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
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(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
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(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 - JULY 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2004, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We attribute the Fund's strong
relative performance primarily to its focus on small-cap stocks during the first
half of the reporting period. As had been the case since the Fund's inception in
September 2000, small-cap stocks consistently outperformed their large-cap
counterparts during the reporting period's first half. Accordingly, the Fund
benefited from its relatively heavy exposure to smaller-capitalizations stocks
and its relatively light holdings of mega-cap stocks during that time.
In addition to benefiting from its allocation strategy across market
capitalizations, the Fund's stock selection strategy contributed positively to
its performance in all capitalization ranges except the mega-cap range, where
stock selection detracted modestly from the Fund's returns compared to the
Russell 3000 Index.
We do not actively allocate by sector but rather our stock selection
process leads to sector allocations. Although energy stocks achieved higher
absolute returns than any other market sector over the reporting period, the
Fund's security selection and sector allocation strategies provided the greatest
relative value among consumer discretionary stocks, followed by health care and
energy. The Fund's security selection strategy contributed positively to its
relative performance in all market sectors except the information technology
area. In contrast, the Fund's sector allocation exerted relatively little
influence over the Fund's relative performance during the reporting period,
making the most meaningfully positive difference in the energy sector, where the
Fund's relatively heavy exposure benefited returns.
The Fund currently is positioned to benefit from what we believe to be a
fundamental shift in market leadership toward larger-cap stocks. Our models
indicate that the five-year cycle of small-cap outperformance that began in 1999
has probably come to an end. After having correctly favored smaller stocks
during most of this period, a number of factors considered by our
models--including interest rate spread indicators and relative valuation
components--now favor large stocks over small ones.
As a result, during the second half of the reporting period we
substantially increased the Fund's investments in mega-cap stocks, which
accounted for more than 50% of the portfolio at the end of the reporting period.
In fact, all of the Fund's top-10 overweighted positions relative to the Russell
3000 benchmark were mega-cap stocks as of the end of the reporting period. In
contrast, at the end of the previous reporting period (January 31, 2004), none
of the top 10-overweighted positions were mega-cap stocks. From a sector
9 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND PERFORMANCE DISCUSSION
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allocation standpoint, the Fund ended the reporting period with a larger
percentage of assets invested in energy and financial stocks than the Fund's
benchmark, the Russell 3000 Index, and a smaller percentage allocated to
utilities and consumer discretionary stocks.
However, it should be noted that fundamental changes of this nature, when
they occur quickly, take some time to be reflected in our quantitative models.
In addition, we tend to make such changes to the portfolio gradually, with an
eye toward managing transaction costs.
As always, we remain committed to remaining fully invested in equities and
to attempting to reduce risk and minimize transaction costs through a well
diversified portfolio of stocks in all capitalization ranges.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until July 31, 2004. In the case of Class A, Class B, Class C, and
Class Y, performance is measured from inception of the classes on September 25,
2000. In the case of Class N shares, performance is measured from inception of
the class on March 1, 2001. The Fund's performance reflects the deduction of the
maximum initial sales charge on Class A shares, the applicable contingent
deferred sales charge on Class B, Class C, and Class N shares, and reinvestments
of all dividends and capital gains distributions. Past performance cannot
guarantee future results.
The Fund's performance is compared to the performance of the Russell 3000
Index. The Russell 3000 Index is an unmanaged index of large-capitalization U.S.
companies. Index performance reflects the reinvestment of income but does not
consider the effect of transaction costs, and none of the data in the graphs
shows the effect of taxes. The Fund's performance reflects the effects of the
Fund's business and operating expenses. While index comparisons may be useful to
provide a benchmark for the Fund's performance, it must be noted that the Fund's
investments are not limited to the investments in the index.
