UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10001
OPPENHEIMER MAIN STREET OPPORTUNITY FUND
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
498 Seventh Avenue, New York, New York 10018
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: July 31
Date of reporting period: August 1, 2002 - July 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of
the Fund's performance during its fiscal year ended July 31, 2003, followed by a
graphical comparison of the Fund's performance to an appropriate broad-based
market index.
Management's Discussion of Fund Performance. For the 12-month period ended July
31, 2003, Oppenheimer Main Street Opportunity Fund(R) produced a total return of
15.30% for its Class A shares (without sales charge), compared with the 11.98%
return for the Russell 3000 Index, over the same period.
The primary factor supporting the Fund's strong relative performance during
the 12-month reporting period was its emphasis on micro-, small- and mid-cap
stocks, and its correspondingly light exposure to large- and mega-cap stocks
compared to its benchmark. For some time now, our quantitative models have
predicted that smaller-cap stocks would produce higher rates of return than
larger-cap stocks. This continued to be the case throughout the reporting
period, and the Fund benefited when smaller-cap stocks led the second-quarter
2003 market rally. In fact, the smallest stocks in the universe of U.S.
companies (micro-cap) outperformed the largest stocks (mega-cap) by 25.4% during
the reporting period.
The Fund also benefited by remaining fully invested throughout the reporting
period, enabling it to capture the benefits of the market's 2003 advance more
completely. In addition, the Fund remained very broadly diversified, holding
nearly 1,100 stocks as of July 31, 2003. At the end of the reporting period, no
stock was on average overweighted by more than 0.40% relative to the Fund's
benchmark. This risk-management strategy helped to prevent disappointments in
any single stock from having a disproportionate effect on the overall portfolio.
It may be interesting for shareholders to note that, while the list of the
Fund's top ten holdings includes a number of the market's largest companies, the
Fund's exposure to most of those large companies is substantially less than that
of the benchmark. Instead, we believe that a better indicator of the Fund's
strategic position is a view of its largest over-weights, which are concentrated
among smaller companies, and its largest under-weights, which are all mega-cap
stocks with market capitalizations of more than $48.2 billion.
Although our bottom-up stock selection process led to modest over- and
under-weights in the various economic sectors that comprise the Russell 3000
Index, the way assets were allocated among industry groups ultimately had little
bearing on the Fund's performance during the reporting period. As of July 31,
2003, the Fund's greatest over-weights were in the consumer discretionary,
industrials and energy groups. The Fund's greatest under-weights were in the
financial and consumer staples areas.
Similarly, neither growth- nor value-oriented stocks provided a clear
advantage during the reporting period. As of July 31, 2003, the Fund featured
growth characteristics that
5 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND PERFORMANCE DISCUSSION
were 16% to 43% higher than those of the benchmark, and valuation ratios that
were 2% to 4% lower than the market averages.
As of July 31, 2003, the percentage of the Fund's assets allocated to small-
and micro-cap stocks declined modestly to approximately 48% of the portfolio
from 54.6% at the end of 2002. The allocation to mid-cap stocks was about 23.2%
of the portfolio at period's end, down about 7% over the last seven months. At
the same time, assets allocated to large- and mega-cap stocks rose to about
28.7% of the portfolio. These trends are a result of the cap size specific
rankings generated by our quantitative models, suggesting that small stocks
currently remain more attractive than large ones, but less so than at the start
of the reporting period.
It is important to understand that the Fund is not managed according to our
view of market trends, industry conditions or macroeconomic forces. Instead, we
base our investment decisions on the disciplined application of quantitative
models combined with the judgment of experienced portfolio managers. Our
bottom-up, multi-factor quantitative models help us identify the stocks that, in
our view, are most likely to outperform the market. The Fund's holdings,
allocations and management strategies are subject to change.
Comparing the Fund's Performance to the Market. The graphs that follow show the
performance of a hypothetical $10,000 investment in each Class of shares of the
Fund held until July 31, 2003. For Class A, B, C and Y shares, performance is
measured from commencement 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 and the applicable contingent deferred sales charge for
Class B, Class C and Class N shares. The graphs assume that all dividends and
capital gains distributions were reinvested in additional shares.
The Fund's performance is compared to the performance of the Russell 3000
Index. The Russell 3000 Index is composed of 3,000 large U.S. companies by
market capitalization, representing approximately 98% of the U.S. equity market.
The smallest company in the Russell 3000 Index has a market value of roughly $25
million. The largest has a market value of about $70 billion.
Index performance reflects the reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the data
in the graphs that follow shows the effect of taxes. The Fund's performance
reflects the effects of Fund business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
6 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Main Street Opportunity Fund(R) (Class A)
Russell 3000 Index
[LINE CHART]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $9,425 $10,000
10/31/2000 9,218 9,858
01/31/2001 9,714 9,411
04/30/2001 9,638 8,635
07/31/2001 9,874 8,403
10/31/2001 9,214 7,377
01/31/2002 10,015 7,956
04/30/2002 10,459 7,708
07/31/2002 8,752 6,508
10/31/2002 8,544 6,318
01/31/2003 8,346 6,167
04/30/2003 8,931 6,629
07/31/2003 10,091 7,288
Average Annual Total Returns of Class A Shares of the Fund at 7/31/03*
1-Year 8.67% Since Inception 0.32%
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Main Street Opportunity Fund(R) (Class B)
Russell 3000 Index
[LINE CHART]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,280 9,411
04/30/2001 10,180 8,635
07/31/2001 10,400 8,403
10/31/2001 9,700 7,377
01/31/2002 10,520 7,956
04/30/2002 10,960 7,708
07/31/2002 9,150 6,508
10/31/2002 8,920 6,318
01/31/2003 8,700 6,167
04/30/2003 9,290 6,629
07/31/2003 10,170 7,288
Average Annual Total Returns of Class B Shares of the Fund at 7/31/03*
1-Year 9.43% Since Inception 0.59%
*See Notes on page 10 for further details.
The performance information for the Russell 3000 Index in the graphs begins on
9/30/00 for Class A, Class B, Class C and Class Y and on 2/28/01 for Class N
shares.
Past performance cannot guarantee future results. Graphs are not drawn
to same scale.
7 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND PERFORMANCE DISCUSSION
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Main Street Opportunity Fund(R) (Class C)
Russell 3000 Index
[LINE CHART]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,280 9,411
04/30/2001 10,180 8,635
07/31/2001 10,400 8,403
10/31/2001 9,690 7,377
01/31/2002 10,510 7,956
04/30/2002 10,960 7,708
07/31/2002 9,150 6,508
10/31/2002 8,920 6,318
01/31/2003 8,700 6,167
04/30/2003 9,290 6,629
07/31/2003 10,480 7,288
Average Annual Total Returns of Class C Shares of the Fund at 7/31/03*
1-Year 13.54% Since Inception 1.66%
Class N Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Main Street Opportunity Fund(R) (Class N)
Russell 3000 Index
[LINE CHART]
Value of Investment Russell 3000
Date In Fund Index
03/01/2001 $10,000 $10,000
04/30/2001 10,376 10,098
07/31/2001 10,620 9,827
10/31/2001 9,909 8,627
01/31/2002 10,762 9,304
04/30/2002 11,220 9,014
07/31/2002 9,380 7,611
10/31/2002 9,157 7,389
01/31/2003 8,943 7,212
04/30/2003 9,563 7,753
07/31/2003 10,793 8,523
Average Annual Total Returns of Class N Shares of the Fund at 7/31/03*
1-Year 14.06% Since Inception 3.21%
*See Notes on page 10 for further details.
8 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Main Street Opportunity Fund(R) (Class Y)
Russell 3000 Index
[LINE CHART]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,314 9,411
04/30/2001 10,233 8,635
07/31/2001 10,494 8,403
10/31/2001 9,803 7,377
01/31/2002 10,654 7,956
04/30/2002 11,135 7,708
07/31/2002 9,322 6,508
10/31/2002 9,112 6,318
01/31/2003 8,912 6,167
04/30/2003 9,553 6,629
07/31/2003 10,804 7,288
Average Annual Total Returns of Class Y Shares of the Fund at 7/31/03*
1-Year 15.90% Since Inception 2.75%
The performance information for the Russell 3000 Index in the graphs begins on
9/30/00 for Class A, Class B, Class C and Class Y and on 2/28/01 for Class N
shares.
Past performance cannot guarantee future results. Graphs are not drawn
to same scale.
9 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES
In reviewing performance and rankings, please remember that past performance
cannot guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Because of ongoing
market volatility, the Fund's performance may be subject to substantial
fluctuations, and current performance may be more or less than the results
shown. For updates on the Fund's performance, visit our website at
www.oppenheimerfunds.com.
Total returns and the ending account values in the graph includes 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. For more complete information
about the Fund, including charges, expenses and risks, please refer to the
prospectus. To obtain a copy, call your financial advisor, call OppenheimerFunds
Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677). Read the prospectus
carefully before you invest or send money.
It is important to remember that the Fund is a new fund with a limited operating
history.
Class A shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
Class B shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 3% (since inception). Class B shares are subject
to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
Class Y shares of the Fund were first publicly offered on 9/25/00. Class Y
shares are offered only to certain institutional investors under special
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
10 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS July 31, 2003
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Common Stocks--99.1%
- --------------------------------------------------------------------------------
Consumer Discretionary--16.2%
- --------------------------------------------------------------------------------
Auto Components--0.5%
American Axle &
Manufacturing Holdings,
Inc. 1 43,600 $ 1,262,220
- --------------------------------------------------------------------------------
Autoliv, Inc. 23,200 668,160
- --------------------------------------------------------------------------------
Dana Corp. 102,700 1,581,580
- --------------------------------------------------------------------------------
Gentex Corp. 1 10,000 355,400
- --------------------------------------------------------------------------------
Keystone Automotive
Industries, Inc. 1 13,800 268,410
- --------------------------------------------------------------------------------
Modine Manufacturing
Co. 22,100 469,404
- --------------------------------------------------------------------------------
Raytech Corp. 1 1,600 5,584
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 13,700 116,724
- --------------------------------------------------------------------------------
Sports Resorts
International, Inc. 1 2,000 8,120
- --------------------------------------------------------------------------------
Stoneridge, Inc. 1 15,200 226,480
- --------------------------------------------------------------------------------
Strattec Security
Corp. 1 1,000 53,500
- --------------------------------------------------------------------------------
Tenneco Automotive,
Inc. 1 12,400 63,860
------------
5,079,442
- --------------------------------------------------------------------------------
Automobiles--0.2%
Ford Motor Co. 52,500 580,650
- --------------------------------------------------------------------------------
Harley-Davidson, Inc. 16,400 768,832
- --------------------------------------------------------------------------------
Thor Industries, Inc. 6,100 268,278
---------------
1,617,760
- --------------------------------------------------------------------------------
Distributors--0.2%
Andersons, Inc. (The) 5,900 77,349
- --------------------------------------------------------------------------------
Brightpoint, Inc. 1 29,800 780,462
- --------------------------------------------------------------------------------
Handleman Co. 1 34,000 591,600
- --------------------------------------------------------------------------------
Source Information
Management
Co. (The) 1 1,300 10,946
---------------
1,460,357
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure--2.8%
AFC Enterprises, Inc. 1 1,900 29,469
- --------------------------------------------------------------------------------
Ambassadors Group,
Inc. 1 5,200 97,344
- --------------------------------------------------------------------------------
Applebee's International,
Inc. 42,700 1,362,130
- --------------------------------------------------------------------------------
Aztar Corp. 1 117,000 2,208,960
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure Continued
Bob Evans Farms, Inc. 33,100 $ 933,420
- --------------------------------------------------------------------------------
Brinker International,
Inc. 1 18,600 651,000
- --------------------------------------------------------------------------------
California Pizza Kitchen,
Inc. 1 16,500 288,898
- --------------------------------------------------------------------------------
CBRL Group, Inc. 33,800 1,191,112
- --------------------------------------------------------------------------------
CEC Entertainment,
Inc. 1 15,500 544,825
- --------------------------------------------------------------------------------
Choice Hotels
International, Inc. 1 64,600 1,986,450
- --------------------------------------------------------------------------------
Darden Restaurants,
Inc. 51,300 959,823
- --------------------------------------------------------------------------------
Dave & Buster's, Inc. 1 48,500 529,620
- --------------------------------------------------------------------------------
Dover Downs Gaming &
Entertainment, Inc. 24,300 219,186
- --------------------------------------------------------------------------------
Frisch's Restaurants,
Inc. 1,000 22,100
- --------------------------------------------------------------------------------
GTech Holdings Corp. 42,900 1,654,653
- --------------------------------------------------------------------------------
Isle of Capri Casinos,
Inc. 1 39,600 678,744
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1 5,600 119,280
- --------------------------------------------------------------------------------
Multimedia Games,
Inc. 1 49,900 1,125,245
- --------------------------------------------------------------------------------
Navigant International,
Inc. 1 2,700 38,421
- --------------------------------------------------------------------------------
Outback Steakhouse,
Inc. 34,300 1,281,105
- --------------------------------------------------------------------------------
P.F. Chang's China Bistro,
Inc. 1 18,800 909,544
- --------------------------------------------------------------------------------
Panera Bread Co.,
Cl. A 1 8,400 347,508
- --------------------------------------------------------------------------------
Papa John's International,
Inc. 1 7,700 202,895
- --------------------------------------------------------------------------------
Rare Hospitality
International, Inc. 1 55,100 1,923,596
- --------------------------------------------------------------------------------
Ruby Tuesday, Inc. 23,900 543,964
- --------------------------------------------------------------------------------
Ryan's Family Steak
Houses, Inc. 1 87,700 1,183,950
- --------------------------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 3,600 30,240
- --------------------------------------------------------------------------------
Shuffle Master, Inc. 1 36,600 1,071,282
- --------------------------------------------------------------------------------
Six Flags, Inc. 1 10,500 49,875
- --------------------------------------------------------------------------------
Sonic Corp. 1 31,300 764,972
- --------------------------------------------------------------------------------
Starbucks Corp. 1 22,500 614,925
- --------------------------------------------------------------------------------
Station Casinos, Inc. 1 56,600 1,641,400
11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure Continued
Steak n Shake
Co. (The) 1 12,600 $ 189,126
- --------------------------------------------------------------------------------
Total Entertainment
Restaurant Corp. 1 22,500 222,750
- --------------------------------------------------------------------------------
Yum! Brands, Inc. 1 37,500 1,122,375
------------
26,740,187
- --------------------------------------------------------------------------------
Household Durables--2.5%
Applica, Inc. 32,600 267,646
- --------------------------------------------------------------------------------
Beazer Homes USA,
Inc. 1 24,200 1,867,272
- --------------------------------------------------------------------------------
Blyth, Inc. 9,600 251,136
- --------------------------------------------------------------------------------
Boyds Collection
Ltd. (The) 1 1,800 8,082
- --------------------------------------------------------------------------------
Brookfield Homes
Corp. 44,700 739,338
- --------------------------------------------------------------------------------
Cavco Industries, Inc. 1 940 18,096
- --------------------------------------------------------------------------------
Centex Corp. 18,800 1,364,316
- --------------------------------------------------------------------------------
CSS Industries, Inc. 18,500 469,345
- --------------------------------------------------------------------------------
Department 56, Inc. 1 28,400 394,760
- --------------------------------------------------------------------------------
Digital Theater
Systems, Inc. 1 23,900 501,900
- --------------------------------------------------------------------------------
Dominion Homes,
Inc. 1 2,400 62,640
- --------------------------------------------------------------------------------
Emerson Radio Corp. 1 43,900 276,131
- --------------------------------------------------------------------------------
Enesco Group, Inc. 1 4,700 35,720
- --------------------------------------------------------------------------------
Fedders Corp. 17,500 62,125
- --------------------------------------------------------------------------------
Flexsteel Industries,
Inc. 1,000 17,530
- --------------------------------------------------------------------------------
Harman International
Industries, Inc. 7,600 635,360
- --------------------------------------------------------------------------------
Helen of Troy Ltd. 1 70,500 1,290,150
- --------------------------------------------------------------------------------
Hovnanian Enterprises,
Inc., Cl. A 1 47,200 2,329,320
- --------------------------------------------------------------------------------
Jarden Corp. 1 43,500 1,287,165
- --------------------------------------------------------------------------------
KB Home 24,200 1,369,962
- --------------------------------------------------------------------------------
Kimball International,
Inc., Cl. B 11,500 173,305
- --------------------------------------------------------------------------------
M.D.C. Holdings, Inc. 29,500 1,467,920
- --------------------------------------------------------------------------------
M/I Schottenstein
Homes, Inc. 10,200 416,058
- --------------------------------------------------------------------------------
Meritage Corp. 1 38,600 1,713,068
- --------------------------------------------------------------------------------
Movado Group, Inc. 19,500 450,450
- --------------------------------------------------------------------------------
