nvcsr

TOP HOLDINGS AND ALLOCATIONS


Top Ten Common Stock Industries

Oil, Gas & Consumable Fuels	10.1	%
Pharmaceuticals	5.3
Hotels, Restaurants & Leisure	5.1
Commercial Banks	5.0
Computers & Peripherals	4.8
Internet Software & Services	4.6
Tobacco	4.5
Software	3.9
Diversified Financial Services	3.3
Capital Markets	3.2

Portfolio holdings and allocations are subject to change. Percentages are as of July 30, 2010, and are based on net assets.


Top Ten Common Stock Holdings

Apple, Inc.	4.8	%
Philip Morris International, Inc.	4.5
Chevron Corp.	3.3
Occidental Petroleum Corp.	3.2
CIT Group, Inc.	2.9
Ford Motor Co.	2.8
eBay, Inc.	2.7
AES Corp. (The)	2.7
Precision Castparts Corp.	2.6
McDonald’s Corp.	2.6

Portfolio holdings and allocations are subject to change. Percentages are as of July 30, 2010, and are based on net assets. For more current Top 10 Fund holdings, please visit www.oppenheimerfunds.com.

6 | 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 30, 2010, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.¹

Management’s Discussion of Fund Performance. During the reporting period, Oppenheimer Main Street Opportunity Fund’s Class A shares (without sales charge) returned 13.69%, versus its benchmark, the Russell 3000 Index (the “Index”), which returned 14.82%. We attribute the Fund’s relative underperformance to its focus on higher quality companies with sound business fundamentals, which lagged market averages during the final four months of 2009 as investors preferred more speculative companies that had been beaten down during the 2008 recession. The Fund’s relative results improved in 2010, when investors shifted their focus to companies with the fundamental strengths required to generate profits in a sluggish economic environment.

The Fund’s bottom-up, research-intensive investment process identified a number of strong performers during the reporting period. The Fund’s largest holding at period end, electronics innovator Apple, Inc., produced particularly strong gains due to the popularity of its products, including the new iPad tablet computer and an updated version of the ubiquitous iPhone. Relative to the Index, the Fund also benefited from underweight exposure to integrated energy giant Exxon Mobil Corp., which lagged market averages amid concerns regarding global industrial demand, oil refining capacity, the catastrophic oil spill in the Gulf of Mexico and the company’s future growth prospects. We exited our position in Exxon Mobil Corp. during the period. Instead, we favored operators of natural gas pipelines—such as Enterprise Products Partners LP and MarkWest Energy Partners LP—which fared better as the domestic energy industry prepared for increased natural gas production. In the information technology sector, audio software producer Dolby Laboratories, Inc. gained value when licensing revenues were boosted by robust sales of a new generation of digital entertainment systems.

These successes were outweighed by a handful of disappointments in other areas. In the utilities sector, global power producer The AES Corp. detracted from results during the reporting period as it sold stock to CIC (China Investors Corporation) at a discount to its fair market value. Among financial companies, custodial bank State Street Corp. was hurt by shortfalls in its foreign exchange and securities lending businesses. In the consumer discretionary sector, specialty retailer GameStop Corp. lost value due to intensifying concerns regarding the migration of video games to online platforms. Because we shared those concerns, we eliminated the Fund’s position in GameStop during the reporting period.


1.		The Fund’s return has been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The Index’s return is calculated through July 31, 2010.

8 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

As of the reporting period’s end, our bottom-up investment process has found a number of opportunities in the consumer discretionary, industrials and information technology sectors. We have found fewer stocks meeting our criteria in the consumer staples and materials sectors. In our view, the Fund is well positioned to participate in the performance of fundamentally sound, reasonably valued companies in what we believe will continue to be a slow-growth economic environment.

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 30, 2010. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the Classes on September 25, 2000. In the case of Class N shares, performance is measured from inception of the Class on March 1, 2001. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

The Fund’s performance is compared to the performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index of large-capitalization U.S. companies. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs show 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.

9 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹

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 2% (5-year); and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B shares uses Class A performance for the period after conversion. There is no sales charge for Class Y shares. See page 15 for further information.


1.		The Fund’s returns have been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The Index’s return is calculated through July 31, 2010.

11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

Class N Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The Index’s return is calculated through July 31, 2010.

13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

FUND PERFORMANCE DISCUSSION

Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:¹


1.		The Fund’s returns have been calculated through July 30, 2010, the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. The Index’s return is calculated through July 31, 2010.

