------------------------------------------------------------------------------- Longs Drug Stores, Inc. 34,900 1,514,311 - ------------------------------------------------------------------------------- Ruddick Corp. 43,500 1,198,860 - ------------------------------------------------------------------------------- Safeway, Inc. 115,700 2,811,510 - ------------------------------------------------------------------------------- SUPERVALU, Inc. 41,900 1,483,260 - ------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 557,400 27,507,690 - ------------------------------------------------------------------------------- Walgreen Co. 120,000 5,743,200 - ------------------------------------------------------------------------------- Whole Foods Market, Inc. 6,200 846,362 ---------------- 48,300,914 - ------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% Archer-Daniels-Midland Co. 389,000 8,923,660 - ------------------------------------------------------------------------------- Campbell Soup Co. 7,800 240,630 - ------------------------------------------------------------------------------- Chiquita Brands International, Inc. 44,600 1,346,028 - ------------------------------------------------------------------------------- Dean Foods Co. 1 33,900 1,210,230 - ------------------------------------------------------------------------------- Flowers Foods, Inc. 46,425 1,169,446 - ------------------------------------------------------------------------------- General Mills, Inc. 90,000 4,266,000 - ------------------------------------------------------------------------------- Gold Kist Holdings, Inc. 1 2,600 53,040 - ------------------------------------------------------------------------------- Hershey Co. (The) 91,800 5,863,266 - ------------------------------------------------------------------------------- Lancaster Colony Corp. 27,200 1,203,056 - ------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 44,900 1,699,465 - ------------------------------------------------------------------------------- Sara Lee Corp. 69,800 1,391,114 - ------------------------------------------------------------------------------- Seaboard Corp. 400 687,604 - ------------------------------------------------------------------------------- TreeHouse Foods, Inc. 1 6,780 207,332 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- FOOD PRODUCTS Continued Tyson Foods, Inc., Cl. A 31,000 $ 577,840 ---------------- 28,838,711 - ------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.1% Chattem, Inc. 1 12,500 569,500 - ------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 31,300 2,000,070 - ------------------------------------------------------------------------------- Kimberly-Clark Corp. 50,800 3,239,008 - ------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 23,000 543,260 - ------------------------------------------------------------------------------- Playtex Products, Inc. 1 11,600 123,656 - ------------------------------------------------------------------------------- Procter & Gamble Co. (The) 447,400 24,888,862 ---------------- 31,364,356 - ------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.8% Avon Products, Inc. 52,700 1,723,817 - ------------------------------------------------------------------------------- Gillette Co. 381,300 20,464,371 ---------------- 22,188,188 - ------------------------------------------------------------------------------- TOBACCO--1.2% Altria Group, Inc. 425,700 28,504,872 - ------------------------------------------------------------------------------- Loews Corp./Carolina Group 16,300 634,559 - ------------------------------------------------------------------------------- Reynolds American, Inc. 59,400 4,948,614 - ------------------------------------------------------------------------------- Vector Group Ltd. 7,800 151,398 ---------------- 34,239,443 - ------------------------------------------------------------------------------- ENERGY--12.5% - ------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.9% Cal Dive International, Inc. 1 33,200 1,966,104 - ------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 2 31,900 1,820,214 - ------------------------------------------------------------------------------- Ensign Energy Services, Inc. 130,000 3,361,382 - ------------------------------------------------------------------------------- Grant Prideco, Inc. 1 27,000 866,700 - ------------------------------------------------------------------------------- Halliburton Co. 4,600 257,830 - ------------------------------------------------------------------------------- Helmerich & Payne, Inc. 39,600 2,261,952 - ------------------------------------------------------------------------------- Oil States International, Inc. 1 8,800 260,304 23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Precision Drilling Corp. 1 50,000 $ 2,116,744 - ------------------------------------------------------------------------------- Todco, Cl. A 1 15,600 479,076 - ------------------------------------------------------------------------------- Transocean, Inc. 1 80,000 4,514,400 - ------------------------------------------------------------------------------- Trican Well Service Ltd. 1 55,200 1,705,538 - ------------------------------------------------------------------------------- Trican Well Service Ltd. 1 180,000 5,561,538 - ------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 9,700 393,335 - ------------------------------------------------------------------------------- Veritas DGC, Inc. 1 10,300 317,240 ---------------- 25,882,357 - ------------------------------------------------------------------------------- OIL & GAS--11.6% Alberta Clipper Energy, Inc. 1 84,316 323,749 - ------------------------------------------------------------------------------- Alon USA Energy, Inc. 1 107,700 1,911,675 - ------------------------------------------------------------------------------- Amerada Hess Corp. 35,600 4,195,816 - ------------------------------------------------------------------------------- Anadarko Petroleum Corp. 118,100 10,434,135 - ------------------------------------------------------------------------------- Apache Corp. 117,500 8,037,000 - ------------------------------------------------------------------------------- Atlas Energy Ltd. 1 500,000 1,862,669 - ------------------------------------------------------------------------------- Bear Ridge Resources Ltd. 1 32,120 95,779 - ------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 8,800 501,688 - ------------------------------------------------------------------------------- Burlington Resources, Inc. 185,300 11,879,583 - ------------------------------------------------------------------------------- Canadian Natural Resources Ltd. 120,000 4,999,796 - ------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 18,320 114,495 - ------------------------------------------------------------------------------- Chesapeake Energy Corp. 96,300 2,514,393 - ------------------------------------------------------------------------------- Chevron Corp. 618,700 35,890,787 - ------------------------------------------------------------------------------- Clear Energy, Inc. 1 264,466 1,101,897 - ------------------------------------------------------------------------------- Comstock Resources, Inc. 1 23,500 650,715 - ------------------------------------------------------------------------------- ConocoPhillips 385,500 24,128,445 - ------------------------------------------------------------------------------- CONSOL Energy, Inc. 34,100 2,296,976 - ------------------------------------------------------------------------------- Crew Energy, Inc. 1 80,000 1,020,220 - ------------------------------------------------------------------------------- Cyries Energy, Inc. 1 30,720 328,520 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- OIL & GAS Continued Devon Energy Corp. 210,900 $ 11,829,381 - ------------------------------------------------------------------------------- Duvernay Oil Corp. 1 64,500 1,791,593 - ------------------------------------------------------------------------------- Ember Resources, Inc. 1 84,316 489,068 - ------------------------------------------------------------------------------- Encore Acquisition Co. 1 41,500 1,308,910 - ------------------------------------------------------------------------------- Energy Partners Ltd. 1 19,600 518,616 - ------------------------------------------------------------------------------- EOG Resources, Inc. 124,200 7,588,620 - ------------------------------------------------------------------------------- Exxon Mobil Corp. 1,623,100 95,357,125 - ------------------------------------------------------------------------------- Forest Oil Corp. 1 7,100 317,796 - ------------------------------------------------------------------------------- Frontier Oil Corp. 40,000 1,120,800 - ------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 11,500 137,168 - ------------------------------------------------------------------------------- General Maritime Corp. 6,600 257,334 - ------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 18,400 315,673 - ------------------------------------------------------------------------------- Holly Corp. 19,200 898,944 - ------------------------------------------------------------------------------- Houston Exploration Co. 1 19,000 1,098,010 - ------------------------------------------------------------------------------- Kerr-McGee Corp. 63,629 5,103,682 - ------------------------------------------------------------------------------- Kinder Morgan, Inc. 44,100 3,918,726 - ------------------------------------------------------------------------------- Marathon Oil Corp. 173,000 10,096,280 - ------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 64,494 445,222 - ------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,3 74,500 514,297 - ------------------------------------------------------------------------------- Murphy Oil Corp. 15,500 822,120 - ------------------------------------------------------------------------------- Newfield Exploration Co. 1 49,400 2,099,006 - ------------------------------------------------------------------------------- Noble Energy, Inc. 29,700 2,450,547 - ------------------------------------------------------------------------------- Occidental Petroleum Corp. 137,800 11,338,184 - ------------------------------------------------------------------------------- OMI Corp. 13,800 248,814 - ------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 309,200 5,759,373 - ------------------------------------------------------------------------------- Peabody Energy Corp. 4,200 276,108 - ------------------------------------------------------------------------------- Pioneer Natural Resources Co. 13,100 567,623 - ------------------------------------------------------------------------------- Pogo Producing Co. 22,100 1,216,163 - ------------------------------------------------------------------------------- Premcor, Inc. 32,900 2,521,456 - ------------------------------------------------------------------------------- ProEx Energy Ltd. 1 30,720 306,184 - ------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 72,240 202,429 24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- OIL & GAS Continued Real Resources, Inc. 1 165,000 $ 2,966,913 - ------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 20,700 815,787 - ------------------------------------------------------------------------------- Spinnaker Exploration Co. 1 7,900 309,996 - ------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 28,900 913,240 - ------------------------------------------------------------------------------- Stone Energy Corp. 1 22,300 1,186,583 - ------------------------------------------------------------------------------- Sunoco, Inc. 22,300 2,803,779 - ------------------------------------------------------------------------------- Swift Energy Co. 1 29,700 1,211,166 - ------------------------------------------------------------------------------- Talisman Energy, Inc. 100,000 4,386,259 - ------------------------------------------------------------------------------- Tesoro Corp. 46,600 2,247,052 - ------------------------------------------------------------------------------- Thunder Energy Trust 126,488 1,281,362 - ------------------------------------------------------------------------------- TKE Energy Trust 150,000 1,254,851 - ------------------------------------------------------------------------------- Trilogy Energy Trust 170,000 2,706,834 - ------------------------------------------------------------------------------- Tusk Energy Corp. 1 291,600 1,172,070 - ------------------------------------------------------------------------------- Tusk Energy Corp. 1,3 258,700 1,039,830 - ------------------------------------------------------------------------------- Unocal Corp. 145,900 9,461,615 - ------------------------------------------------------------------------------- USEC, Inc. 5,400 84,726 - ------------------------------------------------------------------------------- Valero Energy Corp. 10,900 902,302 - ------------------------------------------------------------------------------- Vault Energy Trust 45,800 405,598 - ------------------------------------------------------------------------------- Vintage Petroleum, Inc. 53,600 1,882,968 - ------------------------------------------------------------------------------- W&T Offshore, Inc. 4,000 111,560 - ------------------------------------------------------------------------------- Whiting Petroleum Corp. 1 16,400 655,180 - ------------------------------------------------------------------------------- Williams Cos., Inc. (The) 304,000 6,456,960 ---------------- 327,460,221 - ------------------------------------------------------------------------------- FINANCIALS--22.6% - ------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% Bank of New York Co., Inc. (The) 162,900 5,014,062 - ------------------------------------------------------------------------------- Greenhill & Co., Inc. 5,800 222,488 - ------------------------------------------------------------------------------- Mellon Financial Corp. 7,500 228,450 - ------------------------------------------------------------------------------- Northern Trust Corp. 24,000 1,219,200 ---------------- 6,684,200 - ------------------------------------------------------------------------------- COMMERCIAL BANKS--7.9% AmSouth Bancorp 43,600 1,216,876 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Anchor BanCorp Wisconsin, Inc. 700 $ 22,358 - ------------------------------------------------------------------------------- Astoria Financial Corp. 63,950 1,786,763 - ------------------------------------------------------------------------------- BancFirst Corp. 1,600 136,464 - ------------------------------------------------------------------------------- BancorpSouth, Inc. 35,600 828,768 - ------------------------------------------------------------------------------- Bank of America Corp. 1,073,462 46,802,943 - ------------------------------------------------------------------------------- Bank of Hawaii Corp. 17,600 903,760 - ------------------------------------------------------------------------------- BB&T Corp. 111,300 4,654,566 - ------------------------------------------------------------------------------- BOK Financial Corp. 5,200 253,136 - ------------------------------------------------------------------------------- Central Pacific Financial Corp. 2,000 73,000 - ------------------------------------------------------------------------------- Chittenden Corp. 6,000 175,740 - ------------------------------------------------------------------------------- City National Corp. 13,100 957,217 - ------------------------------------------------------------------------------- Comerica, Inc. 69,800 4,264,780 - ------------------------------------------------------------------------------- Commerce Bancshares, Inc. 12,100 651,101 - ------------------------------------------------------------------------------- Community Bank System, Inc. 46,700 1,123,135 - ------------------------------------------------------------------------------- Community Banks, Inc. 4,302 119,294 - ------------------------------------------------------------------------------- Compass Bancshares, Inc. 25,100 1,210,071 - ------------------------------------------------------------------------------- Corus Bankshares, Inc. 1,300 81,562 - ------------------------------------------------------------------------------- Downey Financial Corp. 20,400 1,579,776 - ------------------------------------------------------------------------------- Fifth Third Bancorp 50,400 2,172,240 - ------------------------------------------------------------------------------- First BanCorp 9,000 220,680 - ------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 1,600 268,800 - ------------------------------------------------------------------------------- First Commonwealth Financial Corp. 72,700 1,014,165 - ------------------------------------------------------------------------------- First Community Bancorp 9,100 466,284 - ------------------------------------------------------------------------------- First Financial Bancorp 7,700 138,908 - ------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 6,700 250,044 - ------------------------------------------------------------------------------- First Republic Bank 6,500 246,220 - ------------------------------------------------------------------------------- FirstFed Financial Corp. 1 12,400 774,752 - ------------------------------------------------------------------------------- Golden West Financial Corp. 34,400 2,240,128 - ------------------------------------------------------------------------------- Greater Bay Bancorp 2,900 76,067 25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Harbor Florida Bancshares, Inc. 6,900 $ 264,822 - ------------------------------------------------------------------------------- Hibernia Corp., Cl. A 54,100 1,829,662 - ------------------------------------------------------------------------------- Huntington Bancshares, Inc. 19,200 478,848 - ------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 40,700 1,774,927 - ------------------------------------------------------------------------------- KeyCorp 235,600 8,066,944 - ------------------------------------------------------------------------------- M&T Bank Corp. 63,000 6,836,130 - ------------------------------------------------------------------------------- MAF Bancorp, Inc. 26,100 1,151,271 - ------------------------------------------------------------------------------- Marshall & Ilsley Corp. 92,600 4,252,192 - ------------------------------------------------------------------------------- National City Corp. 221,400 8,171,874 - ------------------------------------------------------------------------------- Old National Bancorp 5,300 115,275 - ------------------------------------------------------------------------------- Pacific Capital Bancorp 43,254 1,480,152 - ------------------------------------------------------------------------------- People's Bank 12,500 391,500 - ------------------------------------------------------------------------------- PFF Bancorp, Inc. 16,550 512,057 - ------------------------------------------------------------------------------- PNC Financial Services Group, Inc. 112,000 6,139,840 - ------------------------------------------------------------------------------- Popular, Inc. 2,800 72,240 - ------------------------------------------------------------------------------- Provident Bankshares Corp. 18,500 629,000 - ------------------------------------------------------------------------------- Regions Financial Corp. 117,200 3,942,608 - ------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 6,560 142,538 - ------------------------------------------------------------------------------- State Financial Services Corp. 18,500 742,775 - ------------------------------------------------------------------------------- Sterling Financial Corp. 29,001 1,131,909 - ------------------------------------------------------------------------------- SunTrust Banks, Inc. 137,100 9,969,912 - ------------------------------------------------------------------------------- SVB Financial Group 1 26,200 1,345,108 - ------------------------------------------------------------------------------- Synovus Financial Corp. 4,000 118,280 - ------------------------------------------------------------------------------- U.S. Bancorp 672,400 20,212,344 - ------------------------------------------------------------------------------- UnionBanCal Corp. 29,700 2,118,798 - ------------------------------------------------------------------------------- W. Holding Co., Inc. 60,100 642,469 - ------------------------------------------------------------------------------- Wachovia Corp. 503,900 25,386,482 - ------------------------------------------------------------------------------- Washington Mutual, Inc. 240,200 10,203,696 - ------------------------------------------------------------------------------- Webster Financial Corp. 24,900 1,200,180 - ------------------------------------------------------------------------------- Wells Fargo & Co. 395,900 24,284,506 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMMERCIAL BANKS Continued WesBanco, Inc. 5,900 $ 182,251 - ------------------------------------------------------------------------------- Whitney Holding Corp. 26,850 889,272 - ------------------------------------------------------------------------------- WSFS Financial Corp. 6,500 372,190 - ------------------------------------------------------------------------------- Zions Bancorp 31,000 2,215,880 ---------------- 221,977,530 - ------------------------------------------------------------------------------- CONSUMER FINANCE--0.0% Nelnet, Inc., Cl. A 1 4,300 163,185 - ------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.6% Advanta Corp., Cl. B 13,700 409,767 - ------------------------------------------------------------------------------- American Capital Strategies Ltd. 60,000 2,257,800 - ------------------------------------------------------------------------------- American Express Co. 235,100 12,930,500 - ------------------------------------------------------------------------------- AmeriCredit Corp. 1 87,700 2,343,344 - ------------------------------------------------------------------------------- Apollo Investment Corp. 5,800 104,342 - ------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 77,000 7,862,470 - ------------------------------------------------------------------------------- Capital One Financial Corp. 82,100 6,773,250 - ------------------------------------------------------------------------------- CIT Group, Inc. 61,500 2,714,610 - ------------------------------------------------------------------------------- Citigroup, Inc. 1,193,300 51,908,550 - ------------------------------------------------------------------------------- CompuCredit Corp. 1,2 24,700 935,389 - ------------------------------------------------------------------------------- Franklin Resources, Inc. 80,800 6,530,256 - ------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 65,300 7,018,444 - ------------------------------------------------------------------------------- Investment Technology Group, Inc. 1 40,700 1,042,734 - ------------------------------------------------------------------------------- JPMorgan Chase & Co. 808,052 28,394,947 - ------------------------------------------------------------------------------- Legg Mason, Inc. 21,900 2,237,085 - ------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc. 113,800 11,963,794 - ------------------------------------------------------------------------------- MBNA Corp. 199,000 5,006,840 - ------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 280,000 16,458,400 - ------------------------------------------------------------------------------- Moody's Corp. 61,800 2,923,758 - ------------------------------------------------------------------------------- Morgan Stanley 405,900 21,532,995 - ------------------------------------------------------------------------------- Principal Financial Group, Inc. (The) 191,900 8,434,005 26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES Continued Providian Financial Corp. 1 31,100 $ 587,790 - ------------------------------------------------------------------------------- Schwab (Charles) Corp. 623,400 8,540,580 - ------------------------------------------------------------------------------- SLM Corp. 75,600 3,892,644 - ------------------------------------------------------------------------------- Student Loan Corp. (The) 6,200 1,343,850 - ------------------------------------------------------------------------------- WFS Financial, Inc. 1,800 107,982 ---------------- 214,256,126 - ------------------------------------------------------------------------------- INSURANCE--5.7% ACE Ltd. 83,700 3,867,777 - ------------------------------------------------------------------------------- AFLAC, Inc. 15,600 703,560 - ------------------------------------------------------------------------------- Allmerica Financial Corp. 1 21,900 854,100 - ------------------------------------------------------------------------------- Allstate Corp. 242,500 14,855,550 - ------------------------------------------------------------------------------- American Financial Group, Inc. 16,000 541,440 - ------------------------------------------------------------------------------- American International Group, Inc. 485,000 29,197,000 - ------------------------------------------------------------------------------- AmerUs Group Co. 32,900 1,696,982 - ------------------------------------------------------------------------------- Aon Corp. 42,400 1,078,656 - ------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 16,100 740,600 - ------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 34,700 985,827 - ------------------------------------------------------------------------------- Assurant, Inc. 57,400 2,120,930 - ------------------------------------------------------------------------------- Berkley (W.R.) Corp. 32,100 1,201,503 - ------------------------------------------------------------------------------- Chubb Corp. 95,700 8,500,074 - ------------------------------------------------------------------------------- Cincinnati Financial Corp. 4,191 172,753 - ------------------------------------------------------------------------------- Commerce Group, Inc. (The) 22,200 1,384,170 - ------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 9,900 480,249 - ------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 22,500 496,800 - ------------------------------------------------------------------------------- Fidelity National Financial, Inc. 59,236 2,333,898 - ------------------------------------------------------------------------------- First American Corp. (The) 45,800 2,012,910 - ------------------------------------------------------------------------------- Great American Financial Resources, Inc. 5,400 106,110 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- INSURANCE Continued Hartford Financial Services Group, Inc. (The) 112,200 $ 9,039,954 - ------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 67,050 1,858,626 - ------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 3,200 108,448 - ------------------------------------------------------------------------------- Horace Mann Educators Corp. 57,800 1,154,844 - ------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 27,100 960,424 - ------------------------------------------------------------------------------- Jefferson-Pilot Corp. 44,300 2,222,531 - ------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 25,600 1,604,608 - ------------------------------------------------------------------------------- Loews Corp. 99,700 8,337,911 - ------------------------------------------------------------------------------- Markel Corp. 1 1,100 369,600 - ------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc. 25,200 730,044 - ------------------------------------------------------------------------------- MBIA, Inc. 32,100 1,949,754 - ------------------------------------------------------------------------------- Mercury General Corp. 1,800 103,878 - ------------------------------------------------------------------------------- MetLife, Inc. 209,500 10,294,830 - ------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 21,600 854,928 - ------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 32,300 819,451 - ------------------------------------------------------------------------------- Ohio Casualty Corp. 53,400 1,364,370 - ------------------------------------------------------------------------------- Old Republic International Corp. 46,200 1,213,212 - ------------------------------------------------------------------------------- Partnerre Holdings Ltd. 20,600 1,335,292 - ------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 18,600 1,544,172 - ------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 2 54,300 684,180 - ------------------------------------------------------------------------------- ProAssurance Corp. 1 1,800 77,328 - ------------------------------------------------------------------------------- Progressive Corp. 66,800 6,659,292 - ------------------------------------------------------------------------------- Protective Life Corp. 9,400 409,464 - ------------------------------------------------------------------------------- Prudential Financial, Inc. 146,200 9,780,780 - ------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 7,800 328,926 - ------------------------------------------------------------------------------- RLI Corp. 22,600 1,075,760 27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- INSURANCE Continued Safeco Corp. 41,900 $ 2,301,986 - ------------------------------------------------------------------------------- Selective Insurance Group, Inc. 27,500 1,369,225 - ------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 136,200 5,995,524 - ------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 21,800 1,882,212 - ------------------------------------------------------------------------------- State Auto Financial Corp. 22,600 710,770 - ------------------------------------------------------------------------------- Stewart Information Services Corp. 26,400 1,242,384 - ------------------------------------------------------------------------------- Torchmark Corp. 24,400 1,275,388 - ------------------------------------------------------------------------------- Triad Guaranty, Inc. 1 400 19,196 - ------------------------------------------------------------------------------- UICI 29,800 919,330 - ------------------------------------------------------------------------------- United Fire & Casualty Co. 21,900 980,682 - ------------------------------------------------------------------------------- Unitrin, Inc. 33,100 1,762,575 - ------------------------------------------------------------------------------- Universal American Financial Corp. 1 76,600 1,885,892 - ------------------------------------------------------------------------------- White Mountains Insurance Group, Ltd. 800 511,200 - ------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 12,700 912,114 - ------------------------------------------------------------------------------- Zenith National Insurance Corp. 17,200 1,197,808 ---------------- 161,179,782 - ------------------------------------------------------------------------------- REAL ESTATE--0.1% CB Richard Ellis Group, Inc., Cl. A 1 23,100 1,063,524 - ------------------------------------------------------------------------------- Getty Realty Corp. 4,100 123,123 - ------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 1 11,900 586,075 - ------------------------------------------------------------------------------- Stratus Properties, Inc. 1 2,300 41,630 - ------------------------------------------------------------------------------- Trammell Crow Co. 1 45,500 1,149,330 - ------------------------------------------------------------------------------- W.P. Carey & Co. LLC 12,300 360,144 ---------------- 3,323,826 - ------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.1% Accredited Home Lenders Holding Co. 1 5,400 256,554 - ------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 13,900 275,776 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued Countrywide Financial Corp. 184,100 $ 6,627,600 - ------------------------------------------------------------------------------- Fannie Mae 215,600 12,043,416 - ------------------------------------------------------------------------------- Freddie Mac 155,000 9,808,400 - ------------------------------------------------------------------------------- Fremont General Corp. 31,100 760,084 - ------------------------------------------------------------------------------- MGIC Investment Corp. 13,300 912,114 - ------------------------------------------------------------------------------- PMI Group, Inc. (The) 6,000 245,700 - ------------------------------------------------------------------------------- Radian Group, Inc. 20,600 1,062,548 ---------------- 31,992,192 - ------------------------------------------------------------------------------- HEALTH CARE--12.3% - ------------------------------------------------------------------------------- BIOTECHNOLOGY--1.1% Amgen, Inc. 1 178,800 14,259,300 - ------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 113,700 2,367,234 - ------------------------------------------------------------------------------- Genentech, Inc. 1 60,300 5,386,599 - ------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 30,000 1,344,300 - ------------------------------------------------------------------------------- Invitrogen Corp. 1 17,300 1,483,821 - ------------------------------------------------------------------------------- Techne Corp. 1 9,200 451,444 - ------------------------------------------------------------------------------- Wyeth 154,200 7,054,650 ---------------- 32,347,348 - ------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.6% American Medical Systems Holdings, Inc. 1 16,800 390,600 - ------------------------------------------------------------------------------- Bausch & Lomb, Inc. 300 25,395 - ------------------------------------------------------------------------------- Baxter International, Inc. 161,000 6,322,470 - ------------------------------------------------------------------------------- Becton, Dickinson & Co. 138,400 7,663,208 - ------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 8,900 534,267 - ------------------------------------------------------------------------------- Boston Scientific Corp. 1 98,100 2,839,995 - ------------------------------------------------------------------------------- ConMed Corp. 1 9,900 298,089 - ------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 3,400 257,720 - ------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 19,600 899,052 - ------------------------------------------------------------------------------- Guidant Corp. 52,400 3,605,120 28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Haemonetics Corp. 1 15,500 $ 654,565 - ------------------------------------------------------------------------------- Hologic, Inc. 1 12,200 556,198 - ------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1 16,200 1,124,280 - ------------------------------------------------------------------------------- Medtronic, Inc. 320,000 17,260,800 - ------------------------------------------------------------------------------- Mentor Corp. 12,200 606,950 - ------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 12,700 466,725 - ------------------------------------------------------------------------------- Thermo Electron Corp. 1 21,500 641,990 - ------------------------------------------------------------------------------- Varian, Inc. 1 11,700 438,399 - ------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 15,600 670,176 - ------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 10,300 255,852 - ------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 1,300 35,763 ---------------- 45,547,614 - ------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.0% Aetna, Inc. 74,800 5,789,520 - ------------------------------------------------------------------------------- Allscripts Healthcare Solutions, Inc. 1 27,200 461,584 - ------------------------------------------------------------------------------- American Healthways, Inc. 1 30,000 1,337,100 - ------------------------------------------------------------------------------- AmerisourceBergen Corp. 35,600 2,555,724 - ------------------------------------------------------------------------------- AmSurg Corp. 1 800 22,408 - ------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 24,800 836,504 - ------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1 127,700 1,620,513 - ------------------------------------------------------------------------------- Cardinal Health, Inc. 32,800 1,954,224 - ------------------------------------------------------------------------------- Caremark Rx, Inc. 1 85,200 3,798,216 - ------------------------------------------------------------------------------- Chemed Corp. 12,900 554,700 - ------------------------------------------------------------------------------- CIGNA Corp. 82,600 8,817,550 - ------------------------------------------------------------------------------- Community Health Systems, Inc. 1 27,800 1,073,358 - ------------------------------------------------------------------------------- Express Scripts, Inc. 1 45,800 2,395,340 - ------------------------------------------------------------------------------- Genesis HealthCare Corp. 1 31,300 1,407,561 - ------------------------------------------------------------------------------- HCA, Inc. 167,600 8,254,300 - ------------------------------------------------------------------------------- Health Net, Inc. 1 51,100 1,982,680 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Humana, Inc. 1 58,200 $ 2,319,270 - ------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1 41,000 1,506,340 - ------------------------------------------------------------------------------- LCA-Vision, Inc. 19,550 895,390 - ------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 26,500 1,069,010 - ------------------------------------------------------------------------------- Manor Care, Inc. 25,700 975,572 - ------------------------------------------------------------------------------- McKesson Corp. 146,600 6,597,000 - ------------------------------------------------------------------------------- Medco Health Solutions, Inc. 1 102,972 4,987,964 - ------------------------------------------------------------------------------- Owens & Minor, Inc. 23,100 684,684 - ------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 32,800 2,499,360 - ------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 21,500 1,686,030 - ------------------------------------------------------------------------------- Quest Diagnostics, Inc. 104,000 5,339,360 - ------------------------------------------------------------------------------- Service Corp. International 115,000 997,050 - ------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 28,200 1,901,808 - ------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 20,300 1,075,900 - ------------------------------------------------------------------------------- Triad Hospitals, Inc. 1 36,000 1,788,120 - ------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1 39,300 1,415,193 - ------------------------------------------------------------------------------- UnitedHealth Group, Inc. 421,600 22,049,680 - ------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 28,700 1,493,548 - ------------------------------------------------------------------------------- VCA Antech, Inc. 1 30,300 719,322 - ------------------------------------------------------------------------------- WellChoice, Inc. 1 12,300 811,800 - ------------------------------------------------------------------------------- WellPoint, Inc. 1 133,906 9,472,510 ---------------- 113,146,193 - ------------------------------------------------------------------------------- PHARMACEUTICALS--5.6% Abbott Laboratories 330,500 15,411,215 - ------------------------------------------------------------------------------- Allergan, Inc. 52,800 4,718,736 - ------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 50,100 703,404 - ------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1 40,100 1,901,542 - ------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 400,000 9,992,000 29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- PHARMACEUTICALS Continued Eli Lilly & Co. 43,500 $ 2,449,920 - ------------------------------------------------------------------------------- Johnson & Johnson 763,000 48,801,480 - ------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 41,600 1,411,072 - ------------------------------------------------------------------------------- Merck & Co., Inc. 831,000 25,810,860 - ------------------------------------------------------------------------------- Pfizer, Inc. 1,763,200 46,724,800 ---------------- 157,925,029 - ------------------------------------------------------------------------------- INDUSTRIALS--10.4% - ------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.4% Aviall, Inc. 1 5,600 189,560 - ------------------------------------------------------------------------------- Boeing Co. 195,000 12,871,950 - ------------------------------------------------------------------------------- DRS Technologies, Inc. 7,900 410,800 - ------------------------------------------------------------------------------- ESCO Technologies, Inc. 1 10,500 1,151,010 - ------------------------------------------------------------------------------- General Dynamics Corp. 46,500 5,356,335 - ------------------------------------------------------------------------------- Goodrich Corp. 49,100 2,172,184 - ------------------------------------------------------------------------------- Honeywell International, Inc. 58,100 2,282,168 - ------------------------------------------------------------------------------- Lockheed Martin Corp. 140,900 8,792,160 - ------------------------------------------------------------------------------- Moog, Inc., Cl. A 1 4,500 142,065 - ------------------------------------------------------------------------------- Northrop Grumman Corp. 167,600 9,293,420 - ------------------------------------------------------------------------------- Precision Castparts Corp. 22,400 2,015,552 - ------------------------------------------------------------------------------- Raytheon Co. 136,300 5,360,679 - ------------------------------------------------------------------------------- Rockwell Collins, Inc. 34,900 1,703,120 - ------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 19,200 728,640 - ------------------------------------------------------------------------------- United Technologies Corp. 286,400 14,520,480 ---------------- 66,990,123 - ------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.2% FedEx Corp. 74,300 6,247,887 - ------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 11,500 839,155 ---------------- 7,087,042 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- AIRLINES--0.0% Alaska Air Group, Inc. 1 36,000 $ 1,259,280 - ------------------------------------------------------------------------------- SkyWest, Inc. 5,200 107,900 ---------------- 1,367,180 - ------------------------------------------------------------------------------- BUILDING PRODUCTS--0.5% American Standard Cos., Inc. 95,800 4,242,024 - ------------------------------------------------------------------------------- Crane Co. 3,800 118,370 - ------------------------------------------------------------------------------- Lennox International, Inc. 51,900 1,267,398 - ------------------------------------------------------------------------------- Masco Corp. 161,500 5,476,465 - ------------------------------------------------------------------------------- Universal Forest Products, Inc. 15,700 784,215 - ------------------------------------------------------------------------------- USG Corp. 1,2 31,200 1,525,680 - ------------------------------------------------------------------------------- Watsco, Inc. 800 37,888 ---------------- 13,452,040 - ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.0% Apollo Group, Inc., Cl. A 1 13,900 1,044,585 - ------------------------------------------------------------------------------- Asset Acceptance Capital Corp. 1 21,200 579,608 - ------------------------------------------------------------------------------- Banta Corp. 15,400 735,196 - ------------------------------------------------------------------------------- Brady Corp., Cl. A 12,100 413,820 - ------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 26,700 1,222,326 - ------------------------------------------------------------------------------- Cendant Corp. 33,000 704,880 - ------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 2,500 106,500 - ------------------------------------------------------------------------------- Corporate Executive Board Co. 13,200 1,064,976 - ------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 52,400 1,889,020 - ------------------------------------------------------------------------------- Equifax, Inc. 