National Presto
Industries, Inc. 3,000 103,110
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Household Durables Continued
Newell Rubbermaid,
Inc. 43,300 $ 1,023,179
- --------------------------------------------------------------------------------
Oneida Ltd. 16,300 99,593
- --------------------------------------------------------------------------------
Palm Harbor Homes,
Inc. 1 3,500 63,350
- --------------------------------------------------------------------------------
Ryland Group,
Inc. (The) 20,000 1,297,800
- --------------------------------------------------------------------------------
Standard Pacific Corp. 40,700 1,383,800
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 1,000 26,640
- --------------------------------------------------------------------------------
Technical Olympic
USA, Inc. 1 3,000 77,550
- --------------------------------------------------------------------------------
Toro Co. (The) 46,400 1,855,072
- --------------------------------------------------------------------------------
William Lyon Homes,
Inc. 1 9,100 318,045
- --------------------------------------------------------------------------------
Yankee Candle,
Inc. (The) 1 20,500 492,410
------------
24,209,344
- --------------------------------------------------------------------------------
Internet & Catalog Retail--0.1%
FTD, Inc., Cl. A 1 2,300 57,270
- --------------------------------------------------------------------------------
J. Jill Group, Inc. 1 32,150 452,029
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 5,300 49,502
- --------------------------------------------------------------------------------
School Specialty, Inc. 1 9,500 263,435
------------
822,236
- --------------------------------------------------------------------------------
Leisure Equipment & Products--1.0%
Action Performance
Cos., Inc. 79,500 1,722,765
- --------------------------------------------------------------------------------
Callaway Golf Co. 78,000 1,205,880
- --------------------------------------------------------------------------------
Eastman Kodak Co. 41,500 1,146,645
- --------------------------------------------------------------------------------
Hasbro, Inc. 91,100 1,717,235
- --------------------------------------------------------------------------------
MarineMax, Inc. 1 21,900 303,315
- --------------------------------------------------------------------------------
Marvel Enterprises,
Inc. 1 85,000 1,666,000
- --------------------------------------------------------------------------------
Mattel, Inc. 56,700 1,101,681
- --------------------------------------------------------------------------------
Oakley, Inc. 1 5,800 65,482
- --------------------------------------------------------------------------------
RC2 Corp. 1 40,500 638,280
- --------------------------------------------------------------------------------
SCP Pool Corp. 1 12,000 465,120
------------
10,032,403
- --------------------------------------------------------------------------------
Media--0.8%
Advo, Inc. 1 8,300 385,535
- --------------------------------------------------------------------------------
AOL Time Warner,
Inc. 1 19,000 293,170
12 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Media Continued
APAC Teleservices,
Inc. 1 10,100 $ 28,381
- --------------------------------------------------------------------------------
Comcast Corp., Cl. A 1 22,000 667,040
- --------------------------------------------------------------------------------
Courier Corp. 3,100 161,820
- --------------------------------------------------------------------------------
Digital Generation
Systems, Inc. 1 25,800 57,534
- --------------------------------------------------------------------------------
Getty Images, Inc. 1 50,000 1,906,500
- --------------------------------------------------------------------------------
Grey Global Group,
Inc. 2,000 1,560,000
- --------------------------------------------------------------------------------
Hollinger International,
Inc. 12,300 140,466
- --------------------------------------------------------------------------------
Interactive Data Corp. 1 10,500 175,455
- --------------------------------------------------------------------------------
R.H. Donnelley Corp. 1 9,800 387,100
- --------------------------------------------------------------------------------
Thomas Nelson, Inc. 1 3,700 47,989
- --------------------------------------------------------------------------------
Viacom, Inc., Cl. B 1 12,500 544,000
- --------------------------------------------------------------------------------
Washington Post
Co. (The), Cl. B 2,100 1,419,600
------------
7,774,590
- --------------------------------------------------------------------------------
Multiline Retail--0.1%
Dollar Tree Stores, Inc. 1 24,400 894,992
- --------------------------------------------------------------------------------
Specialty Retail--6.1%
Abercrombie & Fitch
Co., Cl. A 1 41,400 1,328,526
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 60,900 1,592,535
- --------------------------------------------------------------------------------
America's Car-Mart,
Inc. 1 1,200 22,506
- --------------------------------------------------------------------------------
AutoZone, Inc. 1 28,000 2,331,280
- --------------------------------------------------------------------------------
Bed Bath & Beyond,
Inc. 1 7,100 274,699
- --------------------------------------------------------------------------------
Big 5 Sporting Goods
Corp. 1 1,300 19,098
- --------------------------------------------------------------------------------
Blair Corp. 20,300 457,562
- --------------------------------------------------------------------------------
Bombay Co.,
Inc. (The) 1 161,500 1,619,845
- --------------------------------------------------------------------------------
Brookstone, Inc. 1 45,900 1,051,110
- --------------------------------------------------------------------------------
Building Materials
Holding Corp. 28,600 381,810
- --------------------------------------------------------------------------------
Cache, Inc. 1 2,000 39,240
- --------------------------------------------------------------------------------
Christopher & Banks
Corp. 1 11,300 446,915
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 75,100 2,050,230
- --------------------------------------------------------------------------------
Cole National Corp. 1 31,600 356,448
- --------------------------------------------------------------------------------
Cost Plus, Inc. 1 25,900 965,293
- --------------------------------------------------------------------------------
CSK Auto Corp. 1 24,700 365,560
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Specialty Retail Continued
Deb Shops, Inc. 16,900 $ 329,550
- --------------------------------------------------------------------------------
Dress Barn, Inc. (The) 1 39,600 517,968
- --------------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 1 62,700 1,402,599
- --------------------------------------------------------------------------------
Footstar, Inc. 1 60,900 689,997
- --------------------------------------------------------------------------------
GameStop Corp. 1 22,400 304,640
- --------------------------------------------------------------------------------
Gap, Inc. (The) 110,000 1,978,900
- --------------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 24,000 198,480
- --------------------------------------------------------------------------------
Guitar Center, Inc. 1 5,000 168,500
- --------------------------------------------------------------------------------
Gymboree Corp. 1 79,000 1,175,520
- --------------------------------------------------------------------------------
Hancock Fabrics, Inc. 27,600 496,800
- --------------------------------------------------------------------------------
Haverty Furniture
Cos., Inc. 1,300 21,515
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 14,500 327,845
- --------------------------------------------------------------------------------
Hollywood Entertainment
Corp. 1 33,300 557,442
- --------------------------------------------------------------------------------
Home Depot, Inc. 115,000 3,588,000
- --------------------------------------------------------------------------------
Hot Topic, Inc. 1 66,200 1,913,180
- --------------------------------------------------------------------------------
Jo-Ann Stores,
Inc., Cl. A 1 26,600 719,530
- --------------------------------------------------------------------------------
Jos. A. Banks Clothiers,
Inc. 1 41,500 1,626,800
- --------------------------------------------------------------------------------
Loehmann's Holdings,
Inc. 1 12,100 181,379
- --------------------------------------------------------------------------------
Lowe's Cos., Inc. 19,500 927,420
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 65,100 1,647,681
- --------------------------------------------------------------------------------
Monro Muffler Brake,
Inc. 1 14,000 439,040
- --------------------------------------------------------------------------------
Mothers Work, Inc. 1 1,600 53,344
- --------------------------------------------------------------------------------
Movie Gallery, Inc. 1 88,250 1,765,000
- --------------------------------------------------------------------------------
NetFlix.com, Inc. 1 35,000 917,000
- --------------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1 70,000 2,124,500
- --------------------------------------------------------------------------------
Pier 1 Imports, Inc. 61,000 1,134,600
- --------------------------------------------------------------------------------
Regis Corp. 43,300 1,333,207
- --------------------------------------------------------------------------------
Ross Stores, Inc. 35,700 1,631,490
- --------------------------------------------------------------------------------
Select Comfort Corp. 1 75,400 1,658,046
- --------------------------------------------------------------------------------
Sharper Image Corp. 1 93,500 2,629,314
- --------------------------------------------------------------------------------
Shoe Carnival, Inc. 1 31,100 431,046
- --------------------------------------------------------------------------------
Sonic Automotive,
Inc. 1 31,000 795,150
13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Specialty Retail Continued
Sports Authority,
Inc. (The) 1 72,500 $ 790,250
- --------------------------------------------------------------------------------
Staples, Inc. 1 115,300 2,322,142
- --------------------------------------------------------------------------------
Syms Corp. 1 5,400 36,990
- --------------------------------------------------------------------------------
TBC Corp. 1 56,000 1,123,360
- --------------------------------------------------------------------------------
TJX Cos., Inc. (The) 70,500 1,371,225
- --------------------------------------------------------------------------------
Tractor Supply Co. 1 30,300 1,678,317
- --------------------------------------------------------------------------------
Tuesday Morning
Corp. 1 72,500 2,057,550
- --------------------------------------------------------------------------------
United Auto
Group, Inc. 1 9,800 223,832
- --------------------------------------------------------------------------------
Weight Watchers
International, Inc. 1 16,900 758,810
- --------------------------------------------------------------------------------
Williams-Sonoma, Inc. 1 39,300 1,110,225
------------
58,460,841
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods--1.9%
Ashworth, Inc. 1 3,400 24,072
- --------------------------------------------------------------------------------
Brown Shoe Co., Inc. 39,700 1,184,251
- --------------------------------------------------------------------------------
Cherokee, Inc. 1 10,400 197,496
- --------------------------------------------------------------------------------
Coach, Inc. 1 34,400 1,823,200
- --------------------------------------------------------------------------------
Columbia Sportswear
Co. 1 19,200 1,017,408
- --------------------------------------------------------------------------------
Culp, Inc. 1 17,200 129,860
- --------------------------------------------------------------------------------
DHB Industries, Inc. 1 8,600 36,550
- --------------------------------------------------------------------------------
Hampshire Group
Ltd. 1 1,000 31,125
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 53,100 2,000,224
- --------------------------------------------------------------------------------
Kellwood Co. 61,300 2,013,705
- --------------------------------------------------------------------------------
Kenneth Cole
Productions, Inc., Cl. A 1 15,700 389,517
- --------------------------------------------------------------------------------
Liz Claiborne, Inc. 54,000 1,859,220
- --------------------------------------------------------------------------------
OshKosh B'Gosh, Inc.,
Cl. A 17,700 453,120
- --------------------------------------------------------------------------------
Perry Ellis International,
Inc. 1 6,000 141,840
- --------------------------------------------------------------------------------
Quicksilver, Inc. 1 27,500 475,200
- --------------------------------------------------------------------------------
Russell Corp. 59,400 1,182,654
- --------------------------------------------------------------------------------
Steven Madden Ltd. 1 35,300 678,819
- --------------------------------------------------------------------------------
Timberland Co., Cl. A 1 34,700 1,555,254
- --------------------------------------------------------------------------------
Tommy Hilfiger Corp. 1 153,500 1,596,400
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 5,200 81,900
- --------------------------------------------------------------------------------
Weyco Group, Inc. 200 9,700
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods Continued
Wolverine World Wide,
Inc. 53,100 $ 1,014,210
------------
17,895,725
- --------------------------------------------------------------------------------
Consumer Staples--6.0%
- --------------------------------------------------------------------------------
Beverages--1.1%
Anheuser-Busch
Cos., Inc. 22,700 1,176,314
- --------------------------------------------------------------------------------
Coca-Cola Bottling Co.
Consolidated 4,700 261,555
- --------------------------------------------------------------------------------
Coca-Cola Co. (The) 79,700 3,584,109
- --------------------------------------------------------------------------------
Coca-Cola Enterprises,
Inc. 58,400 995,720
- --------------------------------------------------------------------------------
National Beverage
Corp. 1 2,200 30,976
- --------------------------------------------------------------------------------
PepsiCo, Inc. 100,000 4,607,000
------------
10,655,674
- --------------------------------------------------------------------------------
Food & Staples Retailing--1.4%
Albertson's, Inc. 46,800 882,648
- --------------------------------------------------------------------------------
Arden Group, Inc.,
Cl A 1 600 38,850
- --------------------------------------------------------------------------------
Casey's General Stores,
Inc. 23,000 352,360
- --------------------------------------------------------------------------------
Chronimed, Inc. 1 22,500 258,075
- --------------------------------------------------------------------------------
Great Atlantic & Pacific
Tea Co., Inc. (The) 1 38,300 334,359
- --------------------------------------------------------------------------------
Pantry, Inc. (The) 1 2,000 18,980
- --------------------------------------------------------------------------------
Pathmark Stores, Inc. 1 39,700 297,595
- --------------------------------------------------------------------------------
Ruddick Corp. 69,800 1,144,720
- --------------------------------------------------------------------------------
Smart & Final, Inc. 1 18,000 94,500
- --------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 145,000 8,106,950
- --------------------------------------------------------------------------------
Weis Markets, Inc. 17,500 572,600
- --------------------------------------------------------------------------------
Winn-Dixie Stores, Inc. 85,900 984,414
------------
13,086,051
- --------------------------------------------------------------------------------
Food Products--1.4%
Campbell Soup Co. 37,700 910,455
- --------------------------------------------------------------------------------
Central Garden &
Pet Co. 1 28,700 787,528
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 2,400 75,120
- --------------------------------------------------------------------------------
Del Monte Foods Co. 1 60,200 526,750
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 55,950 1,138,583
14 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Food Products Continued
Fresh Del Monte
Produce, Inc. 64,700 $ 1,800,601
- --------------------------------------------------------------------------------
Hershey Foods Corp. 18,200 1,325,142
- --------------------------------------------------------------------------------
International Multifoods
Corp. 1 14,700 367,500
- --------------------------------------------------------------------------------
J&J Snack Foods Corp. 1 23,400 792,792
- --------------------------------------------------------------------------------
Kellogg Co. 7,000 240,310
- --------------------------------------------------------------------------------
Kraft Foods, Inc., Cl. A 40,600 1,129,086
- --------------------------------------------------------------------------------
Lancaster Colony
Corp. 5,800 232,580
- --------------------------------------------------------------------------------
M&F Worldwide
Corp. 1 102,700 877,058
- --------------------------------------------------------------------------------
Omega Protein Corp. 1 132,600 842,010
- --------------------------------------------------------------------------------
Peet's Coffee & Tea,
Inc. 1 51,300 941,355
- --------------------------------------------------------------------------------
Pilgrim's Pride Corp.,
Cl. B 3,300 41,976
- --------------------------------------------------------------------------------
Ralcorp Holdings, Inc. 1 10,800 292,032
- --------------------------------------------------------------------------------
Riviana Foods, Inc. 1,000 29,900
- --------------------------------------------------------------------------------
Sanderson Farms, Inc. 12,500 370,000
- --------------------------------------------------------------------------------
Sanfilippo (John B.) &
Son, Inc. 1 4,500 67,905
- --------------------------------------------------------------------------------
Sara Lee Corp. 20,500 383,145
- --------------------------------------------------------------------------------
Seminis, Inc. 1 5,800 21,112
- --------------------------------------------------------------------------------
Sensient Technologies
Corp. 5,200 111,124
- --------------------------------------------------------------------------------
Virbac Corp. 1 1,700 10,166
- --------------------------------------------------------------------------------
Wm. Wrigley Jr. Co. 10,100 548,329
------------
13,862,559
- --------------------------------------------------------------------------------
Household Products--1.3%
Chattem, Inc. 75,800 1,326,500
- --------------------------------------------------------------------------------
Clorox Co. (The) 4,000 173,560
- --------------------------------------------------------------------------------
Colgate-Palmolive Co. 40,000 2,184,000
- --------------------------------------------------------------------------------
Energizer Holdings,
Inc. 1 20,500 702,125
- --------------------------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 18,500 214,415
- --------------------------------------------------------------------------------
Playtex Products, Inc. 1 17,400 118,494
- --------------------------------------------------------------------------------
Procter & Gamble
Corp. (The) 75,000 6,590,250
- --------------------------------------------------------------------------------
WD-40 Co. 38,200 1,101,306
---------------
12,410,650
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Personal Products--0.4%
Del Laboratories, Inc. 9,175 $ 233,504
- --------------------------------------------------------------------------------
Estee Lauder Cos., Inc.