14 | 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, expenses and other charges carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contain 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 and, if available, the summary 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 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 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 a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

15 | 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 applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 30, 2010.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

16 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	February 1, 2010		July 30, 2010		July 30, 2010

Actual
Class A	$	1,000.00	$	1,047.10	$	6.33
Class B		1,000.00		1,042.50		10.63
Class C		1,000.00		1,043.20		10.07
Class N		1,000.00		1,045.10		7.69
Class Y		1,000.00		1,049.40		4.00

Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.49		6.24
Class B		1,000.00		1,014.30		10.48
Class C		1,000.00		1,014.84		9.93
Class N		1,000.00		1,017.16		7.59
Class Y		1,000.00		1,020.76		3.94

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 180/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended July 30, 2010 are as follows:


Class	Expense Ratios

Class A		1.25	%
Class B		2.10
Class C		1.99
Class N		1.52
Class Y		0.79

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

STATEMENT OF INVESTMENTS July 30, 2010*


	Shares		Value

Common Stocks—99.4%
Consumer Discretionary—14.2%
Automobiles—2.8%
Ford Motor Co.¹		3,473,140	$	44,351,998
Diversified Consumer Services—0.7%
Capella Education Co.¹		131,620		12,230,130
Hotels, Restaurants & Leisure—5.1%
Bally Technologies, Inc.¹		269,980		8,720,354
Hyatt Hotels Corp., Cl. A¹		823,340		32,200,827
McDonald’s Corp.		588,572		41,041,126

				81,962,307

Media—2.8%
McGraw-Hill Cos., Inc. (The)		1,019,309		31,282,593
Time Warner Cable, Inc.		25,991		1,485,905
Washington Post Co. (The), Cl. B		28,023		11,783,391

				44,551,889

Multiline Retail—0.5%
Target Corp.		152,480		7,825,274
Specialty Retail—2.3%
AutoZone, Inc.¹		137,240		29,035,867
Best Buy Co., Inc.		209,403		7,257,908

				36,293,775

Consumer Staples—7.8%
Food Products—2.5%
General Mills, Inc.		475,650		16,267,230
Mead Johnson Nutrition Co., Cl. A		450,704		23,950,411

				40,217,641

Household Products—0.8%
Colgate-Palmolive Co.		150,924		11,919,978
Tobacco—4.5%
Philip Morris International, Inc.		1,417,954		72,372,372
Energy—10.1%
Oil, Gas & Consumable Fuels—10.1%
Chevron Corp.		687,611		52,402,834
Enbridge Energy Management LLC¹		1		33
Enterprise Products Partners LP		532,114		20,108,588
MarkWest Energy Partners LP		246,213		8,573,137
Noble Energy, Inc.		232,800		15,611,568
Occidental Petroleum Corp.		653,600		50,935,048
Plains All American Pipeline LP		227,517		13,976,369

				161,607,577

Financials—15.4%
Capital Markets—3.2%
Goldman Sachs Group, Inc. (The)		120,500		18,173,810
Knight Capital Group, Inc., Cl. A¹		890,729		12,808,683
State Street Corp.		516,918		20,118,449

				51,100,942

Commercial Banks—5.0%
CIT Group, Inc.¹		1,269,364		46,154,075
Wells Fargo & Co.		1,228,200		34,057,986

				80,212,061

Diversified Financial Services—3.3%
Citigroup, Inc.¹		5,972,820		24,488,562
MSCI, Inc., Cl. A¹		879,400		28,378,238

				52,866,800

Insurance—2.3%
AFLAC, Inc.		398,600		19,607,134
Progressive Corp.		843,100		16,558,484

				36,165,618

Real Estate Investment Trusts—0.5%
Hatteras Financial Corp.		286,140		8,481,190
Thrifts & Mortgage Finance—1.1%
First Niagara Financial Group, Inc.		1,319,760		17,697,982

18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


	Shares		Value

Health Care—11.0%
Biotechnology—2.4%
Celgene Corp.¹		331,348	$	18,273,842
Human Genome Sciences, Inc.¹		400,100		10,378,594
Savient Pharmaceuticals, Inc.¹		692,160		9,482,592

				38,135,028

Health Care Equipment & Supplies—1.2%
Medtronic, Inc.		550,400		20,348,288
Health Care Providers & Services—2.1%
Express Scripts, Inc.¹		264,300		11,941,074
WellPoint, Inc.¹		422,780		21,443,402

				33,384,476

Pharmaceuticals—5.3%
Abbott Laboratories		664,571		32,617,145
Merck & Co., Inc.		829,541		28,585,983
Perrigo Co.		146,300		8,194,263
Teva Pharmaceutical Industries Ltd., Sponsored ADR		322,770		15,767,315

				85,164,706

Industrials—13.8%
Aerospace & Defense—2.6%
Precision Castparts Corp.		339,400		41,471,286
Air Freight & Logistics—2.5%
United Parcel Service, Inc., Cl. B		628,240		40,835,600
Commercial Services & Supplies—2.3%
Republic Services, Inc.		1,138,658		36,277,644
Construction & Engineering—1.8%
Aecom Technology Corp.¹		696,750		16,819,545
KBR, Inc.		561,130		12,558,089

