UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10001
Oppenheimer Main Street Opportunity Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: July 31
Date of reporting period: August 1, 2003 - January 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
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STATEMENT OF INVESTMENTS January 31, 2004 / Unaudited
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MARKET VALUE
SHARES SEE NOTE 1
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COMMON STOCKS--97.1%
- --------------------------------------------------------------------------
CONSUMER DISCRETIONARY--15.2%
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AUTO COMPONENTS--1.2%
American Axle &
Manufacturing
Holdings, Inc. 1 60,100 $ 2,329,476
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ArvinMeritor, Inc. 66,500 1,476,300
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Autoliv, Inc. 29,300 1,211,555
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Dana Corp. 102,700 2,136,160
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Delphi Corp. 188,800 1,997,504
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Drew Industries, Inc. 1 70,300 1,919,190
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Dura Automotive
Systems, Inc. 1 33,000 486,750
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Goodyear Tire &
Rubber Co. 1 258,400 2,454,800
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IMPCO Technologies,
Inc. 1 36,300 299,475
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Keystone Automotive
Industries, Inc. 1 14,600 419,896
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Modine
Manufacturing Co. 33,800 904,826
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Quantum Fuel
Systems Technologies
Worldwide, Inc. 1 122,800 1,105,077
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Raytech Corp. 1 3,900 14,040
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Sauer-Danfoss, Inc. 16,300 221,028
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Spartan Motors, Inc. 9,600 95,520
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Sports Resorts
International, Inc. 1 2,000 9,380
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Stoneridge, Inc. 1 7,500 111,300
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Strattec Security Corp. 1 3,200 201,600
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Tenneco
Automotive, Inc. 1 101,600 1,078,992
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Visteon Corp. 109,500 1,171,650
---------------
19,644,519
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AUTOMOBILES--0.2%
Coachmen
Industries, Inc. 11,300 209,728
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Ford Motor Co. 229,800 3,341,292
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Harley-Davidson, Inc. 1,400 71,456
---------------
3,622,476
MARKET VALUE
SHARES SEE NOTE 1
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DISTRIBUTORS--0.1%
Andersons, Inc. (The) 5,700 $ 103,056
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Handleman Co. 13,800 302,358
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Pomeroy Computer
Resources, Inc. 2,900 43,210
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Source Information
Management Co.
(The) 1 43,600 568,980
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WESCO International,
Inc. 1 100 1,026
---------------
1,018,630
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HOTELS, RESTAURANTS & LEISURE--2.0%
AFC Enterprises, Inc. 1 1,900 45,030
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Ambassadors
Group, Inc. 4,300 97,610
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Argosy Gaming Co. 1 7,900 215,670
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Aztar Corp. 1 117,000 2,603,250
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Brinker
International, Inc. 1 49,000 1,732,150
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Buffalo Wild Wings,
Inc. 1 28,800 744,480
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CBRL Group, Inc. 46,100 1,730,133
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CEC Entertainment,
Inc. 1 39,300 1,873,824
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Checkers Drive-In
Restaurants, Inc. 1 16,200 167,022
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Choice Hotels
International, Inc. 67,400 2,561,200
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Dave & Buster's, Inc. 1 102,200 1,274,434
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Dover Downs
Gaming &
Entertainment, Inc. 24,300 249,561
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Frisch's Restaurants,
Inc. 2,100 66,465
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Geo Group, Inc. (The) 1 22,900 521,891
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GTech Holdings Corp. 5,400 300,294
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Harrah's
Entertainment, Inc. 24,600 1,303,800
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Isle of Capri
Casinos, Inc. 1 67,200 1,399,104
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Jack in the Box, Inc. 1 51,200 1,228,800
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McDonald's Corp. 49,400 1,271,556
10 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Multimedia
Games, Inc. 1 35,500 $ 1,516,560
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Orbitz, Inc., Cl. A 1 13,900 325,830
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Papa John's
International, Inc. 1 25,700 875,085
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Pinnacle
Entertainment, Inc. 1 33,500 417,410
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Prime Hospitality
Corp. 1 50,700 520,182
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Rare Hospitality
International, Inc. 1 82,950 2,142,599
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Ruby Tuesday, Inc. 6,600 184,404
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Ryan's Family Steak
Houses, Inc. 1 39,400 647,342
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Scientific Games
Corp., Cl. A 1 3,600 53,964
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Shuffle Master, Inc. 1 14,200 483,084
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Six Flags, Inc. 1 149,400 1,081,656
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Steak n Shake Co.
(The) 1 21,200 423,576
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Total Entertainment
Restaurant Corp. 1 19,800 231,858
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WMS Industries, Inc. 1 35,200 1,022,560
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Yum! Brands, Inc. 1 59,300 2,010,863
---------------
31,323,247
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HOUSEHOLD DURABLES--2.5%
Beazer Homes
USA, Inc. 24,200 2,256,166
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Blount International,
Inc. 1 4,200 36,792
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Boyds Collection Ltd.
(The) 1 16,700 70,474
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Brookfield Homes
Corp. 15,300 398,259
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Centex Corp. 18,800 1,990,920
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Chromcraft
Revington, Inc. 1 1,800 23,310
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CSS Industries, Inc. 29,300 879,000
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Department 56, Inc. 1 19,700 270,481
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Emerson Radio Corp. 1 30,200 115,062
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Enesco Group, Inc. 1 11,700 115,830
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Flexsteel Industries, Inc. 1,900 $ 40,812
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Harman International
Industries, Inc. 21,000 1,558,830
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Helen of Troy Ltd. 1 72,800 2,084,992
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Hooker Furniture
Corp. 13,300 591,837
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Hovnanian Enterprises,
Inc., Cl. A 1 34,600 2,552,788
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Interface, Inc., Cl. A 1 24,100 186,293
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Jarden Corp. 1 65,250 2,118,668
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KB Home 28,900 1,951,906
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Kimball International,
Inc., Cl. B 9,100 148,421
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Lennar Corp., Cl. A 37,800 1,666,980
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Libbey, Inc. 3,300 95,238
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M.D.C. Holdings, Inc. 39,100 2,449,615
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M/I Homes, Inc. 6,200 239,258
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Meritage Corp. 1 38,600 2,505,140
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Mestek, Inc. 1 8,700 158,253
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Movado Group, Inc. 17,000 484,840
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National Presto
Industries, Inc. 1 3,100 115,320
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Newell Rubbermaid,
Inc. 43,300 1,057,819
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Pulte Homes, Inc. 11,800 509,052
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Russ Berrie & Co., Inc. 4,600 145,498
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Ryland Group, Inc.
(The) 22,700 1,730,875
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Standard Pacific Corp. 55,700 2,601,190
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Stanley Furniture Co.,
Inc. 5,500 195,635
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Technical Olympic
USA, Inc. 1 45,800 1,180,266
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Tempur-Pedic
International, Inc. 1 124,300 2,013,660
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Toll Brothers, Inc. 1 4,500 175,995
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Tripath Technology,
Inc. 1 162,700 1,008,740
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Whirlpool Corp. 27,000 2,050,650
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William Lyon Homes,
Inc. 1 19,900 1,245,939
11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Yankee Candle, Inc.
(The) 1 46,300 $ 1,214,912
---------------
40,235,716
- --------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.1%
Coldwater Creek, Inc. 1 1,900 27,607
- --------------------------------------------------------------------------
FTD, Inc., Cl. A 1 3,400 84,184
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PC Connection, Inc. 1 17,900 181,327
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Provide Commerce,
Inc. 1 56,400 1,122,360
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ValueVision Media,
Inc., Cl. A 1 18,000 318,780
---------------
1,734,258
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LEISURE EQUIPMENT & PRODUCTS--0.9%
Action Performance
Cos., Inc. 85,900 1,478,339
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Arctic Cat, Inc. 1,500 38,100
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Callaway Golf Co. 105,000 1,880,550
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Eastman Kodak Co. 88,400 2,511,444
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Hasbro, Inc. 94,700 1,870,325
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Marine Products Corp. 3,800 76,190
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MarineMax, Inc. 1 146,400 3,294,000
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Marvel Enterprises,
Inc. 1 69,400 2,236,762
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Nautilus Group, Inc.
(The) 48,800 691,984
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RC2 Corp. 1 16,600 407,530
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SCP Pool Corp. 1 3,350 107,368
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Steinway Musical
Instruments, Inc. 1 5,100 126,837
- --------------------------------------------------------------------------
Sturm, Ruger & Co.,
Inc. 19,800 237,204
---------------
14,956,633
- --------------------------------------------------------------------------
MEDIA--2.7%
4Kids Entertainment,
Inc. 1 8,700 248,472
- --------------------------------------------------------------------------
Acme
Communications, Inc. 1 4,900 47,971
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Advo, Inc. 19,850 642,346
- --------------------------------------------------------------------------
APAC Teleservices, Inc. 1 4,200 12,726
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
MEDIA Continued
Carmike Cinemas, Inc. 1 36,200 $ 1,201,478
- --------------------------------------------------------------------------
Charter
Communications,
Inc., Cl. A 1 289,000 1,392,980
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Comcast Corp., Cl. A 1 229,200 7,820,304
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Courier Corp. 3,900 165,165
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Cox Communications,
Inc., Cl. A 1 46,400 1,589,664
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Digital Generation
Systems, Inc. 1 99,700 201,394
- --------------------------------------------------------------------------
EchoStar
Communications
Corp., Cl. A 1 86,700 3,164,550
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Entravision
Communications
Corp. 1 31,300 327,711
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Grey Global
Group, Inc. 1,200 819,600
- --------------------------------------------------------------------------
Hollinger
International, Inc. 14,900 242,274
- --------------------------------------------------------------------------
Hughes Electronics
Corp. 1 61,905 1,036,290
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Insight
Communications
Co., Inc. 1 95,500 984,605
- --------------------------------------------------------------------------
Journal
Communications, Inc. 2,200 42,284
- --------------------------------------------------------------------------
Mediacom
Communications
Corp. 1 94,200 842,148
- --------------------------------------------------------------------------
Metro-Goldwyn-Mayer,
Inc. 1 86,500 1,376,215
- --------------------------------------------------------------------------
New Frontier Media,
Inc. 1 7,300 75,336
- --------------------------------------------------------------------------
Pegasus
Communications
Corp. 1 1,000 45,470
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R.H. Donnelley Corp. 1 42,900 1,793,220
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RCN Corp. 1 56,600 63,392
- --------------------------------------------------------------------------
Reading
International, Inc. 1 3,100 19,065
- --------------------------------------------------------------------------
Salem
Communications
Corp., Cl. A 1 7,600 201,400
12 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
MEDIA Continued
Spanish Broadcasting
System, Inc., Cl. A 1 24,600 $ 284,622
- --------------------------------------------------------------------------
Thomas Nelson, Inc. 47,600 1,189,524
- --------------------------------------------------------------------------
Time Warner, Inc. 1 114,400 2,010,008
- --------------------------------------------------------------------------
TiVo, Inc. 1 92,000 990,840
- --------------------------------------------------------------------------
UnitedGlobalCom,
Inc., Cl. A 1 167,000 1,586,500
- --------------------------------------------------------------------------
Viacom, Inc., Cl. B 188,200 7,584,460
- --------------------------------------------------------------------------
Walt Disney Co. (The) 205,100 4,922,400
- --------------------------------------------------------------------------
XM Satellite Radio
Holdings, Inc. 1 40,000 944,000
- --------------------------------------------------------------------------
Young Broadcasting,
Inc., Cl. A 1 7,200 147,888
---------------
44,016,302
- --------------------------------------------------------------------------
MULTILINE RETAIL--0.5%
Bon-Ton Stores, Inc. 17,800 220,008
- --------------------------------------------------------------------------
Conn's, Inc. 1 2,500 40,000
- --------------------------------------------------------------------------
Dollar General Corp. 37,900 842,138
- --------------------------------------------------------------------------
Federated Department
Stores, Inc. 64,100 3,043,468
- --------------------------------------------------------------------------
Kmart Holding Corp. 1 10,400 288,080
- --------------------------------------------------------------------------
Neiman Marcus
Group, Inc. (The), Cl. A 1 28,300 1,562,160
- --------------------------------------------------------------------------
Sears Roebuck & Co. 43,500 1,924,875
- --------------------------------------------------------------------------
Stage Stores, Inc. 1 13,000 423,540
---------------
8,344,269
- --------------------------------------------------------------------------
SPECIALTY RETAIL--3.9%
Abercrombie & Fitch
Co., Cl. A 1 52,200 1,351,980
- --------------------------------------------------------------------------
Aeropostale, Inc. 1 84,300 2,516,355
- --------------------------------------------------------------------------
America's Car-Mart,
Inc. 1 12,800 425,472
- --------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 1 5,900 102,955
- --------------------------------------------------------------------------
AutoNation, Inc. 1 93,400 1,529,892
- --------------------------------------------------------------------------
AutoZone, Inc. 1 2,700 227,664
- --------------------------------------------------------------------------
Bed Bath & Beyond,
Inc. 1 11,700 475,137
- --------------------------------------------------------------------------
Best Buy Co., Inc. 30,800 1,552,012
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Big 5 Sporting Goods
Corp. 1 41,900 $ 1,029,902
- --------------------------------------------------------------------------
Blair Corp. 24,100 579,605
- --------------------------------------------------------------------------
Bombay Co., Inc. (The) 1 108,200 814,746
- --------------------------------------------------------------------------
Borders Group, Inc. 67,900 1,491,763
- --------------------------------------------------------------------------
Brookstone, Inc. 1 68,950 1,641,010
- --------------------------------------------------------------------------
Buckle, Inc. (The) 3,000 77,250
- --------------------------------------------------------------------------
Building Materials
Holding Corp. 51,300 786,942
- --------------------------------------------------------------------------
Cache, Inc. 1 12,200 304,634
- --------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1 20,000 136,600
- --------------------------------------------------------------------------
Chico's FAS, Inc. 1 8,000 294,720
- --------------------------------------------------------------------------
Christopher & Banks
Corp. 72,750 1,417,898
- --------------------------------------------------------------------------
Claire's Stores, Inc. 7,600 139,080
- --------------------------------------------------------------------------
CSK Auto Corp. 1 75,000 1,463,250
- --------------------------------------------------------------------------
Deb Shops, Inc. 1,500 32,265
- --------------------------------------------------------------------------
Dress Barn, Inc. (The) 1 52,400 795,432
- --------------------------------------------------------------------------
Finish Line, Inc. (The),
Cl. A 1 80,700 2,743,800
- --------------------------------------------------------------------------
Finlay Enterprises, Inc. 1 2,400 35,592
- --------------------------------------------------------------------------
Footstar, Inc. 1 195,900 568,110
- --------------------------------------------------------------------------
GameStop Corp. 1 31,600 524,560
- --------------------------------------------------------------------------
Gap, Inc. (The) 116,300 2,160,854
- --------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 90,500 764,725
- --------------------------------------------------------------------------
Guess?, Inc. 1 82,300 1,088,006
- --------------------------------------------------------------------------
Hancock Fabrics, Inc. 41,300 698,796
- --------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 20,000 622,000
- --------------------------------------------------------------------------
Hollywood
Entertainment Corp. 1 115,400 1,390,570
- --------------------------------------------------------------------------
Home Depot, Inc. 89,900 3,188,753
- --------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1 38,300 1,680,987
- --------------------------------------------------------------------------
Loehmann's Holdings,
Inc. 1 11,000 209,000
- --------------------------------------------------------------------------
Lowe's Cos., Inc. 19,500 1,044,225
- --------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 28,800 670,752
13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Monro Muffler
Brake, Inc. 1 31,650 $ 733,647
- --------------------------------------------------------------------------
Movie Gallery, Inc. 77,350 1,551,641
- --------------------------------------------------------------------------
NetFlix.com, Inc. 1 43,900 3,223,577
- --------------------------------------------------------------------------
Noland Co. 1,900 86,942
- --------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1 69,300 1,589,049
- --------------------------------------------------------------------------
RadioShack Corp. 65,200 2,124,216
- --------------------------------------------------------------------------
Rent-A-Center, Inc. 1 30,300 944,451
- --------------------------------------------------------------------------
Rent-Way, Inc. 1 28,400 252,760
- --------------------------------------------------------------------------
Restoration
Hardware, Inc. 1 51,600 200,724
- --------------------------------------------------------------------------
Rex Stores Corp. 1 16,300 211,085
- --------------------------------------------------------------------------
Select Comfort Corp. 1 21,200 493,536
- --------------------------------------------------------------------------
Sharper Image Corp. 1 77,100 2,787,936
- --------------------------------------------------------------------------
Shoe Carnival, Inc. 1 13,800 224,112
- --------------------------------------------------------------------------
Sports Authority, Inc.