(The), Cl. A 55,000 2,053,150
- --------------------------------------------------------------------------------
First Years, Inc. (The) 12,200 151,280
- --------------------------------------------------------------------------------
Gillette Co. 16,400 504,464
- --------------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 5,700 45,600
- --------------------------------------------------------------------------------
USANA Health Sciences,
Inc. 1 22,500 814,500
------------
3,802,498
- --------------------------------------------------------------------------------
Tobacco--0.4%
Altria Group, Inc. 50,000 2,000,500
- --------------------------------------------------------------------------------
Loews Corp./Carolina
Group 17,400 436,392
- --------------------------------------------------------------------------------
Schweitzer-Mauduit
International, Inc. 28,000 706,720
- --------------------------------------------------------------------------------
Standard Commercial
Corp. 38,300 673,314
------------
3,816,926
- --------------------------------------------------------------------------------
Energy--6.7%
- --------------------------------------------------------------------------------
Energy Equipment & Services--0.9%
Cal Dive International,
Inc. 1 5,400 106,920
- --------------------------------------------------------------------------------
Ensign Resource Service
Group, Inc. 95,000 1,312,089
- --------------------------------------------------------------------------------
FMC Technologies,
Inc. 1 50,000 1,123,000
- --------------------------------------------------------------------------------
Gulf Island Fabrication,
Inc. 1 28,300 423,085
- --------------------------------------------------------------------------------
Gulfmark Offshore,
Inc. 1 11,000 155,100
- --------------------------------------------------------------------------------
Key Energy Services,
Inc. 1 27,800 258,818
- --------------------------------------------------------------------------------
Offshore Logistics, Inc. 1 4,000 85,000
- --------------------------------------------------------------------------------
Oil States International,
Inc. 1 160,000 1,800,000
- --------------------------------------------------------------------------------
Trican Well Service
Ltd. 1 70,000 979,230
- --------------------------------------------------------------------------------
Trican Well Service
Ltd. 1 60,000 839,340
- --------------------------------------------------------------------------------
Unit Corp. 1 79,100 1,547,987
- --------------------------------------------------------------------------------
Willbros Group, Inc. 1 8,600 82,130
------------
8,712,699
15 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Oil & Gas--5.8%
Amerada Hess Corp. 21,000 $ 986,370
- --------------------------------------------------------------------------------
Anadarko Petroleum
Corp. 6,700 293,460
- --------------------------------------------------------------------------------
Apache Corp. 6,515 403,669
- --------------------------------------------------------------------------------
Baytex Energy Ltd. 1 97,500 824,587
- --------------------------------------------------------------------------------
BlackRock Ventures,
Inc. 1 550,000 1,101,367
- --------------------------------------------------------------------------------
Brigham Exploration
Co. 1 2,000 10,000
- --------------------------------------------------------------------------------
Brown (Tom), Inc. 1 49,000 1,242,150
- --------------------------------------------------------------------------------
Burlington Resources,
Inc. 28,100 1,297,377
- --------------------------------------------------------------------------------
Callon Petroleum Co. 1 37,600 251,920
- --------------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 1,200,000 1,601,988
- --------------------------------------------------------------------------------
Chesapeake Energy
Corp. 200,000 1,914,000
- --------------------------------------------------------------------------------
ChevronTexaco Corp. 35,000 2,523,850
- --------------------------------------------------------------------------------
Cimarex Energy Co. 1 71,593 1,439,735
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 264,466 516,443
- --------------------------------------------------------------------------------
Compton Petroleum
Corp. 1 175,300 709,540
- --------------------------------------------------------------------------------
Comstock Resources,
Inc. 1 3,500 44,975
- --------------------------------------------------------------------------------
Crescent Point Energy
Ltd., Cl. A 1 179,025 807,249
- --------------------------------------------------------------------------------
Devon Energy Corp. 20,260 959,716
- --------------------------------------------------------------------------------
Dominion Resources
Black Warrior Trust 3,200 91,840
- --------------------------------------------------------------------------------
Enbridge Energy
Management LLC 15,569 696,713
- --------------------------------------------------------------------------------
Encore Acquisition
Co. 1 600 11,106
- --------------------------------------------------------------------------------
Esprit Exploration
Ltd. 1,2 361,200 651,481
- --------------------------------------------------------------------------------
Esprit Exploration Ltd. 1 213,800 385,622
- --------------------------------------------------------------------------------
Exxon Mobil Corp. 80,000 2,846,400
- --------------------------------------------------------------------------------
Forest Oil Corp. 1 35,000 799,050
- --------------------------------------------------------------------------------
Frontier Oil Corp. 100,000 1,516,000
- --------------------------------------------------------------------------------
Holly Corp. 65,000 1,818,050
- --------------------------------------------------------------------------------
Houston Exploration
Co. 1 9,300 298,623
- --------------------------------------------------------------------------------
Impact Energy, Inc. 1 425,000 446,654
- --------------------------------------------------------------------------------
KCS Energy, Inc. 1 21,300 106,926
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Oil & Gas Continued
Magnum Hunter
Resources, Inc. 1 12,200 $ 92,110
- --------------------------------------------------------------------------------
Maritrans, Inc. 40,000 638,000
- --------------------------------------------------------------------------------
Murphy Oil Corp. 35,720 1,763,854
- --------------------------------------------------------------------------------
Newfield Exploration
Co. 1 40,000 1,445,200
- --------------------------------------------------------------------------------
Noble Energy, Inc. 35,000 1,277,500
- --------------------------------------------------------------------------------
Occidental Petroleum
Corp. 30,000 980,700
- --------------------------------------------------------------------------------
OMI Corp. 1 340,600 2,319,486
- --------------------------------------------------------------------------------
Paramount Energy
Trust 105,408 754,492
- --------------------------------------------------------------------------------
Paramount Resources
Ltd. 160,000 1,075,945
- --------------------------------------------------------------------------------
Patina Oil & Gas Corp. 7,875 236,880
- --------------------------------------------------------------------------------
Penn Virginia Corp. 13,400 577,406
- --------------------------------------------------------------------------------
Pioneer Natural
Resources Co. 1 50,900 1,221,600
- --------------------------------------------------------------------------------
Pogo Producing Co. 40,000 1,692,000
- --------------------------------------------------------------------------------
Premcor, Inc. 1 20,000 436,200
- --------------------------------------------------------------------------------
Progress Energy Ltd. 1 142,500 975,466
- --------------------------------------------------------------------------------
Purcell Energy Ltd. 1 391,600 709,093
- --------------------------------------------------------------------------------
Quicksilver Resources,
Inc. 1 10,000 239,500
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 109,600 361,896
- --------------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 37,300 690,796
- --------------------------------------------------------------------------------
Rio Alto Resources
International, Inc. 1 331,300 195,263
- --------------------------------------------------------------------------------
Spinnaker Exploration
Co. 1 21,900 478,515
- --------------------------------------------------------------------------------
Stelmar Shipping Ltd. 1 18,800 317,156
- --------------------------------------------------------------------------------
Stone Energy Corp. 1 30,200 1,166,022
- --------------------------------------------------------------------------------
Talisman Energy, Inc. 30,000 1,286,703
- --------------------------------------------------------------------------------
Teekay Shipping Corp. 20,000 881,600
- --------------------------------------------------------------------------------
Tesoro Petroleum
Corp. 1 100,000 695,000
- --------------------------------------------------------------------------------
Upton Resources, Inc. 1 280,000 747,595
- --------------------------------------------------------------------------------
Valero Energy Corp. 65,000 2,366,000
- --------------------------------------------------------------------------------
Western Gas Resources,
Inc. 45,000 1,707,300
- --------------------------------------------------------------------------------
Westport Resources
Corp. 1 12,700 263,525
16 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND(R)
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Oil & Gas Continued
XTO Energy, Inc. 67,866 $ 1,309,814
------------
55,499,478
- --------------------------------------------------------------------------------
Financials--17.2%
- --------------------------------------------------------------------------------
Capital Markets--0.3%
Mellon Financial Corp. 80,000 2,420,000
- --------------------------------------------------------------------------------
Commercial Banks--9.6%
Allegiant Bancorp, Inc. 2,000 45,000
- --------------------------------------------------------------------------------
Alliance Financial
Corp. 1,500 44,475
- --------------------------------------------------------------------------------
AmericanWest
Bancorporation 14,300 261,104
- --------------------------------------------------------------------------------
AmSouth Bancorp 70,900 1,536,403
- --------------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 22,000 531,300
- --------------------------------------------------------------------------------
Arrow Financial Corp. 10,162 339,716
- --------------------------------------------------------------------------------
Bank Mutual Corp. 14,600 540,200
- --------------------------------------------------------------------------------
Bank of America Corp. 86,000 7,101,020
- --------------------------------------------------------------------------------
Bank of the Ozarks,
Inc. 5,600 213,920
- --------------------------------------------------------------------------------
Bank One Corp. 72,600 2,872,056
- --------------------------------------------------------------------------------
Banknorth Group, Inc. 5,167 142,609
- --------------------------------------------------------------------------------
BankUnited Financial
Corp., Cl. A 1 54,100 1,109,050
- --------------------------------------------------------------------------------
Bay View Capital
Corp. 1 4,900 29,400
- --------------------------------------------------------------------------------
Berkshire Hills Bancorp,
Inc. 2,700 81,810
- --------------------------------------------------------------------------------
Brookline Bancorp, Inc. 2,200 32,758
- --------------------------------------------------------------------------------
Bryn Mawr Bank Corp. 1,000 40,600
- --------------------------------------------------------------------------------
C&F Financial Corp. 1,000 44,100
- --------------------------------------------------------------------------------
Camco Financial Corp. 7,400 131,350
- --------------------------------------------------------------------------------
Camden National
Corp. 1,800 50,310
- --------------------------------------------------------------------------------
Capital City Bank
Group, Inc. 6,875 250,174
- --------------------------------------------------------------------------------
Capital Crossing Bank 1 2,200 65,670
- --------------------------------------------------------------------------------
Cascade Bancorp 9,700 176,152
- --------------------------------------------------------------------------------
Cathay Bancorp, Inc. 3,100 150,505
- --------------------------------------------------------------------------------
CB Bancshares, Inc. 8,250 506,880
- --------------------------------------------------------------------------------
Charter One Financial,
Inc. 44,200 1,437,384
- --------------------------------------------------------------------------------
Chester Valley Bancorp,
Inc. 1,400 26,277
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
Citizens First Bancorp,
Inc. 9,200 $ 199,640
- --------------------------------------------------------------------------------
City Holding Co. 21,500 698,535
- --------------------------------------------------------------------------------
CNB Florida Bancshares,
Inc. 4,100 66,010
- --------------------------------------------------------------------------------
Coastal Financial Corp. 1,870 27,115
- --------------------------------------------------------------------------------
Columbia Bancorp,
Eastern US 2,700 74,250
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 27,700 513,004
- --------------------------------------------------------------------------------
Commercial Bankshares,
Inc. 1,400 47,208
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 14,300 603,460
- --------------------------------------------------------------------------------
Community First
Bankshares, Inc. 26,400 725,208
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 4,500 129,015
- --------------------------------------------------------------------------------
Compass Bancshares,
Inc. 32,000 1,081,280
- --------------------------------------------------------------------------------
Connecticut Bancshares,
Inc. 6,900 352,452
- --------------------------------------------------------------------------------
CVB Financial Corp. 8,987 177,134
- --------------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 66,400 1,646,720
- --------------------------------------------------------------------------------
East West Bancorp,
Inc. 26,400 1,141,272
- --------------------------------------------------------------------------------
EverTrust Financial
Group, Inc. 1,000 25,700
- --------------------------------------------------------------------------------
Fidelity Bankshares,
Inc. 22,749 545,749
- --------------------------------------------------------------------------------
First BanCorp,
Puerto Rico 34,000 1,025,100
- --------------------------------------------------------------------------------
First Citizens BancShares,
Inc., Cl. A 1,100 126,500
- --------------------------------------------------------------------------------
First Community
Bancshares, Inc. 18,260 675,620
- --------------------------------------------------------------------------------
First Defiance Financial
Corp. 1,100 23,375
- --------------------------------------------------------------------------------
First Federal Capital
Corp. 39,400 810,852
- --------------------------------------------------------------------------------
First Federal Financial
Corp. of Kentucky 1,020 33,007
- --------------------------------------------------------------------------------
First Financial Holdings,
Inc. 25,200 738,108
- --------------------------------------------------------------------------------
First Merchants Corp. 4,500 117,630
17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND(R)
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
First Midwest Bancorp,
Inc. 11,825 $ 354,040
- --------------------------------------------------------------------------------
First National Corp. 1,900 51,642
- --------------------------------------------------------------------------------
First Oak Brook
Bancshares, Inc. 4,700 170,375
- --------------------------------------------------------------------------------
First Place Financial
Corp. 4,800 85,104
- --------------------------------------------------------------------------------
First SecurityFed
Financial, Inc. 1,000 25,180
- --------------------------------------------------------------------------------
First Sentinel Bancorp,
Inc. 8,200 131,856
- --------------------------------------------------------------------------------
First Tennessee National
Corp. 34,500 1,480,050
- --------------------------------------------------------------------------------
Firstbank Corp. 1,500 54,000
- --------------------------------------------------------------------------------
FirstFed America
Bancorp, Inc. 23,000 453,100
- --------------------------------------------------------------------------------
FirstFed Financial
Corp. 1 10,100 382,790
- --------------------------------------------------------------------------------
Flagstar Bancorp, Inc. 113,700 2,252,397
- --------------------------------------------------------------------------------
FloridaFirst Bancorp,
Inc. 2,500 60,500
- --------------------------------------------------------------------------------
Flushing Financial
Corp. 41,400 885,463
- --------------------------------------------------------------------------------
FNB Corp.,
North Carolina 2,500 71,250
- --------------------------------------------------------------------------------
Foothill Independent
Bancorp 3,500 67,830
- --------------------------------------------------------------------------------
Franklin Financial
Corp. 500 15,250
- --------------------------------------------------------------------------------
GA Financial, Inc. 4,200 111,300
- --------------------------------------------------------------------------------
Glacier Bancorp, Inc. 10,730 298,820
- --------------------------------------------------------------------------------
Golden West Financial
Corp. 25,000 2,065,000
- --------------------------------------------------------------------------------
Great Southern
Bancorp, Inc. 3,200 130,880
- --------------------------------------------------------------------------------
Greater Delaware Valley
Savings Bank 3,200 79,200
- --------------------------------------------------------------------------------
Greenpoint Financial
Corp. 6,600 331,716
- --------------------------------------------------------------------------------
Hancock Holding Co. 3,800 180,196
- --------------------------------------------------------------------------------
Hanmi Financial Corp. 16,700 304,775
- --------------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 62,400 1,616,784
- --------------------------------------------------------------------------------
Hawthorne Financial
Corp. 1 20,600 731,506
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
Heritage Commerce
Corp. 1 1,800 $ 22,410
- --------------------------------------------------------------------------------
Home Federal
Bancorp 21,800 566,800
- --------------------------------------------------------------------------------
Horizon Financial
Corp. 1,300 22,074
- --------------------------------------------------------------------------------
Hudson United
Bancorp 34,900 1,274,897
- --------------------------------------------------------------------------------
Huntington Bancshares,
Inc. 68,500 1,400,140
- --------------------------------------------------------------------------------
IBERIABANK Corp. 21,300 1,086,513
- --------------------------------------------------------------------------------
Independence Community
Bank Corp. 39,000 1,270,620
- --------------------------------------------------------------------------------
Independent Bank Corp.,
Michigan 30,385 831,334
- --------------------------------------------------------------------------------
International Bancshares
Corp. 16,475 629,345
- --------------------------------------------------------------------------------
Irwin Financial Corp. 6,200 144,460
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1 9,300 415,152
- --------------------------------------------------------------------------------
KeyCorp 25,900 696,969
- --------------------------------------------------------------------------------
Klamath First Bancorp,
Inc. 703 14,172
- --------------------------------------------------------------------------------
Lakeland Financial
Corp. 1,000 31,980
- --------------------------------------------------------------------------------
Local Financial Corp. 1 22,200 373,848
- --------------------------------------------------------------------------------
Macatawa Bank Corp. 2,310 57,727
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 40,500 1,620,000
- --------------------------------------------------------------------------------
MainSource Financial
Group, Inc. 2,700 71,523
- --------------------------------------------------------------------------------
MB Financial, Inc. 1,400 59,500
- --------------------------------------------------------------------------------
Mercantile Bank Corp. 1,900 65,170
- --------------------------------------------------------------------------------
Mid-State Bancshares 7,100 143,917
- --------------------------------------------------------------------------------
MutualFirst Financial,
Inc. 2,400 59,760
- --------------------------------------------------------------------------------
Nara Bancorp, Inc. 34,400 650,504
- --------------------------------------------------------------------------------
NASB Financial, Inc. 4,700 152,186
- --------------------------------------------------------------------------------
National Bankshares,
Inc. 7,400 319,532
- --------------------------------------------------------------------------------
National City Corp. 60,000 1,977,000
- --------------------------------------------------------------------------------
NBT Bancorp, Inc. 11,300 228,486
- --------------------------------------------------------------------------------
Net.B@nk, Inc. 31,600 392,156
- --------------------------------------------------------------------------------
New York Community
Bancorp, Inc. 40,400 1,207,960
- --------------------------------------------------------------------------------
NewMil Bancorp, Inc. 1,000 23,390
- --------------------------------------------------------------------------------
North Valley Bancorp 4,350 67,207
18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
Oak Hill Financial, Inc. 4,400 $ 129,580
- --------------------------------------------------------------------------------
OceanFirst Financial
Corp. 13,000 323,050
- --------------------------------------------------------------------------------
Oneida Financial Corp. 1,000 23,350
- --------------------------------------------------------------------------------
Oriental Financial
Group, Inc. 26,900 712,850
- --------------------------------------------------------------------------------
Pacific Capital Bancorp 30,166 1,004,226
- --------------------------------------------------------------------------------
Parkvale Financial
Corp. 1,000 24,540
- --------------------------------------------------------------------------------
Patriot Bank Corp. 2,900 52,693
- --------------------------------------------------------------------------------
Peapack-Gladstone
Financial Corp. 1,000 35,850
- --------------------------------------------------------------------------------
PennFed Financial
Services, Inc. 4,300 123,453
- --------------------------------------------------------------------------------
PennRock Financial
Services Corp. 2,530 78,303
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 12,300 498,765
- --------------------------------------------------------------------------------
Port Financial Corp. 13,500 728,595
- --------------------------------------------------------------------------------
Prosperity Bancshares,
Inc. 8,500 180,540
- --------------------------------------------------------------------------------
Provident Bankshares
Corp. 12,500 342,750
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 1,000 30,405
- --------------------------------------------------------------------------------
Quaker City Bancorp,
Inc. 1 12,350 490,789
- --------------------------------------------------------------------------------
R&G Financial Corp.,
Cl. B 51,400 1,644,800
- --------------------------------------------------------------------------------
Redwood Empire
Bancorp 1,300 45,552
- --------------------------------------------------------------------------------
Regions Financial Corp. 29,300 1,057,730
- --------------------------------------------------------------------------------
Republic Bancorp, Inc. 31,280 427,598
- --------------------------------------------------------------------------------
Republic Bancorp, Inc.,
Cl. A 25,000 424,000
- --------------------------------------------------------------------------------
Resource Bankshares
Corp. 1,000 36,460
- --------------------------------------------------------------------------------
Roslyn Bancorp, Inc. 78,800 1,759,604
- --------------------------------------------------------------------------------
S&T Bancorp, Inc. 22,000 654,060
- --------------------------------------------------------------------------------
S.Y. Bancorp, Inc. 2,000 74,400
- --------------------------------------------------------------------------------
Sandy Spring Bancorp,
Inc. 16,200 524,070
- --------------------------------------------------------------------------------
Seacoast Banking Corp.