				29,377,634

Industrial Conglomerates—2.3%
Tyco International Ltd.		960,075		36,751,670
Professional Services—2.3%
Robert Half International, Inc.		450,600		11,346,108
Verisk Analytics, Inc., Cl. A¹		840,370		24,950,585

				36,296,693

Information Technology—19.6%
Communications Equipment—2.9%
Blue Coat Systems, Inc.¹		464,440		10,171,236
QUALCOMM, Inc.		963,282		36,681,779

				46,853,015

Computers & Peripherals—4.8%
Apple, Inc.¹		298,156		76,700,631
Electronic Equipment & Instruments—2.0%
Dolby Laboratories, Inc., Cl. A¹		502,304		31,881,235
Internet Software & Services—4.6%
eBay, Inc.¹		2,061,120		43,098,019
Google, Inc., Cl. A¹		64,073		31,065,794

				74,163,813

IT Services—0.5%
NeuStar, Inc., Cl. A¹		345,580		8,027,823
Semiconductors & Semiconductor Equipment—0.9%
Xilinx, Inc.		539,540		15,063,957
Software—3.9%
Adobe Systems, Inc.¹		203,988		5,858,535
Blackboard, Inc.¹		340,360		12,923,469
Check Point Software Technologies Ltd.¹		817,206		27,801,348
FactSet Research Systems, Inc.		205,283		15,396,225

				61,979,577

Materials—2.3%
Chemicals—1.3%
Praxair, Inc.		248,723		21,594,131
Metals & Mining—1.0%
Compass Minerals International, Inc.		219,680		15,529,179

19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

STATEMENT OF INVESTMENTS Continued


	Shares			Value

Telecommunication Services—2.5%
Wireless Telecommunication Services—2.5%
America Movil SAB de CV, ADR, Series L		816,256		$	40,494,460
Utilities—2.7%
Energy Traders—2.7%
AES Corp. (The)¹		4,148,022			42,766,107


Total Common Stocks (Cost $1,389,916,721)					1,592,954,487

Investment Company—0.7%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.30%^2,3 (Cost $11,393,202)		11,393,202			11,393,202

Total Investments, at Value (Cost $1,401,309,923)		100.1	%	$	1,604,347,689
Liabilities in Excess of Other Assets		(0.1	)		(2,097,256	)

Net Assets		100.0	%	$	1,602,250,433

Footnotes to Statement of Investments


*		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

1.		Non-income producing security.

2.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 30, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	July 31, 2009		Additions		Reductions		July 30, 2010

OFI Liquid Assets Fund, LLC		—		3,050		3,050		—
Oppenheimer Institutional Money Market Fund, Cl. E		4,594,831		281,691,093		274,892,722		11,393,202


	Value		Income

OFI Liquid Assets Fund, LLC	$	—	$	1,433	^a
Oppenheimer Institutional Money Market Fund, Cl. E		11,393,202		15,574

	$	11,393,202	$	17,007


a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

3.		Rate shown is the 7-day yield as of July 30, 2010.

20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of July 30, 2010 based on valuation input level:


					Level 3 —
	Level 1 —		Level 2 —		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	227,215,373	$	—	$	—	$	227,215,373
Consumer Staples		124,509,991		—		—		124,509,991
Energy		161,607,577		—		—		161,607,577
Financials		246,524,593		—		—		246,524,593
Health Care		177,032,498		—		—		177,032,498
Industrials		221,010,527		—		—		221,010,527
Information Technology		314,670,051		—		—		314,670,051
Materials		37,123,310		—		—		37,123,310
Telecommunication Services		40,494,460		—		—		40,494,460
Utilities		42,766,107		—		—		42,766,107
Investment Company		11,393,202		—		—		11,393,202

Total Assets	$	1,604,347,689	$	—	$	—	$	1,604,347,689

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

See accompanying Notes to Financial Statements.

21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES July 30, 2010¹


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,389,916,721)	$	1,592,954,487
Affiliated companies (cost $11,393,202)		11,393,202

		1,604,347,689
Cash		30,912
Receivables and other assets:
Dividends		1,451,168
Shares of beneficial interest sold		668,044
Investments sold		229,541
Other		63,577

Total assets		1,606,790,931

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		3,446,134
Transfer and shareholder servicing agent fees		469,633
Distribution and service plan fees		326,214
Shareholder communications		202,312
Trustees’ compensation		36,985
Other		59,220

Total liabilities		4,540,498

Net Assets	$	1,602,250,433


Composition of Net Assets
Par value of shares of beneficial interest	$	146,212
Additional paid-in capital		2,169,130,499
Accumulated net investment income		3,145,086
Accumulated net realized loss on investments		(773,209,130	)
Net unrealized appreciation on investments		203,037,766