45,400 1,652,560 - ------------------------------------------------------------------------------- Exponent, Inc. 1 3,700 109,983 - ------------------------------------------------------------------------------- H&R Block, Inc. 17,900 1,019,584 - ------------------------------------------------------------------------------- Harland (John H.) Co. 30,100 1,162,763 - ------------------------------------------------------------------------------- HNI Corp. 27,300 1,587,495 - ------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 11,300 108,480 - ------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 47,600 1,204,756 30 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Knoll, Inc. 68,816 $ 1,261,397 - ------------------------------------------------------------------------------- Korn-Ferry International 1 48,900 973,110 - ------------------------------------------------------------------------------- Labor Ready, Inc. 1 59,000 1,398,890 - ------------------------------------------------------------------------------- Miller (Herman), Inc. 17,800 568,354 - ------------------------------------------------------------------------------- PHH Corp. 1 52,100 1,473,909 - ------------------------------------------------------------------------------- Pitney Bowes, Inc. 9,400 419,052 - ------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 1,800 85,050 - ------------------------------------------------------------------------------- Republic Services, Inc. 58,400 2,117,000 - ------------------------------------------------------------------------------- Resources Connection, Inc. 1 14,000 420,000 - ------------------------------------------------------------------------------- Robert Half International, Inc. 7,100 240,619 - ------------------------------------------------------------------------------- ServiceMaster Co. (The) 1,100 15,114 - ------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 1 3,500 52,535 - ------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 38,800 568,032 - ------------------------------------------------------------------------------- United Stationers, Inc. 1 7,000 362,950 - ------------------------------------------------------------------------------- Waste Connections, Inc. 1 6,500 234,000 - ------------------------------------------------------------------------------- Waste Management, Inc. 88,700 2,494,244 ---------------- 27,290,788 - ------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.1% EMCOR Group, Inc. 1 16,300 839,450 - ------------------------------------------------------------------------------- McDermott International, Inc. 1 12,800 303,232 - ------------------------------------------------------------------------------- Shaw Group, Inc. (The) 1 3,000 57,360 - ------------------------------------------------------------------------------- URS Corp. 1 29,600 1,108,520 - ------------------------------------------------------------------------------- Washington Group International, Inc. 1 24,000 1,294,560 ---------------- 3,603,122 - ------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.3% Emerson Electric Co. 60,700 3,994,060 - ------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 10,200 524,076 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT Continued Rockwell Automation, Inc. 37,100 $ 1,911,021 - ------------------------------------------------------------------------------- Smith (A.O.) Corp. 14,300 386,100 - ------------------------------------------------------------------------------- Thomas & Betts Corp. 1 21,900 739,563 - ------------------------------------------------------------------------------- Woodward Governor Co. 6,700 601,057 ---------------- 8,155,877 - ------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--3.5% 3M Co. 248,100 18,607,500 - ------------------------------------------------------------------------------- Alleghany Corp. 600 183,684 - ------------------------------------------------------------------------------- General Electric Co. 2,119,000 73,105,500 - ------------------------------------------------------------------------------- Textron, Inc. 90,300 6,697,551 ---------------- 98,594,235 - ------------------------------------------------------------------------------- MACHINERY--1.2% Albany International Corp., Cl. A 31,200 1,093,248 - ------------------------------------------------------------------------------- Barnes Group, Inc. 5,500 187,220 - ------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 11,400 485,868 - ------------------------------------------------------------------------------- Caterpillar, Inc. 190,800 10,286,028 - ------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 29,400 821,730 - ------------------------------------------------------------------------------- Cummins, Inc. 12,800 1,093,632 - ------------------------------------------------------------------------------- Deere & Co. 15,700 1,154,421 - ------------------------------------------------------------------------------- Flowserve Corp. 1 31,700 1,073,362 - ------------------------------------------------------------------------------- Harsco Corp. 6,500 391,625 - ------------------------------------------------------------------------------- Ingersoll-Rand Co., Cl. A 47,800 3,736,526 - ------------------------------------------------------------------------------- ITT Industries, Inc. 15,500 1,649,200 - ------------------------------------------------------------------------------- JLG Industries, Inc. 22,400 702,016 - ------------------------------------------------------------------------------- Joy Global, Inc. 32,500 1,334,775 - ------------------------------------------------------------------------------- Mueller Industries, Inc. 21,300 623,664 - ------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 7,100 820,760 - ------------------------------------------------------------------------------- Oshkosh Truck Corp. 7,400 627,520 - ------------------------------------------------------------------------------- Paccar, Inc. 47,300 3,416,006 - ------------------------------------------------------------------------------- Pall Corp. 16,900 523,393 - ------------------------------------------------------------------------------- SPX Corp. 22,600 1,104,688 31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- MACHINERY Continued Stewart & Stevenson Services, Inc. 27,300 $ 631,995 - ------------------------------------------------------------------------------- Terex Corp. 1 13,900 673,038 - ------------------------------------------------------------------------------- Toro Co. (The) 39,400 1,585,456 - ------------------------------------------------------------------------------- Wabash National Corp. 9,500 204,345 - ------------------------------------------------------------------------------- Wabtec Corp. 3,000 73,290 ---------------- 34,293,806 - ------------------------------------------------------------------------------- MARINE--0.1% Alexander & Baldwin, Inc. 35,600 1,903,888 - ------------------------------------------------------------------------------- Kirby Corp. 1 1,000 48,150 ---------------- 1,952,038 - ------------------------------------------------------------------------------- ROAD & RAIL--0.9% Amerco, Inc. 2,800 161,952 - ------------------------------------------------------------------------------- Arkansas Best Corp. 8,000 274,400 - ------------------------------------------------------------------------------- Burlington Northern Santa Fe Corp. 163,100 8,848,175 - ------------------------------------------------------------------------------- CNF Transportation, Inc. 34,900 1,800,491 - ------------------------------------------------------------------------------- CSX Corp. 61,300 2,791,602 - ------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1 8,400 262,920 - ------------------------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 600 28,200 - ------------------------------------------------------------------------------- Laidlaw International, Inc. 1 82,600 2,122,820 - ------------------------------------------------------------------------------- Mullen Group Income Fund 63,000 1,196,642 - ------------------------------------------------------------------------------- Norfolk Southern Corp. 105,100 3,910,771 - ------------------------------------------------------------------------------- Overnite Corp. 9,300 400,923 - ------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 50,800 1,117,092 - ------------------------------------------------------------------------------- Yellow Roadway Corp. 1,2 29,637 1,568,094 ---------------- 24,484,082 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.2% Applied Industrial Technologies, Inc. 44,550 $ 1,591,772 - ------------------------------------------------------------------------------- GATX Corp. 51,700 1,954,260 - ------------------------------------------------------------------------------- UAP Holding Corp. 70,100 1,359,940 - ------------------------------------------------------------------------------- United Rentals, Inc. 1 31,300 582,180 - ------------------------------------------------------------------------------- WESCO International, Inc. 1 42,900 1,461,174 ---------------- 6,949,326 - ------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--13.4% - ------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.0% ADTRAN, Inc. 27,400 733,224 - ------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 229,400 1,027,712 - ------------------------------------------------------------------------------- Cisco Systems, Inc. 1 1,469,700 28,144,755 - ------------------------------------------------------------------------------- CommScope, Inc. 1 22,100 373,269 - ------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 15,150 535,553 - ------------------------------------------------------------------------------- Corning, Inc. 1 79,300 1,510,665 - ------------------------------------------------------------------------------- Emulex Corp. 1 19,800 376,002 - ------------------------------------------------------------------------------- Foundry Networks, Inc. 1 10,700 126,688 - ------------------------------------------------------------------------------- Motorola, Inc. 550,900 11,668,062 - ------------------------------------------------------------------------------- QUALCOMM, Inc. 273,400 10,796,566 ---------------- 55,292,496 - ------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.7% Apple Computer, Inc. 1 310,000 13,221,500 - ------------------------------------------------------------------------------- Dell, Inc. 1 800,000 32,376,000 - ------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1 52,400 1,104,068 - ------------------------------------------------------------------------------- EMC Corp. 1 250,000 3,422,500 - ------------------------------------------------------------------------------- Hewlett-Packard Co. 421,400 10,374,868 - ------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1 6,500 216,385 - ------------------------------------------------------------------------------- Imation Corp. 33,500 1,452,225 - ------------------------------------------------------------------------------- Intergraph Corp. 1 29,900 1,137,097 - ------------------------------------------------------------------------------- International Business Machines Corp. 402,600 33,600,996 32 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS Continued NCR Corp. 1 63,200 $ 2,193,672 - ------------------------------------------------------------------------------- Palm, Inc. 1 32,800 936,112 - ------------------------------------------------------------------------------- Storage Technology Corp. 1 50,200 1,843,846 - ------------------------------------------------------------------------------- Sun Microsystems, Inc. 1 254,500 977,280 - ------------------------------------------------------------------------------- Western Digital Corp. 1 149,500 2,241,005 ---------------- 105,097,554 - ------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% Agilent Technologies, Inc. 1 2,700 70,848 - ------------------------------------------------------------------------------- Amphenol Corp., Cl. A 47,600 2,120,104 - ------------------------------------------------------------------------------- Anixter International, Inc. 1 3,200 132,992 - ------------------------------------------------------------------------------- Belden CDT, Inc. 14,800 328,560 - ------------------------------------------------------------------------------- Coherent, Inc. 1 31,700 1,079,068 - ------------------------------------------------------------------------------- Jabil Circuit, Inc. 1 4,100 127,879 - ------------------------------------------------------------------------------- Paxar Corp. 1 26,100 507,906 - ------------------------------------------------------------------------------- UNOVA, Inc. 1 5,400 148,770 ---------------- 4,516,127 - ------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.5% Digital Insight Corp. 1 33,800 828,100 - ------------------------------------------------------------------------------- EarthLink, Inc. 1 163,900 1,561,967 - ------------------------------------------------------------------------------- Google, Inc., Cl. A 1 6,800 1,956,768 - ------------------------------------------------------------------------------- InfoSpace, Inc. 1 2,300 55,522 - ------------------------------------------------------------------------------- Internet Security Systems, Inc. 1 54,100 1,231,857 - ------------------------------------------------------------------------------- United Online, Inc. 91,100 1,048,561 - ------------------------------------------------------------------------------- ValueClick, Inc. 1 26,400 338,976 - ------------------------------------------------------------------------------- VeriSign, Inc. 1 6,800 178,908 - ------------------------------------------------------------------------------- WebEx Communications, Inc. 1 1,600 45,712 - ------------------------------------------------------------------------------- Websense, Inc. 1 22,200 1,106,448 - ------------------------------------------------------------------------------- Yahoo!, Inc. 1 120,000 4,000,800 ---------------- 12,353,619 - ------------------------------------------------------------------------------- IT SERVICES--0.5% Anteon International Corp. 1 2,800 131,460 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- IT SERVICES Continued Automatic Data Processing, Inc. 20,900 $ 928,169 - ------------------------------------------------------------------------------- CSG Systems International, Inc. 1 59,600 1,111,540 - ------------------------------------------------------------------------------- eFunds Corp. 1 27,600 503,976 - ------------------------------------------------------------------------------- Electronic Data Systems Corp. 194,100 3,992,637 - ------------------------------------------------------------------------------- First Data Corp. 70,400 2,896,256 - ------------------------------------------------------------------------------- Fiserv, Inc. 1 57,700 2,560,149 - ------------------------------------------------------------------------------- Keane, Inc. 1 66,700 836,418 - ------------------------------------------------------------------------------- ManTech International Corp. 1 25,200 794,052 - ------------------------------------------------------------------------------- Maximus, Inc. 14,200 542,156 - ------------------------------------------------------------------------------- MPS Group, Inc. 1 10,600 125,716 - ------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 45,400 639,232 ---------------- 15,061,761 - ------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.1% AMIS Holdings, Inc. 1 6,400 81,664 - ------------------------------------------------------------------------------- Applied Materials, Inc. 260,000 4,799,600 - ------------------------------------------------------------------------------- ATMI, Inc. 1 25,600 814,848 - ------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 71,500 494,065 - ------------------------------------------------------------------------------- Cymer, Inc. 1 36,600 1,270,020 - ------------------------------------------------------------------------------- FEI Co. 1 14,700 333,543 - ------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. B 1 29,182 751,437 - ------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 35,200 406,912 - ------------------------------------------------------------------------------- Intel Corp. 1,939,200 52,629,888 - ------------------------------------------------------------------------------- Lam Research Corp. 38,000 1,081,100 - ------------------------------------------------------------------------------- LSI Logic Corp. 1 52,400 511,424 - ------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 66,300 1,126,437 - ------------------------------------------------------------------------------- Micrel, Inc. 1 116,500 1,408,485 - ------------------------------------------------------------------------------- Microsemi Corp. 1 34,800 742,980 - ------------------------------------------------------------------------------- Mykrolis Corp. 1 19,000 309,700 - ------------------------------------------------------------------------------- National Semiconductor Corp. 76,000 1,877,960 33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued NVIDIA Corp. 1 12,800 $ 346,368 - ------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 47,300 668,349 - ------------------------------------------------------------------------------- Photronics, Inc. 1 42,400 1,138,016 - ------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1 2,400 17,592 - ------------------------------------------------------------------------------- Texas Instruments, Inc. 535,000 16,991,600 - ------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 18,700 776,424 ---------------- 88,578,412 - ------------------------------------------------------------------------------- SOFTWARE--3.4% Activision, Inc. 1 48,201 980,402 - ------------------------------------------------------------------------------- Ansys, Inc. 1 35,200 1,279,872 - ------------------------------------------------------------------------------- Autodesk, Inc. 69,400 2,372,786 - ------------------------------------------------------------------------------- Compuware Corp. 1 51,700 435,831 - ------------------------------------------------------------------------------- ePlus, inc. 1 2,600 33,956 - ------------------------------------------------------------------------------- FactSet Research Systems, Inc. 9,200 337,456 - ------------------------------------------------------------------------------- Fair Isaac Corp. 15,800 594,554 - ------------------------------------------------------------------------------- FileNet Corp. 1 32,800 927,256 - ------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 18,800 884,728 - ------------------------------------------------------------------------------- Informatica Corp. 1 40,100 423,857 - ------------------------------------------------------------------------------- McAfee, Inc. 1 56,500 1,774,100 - ------------------------------------------------------------------------------- MICROS Systems, Inc. 1 16,400 704,380 - ------------------------------------------------------------------------------- Microsoft Corp. 2,298,900 58,874,829 - ------------------------------------------------------------------------------- Oracle Corp. 1 1,396,800 18,968,544 - ------------------------------------------------------------------------------- Parametric Technology Corp. 1 248,600 1,715,340 - ------------------------------------------------------------------------------- Progress Software Corp. 1 39,300 1,221,837 - ------------------------------------------------------------------------------- Quest Software, Inc. 1 200 2,850 - ------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 31,800 889,764 - ------------------------------------------------------------------------------- Synopsys, Inc. 1 109,500 2,026,845 - ------------------------------------------------------------------------------- THQ, Inc. 1 12,400 433,752 - ------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 58,000 1,551,500 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- SOFTWARE Continued Wind River Systems, Inc. 1 11,700 $ 199,953 ---------------- 96,634,392 - ------------------------------------------------------------------------------- MATERIALS--3.1% - ------------------------------------------------------------------------------- CHEMICALS--2.1% Agrium, Inc. 80,100 1,831,887 - ------------------------------------------------------------------------------- Air Products & Chemicals, Inc. 58,900 3,519,864 - ------------------------------------------------------------------------------- Chemtura Corp. 3,779 59,481 - ------------------------------------------------------------------------------- Compass Minerals International, Inc. 15,300 389,385 - ------------------------------------------------------------------------------- Dow Chemical Co. 205,000 9,829,750 - ------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 360,000 15,364,800 - ------------------------------------------------------------------------------- Eastman Chemical Co. 35,000 1,938,650 - ------------------------------------------------------------------------------- Engelhard Corp. 63,000 1,807,470 - ------------------------------------------------------------------------------- FMC Corp. 1 35,800 2,165,184 - ------------------------------------------------------------------------------- Fuller (H.B.) Co. 20,500 707,865 - ------------------------------------------------------------------------------- MacDermid, Inc. 18,200 602,420 - ------------------------------------------------------------------------------- Monsanto Co. 98,500 6,635,945 - ------------------------------------------------------------------------------- NL Industries, Inc. 36,800 644,000 - ------------------------------------------------------------------------------- PPG Industries, Inc. 83,400 5,423,502 - ------------------------------------------------------------------------------- Praxair, Inc. 3,000 148,170 - ------------------------------------------------------------------------------- Rohm & Haas Co. 122,700 5,651,562 - ------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 1 5,100 399,840 - ------------------------------------------------------------------------------- Valhi, Inc. 3,800 67,450 - ------------------------------------------------------------------------------- Valspar Corp. (The) 35,800 1,756,348 ---------------- 58,943,573 - ------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% Eagle Materials, Inc. 13,200 1,355,640 - ------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 3,601 358,876 - ------------------------------------------------------------------------------- Lafarge North America, Inc. 12,900 900,162 - ------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 33,500 2,435,115 - ------------------------------------------------------------------------------- Vulcan Materials Co. 22,600 1,587,424 ---------------- 6,637,217 34 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.2% Crown Holdings, Inc. 1 110,200 $ 1,740,058 - ------------------------------------------------------------------------------- Greif, Inc., Cl. A 14,200 894,600 - ------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 75,300 1,931,445 - ------------------------------------------------------------------------------- Pactiv Corp. 1 22,700 499,854 - ------------------------------------------------------------------------------- Silgan Holdings, Inc. 19,500 1,119,885 - ------------------------------------------------------------------------------- Temple-Inland, Inc. 500 19,895 ---------------- 6,205,737 - ------------------------------------------------------------------------------- METALS & MINING--0.4% Carpenter Technology Corp. 22,300 1,396,872 - ------------------------------------------------------------------------------- Commercial Metals Co. 12,400 356,376 - ------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc., Cl. B 1 3,000 120,840 - ------------------------------------------------------------------------------- Nucor Corp. 50,600 2,805,770 - ------------------------------------------------------------------------------- Phelps Dodge Corp. 36,500 3,885,425 - ------------------------------------------------------------------------------- Quanex Corp. 23,600 1,439,600 - ------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 19,600 915,712 - ------------------------------------------------------------------------------- Steel Dynamics, Inc. 12,400 398,784 ---------------- 11,319,379 - ------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Georgia-Pacific Corp. 43,200 1,475,280 - ------------------------------------------------------------------------------- Louisiana-Pacific Corp. 40,700 1,091,574 - ------------------------------------------------------------------------------- Potlatch Corp. 15,000 867,000 - ------------------------------------------------------------------------------- Weyerhaeuser Co. 20,300 1,400,294 ---------------- 4,834,148 - ------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.8% - ------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--2.0% Alltel Corp. 76,700 5,100,550 - ------------------------------------------------------------------------------- BellSouth Corp. 272,000 7,507,200 - ------------------------------------------------------------------------------- CenturyTel, Inc. 68,900 2,368,093 - ------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 7,200 308,160 - ------------------------------------------------------------------------------- MCI, Inc. 38,000 969,760 - ------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 10,100 211,696 VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued Premiere Global Services, Inc. 1 44,100 $ 450,702 - ------------------------------------------------------------------------------- SBC Communications, Inc. 373,500 9,132,075 - ------------------------------------------------------------------------------- Sprint Corp. 53,200 1,431,080 - ------------------------------------------------------------------------------- Verizon Communications, Inc. 847,300 29,003,079 ---------------- 56,482,395 - ------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.8% AT&T Corp. 352,000 6,969,600 - ------------------------------------------------------------------------------- Nextel Communications, Inc., Cl. A 1 438,600 15,263,280 - ------------------------------------------------------------------------------- Nextel Partners, Inc., Cl. A 1 5,400 134,460 - ------------------------------------------------------------------------------- Telephone & Data Systems, Inc., Special Shares 700 26,740 - ------------------------------------------------------------------------------- US Unwired, Inc., Cl. A 1 5,800 36,076 ---------------- 22,430,156 - ------------------------------------------------------------------------------- UTILITIES--3.4% - ------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.0% ALLETE, Inc. 15,400 744,128 - ------------------------------------------------------------------------------- American Electric Power Co., Inc. 185,600 7,182,720 - ------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 280,000 937,870 - ------------------------------------------------------------------------------- CenterPoint Energy, Inc. 59,100 812,034 - ------------------------------------------------------------------------------- CH Energy Group, Inc. 16,800 825,720 - ------------------------------------------------------------------------------- Cinergy Corp. 14,100 622,515 - ------------------------------------------------------------------------------- CMS Energy Corp. 1 67,900 1,075,536 - ------------------------------------------------------------------------------- Constellation Energy Group, Inc. 49,500 2,980,395 - ------------------------------------------------------------------------------- Dominion Resources, Inc. 72,300 5,340,078 - ------------------------------------------------------------------------------- Duke Energy Corp. 185,800 5,488,532 - ------------------------------------------------------------------------------- Edison International, Inc. 204,000 8,339,520 - ------------------------------------------------------------------------------- Entergy Corp. 65,900 5,136,246 - ------------------------------------------------------------------------------- Exelon Corp. 190,400 10,190,208 35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - ------------------------------------------------------------------------------- ELECTRIC UTILITIES Continued FirstEnergy Corp. 51,100 $ 2,543,758 - ------------------------------------------------------------------------------- FPL Group, Inc. 110,300 4,756,136 - ------------------------------------------------------------------------------- Northeast Utilities Co. 4,400 94,952 - ------------------------------------------------------------------------------- NRG Energy, Inc. 1 49,300 1,890,655 - ------------------------------------------------------------------------------- Ormat Technologies, Inc. 181,300 3,428,383 - ------------------------------------------------------------------------------- PG&E Corp. 190,600 7,172,278 - ------------------------------------------------------------------------------- PPL Corp. 30,200 1,859,716 - ------------------------------------------------------------------------------- Public Service Enterprise Group, Inc. 86,200 5,542,660 - ------------------------------------------------------------------------------- Southern Co. 26,700 934,233 - ------------------------------------------------------------------------------- TXU Corp. 76,400 6,619,296 - ------------------------------------------------------------------------------- Wisconsin Energy Corp. 1,100 44,165 ---------------- 84,561,734 - ------------------------------------------------------------------------------- GAS UTILITIES--0.3% Atmos Energy Corp. 67,500 1,968,300 - ------------------------------------------------------------------------------- New