(The) 1 12,200 515,450
- --------------------------------------------------------------------------
Staples, Inc. 1 126,200 3,358,182
- --------------------------------------------------------------------------
Syms Corp. 1 2,100 14,700
- --------------------------------------------------------------------------
Talbots, Inc. (The) 20,700 672,750
- --------------------------------------------------------------------------
TBC Corp. 1 30,800 831,600
- --------------------------------------------------------------------------
TJX Cos., Inc. (The) 90,100 2,071,399
- --------------------------------------------------------------------------
Tractor Supply Co. 1 1,300 55,055
- --------------------------------------------------------------------------
Trans World
Entertainment Corp. 1 19,700 147,356
- --------------------------------------------------------------------------
Tuesday Morning
Corp. 1 35,000 1,106,350
- --------------------------------------------------------------------------
Tweeter Home
Entertainment Group,
Inc. 1 32,300 337,212
- --------------------------------------------------------------------------
United Auto Group,
Inc. 27,500 779,350
- --------------------------------------------------------------------------
Whitehall Jewellers,
Inc. 1 12,500 115,500
- --------------------------------------------------------------------------
Wilsons The Leather
Experts, Inc. 1 27,000 83,160
- --------------------------------------------------------------------------
Zale Corp. 1 37,200 2,010,660
---------------
63,099,694
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.1%
Ashworth, Inc. 1 4,800 $ 40,752
- --------------------------------------------------------------------------
Brown Shoe Co., Inc. 35,200 1,302,048
- --------------------------------------------------------------------------
Cherokee, Inc. 10,200 206,040
- --------------------------------------------------------------------------
Columbia
Sportswear Co. 1 1,700 90,321
- --------------------------------------------------------------------------
Culp, Inc. 1 22,000 254,320
- --------------------------------------------------------------------------
DHB Industries, Inc. 1 102,400 675,840
- --------------------------------------------------------------------------
Escalade, Inc. 1 1,800 66,582
- --------------------------------------------------------------------------
Hampshire
Group Ltd. 1 41,800 1,281,170
- --------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 103,600 2,755,760
- --------------------------------------------------------------------------
Kenneth Cole
Productions, Inc., Cl. A 22,100 739,245
- --------------------------------------------------------------------------
Nike, Inc., Cl. B 23,300 1,623,078
- --------------------------------------------------------------------------
OshKosh B'Gosh,
Inc., Cl. A 34,200 735,300
- --------------------------------------------------------------------------
Perry Ellis
International, Inc. 1 8,400 185,976
- --------------------------------------------------------------------------
Quaker Fabric Corp. 2,000 21,580
- --------------------------------------------------------------------------
Steven Madden Ltd. 1 54,300 1,009,437
- --------------------------------------------------------------------------
Stride Rite Corp. 55,700 611,586
- --------------------------------------------------------------------------
Timberland Co., Cl. A 1 36,100 1,798,502
- --------------------------------------------------------------------------
Tommy Hilfiger Corp. 1 136,500 1,863,225
- --------------------------------------------------------------------------
Unifi, Inc. 1 59,300 295,314
- --------------------------------------------------------------------------
Vans, Inc. 1 45,500 568,750
- --------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 35,100 580,905
- --------------------------------------------------------------------------
Weyco Group, Inc. 1,900 59,280
- --------------------------------------------------------------------------
Wolverine World
Wide, Inc. 54,000 1,124,280
---------------
17,889,291
- --------------------------------------------------------------------------
CONSUMER STAPLES--4.4%
- --------------------------------------------------------------------------
BEVERAGES--0.8%
Coca-Cola Bottling
Co. Consolidated 200 10,152
- --------------------------------------------------------------------------
Coca-Cola Co. (The) 86,400 4,254,336
- --------------------------------------------------------------------------
National Beverage
Corp. 1 3,800 62,738
- --------------------------------------------------------------------------
Pepsi Bottling Group,
Inc. (The) 45,400 1,203,554
14 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
BEVERAGES Continued
PepsiAmericas, Inc. 1 20,800 $ 357,344
- --------------------------------------------------------------------------
PepsiCo, Inc. 155,300 7,339,478
---------------
13,227,602
- --------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.2%
7-Eleven, Inc. 1 10,100 167,963
- --------------------------------------------------------------------------
Arden Group, Inc.,
Cl. A 4,098 305,301
- --------------------------------------------------------------------------
Casey's General
Stores, Inc. 4,500 74,925
- --------------------------------------------------------------------------
Chronimed, Inc. 1 50,100 452,904
- --------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 6,500 68,250
- --------------------------------------------------------------------------
Pantry, Inc. (The) 1 20,900 408,177
- --------------------------------------------------------------------------
Pathmark Stores, Inc. 1 19,300 153,049
- --------------------------------------------------------------------------
Ruddick Corp. 64,200 1,213,380
- --------------------------------------------------------------------------
Smart & Final, Inc. 1 40,700 495,726
- --------------------------------------------------------------------------
SUPERVALU, Inc. 39,700 1,147,330
- --------------------------------------------------------------------------
Sysco Corp. 7,200 273,096
- --------------------------------------------------------------------------
Wal-Mart Stores, Inc. 225,600 12,148,560
- --------------------------------------------------------------------------
Weis Markets, Inc. 40,000 1,382,000
- --------------------------------------------------------------------------
Winn-Dixie Stores, Inc. 144,500 947,920
---------------
19,238,581
- --------------------------------------------------------------------------
FOOD PRODUCTS--0.9%
Alico, Inc. 1,200 45,276
- --------------------------------------------------------------------------
Central Garden
& Pet Co. 1 6,600 223,542
- --------------------------------------------------------------------------
Chiquita Brands
International, Inc. 1 65,400 1,556,520
- --------------------------------------------------------------------------
Del Monte Foods Co. 1 26,900 289,444
- --------------------------------------------------------------------------
Flowers Foods, Inc. 41,050 991,358
- --------------------------------------------------------------------------
Fresh Del Monte
Produce, Inc. 13,900 361,400
- --------------------------------------------------------------------------
Heinz (H.J.) Co. 22,500 796,050
- --------------------------------------------------------------------------
J&J Snack Foods Corp. 1 25,100 1,060,977
- --------------------------------------------------------------------------
Kraft Foods, Inc., Cl. A 100,200 3,227,442
- --------------------------------------------------------------------------
M&F Worldwide
Corp. 1 104,700 1,494,069
- --------------------------------------------------------------------------
Maui Land &
Pineapple Co. 1 1,000 36,760
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
FOOD PRODUCTS Continued
Omega Protein Corp. 1 148,000 $ 1,172,160
- --------------------------------------------------------------------------
Peet's Coffee & Tea,
Inc. 1 23,500 412,425
- --------------------------------------------------------------------------
Pilgrim's Pride Corp.,
Cl. B 14,000 278,880
- --------------------------------------------------------------------------
Sanderson Farms, Inc. 39,500 1,941,030
- --------------------------------------------------------------------------
Sanfilippo (John B.)
& Son, Inc. 1 300 11,040
- --------------------------------------------------------------------------
Seaboard Corp. 1,800 549,000
- --------------------------------------------------------------------------
Zapata Corp. 1 500 27,250
---------------
14,474,623
- --------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.8%
Chattem, Inc. 1 69,600 1,401,048
- --------------------------------------------------------------------------
Energizer Holdings,
Inc. 1 24,000 995,760
- --------------------------------------------------------------------------
Procter & Gamble
Corp. (The) 74,900 7,570,892
- --------------------------------------------------------------------------
Rayovac Corp. 1 70,200 1,684,800
- --------------------------------------------------------------------------
WD-40 Co. 46,600 1,421,300
---------------
13,073,800
- --------------------------------------------------------------------------
PERSONAL PRODUCTS--0.1%
Del Laboratories, Inc. 12,159 364,892
- --------------------------------------------------------------------------
First Years, Inc. (The) 12,600 202,482
- --------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 4,900 40,670
- --------------------------------------------------------------------------
USANA Health
Sciences, Inc. 1 22,000 751,960
---------------
1,360,004
- --------------------------------------------------------------------------
TOBACCO--0.6%
Altria Group, Inc. 110,900 6,164,931
- --------------------------------------------------------------------------
R.J. Reynolds Tobacco
Holdings, Inc. 54,900 3,242,394
- --------------------------------------------------------------------------
Standard Commercial
Corp. 32,600 702,530
- --------------------------------------------------------------------------
Star Scientific, Inc. 1 11,700 24,921
- --------------------------------------------------------------------------
Vector Group Ltd. 4,100 70,110
---------------
10,204,886
15 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
ENERGY--5.8%
- --------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--0.5%
Carbo Ceramics, Inc. 2,400 $ 129,480
- --------------------------------------------------------------------------
Ensign Resource
Service Group, Inc. 95,000 1,618,085
- --------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 1 27,000 440,370
- --------------------------------------------------------------------------
Gulfmark Offshore,
Inc. 1 5,900 84,960
- --------------------------------------------------------------------------
Matrix Service Co. 1 37,700 460,317
- --------------------------------------------------------------------------
Oil States
International, Inc. 1 175,000 2,672,250
- --------------------------------------------------------------------------
RPC, Inc. 900 10,269
- --------------------------------------------------------------------------
Seabulk International,
Inc. 1 4,100 47,970
- --------------------------------------------------------------------------
Trican Well
Service Ltd. 1 130,000 2,720,385
---------------
8,184,086
- --------------------------------------------------------------------------
OIL & GAS--5.3%
Amerada Hess Corp. 800 45,112
- --------------------------------------------------------------------------
Apache Corp. 50,400 1,939,392
- --------------------------------------------------------------------------
Atlas Energy Ltd. 1 80,000 251,353
- --------------------------------------------------------------------------
BlackRock Ventures,
Inc. 1 550,000 1,769,393
- --------------------------------------------------------------------------
Brown (Tom), Inc. 1 700 21,770
- --------------------------------------------------------------------------
Burlington Resources,
Inc. 54,900 3,005,226
- --------------------------------------------------------------------------
Callon Petroleum Co. 1 25,900 242,165
- --------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 997,000 2,720,317
- --------------------------------------------------------------------------
ChevronTexaco Corp. 36,600 3,160,410
- --------------------------------------------------------------------------
Cimarex Energy Co. 1 40,393 1,065,567
- --------------------------------------------------------------------------
Clear Energy, Inc. 1 264,466 709,669
- --------------------------------------------------------------------------
Compton Petroleum
Corp. 1 175,300 884,142
- --------------------------------------------------------------------------
Comstock Resources,
Inc. 1 79,400 1,387,912
- --------------------------------------------------------------------------
ConocoPhillips 50,400 3,320,352
- --------------------------------------------------------------------------
Crew Energy, Inc. 1 80,000 275,406
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
OIL & GAS Continued
Cross Timbers Royalty
Trust 202 $ 5,272
- --------------------------------------------------------------------------
Dominion Resources
Black Warrior Trust 1,000 27,750
- --------------------------------------------------------------------------
Duvernay 1 64,500 509,057
- --------------------------------------------------------------------------
Encore Acquisition Co. 1 1,700 43,214
- --------------------------------------------------------------------------
Energy Partners Ltd. 1 50,800 696,468
- --------------------------------------------------------------------------
EOG Resources, Inc. 26,300 1,191,390
- --------------------------------------------------------------------------
Esprit Exploration Ltd. 1,2 361,200 733,043
- --------------------------------------------------------------------------
Esprit Exploration Ltd. 1 213,800 433,900
- --------------------------------------------------------------------------
Exxon Mobil Corp. 444,100 18,114,839
- --------------------------------------------------------------------------
Frontier Oil Corp. 1 105,400 1,875,066
- --------------------------------------------------------------------------
Holly Corp. 70,000 1,953,000
- --------------------------------------------------------------------------
Houston
Exploration Co. 1 13,200 477,180
- --------------------------------------------------------------------------
Impact Energy, Inc. 1 935,900 984,862
- --------------------------------------------------------------------------
Kaneb Services LLC 8,200 264,696
- --------------------------------------------------------------------------
Ketch Resources Ltd. 1 100,000 729,104
- --------------------------------------------------------------------------
Magnum Hunter
Resources, Inc. 1 12,200 106,628
- --------------------------------------------------------------------------
Maritrans, Inc. 43,000 801,950
- --------------------------------------------------------------------------
McMoRan
Exploration Co. 1 15,500 263,190
- --------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 115,900 652,517
- --------------------------------------------------------------------------
Newfield
Exploration Co. 1 45,500 2,147,145
- --------------------------------------------------------------------------
Noble Energy, Inc. 35,000 1,547,000
- --------------------------------------------------------------------------
Nuevo Energy Co. 1 16,700 441,715
- --------------------------------------------------------------------------
Occidental
Petroleum Corp. 50,600 2,228,930
- --------------------------------------------------------------------------
OMI Corp. 1 340,600 3,382,158
- --------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 25,000 880,500
- --------------------------------------------------------------------------
Paramount
Resources Ltd. 1 160,000 1,291,642
- --------------------------------------------------------------------------
Patina Oil & Gas Corp. 7,875 345,319
- --------------------------------------------------------------------------
Penn Virginia Corp. 35,900 1,982,039
- --------------------------------------------------------------------------
Petroleum
Development Corp. 1 4,400 94,116
16 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
OIL & GAS Continued
Pogo Producing Co. 40,600 $ 1,619,940
- --------------------------------------------------------------------------
Progress Energy Ltd. 1 171,200 1,672,880
- --------------------------------------------------------------------------
Range Resources Corp. 4,300 44,290
- --------------------------------------------------------------------------
Real Resources, Inc. 1 109,600 469,573
- --------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 50,000 943,000
- --------------------------------------------------------------------------
Resource America,
Inc., Cl. A 7,400 114,922
- --------------------------------------------------------------------------
Rio Alto Resources
International, Inc. 1 331,300 263,964
- --------------------------------------------------------------------------
Southwestern
Energy Co. 1 33,300 687,645
- --------------------------------------------------------------------------
StarPoint Energy Ltd. 1 89,512 282,584
- --------------------------------------------------------------------------
Stelmar Shipping Ltd. 18,000 467,820
- --------------------------------------------------------------------------
Stone Energy Corp. 1 30,200 1,272,024
- --------------------------------------------------------------------------
Sunoco, Inc. 37,700 2,090,465
- --------------------------------------------------------------------------
Tesoro Petroleum
Corp. 1 126,000 1,915,200
- --------------------------------------------------------------------------
TransMontaigne, Inc. 1 1,500 10,080
- --------------------------------------------------------------------------
Tusk Energy, Inc. 1 163,300 500,800
- --------------------------------------------------------------------------
Upton Resources, Inc. 1 280,000 966,025
- --------------------------------------------------------------------------
Valero Energy Corp. 13,200 698,544
- --------------------------------------------------------------------------
Western Gas
Resources, Inc. 52,200 2,422,080
- --------------------------------------------------------------------------
Whiting Petroleum
Corp. 1 26,900 517,556
- --------------------------------------------------------------------------
Williams (Clayton)
Energy, Inc. 1 2,800 86,100
- --------------------------------------------------------------------------
World Fuel Services
Corp 59,600 2,032,360
- --------------------------------------------------------------------------
XTO Energy, Inc. 87,366 2,291,610
---------------
86,371,338
- --------------------------------------------------------------------------
FINANCIALS--18.7%
- --------------------------------------------------------------------------
CAPITAL MARKETS--0.4%
Mellon Financial Corp. 108,300 3,542,493
- --------------------------------------------------------------------------
National Financial
Partners Corp. 30,300 1,005,657
- --------------------------------------------------------------------------
Northern Trust Corp. 34,400 1,634,000
- --------------------------------------------------------------------------
SWS Group, Inc. 18,600 321,036
---------------
6,503,186
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS--7.4%
Alliance Financial Corp. 1,500 $ 50,250
- --------------------------------------------------------------------------
AmericanWest
Bancorporation 1 15,200 349,296
- --------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 38,700 1,021,680
- --------------------------------------------------------------------------
Arrow Financial Corp. 9,877 277,544
- --------------------------------------------------------------------------
Banc Corp. (The) 1 1,400 11,200
- --------------------------------------------------------------------------
Bank of America Corp. 86,000 7,005,560
- --------------------------------------------------------------------------
Bank of the
Ozarks, Inc. 4,000 90,600
- --------------------------------------------------------------------------
Banknorth Group, Inc. 74,967 2,413,937
- --------------------------------------------------------------------------
BankUnited Financial
Corp., Cl. A 1 14,000 386,540
- --------------------------------------------------------------------------
Banner Corp. 2,200 56,980
- --------------------------------------------------------------------------
Bay View Capital Corp. 35,600 82,948
- --------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 10,700 404,460
- --------------------------------------------------------------------------
BFC Financial Corp.