Net Assets	$	1,602,250,433

22 | 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 $1,025,633,293 and 92,337,978 shares of beneficial interest outstanding)	$	11.11
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	11.79
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $150,291,730 and 14,230,146 shares of beneficial interest outstanding)	$	10.56
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $282,260,774 and 26,561,814 shares of beneficial interest outstanding)	$	10.63
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $96,516,121 and 8,861,336 shares of beneficial interest outstanding)	$	10.89
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $47,548,515 and 4,220,498 shares of beneficial interest outstanding)	$	11.27


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

STATEMENT OF OPERATIONS For the Year Ended July 30, 2010¹


Investment Income
Dividends:
Unaffiliated companies	$	29,862,256
Affiliated companies		15,574
Income from investment of securities lending cash collateral, net—affiliated companies		1,433
Interest		435
Other income		50,284

Total investment income		29,929,982

Expenses
Management fees		11,425,673
Distribution and service plan fees:
Class A		2,631,862
Class B		1,728,155
Class C		2,996,872
Class N		493,385
Transfer and shareholder servicing agent fees:
Class A		3,386,095
Class B		902,235
Class C		938,406
Class N		396,695
Class Y		160,232
Shareholder communications:
Class A		292,466
Class B		87,602
Class C		79,793
Class N		12,654
Class Y		23,782
Trustees’ compensation		67,843
Custodian fees and expenses		13,905
Other		124,587

Total expenses		25,762,242
Less waivers and reimbursements of expenses		(349,130	)

Net expenses		25,413,112

Net Investment Income		4,516,870

Realized and Unrealized Gain
Net realized gain on investments		175,743,110
Net change in unrealized appreciation/depreciation on investments		45,794,937

Net Increase in Net Assets Resulting from Operations	$	226,054,917


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended July 31,	2010¹			2009

Operations
Net investment income	$	4,516,870		$	14,511,261
Net realized gain (loss)		175,743,110			(654,798,756	)
Net change in unrealized appreciation/depreciation		45,794,937			67,379,717

Net increase (decrease) in net assets resulting from operations		226,054,917			(572,907,778	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(3,061,707	)		(8,285,135	)
Class B		—			—
Class C		—			—
Class N		(140,826	)		(610,552	)
Class Y		(807,068	)		(2,512,762	)

		(4,009,601	)		(11,408,449	)
Tax return of capital distribution:
Class A		(1,089,684	)		—
Class B		—			—
Class C		—			—
Class N		(50,121	)		—
Class Y		(287,241	)		—

		(1,427,046	)		—
Distributions from net realized gain:
Class A		—			(3,136,247	)
Class B		—			(621,745	)
Class C		—			(970,085	)
Class N		—			(287,615	)
Class Y		—			(476,362	)

		—			(5,492,054	)

Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions:
Class A		(131,264,418	)		(487,844,696	)
Class B		(57,656,281	)		(62,145,614	)
Class C		(51,669,459	)		(87,834,037	)
Class N		(10,945,644	)		(9,645,029	)
Class Y		(131,462,505	)		(127,150,192	)

		(382,998,307	)		(774,619,568	)

Net Assets
Total decrease		(162,380,037	)		(1,364,427,849	)
Beginning of period		1,764,630,470			3,129,058,319


End of period (including accumulated net investment income of $3,145,086 and $3,068,507, respectively)	$	1,602,250,433		$	1,764,630,470


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended July 31,	2010¹			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	9.81		$	11.90		$	15.35		$	14.04		$	13.58

Income (loss) from investment operations:
Net investment income²		.05			.09			.10			.12			.09
Net realized and unrealized gain (loss)		1.29			(2.08	)		(1.98	)		1.94			.91

Total from investment operations		1.34			(1.99	)		(1.88	)		2.06			1.00

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.03	)		(.07	)		(.12	)		(.09	)		(.07	)
Tax return of capital distribution		(.01	)		—			—			—			—
Distributions from net realized gain		—			(.03	)		(1.45	)		(.66	)		(.47	)

Total dividends and/or distributions to shareholders		(.04	)		(.10	)		(1.57	)		(.75	)		(.54	)


Net asset value, end of period	$	11.11		$	9.81		$	11.90		$	15.35		$	14.04


Total Return, at Net Asset Value³		13.69	%		(16.56	)%		(13.62	)%		14.87	%		7.51	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,025,633		$	1,024,470		$	1,853,930		$	2,566,678		$	2,284,257

Average net assets (in thousands)	$	1,065,511		$	1,088,256		$	2,282,800		$	2,691,156		$	2,044,335

Ratios to average net assets:⁴
Net investment income		0.44	%		0.95	%		0.69	%		0.80	%		0.68	%
Total expenses		1.25	%⁵		1.30	%⁵		1.12	%⁵		1.06	%⁵		1.08	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25	%		1.24	%		1.12	%		1.06	%		1.08	%

Portfolio turnover rate		66	%		124	%		146	%		123	%		107	%


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended July 30, 2010	1.25	%
Year Ended July 31, 2009	1.30	%
Year Ended July 31, 2008	1.12	%
Year Ended July 31, 2007	1.06	%

See accompanying Notes to Financial Statements.