Jersey Resources Corp. 4,800 226,848 - ------------------------------------------------------------------------------- Northwest Natural Gas Co. 1,400 54,026 - ------------------------------------------------------------------------------- ONEOK, Inc. 38,300 1,338,585 - ------------------------------------------------------------------------------- Peoples Energy Corp. 5,600 241,640 - ------------------------------------------------------------------------------- Sempra Energy 97,700 4,152,250 - ------------------------------------------------------------------------------- Southwest Gas Corp. 13,000 348,140 - ------------------------------------------------------------------------------- UGI Corp. 33,800 991,692 - ------------------------------------------------------------------------------- WGL Holdings, Inc. 26,200 902,590 ---------------- 10,224,071 - ------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.1% Energy East Corp. 66,400 1,850,563 - ------------------------------------------------------------------------------- Sierra Pacific Resources 1,2 59,400 771,012 ---------------- 2,621,575 ---------------- Total Common Stocks (Cost $2,464,096,676) 2,788,325,827 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% - ------------------------------------------------------------------------------- Undivided interest of 5.51% in joint repurchase agreement (Principal Amount/Value $765,696,000, with a maturity value of $765,904,652) with UBS Warburg LLC, 3.27%, dated 7/29/05, to be repurchased at $42,172,489 on 8/1/05, collateralized by Federal National Mortgage Assn., 5%, 3/1/35, with a value of $782,601,759 (Cost $42,161,000) $ 42,161,000 $ 42,161,000 - ------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,506,257,676) 2,830,486,827 - ------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.4% - ------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.4% Undivided interest of 0.50% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,277,708) with Bank of America NA, 3.33%, dated 7/29/05, to be repurchased at $4,962,661 on 8/1/05, collateralized by U.S. Agency Mortgages, 0.00%, 8/1/20--8/1/35, with a value of $1,020,000,000 4 4,961,283 4,961,283 - ------------------------------------------------------------------------------- Undivided interest of 0.16% in joint repurchase agreement (Principal Amount/Value $3,200,000,000, with a maturity value of $3,200,891,333) with Nomura Securities, 3.34%, dated 7/29/05, to be repurchased at $5,001,393 on 8/1/05, collateralized by U.S. Agency Mortgages, 2.90%--6%, 4/15/19--4/1/42, with a value of $3,264,000,000 4 5,000,000 5,000,000 ---------------- 9,961,283 - ------------------------------------------------------------------------------- MASTER FLOATING NOTES--0.0% Bear Stearns, 3.49%, 8/1/05 4 250,000 250,000 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $10,211,283) 10,211,283 36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND VALUE SEE NOTE 1 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,516,468,959) 100.4% $ 2,840,698,110 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.4) (11,201,812) ----------------------------------- NET ASSETS 100.0% $ 2,829,496,298 =================================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See Note 7 of Notes to Financial Statements. 3. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of July 31, 2005 was $1,554,127, which represents 0.05% of the Fund's net assets, all of which is considered restricted. See Note 6 of Notes to Financial Statements. 4. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 7 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF ASSETS AND LIABILITIES July 31, 2005 - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------ ASSETS - ------------------------------------------------------------------------------------------------------------------------ Investments, at value (including securities loaned of $9,934,931) (cost $2,516,468,959) - --see accompanying statement of investments $ 2,840,698,110 - ------------------------------------------------------------------------------------------------------------------------ Cash 1,753,368 - ------------------------------------------------------------------------------------------------------------------------ Receivables and other assets: Investments sold 6,760,362 Shares of beneficial interest sold 5,230,541 Interest and dividends 3,040,454 Other 26,543 ---------------- Total assets 2,857,509,378 - ------------------------------------------------------------------------------------------------------------------------ LIABILITIES - ------------------------------------------------------------------------------------------------------------------------ Return of collateral for securities loaned 10,211,283 - ------------------------------------------------------------------------------------------------------------------------ Payables and other liabilities: Investments purchased 12,920,126 Shares of beneficial interest redeemed 3,421,034 Distribution and service plan fees 577,827 Transfer and shareholder servicing agent fees 454,061 Shareholder communications 280,943 Trustees' compensation 23,245 Other 124,561 ---------------- Total liabilities 28,013,080 - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS $ 2,829,496,298 ================ - ------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS - ------------------------------------------------------------------------------------------------------------------------ Par value of shares of beneficial interest $ 210,616 - ------------------------------------------------------------------------------------------------------------------------ Additional paid-in capital 2,462,958,675 - ------------------------------------------------------------------------------------------------------------------------ Accumulated net investment income 5,865,831 - ------------------------------------------------------------------------------------------------------------------------ Accumulated net realized gain on investments and foreign currency transactions 36,231,330 - ------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 324,229,846 ---------------- NET ASSETS $ 2,829,496,298 ================
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 $1,844,002,093 and 135,830,402 shares of beneficial interest outstanding) $ 13.58 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 14.41 - ------------------------------------------------------------------------------------------------------------------------ Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $434,455,733 and 33,133,604 shares of beneficial interest outstanding) $ 13.11 - ------------------------------------------------------------------------------------------------------------------------ Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $448,491,962 and 34,086,431 shares of beneficial interest outstanding) $ 13.16 - ------------------------------------------------------------------------------------------------------------------------ Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $58,243,480 and 4,346,850 shares of beneficial interest outstanding) $ 13.40 - ------------------------------------------------------------------------------------------------------------------------ Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $44,303,030 and 3,218,768 shares of beneficial interest outstanding) $ 13.76
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENT OF OPERATIONS For the Year Ended July 31, 2005 - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME - ------------------------------------------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $59,487) $ 46,675,282 - ------------------------------------------------------------------------------------------------------------------------- Interest 736,028 - ------------------------------------------------------------------------------------------------------------------------- Portfolio lending fees 252,965 ----------------- Total investment income 47,664,275 - ------------------------------------------------------------------------------------------------------------------------- EXPENSES - ------------------------------------------------------------------------------------------------------------------------- Management fees 15,047,809 - ------------------------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 3,686,295 Class B 4,025,589 Class C 4,033,695 Class N 232,388 - ------------------------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 2,873,362 Class B 1,065,243 Class C 720,077 Class N 167,629 Class Y 48,773 - ------------------------------------------------------------------------------------------------------------------------- Shareholder communications: Class A 337,260 Class B 173,182 Class C 94,980 Class N 15,257 Class Y 3 - ------------------------------------------------------------------------------------------------------------------------- Trustees' compensation 39,252 - ------------------------------------------------------------------------------------------------------------------------- Custodian fees and expenses 37,083 - ------------------------------------------------------------------------------------------------------------------------- Other 250,187 ----------------- Total expenses 32,848,064 Less reduction to custodian expenses (8,528) Less waivers and reimbursements of expenses (5,723) ----------------- Net expenses 32,833,813 - ------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME 14,830,462
40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN - ------------------------------------------------------------------------------------------------------------------------ Net realized gain on: Investments $ 91,803,495 Foreign currency transactions 988,919 ---------------- Net realized gain 92,792,414 - ------------------------------------------------------------------------------------------------------------------------ Net change in unrealized appreciation on: Investments 247,215,248 Translation of assets and liabilities denominated in foreign currencies 773,268 ---------------- Net change in unrealized appreciation 247,988,516 - ------------------------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 355,611,392 ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2005 2004 - ------------------------------------------------------------------------------------------------------------------------- OPERATIONS - ------------------------------------------------------------------------------------------------------------------------- Net investment income (loss) $ 14,830,462 $ (3,367,651) - ------------------------------------------------------------------------------------------------------------------------- Net realized gain 92,792,414 241,165,869 - ------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 247,988,516 (72,029,022) ------------------------------------- Net increase in net assets resulting from operations 355,611,392 165,769,196 - ------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ------------------------------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (8,491,754) -- Class B -- -- Class C -- -- Class N (157,883) -- Class Y (243,531) -- - ------------------------------------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (105,627,017) -- Class B (30,629,022) -- Class C (30,454,372) -- Class N (3,271,155) -- Class Y (1,898,777) -- - ------------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ------------------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 513,526,048 629,618,870 Class B 41,817,432 86,494,953 Class C 73,074,302 114,336,234 Class N 21,285,409 17,824,109 Class Y 35,344,456 1,311,934 - ------------------------------------------------------------------------------------------------------------------------- NET ASSETS - ------------------------------------------------------------------------------------------------------------------------- Total increase 859,885,528 1,015,355,296 - ------------------------------------------------------------------------------------------------------------------------- Beginning of period 1,969,610,770 954,255,474 ------------------------------------- End of period (including accumulated net investment income (loss) of $5,865,831 and $(11,248), respectively) $ 2,829,496,298 $ 1,969,610,770 =====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2005 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 12.69 $ 10.70 $ 9.28 $ 10.47 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .12 2 (.02) (.01) (.04) -- 3 Net realized and unrealized gain (loss) 1.86 2.01 1.43 (1.15) .48 ---------------------------------------------------------------------------- Total from investment operations 1.98 1.99 1.42 (1.19) .48 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.08) -- -- -- (.01) Dividends from net realized gain (1.01) -- -- -- -- ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (1.09) -- -- -- (.01) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 13.58 $ 12.69 $ 10.70 $ 9.28 $ 10.47 ============================================================================ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 4 16.16% 18.60% 15.30% (11.37)% 4.76% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 1,844,002 $ 1,213,822 $ 501,277 $ 300,244 $ 119,194 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 1,490,786 $ 892,462 $ 362,221 $ 248,681 $ 48,406 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 5 Net investment income (loss) 0.90% 0.11% (0.02)% (0.36)% (0.11)% Total expenses 1.11% 6 1.17% 6,7 1.23% 6 1.30% 6,7 1.33% 6 - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 107% 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. Less than $0.005 per share. 4. 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. 5. Annualized for periods of less than one full year. 6. Reduction to custodian expenses less than 0.01%. 7. 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, 2005 2004 2003 2002 2001 1 - ----------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 12.31 $ 10.47 $ 9.15 $ 10.40 $ 10.00 - ----------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .01 2 (.07) (.07) (.06) (.03) Net realized and unrealized gain (loss) 1.80 1.91 1.39 (1.19) .43 --------------------------------------------------------------------------- Total from investment operations 1.81 1.84 1.32 (1.25) .40 - ----------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- -- -- Dividends from net realized gain (1.01) -- -- -- -- --------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (1.01) -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.11 $ 12.31 $ 10.47 $ 9.15 $ 10.40 =========================================================================== - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 15.17% 17.57% 14.43% (12.02)% 4.00% - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 434,456 $ 366,608 $ 237,002 $ 167,906 $ 51,412 - ----------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 403,468 $ 321,870 $ 187,066 $ 117,801 $ 17,362 - ----------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income (loss) 0.06% (0.76)% (0.85)% (1.11)% (0.99)% Total expenses 1.95% 2.01% 2.12% 2.05% 2.15% Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5,6 2.07% N/A 5,6 N/A 5 - ----------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 107% 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 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. 