of Florida 31,790 516,588
- --------------------------------------------------------------------------------
Second Bancorp, Inc. 3,800 105,522
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
Simmons First National
Corp. 3,600 $ 87,120
- --------------------------------------------------------------------------------
Sky Financial Group,
Inc. 9,500 220,400
- --------------------------------------------------------------------------------
Sound Federal Bancorp,
Inc. 13,900 213,782
- --------------------------------------------------------------------------------
Southern Financial
Bancorp, Inc. 18,410 600,497
- --------------------------------------------------------------------------------
SouthTrust Corp. 75,000 2,149,500
- --------------------------------------------------------------------------------
Southwest Bancorp,
Inc. 17,600 582,736
- --------------------------------------------------------------------------------
St. Francis Capital
Corp. 14,200 445,880
- --------------------------------------------------------------------------------
State Financial Services
Corp. 6,200 152,706
- --------------------------------------------------------------------------------
Sterling Bancorp,
New York 32,740 967,467
- --------------------------------------------------------------------------------
Sterling Financial Corp.,
Eastern US 1,200 31,320
- --------------------------------------------------------------------------------
Sterling Financial Corp.,
Western US 54,760 1,423,212
- --------------------------------------------------------------------------------
Sun Bancorp, Inc.,
New Jersey 22,945 480,881
- --------------------------------------------------------------------------------
SunTrust Banks, Inc. 6,800 414,120
- --------------------------------------------------------------------------------
Superior Financial
Corp. 31,000 733,150
- --------------------------------------------------------------------------------
Texas Regional
Bancshares, Inc., Cl. A 4,500 148,410
- --------------------------------------------------------------------------------
TierOne Corp. 1 1,000 23,100
- --------------------------------------------------------------------------------
Troy Financial Corp. 10,475 301,366
- --------------------------------------------------------------------------------
Trust Co. of
New Jersey (The) 1,000 31,690
- --------------------------------------------------------------------------------
UCBH Holdings, Inc. 27,500 847,825
- --------------------------------------------------------------------------------
Union Bankshares
Corp. 4,800 136,800
- --------------------------------------------------------------------------------
UnionBanCal Corp. 15,400 687,918
- --------------------------------------------------------------------------------
United Community
Financial Corp. 2,000 19,880
- --------------------------------------------------------------------------------
United National
Bancorp 5,300 155,025
- --------------------------------------------------------------------------------
United Security Bancshares,
Inc., Southern US 2,000 59,640
- --------------------------------------------------------------------------------
United Security Bancshares,
Inc., Western US 1,000 24,120
- --------------------------------------------------------------------------------
Virginia Commerce
Bancorp, Inc. 1 2,600 63,830
19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Banks Continued
Wachovia Corp. 80,800 $ 3,530,152
- --------------------------------------------------------------------------------
Washington Mutual,
Inc. 34,400 1,358,112
- --------------------------------------------------------------------------------
Washington Trust
Bancorp, Inc. 1,000 25,380
- --------------------------------------------------------------------------------
Waypoint Financial
Corp. 18,165 317,888
- --------------------------------------------------------------------------------
Webster Financial
Corp. 17,300 648,058
- --------------------------------------------------------------------------------
Wells Fargo Co. 76,500 3,865,545
- --------------------------------------------------------------------------------
WesBanco, Inc. 3,400 86,190
- --------------------------------------------------------------------------------
Willow Grove Bancorp,
Inc. 20,300 346,115
- --------------------------------------------------------------------------------
Wilshire State Bank 1,000 18,030
- --------------------------------------------------------------------------------
WSFS Financial Corp. 15,400 681,142
------------
91,561,013
- --------------------------------------------------------------------------------
Diversified Financial Services--3.4%
Ace Cash Express, Inc. 1 3,400 47,158
- --------------------------------------------------------------------------------
American Express Co. 45,000 1,987,650
- --------------------------------------------------------------------------------
Bear Stearns Cos.,
Inc. (The) 30,000 2,010,000
- --------------------------------------------------------------------------------
California First National
Bancorp 1,700 17,850
- --------------------------------------------------------------------------------
Cash America
International, Inc. 108,700 1,863,118
- --------------------------------------------------------------------------------
Citigroup, Inc. 280,000 12,544,000
- --------------------------------------------------------------------------------
CompuCredit Corp. 1 43,600 667,516
- --------------------------------------------------------------------------------
Credit Acceptance
Corp. 1 42,200 492,052
- --------------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 12,400 260,276
- --------------------------------------------------------------------------------
J.P. Morgan Chase &
Co. 90,000 3,154,500
- --------------------------------------------------------------------------------
Lehman Brothers
Holdings, Inc. 30,000 1,898,100
- --------------------------------------------------------------------------------
MBNA Corp. 100,000 2,229,000
- --------------------------------------------------------------------------------
Morgan Stanley 36,500 1,731,560
- --------------------------------------------------------------------------------
Newtek Business
Services, Inc. 1 8,600 44,290
- --------------------------------------------------------------------------------
Principal Financial
Group, Inc. (The) 7,700 251,020
- --------------------------------------------------------------------------------
SLM Corp. 47,500 1,969,350
- --------------------------------------------------------------------------------
WFS Financial, Inc. 1 7,700 290,290
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Diversified Financial Services Continued
World Acceptance
Corp. 1 40,300 $ 581,932
------------
32,039,662
- --------------------------------------------------------------------------------
Insurance--2.6%
21st Century Insurance
Group 4,000 63,480
- --------------------------------------------------------------------------------
AFLAC, Inc. 13,200 423,456
- --------------------------------------------------------------------------------
Alfa Corp. 15,500 201,345
- --------------------------------------------------------------------------------
Allstate Corp. 39,200 1,490,776
- --------------------------------------------------------------------------------
AMBAC Financial
Group, Inc. 27,600 1,818,012
- --------------------------------------------------------------------------------
American Financial
Group, Inc. 50,000 1,145,000
- --------------------------------------------------------------------------------
American International
Group, Inc. 56,800 3,646,560
- --------------------------------------------------------------------------------
American Medical
Security Group, Inc. 1 46,450 927,142
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 2,000 51,000
- --------------------------------------------------------------------------------
Arch Capital Group
Ltd. 1 32,000 1,095,040
- --------------------------------------------------------------------------------
Baldwin & Lyons, Inc.,
Cl. B, Non-Vtg 2,325 57,544
- --------------------------------------------------------------------------------
Brown & Brown, Inc. 30,600 948,600
- --------------------------------------------------------------------------------
CNA Surety Corp. 13,400 136,680
- --------------------------------------------------------------------------------
Crawford & Co., Cl. A,
Non-Vtg 1,000 5,750
- --------------------------------------------------------------------------------
Delphi Financial Group,
Inc., Cl. A 14,100 695,835
- --------------------------------------------------------------------------------
Donegal Group, Inc.,
Cl. A 1,000 15,750
- --------------------------------------------------------------------------------
EMC Insurance Group,
Inc. 1,000 20,750
- --------------------------------------------------------------------------------
FBL Financial Group,
Inc., Cl. A 8,600 197,026
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 78,078 2,240,058
- --------------------------------------------------------------------------------
Financial Industries
Corp. 3,700 56,240
- --------------------------------------------------------------------------------
Great American
Financial Resources,
Inc. 3,400 47,906
- --------------------------------------------------------------------------------
Hub International Ltd. 4,900 93,100
20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Insurance Continued
Infinity Property &
Casualty Corp. 24,600 $ 646,734
- --------------------------------------------------------------------------------
John Hancock Financial
Services, Inc. 7,800 254,670
- --------------------------------------------------------------------------------
LandAmerica Financial
Group, Inc. 25,800 1,189,122
- --------------------------------------------------------------------------------
MBIA, Inc. 12,000 607,440
- --------------------------------------------------------------------------------
Midland Co. (The) 3,500 74,375
- --------------------------------------------------------------------------------
National Western Life
Insurance Co., Cl. A 1 1,000 130,000
- --------------------------------------------------------------------------------
Navigators Group,
Inc. (The) 1 3,200 102,688
- --------------------------------------------------------------------------------
Odyssey Re Holdings
Corp. 9,800 180,320
- --------------------------------------------------------------------------------
Old Republic
International Corp. 9,300 321,036
- --------------------------------------------------------------------------------
Pico Holdings, Inc. 1 3,000 40,650
- --------------------------------------------------------------------------------
ProAssurance Corp. 1 1,700 47,855
- --------------------------------------------------------------------------------
Progressive Corp. 10,300 679,697
- --------------------------------------------------------------------------------
Reinsurance Group of
America, Inc. 18,400 658,168
- --------------------------------------------------------------------------------
RenaissanceRe Holdings
Ltd. 35,400 1,507,686
- --------------------------------------------------------------------------------
RLI Corp. 19,500 631,020
- --------------------------------------------------------------------------------
Safeco Corp. 35,400 1,317,942
- --------------------------------------------------------------------------------
State Auto Financial
Corp. 12,100 283,745
- --------------------------------------------------------------------------------
Stewart Information
Services Corp. 1 20,600 597,194
- --------------------------------------------------------------------------------
U.S.I. Holdings Corp. 1 2,800 34,412
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 1,500 10,080
- --------------------------------------------------------------------------------
Willis Group Holdings
Ltd. 10,000 301,000
------------
24,992,884
- --------------------------------------------------------------------------------
Real Estate--0.1%
Capital Trust, Cl. A 5,700 112,917
- --------------------------------------------------------------------------------
Consolidated-Tomoka
Land Co. 1,300 32,344
- --------------------------------------------------------------------------------
Getty Realty Corp. 4,700 113,458
- --------------------------------------------------------------------------------
Stratus Properties, Inc. 1 7,500 79,125
- --------------------------------------------------------------------------------
Trammell Crow Co. 1 30,100 333,508
------------
671,352
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Thrifts & Mortgage Finance--1.2%
Accredited Home
Lenders Holding Co. 1 41,800 $ 642,884
- --------------------------------------------------------------------------------
American Home
Mortgage Holdings,
Inc. 45,900 751,842
- --------------------------------------------------------------------------------
Charter Municipal
Mortgage
Acceptance Co. 6,000 111,480
- --------------------------------------------------------------------------------
Countrywide Financial
Corp. 34,500 2,304,945
- --------------------------------------------------------------------------------
Doral Financial Corp. 39,450 1,731,855
- --------------------------------------------------------------------------------
Fannie Mae 65,000 4,162,600
- --------------------------------------------------------------------------------
Freddie Mac 15,000 732,750
- --------------------------------------------------------------------------------
Fremont General
Corp. 61,100 799,188
- --------------------------------------------------------------------------------
New Century Financial
Corp. 30,800 713,020
------------
11,950,564
- --------------------------------------------------------------------------------
Health Care--14.9%
- --------------------------------------------------------------------------------
Biotechnology--1.0%
Amgen, Inc. 1 60,000 4,174,800
- --------------------------------------------------------------------------------
Antigenics, Inc. 1 69,200 865,692
- --------------------------------------------------------------------------------
BioReliance Corp. 1 31,700 691,060
- --------------------------------------------------------------------------------
Gen-Probe, Inc. 1 15,500 852,500
- --------------------------------------------------------------------------------
Idexx Laboratories,
Inc. 1 37,600 1,521,672
- --------------------------------------------------------------------------------
Tanox, Inc. 1 62,200 1,064,242
- --------------------------------------------------------------------------------
Wyeth 4,300 195,994
------------
9,365,960
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies--4.3%
Advanced Medical
Optics, Inc. 1 118,288 1,975,410
- --------------------------------------------------------------------------------
Alaris Medical Systems,
Inc. 1 109,400 1,909,030
- --------------------------------------------------------------------------------
American Medical
Systems Holdings, Inc. 1 3,400 61,098
- --------------------------------------------------------------------------------
Analogic Corp. 15,600 753,168
- --------------------------------------------------------------------------------
Bard (C.R.), Inc. 22,500 1,542,600
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc. 25,100 1,060,977
- --------------------------------------------------------------------------------
Becton, Dickinson &
Co. 26,500 970,695
- --------------------------------------------------------------------------------
Bio-Rad Laboratories,
Inc., Cl. A 1 30,000 1,680,000
21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies Continued
Biosite, Inc. 1 42,000 $1,811,880
- --------------------------------------------------------------------------------
Cooper Cos., Inc. (The) 29,500 1,033,975
- --------------------------------------------------------------------------------
Cytyc Corp. 1 15,000 177,300
- --------------------------------------------------------------------------------
Dade Behring Holdings,
Inc. 1 15,200 375,440
- --------------------------------------------------------------------------------
Exactech, Inc. 1 34,400 514,280
- --------------------------------------------------------------------------------
HealthTronics Surgical
Services, Inc. 1 83,500 597,025
- --------------------------------------------------------------------------------
I-STAT Corp. 1 8,800 85,967
- --------------------------------------------------------------------------------
Immucor, Inc. 1 32,800 722,256
- --------------------------------------------------------------------------------
Inamed Corp. 1 13,100 869,840
- --------------------------------------------------------------------------------
Kensey Nash Corp. 1 74,100 2,006,628
- --------------------------------------------------------------------------------
Lifeline Systems, Inc. 1 7,000 207,970
- --------------------------------------------------------------------------------
Matthews International
Corp., Cl. A 6,200 159,712
- --------------------------------------------------------------------------------
Medtronic, Inc. 65,000 3,347,500
- --------------------------------------------------------------------------------
Mentor Corp. 38,200 779,662
- --------------------------------------------------------------------------------
Meridian Bioscience,
Inc. 29,800 315,582
- --------------------------------------------------------------------------------
Merit Medical Systems,
Inc. 1 72,425 1,977,202
- --------------------------------------------------------------------------------
Microtek Medical
Holdings, Inc. 1 8,200 30,332
- --------------------------------------------------------------------------------
Novoste Corp. 1 4,000 19,440
- --------------------------------------------------------------------------------
Nutraceutical International
Corp. 1 38,500 408,100
- --------------------------------------------------------------------------------
PolyMedica Corp. 13,400 516,436
- --------------------------------------------------------------------------------
Possis Medical, Inc. 1 26,400 449,064
- --------------------------------------------------------------------------------
Quidel Corp. 1 20,300 137,025
- --------------------------------------------------------------------------------
Sola International, Inc. 1 11,000 186,670
- --------------------------------------------------------------------------------
St. Jude Medical, Inc. 1 11,400 611,610
- --------------------------------------------------------------------------------
Steris Corp. 1 20,600 473,388
- --------------------------------------------------------------------------------
Stryker Corp. 32,800 2,509,856
- --------------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 55,700 1,375,790
- --------------------------------------------------------------------------------
Synovis Life
Technologies, Inc. 1 61,400 1,636,310
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 1,100 41,129
- --------------------------------------------------------------------------------
Viasys Healthcare, Inc. 1 16,800 380,520
- --------------------------------------------------------------------------------
VISX, Inc. 1 95,100 2,213,928
- --------------------------------------------------------------------------------
Vital Images, Inc. 1 73,900 1,622,105
- --------------------------------------------------------------------------------
Young Innovations,
Inc. 1 40,600 1,193,234
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies Continued
Zimmer Holdings, Inc. 1 50,000 $ 2,390,500
------------
41,130,634
- --------------------------------------------------------------------------------
Health Care Providers & Services--4.7%
Advisory Board Co.