10 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS A)
RUSSELL 3000 INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $ 9,425 $10,000
10/31/2000 9,218 9,858
01/31/2001 9,714 9,411
04/30/2001 9,638 8,635
07/31/2001 9,874 8,403
10/31/2001 9,214 7,377
01/31/2002 10,015 7,956
04/30/2002 10,459 7,708
07/31/2002 8,752 6,508
10/31/2002 8,544 6,318
01/31/2003 8,346 6,167
04/30/2003 8,931 6,629
07/31/2003 10,091 7,288
10/31/2003 11,270 7,815
01/31/2004 12,345 8,457
04/30/2004 11,986 8,294
07/31/2004 11,968 8,258
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/04
1-Year Since Inception
- ------ ---------------
11.78% 4.78% Inception Date 9/25/00
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND
FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR
PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
11 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS B)
RUSSELL 3000 INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,280 9,411
04/30/2001 10,180 8,635
07/31/2001 10,400 8,403
10/31/2001 9,700 7,377
01/31/2002 10,520 7,956
04/30/2002 10,960 7,708
07/31/2002 9,150 6,508
10/31/2002 8,920 6,318
01/31/2003 8,700 6,167
04/30/2003 9,290 6,629
07/31/2003 10,470 7,288
10/31/2003 11,670 7,815
01/31/2004 12,760 8,457
04/30/2004 12,360 8,294
07/31/2004 12,010 8,258
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/04
1-Year Since Inception
- ------ ---------------
12.57% 4.87% Inception Date 9/25/00
12 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS C)
RUSSELL 3000 INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,280 9,411
04/30/2001 10,180 8,635
07/31/2001 10,400 8,403
10/31/2001 9,690 7,377
01/31/2002 10,510 7,956
04/30/2002 10,960 7,708
07/31/2002 9,150 6,508
10/31/2002 8,920 6,318
01/31/2003 8,700 6,167
04/30/2003 9,290 6,629
07/31/2003 10,480 7,288
10/31/2003 11,680 7,815
01/31/2004 12,780 8,457
04/30/2004 12,380 8,294
07/31/2004 12,340 8,258
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/04
1-Year Since Inception
- ------ ---------------
16.75% 5.61% Inception Date 9/25/00
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND
FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR
PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
13 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS N SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS N)
RUSSELL 3000 INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Value of Investment Russell 3000
Date In Fund Index
03/01/2001 $10,000 $10,000
04/30/2001 10,376 10,098
07/31/2001 10,620 9,827
10/31/2001 9,909 8,627
01/31/2002 10,762 9,304
04/30/2002 11,220 9,014
07/31/2002 9,380 7,611
10/31/2002 9,157 7,389
01/31/2003 8,943 7,212
04/30/2003 9,563 7,753
07/31/2003 10,793 8,523
10/31/2003 12,053 9,139
01/31/2004 13,191 9,891
04/30/2004 12,795 9,700
07/31/2004 12,764 9,657
AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT
7/31/04
1-Year Since Inception
- ------ ---------------
17.27% 7.40% Inception Date 3/1/01
14 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET OPPORTUNITY FUND/R/ (CLASS Y)
RUSSELL 3000 INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Value of Investment Russell 3000
Date In Fund Index
09/25/2000 $10,000 $10,000
10/31/2000 9,780 9,858
01/31/2001 10,314 9,411
04/30/2001 10,233 8,635
07/31/2001 10,494 8,403
10/31/2001 9,803 7,377
01/31/2002 10,654 7,956
04/30/2002 11,135 7,708
07/31/2002 9,322 6,508
10/31/2002 9,112 6,318
01/31/2003 8,912 6,167
04/30/2003 9,553 6,629
07/31/2003 10,804 7,288
10/31/2003 12,086 7,815
01/31/2004 13,247 8,457
04/30/2004 12,877 8,294
07/31/2004 12,877 8,258
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT
7/31/04
1-Year Since Inception
- ------ ---------------
19.18% 6.79% Inception Date 9/25/00
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 3% (SINCE-INCEPTION); AND
FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR
PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
15 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES
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TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN
SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A
HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO
NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES
MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR
ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
THE FUND'S INVESTMENT STRATEGY AND FOCUS CAN CHANGE OVER TIME. THE MENTION OF
SPECIFIC FUND HOLDINGS DOES NOT CONSTITUTE A RECOMMENDATION BY OPPENHEIMERFUNDS,
INC.