Cl. A 1 2,000 30,500
- --------------------------------------------------------------------------
BOK Financial Corp. 1 3,600 141,732
- --------------------------------------------------------------------------
Bryn Mawr Bank Corp. 600 13,410
- --------------------------------------------------------------------------
C&F Financial Corp. 1,300 54,860
- --------------------------------------------------------------------------
Camco Financial Corp. 13,200 227,304
- --------------------------------------------------------------------------
Camden National
Corp. 4,200 132,090
- --------------------------------------------------------------------------
Capital City Bank
Group, Inc. 5,675 242,663
- --------------------------------------------------------------------------
Capital Corp. of
the West 1 400 15,640
- --------------------------------------------------------------------------
Capital Crossing Bank 1 3,100 179,800
- --------------------------------------------------------------------------
Cascade Bancorp 5,500 120,890
- --------------------------------------------------------------------------
Cavalry Bancorp, Inc. 1,500 25,575
- --------------------------------------------------------------------------
CB Bancshares, Inc. 8,550 548,654
- --------------------------------------------------------------------------
Center Financial Corp. 400 10,688
- --------------------------------------------------------------------------
CFS Bancorp, Inc. 400 6,004
- --------------------------------------------------------------------------
Charter Financial Corp. 200 7,992
- --------------------------------------------------------------------------
Charter One
Financial, Inc. 85,800 3,106,818
- --------------------------------------------------------------------------
Chemical Financial
Corp. 400 13,852
17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Chester Valley
Bancorp, Inc. 470 $ 10,284
- --------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 12,500 288,375
- --------------------------------------------------------------------------
City Holding Co. 23,100 800,646
- --------------------------------------------------------------------------
City National Corp. 13,400 810,968
- --------------------------------------------------------------------------
CNB Financial Corp. 1,000 41,820
- --------------------------------------------------------------------------
CNB Florida
Bancshares, Inc. 4,800 118,560
- --------------------------------------------------------------------------
Coastal Financial Corp. 4,957 84,120
- --------------------------------------------------------------------------
Columbia Bancorp,
Eastern US 3,300 99,759
- --------------------------------------------------------------------------
Columbia Banking
System, Inc. 33,400 731,794
- --------------------------------------------------------------------------
Comerica, Inc. 25,500 1,456,305
- --------------------------------------------------------------------------
Commercial
Bankshares, Inc. 25 695
- --------------------------------------------------------------------------
Community Bank
of Northern Virginia 1,800 32,058
- --------------------------------------------------------------------------
Community Bank
System, Inc. 22,800 1,086,420
- --------------------------------------------------------------------------
Community Banks, Inc. 200 6,650
- --------------------------------------------------------------------------
Community First
Bankshares, Inc. 51,800 1,437,968
- --------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 5,320 160,238
- --------------------------------------------------------------------------
Compass Bancshares,
Inc. 14,000 551,880
- --------------------------------------------------------------------------
Connecticut
Bancshares, Inc. 6,900 357,144
- --------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 66,400 2,021,880
- --------------------------------------------------------------------------
East West Bancorp, Inc. 26,400 1,380,720
- --------------------------------------------------------------------------
ESB Financial Corp. 1,600 24,256
- --------------------------------------------------------------------------
EverTrust Financial
Group, Inc. 4,100 82,041
- --------------------------------------------------------------------------
Exchange National
Bancshares, Inc. 1,800 63,000
- --------------------------------------------------------------------------
Fidelity Bankshares, Inc. 17,349 624,217
- --------------------------------------------------------------------------
First BanCorp,
Puerto Rico 33,000 1,335,180
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First Citizens Banc
Corp 1,800 $ 50,310
- --------------------------------------------------------------------------
First Citizens
BancShares, Inc., Cl. A 1,600 188,832
- --------------------------------------------------------------------------
First Community
Bancshares, Inc. 15,960 524,286
- --------------------------------------------------------------------------
First Defiance
Financial Corp. 3,400 93,024
- --------------------------------------------------------------------------
First Essex Bancorp, Inc. 2,000 115,540
- --------------------------------------------------------------------------
First Federal Capital
Corp. 23,600 502,916
- --------------------------------------------------------------------------
First Federal Financial
Corp. of Kentucky 1,420 37,630
- --------------------------------------------------------------------------
First Financial
Bankshares, Inc. 400 16,057
- --------------------------------------------------------------------------
First Financial Corp. 1,100 32,395
- --------------------------------------------------------------------------
First Financial
Holdings, Inc. 26,400 788,832
- --------------------------------------------------------------------------
First M&F Corp. 2,000 72,100
- --------------------------------------------------------------------------
First Merchants Corp. 7,625 190,625
- --------------------------------------------------------------------------
First Midwest
Bancorp, Inc. 3,425 113,196
- --------------------------------------------------------------------------
First National Corp. 1,600 50,800
- --------------------------------------------------------------------------
First Niagara
Financial Group, Inc. 4,586 67,552
- --------------------------------------------------------------------------
First Oak Brook
Bancshares, Inc. 4,100 133,250
- --------------------------------------------------------------------------
First of Long Island
Corp. (The) 1,200 59,700
- --------------------------------------------------------------------------
First Place Financial
Corp. 7,200 131,544
- --------------------------------------------------------------------------
First Republic Bank 70,000 2,681,000
- --------------------------------------------------------------------------
First SecurityFed
Financial, Inc. 900 31,230
- --------------------------------------------------------------------------
First Sentinel
Bancorp, Inc. 12,700 270,002
- --------------------------------------------------------------------------
First South
Bancorp, Inc. 1,800 62,118
- --------------------------------------------------------------------------
First United Corp. 700 17,927
- --------------------------------------------------------------------------
Firstbank Corp. 3,850 117,810
- --------------------------------------------------------------------------
FirstFed America
Bancorp, Inc. 23,400 648,180
18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
FirstFed Financial
Corp. 1 13,200 $ 564,432
- --------------------------------------------------------------------------
Flagstar Bancorp, Inc. 113,700 2,635,566
- --------------------------------------------------------------------------
FleetBoston Financial
Corp. 121,500 5,416,470
- --------------------------------------------------------------------------
Flushing Financial
Corp. 57,550 1,065,826
- --------------------------------------------------------------------------
FNB Corp., North
Carolina 2,800 62,300
- --------------------------------------------------------------------------
Foothill Independent
Bancorp 4,251 97,773
- --------------------------------------------------------------------------
Franklin Financial
Corp. 500 15,200
- --------------------------------------------------------------------------
Frontier Financial
Corp. 2,400 81,432
- --------------------------------------------------------------------------
GB&T Bancshares, Inc. 1,800 42,480
- --------------------------------------------------------------------------
German American
Bancorp 1,810 32,182
- --------------------------------------------------------------------------
Glacier Bancorp, Inc. 9,030 278,124
- --------------------------------------------------------------------------
Golden West
Financial Corp. 15,000 1,555,950
- --------------------------------------------------------------------------
Great Southern
Bancorp, Inc. 1,300 60,775
- --------------------------------------------------------------------------
Greenpoint Financial
Corp. 65,300 2,584,574
- --------------------------------------------------------------------------
Hanmi Financial Corp. 23,700 493,197
- --------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 62,800 1,805,500
- --------------------------------------------------------------------------
Harleysville National
Corp. 3,300 100,188
- --------------------------------------------------------------------------
Hawthorne Financial
Corp. 1 30,400 1,067,952
- --------------------------------------------------------------------------
Heritage Commerce
Corp. 1 400 5,124
- --------------------------------------------------------------------------
Heritage Financial
Corp. 2,500 54,975
- --------------------------------------------------------------------------
Home Federal Bancorp 20,700 561,177
- --------------------------------------------------------------------------
Horizon Financial Corp. 3,100 58,869
- --------------------------------------------------------------------------
Hudson River
Bancorp, Inc. 600 12,444
- --------------------------------------------------------------------------
Hudson United
Bancorp 34,900 1,324,106
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Humboldt Bancorp 200 $ 3,458
- --------------------------------------------------------------------------
Huntington
Bancshares, Inc. 103,400 2,308,922
- --------------------------------------------------------------------------
IBERIABANK Corp. 25,300 1,531,662
- --------------------------------------------------------------------------
IBT Bancorp, Inc. 2,500 147,250
- --------------------------------------------------------------------------
Independence
Community Bank
Corp. 51,100 1,975,015
- --------------------------------------------------------------------------
Independent Bank
Corp., Michigan 22,003 607,943
- --------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 40,200 1,251,828
- --------------------------------------------------------------------------
International
Bancshares Corp. 9,275 463,657
- --------------------------------------------------------------------------
Irwin Financial Corp. 22,200 738,150
- --------------------------------------------------------------------------
ITLA Capital Corp. 1 13,500 656,235
- --------------------------------------------------------------------------
Lakeland Financial
Corp. 200 7,016
- --------------------------------------------------------------------------
LNB Bancorp, Inc. 6,900 143,175
- --------------------------------------------------------------------------
Local Financial Corp. 1 22,400 484,736
- --------------------------------------------------------------------------
M&T Bank Corp. 3,000 269,910
- --------------------------------------------------------------------------
Macatawa Bank Corp. 3,010 83,919
- --------------------------------------------------------------------------
MAF Bancorp, Inc. 58,218 2,506,285
- --------------------------------------------------------------------------
MainSource
Financial Group, Inc. 3,025 97,012
- --------------------------------------------------------------------------
Massbank Corp. 1,200 47,460
- --------------------------------------------------------------------------
MB Financial, Inc. 1,950 72,384
- --------------------------------------------------------------------------
Middleburg Financial
Corp. 200 7,398
- --------------------------------------------------------------------------
MutualFirst
Financial, Inc. 4,100 103,074
- --------------------------------------------------------------------------
Nara Bancorp, Inc. 34,300 1,009,106
- --------------------------------------------------------------------------
NASB Financial, Inc. 9,300 394,320
- --------------------------------------------------------------------------
National Bankshares,
Inc. 7,900 413,170
- --------------------------------------------------------------------------
National City Corp. 81,400 2,809,928
- --------------------------------------------------------------------------
NBT Bancorp, Inc. 14,800 323,676
- --------------------------------------------------------------------------
Net.B@nk, Inc. 59,900 682,860
- --------------------------------------------------------------------------
NewMil Bancorp, Inc. 1,200 34,380
- --------------------------------------------------------------------------
Oak Hill Financial, Inc. 4,600 152,357
19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
OceanFirst Financial
Corp. 16,900 $ 410,670
- --------------------------------------------------------------------------
Old Second Bancorp,
Inc. 2,000 101,200
- --------------------------------------------------------------------------
Oriental Financial
Group, Inc. 37,400 953,700
- --------------------------------------------------------------------------
PAB Bankshares, Inc. 400 5,932
- --------------------------------------------------------------------------
Pacific Capital Bancorp 33,866 1,233,738
- --------------------------------------------------------------------------
Parkvale Financial Corp. 2,900 83,897
- --------------------------------------------------------------------------
Patriot Bank Corp. 3,000 87,000
- --------------------------------------------------------------------------
Peapack-Gladstone
Financial Corp. 2,000 67,300
- --------------------------------------------------------------------------
PennFed Financial
Services, Inc. 3,200 109,728
- --------------------------------------------------------------------------
PennRock Financial
Services Corp. 5,230 169,238
- --------------------------------------------------------------------------
Penns Woods
Bancorp, Inc. 2,000 91,000
- --------------------------------------------------------------------------
PFF Bancorp, Inc. 20,520 778,734
- --------------------------------------------------------------------------
PNC Financial Services
Group, Inc. 36,300 2,051,313
- --------------------------------------------------------------------------
PrivateBancorp, Inc. 1,200 58,428
- --------------------------------------------------------------------------
Provident Bancorp, Inc. 886 9,905
- --------------------------------------------------------------------------
Provident Bankshares
Corp. 7,800 239,772
- --------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 2,300 79,465
- --------------------------------------------------------------------------
Quaker City
Bancorp, Inc. 2,750 123,778
- --------------------------------------------------------------------------
R&G Financial Corp.,
Cl. B 86,100 2,522,730
- --------------------------------------------------------------------------
Redwood Empire
Bancorp 2,150 59,491
- --------------------------------------------------------------------------
Republic Bancorp, Inc. 34,408 465,540
- --------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 27,400 549,370
- --------------------------------------------------------------------------
Republic Bancshares,
Inc. 1 900 27,774
- --------------------------------------------------------------------------
Resource Bankshares
Corp. 1,500 46,800
- --------------------------------------------------------------------------
S&T Bancorp, Inc. 12,700 384,175
- --------------------------------------------------------------------------
S.Y. Bancorp, Inc. 1,200 25,584
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Sandy Spring Bancorp,
Inc. 16,300 $ 582,725
- --------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 16,990 312,616
- --------------------------------------------------------------------------
Second Bancorp, Inc. 2,500 84,350
- --------------------------------------------------------------------------
Shore Bancshares, Inc. 1,000 38,200
- --------------------------------------------------------------------------
Sierra Bancorp 2,200 35,200
- --------------------------------------------------------------------------
Silicon Valley
Bancshares 1 9,400 325,052
- --------------------------------------------------------------------------
Simmons First
National Corp. 3,200 86,880
- --------------------------------------------------------------------------
Sky Financial
Group, Inc. 45,500 1,236,235
- --------------------------------------------------------------------------
Sound Federal
Bancorp, Inc. 12,700 191,770
- --------------------------------------------------------------------------
Southern Financial
Bancorp, Inc. 19,281 860,897
- --------------------------------------------------------------------------
Southwest Bancorp,
Inc. 35,500 606,695
- --------------------------------------------------------------------------
State Bancorp, Inc. 3,300 81,378
- --------------------------------------------------------------------------
State Financial
Services Corp. 7,700 209,055
- --------------------------------------------------------------------------
Staten Island
Bancorp, Inc. 35,300 830,256
- --------------------------------------------------------------------------
Sterling Bancorp 44,025 1,333,958
- --------------------------------------------------------------------------
Sterling Financial Corp. 1 61,001 2,314,378
- --------------------------------------------------------------------------
Sterling Financial
Corp., Eastern US 2,200 63,800
- --------------------------------------------------------------------------
Sun Bancorp, Inc. 1 28,245 726,461
- --------------------------------------------------------------------------
Texas Capital
Bancshares, Inc. 1 8,500 130,900
- --------------------------------------------------------------------------
U.S. Bancorp 141,600 4,003,032
- --------------------------------------------------------------------------
Union Bankshares
Corp. 5,100 174,624
- --------------------------------------------------------------------------
Union Bankshares, Inc. 800 20,960
- --------------------------------------------------------------------------
UnionBanCal Corp. 45,700 2,426,213
- --------------------------------------------------------------------------
United Bankshares, Inc. 2,400 72,288
- --------------------------------------------------------------------------
United Community
Financial Corp. 4,200 51,030
- --------------------------------------------------------------------------
United Security
Bancshares, Inc.,
Southern US 1,900 54,834
20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
United Security
Bancshares, Inc.,
Western US 600 $ 16,680
- --------------------------------------------------------------------------
Univest Corp. of
Pennsylvania 1,800 94,950
- --------------------------------------------------------------------------
Virginia Commerce
Bancorp, Inc. 1 5,000 150,700
- --------------------------------------------------------------------------
Wachovia Corp. 54,600 2,524,704
- --------------------------------------------------------------------------
Washington Mutual,
Inc. 2,000 88,600
- --------------------------------------------------------------------------
Washington Trust
Bancorp, Inc. 2,200 57,640
- --------------------------------------------------------------------------
Waypoint Financial
Corp. 19,665 455,835
- --------------------------------------------------------------------------
Webster Financial
Corp. 18,500 931,475
- --------------------------------------------------------------------------
Wells Fargo & Co. 121,500 6,975,315
- --------------------------------------------------------------------------
Westcorp 48,000 1,920,000
- --------------------------------------------------------------------------
Willow Grove
Bancorp, Inc. 16,700 304,608
- --------------------------------------------------------------------------
Wilshire State Bank 1 2,800 54,824
- --------------------------------------------------------------------------
WSFS Financial Corp. 26,200 1,336,200
- --------------------------------------------------------------------------
Yadkin Valley Bank
& Trust Co. 1,400 24,640
---------------
119,462,423
- --------------------------------------------------------------------------
CONSUMER FINANCE--0.2%
First Marblehead
Corp. (The) 1 97,700 2,990,597
- --------------------------------------------------------------------------
Nelnet, Inc., Cl. A 1 52,500 1,233,750
- --------------------------------------------------------------------------
Rewards Network, Inc. 1 5,800 56,782
---------------
4,281,129
- --------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--4.3%
Ace Cash Express, Inc. 1 15,900 455,217
- --------------------------------------------------------------------------
Affiliated Managers
Group, Inc. 1 40,100 3,400,480
- --------------------------------------------------------------------------
American Express Co. 12,300 637,632
- --------------------------------------------------------------------------
Bear Stearns Cos., Inc.
(The) 38,800 3,195,180
- --------------------------------------------------------------------------
California First
National Bancorp 1,000 13,940
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
Capital One Financial
Corp. 25,600 $ 1,819,648
- --------------------------------------------------------------------------
Cash America
International, Inc. 119,100 2,603,526
- --------------------------------------------------------------------------
Chicago Mercantile
Exchange (The) 19,200 1,678,464
- --------------------------------------------------------------------------
CIT Group, Inc. 60,400 2,290,368
- --------------------------------------------------------------------------
Citigroup, Inc. 297,000 14,695,560
- --------------------------------------------------------------------------
CompuCredit Corp. 1 123,600 2,852,688
- --------------------------------------------------------------------------
First Albany Cos., Inc. 32,800 508,400
- --------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 65,000 1,891,500
- --------------------------------------------------------------------------
Franklin Resources, Inc. 27,400 1,582,898
- --------------------------------------------------------------------------
J.P. Morgan Chase
& Co. 110,500 4,297,345
- --------------------------------------------------------------------------
Knight Trading
Group, Inc. 1 114,400 1,578,720
- --------------------------------------------------------------------------
Lehman Brothers
Holdings, Inc. 30,300 2,487,630
- --------------------------------------------------------------------------
Marlin Business
Services, Inc. 1 67,700 1,259,220
- --------------------------------------------------------------------------
MBNA Corp. 117,900 3,178,584
- --------------------------------------------------------------------------
Medallion Financial
Corp. 9,300 83,235
- --------------------------------------------------------------------------
Merrill Lynch
& Co., Inc. 68,400 4,021,236
- --------------------------------------------------------------------------
Metris Cos., Inc. 1 273,500 1,651,940
- --------------------------------------------------------------------------
Morgan Stanley 112,900 6,571,909
- --------------------------------------------------------------------------
Newtek Business
Services, Inc. 1 27,100 167,478
- --------------------------------------------------------------------------
Piper Jaffray Cos., Inc. 1 35,404 1,662,218
- --------------------------------------------------------------------------
Principal Financial
Group, Inc. (The) 59,100 2,050,770
- --------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 8,100 95,985
- --------------------------------------------------------------------------
Student Loan Corp.