26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


Class B Year Ended July 31,	2010¹			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	9.36		$	11.36		$	14.71		$	13.50		$	13.11

Income (loss) from investment operations:
Net investment income (loss)²		(.04	)		.01			(.01	)		— ³			(.02	)
Net realized and unrealized gain (loss)		1.24			(1.98	)		(1.89	)		1.87			.88

Total from investment operations		1.20			(1.97	)		(1.90	)		1.87			.86

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			—			—			—			—
Tax return of capital distribution		—			—			—			—			—
Distributions from net realized gain		—			(.03	)		(1.45	)		(.66	)		(.47	)

Total dividends and/or distributions to shareholders		—			(.03	)		(1.45	)		(.66	)		(.47	)


Net asset value, end of period	$	10.56		$	9.36		$	11.36		$	14.71		$	13.50


Total Return, at Net Asset Value⁴		12.82	%		(17.32	)%		(14.29	)%		14.03	%		6.64	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	150,292		$	185,921		$	307,836		$	510,881		$	479,198

Average net assets (in thousands)	$	172,970		$	196,338		$	418,258		$	525,389		$	455,267

Ratios to average net assets:⁵
Net investment income (loss)		(0.35	)%		0.16	%		(0.07	)%		(0.01	)%		(0.15	)%
Total expenses		2.23	%⁶		2.18	%⁶		1.90	%⁶		1.87	%⁶		1.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.06	%		2.04	%		1.90	%		1.87	%		1.91	%

Portfolio turnover rate		66	%		124	%		146	%		123	%		107	%


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Less than $0.005 per share.

4.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5.		Annualized for periods less than one full year.

6.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended July 30, 2010	2.23	%
Year Ended July 31, 2009	2.18	%
Year Ended July 31, 2008	1.90	%
Year Ended July 31, 2007	1.87	%

See accompanying Notes to Financial Statements.

27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended July 31,	2010¹			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	9.42		$	11.41		$	14.78		$	13.56		$	13.16

Income (loss) from investment operations:
Net investment income (loss)²		(.03	)		.02			— ³			.01			(.01	)
Net realized and unrealized gain (loss)		1.24			(1.98	)		(1.90	)		1.87			.88

Total from investment operations		1.21			(1.96	)		(1.90	)		1.88			.87

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			—			(.02	)		—			—
Tax return of capital distribution		—			—			—			—			—
Distributions from net realized gain		—			(.03	)		(1.45	)		(.66	)		(.47	)

Total dividends and/or distributions to shareholders		—			(.03	)		(1.47	)		(.66	)		(.47	)


Net asset value, end of period	$	10.63		$	9.42		$	11.41		$	14.78		$	13.56


Total Return, at Net Asset Value⁴		12.85	%		(17.16	)%		(14.24	)%		14.04	%		6.69	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	282,261		$	297,329		$	479,789		$	680,871		$	539,720

Average net assets (in thousands)	$	299,670		$	307,891		$	604,615		$	641,709		$	489,988

Ratios to average net assets:⁵
Net investment income (loss)		(0.30	)%		0.21	%		(0.01	)%		0.05	%		(0.07	)%
Total expenses		2.00	%⁶		2.02	%⁶		1.83	%⁶		1.80	%⁶		1.83	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.00	%		1.99	%		1.83	%		1.80	%		1.83	%

Portfolio turnover rate		66	%		124	%		146	%		123	%		107	%


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Less than $0.005 per share.

4.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5.		Annualized for periods less than one full year.

6.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended July 30, 2010	2.00	%
Year Ended July 31, 2009	2.02	%
Year Ended July 31, 2008	1.83	%
Year Ended July 31, 2007	1.80	%

See accompanying Notes to Financial Statements.

28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


Class N Year Ended July 31,	2010¹			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	9.62		$	11.69		$	15.12		$	13.84		$	13.40

Income (loss) from investment operations:
Net investment income²		.02			.06			.05			.07			.04
Net realized and unrealized gain (loss)		1.27			(2.04	)		(1.94	)		1.92			.90

Total from investment operations		1.29			(1.98	)		(1.89	)		1.99			.94

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.01	)		(.06	)		(.09	)		(.05	)		(.03	)
Tax return of capital distribution		(.01	)		—			—			—			—
Distributions from net realized gain		—			(.03	)		(1.45	)		(.66	)		(.47	)

Total dividends and/or distributions to shareholders		(.02	)		(.09	)		(1.54	)		(.71	)		(.50	)