CLASS A shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 3% (since inception). Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 9/25/00. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 9/25/00. Class Y
shares are offered only to certain institutional investors under special
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
16 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
reinvested dividends, or other distributions; redemption fees; and exchange
fees; and (2) ongoing costs, including management fees; distribution and service
fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended July 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
17 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES PAID
VALUE VALUE DURING 6 MONTHS
(2/1/04) (7/31/04) ENDED 7/31/04
- -------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 969.40 $ 5.53
- -------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.24 5.67
- -------------------------------------------------------------------------
Class B Actual 1,000.00 964.70 9.72
- -------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,014.97 9.97
- -------------------------------------------------------------------------
Class C Actual 1,000.00 965.60 9.04
- -------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.66 9.27
- -------------------------------------------------------------------------
Class N Actual 1,000.00 967.60 7.44
- -------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.30 7.62
- -------------------------------------------------------------------------
Class Y Actual 1,000.00 972.00 3.19
- -------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.63 3.27
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 182/366
(to reflect the one-half year period). Those expense ratios for the 6-month
period ended July 31, 2004 are as follows:
CLASS EXPENSE RATIOS
- ------------------------
Class A 1.13%
- ------------------------
Class B 1.99
- ------------------------
Class C 1.85
- ------------------------
Class N 1.52
- ------------------------
Class Y 0.65
The expense ratios reflect voluntary reimbursements of expenses by the Fund's
Transfer Agent that can be terminated at any time, without advance notice. The
"Financial Highlights" tables in the Fund's financial statements, included in
this report, also show the gross expense ratios, without such reimbursements.
18 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS July 31, 2004
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VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--98.4%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--10.7%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--0.3%
Autoliv, Inc. 39,200 $ 1,649,928
- --------------------------------------------------------------------------------
Cooper Tire &
Rubber Co. 46,100 1,081,045
- --------------------------------------------------------------------------------
Dana Corp. 82,000 1,581,780
- --------------------------------------------------------------------------------
Drew Industries, Inc. 1 15,500 591,635
- --------------------------------------------------------------------------------
Dura Automotive
Systems, Inc. 1 5,600 51,240
- --------------------------------------------------------------------------------
Lear Corp. 12,000 661,560
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 3,700 44,400
- --------------------------------------------------------------------------------
Stoneridge, Inc. 1 2,000 29,360
- --------------------------------------------------------------------------------
TRW Automotive
Holdings Corp. 1 5,100 106,080
--------------
5,797,028
- --------------------------------------------------------------------------------
AUTOMOBILES--0.4%
Ford Motor Co. 295,100 4,343,872
- --------------------------------------------------------------------------------
General Motors Corp. 24,700 1,065,558
- --------------------------------------------------------------------------------
Harley-Davidson, Inc. 14,600 874,102
- --------------------------------------------------------------------------------
Monaco Coach Corp. 19,100 463,748
- --------------------------------------------------------------------------------
Winnebago
Industries, Inc. 15,100 556,435
--------------
7,303,715
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.0%
Adesa, Inc. 1 20,200 365,014
- --------------------------------------------------------------------------------
Pomeroy Computer
Resources, Inc. 2,900 33,292
- --------------------------------------------------------------------------------
WESCO International,
Inc. 1 14,300 293,865
--------------
692,171
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--1.5%
Ambassadors
Group, Inc. 4,500 119,700
- --------------------------------------------------------------------------------
Ameristar Casinos, Inc. 7,500 201,600
- --------------------------------------------------------------------------------
Applebee's
International, Inc. 40,350 1,074,924
- --------------------------------------------------------------------------------
Boca Resorts, Inc.,
Cl. A 1 10,600 206,700
VALUE
SHARES SEE NOTE
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Caesars Entertainment,
Inc. 1 117,400 $1,729,302
- --------------------------------------------------------------------------------
CBRL Group, Inc. 12,300 408,606
- --------------------------------------------------------------------------------
CEC Entertainment,
Inc. 1 11,650 423,478
- --------------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 10,900 116,739
- --------------------------------------------------------------------------------
Choice Hotels
International, Inc. 18,900 994,140
- --------------------------------------------------------------------------------
Dave & Buster's, Inc. 1 44,700 761,688
- --------------------------------------------------------------------------------
Dover Downs
Gaming &
Entertainment, Inc. 23,000 225,170
- --------------------------------------------------------------------------------
Frisch's Restaurants, Inc. 1,100 26,521
- --------------------------------------------------------------------------------
Harrah's
Entertainment, Inc. 15,800 734,542
- --------------------------------------------------------------------------------
International Game
Technology 108,300 3,502,422
- --------------------------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1 56,500 913,605
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1 39,600 1,263,240
- --------------------------------------------------------------------------------
La Quinta Corp. 1 8,100 62,046
- --------------------------------------------------------------------------------
Lone Star Steakhouse
& Saloon, Inc. 17,200 416,928
- --------------------------------------------------------------------------------
Mandalay Resort
Group 28,700 1,937,250
- --------------------------------------------------------------------------------
Marriott International,
Inc., Cl. A 40,400 1,971,520
- --------------------------------------------------------------------------------
McDonald's Corp. 222,300 6,113,250
- --------------------------------------------------------------------------------
MGM Mirage, Inc. 1 24,800 1,094,920
- --------------------------------------------------------------------------------
Penn National
Gaming, Inc. 1 30,000 1,080,000
- --------------------------------------------------------------------------------
Steak n Shake Co.