44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS C YEAR ENDED JULY 31, 2005 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 12.34 $ 10.48 $ 9.15 $ 10.40 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .02 2 (.05) (.06) (.06) (.03) Net realized and unrealized gain (loss) 1.81 1.91 1.39 (1.19) .43 ---------------------------------------------------------------------------- Total from investment operations 1.83 1.86 1.33 (1.25) .40 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income -- -- -- -- -- Dividends from net realized gain (1.01) -- -- -- -- ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (1.01) -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 13.16 $ 12.34 $ 10.48 $ 9.15 $ 10.40 ============================================================================ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 15.30% 17.75% 14.54% (12.02)% 4.00% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 448,492 $ 348,928 $ 198,180 $ 141,434 $ 43,613 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 404,242 $ 289,046 $ 159,105 $ 97,899 $ 16,456 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income (loss) 0.16% (0.63)% (0.73)% (1.11)% (0.98)% Total expenses 1.85% 5 1.89% 5,6 1.95% 5 2.05% 5,6 2.15% 5 - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 107% 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 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. 45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS N YEAR ENDED JULY 31, 2005 2004 2003 2002 2001 1 - ----------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 12.56 $ 10.62 $ 9.23 $ 10.45 $ 9.84 - ----------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .06 2 (.04) (.03) (.03) (.01) Net realized and unrealized gain (loss) 1.84 1.98 1.42 (1.19) .62 --------------------------------------------------------------------------- Total from investment operations 1.90 1.94 1.39 (1.22) .61 - ----------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.05) -- -- -- -- Dividends from net realized gain (1.01) -- -- -- -- --------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (1.06) -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 13.40 $ 12.56 $ 10.62 $ 9.23 $ 10.45 =========================================================================== - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 15.62% 18.27% 15.06% (11.67)% 6.20% - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 58,243 $ 33,665 $ 13,369 $ 5,158 $ 8 - ----------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 46,600 $ 22,846 $ 8,524 $ 2,026 $ 3 - ----------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income (loss) 0.46% (0.28)% (0.30)% (0.67)% (0.64)% Total expenses 1.54% 1.62% 1.49% 1.58% 1.57% Expenses after payments and waivers and reduction to custodian expenses 1.53% 1.54% N/A 5 N/A 5,6 N/A 5 - ----------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 107% 134% 165% 165% 92%
1. For the period from March 1, 2001 (inception of offering) to July 31, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 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. 46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS Y YEAR ENDED JULY 31, 2005 2004 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 12.86 $ 10.79 $ 9.31 $ 10.48 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .15 2 .05 .02 (.03) .02 Net realized and unrealized gain (loss) 1.89 2.02 1.46 (1.14) .47 ---------------------------------------------------------------------------- Total from investment operations 2.04 2.07 1.48 (1.17) .49 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.13) -- -- -- (.01) Dividends from net realized gain (1.01) -- -- -- -- ---------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (1.14) -- -- -- (.01) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 13.76 $ 12.86 $ 10.79 $ 9.31 $ 10.48 ============================================================================ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 16.43% 19.18% 15.90% (11.16)% 4.94% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 44,303 $ 6,589 $ 4,428 $ 2,696 $ 1 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 27,864 $ 5,921 $ 3,102 $ 1,953 $ 1 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment income (loss) 1.14% 0.57% 0.44% (0.07)% 0.35% Total expenses 0.82% 0.67% 0.77% 1.04% 168.30% 5 Expenses after payments and waivers and reduction to custodian expenses N/A 6 N/A 6 N/A 6 1.00% 1.01% - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 107% 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 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. Added since July 31, 2001 to reflect expenses before reduction to custodian expenses and voluntary waiver of transfer agent fees. 6. 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 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities may be valued primarily 48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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). - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- 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. 49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES --------------------------------------------------------------------------- $ 8,403,925 $ 44,454,046 $ 10,337 $ 313,500,525
1. The Fund had $10,337 of post-October foreign currency losses which were deferred. 2. During the fiscal year ended July 31, 2005, the Fund did not utilize any capital loss carryforward. 3. 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. 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, 2005. 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 INCOME ON INVESTMENTS 4 ---------------------------------------------------------------- $ 4,913,673 $ 60,215 $ 4,853,458 4. $4,913,673, including $4,650,374 of long-term capital gain, was distributed in connection with Fund share redemptions. The tax character of distributions paid during the years ended July 31, 2005 and July 31, 2004 was as follows: YEAR ENDED YEAR ENDED JULY 31, 2005 JULY 31, 2004 ---------------------------------------------------------------- Distributions paid from: Ordinary income $ 56,154,423 $ -- Long-term capital gain 124,619,088 -- --------------------------------- Total $ 180,773,511 $ -- ================================= 50 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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, 2005 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 $ 2,527,198,280 ================ Gross unrealized appreciation $ 354,365,550 Gross unrealized depreciation (40,865,025) ---------------- Net unrealized appreciation $ 313,500,525 ================ - -------------------------------------------------------------------------------- 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 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. - -------------------------------------------------------------------------------- CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if applicable, represents earnings on cash balances maintained 51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- 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, 2005 YEAR ENDED JULY 31, 2004 SHARES AMOUNT SHARES AMOUNT - ---------------------------------------------------------------------------------------- CLASS A Sold 56,087,001 $ 721,077,772 63,199,118 $ 810,042,516 Dividends and/or distributions reinvested 8,073,322 102,773,406 -- -- Redeemed (23,990,423) (310,325,130) (14,406,555) (180,423,646) ------------------------------------------------------------- Net increase 40,169,900 $ 513,526,048 48,792,563 $ 629,618,870 ============================================================= - ---------------------------------------------------------------------------------------- CLASS B Sold 7,455,377 $ 93,788,134 11,511,685 $ 139,957,897 Dividends and/or distributions reinvested 2,298,859 28,413,904 -- -- Redeemed (6,393,766) (80,384,606) (4,384,689) (53,462,944) ------------------------------------------------------------- Net increase 3,360,470 $ 41,817,432 7,126,996 $ 86,494,953 ============================================================= - ---------------------------------------------------------------------------------------- CLASS C Sold 9,222,465 $ 116,397,855 12,280,558 $ 150,160,929 Dividends and/or distributions reinvested 2,177,660 27,002,990 -- -- Redeemed (5,588,953) (70,326,543) (2,923,666) (35,824,695) ------------------------------------------------------------- Net increase 5,811,172 $ 73,074,302 9,356,892 $ 114,336,234 ============================================================= - ---------------------------------------------------------------------------------------- CLASS N Sold 2,320,216 $ 29,787,035 1,779,696 $ 22,298,461 Dividends and/or distributions reinvested 262,057 3,301,929 -- -- Redeemed (916,516) (11,803,555) (357,061) (4,474,352) ------------------------------------------------------------- Net increase 1,665,757 $ 21,285,409 1,422,635 $ 17,824,109 =============================================================
52 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
YEAR ENDED JULY 31, 2005 YEAR ENDED JULY 31, 2004 SHARES AMOUNT SHARES AMOUNT - ---------------------------------------------------------------------------------------- CLASS Y Sold 2,709,492 $ 35,440,606 225,166 $ 2,880,882 Dividends and/or distributions reinvested 166,190 2,142,194 -- -- Redeemed (169,258) (2,238,344) (123,378) (1,568,948) ------------------------------------------------------------- Net increase 2,706,424 $ 35,344,456 101,788 $ 1,311,934 =============================================================
- -------------------------------------------------------------------------------- 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, 2005, were as follows: PURCHASES SALES ------------------------------------------------------------------- Investment securities $ 3,011,479,257 $ 2,501,388,481 - -------------------------------------------------------------------------------- 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, 2005, the Fund paid $4,779,209 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 per annum for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12B-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made 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 53 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 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, 2005 for Class B, Class C and Class N shares were $6,256,957, $3,582,059 and $661,393, 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, 2005 $ 1,232,937 $ 4,511 $ 703,509 $ 65,992 $ 24,968
- -------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended July 31, 2005, OFS waived $5,723 for Class N shares. 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. 54 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND 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, 2005, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of July 31, 2005, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST JULY 31, 2005 APPRECIATION - ----------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 401,683 $ 514,297 $ 112,614 Tusk Energy Corp. 11/15/04 463,330 1,039,830 576,500 ---------------------------------------------- $ 865,013 $ 1,554,127 $ 689,114 ==============================================
- -------------------------------------------------------------------------------- 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, 2005, 55 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 7. SECURITIES LENDING Continued the Fund had on loan securities valued at $9,934,931. Collateral of $10,211,283 was received for the loans all of which was received in cash and subsequently invested in approved instruments. - -------------------------------------------------------------------------------- 8. LITIGATION A consolidated amended complaint has been filed as putative derivative and class actions against the Manager, OFS and the Distributor, as well as 51 of the Oppenheimer funds (as "Nominal Defendants") including the Fund, 30 present and former Directors or Trustees and 8 present and former officers of the funds. This complaint, initially filed in the U.S. District Court for the Southern District of New York on January 10, 2005, and amended on March 4, 2005, consolidates into a single action and amends six individual previously filed putative derivative and class action complaints. Like those prior complaints, the complaint alleges 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 assets of the funds to make those payments in violation of the Investment Company Act of 1940 and the Investment Advisers Act of 1940. Also, like those prior complaints, the complaint further alleges that by permitting and/or participating in those actions, the Directors/Trustees and the Officers breached their fiduciary duties to shareholders of the funds under the Investment Company Act of 1940 and at common law. The complaint seeks unspecified compensatory and punitive damages, rescission of the funds' investment advisory agreements, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. The defendants believe that the allegations contained in the Complaints are without merit and that they have meritorious defenses against the claims asserted. The defendants intend to defend these lawsuits vigorously and to contest any claimed liability. The defendants believe that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. 56 | 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, 2005, 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 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Opportunity Fund as of July 31, 2005, 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 15, 2005 57 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2006, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2005. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Dividends and distributions of $1.0876, $1.0067, $1.0067, $1.0553 and $1.1359 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 9, 2004, of which $0.7299 was designated as a "capital gain distribution" for federal income tax purposes. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains). Dividends, if any, paid by the Fund during the fiscal year ended July 31, 2005 which are not designated as capital gain distributions should be multiplied by 95.40% 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, 2005 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. $42,850,601 of the Fund's fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2006, 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. 