Net asset value, end of period	$	10.89		$	9.62		$	11.69		$	15.12		$	13.84


Total Return, at Net Asset Value³		13.42	%		(16.83	)%		(13.91	)%		14.57	%		7.09	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	96,516		$	95,203		$	129,855		$	141,253		$	90,293

Average net assets (in thousands)	$	99,801		$	92,119		$	141,529		$	123,744		$	73,232

Ratios to average net assets:⁴
Net investment income		0.18	%		0.68	%		0.38	%		0.45	%		0.30	%
Total expenses		1.56	%⁵		1.61	%⁵		1.43	%⁵		1.39	%⁵		1.45	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.52	%		1.51	%		1.43	%		1.39	%		1.45	%

Portfolio turnover rate		66	%		124	%		146	%		123	%		107	%


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended July 30, 2010	1.56	%
Year Ended July 31, 2009	1.61	%
Year Ended July 31, 2008	1.43	%
Year Ended July 31, 2007	1.39	%

See accompanying Notes to Financial Statements.

29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS Continued


Class Y Year Ended July 31,	2010¹			2009			2008			2007			2006

Per Share Operating Data
Net asset value, beginning of period	$	9.94		$	12.11		$	15.60		$	14.25		$	13.76

Income (loss) from investment operations:
Net investment income²		.10			.13			.15			.18			.14
Net realized and unrealized gain (loss)		1.31			(2.13	)		(2.00	)		1.97			.93

Total from investment operations		1.41			(2.00	)		(1.85	)		2.15			1.07

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.06	)		(.14	)		(.19	)		(.14	)		(.11	)
Tax return of capital distribution		(.02	)		—			—			—			—
Distributions from net realized gain		—			(.03	)		(1.45	)		(.66	)		(.47	)

Total dividends and/or distributions to shareholders		(.08	)		(.17	)		(1.64	)		(.80	)		(.58	)


Net asset value, end of period	$	11.27		$	9.94		$	12.11		$	15.60		$	14.25


Total Return, at Net Asset Value³		14.25	%		(16.22	)%		(13.26	)%		15.31	%		7.94	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	47,548		$	161,707		$	357,648		$	341,922		$	149,580

Average net assets (in thousands)	$	125,884		$	187,451		$	368,893		$	262,277		$	90,378

Ratios to average net assets:⁴
Net investment income		0.90	%		1.40	%		1.11	%		1.14	%		1.01	%
Total expenses		0.80	%⁵		0.78	%⁵		0.69	%⁵		0.68	%⁵		0.72	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.78	%		0.69	%		0.68	%		0.72	%

Portfolio turnover rate		66	%		124	%		146	%		123	%		107	%


1.		July 30, 2010 represents the last business day of the Fund’s 2010 fiscal year. See Note 1 of the accompanying Notes.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended July 30, 2010	0.80	%
Year Ended July 31, 2009	0.78	%
Year Ended July 31, 2008	0.69	%
Year Ended July 31, 2007	0.68	%

See accompanying Notes to Financial Statements.

30 | 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 adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

Fiscal Year End. Since July 30, 2010 represents the last day during the Fund’s 2010 fiscal year on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior

31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

In the absence of a readily available unadjusted quoted market price, including for 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 the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

32 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. Shares of LAF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table 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.

33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Net Unrealized
Appreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3

Tax Purposes

$—

—

772,439,806

205,450,512

1. As of July 30, 2010, the Fund had $772,439,806 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 30, 2010, details of the capital loss carryforwards were as follows:


Expiring

2017	$	378,078,883
2018		394,360,923

Total	$	772,439,806

2. During the fiscal year ended July 30, 2010, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended July 31, 2009, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for July 30, 2010. Net assets of the Fund were unaffected by the reclassifications.


	Increase to		Reduction to
	Accumulated		Accumulated Net
Reduction to	Net Investment		Realized Loss
Paid-in Capital	Income		on Investments⁴

$1,004,615	$	996,356	$	8,259

4. $422,921 was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the years ended July 30, 2010 and July 31, 2009 was as follows:


	Year Ended July 30, 2010		Year Ended July 31, 2009

Distributions paid from:
Ordinary income	$	4,009,601	$	11,408,512
Long-term capital gain		—		5,491,991
Return of capital		1,427,046		—

Total	$	5,436,647	$	16,900,503

34 | 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 30, 2010 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	1,398,897,717

Gross unrealized appreciation	$	245,467,386
Gross unrealized depreciation		(40,016,874	)

Net unrealized appreciation	$	205,450,512

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Year Ended July 30, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount

Class A
Sold		13,636,029		$	147,130,809			21,127,196		$	189,756,017
Dividends and/or distributions reinvested		369,482			3,942,374			1,361,941			10,732,199
Redeemed		(26,133,896	)		(282,337,601	)		(73,805,680	)		(688,332,912	)