(The) 1 27,800 475,936
- --------------------------------------------------------------------------------
Yum! Brands, Inc. 1 75,200 2,886,928
--------------
28,741,155
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--0.9%
Black & Decker Corp. 20,500 1,433,155
- --------------------------------------------------------------------------------
Blount International,
Inc. 1 4,700 56,259
- --------------------------------------------------------------------------------
Centex Corp. 1,400 59,388
19 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Chromcraft
Revington, Inc. 1 1,200 $ 15,720
- --------------------------------------------------------------------------------
CSS Industries, Inc. 29,100 924,216
- --------------------------------------------------------------------------------
D.R. Horton, Inc. 35,500 980,865
- --------------------------------------------------------------------------------
Harman International
Industries, Inc. 5,000 428,650
- --------------------------------------------------------------------------------
Hovnanian Enterprises,
Inc., Cl. A 1 13,300 412,699
- --------------------------------------------------------------------------------
KB Home 27,800 1,780,590
- --------------------------------------------------------------------------------
Kimball International,
Inc., Cl. B 10,100 138,976
- --------------------------------------------------------------------------------
Leggett & Platt, Inc. 26,600 719,530
- --------------------------------------------------------------------------------
Lennar Corp., Cl. A 21,000 896,280
- --------------------------------------------------------------------------------
Lifetime Hoan Corp. 6,000 98,580
- --------------------------------------------------------------------------------
M.D.C. Holdings, Inc. 14,110 947,487
- --------------------------------------------------------------------------------
Meritage Corp. 1 15,500 959,450
- --------------------------------------------------------------------------------
Mestek, Inc. 1 4,300 71,638
- --------------------------------------------------------------------------------
Pulte Homes, Inc. 16,900 923,247
- --------------------------------------------------------------------------------
Ryland Group, Inc.
(The) 19,900 1,540,658
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 7,000 293,300
- --------------------------------------------------------------------------------
Stanley Works (The) 36,500 1,547,600
- --------------------------------------------------------------------------------
Technical Olympic
USA, Inc. 37,750 818,043
- --------------------------------------------------------------------------------
Toll Brothers, Inc. 1 11,100 441,114
- --------------------------------------------------------------------------------
Tupperware Corp. 30,100 516,817
- --------------------------------------------------------------------------------
Whirlpool Corp. 17,100 1,067,724
--------------
17,071,986
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.3%
Amazon.com, Inc. 1 35,000 1,362,200
- --------------------------------------------------------------------------------
Coldwater Creek, Inc. 1 16,050 302,061
- --------------------------------------------------------------------------------
eBay, Inc. 1 48,200 3,775,506
- --------------------------------------------------------------------------------
Priceline.com, Inc. 1 25,100 594,368
--------------
6,034,135
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.2%
Brunswick Corp. 17,300 675,219
- --------------------------------------------------------------------------------
Eastman Kodak Co. 8,000 211,920
- --------------------------------------------------------------------------------
Hasbro, Inc. 52,600 955,742
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS Continued
Marvel Enterprises,
Inc. 1 48,100 $ 627,705
- --------------------------------------------------------------------------------
Nautilus Group, Inc.