(The) 600 86,346
- --------------------------------------------------------------------------
United PanAm
Financial Corp. 1 900 14,814
- --------------------------------------------------------------------------
WFS Financial, Inc. 1 16,600 707,658
21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
World Acceptance
Corp. 1 74,900 $ 1,653,043
---------------
69,193,632
- --------------------------------------------------------------------------
INSURANCE--4.8%
ACE Ltd. 37,900 1,645,618
- --------------------------------------------------------------------------
AFLAC, Inc. 4,600 169,648
- --------------------------------------------------------------------------
Alfa Corp. 13,900 187,233
- --------------------------------------------------------------------------
Allmerica Financial
Corp. 1 51,600 1,789,488
- --------------------------------------------------------------------------
Allstate Corp. 77,400 3,518,604
- --------------------------------------------------------------------------
American
International
Group, Inc. 177,200 12,306,540
- --------------------------------------------------------------------------
American Medical
Security Group, Inc. 1 59,150 1,422,558
- --------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 10,400 188,656
- --------------------------------------------------------------------------
AmerUs Group Co. 37,700 1,381,705
- --------------------------------------------------------------------------
Aon Corp. 127,200 3,125,304
- --------------------------------------------------------------------------
Arch Capital Group
Ltd. 1 34,900 1,530,714
- --------------------------------------------------------------------------
Argonaut Group, Inc. 1 35,400 576,666
- --------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 1 30,900 834,300
- --------------------------------------------------------------------------
Baldwin & Lyons, Inc.,
Cl. B, Non-Vtg. 2,425 71,829
- --------------------------------------------------------------------------
Ceres Group, Inc. 1 21,300 122,262
- --------------------------------------------------------------------------
Citizens, Inc. 13,119 122,400
- --------------------------------------------------------------------------
Crawford & Co.,
Cl. A, Non-Vtg. 7,200 49,680
- --------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 36,900 1,396,296
- --------------------------------------------------------------------------
Direct General Corp. 13,800 469,752
- --------------------------------------------------------------------------
Donegal Group, Inc.,
Cl. A 36,800 805,920
- --------------------------------------------------------------------------
EMC Insurance
Group, Inc. 2,800 63,252
- --------------------------------------------------------------------------
Enstar Group, Inc.
(The) 1 1,200 54,600
- --------------------------------------------------------------------------
FBL Financial Group,
Inc., Cl. A 15,500 429,815
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
INSURANCE Continued
Fidelity National
Financial, Inc. 78,078 $ 3,217,594
- --------------------------------------------------------------------------
Financial Industries
Corp. 1 1,600 22,720
- --------------------------------------------------------------------------
First American Corp.
(The) 42,900 1,289,574
- --------------------------------------------------------------------------
Great American
Financial Resources, Inc. 9,100 148,694
- --------------------------------------------------------------------------
Hub International Ltd. 2,800 48,804
- --------------------------------------------------------------------------
Independence
Holding Co. 1,200 31,849
- --------------------------------------------------------------------------
John Hancock
Financial Services, Inc. 79,100 3,281,068
- --------------------------------------------------------------------------
Kansas City Life
Insurance Co. 1,700 78,183
- --------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 36,800 2,007,808
- --------------------------------------------------------------------------
Lincoln National Corp. 52,100 2,300,215
- --------------------------------------------------------------------------
Marsh & McLennan
Cos., Inc. 56,400 2,646,852
- --------------------------------------------------------------------------
MBIA, Inc. 32,100 2,022,300
- --------------------------------------------------------------------------
MetLife, Inc. 100,000 3,355,000
- --------------------------------------------------------------------------
National Western Life
Insurance Co., Cl. A 1 2,600 398,918
- --------------------------------------------------------------------------
Nationwide Financial
Services, Inc., Cl. A 24,000 860,400
- --------------------------------------------------------------------------
Navigators Group,
Inc. (The) 1 6,400 204,160
- --------------------------------------------------------------------------
Ohio Casualty Corp. 1 59,500 1,062,075
- --------------------------------------------------------------------------
Old Republic
International Corp. 21,000 543,270
- --------------------------------------------------------------------------
Penn-America
Group, Inc. 1,600 23,808
- --------------------------------------------------------------------------
Phoenix Cos., Inc.
(The) 1 97,100 1,233,170
- --------------------------------------------------------------------------
PMA Capital Corp.,
Cl. A 12,100 62,920
- --------------------------------------------------------------------------
Presidential Life Corp. 14,200 208,882
- --------------------------------------------------------------------------
Progressive Corp. 32,400 2,677,860
- --------------------------------------------------------------------------
Prudential
Financial, Inc. 85,100 3,701,850
22 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
INSURANCE Continued
Reinsurance Group
of America, Inc. 36,900 $ 1,461,609
- --------------------------------------------------------------------------
RenaissanceRe
Holdings Ltd. 36,400 1,876,784
- --------------------------------------------------------------------------
St. Paul Cos., Inc. 26,500 1,116,445
- --------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 25,200 1,638,000
- --------------------------------------------------------------------------
State Auto Financial
Corp. 8,800 217,976
- --------------------------------------------------------------------------
Stewart Information
Services Corp. 46,900 2,192,575
- --------------------------------------------------------------------------
Travelers Property
Casualty Corp., Cl. B 71,600 1,295,960
- --------------------------------------------------------------------------
Universal American
Financial Corp. 1 92,400 960,036
- --------------------------------------------------------------------------
UnumProvident Corp. 103,500 1,617,705
- --------------------------------------------------------------------------
Vesta Insurance
Group, Inc. 10,300 41,921
- --------------------------------------------------------------------------
XL Capital Ltd., Cl. A 16,300 1,295,850
---------------
77,405,675
- --------------------------------------------------------------------------
REAL ESTATE--0.3%
American Home
Mortgage Investment
Corp. 36,900 802,575
- --------------------------------------------------------------------------
Avatar Holdings, Inc. 1 1,900 74,765
- --------------------------------------------------------------------------
Bluegreen Corp. 1 73,500 659,295
- --------------------------------------------------------------------------
Capital Trust, Cl. A 5,300 126,405
- --------------------------------------------------------------------------
Catellus Development
Corp. 63,287 1,655,588
- --------------------------------------------------------------------------
Consolidated-Tomoka
Land Co. 3,000 93,750
- --------------------------------------------------------------------------
Forest City Enterprises,
Inc., Cl. A 1,500 78,000
- --------------------------------------------------------------------------
Orleans
Homebuilders, Inc. 1 44,700 961,050
- --------------------------------------------------------------------------
Stratus Properties, Inc. 7,300 91,615
- --------------------------------------------------------------------------
Tejon Ranch Co. 1 500 20,050
- --------------------------------------------------------------------------
Trammell Crow Co. 1 15,800 218,040
---------------
4,781,133
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--1.3%
Accredited Home
Lenders Holding Co. 1 200 $ 6,966
- --------------------------------------------------------------------------
CharterMac 1,300 28,366
- --------------------------------------------------------------------------
Countrywide
Financial Corp. 46,600 3,893,430
- --------------------------------------------------------------------------
Doral Financial Corp. 64,125 2,082,139
- --------------------------------------------------------------------------
Fannie Mae 86,300 6,653,730
- --------------------------------------------------------------------------
Federal Agricultural
Mortgage Corp.,
Non-Vtg. 1 20,500 579,330
- --------------------------------------------------------------------------
Franklin Bank Corp. 1 31,300 572,477
- --------------------------------------------------------------------------
Freddie Mac 15,000 936,300
- --------------------------------------------------------------------------
Fremont General
Corp. 116,800 2,164,304
- --------------------------------------------------------------------------
MGIC Investment
Corp. 31,600 2,178,504
- --------------------------------------------------------------------------
New Century
Financial Corp. 37,400 1,720,774
- --------------------------------------------------------------------------
Ocwen Financial Corp. 1 20,700 211,347
- --------------------------------------------------------------------------
Partners Trust
Financial Group, Inc. 400 14,884
- --------------------------------------------------------------------------
Severn Bancorp, Inc. 2,200 68,706
---------------
21,111,257
- --------------------------------------------------------------------------
HEALTH CARE--13.0%
- --------------------------------------------------------------------------
BIOTECHNOLOGY--2.1%
Aclara Biosciences, Inc. 1 8,900 32,752
- --------------------------------------------------------------------------
Adolor Corp. 1 63,000 845,460
- --------------------------------------------------------------------------
Alkermes, Inc. 1 33,500 501,830
- --------------------------------------------------------------------------
Amgen, Inc. 1 99,300 6,403,857
- --------------------------------------------------------------------------
Aphton Corp. 1 47,200 371,936
- --------------------------------------------------------------------------
Arena
Pharmaceuticals, Inc. 1 2,700 16,119
- --------------------------------------------------------------------------
Array BioPharma, Inc. 1 40,900 281,392
- --------------------------------------------------------------------------
BioReliance Corp. 1 31,800 1,526,400
- --------------------------------------------------------------------------
Caliper Life Sciences,
Inc. 1 28,100 255,710
- --------------------------------------------------------------------------
Celsion Corp. 1 135,300 221,892
- --------------------------------------------------------------------------
Cepheid, Inc. 1 155,600 1,599,568
- --------------------------------------------------------------------------
Ciphergen
Biosystems, Inc. 1 170,300 1,800,071
23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Cubist
Pharmaceuticals, Inc. 1 99,200 $ 1,361,024
- --------------------------------------------------------------------------
Curis, Inc. 1 194,600 1,113,112
- --------------------------------------------------------------------------
Digene Corp. 1 21,400 893,450
- --------------------------------------------------------------------------
Diversa Corp. 1 57,100 631,526
- --------------------------------------------------------------------------
Gen-Probe, Inc. 1 62,600 2,361,272
- --------------------------------------------------------------------------
Genaera Corp. 1 110,900 533,429
- --------------------------------------------------------------------------
Gene Logic, Inc. 1 38,900 220,563
- --------------------------------------------------------------------------
Genentech, Inc. 1 8,500 811,750
- --------------------------------------------------------------------------
Idexx Laboratories,
Inc. 1 24,200 1,186,526
- --------------------------------------------------------------------------
ImmunoGen, Inc. 1 60,200 400,932
- --------------------------------------------------------------------------
Invitrogen Corp. 1 42,700 3,287,900
- --------------------------------------------------------------------------
Luminex Corp. 1 35,700 443,037
- --------------------------------------------------------------------------
Neose Technologies,
Inc. 1 12,300 146,985
- --------------------------------------------------------------------------
Peregrine
Pharmaceuticals, Inc. 1 200,000 486,000
- --------------------------------------------------------------------------
Regeneron
Pharmaceuticals, Inc. 1 72,000 1,068,480
- --------------------------------------------------------------------------
Savient
Pharmaceuticals, Inc. 1 83,600 397,936
- --------------------------------------------------------------------------
Sirna Therapeutics,
Inc. 1 6,100 31,903
- --------------------------------------------------------------------------
Wyeth 113,600 4,651,920
---------------
33,884,732
- --------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--2.9%
Abaxis, Inc. 1 31,800 604,200
- --------------------------------------------------------------------------
Advanced Medical
Optics, Inc. 1 65,588 1,501,309
- --------------------------------------------------------------------------
Aksys Ltd. 1 14,200 133,480
- --------------------------------------------------------------------------
Alaris Medical
Systems, Inc. 1 124,700 2,494,000
- --------------------------------------------------------------------------
Arrow International,
Inc. 7,900 212,905
- --------------------------------------------------------------------------
ArthroCare Corp. 1 34,200 836,874
- --------------------------------------------------------------------------
Bausch & Lomb, Inc. 53,800 2,891,750
- --------------------------------------------------------------------------
Becton, Dickinson
& Co. 42,100 1,897,026
- --------------------------------------------------------------------------
Bio-Rad Laboratories,
Inc., Cl. A 1 26,000 1,405,300
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Boston Scientific Corp. 1 69,000 $ 2,814,510
- --------------------------------------------------------------------------
Candela Corp. 1 3,600 89,244
- --------------------------------------------------------------------------
Closure Medical Corp. 1 6,200 224,192
- --------------------------------------------------------------------------
CNS, Inc. 43,300 529,559
- --------------------------------------------------------------------------
Cooper Cos., Inc. (The) 30,100 1,456,840
- --------------------------------------------------------------------------
Cyberonics, Inc. 1 2,000 60,700
- --------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 4,600 178,250
- --------------------------------------------------------------------------
Diagnostic Products
Corp. 3,900 188,955
- --------------------------------------------------------------------------
E-Z-EM, Inc. 4,400 66,044
- --------------------------------------------------------------------------
EPIX Medical, Inc. 1 158,100 2,956,470
- --------------------------------------------------------------------------
Exactech, Inc. 1 25,800 430,860
- --------------------------------------------------------------------------
Haemonetics Corp. 1 17,300 493,050
- --------------------------------------------------------------------------
HealthTronics
Surgical Services, Inc. 1 76,900 483,701
- --------------------------------------------------------------------------
Hillenbrand
Industries, Inc. 5,500 343,750
- --------------------------------------------------------------------------
Illumina, Inc. 1 105,200 920,500
- --------------------------------------------------------------------------
Inamed Corp. 1 49,850 2,569,269
- --------------------------------------------------------------------------
IVAX Diagnostics, Inc. 1 4,000 20,760
- --------------------------------------------------------------------------
Kensey Nash Corp. 1 78,200 2,099,670
- --------------------------------------------------------------------------
Lifeline Systems, Inc. 1 20,400 393,720
- --------------------------------------------------------------------------
Matthews
International Corp.,
Cl. A 3,200 96,000
- --------------------------------------------------------------------------
Medtronic, Inc. 84,900 4,178,778
- --------------------------------------------------------------------------
Meridian
Bioscience, Inc. 54,100 624,855
- --------------------------------------------------------------------------
Merit Medical
Systems, Inc. 1 38,023 835,784
- --------------------------------------------------------------------------
Microtek Medical
Holdings, Inc. 1 79,500 399,011
- --------------------------------------------------------------------------
Mine Safety
Applicances Co. 2,400 68,424
- --------------------------------------------------------------------------
Nutraceutical
International Corp. 1 41,600 656,906
- --------------------------------------------------------------------------
PolyMedica Corp. 26,800 710,200
- --------------------------------------------------------------------------
Possis Medical, Inc. 1 14,600 342,078
- --------------------------------------------------------------------------
Quidel Corp. 1 19,800 243,342
24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Regeneration
Technologies, Inc. 1 39,700 $ 397,000
- --------------------------------------------------------------------------
Respironics, Inc. 1 15,700 773,068
- --------------------------------------------------------------------------
Sola International, Inc. 1 93,100 1,973,720
- --------------------------------------------------------------------------
Stryker Corp. 32,800 2,910,672
- --------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 65,100 1,829,310
- --------------------------------------------------------------------------
Synovis Life
Technologies, Inc. 1 38,500 623,315
- --------------------------------------------------------------------------
Theragenics Corp. 1 25,900 157,731
- --------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 2,900 128,006
- --------------------------------------------------------------------------
Vital Images, Inc. 1 61,100 794,300
- --------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 1,400 49,840
- --------------------------------------------------------------------------
Young Innovations,
Inc. 40,800 1,446,360
---------------
47,535,588
- --------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--4.3%
Advisory Board Co.