(The) 1 42,800 1,771,920
- --------------------------------------------------------------------------------
Aetna, Inc. 12,000 739,440
- --------------------------------------------------------------------------------
American Healthways,
Inc. 1 27,600 957,444
- --------------------------------------------------------------------------------
AMERIGROUP Corp. 1 38,800 1,599,336
- --------------------------------------------------------------------------------
AmSurg Corp. 1 51,100 1,549,863
- --------------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 74,800 1,941,808
- --------------------------------------------------------------------------------
Centene Corp. 1 26,850 785,363
- --------------------------------------------------------------------------------
Cobalt Corp. 1 86,400 1,772,928
- --------------------------------------------------------------------------------
CorVel Corp. 1 23,000 849,390
- --------------------------------------------------------------------------------
Covance, Inc. 1 66,500 1,376,550
- --------------------------------------------------------------------------------
Curative Health Services,
Inc. 1 3,700 62,715
- --------------------------------------------------------------------------------
DaVita, Inc. 1 70,000 1,960,000
- --------------------------------------------------------------------------------
Dendrite International,
Inc. 1 101,200 1,309,528
- --------------------------------------------------------------------------------
eResearch Technology,
Inc. 1 74,900 1,967,623
- --------------------------------------------------------------------------------
Express Scripts, Inc. 1 24,400 1,610,400
- --------------------------------------------------------------------------------
First Health Group
Corp. 1 48,500 1,252,270
- --------------------------------------------------------------------------------
Gentiva Health Services,
Inc. 1 4,100 38,745
- --------------------------------------------------------------------------------
Hanger Orthopedic
Group, Inc. 1 75,100 1,042,388
- --------------------------------------------------------------------------------
HCA, Inc. 60,000 2,115,000
- --------------------------------------------------------------------------------
Health Net, Inc. 1 7,100 243,814
- --------------------------------------------------------------------------------
IDX Systems Corp. 1 41,300 797,544
- --------------------------------------------------------------------------------
IMS Health, Inc. 10,238 198,003
- --------------------------------------------------------------------------------
LabOne, Inc. 1 34,200 767,790
- --------------------------------------------------------------------------------
Lincare Holdings, Inc. 1 36,000 1,310,400
- --------------------------------------------------------------------------------
Mid Atlantic Medical
Services, Inc. 1 31,400 1,707,532
- --------------------------------------------------------------------------------
Molina Healthcare,
Inc. 1 25,400 601,980
- --------------------------------------------------------------------------------
National HealthCare
Corp. 1 3,300 68,376
- --------------------------------------------------------------------------------
NDCHealth Corp. 7,700 154,077
22 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Health Care Providers & Services Continued
Option Care, Inc. 1 2,400 $ 30,000
- --------------------------------------------------------------------------------
Owens & Minor, Inc. 4,200 105,000
- --------------------------------------------------------------------------------
Oxford Health Plans,
Inc. 1 42,700 1,823,290
- --------------------------------------------------------------------------------
PacifiCare Health
Systems, Inc. 1 18,300 1,022,970
- --------------------------------------------------------------------------------
Parexel International
Corp. 1 25,600 374,528
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 31,100 1,266,703
- --------------------------------------------------------------------------------
Prime Medical Services,
Inc. 1 5,800 29,574
- --------------------------------------------------------------------------------
Renal Care Group, Inc. 1 30,300 1,083,831
- --------------------------------------------------------------------------------
Select Medical Corp. 1 77,800 2,186,180
- --------------------------------------------------------------------------------
Sierra Health Services,
Inc. 1 63,400 1,668,688
- --------------------------------------------------------------------------------
Sunrise Senior Living,
Inc. 1 1,200 29,880
- --------------------------------------------------------------------------------
U.S. Physical Therapy,
Inc. 1 45,900 667,386
- --------------------------------------------------------------------------------
United Surgical Partners
International, Inc. 1 21,500 557,710
- --------------------------------------------------------------------------------
Universal Health
Services, Inc., Cl. B 1 12,000 615,000
- --------------------------------------------------------------------------------
US Oncology, Inc. 1 165,400 1,326,508
- --------------------------------------------------------------------------------
VCA Antech, Inc. 1 34,700 786,961
- --------------------------------------------------------------------------------
VitalWorks, Inc. 1 87,300 385,866
- --------------------------------------------------------------------------------
WellPoint Health
Networks, Inc. 1 8,100 677,565
------------
45,189,867
- --------------------------------------------------------------------------------
Pharmaceuticals--4.9%
aaiPharma, Inc. 1 77,750 1,419,715
- --------------------------------------------------------------------------------
Abbott Laboratories 55,000 2,158,750
- --------------------------------------------------------------------------------
Alpharma, Inc., Cl. A 46,800 928,980
- --------------------------------------------------------------------------------
American Pharmaceutical
Partners, Inc. 1 56,500 2,547,585
- --------------------------------------------------------------------------------
Bradley Pharmaceuticals,
Inc. 1 84,900 1,587,630
- --------------------------------------------------------------------------------
Bristol-Myers Squibb
Co. 130,000 3,406,000
- --------------------------------------------------------------------------------
CollaGenex
Pharmaceuticals, Inc. 1 8,600 116,100
- --------------------------------------------------------------------------------
Eli Lilly & Co. 35,000 2,304,400
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Pharmaceuticals Continued
Endo Pharmaceuticals
Holdings, Inc. 1 38,000 $ 591,660
- --------------------------------------------------------------------------------
Forest Laboratories,
Inc. 1 60,000 2,872,800
- --------------------------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 6,300 164,871
- --------------------------------------------------------------------------------
Johnson & Johnson 150,000 7,768,500
- --------------------------------------------------------------------------------
Kos Pharmaceuticals,
Inc. 1 10,100 344,814
- --------------------------------------------------------------------------------
Merck & Co., Inc. 120,000 6,633,600
- --------------------------------------------------------------------------------
Mylan Laboratories,
Inc. 40,000 1,350,800
- --------------------------------------------------------------------------------
Perrigo Co. 84,900 1,381,323
- --------------------------------------------------------------------------------
Pfizer, Inc. 200,000 6,672,000
- --------------------------------------------------------------------------------
Pharmaceutical
Resources, Inc. 1 40,000 2,264,000
- --------------------------------------------------------------------------------
Salix Pharmaceuticals
Ltd. 1 4,000 45,600
- --------------------------------------------------------------------------------
Taro Pharmaceutical
Industries Ltd. 1 16,900 922,233
- --------------------------------------------------------------------------------
Watson Pharmaceuticals,
Inc. 1 20,600 822,764
------------
46,304,125
- --------------------------------------------------------------------------------
Industrials--12.3%
- --------------------------------------------------------------------------------
Aerospace & Defense--1.2%
AAR Corp. 1 3,400 27,540
- --------------------------------------------------------------------------------
Applied Signal
Technology, Inc. 89,400 1,644,960
- --------------------------------------------------------------------------------
Ducommun, Inc. 1 28,500 454,575
- --------------------------------------------------------------------------------
Engineered Support
Systems, Inc. 25,600 1,132,800
- --------------------------------------------------------------------------------
ESCO Technologies,
Inc. 1 10,300 498,726
- --------------------------------------------------------------------------------
General Dynamics
Corp. 5,000 396,700
- --------------------------------------------------------------------------------
Mercury Computer
Systems, Inc. 1 44,500 882,435
- --------------------------------------------------------------------------------
Orbital Sciences Corp. 1 13,100 107,813
- --------------------------------------------------------------------------------
Teledyne Technologies,
Inc. 1 79,300 1,203,774
- --------------------------------------------------------------------------------
United Defense
Industries, Inc. 1 22,300 566,197
- --------------------------------------------------------------------------------
United Technologies
Corp. 40,000 3,009,200
23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Aerospace & Defense Continued
World Fuel Services
Corp. 42,000 $ 1,018,500
------------
10,943,220
- --------------------------------------------------------------------------------
Air Freight & Logistics--0.4%
Airborne, Inc. 65,000 1,465,100
- --------------------------------------------------------------------------------
FedEx Corp. 7,300 470,047
- --------------------------------------------------------------------------------
Forward Air Corp. 1 10,100 298,859
- --------------------------------------------------------------------------------
United Parcel Service,
Inc., Cl. B 30,300 1,911,324
------------
4,145,330
- --------------------------------------------------------------------------------
Airlines--0.1%
AirTran Holdings, Inc. 1 70,100 913,403
- --------------------------------------------------------------------------------
Mesaba Holdings, Inc. 1 3,500 26,425
------------
939,828
- --------------------------------------------------------------------------------
Building Products--0.9%
Aaon, Inc. 1 53,350 955,498
- --------------------------------------------------------------------------------
American Woodmark
Corp. 21,600 1,087,560
- --------------------------------------------------------------------------------
Crane Co. 6,200 153,822
- --------------------------------------------------------------------------------
Drew Industries, Inc. 1 3,200 61,120
- --------------------------------------------------------------------------------
Griffon Corp. 1 54,800 980,920
- --------------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 154,000 925,540
- --------------------------------------------------------------------------------
Lennox International,
Inc. 19,700 314,215
- --------------------------------------------------------------------------------
Simpson Manufacturing
Co., Inc. 1 11,500 513,590
- --------------------------------------------------------------------------------
Trex Co., Inc. 1 50,100 1,828,650
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 14,100 324,159
- --------------------------------------------------------------------------------
USG Corp. 1 95,400 1,449,126
- --------------------------------------------------------------------------------
Watsco, Inc. 14,100 245,763
---------------
8,839,963
- --------------------------------------------------------------------------------
Commercial Services & Supplies--3.7%
Angelica Corp. 19,600 373,380
- --------------------------------------------------------------------------------
Arbitron, Inc. 1 30,400 1,130,880
- --------------------------------------------------------------------------------
Banta Corp. 5,900 199,656
- --------------------------------------------------------------------------------
Bowne & Co., Inc. 81,100 1,089,984
- --------------------------------------------------------------------------------
Bright Horizons Family
Solutions, Inc. 1 43,700 1,595,050
- --------------------------------------------------------------------------------
CDI Corp. 1 29,100 797,049
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Services & Supplies Continued
Charles River Associates,
Inc. 1 18,100 $ 595,852
- --------------------------------------------------------------------------------
Coinstar, Inc. 1 49,300 686,749
- --------------------------------------------------------------------------------
Concorde Career
Colleges, Inc. 1 5,800 120,060
- --------------------------------------------------------------------------------
Consolidated Graphics,
Inc. 1 4,700 112,800
- --------------------------------------------------------------------------------
Corinthian Colleges,
Inc. 1 29,300 1,600,073
- --------------------------------------------------------------------------------
Cornell Corrections,
Inc. 1 4,700 76,610
- --------------------------------------------------------------------------------
Corporate Executive
Board Co. 1 24,000 1,042,080
- --------------------------------------------------------------------------------
CPI Corp. 7,200 122,976
- --------------------------------------------------------------------------------
Deluxe Corp. 31,500 1,398,600
- --------------------------------------------------------------------------------
DeVry, Inc.1 62,600 1,598,804
- --------------------------------------------------------------------------------
Duratek, Inc. 1 1,300 12,116
- --------------------------------------------------------------------------------
Ennis Business Forms,
Inc. 40,600 587,482
- --------------------------------------------------------------------------------
Exponent, Inc. 1 24,100 381,985
- --------------------------------------------------------------------------------
General Binding Corp. 1 20,300 252,633
- --------------------------------------------------------------------------------
Gevity HR, Inc. 34,800 591,600
- --------------------------------------------------------------------------------
Gundle/SLT
Environmental, Inc. 1 35,000 550,200
- --------------------------------------------------------------------------------
H&R Block, Inc. 45,000 1,907,550
- --------------------------------------------------------------------------------
Harland (John H.) Co. 2,400 63,360
- --------------------------------------------------------------------------------
Headwaters, Inc. 1 51,400 735,020
- --------------------------------------------------------------------------------
Hewitt Associates, Inc. 1 12,900 333,078
- --------------------------------------------------------------------------------
ICT Group, Inc. 1 45,800 432,810
- --------------------------------------------------------------------------------
Imagistics International,
Inc. 1 56,000 1,607,200
- --------------------------------------------------------------------------------
Interpool, Inc. 18,000 298,440
- --------------------------------------------------------------------------------
ITT Educational Services,
Inc. 1 65,200 2,557,796
- --------------------------------------------------------------------------------
Kelly Services, Inc.,
Cl. A 9,900 254,034
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1 18,900 161,784
- --------------------------------------------------------------------------------
Landauer, Inc. 15,100 586,635
- --------------------------------------------------------------------------------
Layne Christensen Co. 1 2,400 20,014
- --------------------------------------------------------------------------------
Monster Worldwide,
Inc. 1 14,300 379,665
- --------------------------------------------------------------------------------
Moore Wallace, Inc. 1 133,300 1,938,182
- --------------------------------------------------------------------------------
Navigant Consulting,
Inc. 1 41,200 556,612
24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Commercial Services & Supplies Continued
NCO Group, Inc. 1 16,000 $ 308,480
- --------------------------------------------------------------------------------
New England Business
Service, Inc. 9,700 284,695
- --------------------------------------------------------------------------------
Republic Services, Inc. 1 28,700 694,540
- --------------------------------------------------------------------------------
Right Management
Consultants, Inc. 1 92,875 1,307,680
- --------------------------------------------------------------------------------
Rollins, Inc. 52,750 988,008
- --------------------------------------------------------------------------------
Roto-Rooter, Inc. 3,600 135,144
- --------------------------------------------------------------------------------
Schawk, Inc. 12,900 161,250
- --------------------------------------------------------------------------------
Strayer Education, Inc. 12,800 1,081,216
- --------------------------------------------------------------------------------
Tetra Tech, Inc. 1 38,900 624,734
- --------------------------------------------------------------------------------
United Stationers, Inc. 1 7,400 283,568
- --------------------------------------------------------------------------------
University of Phoenix
Online 1 39,500 2,274,805
- --------------------------------------------------------------------------------
Wackenhut Corrections
Corp. 1 5,700 99,180
- --------------------------------------------------------------------------------
Watson Wyatt & Co.
Holdings 1 18,600 427,800
------------
35,419,899
- --------------------------------------------------------------------------------
Construction & Engineering--0.3%
Comfort Systems USA,
Inc. 1 101,300 329,225
- --------------------------------------------------------------------------------
Dycom Industries, Inc. 1 52,500 893,025
- --------------------------------------------------------------------------------
Granite Construction,
Inc. 39,000 700,830
- --------------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 78,400 569,184
- --------------------------------------------------------------------------------
Perini Corp. 1 17,100 153,045
- --------------------------------------------------------------------------------
URS Corp. 1 22,500 450,000
------------
3,095,309
- --------------------------------------------------------------------------------
Electrical Equipment--0.6%
Acuity Brands, Inc. 39,000 707,850
- --------------------------------------------------------------------------------
American Power
Conversion Corp. 1 110,000 1,917,300
- --------------------------------------------------------------------------------
AMETEK, Inc. 11,300 447,028
- --------------------------------------------------------------------------------
Baldor Electric Co. 2,400 49,800
- --------------------------------------------------------------------------------
C&D Technologies,
Inc. 4,400 66,220
- --------------------------------------------------------------------------------
Emerson Electric Co. 3,800 204,060
- --------------------------------------------------------------------------------
Franklin Electric Co.,
Inc. 19,600 1,123,668
- --------------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1 2,300 85,675
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Electrical Equipment Continued
II-VI, Inc. 1 71,300 $ 1,546,497
------------
6,148,098
- --------------------------------------------------------------------------------
Industrial Conglomerates--1.5%
3M Co. 5,000 701,000
- --------------------------------------------------------------------------------
Carlisle Cos., Inc. 31,500 1,378,125
- --------------------------------------------------------------------------------
General Electric Co. 385,000 10,949,400
- --------------------------------------------------------------------------------
Lydall, Inc. 1 4,600 54,280
- --------------------------------------------------------------------------------
Raven Industries, Inc. 5,600 121,968
- --------------------------------------------------------------------------------
Standex International
Corp. 6,600 147,972
- --------------------------------------------------------------------------------
United Industrial Corp. 28,900 475,116
------------
13,827,861
- --------------------------------------------------------------------------------
Machinery--2.5%
A.S.V., Inc. 1 5,200 96,096
- --------------------------------------------------------------------------------
Actuant Corp., Cl. A 1 4,500 219,150
- --------------------------------------------------------------------------------
Alamo Group, Inc. 4,100 54,735
- --------------------------------------------------------------------------------
Albany International
Corp., Cl. A 56,100 1,602,777
- --------------------------------------------------------------------------------
Ampco-Pittsburg
Corp. 13,400 158,656
- --------------------------------------------------------------------------------
Barnes Group, Inc. 13,400 329,774
- --------------------------------------------------------------------------------
BHA Group, Inc., Cl. A 16,400 360,800
- --------------------------------------------------------------------------------
Briggs & Stratton
Corp. 38,100 2,098,167
- --------------------------------------------------------------------------------
Cascade Corp. 52,500 1,015,350
- --------------------------------------------------------------------------------
Ceradyne, Inc. 1 25,100 546,929
- --------------------------------------------------------------------------------
Chicago Bridge & Iron
Co. NV 110,000 2,712,600
- --------------------------------------------------------------------------------
CIRCOR International,
Inc. 10,400 193,440
- --------------------------------------------------------------------------------
Clarcor, Inc. 21,900 881,037
- --------------------------------------------------------------------------------
Cuno, Inc. 1 19,800 767,448
- --------------------------------------------------------------------------------
Danaher Corp. 25,000 1,805,000
- --------------------------------------------------------------------------------
Deere & Co. 6,400 324,992
- --------------------------------------------------------------------------------
Dionex Corp. 1 44,800 1,826,048
- --------------------------------------------------------------------------------
Donaldson Co., Inc. 18,500 901,875
- --------------------------------------------------------------------------------
Eaton Corp. 19,000 1,599,230
- --------------------------------------------------------------------------------
Graco, Inc. 14,300 521,235
- --------------------------------------------------------------------------------
Kadant, Inc. 1 10,100 200,081
- --------------------------------------------------------------------------------
Middleby Corp. (The) 1 26,600 477,470
- --------------------------------------------------------------------------------
Milacron, Inc. 34,400 137,600
25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Machinery Continued
Oshkosh Truck Corp. 6,400 $ 425,728
- --------------------------------------------------------------------------------
Paccar, Inc. 27,800 2,146,160
- --------------------------------------------------------------------------------
Pall Corp. 43,100 972,767
- --------------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 6,000 80,460
- --------------------------------------------------------------------------------
Thomas Industries, Inc. 20,400 542,640
- --------------------------------------------------------------------------------
Valmont Industries,
Inc. 10,700 225,342
- --------------------------------------------------------------------------------
Wabtec Corp. 2,800 41,328
- --------------------------------------------------------------------------------
Watts Industries, Inc.,
Cl. A 17,700 323,910
------------
23,588,825
- --------------------------------------------------------------------------------
Marine--0.0%
Seabulk International,
Inc. 1 1,400 10,780
- --------------------------------------------------------------------------------
Road & Rail--1.0%
C.H. Robinson
Worldwide, Inc. 15,600 575,952
- --------------------------------------------------------------------------------
Covenant Transport,
Inc., Cl. A 1 33,000 580,140
- --------------------------------------------------------------------------------
CSX Corp. 17,000 532,100
- --------------------------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 1,800 50,634
- --------------------------------------------------------------------------------
Heartland Express,
Inc. 1 8,200 208,280
- --------------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 1 38,200 1,789,288
- --------------------------------------------------------------------------------
Knight Transportation,
Inc. 1 40,050 1,061,325
- --------------------------------------------------------------------------------
Landstar System, Inc. 1 5,700 365,712
- --------------------------------------------------------------------------------
Mullen Transportation,
Inc. 41,000 862,361
- --------------------------------------------------------------------------------
Old Dominion Freight
Line, Inc. 1 22,950 734,400
- --------------------------------------------------------------------------------
P.A.M. Transportation
Services, Inc. 1 13,500 303,480
- --------------------------------------------------------------------------------
Pacer International,
Inc. 1 34,300 669,879
- --------------------------------------------------------------------------------
Roadway Corp. 19,800 944,064
- --------------------------------------------------------------------------------
U.S. Xpress Enterprises,
Inc., Cl. A 1 9,100 117,663
- --------------------------------------------------------------------------------
Werner Enterprises,
Inc. 19,700 469,648
---------------
9,264,926
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Trading Companies & Distributors--0.1%
Aceto Corp. 3,800 $ 74,100
- --------------------------------------------------------------------------------
Applied Industrial
Technologies, Inc. 19,500 435,825
- --------------------------------------------------------------------------------
Lawson Products, Inc. 3,300 90,948
- --------------------------------------------------------------------------------
MSC Industrial Direct
Co., Inc., Cl. A 17,100 344,565
------------
945,438
- --------------------------------------------------------------------------------
Information Technology--18.6%
- --------------------------------------------------------------------------------
Communications Equipment--3.1%
Adaptec, Inc. 1 64,600 437,342
- --------------------------------------------------------------------------------
ADTRAN, Inc. 43,600 2,129,424
- --------------------------------------------------------------------------------
Andrew Corp. 1 146,082 1,590,833
- --------------------------------------------------------------------------------
Avocent Corp. 1 63,300 1,695,174
- --------------------------------------------------------------------------------
Cisco Systems, Inc. 1 265,000 5,172,800
- --------------------------------------------------------------------------------
Comtech Telecommunications
Corp. 1 55,750 1,010,190
- --------------------------------------------------------------------------------
CyberGuard Corp. 1 37,500 357,000
- --------------------------------------------------------------------------------
Enterasys Networks,
Inc. 1 207,300 961,872
- --------------------------------------------------------------------------------
Foundry Networks,
Inc. 1 95,500 1,722,820
- --------------------------------------------------------------------------------
Inter-Tel, Inc. 55,900 1,432,158
- --------------------------------------------------------------------------------
InterDigital
Communications
Corp. 1 45,100 716,188
- --------------------------------------------------------------------------------
Netgear, Inc. 1 23,600 417,035
- --------------------------------------------------------------------------------
Packeteer, Inc. 1 82,900 1,004,748
- --------------------------------------------------------------------------------