(The) 25,800 477,816
- --------------------------------------------------------------------------------
Polaris Industries, Inc. 13,500 645,300
- --------------------------------------------------------------------------------
RC2 Corp. 1 6,500 204,100
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1 6,300 187,614
--------------
3,985,416
- --------------------------------------------------------------------------------
MEDIA--2.2%
4Kids Entertainment,
Inc. 1 12,800 278,784
- --------------------------------------------------------------------------------
Belo Corp., Cl. A 20,400 476,952
- --------------------------------------------------------------------------------
Clear Channel
Communications, Inc. 27,900 996,030
- --------------------------------------------------------------------------------
Comcast Corp., Cl. A 1 266,700 7,307,580
- --------------------------------------------------------------------------------
Cox Communications,
Inc., Cl. A 1 56,800 1,566,544
- --------------------------------------------------------------------------------
Hearst-Argyle
Television, Inc. 26,800 606,484
- --------------------------------------------------------------------------------
Information
Holdings, Inc. 1 900 24,570
- --------------------------------------------------------------------------------
Knight-Ridder, Inc. 6,800 447,372
- --------------------------------------------------------------------------------
McGraw-Hill Cos.,
Inc. (The) 55,600 4,173,336
- --------------------------------------------------------------------------------
New Frontier
Media, Inc. 1 5,300 38,160
- --------------------------------------------------------------------------------
NTL, Inc. 1 5,000 260,600
- --------------------------------------------------------------------------------
R.H. Donnelley Corp. 1 7,700 349,426
- --------------------------------------------------------------------------------
Readers Digest Assn.,
Inc. (The), Cl. A,
Non-Vtg 25,400 362,712
- --------------------------------------------------------------------------------
Reading International,
Inc. 1 2,300 18,055
- --------------------------------------------------------------------------------
Salem
Communications
Corp., Cl. A 1 10,900 276,860
- --------------------------------------------------------------------------------
Thomas Nelson, Inc. 42,200 909,410
- --------------------------------------------------------------------------------
Time Warner, Inc. 1 672,800 11,202,120
- --------------------------------------------------------------------------------
Viacom, Inc., Cl. B 229,800 7,718,982
- --------------------------------------------------------------------------------
Walt Disney Co. (The) 300,400 6,936,236
20 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
World Wrestling
Federation
Entertainment, Inc. 11,100 $ 141,081
--------------
44,091,294
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.9%
Bon-Ton Stores, Inc. 17,900 247,199
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 44,600 1,016,434
- --------------------------------------------------------------------------------
Federated Department
Stores, Inc. 54,400 2,606,848
- --------------------------------------------------------------------------------
J.C. Penney Co., Inc.
(Holding Co.) 56,200 2,248,000
- --------------------------------------------------------------------------------
Kmart Holding Corp. 1 14,700 1,138,221
- --------------------------------------------------------------------------------
May Department
Stores Co. 13,700 363,461
- --------------------------------------------------------------------------------
Neiman Marcus
Group, Inc. (The), Cl. A 12,500 681,875
- --------------------------------------------------------------------------------
Nordstrom, Inc. 42,800 1,878,920
- --------------------------------------------------------------------------------
Saks, Inc. 54,800 715,140
- --------------------------------------------------------------------------------
Sears Roebuck & Co. 46,700 1,712,956
- --------------------------------------------------------------------------------
Stein Mart, Inc. 1 27,000 489,780
- --------------------------------------------------------------------------------
Target Corp. 121,000 5,275,600
--------------
18,374,434
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--3.5%
Abercrombie &
Fitch Co., Cl. A 32,600 1,202,288
- --------------------------------------------------------------------------------
Advance Auto
Parts, Inc. 1 19,800 734,976
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 1 44,100 1,445,157
- --------------------------------------------------------------------------------
AnnTaylor Stores
Corp. 1 48,600 1,304,424
- --------------------------------------------------------------------------------
AutoNation, Inc. 1 56,800 915,616
- --------------------------------------------------------------------------------
Barnes & Noble, Inc. 1 24,700 849,186
- --------------------------------------------------------------------------------
bebe stores, inc. 1 35,700 693,651
- --------------------------------------------------------------------------------
Best Buy Co., Inc. 62,200 2,995,552
- --------------------------------------------------------------------------------
Big 5 Sporting Goods
Corp. 1 27,300 583,401
- --------------------------------------------------------------------------------
Blair Corp. 16,300 446,620
- --------------------------------------------------------------------------------