(The) 1 47,100 1,845,378
- --------------------------------------------------------------------------
Aetna, Inc. 46,300 3,241,000
- --------------------------------------------------------------------------
AMERIGROUP Corp. 1 38,800 1,583,040
- --------------------------------------------------------------------------
Andrx Corp. 1 109,100 2,730,773
- --------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 74,800 2,277,660
- --------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 137,600 2,797,408
- --------------------------------------------------------------------------
Cantel Medical Corp. 1 5,500 84,425
- --------------------------------------------------------------------------
Centene Corp. 1 6,350 201,994
- --------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 1,300 27,833
- --------------------------------------------------------------------------
CorVel Corp. 1 28,400 1,084,028
- --------------------------------------------------------------------------
Covance, Inc. 1 2,100 60,123
- --------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 45,800 3,036,540
- --------------------------------------------------------------------------
Curative Health
Services, Inc. 1 6,100 81,984
- --------------------------------------------------------------------------
DaVita, Inc. 1 70,000 2,808,400
- --------------------------------------------------------------------------
Dendrite
International, Inc. 1 111,400 1,892,686
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Eclipsys Corp. 1 96,600 $ 1,378,482
- --------------------------------------------------------------------------
First Health Group
Corp. 1 48,500 961,270
- --------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1 50,800 634,492
- --------------------------------------------------------------------------
Hanger Orthopedic
Group, Inc. 1 86,700 1,625,625
- --------------------------------------------------------------------------
Health Net, Inc. 1 59,000 1,964,700
- --------------------------------------------------------------------------
HealthExtras, Inc. 1 44,200 456,144
- --------------------------------------------------------------------------
Humana, Inc. 1 91,800 2,141,694
- --------------------------------------------------------------------------
IDX Systems Corp. 1 38,300 1,121,807
- --------------------------------------------------------------------------
IMS Health, Inc. 53,700 1,381,701
- --------------------------------------------------------------------------
Inveresk Research
Group, Inc. 1 41,200 974,792
- --------------------------------------------------------------------------
LabOne, Inc. 1 34,800 1,217,652
- --------------------------------------------------------------------------
LCA-Vision, Inc. 1 105,900 2,583,960
- --------------------------------------------------------------------------
LifePoint Hospitals,
Inc. 1 15,500 534,905
- --------------------------------------------------------------------------
Medco Health
Solutions, Inc. 1 94,072 3,466,553
- --------------------------------------------------------------------------
Mid Atlantic
Medical Services, Inc. 1 36,700 2,486,425
- --------------------------------------------------------------------------
Molina Healthcare,
Inc. 1 17,800 458,350
- --------------------------------------------------------------------------
National HealthCare
Corp. 1 4,900 98,441
- --------------------------------------------------------------------------
Omnicell, Inc. 1 74,500 1,355,900
- --------------------------------------------------------------------------
Owens & Minor, Inc. 27,900 640,305
- --------------------------------------------------------------------------
Parexel International
Corp. 1 33,400 576,150
- --------------------------------------------------------------------------
PDI, Inc. 1 14,900 409,154
- --------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 39,900 2,346,120
- --------------------------------------------------------------------------
Per-Se Technologies,
Inc. 1 68,800 1,091,856
- --------------------------------------------------------------------------
Prime Medical
Services, Inc. 1 9,500 52,250
- --------------------------------------------------------------------------
PSS World Medical,
Inc. 1 35,300 445,486
- --------------------------------------------------------------------------
Renal Care Group, Inc. 1 30,300 1,315,323
- --------------------------------------------------------------------------
Res-Care, Inc. 1 1,100 10,076
25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Select Medical Corp. 155,600 $ 2,691,880
- --------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 54,400 2,202,656
- --------------------------------------------------------------------------
U.S. Physical Therapy,
Inc. 1 39,600 554,400
- --------------------------------------------------------------------------
United Surgical
Partners International,
Inc. 1 25,600 976,384
- --------------------------------------------------------------------------
Universal Health
Services, Inc., Cl. B 5,600 307,552
- --------------------------------------------------------------------------
US Oncology, Inc. 1 218,800 2,875,032
- --------------------------------------------------------------------------
VitalWorks, Inc. 1 33,900 162,720
- --------------------------------------------------------------------------
WellPoint Health
Networks, Inc. 1 45,653 4,793,565
---------------
70,047,074
- --------------------------------------------------------------------------
PHARMACEUTICALS--3.7%
aaiPharma, Inc. 1 16,500 469,425
- --------------------------------------------------------------------------
Abbott Laboratories 1 23,500 1,012,380
- --------------------------------------------------------------------------
American
Pharmaceutical
Partners, Inc. 1 84,750 2,894,213
- --------------------------------------------------------------------------
Angiotech
Pharmaceuticals, Inc. 1 60,000 1,573,800
- --------------------------------------------------------------------------
Bradley
Pharmaceuticals, Inc. 1 113,100 2,461,056
- --------------------------------------------------------------------------
Caraco
Pharmaceutical
Laboratories Ltd. 1 25,400 233,172
- --------------------------------------------------------------------------
CollaGenex
Pharmaceuticals, Inc. 1 46,200 482,328
- --------------------------------------------------------------------------
Columbia
Laboratories, Inc. 1 19,000 135,850
- --------------------------------------------------------------------------
DepoMed, Inc. 1 98,400 732,096
- --------------------------------------------------------------------------
Eli Lilly & Co. 79,600 5,415,984
- --------------------------------------------------------------------------
Encysive
Pharmaceuticals, Inc. 1 13,900 133,162
- --------------------------------------------------------------------------
Endo
Pharmaceuticals
Holdings, Inc. 1 105,000 2,271,150
- --------------------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 15,200 385,016
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
PHARMACEUTICALS Continued
InKine Pharmaceutical
Co., Inc. 1 24,700 $ 138,320
- --------------------------------------------------------------------------
Johnson & Johnson 124,800 6,666,816
- --------------------------------------------------------------------------
Kos Pharmaceuticals,
Inc. 1 56,500 2,882,065
- --------------------------------------------------------------------------
Lannett Co., Inc. 1 37,300 669,162
- --------------------------------------------------------------------------
Merck & Co., Inc. 174,900 8,325,240
- --------------------------------------------------------------------------
MGI Pharma, Inc. 1 22,700 1,082,563
- --------------------------------------------------------------------------
Nabi
Biopharmaceuticals
Inc. 1 88,400 1,429,428
- --------------------------------------------------------------------------
NexMed, Inc. 1 31,400 128,426
- --------------------------------------------------------------------------
Orphan Medical, Inc. 1 3,500 35,140
- --------------------------------------------------------------------------
Perrigo Co. 16,000 266,720
- --------------------------------------------------------------------------
Pfizer, Inc. 509,200 18,651,996
- --------------------------------------------------------------------------
Salix Pharmaceuticals
Ltd. 1 47,400 1,082,142
- --------------------------------------------------------------------------
SciClone
Pharmaceuticals, Inc. 1 25,900 165,760
- --------------------------------------------------------------------------
Seattle Genetics, Inc. 1 14,600 150,818
---------------
59,874,228
- --------------------------------------------------------------------------
INDUSTRIALS--10.9%
- --------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.5%
AAR Corp. 1 181,200 2,419,020
- --------------------------------------------------------------------------
Applied Signal
Technology, Inc. 103,700 2,792,641
- --------------------------------------------------------------------------
Astronics Corp., Cl. B 1,2 1,850 9,250
- --------------------------------------------------------------------------
Aviall, Inc. 1 28,600 440,440
- --------------------------------------------------------------------------
Ducommun, Inc. 1 26,900 664,430
- --------------------------------------------------------------------------
General Dynamics
Corp. 32,600 2,980,618
- --------------------------------------------------------------------------
HEICO Corp. 2,400 35,400
- --------------------------------------------------------------------------
HEICO Corp., Cl. A 320 3,693
- --------------------------------------------------------------------------
Herley Industries, Inc. 1 14,200 309,276
- --------------------------------------------------------------------------
Honeywell
International, Inc. 90,000 3,250,800
- --------------------------------------------------------------------------
KVH Industries, Inc. 1 48,600 952,074
- --------------------------------------------------------------------------
Moog, Inc., Cl. A 1 36,300 1,905,024
- --------------------------------------------------------------------------
MTC Technologies,
Inc. 1 14,500 442,685
26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Precision Castparts
Corp. 20,700 $ 968,553
- --------------------------------------------------------------------------
Sequa Corp., Cl A 1 2,100 119,490
- --------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 79,300 1,526,525
- --------------------------------------------------------------------------
United Defense
Industries, Inc. 1 75,000 2,197,500
- --------------------------------------------------------------------------
United Technologies
Corp. 40,000 3,821,600
---------------
24,839,019
- --------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.3%
ABX Air, Inc. 1 260,100 1,443,555
- --------------------------------------------------------------------------
FedEx Corp. 10,900 733,352
- --------------------------------------------------------------------------
United Parcel Service,
Inc., Cl. B 36,800 2,622,736
---------------
4,799,643
- --------------------------------------------------------------------------
AIRLINES--0.4%
Alaska Air Group, Inc. 1 25,000 695,000
- --------------------------------------------------------------------------
America West
Holdings Corp., Cl. B 1 61,900 692,661
- --------------------------------------------------------------------------
Delta Air Lines, Inc. 1 181,200 1,902,600
- --------------------------------------------------------------------------
ExpressJet Holdings,
Inc. 1 46,600 660,322
- --------------------------------------------------------------------------
Frontier Airlines, Inc. 1 52,900 521,594
- --------------------------------------------------------------------------
Mair Holdings, Inc. 1 600 5,250
- --------------------------------------------------------------------------
Mesa Air Group, Inc. 1 4,000 43,640
- --------------------------------------------------------------------------
Northwest Airlines
Corp., Cl. A 1 154,600 1,765,532
---------------
6,286,599
- --------------------------------------------------------------------------
BUILDING PRODUCTS--0.4%
Aaon, Inc. 1 47,350 899,934
- --------------------------------------------------------------------------
American Woodmark
Corp. 6,100 380,335
- --------------------------------------------------------------------------
Griffon Corp. 1 1,100 23,980
- --------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 204,000 1,754,400
- --------------------------------------------------------------------------
Masco Corp. 58,900 1,570,274
- --------------------------------------------------------------------------
Simpson
Manufacturing
Co., Inc. 1 26,900 1,330,474
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
BUILDING PRODUCTS Continued
Universal Forest
Products, Inc. 25,000 $ 762,500
- --------------------------------------------------------------------------
USG Corp. 1 4,300 78,432
---------------
6,800,329
- --------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--2.5%
Administaff, Inc. 1 120,600 2,034,522
- --------------------------------------------------------------------------
Angelica Corp. 13,600 299,200
- --------------------------------------------------------------------------
Banta Corp. 12,800 588,800
- --------------------------------------------------------------------------
Bowne & Co., Inc. 9,400 142,692
- --------------------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 46,400 2,048,560
- --------------------------------------------------------------------------
CDI Corp. 7,400 240,944
- --------------------------------------------------------------------------
Charles River
Associates, Inc. 1 20,800 707,616
- --------------------------------------------------------------------------
Concorde Career
Colleges, Inc. 1 15,100 395,318
- --------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 21,900 807,891
- --------------------------------------------------------------------------
Cornell Corrections,
Inc. 1 2,700 33,453
- --------------------------------------------------------------------------
CPI Corp. 15,500 331,700
- --------------------------------------------------------------------------
Darling International,
Inc. 1 497,900 1,319,435
- --------------------------------------------------------------------------
DiamondCluster
International, Inc. 1 9,300 102,207
- --------------------------------------------------------------------------
Duratek, Inc. 1 9,200 139,380
- --------------------------------------------------------------------------
Electro Rent Corp. 5,700 51,357
- --------------------------------------------------------------------------
Ennis Business
Forms, Inc. 42,000 667,800
- --------------------------------------------------------------------------
Exponent, Inc. 1 34,000 816,000
- --------------------------------------------------------------------------
Exult, Inc. 1 78,200 493,442
- --------------------------------------------------------------------------
General Binding Corp. 1 15,200 248,064
- --------------------------------------------------------------------------
Gevity HR, Inc. 90,200 2,036,716
- --------------------------------------------------------------------------
Gundle/SLT
Environmental, Inc. 1 32,900 599,767
- --------------------------------------------------------------------------
H&R Block, Inc. 59,100 3,423,663
- --------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 14,200 304,590
- --------------------------------------------------------------------------
ICT Group, Inc. 1 40,700 586,487
- --------------------------------------------------------------------------
Imagistics
International, Inc. 1 54,100 2,159,672
27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Interpool, Inc. 8,500 $ 127,500
- --------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 65,200 3,610,124
- --------------------------------------------------------------------------
Kforce, Inc. 1 12,500 123,750
- --------------------------------------------------------------------------
Korn-Ferry
International 1 75,900 971,520
- --------------------------------------------------------------------------
Layne Christensen Co. 1 2,300 28,773
- --------------------------------------------------------------------------
LECG Corp. 1 40,600 948,416
- --------------------------------------------------------------------------
Mail-Well, Inc. 1 7,500 32,775
- --------------------------------------------------------------------------
Manpower, Inc. 28,038 1,300,402
- --------------------------------------------------------------------------
McGrath Rentcorp 4,700 140,530
- --------------------------------------------------------------------------
Navigant Consulting,
Inc. 1 64,800 1,174,824
- --------------------------------------------------------------------------
NCO Group, Inc. 1 48,300 1,175,139
- --------------------------------------------------------------------------
New England
Business Service, Inc. 15,600 466,908
- --------------------------------------------------------------------------
Pico Holdings, Inc. 1 3,800 61,256
- --------------------------------------------------------------------------
Princeton Review, Inc.
(The) 1 18,800 175,404
- --------------------------------------------------------------------------
Republic Services, Inc. 39,700 990,515
- --------------------------------------------------------------------------
Rollins, Inc. 57,950 1,466,135
- --------------------------------------------------------------------------
Schawk, Inc. 14,200 202,492
- --------------------------------------------------------------------------
School Specialty, Inc. 1 64,600 2,370,820
- --------------------------------------------------------------------------
SITEL Corp. 1 10,800 29,700
- --------------------------------------------------------------------------
Sotheby's Holdings,
Inc., Cl. A 1 57,100 800,542
- --------------------------------------------------------------------------
Spherion Corp. 1 30,700 298,097
- --------------------------------------------------------------------------
Tetra Tech, Inc. 1 63,300 1,386,270
- --------------------------------------------------------------------------
United Stationers, Inc. 1 10,900 432,512
- --------------------------------------------------------------------------
Universal Technical
Institute, Inc. 1 44,800 1,438,080
- --------------------------------------------------------------------------
Watson Wyatt & Co.
Holdings 1 20,800 475,280
- --------------------------------------------------------------------------
West Corp. 1 12,700 320,040
---------------
41,127,080
- --------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.4%
Comfort Systems
USA, Inc. 1 82,100 549,249
- --------------------------------------------------------------------------
Dycom Industries, Inc. 1 1,400 36,218
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING Continued
Integrated Electrical
Services, Inc. 1 187,100 $ 1,891,581
- --------------------------------------------------------------------------
MasTec, Inc. 1 62,900 790,024
- --------------------------------------------------------------------------
Perini Corp. 1 46,800 590,148
- --------------------------------------------------------------------------
URS Corp. 1 62,900 1,739,185
---------------
5,596,405
- --------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.5%
Acuity Brands, Inc. 71,000 1,725,300
- --------------------------------------------------------------------------
Franklin Electric
Co., Inc. 16,500 1,000,395
- --------------------------------------------------------------------------
General Cable Corp. 1 10,200 82,416
- --------------------------------------------------------------------------
Genlyte Group, Inc.
(The) 1 100 5,500
- --------------------------------------------------------------------------
Hubbell, Inc., Cl. B 44,000 1,766,600
- --------------------------------------------------------------------------
II-VI, Inc. 1 75,600 1,786,428
- --------------------------------------------------------------------------
LSI Industries, Inc. 5,750 78,775
- --------------------------------------------------------------------------
Power-One, Inc. 1 36,800 460,736
- --------------------------------------------------------------------------
Ultralife Batteries, Inc. 1 39,000 678,990
- --------------------------------------------------------------------------
Vicor Corp. 1 9,100 109,200
---------------
7,694,340
- --------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--1.6%
3M Co. 36,600 2,894,694
- --------------------------------------------------------------------------
General Electric Co. 599,400 20,157,822
- --------------------------------------------------------------------------
Gerber Scientific, Inc. 1 84,300 666,813
- --------------------------------------------------------------------------
Raven Industries, Inc. 16,700 472,426
- --------------------------------------------------------------------------
Standex International
Corp. 9,300 270,351
- --------------------------------------------------------------------------
United Capital Corp. 1 1,500 37,275
- --------------------------------------------------------------------------
United Industrial Corp. 41,100 732,402
- --------------------------------------------------------------------------
Walter Industries, Inc. 52,400 628,800
---------------
25,860,583
- --------------------------------------------------------------------------
MACHINERY--2.3%
A.S.V., Inc. 1 28,600 934,076
- --------------------------------------------------------------------------
Actuant Corp., Cl. A 1 8,300 301,622
- --------------------------------------------------------------------------
Alamo Group, Inc. 7,300 117,530
- --------------------------------------------------------------------------
Albany International
Corp., Cl. A 58,800 1,896,300
28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
MACHINERY Continued
Ampco-Pittsburgh
Corp. 15,400 $ 209,440
- --------------------------------------------------------------------------
BHA Group, Inc., Cl. A 16,800 477,960
- --------------------------------------------------------------------------
Briggs & Stratton
Corp. 38,100 2,516,124
- --------------------------------------------------------------------------
Cascade Corp. 56,700 1,197,504
- --------------------------------------------------------------------------
Ceradyne, Inc. 1 15,600 623,532
- --------------------------------------------------------------------------
Chicago Bridge &
Iron Co. NV 110,000 3,361,600
- --------------------------------------------------------------------------
CIRCOR
International, Inc. 3,000 71,250
- --------------------------------------------------------------------------
Cummins, Inc. 61,400 3,114,822
- --------------------------------------------------------------------------
Cuno, Inc. 1 1,700 70,856
- --------------------------------------------------------------------------
Dionex Corp. 1 27,600 1,477,980
- --------------------------------------------------------------------------
Encore Wire Corp. 1 300 6,417
- --------------------------------------------------------------------------
EnPro Industries, Inc. 1 59,200 1,055,536
- --------------------------------------------------------------------------
Flanders Corp. 1 71,700 484,692
- --------------------------------------------------------------------------
Greenbrier Cos., Inc. 1 2,100 37,800
- --------------------------------------------------------------------------
Ingersoll-Rand Co.,
Cl. A 26,900 1,789,657
- --------------------------------------------------------------------------
Kadant, Inc. 1 46,300 1,016,285
- --------------------------------------------------------------------------