Plantronics, Inc. 1 75,200 1,822,848
- --------------------------------------------------------------------------------
QUALCOMM, Inc. 65,000 2,434,900
- --------------------------------------------------------------------------------
Scientific-Atlanta, Inc. 76,200 2,308,098
- --------------------------------------------------------------------------------
SpectraLink Corp. 1 8,300 137,614
- --------------------------------------------------------------------------------
Telular Corp. 1 1,500 6,480
- --------------------------------------------------------------------------------
Tollgrade
Communications, Inc. 1 31,400 435,204
- --------------------------------------------------------------------------------
UTStarcom, Inc. 1 70,000 2,979,900
- --------------------------------------------------------------------------------
Westell Technologies,
Inc., Cl. A 1 72,100 551,565
------------
29,324,193
- --------------------------------------------------------------------------------
Computers & Peripherals--2.8%
Advanced Digital
Information Corp. 1 77,100 895,131
- --------------------------------------------------------------------------------
Avid Technology, Inc. 1 60,000 2,787,600
26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Computers & Peripherals Continued
Cray, Inc. 1 14,300 $ 158,301
- --------------------------------------------------------------------------------
Dell, Inc. 1 135,000 4,546,800
- --------------------------------------------------------------------------------
Hewlett-Packard Co. 50,000 1,058,500
- --------------------------------------------------------------------------------
Hutchinson Technology,
Inc. 1 63,700 1,829,464
- --------------------------------------------------------------------------------
Imation Corp. 50,800 1,813,052
- --------------------------------------------------------------------------------
International Business
Machines Corp. 40,000 3,250,000
- --------------------------------------------------------------------------------
Lexmark International,
Inc., Cl. A 1 25,000 1,604,250
- --------------------------------------------------------------------------------
Network Appliance,
Inc. 1 100,000 1,598,000
- --------------------------------------------------------------------------------
Overland Storage, Inc. 1 71,500 1,468,610
- --------------------------------------------------------------------------------
Presstek, Inc. 1 13,500 109,485
- --------------------------------------------------------------------------------
Rainbow Technologies,
Inc. 1 88,800 658,008
- --------------------------------------------------------------------------------
Storage Technology
Corp. 1 49,900 1,329,336
- --------------------------------------------------------------------------------
Stratasys, Inc. 1 32,600 1,189,900
- --------------------------------------------------------------------------------
Western Digital Corp. 1 199,900 1,991,004
------------
26,287,441
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments--1.4%
CellStar Corp. 1 45,200 238,204
- --------------------------------------------------------------------------------
Checkpoint Systems,
Inc. 1 41,500 644,910
- --------------------------------------------------------------------------------
Cognex Corp. 1 4,400 125,400
- --------------------------------------------------------------------------------
Daktronics, Inc. 1 58,500 981,630
- --------------------------------------------------------------------------------
Diebold, Inc. 38,500 1,702,085
- --------------------------------------------------------------------------------
Excel Technology, Inc. 1 17,900 466,474
- --------------------------------------------------------------------------------
Fargo Electronics, Inc. 1 13,800 159,252
- --------------------------------------------------------------------------------
FLIR Systems, Inc. 1 16,200 439,020
- --------------------------------------------------------------------------------
Global Imaging Systems,
Inc. 1 12,100 308,429
- --------------------------------------------------------------------------------
GTSI Corp. 1 3,600 32,868
- --------------------------------------------------------------------------------
Innovex, Inc. 1 35,000 514,500
- --------------------------------------------------------------------------------
Methode Electronics,
Inc., Cl. A 114,300 1,349,883
- --------------------------------------------------------------------------------
MTS Systems Corp. 73,600 1,100,320
- --------------------------------------------------------------------------------
Pioneer-Standard
Electronics, Inc. 27,500 246,950
- --------------------------------------------------------------------------------
Rofin-Sinar Technologies,
Inc. 1 30,400 449,920
- --------------------------------------------------------------------------------
Rogers Corp. 1 20,600 607,288
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments Continued
Trimble Navigation
Ltd. 1 42,800 $ 1,170,580
- --------------------------------------------------------------------------------
Varian, Inc. 1 20,500 666,045
- --------------------------------------------------------------------------------
Waters Corp. 1 60,000 1,902,600
- --------------------------------------------------------------------------------
Woodhead Industries,
Inc. 16,100 245,203
- --------------------------------------------------------------------------------
X-Rite, Inc. 20,600 216,094
------------
13,567,655
- --------------------------------------------------------------------------------
Internet Software & Services--2.1%
Akamai Technologies,
Inc. 1 138,300 633,414
- --------------------------------------------------------------------------------
Digital Insight Corp. 1 44,100 889,938
- --------------------------------------------------------------------------------
Digital River, Inc. 1 101,700 2,184,516
- --------------------------------------------------------------------------------
Digitas, Inc. 1 80,042 464,244
- --------------------------------------------------------------------------------
Expedia, Inc., Cl. A 1 44,000 3,441,240
- --------------------------------------------------------------------------------
FindWhat.com 1 74,800 1,556,588
- --------------------------------------------------------------------------------
iPass, Inc. 1 10,200 184,314
- --------------------------------------------------------------------------------
j2 Global
Communications, Inc. 1 62,200 3,374,350
- --------------------------------------------------------------------------------
LendingTree, Inc. 1 7,900 198,132
- --------------------------------------------------------------------------------
Neoforma, Inc. 1 19,200 255,936
- --------------------------------------------------------------------------------
Netegrity, Inc. 1 146,400 1,367,376
- --------------------------------------------------------------------------------
Open Text Corp. 1 62,900 1,614,643
- --------------------------------------------------------------------------------
Secure Computing
Corp. 1 72,500 680,775
- --------------------------------------------------------------------------------
SeeBeyond Technology
Corp. 1 50,900 101,800
- --------------------------------------------------------------------------------
SupportSoft, Inc. 1 19,300 161,927
- --------------------------------------------------------------------------------
United Online, Inc. 1 76,200 2,387,346
- --------------------------------------------------------------------------------
WebEx Communications,
Inc. 1 18,300 301,767
------------
19,798,306
- --------------------------------------------------------------------------------
IT Services--1.2%
Certegy, Inc. 1 19,200 522,816
- --------------------------------------------------------------------------------
CheckFree Corp. 1 23,000 618,930
- --------------------------------------------------------------------------------
Cognizant Technology
Solutions Corp. 1 88,927 2,737,173
- --------------------------------------------------------------------------------
CompuCom Systems,
Inc. 1 2,900 16,240
- --------------------------------------------------------------------------------
Convergys Corp. 1 47,000 792,890
- --------------------------------------------------------------------------------
Gartner, Inc., Cl. B 1 3,300 28,545
- --------------------------------------------------------------------------------
Global Payments, Inc. 47,000 1,654,870
27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
IT Services Continued
iGate Corp. 1 2,600 $ 10,816
- --------------------------------------------------------------------------------
infoUSA, Inc. 1 87,800 790,200
- --------------------------------------------------------------------------------
Intrado, Inc. 1 13,600 222,360
- --------------------------------------------------------------------------------
iPayment Holdings,
Inc. 1 5,900 151,571
- --------------------------------------------------------------------------------
Keane, Inc. 1 46,700 678,551
- --------------------------------------------------------------------------------
Lightbridge, Inc. 1 68,400 678,528
- --------------------------------------------------------------------------------
MAPICS, Inc. 1 5,000 45,650
- --------------------------------------------------------------------------------
SM&A 1 18,200 169,988
- --------------------------------------------------------------------------------
SS&C Technologies,
Inc. 1 89,100 1,597,563
- --------------------------------------------------------------------------------
Startek, Inc. 1 12,200 366,000
- --------------------------------------------------------------------------------
Tyler Technologies,
Inc. 1 34,226 169,419
------------
11,252,110
- --------------------------------------------------------------------------------
Office Electronics--0.2%
Gerber Scientific, Inc. 1 2,200 18,634
- --------------------------------------------------------------------------------
Metrologic Instruments,
Inc. 1 14,300 504,933
- --------------------------------------------------------------------------------
Xerox Corp. 1 17,600 190,080
- --------------------------------------------------------------------------------
Zebra Technologies
Corp., Cl. A 1 20,000 1,551,600
------------
2,265,247
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment--2.7%
Altera Corp. 1 120,000 2,308,800
- --------------------------------------------------------------------------------
Cree, Inc. 1 125,100 1,671,336
- --------------------------------------------------------------------------------
Diodes, Inc. 1 10,300 209,605
- --------------------------------------------------------------------------------
Entegris, Inc. 1 51,500 737,480
- --------------------------------------------------------------------------------
Exar Corp. 1 44,700 639,210
- --------------------------------------------------------------------------------
Genesis Microchip,
Inc. 1 28,800 313,920
- --------------------------------------------------------------------------------
Intel Corp. 355,000 8,857,250
- --------------------------------------------------------------------------------
National Semiconductor
Corp. 1 120,000 2,682,000
- --------------------------------------------------------------------------------
Power Integrations,
Inc. 1 68,200 1,949,156
- --------------------------------------------------------------------------------
QLogic Corp. 1 40,000 1,686,000
- --------------------------------------------------------------------------------
Rambus, Inc. 1 90,000 1,616,400
- --------------------------------------------------------------------------------
Silicon Laboratories,
Inc. 1 70,000 2,569,700
- --------------------------------------------------------------------------------
Siliconix, Inc. 1 8,100 346,275
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment
Continued
Texas Instruments, Inc. 4,800 $ 90,576
- --------------------------------------------------------------------------------
Transmeta Corp. 1 234,950 390,017
------------
26,067,725
- --------------------------------------------------------------------------------
Software--5.1%
Amdocs Ltd. 1 135,000 2,751,300
- --------------------------------------------------------------------------------
Ansoft Corp. 1 16,500 178,200
- --------------------------------------------------------------------------------
Ansys, Inc. 1 46,700 1,575,658
- --------------------------------------------------------------------------------
BMC Software, Inc. 1 20,000 282,000
- --------------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 46,900 607,824
- --------------------------------------------------------------------------------
Citrix Systems, Inc. 1 80,000 1,452,000
- --------------------------------------------------------------------------------
Datastream Systems,
Inc. 1 24,200 225,786
- --------------------------------------------------------------------------------
Electronic Arts, Inc. 1 30,000 2,520,000
- --------------------------------------------------------------------------------
Epicor Software Corp. 1 39,300 311,256
- --------------------------------------------------------------------------------
FactSet Research
Systems, Inc. 50,000 2,300,000
- --------------------------------------------------------------------------------
Fair Isaac Corp. 17,800 961,912
- --------------------------------------------------------------------------------
FileNet Corp. 1 15,600 284,232
- --------------------------------------------------------------------------------
Group 1 Software, Inc. 1 49,600 902,224
- --------------------------------------------------------------------------------
Hyperion Solutions
Corp. 1 40,000 1,093,200
- --------------------------------------------------------------------------------
Inet Technologies, Inc. 1 53,500 594,920
- --------------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 6,900 48,990
- --------------------------------------------------------------------------------
Kronos, Inc. 1 31,700 1,756,180
- --------------------------------------------------------------------------------
Magma Design
Automation, Inc. 1 12,500 249,375
- --------------------------------------------------------------------------------
Microsoft Corp. 480,000 12,672,000
- --------------------------------------------------------------------------------
Mobius Management
Systems, Inc. 1 1,100 7,425
- --------------------------------------------------------------------------------
OPNET Technologies,
Inc. 1 5,500 62,865
- --------------------------------------------------------------------------------
Oracle Corp. 1 310,000 3,720,000
- --------------------------------------------------------------------------------
Pegasystems, Inc. 1 16,100 114,616
- --------------------------------------------------------------------------------
Plumtree Software,
Inc. 1 123,800 461,774
- --------------------------------------------------------------------------------
Progress Software
Corp. 1 90,200 1,795,882
- --------------------------------------------------------------------------------
Quality Systems, Inc. 1 40,400 1,438,240
- --------------------------------------------------------------------------------
Radiant Systems, Inc. 1 87,600 573,780
- --------------------------------------------------------------------------------
Sanchez Computer
Associates, Inc. 1 17,800 74,742
28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Software Continued
ScanSoft, Inc. 1 111,500 $ 565,305
- --------------------------------------------------------------------------------
SPSS, Inc. 1 5,100 91,902
- --------------------------------------------------------------------------------
Sybase, Inc. 1 100,000 1,570,000
- --------------------------------------------------------------------------------
Symantec Corp. 1 56,000 2,626,960
- --------------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 71,000 1,888,600
- --------------------------------------------------------------------------------
Tradestation Group,
Inc. 1 27,200 327,760
- --------------------------------------------------------------------------------
Ulticom, Inc. 1 30,500 356,240
- --------------------------------------------------------------------------------
Veritas Software Corp. 1 40,000 1,232,000
- --------------------------------------------------------------------------------
Verity, Inc. 1 90,000 1,197,900
------------
48,873,048
- --------------------------------------------------------------------------------
Materials--2.2%
- --------------------------------------------------------------------------------
Chemicals--0.9%
Agrium, Inc. 75,900 850,080
- --------------------------------------------------------------------------------
Airgas, Inc. 59,100 1,148,904
- --------------------------------------------------------------------------------
American Vanguard
Corp. 2,000 43,600
- --------------------------------------------------------------------------------
Cytec Industries, Inc. 1 56,500 2,182,030
- --------------------------------------------------------------------------------
Ecolab, Inc. 49,000 1,210,790
- --------------------------------------------------------------------------------
Ethyl Corp. 1 9,000 104,400
- --------------------------------------------------------------------------------
Georgia Gulf Corp. 14,100 322,608
- --------------------------------------------------------------------------------
Hawkins, Inc. 6,000 64,080
- --------------------------------------------------------------------------------
MacDermid, Inc. 38,100 1,093,851
- --------------------------------------------------------------------------------
Material Sciences
Corp. 7,000 66,010
- --------------------------------------------------------------------------------
Octel Corp. 52,400 770,280
- --------------------------------------------------------------------------------
Omnova Solutions,
Inc. 1 71,400 301,308
- --------------------------------------------------------------------------------
Stepan Co. 8,200 199,424
- --------------------------------------------------------------------------------
Terra Nitrogen Co. LP 5,100 25,704
------------
8,383,069
- --------------------------------------------------------------------------------
Construction Materials--0.2%
AMCOL International
Corp. 55,800 525,636
- --------------------------------------------------------------------------------
Ameron International
Corp. 14,200 481,664
- --------------------------------------------------------------------------------
Centex Construction
Products, Inc. 1,700 76,500
- --------------------------------------------------------------------------------
Florida Rock Industries,
Inc. 25,500 1,219,920
------------
2,303,720
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Containers & Packaging--0.4%
AptarGroup, Inc. 2,700 $ 100,575
- --------------------------------------------------------------------------------
Ball Corp. 29,100 1,446,270
- --------------------------------------------------------------------------------
Caraustar Industries,
Inc. 1 20,600 184,576
- --------------------------------------------------------------------------------
Graphic Packaging
International Corp. 1 6,800 34,204
- --------------------------------------------------------------------------------
Myers Industries, Inc. 12,600 146,160
- --------------------------------------------------------------------------------
Packaging Dynamics
Corp. 1 5,760 41,703
- --------------------------------------------------------------------------------
Sealed Air Corp. 1 24,000 1,145,520
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 1 29,900 955,305
------------
4,054,313
- --------------------------------------------------------------------------------
Metals & Mining--0.5%
Carpenter Technology
Corp. 26,700 489,411
- --------------------------------------------------------------------------------
Century Aluminum
Co. 13,000 116,740
- --------------------------------------------------------------------------------
Gibraltar Steel Corp. 4,500 106,650
- --------------------------------------------------------------------------------
IMCO Recycling, Inc. 1 12,700 91,694
- --------------------------------------------------------------------------------
Massey Energy Co. 2,500 28,625
- --------------------------------------------------------------------------------
NN, Inc. 45,600 540,816
- --------------------------------------------------------------------------------
Peabody Energy Corp. 65,000 1,994,850
- --------------------------------------------------------------------------------
Quanex Corp. 11,100 351,870
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 26,200 1,214,894
- --------------------------------------------------------------------------------
Southern Peru Copper
Corp. 1,100 18,095
- --------------------------------------------------------------------------------
Steel Technologies, Inc. 1,200 12,912
- --------------------------------------------------------------------------------
Westmoreland Coal
Co. 1 3,200 54,368
------------
5,020,925
- --------------------------------------------------------------------------------
Paper & Forest Products--0.2%
Louisiana-Pacific
Corp. 1 135,200 1,642,680
- --------------------------------------------------------------------------------
Telecommunication Services--3.1%
- --------------------------------------------------------------------------------
Diversified Telecommunication Services--2.6%
Alltel Corp. 37,500 1,754,625
- --------------------------------------------------------------------------------
BellSouth Corp. 170,000 4,329,900
- --------------------------------------------------------------------------------
Citizens Communications
Co. 1 160,000 1,896,000
- --------------------------------------------------------------------------------
Commonwealth Telephone
Enterprises, Inc. 1 27,800 1,056,400
29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Diversified Telecommunication Services Continued
General Communication,
Inc., Cl. A 1 17,500 $ 151,375
- --------------------------------------------------------------------------------
Golden Telecom, Inc. 1 8,600 238,650
- --------------------------------------------------------------------------------
Hungarian Telephone &
Cable Corp. 1 700 6,902
- --------------------------------------------------------------------------------
McLeodUSA, Inc.,
Cl. A 1 20,400 19,992
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 47,400 853,200
- --------------------------------------------------------------------------------
Primus Telecommunications
Group, Inc. 1 152,300 1,047,824
- --------------------------------------------------------------------------------
PTEK Holdings, Inc. 1 60,300 387,729
- --------------------------------------------------------------------------------
Qwest Communications
International, Inc. 1 400,000 1,596,000
- --------------------------------------------------------------------------------
SBC Communications,
Inc. 200,000 4,672,000
- --------------------------------------------------------------------------------
Verizon Communications,
Inc. 200,000 6,972,000
- --------------------------------------------------------------------------------
Warwick Valley
Telephone Co. 1,000 87,500
------------
25,070,097
- --------------------------------------------------------------------------------
Wireless Telecommunication Services--0.5%
Boston Communications
Group, Inc. 1 104,100 1,229,421
- --------------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 10,500 59,220
- --------------------------------------------------------------------------------
Dobson Communications
Corp., Cl. A 1 31,600 203,504
- --------------------------------------------------------------------------------
Nextel Communications,
Inc., Cl. A 1 110,000 2,008,600
- --------------------------------------------------------------------------------
Wireless Facilities, Inc. 1 81,400 983,312
------------
4,484,057
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Utilities--1.9%
- --------------------------------------------------------------------------------
Electric Utilities--0.6%
Black Hills Corp. 7,800 $ 239,382
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 280,000 377,774
- --------------------------------------------------------------------------------
Central Vermont Public
Service Corp. 1,500 32,430
- --------------------------------------------------------------------------------
CH Energy Group, Inc. 24,900 1,079,415
- --------------------------------------------------------------------------------
Exelon Corp. 28,800 1,655,136
- --------------------------------------------------------------------------------
Green Mountain Power
Corp. 9,600 208,896
- --------------------------------------------------------------------------------
MGE Energy, Inc. 4,100 128,453
- --------------------------------------------------------------------------------
Puget Energy, Inc. 23,400 511,758
- --------------------------------------------------------------------------------
Southern Co. 6,300 179,172
- --------------------------------------------------------------------------------
Texas Genco Holdings,
Inc. 7,155 171,720
- --------------------------------------------------------------------------------
Wisconsin Energy
Corp. 46,300 1,303,345
---------------
5,887,481
- --------------------------------------------------------------------------------
Gas Utilities--0.6%
Chesapeake Utilities
Corp. 15,400 363,440
- --------------------------------------------------------------------------------
Energen Corp. 39,700 1,377,590
- --------------------------------------------------------------------------------
EnergySouth, Inc. 1,400 45,136
- --------------------------------------------------------------------------------
Laclede Group,
Inc. (The) 1,000 27,300
- --------------------------------------------------------------------------------
New Jersey Resources
Corp. 12,100 422,048
- --------------------------------------------------------------------------------
ONEOK, Inc. 25,400 529,844
- --------------------------------------------------------------------------------
South Jersey Industries,
Inc. 2,100 79,485
- --------------------------------------------------------------------------------
Southwestern Energy
Co. 1 113,100 1,719,120
- --------------------------------------------------------------------------------
UGI Corp. 34,350 1,084,429
- --------------------------------------------------------------------------------
WGL Holdings, Inc. 8,700 221,937
---------------
5,870,329
30 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Multi-Utilities & Unregulated Power--0.7%
Avista Corp. 4,300 $ 63,425
- --------------------------------------------------------------------------------
Equitable Resources,
Inc. 23,400 903,942
- --------------------------------------------------------------------------------
Questar Corp. 58,500 1,869,075
- --------------------------------------------------------------------------------
Williams Cos.,
Inc. (The) 500,000 3,175,000
------------
6,011,442
- --------------------------------------------------------------------------------
Water Utilities--0.0%
American States Water
Co. 1,200 32,028
------------
Total Common Stocks
(Cost $797,551,069) 945,825,816
- --------------------------------------------------------------------------------
Preferred Stocks--0.0%
Astronics Corp., Cl. B 1,2
(Cost $12,936) 1,850 8,787
Units
- --------------------------------------------------------------------------------
Rights, Warrants and Certificates--0.0%
Canadian Superior
Energy, Inc. Wts.,
Exp. 3/14/04 1,2 600,000 426
- --------------------------------------------------------------------------------
Fedders Corp. Rts.,
Exp. 8/12/03 1 1,970 59
------------
Total Rights, Warrants
and Certificates (Cost $466) 485
Principal Market Value
Amount See Note 1
- --------------------------------------------------------------------------------
Joint Repurchase Agreements--1.3%
Undivided interest of 1.26%
in joint repurchase agreement
(Principal Amount/Market
Value $1,000,213,000,
with a maturity value
of $1,000,242,451) with
PaineWebber, Inc., 1.06%,
dated 7/31/03, to be
repurchased at $12,632,372
on 8/1/03, collateralized by
Federal National Mortgage
Assn., 5%--6%, 6/1/18--5/1/33,
with a value of $1,022,331,088
(Cost $12,632,000) $12,632,000 $12,632,000
- -------------------------------------------------------------------------------
Total Investments,
at Value
(Cost $810,196,471) 100.4% 958,467,088
- -------------------------------------------------------------------------------
Liabilities in Excess
of Other Assets (0.4) (4,211,614)