Blockbuster, Inc., Cl. A 19,100 253,457
- --------------------------------------------------------------------------------
Borders Group, Inc. 76,800 1,756,416
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Buckle, Inc. (The) 2,300 $ 63,250
- --------------------------------------------------------------------------------
Building Materials
Holding Corp. 54,400 1,089,360
- --------------------------------------------------------------------------------
Charming Shoppes,
Inc. 1 58,300 427,922
- --------------------------------------------------------------------------------
Circuit City Stores,
Inc./Circuit City Group 91,900 1,295,790
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 71,500 1,648,075
- --------------------------------------------------------------------------------
Deb Shops, Inc. 1,800 41,256
- --------------------------------------------------------------------------------
Dress Barn, Inc. (The) 1 23,800 398,650
- --------------------------------------------------------------------------------
Electronics Boutique
Holdings Corp. 1 9,200 231,012
- --------------------------------------------------------------------------------
Foot Locker, Inc. 48,300 1,086,750
- --------------------------------------------------------------------------------
Gap, Inc. (The) 227,000 5,152,900
- --------------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 86,200 751,664
- --------------------------------------------------------------------------------
Guess?, Inc. 1 34,700 562,140
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 29,800 567,988
- --------------------------------------------------------------------------------
Hollywood
Entertainment Corp. 1 3,400 43,894
- --------------------------------------------------------------------------------
Home Depot, Inc. 540,700 18,232,404
- --------------------------------------------------------------------------------
Jo-Ann Stores, Inc. 1 1,800 47,736
- --------------------------------------------------------------------------------
Limited Brands, Inc. 71,700 1,465,548
- --------------------------------------------------------------------------------
Loehmann's
Holdings, Inc. 1 8,300 188,833
- --------------------------------------------------------------------------------
Lowe's Cos., Inc. 52,700 2,567,544
- --------------------------------------------------------------------------------
Michaels Stores, Inc. 21,000 1,134,630
- --------------------------------------------------------------------------------
Office Depot, Inc. 1 85,000 1,394,000
- --------------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1 72,700 1,483,080
- --------------------------------------------------------------------------------
Pep Boys-Manny,
Moe & Jack 16,100 333,270
- --------------------------------------------------------------------------------
RadioShack Corp. 40,200 1,123,590
- --------------------------------------------------------------------------------
Regis Corp. 14,700 605,052
- --------------------------------------------------------------------------------
Sherwin-Williams Co. 53,400 2,156,292
- --------------------------------------------------------------------------------
Staples, Inc. 177,100 5,114,648
- --------------------------------------------------------------------------------
Syms Corp. 1 800 8,304
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 28,100 865,480
- --------------------------------------------------------------------------------
TJX Cos., Inc. (The) 95,900 2,250,773
21 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Toys "R" Us, Inc. 1 50,800 $ 836,168
- --------------------------------------------------------------------------------
Trans World
Entertainment Corp. 1 21,800 216,474
- --------------------------------------------------------------------------------
United Auto
Group, Inc. 16,600 455,504
- --------------------------------------------------------------------------------
Urban Outfitters, Inc. 1 19,700 585,878
- --------------------------------------------------------------------------------
Zale Corp. 1 50,800 1,378,712
--------------
68,985,315
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--0.5%
Cherokee, Inc. 8,700 212,541
- --------------------------------------------------------------------------------
Deckers Outdoor
Corp. 1 9,300 272,025
- --------------------------------------------------------------------------------
DHB Industries, Inc. 1 15,500 235,755
- --------------------------------------------------------------------------------
Hampshire Group
Ltd. 1 23,653 671,272
- --------------------------------------------------------------------------------
Hartmarx Corp. 1 32,100 242,034
- --------------------------------------------------------------------------------
Jones Apparel
Group, Inc. 44,900 1,677,015
- --------------------------------------------------------------------------------
Kellwood Co. 18,200 730,730
- --------------------------------------------------------------------------------
Kenneth Cole
Productions, Inc., Cl. A 1,700 54,553
- --------------------------------------------------------------------------------
Nike, Inc., Cl. B 40,200 2,922,942
- --------------------------------------------------------------------------------
Timberland Co., Cl. A 1 25,100 1,456,804
- --------------------------------------------------------------------------------
VF Corp. 17,700 885,177
- --------------------------------------------------------------------------------
Warnaco Group, Inc.