Middleby Corp. (The) 60,800 2,503,136
- --------------------------------------------------------------------------
Mueller Industries,
Inc. 1 4,100 126,362
- --------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 5,700 488,775
- --------------------------------------------------------------------------
Oshkosh Truck Corp. 2,500 145,700
- --------------------------------------------------------------------------
Paccar, Inc. 27,800 2,185,914
- --------------------------------------------------------------------------
Pall Corp. 108,100 2,810,600
- --------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 5,200 95,160
- --------------------------------------------------------------------------
SPX Corp. 1 37,200 2,110,728
- --------------------------------------------------------------------------
Thomas Industries, Inc. 2,200 74,778
- --------------------------------------------------------------------------
Toro Co. (The) 46,400 2,208,640
- --------------------------------------------------------------------------
Trinity Industries, Inc. 39,900 1,280,790
- --------------------------------------------------------------------------
Wabash National
Corp. 1 56,500 1,554,315
- --------------------------------------------------------------------------
Wabtec Corp. 11,800 191,986
---------------
36,537,867
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
MARINE--0.1%
Alexander &
Baldwin, Inc. 44,200 $ 1,426,334
- --------------------------------------------------------------------------
ROAD & RAIL--0.8%
Arkansas Best Corp. 14,500 410,785
- --------------------------------------------------------------------------
Central Freight
Lines, Inc. 1 31,900 558,888
- --------------------------------------------------------------------------
Covenant Transport,
Inc., Cl. A 1 19,000 335,540
- --------------------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 16,700 552,770
- --------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1 42,600 1,403,670
- --------------------------------------------------------------------------
Heartland Express, Inc. 1,500 32,760
- --------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 1 98,000 2,578,380
- --------------------------------------------------------------------------
Knight Transportation,
Inc. 1 3,350 82,544
- --------------------------------------------------------------------------
Landstar System, Inc. 1 22,300 807,483
- --------------------------------------------------------------------------
Marten Transport Ltd. 1 1,950 34,164
- --------------------------------------------------------------------------
Mullen
Transportation, Inc. 41,000 1,201,894
- --------------------------------------------------------------------------
Old Dominion
Freight Line, Inc. 1 6,350 196,850
- --------------------------------------------------------------------------
Overnite Corp. 1 73,300 1,642,653
- --------------------------------------------------------------------------
Pacer International,
Inc. 1 51,500 952,750
- --------------------------------------------------------------------------
Quality Distribution,
Inc. 1 30,600 603,738
- --------------------------------------------------------------------------
Ryder Systems, Inc. 26,000 956,800
- --------------------------------------------------------------------------
SCS Transportation,
Inc. 1 30,300 515,100
- --------------------------------------------------------------------------
Sirva, Inc. 1 14,000 293,440
- --------------------------------------------------------------------------
Swift Transportation
Co., Inc. 1 16,500 326,700
- --------------------------------------------------------------------------
U.S. Xpress Enterprises,
Inc., Cl. A 1 12,600 176,400
---------------
13,663,309
- --------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.1%
Applied Industrial
Technologies, Inc. 53,100 1,311,039
- --------------------------------------------------------------------------
Lawson Products, Inc. 3,800 114,000
29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS Continued
MSC Industrial Direct
Co., Inc., Cl. A 10,700 $ 302,275
---------------
1,727,314
- --------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.8%
- --------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.8%
3Com Corp. 1 432,700 3,331,790
- --------------------------------------------------------------------------
Aspect
Communications
Corp. 1 129,803 2,265,062
- --------------------------------------------------------------------------
Audiovox Corp., Cl. A 1 42,600 605,346
- --------------------------------------------------------------------------
Avaya, Inc. 1 107,000 1,859,660
- --------------------------------------------------------------------------
C-COR.net Corp. 1 141,000 2,354,700
- --------------------------------------------------------------------------
Centillium
Communications, Inc. 1 41,900 205,310
- --------------------------------------------------------------------------
Cisco Systems, Inc. 1 551,600 14,143,024
- --------------------------------------------------------------------------
Computer Network
Technology Corp. 1 122,800 1,270,980
- --------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 74,550 2,385,600
- --------------------------------------------------------------------------
Corning, Inc. 1 300,000 3,876,000
- --------------------------------------------------------------------------
Corvis Corp. 1 495,900 1,195,119
- --------------------------------------------------------------------------
CyberGuard Corp. 1 44,300 427,052
- --------------------------------------------------------------------------
Digi International, Inc. 1 73,500 797,475
- --------------------------------------------------------------------------
Ditech
Communications
Corp. 1 47,800 1,000,454
- --------------------------------------------------------------------------
Enterasys Networks,
Inc. 1 199,200 846,600
- --------------------------------------------------------------------------
FalconStor Software,
Inc. 1 54,000 485,460
- --------------------------------------------------------------------------
Glenayre
Technologies, Inc. 1 118,300 440,076
- --------------------------------------------------------------------------
Harmonic, Inc. 1 242,500 2,551,100
- --------------------------------------------------------------------------
InterDigital
Communications
Corp. 1 5,200 126,464
- --------------------------------------------------------------------------
Juniper Networks, Inc. 1 65,900 1,903,851
- --------------------------------------------------------------------------
Lucent Technologies,
Inc. 1 393,600 1,763,328
- --------------------------------------------------------------------------
McDATA Corp., Cl. A 1 68,900 605,631
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Netopia, Inc. 1 10,400 $ 143,104
- --------------------------------------------------------------------------
Network Equipment
Technologies, Inc. 1 9,900 131,373
- --------------------------------------------------------------------------
New Focus, Inc. 1 94,300 567,686
- --------------------------------------------------------------------------
Packeteer, Inc. 1 96,000 1,597,440
- --------------------------------------------------------------------------
Performance
Technologies, Inc. 1 74,400 1,376,400
- --------------------------------------------------------------------------
Powerwave
Technologies, Inc. 1 150,600 1,483,410
- --------------------------------------------------------------------------
Proxim Corp., Cl. A 1 359,200 854,896
- --------------------------------------------------------------------------
Scientific-Atlanta, Inc. 76,200 2,578,608
- --------------------------------------------------------------------------
SCM Microsystems,
Inc. 1 2,600 22,958
- --------------------------------------------------------------------------
SeaChange
International, Inc. 1 125,500 2,535,100
- --------------------------------------------------------------------------
SpectraLink Corp. 82,500 1,489,125
- --------------------------------------------------------------------------
Stratex Networks, Inc. 1 59,000 315,650
- --------------------------------------------------------------------------
Sycamore
Networks, Inc. 1 186,700 1,049,254
- --------------------------------------------------------------------------
Symmetricom, Inc. 1 71,600 733,184
- --------------------------------------------------------------------------
Terayon
Communication
Systems, Inc. 1 101,500 486,185
- --------------------------------------------------------------------------
Westell Technologies,
Inc., Cl. A 1 135,800 1,072,820
- --------------------------------------------------------------------------
Zhone Technologies,
Inc. 1 98,800 606,632
--------------
61,483,907
- --------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--2.8%
Advanced Digital
Information Corp. 1 28,800 513,792
- --------------------------------------------------------------------------
Dell, Inc. 1 249,900 8,364,153
- --------------------------------------------------------------------------
EMC Corp. 1 300,000 4,212,000
- --------------------------------------------------------------------------
Hewlett-Packard Co. 160,600 3,820,674
- --------------------------------------------------------------------------
Hutchinson
Technology, Inc. 1 63,700 1,881,061
- --------------------------------------------------------------------------
Immersion Corp. 1 9,800 68,502
- --------------------------------------------------------------------------
InFocus Corp. 1 200,500 2,217,530
- --------------------------------------------------------------------------
International Business
Machines Corp. 65,200 6,469,796
30 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMPUTERS & PERIPHERALS Continued
Iomega Corp. 18,700 $ 111,452
- --------------------------------------------------------------------------
Lexmark International,
Inc., Cl. A 1 29,600 2,453,544
- --------------------------------------------------------------------------
Maxtor Corp. 1 277,900 2,570,575
- --------------------------------------------------------------------------
Neoware Systems, Inc. 1 11,600 120,872
- --------------------------------------------------------------------------
Network Engines, Inc. 1 90,600 482,898
- --------------------------------------------------------------------------
Overland Storage, Inc. 1 29,000 566,950
- --------------------------------------------------------------------------
Presstek, Inc. 1 73,800 684,126
- --------------------------------------------------------------------------
Quantum Corp. 1 164,000 598,600
- --------------------------------------------------------------------------
Rainbow
Technologies, Inc. 1 95,400 1,392,840
- --------------------------------------------------------------------------
SimpleTech, Inc. 1 189,200 1,089,792
- --------------------------------------------------------------------------
Storage Technology
Corp. 1 65,800 1,908,200
- --------------------------------------------------------------------------
Stratasys, Inc. 1 30,800 737,660
- --------------------------------------------------------------------------
Sun Microsystems, Inc. 1 420,000 2,230,200
- --------------------------------------------------------------------------
Western Digital Corp. 1 251,000 2,567,730
- --------------------------------------------------------------------------
Xybernaut Corp. 1 479,300 852,195
---------------
45,915,142
- --------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--2.4%
Agilent Technologies,
Inc. 1 110,000 4,054,600
- --------------------------------------------------------------------------
Agilysys, Inc. 138,000 1,825,740
- --------------------------------------------------------------------------
Brightpoint, Inc. 1 100,200 2,191,374
- --------------------------------------------------------------------------
CellStar Corp. 1 122,800 1,563,244
- --------------------------------------------------------------------------
Checkpoint Systems,
Inc. 1 85,400 1,703,730
- --------------------------------------------------------------------------
Cognex Corp. 55,600 1,781,980
- --------------------------------------------------------------------------
Daktronics, Inc. 1 61,400 1,401,762
- --------------------------------------------------------------------------
Digital Theater
Systems, Inc. 1 30,600 775,404
- --------------------------------------------------------------------------
Excel Technology, Inc. 1 11,100 349,650
- --------------------------------------------------------------------------
FARO Technologies,
Inc. 1 66,200 1,974,746
- --------------------------------------------------------------------------
GTSI Corp. 1 3,600 50,400
- --------------------------------------------------------------------------
Hypercom Corp. 1 100,800 589,680
- --------------------------------------------------------------------------
Identix, Inc. 1 38,900 206,948
- --------------------------------------------------------------------------
Innovex, Inc. 1 79,800 674,310
- --------------------------------------------------------------------------
Keithley Instruments,
Inc. 5,800 139,490
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Kemet Corp. 1 12,500 $ 190,000
- --------------------------------------------------------------------------
Landauer, Inc. 6,600 284,460
- --------------------------------------------------------------------------
LeCroy Corp. 1 18,100 380,100
- --------------------------------------------------------------------------
Maxwell
Technologies, Inc. 1 1,400 11,985
- --------------------------------------------------------------------------
Measurement
Specialties, Inc. 1,2 31,300 675,767
- --------------------------------------------------------------------------
Merix Corp. 1 42,100 1,143,015
- --------------------------------------------------------------------------
Methode Electronics,
Inc., Cl. A 93,200 1,172,456
- --------------------------------------------------------------------------
Molex, Inc. 14,200 493,308
- --------------------------------------------------------------------------
MTS Systems Corp. 77,700 1,825,950
- --------------------------------------------------------------------------
Paxar Corp. 1 12,000 168,360
- --------------------------------------------------------------------------
Pemstar, Inc. 1 55,000 247,500
- --------------------------------------------------------------------------
Photon Dynamics,
Inc. 1 20,500 784,945
- --------------------------------------------------------------------------
Planar Systems, Inc. 1 17,500 294,875
- --------------------------------------------------------------------------
Plexus Corp. 1 25,800 565,794
- --------------------------------------------------------------------------
RadiSys Corp. 1 54,100 1,251,333
- --------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 74,500 2,478,615
- --------------------------------------------------------------------------
ScanSource, Inc. 1 18,900 951,615
- --------------------------------------------------------------------------
Solectron Corp. 1 319,400 2,267,740
- --------------------------------------------------------------------------
Superconductor
Technologies, Inc. 1 14,300 84,370
- --------------------------------------------------------------------------
SYNNEX Corp. 1 6,300 112,329
- --------------------------------------------------------------------------
UNOVA, Inc. 57,800 1,416,678
- --------------------------------------------------------------------------
Varian, Inc. 1 2,500 100,000
- --------------------------------------------------------------------------
Veeco Instruments,
Inc. 1 64,500 1,941,450
- --------------------------------------------------------------------------
Woodhead
Industries, Inc. 16,000 289,760
- --------------------------------------------------------------------------
X-Rite, Inc. 12,400 168,268
- --------------------------------------------------------------------------
Zomax, Inc. 1 46,100 226,351
---------------
38,810,082
- --------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--2.2%
24/7 Media, Inc. 1 323,900 631,605
- --------------------------------------------------------------------------
Akamai
Technologies, Inc. 1 138,300 1,786,836
- --------------------------------------------------------------------------
Ask Jeeves, Inc. 1 69,800 1,515,358
31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
BroadVision, Inc. 1 33,300 $ 220,446
- --------------------------------------------------------------------------
CMGI, Inc. 1 123,500 340,860
- --------------------------------------------------------------------------
Corillian Corp. 1 369,200 2,791,152
- --------------------------------------------------------------------------
CyberSource Corp. 1 125,200 548,376
- --------------------------------------------------------------------------
Digital Insight Corp. 1 7,300 165,491
- --------------------------------------------------------------------------
Digitas, Inc. 1 229,342 2,591,565
- --------------------------------------------------------------------------
EarthLink, Inc. 1 92,000 865,720
- --------------------------------------------------------------------------
FindWhat.com 1 11,500 219,075
- --------------------------------------------------------------------------
HomeStore.com, Inc. 1 434,491 1,877,001
- --------------------------------------------------------------------------
Internap Network
Services Corp. 1 338,200 774,478
- --------------------------------------------------------------------------
Ivillage, Inc. 1 51,500 233,295
- --------------------------------------------------------------------------
j2 Global
Communications, Inc. 1 2,200 50,644
- --------------------------------------------------------------------------
Keynote Systems, Inc. 1 4,700 56,776
- --------------------------------------------------------------------------
Lionbridge
Technologies, Inc. 1 104,000 822,640
- --------------------------------------------------------------------------
LookSmart Ltd. 1 519,500 987,102
- --------------------------------------------------------------------------
MatrixOne, Inc. 1 146,700 996,093
- --------------------------------------------------------------------------
National Information
Consortium, Inc. 1 189,000 1,493,100
- --------------------------------------------------------------------------
NaviSite, Inc. 1 700 3,717
- --------------------------------------------------------------------------
Netegrity, Inc. 1 196,900 1,959,155
- --------------------------------------------------------------------------
On2 Technologies, Inc. 1 341,400 426,750
- --------------------------------------------------------------------------
Open Text Corp. 1 40,600 1,034,488
- --------------------------------------------------------------------------
Raindance
Communications, Inc. 1 105,400 325,686
- --------------------------------------------------------------------------
Retek, Inc. 1 66,500 639,065
- --------------------------------------------------------------------------
S1 Corp. 1 139,000 1,195,400
- --------------------------------------------------------------------------
Secure Computing
Corp. 1 136,200 2,335,830
- --------------------------------------------------------------------------
SeeBeyond
Technology Corp. 1 282,000 1,410,000
- --------------------------------------------------------------------------
Selectica, Inc. 1 60,400 288,108
- --------------------------------------------------------------------------
SonicWALL, Inc. 1 123,600 1,156,896
- --------------------------------------------------------------------------
SupportSoft, Inc. 1 193,600 2,592,304
- --------------------------------------------------------------------------
TeleCommunication
Systems, Inc. 1 8,700 65,685
- --------------------------------------------------------------------------
United Online, Inc. 1 114,300 2,128,266
- --------------------------------------------------------------------------
Vastera, Inc. 1 49,100 177,251
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
Vitria Technology, Inc. 1 48,200 $ 355,716
- --------------------------------------------------------------------------
WatchGuard
Technologies, Inc. 1 64,200 407,670
- --------------------------------------------------------------------------
WebEx
Communications, Inc. 1 2,700 52,785
- --------------------------------------------------------------------------
webMethods, Inc. 1 76,200 818,388
---------------
36,340,773
- --------------------------------------------------------------------------
IT SERVICES--1.3%
Acxiom Corp. 1 115,000 2,188,450
- --------------------------------------------------------------------------
AnswerThink
Consulting Group, Inc. 1 17,700 115,227
- --------------------------------------------------------------------------
Aquantive, Inc. 1 94,500 1,069,740
- --------------------------------------------------------------------------
Carreker Corp. 1 27,400 409,904
- --------------------------------------------------------------------------
Certegy, Inc. 19,500 625,365
- --------------------------------------------------------------------------
Computer Horizons
Corp. 1 5,500 22,825
- --------------------------------------------------------------------------
Concord EFS, Inc. 1 28,600 403,832
- --------------------------------------------------------------------------
Convergys Corp. 1 170,700 2,854,104
- --------------------------------------------------------------------------
Corio, Inc. 1 76,600 232,098
- --------------------------------------------------------------------------
Euronet Worldwide,
Inc. 1 52,200 848,250
- --------------------------------------------------------------------------
Evolving Systems, Inc. 1 79,000 774,200
- --------------------------------------------------------------------------
Gartner, Inc., Cl. B 1 21,000 228,900
- --------------------------------------------------------------------------
Global Payments, Inc. 34,200 1,590,300
- --------------------------------------------------------------------------
Information
Resources, Inc. 1 50,400 139,608
- --------------------------------------------------------------------------
infoUSA, Inc. 1 137,800 1,296,698
- --------------------------------------------------------------------------
Intrado, Inc. 1 50,300 1,200,158
- --------------------------------------------------------------------------
Lightbridge, Inc. 1 127,400 1,000,090
- --------------------------------------------------------------------------
ManTech
International Corp. 1 19,100 408,740
- --------------------------------------------------------------------------
MAPICS, Inc. 1 2,900 29,058
- --------------------------------------------------------------------------
QAD, Inc. 1 20,700 322,299
- --------------------------------------------------------------------------
SM&A 1 30,600 339,966
- --------------------------------------------------------------------------
SS&C Technologies, Inc. 88,300 3,627,276
- --------------------------------------------------------------------------
Startek, Inc. 8,200 327,180
- --------------------------------------------------------------------------
Tyler Technologies, Inc. 1 77,526 775,260
---------------
20,829,528
32 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
OFFICE ELECTRONICS--0.2%
Metrologic
Instruments, Inc. 1 119,000 $ 3,071,390
- --------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.5%
ADE Corp. 1 25,000 487,500
- --------------------------------------------------------------------------
Agere Systems, Inc.,
Cl. A 1 468,900 1,805,265
- --------------------------------------------------------------------------
Altera Corp. 1 70,900 1,587,451
- --------------------------------------------------------------------------
AMIS Holdings, Inc. 1 43,700 847,343
- --------------------------------------------------------------------------