Net decrease		(12,128,385	)	$	(131,264,418	)		(51,316,543	)	$	(487,844,696	)

36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


	Year Ended July 30, 2010						Year Ended July 31, 2009
	Shares			Amount			Shares			Amount

Class B
Sold		1,621,462		$	16,794,990			2,593,410		$	21,492,413
Dividends and/or distributions reinvested		—			—			79,365			599,956
Redeemed		(7,246,985	)		(74,451,271	)		(9,926,420	)		(84,237,983	)

Net decrease		(5,625,523	)	$	(57,656,281	)		(7,253,645	)	$	(62,145,614	)


Class C
Sold		2,933,010		$	30,479,666			5,153,022		$	43,044,774
Dividends and/or distributions reinvested		—			—			117,869			895,807
Redeemed		(7,949,293	)		(82,149,125	)		(15,729,282	)		(131,774,618	)

Net decrease		(5,016,283	)	$	(51,669,459	)		(10,458,391	)	$	(87,834,037	)


Class N
Sold		1,828,835		$	19,482,355			3,139,903		$	27,415,556
Dividends and/or distributions reinvested		16,834			176,417			106,230			822,220
Redeemed		(2,877,713	)		(30,604,416	)		(4,460,800	)		(37,882,805	)

Net decrease		(1,032,044	)	$	(10,945,644	)		(1,214,667	)	$	(9,645,029	)


Class Y
Sold		2,443,708		$	26,745,353			3,876,086		$	34,900,035
Dividends and/or distributions reinvested		101,296			1,092,987			375,203			2,986,615
Redeemed		(14,590,767	)		(159,300,845	)		(17,510,698	)		(165,036,842	)

Net decrease		(12,045,763	)	$	(131,462,505	)		(13,259,409	)	$	(127,150,192	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the year ended July 30, 2010, were as follows:


	Purchases		Sales

Investment securities	$	1,139,558,853	$	1,531,609,356

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $4.2 billion	0.60
Over $5 billion	0.58

37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

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 30, 2010, the Fund paid $5,432,512 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. 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. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2010 were as follows:


Class C	$	7,551,640
Class N		2,350,402

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

38 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class N

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

July 30, 2010

373,898

758

338,001

14,323

2,642

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the year ended July 30, 2010, the Manager waived fees and/or reimbursed the Fund $7,129 for IMMF management fees.

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 30, 2010, OFS waived transfer and shareholder servicing agent fees as follows:


Class B	$	293,102
Class C		3,083
Class N		45,816

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. Securities Lending

The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

As of July 30, 2010, the Fund had no securities on loan.

39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Subsequent Event

On or about November 1, 2010, the Manager will begin implementing a new investment strategy under which the Fund will generally invest in 35 or fewer issuers. The Fund will also focus mainly in common stock of large capitalization U.S. companies. The Fund’s Board of Trustees has approved this change to the Fund’s investment strategy. The Board also approved changing the Fund’s name to Oppenheimer Main Street Select Fund to better reflect the new investment strategy.

No action is required on the part of shareholders since no changes are being made to the Fund’s investment objective or its fundamental policies.

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not including the Fund). The lawsuits naming the Defendant Funds also name as defendants certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

The Distributor and another subsidiary of the Manager have been named as defendants in a putative class action filed in federal court in 2010. The plaintiff, a participant in the State of Texas’ college savings plan, asserts claims on behalf of all persons who invested in qualified 529 plans managed by these subsidiaries of the Manager and which held investments in a certain mutual fund managed by the Manager and distributed by the Distributor. Plaintiff alleges causes of action for “improper investments,” “breach of fiduciary duty,” and “punitive damages” arising from that fund’s investments in 2008 and 2009.

Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others.

40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits brought against those Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 30, 2010, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. 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. The accompanying financial highlights of Oppenheimer Main Street Opportunity Fund for the years ended prior to August 1, 2008 were audited by other auditors whose report dated September 12, 2008 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 30, 2010, by correspondence with the custodian and transfer agent. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Opportunity Fund as of July 30, 2010, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado
September 17, 2010

42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2010, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2009. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

Dividends, if any, paid by the Fund during the fiscal year ended July 30, 2010 which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 100% 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 30, 2010 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. The maximum amount allowable but not less than $25,894,858 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2010, shareholders of record received 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.