(The) 1 9,000 170,100
--------------
9,530,948
- --------------------------------------------------------------------------------
CONSUMER STAPLES--9.1%
- --------------------------------------------------------------------------------
BEVERAGES--2.6%
Anheuser-Busch
Cos., Inc. 127,900 6,638,010
- --------------------------------------------------------------------------------
Boston Beer Co., Inc.,
Cl. A 1 1,800 41,364
- --------------------------------------------------------------------------------
Coca-Cola Co. (The) 475,400 20,851,044
- --------------------------------------------------------------------------------
Coca-Cola
Enterprises, Inc. 57,600 1,175,040
- --------------------------------------------------------------------------------
National Beverage
Corp. 7,600 63,460
- --------------------------------------------------------------------------------
Pepsi Bottling Group,
Inc. (The) 50,900 1,417,565
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BEVERAGES Continued
PepsiAmericas, Inc. 59,700 $ 1,120,569
- --------------------------------------------------------------------------------
PepsiCo, Inc. 407,700 20,385,000
--------------
51,692,052
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--2.2%
7-Eleven, Inc. 1 26,100 447,615
- --------------------------------------------------------------------------------
Albertson's, Inc. 74,700 1,821,933
- --------------------------------------------------------------------------------
Arden Group, Inc.,
Cl. A 4,498 373,334
- --------------------------------------------------------------------------------
BJ's Wholesale Club,
Inc. 1 18,700 435,897
- --------------------------------------------------------------------------------
Costco Wholesale
Corp. 86,300 3,508,958
- --------------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 7,700 88,088
- --------------------------------------------------------------------------------
Longs Drug Stores, Inc. 18,100 380,100
- --------------------------------------------------------------------------------
Rite Aid Corp. 1 206,500 1,013,915
- --------------------------------------------------------------------------------
Ruddick Corp. 22,000 430,320
- --------------------------------------------------------------------------------
Smart & Final, Inc. 1 36,700 550,867
- --------------------------------------------------------------------------------
SUPERVALU, Inc. 29,800 851,088
- --------------------------------------------------------------------------------
Sysco Corp. 91,300 3,145,285
- --------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 548,900 29,097,189
- --------------------------------------------------------------------------------
Weis Markets, Inc. 10,300 328,467
--------------
42,473,056
- --------------------------------------------------------------------------------
FOOD PRODUCTS--0.8%
Alico, Inc. 1,200 46,308
- --------------------------------------------------------------------------------
Archer-Daniels-
Midland Co. 60,200 928,886
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 21,900 944,328
- --------------------------------------------------------------------------------
Del Monte Foods Co. 1 89,200 940,168
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 21,550 562,455
- --------------------------------------------------------------------------------
Heinz (H.J.) Co. 131,900 4,865,791
- --------------------------------------------------------------------------------
Hershey Foods Corp. 12,900 624,876
- --------------------------------------------------------------------------------
J&J Snack Foods Corp. 1 10,300 378,319
- --------------------------------------------------------------------------------
Kellogg Co. 52,900 2,203,814
- --------------------------------------------------------------------------------
Lance, Inc. 11,500 172,960
- --------------------------------------------------------------------------------
M&F Worldwide
Corp. 1 83,800 1,094,428
22 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Maui Land &
Pineapple Co. 1 700 $ 23,520
- --------------------------------------------------------------------------------
Omega Protein Corp. 56,000 505,120
- --------------------------------------------------------------------------------
Sara Lee Corp. 39,200 860,832
- --------------------------------------------------------------------------------
Smithfield Foods, Inc. 1 3,600 102,024
- --------------------------------------------------------------------------------
Tyson Foods, Inc., Cl. A 92,000 1,753,520
--------------
16,007,349
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--1.8%
Chattem, Inc. 1 2,100 60,501
- --------------------------------------------------------------------------------
Colgate-Palmolive Co. 78,300 4,165,560
- --------------------------------------------------------------------------------
Energizer Holdings,
Inc. 1 5,700 217,170
- --------------------------------------------------------------------------------
Kimberly-Clark Corp. 48,500 3,107,395
- --------------------------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 40,300 1,100,593
- --------------------------------------------------------------------------------
Procter & Gamble Co.