----------------------
Net Assets 100.0% $954,255,474
======================
Footnotes to Statement of Investments
1. Non-income producing security.
2. Identifies issues considered to be illiquid or restricted.
See Note 6 of Notes to Financial Statements.
See accompanying Notes to Financial Statements.
31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2003
- --------------------------------------------------------------------------------
Assets
Investments, at value (cost $810,196,471)--see
accompanying statement $ 958,467,088
- --------------------------------------------------------------------------------
Cash 2,017,823
- --------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 5,577,631
Shares of beneficial interest sold 2,887,433
Interest and dividends 717,171
Other 2,637
---------------
Total assets 969,669,783
- --------------------------------------------------------------------------------
Liabilities
Payables and other liabilities:
Investments purchased 13,770,938
Shares of beneficial interest redeemed 1,097,096
Transfer and shareholder servicing agent fees 216,333
Distribution and service plan fees 196,903
Shareholder reports 82,464
Trustees' compensation 43
Other 50,532
---------------
Total liabilities 15,414,309
- --------------------------------------------------------------------------------
Net Assets $ 954,255,474
===============
- --------------------------------------------------------------------------------
Composition of Net Assets
Paid-in capital $ 911,941,997
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments
and foreign currency transactions (105,956,875)
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments
and translation of assets and
liabilities denominated in foreign currencies 148,270,352
---------------
Net Assets $ 954,255,474
===============
32 | 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
$501,276,935 and 46,867,939 shares of
beneficial interest outstanding) $10.70
Maximum offering price per share (net
asset value plus sales charge of
5.75% of offering price) $11.35
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price
(excludes applicable contingent deferred
sales charge) and offering price per
share (based on net assets of $237,001,669
and 22,646,138 shares of beneficial interest outstanding) $10.47
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price
(excludes applicable contingent deferred
sales charge) and offering price per
share (based on net assets of $198,179,896
and 18,918,367 shares of beneficial interest outstanding) $10.48
- --------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price
(excludes applicable contingent deferred
sales charge) and offering price per
share (based on net assets of $13,368,785
and 1,258,458 shares of beneficial interest outstanding) $10.62
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $4,428,189 and 410,556 shares
of beneficial interest outstanding) $10.79
See accompanying Notes to Financial Statements.
33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2003
- --------------------------------------------------------------------------------
Investment Income
Dividends (net of foreign withholding
taxes of $53,098) $ 8,550,149
- --------------------------------------------------------------------------------
Interest 171,165
-------------
Total investment income 8,721,314
- --------------------------------------------------------------------------------
Expenses
Management fees 5,094,428
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 909,344
Class B 1,868,759
Class C 1,589,495
Class N 42,505
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 933,033
Class B 743,448
Class C 358,618
Class N 22,724
Class Y 1,451
- --------------------------------------------------------------------------------
Trustees' compensation 20,369
- --------------------------------------------------------------------------------
Custodian fees and expenses 18,567
- --------------------------------------------------------------------------------
Other 32,214
-------------
Total expenses 11,634,955
Less reduction to custodian expenses (2,551)
Less voluntary waiver of transfer and shareholder
servicing agent fees--Class B (97,900)
-------------
Net expenses 11,534,504
- --------------------------------------------------------------------------------
Net Investment Loss (2,813,190)
- --------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (67,453,821)
Foreign currency transactions 309,358
-------------
Net realized loss (67,144,463)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 182,538,096
Translation of assets and liabilities
denominated in foreign currencies 1,269,389
-------------
Net change in unrealized appreciation 183,807,485
- --------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations $113,849,832
=============
See accompanying Notes to Financial Statements.
34 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended July 31, 2003 2002
- ----------------------------------------------------------------------------------------------
Operations
Net investment loss $ (2,813,190) $ (3,290,757)
- ----------------------------------------------------------------------------------------------
Net realized loss (67,144,463) (36,196,763)
- ----------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) 183,807,485 (46,081,111)
--------------------------------------
Net increase (decrease) in net assets
resulting from operations 113,849,832 (85,568,631)
- ----------------------------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial
interest transactions:
Class A 140,766,279 222,412,681
Class B 41,118,144 140,078,561
Class C 33,442,684 117,316,115
Class N 6,495,545 5,953,972
Class Y 1,145,255 3,017,289
- ----------------------------------------------------------------------------------------------
Net Assets
Total increase 336,817,739 403,209,987
- ----------------------------------------------------------------------------------------------
Beginning of period 617,437,735 214,227,748
--------------------------------------
End of period [including accumulated
net investment loss of $52,948 for
the year ended July 31, 2002] $954,255,474 $617,437,735
======================================
See accompanying Notes to Financial Statements.
35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS
Class A Year Ended July 31, 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $9.28 $10.47 $10.00
- ----------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (.01) (.04) -- 2
Net realized and unrealized gain (loss) 1.43 (1.15) .48
-----------------------------------
Total from investment operations 1.42 (1.19) .48
- ----------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- (.01)
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $10.70 $9.28 $10.47
===================================
- ----------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 3 15.30% (11.37)% 4.76%
- ----------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $501,277 $300,244 $119,194
- ----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $362,221 $248,681 $ 48,406
- ----------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.02)% (0.36)% (0.11)%
Expenses, gross 1.23% 1.30% 1.33%
Expenses, net 1.23% 5 1.30% 5,6 1.33% 5
- ----------------------------------------------------------------------------------------------------
Portfolio turnover rate 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period (or commencement of operations), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
See accompanying Notes to Financial Statements.
36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Class B Year Ended July 31, 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $ 9.15 $10.40 $10.00
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.07) (.06) (.03)
Net realized and unrealized gain (loss) 1.39 (1.19) .43
------------------------------------------
Total from investment operations 1.32 (1.25) .40
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- --
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.47 $9.15 $10.40
==========================================
- -----------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 14.43% (12.02)% 4.00%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $237,002 $167,906 $51,412
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $187,066 $117,801 $17,362
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.85)% (1.11)% (0.99)%
Expenses, gross 2.12% 2.05% 2.15%
Expenses, net 2.07% 4,5 2.05% 4,6 2.15% 4
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period (or commencement of operations), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary waiver of transfer agent fees.
6. Voluntary waiver of transfer agent fees less than 0.01%.
See accompanying Notes to Financial Statements.
37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS Continued
Class C Year Ended July 31, 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $9.15 $10.40 $10.00
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.06) (.06) (.03)
Net realized and unrealized gain (loss) 1.39 (1.19) .43
------------------------------------------
Total from investment operations 1.33 (1.25) .40
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- --
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.48 $9.15 $10.40
==========================================
- -----------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 14.54% (12.02)% 4.00%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $198,180 $141,434 $43,613
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $159,105 $ 97,899 $16,456
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.73)% (1.11)% (0.98)%
Expenses, gross 1.95% 2.05% 2.15%
Expenses, net 1.95% 4 2.05% 4,5 2.15% 4
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of
the fiscal period (or commencement of operations), with all dividends and
distributions reinvested in additional shares on the reinvestment date, and
redemption at the net asset value calculated on the last business day of the
fiscal period. Sales charges are not reflected in the total returns. Total
returns are not annualized for periods of less than one full year. Returns do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
See accompanying Notes to Financial Statements.
38 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Class N Year Ended July 31, 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $ 9.23 $10.45 $ 9.84
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.03) (.03) (.01)
Net realized and unrealized gain (loss) 1.42 (1.19) .62
------------------------------------------
Total from investment operations 1.39 (1.22) .61
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- --
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.62 $9.23 $10.45
==========================================
- -----------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 15.06% (11.67)% 6.20%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $13,369 $5,158 $8
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 8,524 $2,026 $3
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.30)% (0.67)% (0.64)%
Expenses, gross 1.49% 1.58% 1.57%
Expenses, net 1.49% 4 1.58% 4,5 1.57% 4
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 165% 165% 92%
1. For the period from March 1, 2001 (inception of offering) to July 31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
See accompanying Notes to Financial Statements.
39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS Continued
Class Y Year Ended July 31, 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $ 9.31 $10.48 $ 10.00
- -----------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) .02 (.03) .02
Net realized and unrealized gain (loss) 1.46 (1.14) .47
------------------------------------------
Total from investment operations 1.48 (1.17) .49
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- (.01)
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.79 $9.31 $10.48
==========================================
- -----------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 15.90% (11.16)% 4.94%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $4,428 $2,696 $1
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $3,102 $1,953 $1
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.44% (0.07)% 0.35%
Expenses, gross 0.77% 1.04% 168.30% 4
Expenses, net 0.77% 5 1.00% 5,6 1.01% 5
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period (or commencement of operations), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Added since July 31, 2001 to reflect expenses before reduction to custodian
expenses and voluntary waiver of transfer agent fees.
5. Reduction to custodian expenses less than 0.01%.
6. Net of voluntary waiver of transfer agent fees.
See accompanying Notes to Financial Statements.
40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Oppenheimer Main Street Opportunity Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund's investment objective is to seek long-term
capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc.
(the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class
A shares are sold at their offering price, which is normally net asset value
plus a front-end sales charge. Class B, Class C and Class N shares are sold
without a front-end sales charge but may be subject to a contingent deferred
sales charge (CDSC). Class N shares are sold only through retirement plans.
Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC. All classes of shares have identical
rights and voting privileges. Earnings, net assets and net asset value per
share may differ by minor amounts due to each class having its own expenses
directly attributable to that class. Classes A, B, C and N have separate
distribution and/or service plans. No such plan has been adopted for Class Y
shares. Class B shares will automatically convert to Class A shares six years
after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
Securities Valuation. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing bid and asked
prices, and if not, at the closing bid price. Securities (including restricted
securities) for which quotations are not readily available are valued primarily
using dealer-supplied valuations, a portfolio pricing service authorized by the
Board of Trustees, or at their fair value. Fair value is determined in good
faith using consistently applied procedures under the supervision of the Board
of Trustees. Short-term "money market type" debt securities with remaining
maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
Foreign Currency Translation. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains
and losses in the Fund's Statement of Operations.
41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
1. Significant Accounting Policies Continued
Joint Repurchase Agreements. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint
trading accounts on a daily basis. Secured by U.S. government securities, these
balances are invested in one or more repurchase agreements. Securities pledged
as collateral for repurchase agreements are held by a custodian bank until the
agreements mature. Each agreement requires that the market value of the
collateral be sufficient to cover payments of interest and principal. In the
event of default by the other party to the agreement, retention of the
collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
Federal Taxes. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years
and unrealized appreciation or depreciation of investment for federal income
tax purposes.
Net Unrealized
Undistributed Appreciation Based
Net Undistributed Accumulated on Cost of Securities
Investment Long-Term Loss for Federal Income
Income Gain Carryforward 1,2,3 Tax Purposes
------------------------------------------------------------------------------
$-- $-- $103,602,101 $145,915,578
1. As of July 31, 2003, the Fund had $79,504,753 of net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of July 31, 2003, details
of the capital loss carryforwards were as follows:
Expiring
----------------------
2009 $ 66,509
2010 8,390,169
2011 71,048,075
-----------
Total $79,504,753
===========
2. During the fiscal years ended July 31, 2003 and July 31, 2002, the Fund did
not utilize any capital loss carryforwards.
3. As of July 31, 2003, the Fund had $24,097,348 of post-October losses
available to offset future capital gains, if any. Such losses, if unutilized,
will expire in 2012.
42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly,
the following amounts have been reclassified for July 31, 2003. Net assets of
the Fund were unaffected by the reclassifications.
From To Net
Ordinary Capital Tax Return Investment
Loss Loss of Capital Loss
- ------------------------------------------------------------------------------------------
$2,866,138 $209,393 $-- $2,656,747
No distributions were paid during the years ended July 31, 2003 and July 31,
2002.
The aggregate cost of investments and the composition of unrealized
appreciation and depreciation of investments for federal income tax purposes as
of July 31, 2003 are noted below. The primary difference between book and tax
appreciation or depreciation of investments, if applicable, is attributable to
the tax deferral of losses or tax realization of financial statement unrealized
gain or loss.
Federal Tax Cost $812,551,245
============
Gross unrealized appreciation $160,595,716
Gross unrealized depreciation (14,680,138)
------------
Net unrealized appreciation $145,915,578
============
- --------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
Investment Income. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
Expense Offset Arrangement. The reduction of custodian fees represents earnings
on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
Security Transactions. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
Other. The preparation of financial statements in conformity with 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 income and
expenses during the reporting period. Actual results could differ from those
estimates.
43 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
Year Ended July 31, 2003 Year Ended July 31, 2002
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------
Class A
Sold 30,151,690 $ 283,177,487 29,059,391 $302,266,820
Redeemed (15,652,085) (142,411,208) (8,078,574) (79,854,139)
----------------------------------------------------------------------
Net increase 14,499,605 $ 140,766,279 20,980,817 $222,412,681
======================================================================
- -----------------------------------------------------------------------------------------------
Class B
Sold 10,206,409 $ 93,887,151 16,915,660 $174,980,623
Redeemed (5,905,136) (52,769,007) (3,512,159) (34,902,062)
----------------------------------------------------------------------
Net increase 4,301,273 $ 41,118,144 13,403,501 $140,078,561
======================================================================
- -----------------------------------------------------------------------------------------------
Class C
Sold 8,363,125 $ 76,878,026 12,927,278 $133,523,194
Redeemed (4,901,031) (43,435,342) (1,663,631) (16,207,079)
----------------------------------------------------------------------
Net increase 3,462,094 $ 33,442,684 11,263,647 $117,316,115
======================================================================
- -----------------------------------------------------------------------------------------------
Class N
Sold 856,590 $ 7,950,997 639,562 $ 6,758,151
Redeemed (156,646) (1,455,452) (81,811) (804,179)
----------------------------------------------------------------------
Net increase 699,944 $ 6,495,545 557,751 $ 5,953,972
======================================================================
- -----------------------------------------------------------------------------------------------
Class Y
Sold 246,796 $ 2,311,010 324,758 $ 3,374,585
Redeemed (125,691) (1,165,755) (35,407) (357,296)
----------------------------------------------------------------------
Net increase 121,105 $ 1,145,255 289,351 $ 3,017,289
======================================================================
- --------------------------------------------------------------------------------
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended July 31, 2003, were
$1,397,013,686 and $1,175,229,859, respectively.