43 | 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 the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at 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.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

William L. Armstrong, Chairman of the Board of Trustees (since 2003), Trustee (since 2000) Age: 73		President, Colorado Christian University (since 2006); Chairman, Cherry Creek Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), former Director of Campus Crusade for Christ (non-profit) (1991-2008); former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (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. Mr. Armstrong has served on the Boards of certain Oppenheimer funds since 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

George C. Bowen, Trustee (since 1999) Age: 73		Assistant Secretary and Director of Centennial Asset Management Corporation (December 1991-April 1999); President, Treasurer and Director of Centennial 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. Mr. Bowen has served on the Boards of certain Oppenheimer funds since 1998, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Edward L. Cameron, Trustee (since 1999) Age: 71		Member of The Life Guard of Mount Vernon (George Washington historical site) (June 2000-June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Cameron has served on the Boards of certain Oppenheimer funds since 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Jon S. Fossel, Trustee (since 1999) Age: 68		Chairman of the Board (since 2006) and Director (since June 2002) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (since November 2004); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005- February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp.

45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Jon S. Fossel, Continued		(“OAC”) (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Sam Freedman, Trustee (since 1999) Age: 69		Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Manager and with subsidiary or affiliated companies of the Manager (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beverly L. Hamilton, Trustee (since 2002) Age: 63		Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (since December 2005); Chairman (since 2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005); Vice Chairman (2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991- April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); 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. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Robert J. Malone, Trustee (since 2002) Age: 65		Board of Directors of Opera Colorado Foundation (non-profit organization) (since March 2008); Director of Jones Knowledge, Inc. (since 2006); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (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. (real estate investment trust) (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. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

F. William Marshall, Jr., Trustee (since 2000) Age: 68		Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996) and MML Series Investment Fund (investment company) (since 1996); President and Treasurer of the SIS Funds

46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

F. William Marshall, Jr., Continued		(private charitable fund) (since January 1999); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

William F. Glavin, Jr., Trustee, President and Principal Executive Officer (since 2009) Age: 51		Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003- March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007- July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 65 portfolios as a Trustee/Director and 96 portfolios as an Officer in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

47 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Govil, Gennaro, Jr., Keffer and Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Manind Govil, Vice President and Portfolio Manager (since 2009) Age: 40		Senior Vice President, Main Street Team Leader and a portfolio manager of the Manager (since May 2009); a CFA. Prior to joining the Manager, managed the RS Largecap Alpha fund (August 2005-March 2009) first with Guardian Life Insurance Company of America then with RS Investment Management Co. LLC, subsequent to their merger; head of equity investments at The Guardian Life Insurance Company of America (August 2005-October 2006) when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC; lead portfolio manager — large cap blend/core equity, co-head of equities and head of equity research (2001-July 2005); lead portfolio manager — core equity (April 1996- July 2005), at Mercantile Capital Advisers, Inc. A portfolio manager and officer of 4 portfolios in the OppenheimerFunds complex.

Anthony W. Gennaro, Jr., Vice President and Portfolio Manager (since 2009) Age: 39		Vice President of the Manager (since May 2009) and a CFA. Prior to joining the Manager, a sector manager for media, internet and telecom and a co-portfolio manager for mid-cap portfolios (August 2006-April 2009) first with Guardian Life Insurance Company of America then with RS Investment Management Co. LLC, subsequent to their merger; a financial analyst covering media and internet stocks at Principal Global Investors (1999-2006); Senior in the assurance and advisory business services division with Ernst & Young LLP (1994-1997). A portfolio manager and officer of 1 portfolio in the OppenheimerFunds complex.

Thomas W. Keffer, Vice President and Chief Business Officer (since 2009) Age: 55		Senior Vice President of the Manager (since March 1997); Director of Investment Brand Management (since November 1997); Senior Vice President of OppenheimerFunds Distributor, Inc. (since December 1997). An officer of 96 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 59		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 96 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 50		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (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 (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Zack, Vice President and Secretary (since 2001) Age: 61		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); 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 International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 96 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•

Applications or other forms

•

When you create a user ID and password for online account access

•

When you enroll in eDocs Direct, our electronic document delivery service

•

Your transactions with us, our affiliates or others

•

A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•

When you set up challenge questions to reset your password online

If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND

PRIVACY POLICY NOTICE

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

•

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

•

You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

52 | 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 George C. Bowen, the Chairman of the Board’s Audit Committee, is the audit committee financial expert and that Mr. Bowen is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $25,700 in fiscal 2010 and $25,700 in fiscal 2009.

(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 $285,900 in fiscal 2010 and $271,540 in fiscal 2009 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 include: internal control reviews, agreed upon procedures for the CP conduit and professional services for the capital accumulation plan, FIN 45 and FAS 157.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,574 in fiscal 2010 and $7,426 in fiscal 2009.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in 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.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)

All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees 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 fees such 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 $294,474 in fiscal 2010 and $278,966 in fiscal 2009 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. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1.		The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the

sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		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

	•		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 07/30/2010, 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.


Manager		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Counsel		K&L Gates LLP

(a)		(1) Exhibit attached hereto.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.


By:		/s/ William F. Glavin, Jr. William F. Glavin, Jr.
		Principal Executive Officer


By:		/s/ Brian W. Wixted Brian W. Wixted
		Principal Financial Officer