58 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund's voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in Form N-PX filing on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 59 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Each year, the Board of Trustees (the "Board"), including a majority of the independent Trustees, is required to determine whether to renew the Fund's advisory agreement. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for this purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. NATURE AND EXTENT OF SERVICES. In considering the renewal of the Fund's advisory agreement for the current year, the Board evaluated the nature and extent of the services provided by the Manager and its affiliates. The Manager provides the Fund with office space, facilities and equipment; administrative, accounting, clerical, legal and compliance personnel; securities trading services; oversight of third party service providers and the services of the portfolio managers and the Manager's investment team, who provide research, analysis and other advisory services in regard to the Fund's investments. QUALITY OF SERVICES. The Board also considered the quality of the services provided and the quality of the Manager's resources that were available to the Fund. The Board noted that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager's administrative, accounting, legal and compliance services and information the Board received regarding the experience and professional qualifications of the Manager's personnel and the size and functions of its staff. The Board members also considered their experiences as directors or trustees of the Fund and other funds advised by the Manager. The Board received and reviewed information regarding the quality of services provided by affiliates of the Manager, which it also reviews at other times during the year in connection with the renewal of the Fund's service agreements. The Board considered that the relatively low redemption rate for funds advised by the Manager provided an indication of shareholder satisfaction with the overall level of services provided by the Manager. The Board was aware that there are alternatives to retaining the Manager. PORTFOLIO MANAGEMENT SERVICES AND PERFORMANCE. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Nikolaos D. Monoyios and Mark Zavanelli and the Manager's Equity Growth investment team and analysts. The Fund's portfolio is managed by Messrs. Monoyios and Zavanelli who are Vice Presidents of the Fund and are primarily responsible for the day-to-day management of the Fund's investments. Mr. Monoyios, CFA, has been a Senior 60 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND Vice President of the Manager since October 2003. He is an officer of other portfolios in the OppenheimerFunds complex. Mr. Zavanelli has been a Vice President of the Manager since November 2000 and is an officer and portfolio manager of other Oppenheimer funds. Mr. Monoyios has had over 27 years of experience and Mr. Zavanelli has had over 13 years of experience managing equity investments. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund's historical performance to relevant market indices and to the performance of other multi-cap core funds advised by other investment advisers. The Board also receives and reviews comparative performance information regarding the Fund and other funds at each Board meeting. The Board noted that the Fund's one-year and three-year performance were better than its peer group average. MANAGEMENT FEES AND EXPENSES. The Board also reviewed information, including comparative information, regarding the fees paid to the Manager and its affiliates and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other multi-cap core funds with comparable asset levels and distribution features. The Board noted that while the Fund's actual management fees are higher than its peer group average, the Fund's contractual management fees and its total expenses are both lower than its peer group average. In addition, the Board evaluated the comparability of the fees charged and the services provided to the Fund to the fees charged and services provided to other types of entities advised by the Manager. PROFITABILITY OF THE MANAGER AND AFFILIATES. The Board also reviewed information regarding the cost of services provided by the Manager and its affiliates and the Manager's profitability. The Board considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders. In addition the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager's affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may realize economies of scale in managing and supporting the Fund and the current level of Fund assets in relation to the Fund's breakpoint schedule for its management fees. The Board considered that the Fund has recently experienced significant asset growth and that, based on current asset levels, the Fund has passed its last management fee breakpoint. 61 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued - -------------------------------------------------------------------------------- CONCLUSIONS. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees' counsel are both independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules. Based on its review of the information it received and its evaluations and considerations described above, the Board, including a majority of the independent Trustees, concluded that the nature, extent and quality of the services provided to the Fund by the Manager are a benefit to the Fund and in the best interest of the Fund's shareholders and that the amount and structure of the compensation received by the Manager and its affiliates are reasonable in relation to the services provided. Accordingly, the Board elected to continue the advisory agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the factors together. The Board judged the terms and conditions of the advisory agreement, including the management fee, in light of all of the surrounding circumstances. 62 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD FUND, LENGTH OF SERVICE, AGE BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, TRUSTEES 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 companies: Cherry Creek Chairman (since 2003) Mortgage Company (since 1991), Centennial State Mortgage Company (since 1994), and and Trustee (since 2000) The El Paso Mortgage Company (since 1993); Chairman of the following private Age: 68 companies: Ambassador Media Corporation (since 1984) and Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Director of Campus Crusade for Christ (since 1991) and the Bradley Foundation (since 2002); former Chairman of the following: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (insurance agency) (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT G. AVIS, Director and President of A.G. Edwards Capital, Inc. (General Partner of private Trustee (since 2000) equity funds) (until February 2001); Chairman, President and Chief Executive Age: 74 Officer of A.G. Edwards Capital, Inc. (until March 2000); Director of A.G. Edwards & Sons, Inc. (brokerage company) (until 2000) and A.G. Edwards Trust Company (investment adviser) (until 2000); Vice Chairman and Director of A.G. Edwards, Inc. (until March 1999); Vice Chairman of A.G. Edwards & Sons, Inc. (until March 1999); and Chairman of A.G. Edwards Trust Company (until March 1999) and A.G.E. Asset Management (investment adviser) (until March 1999). Oversees 38 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Assistant Secretary and Director of Centennial Asset Management Corporation Trustee (since 2000) (December 1991-April 1999); President, Treasurer and Director of Centennial Age: 68 Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical site) Trustee (since 2000) (since June 2000); and Director of Genetic ID, Inc. (biotech company) (March Age: 66 2001-May 2002). Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of Trustee (since 2000) Northwestern Energy Corp. (public utility corporation) (since November 2004); Age: 63 Director of P.R. Pharmaceuticals (October 1999-October 2003); and Director of Rocky Mountain Elk Foundation (February 1998-February 2003). Oversees 38 portfolios in the OppenheimerFunds complex. SAM FREEDMAN, Director of Colorado Uplift (charitable organization) (since September 1984). Mr. Trustee (since 2000) Freedman held several positions with the Manager and with subsidiary or affiliated Age: 64 companies of the Manager (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex.
63 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational organization) Trustee (since 2002) (since February 2000); Director of The California Endowment (philanthropic Age: 58 organization) (since April 2002); Director of Community Hospital of Monterey Peninsula (since February 2002); Director of Emerging Markets Growth Fund, Inc. (mutual fund) (since October 1991); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation and The University of Michigan; Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Director of Jones International University educational organization (since August Trustee (since 2002) 2005); Chairman, Chief Executive Officer and Director of Steele Street State Bank Age: 60 (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (REIT) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 38 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) Trustee (since 2000) (investment company) (since 1996) and MML Series Investment Fund (investment Age: 63 company) (since 1996), the Springfield Library and Museum Association (museums) (since 1995) and the Community Music School of Springfield (music school) (since 1996); Chairman and Trustee (since 2003) and Chairman of the Investment Committee (since 1994) of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Member of the Investment Committee of the Community Foundation of Western Massachusetts (1998-2003); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 40 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER, 225 AND OFFICER 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 June 2001) and President President and Trustee (since September 2000) of the Manager; President and Director or Trustee of other (since 2001) Oppenheimer funds; President and Director of OAC and of Oppenheimer Partnership Age: 56 Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management
64 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND JOHN V. MURPHY, Corporation, Trinity Investment Management Corporation and Tremont Capital Continued Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 67 portfolios as a trustee or director and 20 additional portfolios as officer in the OppenheimerFunds complex. - -------------------------------------------------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MR. MONOYIOS, ZACK, AND ZAVANELLI, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED 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 Certified Financial Senior Vice President Analyst. Formerly Vice President of the Manager (April 1998-July 2004). An officer (since 2000) of 6 portfolios in the OppenheimerFunds complex. Age: 56 MARK ZAVANELLI, Vice President of the Manager since November 2000; a Chartered Financial Analyst; Vice President (since 2003) an officer of 3 portfolios in the OppenheimerFunds complex. Prior to joining the Age: 45 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 of the Manager (since March 1999); Treasurer Treasurer (since 2000) of the following: HarbourView Asset Management Corporation, Shareholder Financial Age: 45 Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 87 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March Vice President and Secretary 2002) of the Manager; General Counsel and Director of the Distributor (since (since 2001) December 2001); General Counsel of Centennial Asset Management Corporation (since Age: 56 December 2001); Senior Vice President and General
65 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- ROBERT G. ZACK, Counsel of HarbourView Asset Management Corporation (since December 2001); Continued Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 87 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since March Vice President and 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Chief Compliance Officer Management Corporation and Shareholder Services, Inc. (since June 1983); Vice (since 2004) President and Director of Internal Audit of the Manager (1997-February 2004). An Age: 54 officer of 87 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 66 | 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 $32,000 in fiscal 2005 and $27,000 in fiscal 2004. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during fiscal 2005 and $5,525 during fiscal 2004 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 services: internal control reviews. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees 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 during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (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 such fees pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed no such fees during fiscal 2005 and $5,525 during fiscal 2004 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 accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUNDS' GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Funds' Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of July 31, 2005, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Not applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Opportunity Fund By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: September 13, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: September 13, 2005 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: September 13, 2005 EX-99.CODE ETH 2 ra731_18531ethics.txt RA731_18531ETHICS 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 - ---------- (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. 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; - ---------- (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. (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 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 ra731_18531ex302.txt RA731_18531EX302 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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 13, 2005 /s/ John V. Murphy - ------------------ John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street 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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 13, 2005 /s/ Brian W. Wixted - ------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 4 ra731_18531ex906.txt RA731_18531EX906 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Senior Floating Rate Fund (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2005 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Main Street Opportunity Oppenheimer Main Street Opportunity Fund Fund /s/ John V. Murphy /s/ Brian W. Wixted - ------------------ ------------------- John V. Murphy Brian W. Wixted Date: September 13, 2005 Date: September 13, 2005 -----END PRIVACY-ENHANCED MESSAGE-----