Amkor Technology,
Inc. 1 75,400 1,312,714
- --------------------------------------------------------------------------
ANADIGICS, Inc. 1 210,900 1,522,698
- --------------------------------------------------------------------------
Analog Devices, Inc. 33,300 1,593,405
- --------------------------------------------------------------------------
Applied Materials, Inc. 1 180,000 3,916,800
- --------------------------------------------------------------------------
Broadcom Corp., Cl. A 1 83,500 3,389,265
- --------------------------------------------------------------------------
California Micro
Devices Corp. 1 8,300 94,122
- --------------------------------------------------------------------------
Cirrus Logic, Inc. 1 174,300 1,298,535
- --------------------------------------------------------------------------
Credence Systems
Corp. 1 3,900 55,302
- --------------------------------------------------------------------------
Cypress
Semiconductor Corp. 1 147,400 3,124,880
- --------------------------------------------------------------------------
Diodes, Inc. 1 15,800 346,020
- --------------------------------------------------------------------------
Helix Technology Corp. 12,400 297,724
- --------------------------------------------------------------------------
Integrated Device
Technology, Inc. 1 59,400 1,082,268
- --------------------------------------------------------------------------
Integrated Silicon
Solution, Inc. 1 78,000 1,261,260
- --------------------------------------------------------------------------
Intel Corp. 485,900 14,868,540
- --------------------------------------------------------------------------
KLA-Tencor Corp. 1 27,600 1,575,132
- --------------------------------------------------------------------------
Kulicke & Soffa
Industries, Inc. 1 43,500 635,970
- --------------------------------------------------------------------------
Micron Technology,
Inc. 1 110,000 1,772,100
- --------------------------------------------------------------------------
Mindspeed
Technologies, Inc. 1 155,800 1,509,702
- --------------------------------------------------------------------------
National
Semiconductor Corp. 1 120,000 4,614,000
- --------------------------------------------------------------------------
NPTest Holding Corp. 1 102,300 1,166,220
- --------------------------------------------------------------------------
NVE Corp. 1 21,000 1,176,420
- --------------------------------------------------------------------------
NVIDIA Corp. 1 14,500 322,625
- --------------------------------------------------------------------------
ON Semiconductor
Corp. 1 143,600 1,005,200
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued
Photronics, Inc. 1 87,300 $ 1,697,112
- --------------------------------------------------------------------------
Semitool, Inc. 1 10,300 146,466
- --------------------------------------------------------------------------
Sigmatel, Inc. 1 21,100 527,500
- --------------------------------------------------------------------------
Sipex Corp. 1 41,800 370,766
- --------------------------------------------------------------------------
Supertex, Inc. 1 3,300 65,274
- --------------------------------------------------------------------------
Teradyne, Inc. 1 58,400 1,570,960
- --------------------------------------------------------------------------
Tessera Technologies,
Inc. 1 27,300 491,400
- --------------------------------------------------------------------------
Texas Instruments, Inc. 192,400 6,031,740
- --------------------------------------------------------------------------
Transmeta Corp. 1 270,750 1,028,850
- --------------------------------------------------------------------------
TranSwitch Corp. 1 659,200 1,990,784
- --------------------------------------------------------------------------
Trident Microsystems,
Inc. 1 111,900 1,953,774
- --------------------------------------------------------------------------
TriQuint
Semiconductor, Inc. 1 192,400 1,648,868
- --------------------------------------------------------------------------
Ultratech, Inc. 1 60,700 1,763,942
- --------------------------------------------------------------------------
Xilinx, Inc. 1 39,200 1,642,872
---------------
73,598,769
- --------------------------------------------------------------------------
SOFTWARE--4.6%
Adobe Systems, Inc. 9,400 361,524
- --------------------------------------------------------------------------
Amdocs Ltd. 1 135,000 3,829,950
- --------------------------------------------------------------------------
Ansoft Corp. 1 19,800 282,348
- --------------------------------------------------------------------------
Ansys, Inc. 1 46,700 1,772,265
- --------------------------------------------------------------------------
Ascential Software
Corp. 1 59,700 1,444,740
- --------------------------------------------------------------------------
Aspen Technology, Inc. 1 241,400 2,165,358
- --------------------------------------------------------------------------
BindView
Development Corp. 1 155,700 615,794
- --------------------------------------------------------------------------
Bottomline
Technologies, Inc. 1 11,100 111,000
- --------------------------------------------------------------------------
Callidus Software, Inc. 1 10,600 162,816
- --------------------------------------------------------------------------
Captaris, Inc. 1 92,600 485,224
- --------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 33,600 619,920
- --------------------------------------------------------------------------
Citrix Systems, Inc. 1 84,000 1,689,240
- --------------------------------------------------------------------------
Compuware Corp. 1 295,600 2,373,668
- --------------------------------------------------------------------------
Concord
Communications, Inc. 1 14,700 259,014
33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SOFTWARE Continued
Datastream Systems,
Inc. 1 25,800 $ 227,040
- --------------------------------------------------------------------------
Digimarc Corp. 1 21,600 273,456
- --------------------------------------------------------------------------
E.piphany, Inc. 1 176,100 1,502,133
- --------------------------------------------------------------------------
Electronic Arts, Inc. 1 27,200 1,274,592
- --------------------------------------------------------------------------
Epicor Software Corp. 1 150,000 2,379,000
- --------------------------------------------------------------------------
ePlus, inc. 1 37,900 535,906
- --------------------------------------------------------------------------
Group 1 Software, Inc. 1 31,400 416,992
- --------------------------------------------------------------------------
Inet Technologies, Inc. 1 108,000 1,612,440
- --------------------------------------------------------------------------
Informatica Corp. 1 3,800 37,582
- --------------------------------------------------------------------------
InteliData
Technologies Corp. 1 18,600 32,178
- --------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 174,300 2,126,460
- --------------------------------------------------------------------------
JDA Software Group,
Inc. 1 1,800 27,972
- --------------------------------------------------------------------------
Manugistics Group,
Inc. 1 41,400 332,856
- --------------------------------------------------------------------------
MapInfo Corp. 1 8,300 99,600
- --------------------------------------------------------------------------
Microsoft Corp. 515,200 14,245,280
- --------------------------------------------------------------------------
Midway Games, Inc. 1 253,100 1,080,737
- --------------------------------------------------------------------------
Mobius Management
Systems, Inc. 1 127,500 1,212,525
- --------------------------------------------------------------------------
MRO Software, Inc. 1 2,300 38,180
- --------------------------------------------------------------------------
MSC.Software Corp. 1 87,800 892,926
- --------------------------------------------------------------------------
Open Solutions, Inc. 1 31,000 664,950
- --------------------------------------------------------------------------
OPNET Technologies,
Inc. 1 5,600 95,872
- --------------------------------------------------------------------------
Oracle Corp. 1 77,500 1,070,275
- --------------------------------------------------------------------------
Parametric
Technology Corp. 1 193,700 811,603
- --------------------------------------------------------------------------
Pegasystems, Inc. 1 15,500 161,355
- --------------------------------------------------------------------------
Plumtree Software, Inc. 1 104,800 498,848
- --------------------------------------------------------------------------
Portal Software, Inc. 1 31,900 238,612
- --------------------------------------------------------------------------
Progress Software
Corp. 1 62,100 1,385,451
- --------------------------------------------------------------------------
Pumatech, Inc. 1 115,900 556,320
- --------------------------------------------------------------------------
QRS Corp. 1 9,400 88,924
- --------------------------------------------------------------------------
Quality Systems, Inc. 1 43,600 2,479,968
- --------------------------------------------------------------------------
Radiant Systems, Inc. 1 71,700 584,355
- --------------------------------------------------------------------------
Red Hat, Inc. 1 211,100 4,017,233
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SOFTWARE Continued
Renaissance
Learning, Inc. 1 1,300 $ 38,454
- --------------------------------------------------------------------------
Roxio, Inc. 1 102,200 460,922
- --------------------------------------------------------------------------
RSA Security, Inc. 1 105,500 1,743,915
- --------------------------------------------------------------------------
Sanchez Computer
Associates, Inc. 1 18,100 115,478
- --------------------------------------------------------------------------
SCO Group, Inc. (The) 1 65,300 940,320
- --------------------------------------------------------------------------
SPSS, Inc. 1 8,300 175,130
- --------------------------------------------------------------------------
Sybase, Inc. 1 136,100 2,942,482
- --------------------------------------------------------------------------
Synopsys, Inc. 1 91,800 3,239,622
- --------------------------------------------------------------------------
Synplicity, Inc. 1 100 812
- --------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 89,900 2,607,100
- --------------------------------------------------------------------------
Tradestation Group,
Inc. 1 45,700 456,086
- --------------------------------------------------------------------------
Transaction Systems
Architects, Inc., Cl. A 1 6,200 139,128
- --------------------------------------------------------------------------
Ulticom, Inc. 1 28,900 320,790
- --------------------------------------------------------------------------
VA Software Corp. 1 182,300 727,377
- --------------------------------------------------------------------------
Veritas Software Corp. 1 40,000 1,314,400
- --------------------------------------------------------------------------
Wind River Systems,
Inc. 1 153,300 1,284,654
---------------
73,681,152
- --------------------------------------------------------------------------
MATERIALS--3.6%
- --------------------------------------------------------------------------
CHEMICALS--0.9%
Agrium, Inc. 45,700 731,200
- --------------------------------------------------------------------------
American Vanguard
Corp. 3,100 120,807
- --------------------------------------------------------------------------
Calgon Carbon Corp. 20,300 140,476
- --------------------------------------------------------------------------
Cytec Industries, Inc. 1 56,500 1,972,415
- --------------------------------------------------------------------------
Engelhard Corp. 40,700 1,154,659
- --------------------------------------------------------------------------
Ethyl Corp. 1 15,300 369,495
- --------------------------------------------------------------------------
Hawkins, Inc. 8,200 103,156
- --------------------------------------------------------------------------
Headwaters, Inc. 1 32,300 748,391
- --------------------------------------------------------------------------
MacDermid, Inc. 41,400 1,419,606
- --------------------------------------------------------------------------
Material Sciences
Corp. 1 2,600 30,238
- --------------------------------------------------------------------------
Monsanto Co. 91,400 2,795,926
- --------------------------------------------------------------------------
Octel Corp. 1 48,600 1,152,306
- --------------------------------------------------------------------------
Olin Corp. 77,500 1,477,925
34 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
CHEMICALS Continued
OM Group, Inc. 1 36,200 $ 1,163,830
- --------------------------------------------------------------------------
Stepan Co. 12,500 313,250
- --------------------------------------------------------------------------
Terra Industries, Inc. 1 13,200 59,268
---------------
13,752,948
- --------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.3%
AMCOL International
Corp. 108,400 2,158,244
- --------------------------------------------------------------------------
Ameron International
Corp. 23,100 882,420
- --------------------------------------------------------------------------
Florida Rock
Industries, Inc. 51,450 2,127,458
---------------
5,168,122
- --------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.2%
Caraustar Industries,
Inc. 1 11,500 161,000
- --------------------------------------------------------------------------
Chesapeake Corp. 24,600 579,330
- --------------------------------------------------------------------------
Graphic Packaging
Corp. 1 6,800 31,756
- --------------------------------------------------------------------------
Greif Bros. Corp., Cl. A 1,600 60,496
- --------------------------------------------------------------------------
Mod-Pac Corp., Cl. A 1 325 2,779
- --------------------------------------------------------------------------
Packaging Dynamics
Corp. 6,160 71,148
- --------------------------------------------------------------------------
Sealed Air Corp. 1 10,200 507,858
- --------------------------------------------------------------------------
Silgan Holdings, Inc. 1 42,100 1,801,038
---------------
3,215,405
- --------------------------------------------------------------------------
METALS & MINING--1.7%
AK Steel Holding
Corp. 1 414,600 2,031,540
- --------------------------------------------------------------------------
Alcan, Inc. 58,600 2,498,118
- --------------------------------------------------------------------------
Alcoa, Inc. 115,000 3,930,700
- --------------------------------------------------------------------------
Allegheny
Technologies, Inc. 109,600 1,030,240
- --------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1 1,700 28,781
- --------------------------------------------------------------------------
Carpenter
Technology Corp. 64,300 1,945,718
- --------------------------------------------------------------------------
Century
Aluminum Co. 1 54,800 1,381,508
- --------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 1 25,600 1,136,384
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
METALS & MINING Continued
Freeport-McMoRan
Copper & Gold, Inc.,
Cl. B 20,000 $ 737,200
- --------------------------------------------------------------------------
IMCO Recycling, Inc. 1 2,100 17,766
- --------------------------------------------------------------------------
International Steel
Group, Inc. 1 13,800 484,380
- --------------------------------------------------------------------------
Liquidmetal
Technologies, Inc. 1 33,500 91,455
- --------------------------------------------------------------------------
Metal Management,
Inc. 1 41,800 1,390,268
- --------------------------------------------------------------------------
Metals USA, Inc. 1 32,700 323,730
- --------------------------------------------------------------------------
Newmont Mining
Corp. (Holding Co.) 38,300 1,595,578
- --------------------------------------------------------------------------
NN, Inc. 50,000 650,000
- --------------------------------------------------------------------------
Peabody Energy Corp. 65,000 2,601,950
- --------------------------------------------------------------------------
Phelps Dodge Corp. 1 50,000 3,783,500
- --------------------------------------------------------------------------
RTI International
Metals, Inc. 1 18,400 273,976
- --------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 28,300 1,272,085
- --------------------------------------------------------------------------
Southern Peru
Copper Corp. 7,800 342,420
- --------------------------------------------------------------------------
Steel Technologies, Inc. 700 12,285
- --------------------------------------------------------------------------
Titanium Metals Corp. 1 500 28,550
- --------------------------------------------------------------------------
Westmoreland
Coal Co. 4,200 71,652
---------------
27,659,784
- --------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.5%
Buckeye
Technologies, Inc. 1 37,200 334,428
- --------------------------------------------------------------------------
Deltic Timber Corp. 5,500 172,975
- --------------------------------------------------------------------------
Georgia-Pacific Corp. 111,400 3,130,340
- --------------------------------------------------------------------------
Louisiana-Pacific
Corp. 1 163,400 3,475,518
- --------------------------------------------------------------------------
Pope & Talbot, Inc. 2,500 41,350
- --------------------------------------------------------------------------
Potlatch Corp. 39,900 1,488,270
- --------------------------------------------------------------------------
Schweitzer-Mauduit
International, Inc. 4,000 127,600
---------------
8,770,481
35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--2.9%
- --------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--1.8%
BellSouth Corp. 40,900 $ 1,195,507
- --------------------------------------------------------------------------
Citizens
Communications Co. 1 160,000 1,876,800
- --------------------------------------------------------------------------
D&E
Communications, Inc. 4,400 66,264
- --------------------------------------------------------------------------
General
Communication,
Inc., Cl. A 1 18,300 164,151
- --------------------------------------------------------------------------
Golden Telecom, Inc. 1 14,800 438,968
- --------------------------------------------------------------------------
Hickory Tech Corp. 1,000 11,700
- --------------------------------------------------------------------------
Hungarian Telephone
& Cable Corp. 1 1,500 15,285
- --------------------------------------------------------------------------
Infonet Services
Corp., Cl. B 1 17,300 36,676
- --------------------------------------------------------------------------
Knology, Inc. 1 103,200 1,104,240
- --------------------------------------------------------------------------
McLeodUSA, Inc.,
Cl. A 1 441,800 830,584
- --------------------------------------------------------------------------
North Pittsburgh Systems, Inc. 46,800 867,204
- --------------------------------------------------------------------------
NTL, Inc. 1 34,000 2,255,560
- --------------------------------------------------------------------------
PTEK Holdings, Inc. 1 200 1,940
- --------------------------------------------------------------------------
SBC Communications,
Inc. 325,600 8,302,800
- --------------------------------------------------------------------------
Shenandoah
Telecommunications
Co. 1,900 96,900
- --------------------------------------------------------------------------
Sprint Corp.
(Fon Group) 141,000 2,454,810
- --------------------------------------------------------------------------
Talk America
Holdings, Inc. 1 46,100 486,816
- --------------------------------------------------------------------------
Time Warner
Telecom, Inc., Cl. A 1 154,600 1,688,232
- --------------------------------------------------------------------------
US LEC Corp., Cl. A 1 7,700 59,983
- --------------------------------------------------------------------------
Verizon
Communications, Inc. 178,400 6,575,824
- --------------------------------------------------------------------------
Warwick Valley
Telephone Co. 7,500 198,600
---------------
28,728,844
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--1.1%
@Road, Inc. 1 2,200 $ 29,546
- --------------------------------------------------------------------------
AT&T Corp. 82,100 1,597,666
- --------------------------------------------------------------------------
AT&T Wireless
Services, Inc. 1 427,500 4,723,875
- --------------------------------------------------------------------------
Boston
Communications
Group, Inc. 1 104,100 1,140,936
- --------------------------------------------------------------------------
Centennial
Communications
Corp. 1 52,800 367,488
- --------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 271,900 1,495,450
- --------------------------------------------------------------------------
Nextel
Communications,
Inc., Cl. A 1 152,200 4,016,558
- --------------------------------------------------------------------------
Price Communications
Corp. 1 20,200 301,990
- --------------------------------------------------------------------------
Triton PCS Holdings,
Inc., Cl. A 1 252,100 1,628,566
- --------------------------------------------------------------------------
UbiquiTel, Inc. 1 59,200 177,600
- --------------------------------------------------------------------------
Wireless Facilities, Inc. 1 127,100 1,818,801
---------------
17,298,476
- --------------------------------------------------------------------------
UTILITIES--0.8%
- --------------------------------------------------------------------------
ELECTRIC UTILITIES--0.4%
American Electric
Power Co., Inc. 50,700 1,655,355
- --------------------------------------------------------------------------
Aquila, Inc. 1 159,900 615,615
- --------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 280,000 452,495
- --------------------------------------------------------------------------
Central Vermont
Public Service Corp. 8,400 199,500
- --------------------------------------------------------------------------
CH Energy Group, Inc. 21,100 975,242
- --------------------------------------------------------------------------
Edison International 30,000 660,000
- --------------------------------------------------------------------------
Green Mountain
Power Corp. 8,800 204,248
- --------------------------------------------------------------------------
MGE Energy, Inc. 700 21,931
- --------------------------------------------------------------------------
UniSource Energy
Corp. 1,900 46,740
- --------------------------------------------------------------------------
Unitil Corp. 600 15,600
- --------------------------------------------------------------------------
Westar Energy, Inc. 67,000 1,311,860
---------------
6,158,586
36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
GAS UTILITIES--0.2%
Chesapeake Utilities
Corp. 16,800 $ 433,272
- --------------------------------------------------------------------------
El Paso Corp. 150,000 1,275,000
- --------------------------------------------------------------------------
Energen Corp. 43,200 1,857,592
- --------------------------------------------------------------------------
EnergySouth, Inc. 3,200 117,600
- --------------------------------------------------------------------------
Laclede Group, Inc.