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at
annual rate of 0.75% of the first $200 million of average annual net assets of
the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66%
of the next $200 million, and 0.60% of average annual net assets in excess of
$800 million.
44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the year ended July 31, 2003, the Fund
paid $1,956,490 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $5,000 for
assets of less than $10 million and $10,000 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.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees up to an annual rate of 0.35% of average annual net assets for all
classes. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
Distribution and Service Plan (12b-1) Fees. Under its General Distributor's
Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
Aggregate Class A Concessions Concessions Concessions Concessions
Front-End Front-End on Class A on Class B on Class C on Class N
Sales Charges Sales Charges Shares Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by Advanced by
Year Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 Distributor 1
- -------------------------------------------------------------------------------------------------------------------------
July 31, 2003 $1,461,338 $421,853 $52,085 $1,971,274 $502,343 $46,862
1. The Distributor advances concession payments to dealers for certain sales of
Class A shares and for sales of Class B, Class C and Class N shares from its own
resources at the time of sale.
Class A Class B Class C Class N
Contingent Contingent Contingent Contingent
Deferred Deferred Deferred Deferred
Sales Charges Sales Charges Sales Charges Sales Charges
Retained by Retained by Retained by Retained by
Year Ended Distributor Distributor Distributor Distributor
- ----------------------------------------------------------------------------------------------------
July 31, 2003 $11,171 $514,149 $40,371 $8,593
- --------------------------------------------------------------------------------
Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class
A Shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.25% of the average annual net assets of
Class A shares of the Fund. For the year ended July 31, 2003, expense under the
Class A Plan totaled $909,344, all of which were paid by the Distributor to
recipients, which included $503 retained by the Distributor and $37,501 which
was paid to an affiliate of the Manager. Any unreimbursed expenses the
Distributor incurs with respect to Class A shares in any fiscal year cannot be
recovered in subsequent years.
45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates Continued
Distribution and Service Plans for Class B, Class C and Class N Shares. The
Fund has adopted Distribution and Service Plans for Class B, Class C and Class
N shares. Under the plans, the Fund pays the Distributor an annual asset-based
sales charge of 0.75% per year on Class B shares and on Class C shares and the
Fund pays the Distributor an annual asset-based sales charge of 0.25% per year
on Class N shares. The Distributor also receives a service fee of 0.25% per
year under each plan.
Distribution fees paid to the Distributor for the year ended July 31, 2003,
were as follows:
Distributor's
Distributor's Aggregate
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
- ----------------------------------------------------------------------------------------------------
Class B Plan $1,868,759 $1,574,512 $5,604,364 2.36%
Class C Plan 1,589,495 641,330 1,909,156 0.96
Class N Plan 42,505 37,293 213,930 1.60
- --------------------------------------------------------------------------------
5. Foreign Currency Contracts
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation
or depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gain or loss. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of July 31, 2003, the Fund had no outstanding foreign currency contracts.
46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
6. Illiquid or Restricted Securities
As of July 31, 2003, investments in securities included issues that are
illiquid or restricted. Restricted securities are purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of July 31, 2003 was
$660,694, which represents 0.07% of the Fund's net assets, of which $651,481 is
considered restricted. Information concerning restricted securities is as
follows:
Acquisition Valuation as of Unrealized
Security Date Cost July 31, 2003 Depreciation
- --------------------------------------------------------------------------------------------------------
Stocks and/or Warrants
Esprit Exploration Ltd. 6/4/02 $661,668 $651,481 $10,187
47 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
Oppenheimer Main Street Opportunity Fund:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Opportunity Fund, including the statement of
investments, as of July 31, 2003, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, and the financial highlights for the
periods indicated. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of July 31, 2003, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Opportunity Fund as of July 31, 2003, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for the
periods indicated, in conformity with accounting principles generally accepted
in the United States of America.
Deloitte & Touche LLP
Denver, Colorado
August 21, 2003
48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FEDERAL INCOME TAX INFORMATION Unaudited
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In early 2004, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2003. Regulations of the U.S. Treasury Department require the
Fund to report this information to the Internal Revenue Service.
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.
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES Unaudited
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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 1.800.225.5677, (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 will be required to file new Form N-PX, with its complete
proxy voting record for the 12 months ended June 30th, no later than August
31st of each year. The first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with Principal Occupation(s) During Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age Held by Trustee; Number of Portfolios in Fund Complex Currently Overseen by
Trustee
INDEPENDENT The address of each Trustee in the chart below is 6803 S. Tucson Way,
TRUSTEES Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his
or her resignation, retirement, death or removal.
James C. Swain, Formerly, Chief Executive Officer (until August 27, 2002) of the Board II Funds,
Chairman and Trustee Vice Chairman (until January 2, 2002) of OppenheimerFunds, Inc. (the Manager)
(since 2000) and President and a director (until 1997) of Centennial Asset Management
Age: 69 Corporation (a wholly-owned investment advisory subsidiary of the Manager).
Oversees 43 portfolios in the OppenheimerFunds complex.
William L. Armstrong, Chairman of the following private mortgage banking companies: Cherry Creek
Vice Chairman (since 2003) Mortgage Company (since 1991), Centennial State Mortgage Company (since 1994),
and Trustee (since 2000) The El Paso Mortgage Company (since 1993), Transland Financial Services, Inc.
Age: 66 (since 1997); Chairman of the following private companies: Great Frontier
Insurance (insurance agency) (since 1995), Ambassador Media Corporation and
Broadway Ventures (since 1984); a director of the following public companies:
Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992)
and UNUMProvident (insurance company) (since 1991). Mr. Armstrong is also a
Director/Trustee of Campus Crusade for Christ and the Bradley Foundation.
Formerly a director of the following: Storage Technology Corporation (a
publicly-held computer equipment company) (1991-February 2003), and
International Family Entertainment (television channel) (1992-1997), Frontier
Real Estate, Inc. (residential real estate brokerage) (1994-1999), and Frontier
Title (title insurance agency) (1995-June 1999); a U.S. Senator (January
1979-January 1991). Oversees 43 portfolios in the OppenheimerFunds complex.
Robert G. Avis, Formerly, Director and President of A.G. Edwards Capital, Inc. (General Partner
Trustee (since 2000) of private equity funds) (until February 2001); Chairman, President and Chief
Age: 72 Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Vice
Chairman and Director of A.G. Edwards, Inc. and Vice Chairman of A.G. Edwards &
Sons, Inc. (its brokerage company subsidiary) (until March 1999); Chairman of
A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor)
(until March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and
A.G. Edwards Trust Company. Oversees 43 portfolios in the OppenheimerFunds
complex.
George C. Bowen, Formerly (until April 1999): Senior Vice President (from September 1987) and
Trustee (since 2000) Treasurer (from March 1985) of the Manager; Vice President (from June 1983) and
Age: 66 Treasurer (since March 1985) of OppenheimerFunds Distributor, Inc. (a subsidiary
of the Manager); Senior Vice President (since February 1992), Treasurer (since
July 1991) Assistant Secretary and a director (since December 1991) of
Centennial Asset Management Corporation; Vice President (since October 1989) and
Treasurer (since April 1986) of HarbourView Asset Management Corporation (an
investment advisory subsidiary of the Manager); President, Treasurer and a
director (June 1989-January 1990) of Centennial Capital Corporation (an
investment advisory subsidiary of the Manager); Vice President and Treasurer
(since August 1978) and Secretary (since April 1981) of Shareholder Services,
Inc. (a transfer agent subsidiary of the Manager); Vice President, Treasurer and
Secretary (since November 1989) of Shareholder Financial Services, Inc. (a
transfer agent subsidiary of the Manager); Assistant Treasurer (since March
1998) of Oppenheimer Acquisition Corp. (the Manager's parent corporation);
Treasurer (since November 1989) of Oppenheimer Partnership Holdings, Inc. (a
holding company subsidiary of the Manager);
50 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
George C. Bowen, Vice President and Treasurer (since July 1996) of Oppenheimer Real Asset
Continued Management, Inc. (an investment advisory subsidiary of the Manager); Chief
Executive Officer and director (since March 1996) of MultiSource Services, Inc.
(a broker-dealer subsidiary of the Manager); Treasurer (since October 1997) of
OppenheimerFunds International Ltd. and OppenheimerFunds plc (offshore fund
management subsidiaries of the Manager). Oversees 43 portfolios in the
OppenheimerFunds complex.
Edward L. Cameron, A member of The Life Guard of Mount Vernon, George Washington's home (since June
Trustee (since 2000) 2000). Formerly (March 2001 - May 2002) Director of Genetic ID, Inc. and its
Age: 64 subsidiaries (a privately held biotech company); a partner with
PricewaterhouseCoopers LLP (from 1974-1999) (an accounting firm) and Chairman
(from 1994-1998), Price Waterhouse LLP Global Investment Management Industry
Services Group. Oversees 43 portfolios in the OppenheimerFunds complex.
Jon S. Fossel, Chairman and Director (since 1998) of Rocky Mountain Elk Foundation (a
Trustee (since 2000) not-for-profit foundation); and a director (since October 1999) of P.R.
Age: 61 Pharmaceuticals (a privately held company) and UNUMProvident (an insurance
company) (since June 1, 2002). Formerly Chairman and a director (until October
1996) and President and Chief Executive Officer (until October 1995) of the
Manager; President, Chief Executive Officer and a director of Oppenheimer
Acquisition Corp., Shareholders Services Inc. and Shareholder Financials
Services, Inc. (until October 1995). Oversees 43 portfolios in the
OppenheimerFunds complex.
Sam Freedman, Director of Colorado Uplift (a non-profit charity) (since September 1984).
Trustee (since 2000) Formerly (until October 1994) Mr. Freedman held several positions in subsidiary
Age: 62 or affiliated companies of the Manager. Oversees 43 portfolios in the
OppenheimerFunds complex.
Beverly L. Hamilton, Trustee (since 1996) of MassMutual Institutional Funds and of MML Series
Trustee (since 2002) Investment Fund (open-end investment companies); Director of MML Services (since
Age: 56 April 1987) and America Funds Emerging Markets Growth Fund (since October 1991)
(both are investment companies), The California Endowment (a philanthropy
organization) (since April 2002), and Community Hospital of Monterey Peninsula,
(since February 2002); a trustee (since February 2000) of Monterey International
Studies (an educational organization), and an advisor to Unilever (Holland)'s
pension fund and to Credit Suisse First Boston's Sprout venture capital unit.
Mrs. Hamilton also is a member of the investment committees of the Rockefeller
Foundation, the University of Michigan and Hartford Hospital. Formerly,
President (February 1991-April 2000) ARCO Investment Management Company.
Oversees 44 portfolios in the OppenheimerFunds complex.
Robert J. Malone, Director (since 2001) of Jones Knowledge, Inc. (a privately held company), U.S.
Trustee (since 2002) Exploration, Inc., (since 1997), Colorado UpLIFT (a non-profit organization)
Age: 58 (since 1986) and a trustee of the Gallagher Family Foundation (non-profit
organization) (since 2000). Formerly, Chairman of U.S. Bank (a subsidiary of
U.S. Bancorp and formerly Colorado National Bank,) (July 1996-April 1, 1999) and
a director of Commercial Assets, Inc. (a REIT) (1993-2000). Oversees 44
portfolios in the OppenheimerFunds complex.
F. William Marshall, Jr., Trustee (since 1996) of MassMutual Institutional Funds and of MML Series
Trustee (since 2000) Investment Fund (open-end investment companies); Trustee (since 1987), Chairman
Age: 61 of the Board (since 2003) and Chairman of the investment committee (since 1994)
for the Worcester Polytech Institute; President and Treasurer (since
51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
TRUSTEES AND OFFICERS Unaudited / Continued
F. William Marshall, Jr., January 1999) of the SIS Fund (a private not for profit charitable fund);
Continued Trustee (since 1995) of the Springfield Library and Museum Association; Trustee
(since 1996) of the Community Music School of Springfield. Formerly, member of
the investment committee of the Community Foundation of Western Massachusetts
(1998 - 2003); Chairman (January 1999-July 1999) of SIS & Family Bank, F.S.B.
(formerly SIS Bank); President, Chief Executive Officer and Director (May
1993-December 1998) of SIS Bankcorp, Inc. and SIS Bank (formerly Springfield
Institution for Savings) and Executive Vice President (January 1999-July 1999)
of Peoples Heritage Financial Group, Inc. Oversees 43 portfolios in the
OppenheimerFunds complex.
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INTERESTED TRUSTEE The address of Mr. Murphy in the chart below is 498 Seventh Avenue, New York, NY
AND OFFICER 10018. Mr. Murphy serves for an indefinite term, until his resignation, death or
removal.
John V. Murphy, Chairman, Chief Executive Officer and director (since June 2001) and President
President and Trustee (since September 2000) of the Manager; President and a director or trustee of
(since 2001) other Oppenheimer funds; President and a director (since July 2001) of
Age: 54 Oppenheimer Acquisition Corp. and of Oppenheimer Partnership Holdings, Inc.; a
director (since November 2001) of OppenheimerFunds Distributor, Inc.; Chairman
and a director (since July 2001) of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc.; President and a director (since July 2001)
of OppenheimerFunds Legacy Program (a charitable trust program established by
the Manager); a director of the following investment advisory subsidiaries of
OppenheimerFunds, Inc.: OFI Institutional Asset Management, Inc. and Centennial
Asset Management Corporation (since November 2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc. (since July 2001); President
(since November 1, 2001) and a director (since July 2001) of Oppenheimer Real
Asset Management, Inc.; a director (since November 2001) of Trinity Investment
Management Corp. and Tremont Advisers, Inc. (investment advisory affiliates of
the Manager); Executive Vice President (since February 1997) of Massachusetts
Mutual Life Insurance Company (the Manager's parent company); a director (since
June 1995) of DLB Acquisition Corporation (a holding company that owns shares of
David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September
2000-June 2001) of the Manager; President and trustee (November 1999-November
2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end
investment companies); a director (September 1999-August 2000) of C.M. Life
Insurance Company; President, Chief Executive Officer and director (September
1999-August 2000) of MML Bay State Life Insurance Company; a director (June
1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a
wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 73 portfolios in the
OppenheimerFunds complex.
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OFFICERS The address of the Officers in the chart below is as follows: for Messrs.
Albers, Monoyios and Zack, 498 Seventh Avenue, New York, NY 10018, for Mr.
Wixted, 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Officer serves for
an annual term or until his or her earlier resignation, death or removal.
Charles Albers, Senior Vice President (since April 1998) of the Manager; a Certified Financial
Vice President (since 2000) Analyst; an officer of 6 portfolios in the OppenheimerFunds complex; formerly a
Age: 62 Vice President and portfolio manager for Guardian Investor Services, the
investment management subsidiary of The Guardian Life Insurance Company (1972 -
April 1998).
52 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
Nikolaos D. Monoyios, Vice President of the Manager (since April 1998); an officer of 4 portfolios in
Vice President (since 2000) the OppenheimerFunds complex; a Certified Financial Analyst; formerly a Vice
Age: 53 President and portfolio manager for Guardian Investor Services, the investment
management subsidiary of The Guardian Life Insurance Company (1979 - March
1998).
Brian W. Wixted, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer
Treasurer (since 1999) (since March 1999) of HarbourView Asset Management Corporation, Shareholder
Age: 43 Services, Inc., Oppenheimer Real Asset Management Corporation, Shareholder
Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private
Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and
OppenheimerFunds plc (offshore fund management subsidiary of the Manager) (since
May 2000) and OFI Institutional Asset Management, Inc. (since November 2000);
Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust
Company (a trust company subsidiary of the Manager); Assistant Treasurer (since
March 1999) of Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program
(since April 2000); formerly Principal and Chief Operating Officer (March
1995-March 1999), Bankers Trust Company-Mutual Fund Services Division. An
officer of 89 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Senior Vice President (since May 1985) and General Counsel (since February 2002)
Vice President & Secretary of the Manager; General Counsel and a director (since November 2001) of
(since 2001) OppenheimerFunds Distributor, Inc.; Senior Vice President and General Counsel
Age: 54 (since November 2001) of HarbourView Asset Management Corporation; Vice
President and a director (since November 2000) of Oppenheimer Partnership
Holdings, Inc.; Senior Vice President, General Counsel and a director (since
November 2001) of Shareholder Services, Inc., Shareholder Financial Services,
Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI
Institutional Asset Management, Inc.; General Counsel (since November 2001) of
Centennial Asset Management Corporation; a director (since November 2001) of
Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director
(since November 2001) of OppenheimerFunds International Ltd.; Vice President
(since November 2001) of OppenheimerFunds Legacy Program; Secretary (since
November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel
(November 2001-February 2002) and Associate General Counsel (May 1981-October
2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May
1985-November 2001), Shareholder Financial Services, Inc. (November
1989-November 2001); OppenheimerFunds International Ltd. And OppenheimerFunds
plc (October 1997-November 2001). An officer of 89 portfolios in the
OppenheimerFunds complex.
The Fund's Statement of Additional Information contains additional information
about the Fund's Trustee's and is available without charge upon request.
53 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
ITEM 2. CODE OF ETHICS
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Fund has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, possesses the technical
attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert," and has designated Mr. Cameron as the
Audit Committee's financial expert. Mr. Cameron is an "independent" Trustee
pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. RESERVED
ITEM 9. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of July 31, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to be appropriately
designed to ensure that information required to be disclosed by
registrant in the reports that it files under the Securities Exchange
Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal
financial officer, to allow timely decisions regarding required
disclosure, and (b) is recorded, processed, summarized and reported,
within the time periods specified in the rules and forms adopted by the
U.S. Securities and Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls or in other factors that could significantly affect
registrant's internal controls subsequent to the date of the most
recent evaluation as indicated, including no significant deficiencies
or material weaknesses that required corrective action.
ITEM 10. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)