(The) 5,500 163,625
- --------------------------------------------------------------------------
UGI Corp. 12,850 414,413
---------------
4,261,502
- --------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.2%
Dynegy, Inc. 1 318,100 1,421,907
- --------------------------------------------------------------------------
Williams Cos., Inc.
(The) 150,000 1,521,000
---------------
2,942,907
- --------------------------------------------------------------------------
WATER UTILITIES--0.0%
SJW Corp. 1,000 91,250
---------------
Total Common Stocks
(Cost $1,299,502,744) 1,574,237,882
UNITS
- --------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------
Canadian Superior
Energy, Inc. Wts.,
Exp. 3/14/04 1,2 600,000 719,832
- --------------------------------------------------------------------------
UnitedGlobalCom,
Inc. Rts., Exp. 2/6/04 1 14,616 48,964
---------------
Total Rights, Warrants
and Certificates (Cost $466) 768,796
PRINCIPAL MARKET VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--12.6% 3
- --------------------------------------------------------------------------
Undivided interest of 55.71% in
joint repurchase agreement (Principal
Amount/Market Value $366,574,000,
with a maturity value of $366,603,937)
with PaineWebber, Inc., 0.98%, dated
1/30/04, to be repurchased at
$204,248,679 on 2/2/04, collateralized
by Federal National Mortgage Assn.,
4.50%--5.50%, 4/1/33--10/1/33, with
a value of $374,755,912
(Cost $204,232,000) $204,232,000 $ 204,232,000
- --------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $1,503,735,210) 109.7% 1,779,238,678
- --------------------------------------------------------------------------
LIABILITIES IN
EXCESS OF
OTHER ASSETS (9.7) (158,083,936)
------------------------------------
NET ASSETS 100.0% $1,621,154,742
====================================
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.
3. The Fund may have elements of risk due to concentrated investments. Such
concentrations may subject the Fund to additional risks.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2004
- --------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------
Investments, at value (including cost and market value of $204,232,000 in
repurchase agreements) (including securities loaned of approximately
$7,640,000) (cost $1,503,735,210)--see accompanying statement $1,779,238,678
- --------------------------------------------------------------------------------------------
Collateral for securities loaned 7,859,875
- --------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 9,693,745
Investments sold 1,326,137
Interest and dividends 651,318
Other 13,824
----------------
Total assets 1,798,783,577
- --------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------
Bank overdraft 260,270
- --------------------------------------------------------------------------------------------
Return of collateral for securities loaned 7,859,875
- --------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 166,839,243
Shares of beneficial interest redeemed 2,011,986
Distribution and service plan fees 300,568
Transfer and shareholder servicing agent fees 238,170
Shareholder communications 62,823
Trustees' compensation 7,893
Other 48,007
----------------
Total liabilities 177,628,835
- --------------------------------------------------------------------------------------------
NET ASSETS $1,621,154,742
================
- --------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 998,576
- --------------------------------------------------------------------------------------------
Additional paid-in capital 1,345,306,495
- --------------------------------------------------------------------------------------------
Accumulated net investment loss (2,928,002)
- --------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency
transactions 2,262,441
- --------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 275,515,232
----------------
NET ASSETS $1,621,154,742
================
38 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$945,709,741 and 72,249,228 shares of beneficial interest outstanding) $13.09
Maximum offering price per share (net asset value plus sales charge of 5.75% of
offering price) $13.89
- ----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $340,281,194
and 26,676,681 shares of beneficial interest outstanding) $12.76
- ----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $305,871,564
and 23,942,452 shares of beneficial interest outstanding) $12.78
- ----------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $22,863,973
and 1,761,799 shares of beneficial interest outstanding) $12.98
- ----------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $6,428,270 and 485,736 shares of beneficial interest outstanding) $13.23
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2004
- ----------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ----------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $23,350) $ 6,132,385
- ----------------------------------------------------------------------------------------------------
Interest 98,028
- ----------------------------------------------------------------------------------------------------
Portfolio lending fees 78,151
-----------------
Total investment income 6,308,564
- ----------------------------------------------------------------------------------------------------
EXPENSES
- ----------------------------------------------------------------------------------------------------
Management fees 3,974,452
- ----------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 772,444
Class B 1,434,431
Class C 1,238,316
Class N 44,174
- ----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 820,348
Class B 447,110
Class C 244,134
Class N 42,858
Class Y 64
- ----------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 83,815
Class B 38,310
Class C 32,582
Class N 2,270
Class Y 291
- ----------------------------------------------------------------------------------------------------
Trustees' compensation 12,985
- ----------------------------------------------------------------------------------------------------
Custodian fees and expenses 7,302
- ----------------------------------------------------------------------------------------------------
Other 69,141
-----------------
Total expenses 9,265,027
Less reduction to custodian expenses (1,467)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (7,833)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (4,703)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (2,747)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (11,711)
-----------------
Net expenses 9,236,566
- ----------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (2,928,002)
40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- ---------------------------------------------------------------------------------------------
Net realized gain on:
Investments $107,681,019
Foreign currency transactions 538,297
-------------
Net realized gain 108,219,316
- ---------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 126,840,485
Translation of assets and liabilities denominated in foreign currencies 404,395
-------------
Net change in unrealized appreciation 127,244,880
- ---------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $232,536,194
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
(UNAUDITED) 2003
- -------------------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------------------
Net investment loss $ (2,928,002) $ (2,813,190)
- -------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 108,219,316 (67,144,463)
- -------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 127,244,880 183,807,485
----------------------------------
Net increase in net assets resulting from operations 232,536,194 113,849,832
- -------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 320,672,331 140,766,279
Class B 47,317,763 41,118,144
Class C 59,397,889 33,442,684
Class N 6,016,228 6,495,545
Class Y 958,863 1,145,255
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
Total increase 666,899,268 336,817,739
- -------------------------------------------------------------------------------------------------------------------
Beginning of period 954,255,474 617,437,735
----------------------------------
End of period (including accumulated net investment loss
of $2,928,002 at January 31, 2004) $1,621,154,742 $954,255,474
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
CLASS A (UNAUDITED) 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.70 $ 9.28 $10.47 $10.00
- ----------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (.02) (.01) (.04) -- 2
Net realized and unrealized gain (loss) 2.41 1.43 (1.15) .48
----------------------------------------------------
Total from investment operations 2.39 1.42 (1.19) .48
- ----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- (.01)
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.09 $10.70 $ 9.28 $10.47
====================================================
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 22.34% 15.30% (11.37)% 4.76%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $945,710 $501,277 $300,244 $119,194
- ----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $623,939 $362,221 $248,681 $ 48,406
- ----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.15)% (0.02)% (0.36)% (0.11)%
Total expenses 1.22% 5,6 1.23% 5 1.30% 5,6 1.33% 5
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 58% 165% 165% 92%
<FN>
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal period, with all
dividends and distributions reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS Continued
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
CLASS B (UNAUDITED) 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.47 $ 9.15 $10.40 $10.00
- ----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.04) (.07) (.06) (.03)
Net realized and unrealized gain (loss) 2.33 1.39 (1.19) .43
----------------------------------------------------
Total from investment operations 2.29 1.32 (1.25) .40
- ----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.76 $10.47 $ 9.15 $10.40
====================================================
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 21.87% 14.43% (12.02)% 4.00%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $340,281 $237,002 $167,906 $51,412
- ----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $285,261 $187,006 $117,801 $17,362
- ----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.95)% (0.85)% (1.11)% (0.99)%
Total expenses 2.02% 2.12% 2.05% 2.15%
Expenses after expense reimbursement or fee waiver and
reduction to custodian expenses N/A 4,5 2.07% N/A 4,5 N/A 4
- ----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 58% 165% 165% 92%
<FN>
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal period, with all
dividends and distributions reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
CLASS C (UNAUDITED) 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.48 $ 9.15 $10.40 $10.00
- ----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.03) (.06) (.06) (.03)
Net realized and unrealized gain (loss) 2.33 1.39 (1.19) .43
----------------------------------------------------
Total from investment operations 2.30 1.33 (1.25) .40
- ----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.78 $10.48 $ 9.15 $10.40
====================================================
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 21.95% 14.54% (12.02)% 4.00%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $305,872 $198,180 $141,434 $43,613
- ----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $246,365 $159,105 $ 97,899 $16,456
- ----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.84)% (0.73)% (1.11)% (0.98)%
Total expenses 1.91% 4,5 1.95% 4 2.05% 4,5 2.15% 4
- ----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 58% 165% 165% 92%
<FN>
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal period, with all
dividends and distributions reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
CLASS N (UNAUDITED) 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.62 $ 9.23 $10.45 $ 9.84
- ----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.03) (.03) (.03) (.01)
Net realized and unrealized gain (loss) 2.39 1.42 (1.19) .62
----------------------------------------------------
Total from investment operations 2.36 1.39 (1.22) .61
- ----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.98 $10.62 $ 9.23 $10.45
====================================================
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 22.22% 15.06% (11.67)% 6.20%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $22,864 $13,369 $5,158 $8
- ----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $17,587 $ 8,524 $2,026 $3
- ----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.50)% (0.30)% (0.67)% (0.64)%
Total expenses 1.69% 1.49% 1.58% 1.57%
Expenses after expense reimbursement or fee waiver and
reduction to custodian expenses 1.56% N/A 4 N/A 4,5 N/A 4
- ----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 58% 165% 165% 92%
<FN>
1. For the period from March 1, 2001 (inception of offering) to July 31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal period, with all
dividends and distributions reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2004 JULY 31,
CLASS Y (UNAUDITED) 2003 2002 2001 1
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.79 $ 9.31 $10.48 $10.00
- ----------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) -- 2 .02 (.03) .02
Net realized and unrealized gain (loss) 2.44 1.46 (1.14) .47
----------------------------------------------------
Total from investment operations 2.44 1.48 (1.17) .49
- ----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- (.01)
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.23 $10.79 $ 9.31 $10.48
====================================================
- ----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 22.61% 15.90% (11.16)% 4.94%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $6,428 $4,428 $2,696 $1
- ----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $5,199 $3,102 $1,953 $1
- ----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.37% 0.44% (0.07)% 0.35%
Total expenses 0.69% 0.77% 1.04% 168.30% 5
Expenses after expense reimbursement or fee waiver and
reduction to custodian expenses N/A 6 N/A 6 1.00% 1.01%
- ----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 58% 165% 165% 92%
<FN>
1. For the period from September 25, 2000 (commencement of operations) to July 31, 2001.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal period, with all
dividends and distributions reinvested in additional shares on the reinvestment date, and redemption
at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
4. Annualized for periods of less than one full year.
5. Added since July 31, 2001 to reflect expenses before reduction to custodian expenses and
voluntary waiver of transfer agent fees.
6. Reduction to custodian expenses less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ 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 may be valued
primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value. Securities whose values have been materially affected by what
the Manager identifies as a significant event occurring before the Fund's
assets are valued but after the close of their respective foreign exchanges
will be fair valued. Fair value is determined in good faith using consistently
applied procedures under the supervision of the Board of Trustees. Short-term
"money market type" debt securities with remaining maturities of sixty days or
less are valued at amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. 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.
48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains
and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint
trading accounts on a daily basis. 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.
As of January 31, 2004, the Fund had available for federal income tax
purposes an estimated unused capital loss carryforward of zero. This estimated
capital loss carryforward represents carryforward as of the end of the last
fiscal year, increased for losses deferred under tax accounting rules to the
current fiscal year and is increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year. During the six
months ended January 31, 2004 and the year ended July 31, 2003, the Fund used
$103,602,102 and $0, respectively, of carryforward to offset capital gains
realized.
As of July 31, 2003, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
----------------------
2009 $ 66,509
2010 8,390,169
2011 71,048,075
-----------
Total $79,504,753
===========
49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Fund. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of the Fund or are
invested in other Oppenheimer funds selected by the Trustee. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with 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.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
SIX MONTHS ENDED JANUARY 31, 2004 YEAR ENDED JULY 31, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------
CLASS A
Sold 30,839,049 $385,758,310 30,151,690 $ 283,177,487
Redeemed (5,457,760) (65,085,979) (15,652,085) (142,411,208)
--------------------------------------------------------------
Net increase 25,381,289 $320,672,331 14,499,605 $ 140,766,279
==============================================================
50 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
SIX MONTHS ENDED JANUARY 31, 2004 YEAR ENDED JULY 31, 2003
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------
CLASS B
Sold 5,893,298 $ 68,983,197 10,206,409 93,887,151
Redeemed (1,862,755) (21,665,434) (5,905,136) (52,769,007)
------------------------------------------------------------
Net increase 4,030,543 $ 47,317,763 4,301,273 $ 41,118,144
============================================================
- -------------------------------------------------------------------------------
CLASS C
Sold 6,108,480 $ 72,098,057 8,363,125 $ 76,878,026
Redeemed (1,084,395) (12,700,168) (4,901,031) (43,435,342)
------------------------------------------------------------
Net increase 5,024,085 $ 59,397,889 3,462,094 $ 33,442,684
============================================================
- -------------------------------------------------------------------------------
CLASS N
Sold 606,337 $ 7,238,553 856,590 $ 7,950,997
Redeemed (102,996) (1,222,325) (156,646) (1,455,452)
------------------------------------------------------------
Net increase 503,341 $ 6,016,228 699,944 $ 6,495,545
============================================================
- -------------------------------------------------------------------------------
CLASS Y
Sold 115,372 $ 1,436,836 246,796 $ 2,311,010
Redeemed (40,192) (477,973) (125,691) (1,165,755)
------------------------------------------------------------
Net increase 75,180 $ 958,863 121,105 $ 1,145,255
============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2004, were
$1,081,343,683 and $687,631,465, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.75% of the first $200 million of average annual net assets of
the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66%
of the next $200 million, and 0.60% of average annual net assets in excess of
$800 million.
- --------------------------------------------------------------------------------
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 six months ended January 31, 2004, the
Fund paid $1,505,683 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.
51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.25% of the average annual net assets of
Class A shares of the Fund. The Distributor currently uses the fees it receives
from the Fund to pay brokers, dealers and other financial institutions for
personal services and account maintenance services they provide for their
customers who hold Class A shares. Any unreimbursed expenses the Distributor
incurs with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years. Fees incurred by the Fund under the plan are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The
Fund has adopted Distribution and Service Plans for Class B, Class C and Class
N shares to compensate the Distributor for its services in connection with the
distribution of these shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% per year on
Class B shares and on Class C shares and 0.25% per year on Class N shares. The
Distributor also receives a service fee of 0.25% per year under each plan. If
either the Class B, Class C or Class N plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees
must determine whether the Distributor shall be entitled to payment from the
Fund of all or a portion of the service fee and/or asset-based sales charge in
respect to shares sold prior to the effective date of such termination. The
Distributor's aggregate uncompensated expenses under the plan at January 31,
2004 for Class B, Class C and Class N shares was $6,337,783, $2,691,166 and
$299,966, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption
proceeds prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
52 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
January 31, 2004 $475,189 $324 $184,955 $6,127 $13,876
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation
or depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of January 31, 2004, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of January 31, 2004, investments in securities included issues that are
illiquid or restricted. Restricted securities are purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund 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 January 31, 2004 was
$2,137,892, which represents 0.13% of the Fund's net assets, of which $733,043
is considered restricted. Information concerning restricted securities is as
follows:
ACQUISITION VALUATION AS OF UNREALIZED
SECURITY DATE COST JANUARY 31, 2004 APPRECIATION
- -------------------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Esprit Exploration Ltd. 6/4/02 $661,668 $733,043 $71,375
53 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of US
Treasury obligations or cash, against the loaned securities and maintains
collateral in an amount not less than 100% of the market value of the loaned
securities during the period of the loan. The market value of the loaned
securities is determined at the close of business of the funds and any
additional required collateral is delivered to the Fund on the next business
day. If the borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the Fund could experience delays and
cost in recovering the securities loaned or in gaining access to the
collateral. Cash collateral is invested in cash equivalents. As of January 31,
2004, the Fund had on loan securities valued at approximately $7,640,000. Cash
of $7,859,875 was received as collateral for the loans, and has been invested
in approved instruments.
- --------------------------------------------------------------------------------
8. BORROWING AND LENDING ARRANGEMENTS
The Fund entered into an "interfund borrowing and lending arrangement" with
other funds in the Oppenheimer funds complex, to allow funds to borrow for
liquidity purposes. The arrangement was initiated pursuant to exemptive relief
granted by the Securities and Exchange Commission (the SEC) to allow these
affiliated funds to lend money to, and borrow money from, each other, in an
attempt to reduce borrowing costs below those of bank loan facilities. The
SEC's order requires the Fund's Board of Trustees to adopt operating policies
and procedures to administer interfund borrowing and lending. Under the
arrangement the Fund may lend money to other Oppenheimer funds and may borrow
from other Oppenheimer funds at a rate set by the Fund's Board of Trustees,
based upon a recommendation by the Manager. The Fund's borrowings, if any, are
subject to asset coverage requirements under the Investment Company Act and the
provisions of the SEC order and other applicable regulations. If the Fund
borrows money, there is a risk that the loan could be called on one day's
notice, in which case the Fund might have to borrow from a bank at higher rates
if a loan were not available from another Oppenheimer fund. If the Fund lends
money to another fund, it will be subject to the risk that the other fund might
not repay the loan in a timely manner, or at all.
The Fund had no interfund borrowings or loans outstanding during the six
months ended or at January 31, 2004.
54 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, (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.
55 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Fund has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Trustees that would require
disclosure herein.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(c)) as of January 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by registrant in the reports that it files under the
Securities Exchange Act of 1934 (a) is accumulated and
communicated to registrant's management, including its principal
executive officer and principal financial officer, to allow timely
decisions regarding required disclosure, and (b) is recorded,
processed, summarized and reported, within the time periods
specified in the rules and forms adopted by the U.S. Securities
and Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)