(The) 492,200 25,668,230
- --------------------------------------------------------------------------------
Rayovac Corp. 1 12,200 326,106
--------------
34,645,555
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.4%
Avon Products, Inc. 47,400 2,038,674
- --------------------------------------------------------------------------------
Del Laboratories, Inc. 3,159 108,417
- --------------------------------------------------------------------------------
Estee Lauder Cos., Inc.
(The), Cl. A 21,800 957,020
- --------------------------------------------------------------------------------
First Years, Inc. (The) 9,400 173,054
- --------------------------------------------------------------------------------
Gillette Co. 131,800 5,137,564
--------------
8,414,729
- --------------------------------------------------------------------------------
TOBACCO--1.3%
Altria Group, Inc. 483,900 23,033,640
- --------------------------------------------------------------------------------
R.J. Reynolds Tobacco
Holdings, Inc. 34,300 2,467,885
- --------------------------------------------------------------------------------
UST, Inc. 5,000 189,750
--------------
25,691,275
- --------------------------------------------------------------------------------
ENERGY--9.6%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--0.7%
Cal Dive International,
Inc. 1 25,700 796,700
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Diamond Offshore
Drilling, Inc. 23,600 $ 576,784
- --------------------------------------------------------------------------------
Ensign Resource
Service Group, Inc. 95,000 1,572,734
- --------------------------------------------------------------------------------
Halliburton Co. 49,300 1,565,275
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1 80,000 1,316,800
- --------------------------------------------------------------------------------
Precision Drilling
Corp. 1 25,000 1,241,068
- --------------------------------------------------------------------------------
RPC, Inc. 900 13,887
- --------------------------------------------------------------------------------
Schlumberger Ltd. 21,100 1,357,152
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 1 130,000 4,194,810
- --------------------------------------------------------------------------------
Veritas DGC, Inc. 1 41,400 1,019,682
--------------
13,654,892
- --------------------------------------------------------------------------------
OIL & GAS--8.9%
Amerada Hess Corp. 28,900 2,408,815
- --------------------------------------------------------------------------------
Apache Corp. 10,800 502,524
- --------------------------------------------------------------------------------
Ashland, Inc. 21,500 1,123,805
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 500,000 1,289,959
- --------------------------------------------------------------------------------
Berry Petroleum
Co., Cl. A 6,100 184,586
- --------------------------------------------------------------------------------
Burlington
Resources, Inc. 139,600 5,328,532
- --------------------------------------------------------------------------------
Callon Petroleum Co. 1 23,800 320,824
- --------------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 634,700 873,637
- --------------------------------------------------------------------------------
Chesapeake Energy
Corp. 81,000 1,243,350
- --------------------------------------------------------------------------------
ChevronTexaco Corp. 275,000 26,303,750
- --------------------------------------------------------------------------------
Cimarex Energy Co. 1 27,293 887,841
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 264,466 736,009
- --------------------------------------------------------------------------------
ConocoPhillips 114,800 9,042,796
- --------------------------------------------------------------------------------
Crew Energy, Inc. 1 80,000 349,003
- --------------------------------------------------------------------------------
Cyries Energy, Inc. 1 30,720 138,870
- --------------------------------------------------------------------------------
Denbury Resources,
Inc. 1 16,000 349,600
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 64,500 671,926
23 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Encore Acquisition
Co. 1 5,500 $ 162,085
- --------------------------------------------------------------------------------
Energy Partners Ltd. 1 46,000 719,440
- --------------------------------------------------------------------------------
EOG Resources, Inc. 36,400 2,313,220
- --------------------------------------------------------------------------------
Esprit Exploration
Ltd. 1,2 361,200 978,052
- --------------------------------------------------------------------------------
Esprit Exploration Ltd. 1 213,800 578,924
- --------------------------------------------------------------------------------
Exxon Mobil Corp. 1,430,000 66,209,000
- --------------------------------------------------------------------------------
Forest Oil Corp. 1 20,000 565,800
- --------------------------------------------------------------------------------
Frontier Oil Corp. 42,800 918,060
- --------------------------------------------------------------------------------
General Maritime
Corp. 1 23,900 708,874
- --------------------------------------------------------------------------------
Holly Corp. 70,000 2,758,700
- --------------------------------------------------------------------------------
Houston
Exploration Co. 1 31,200 1,684,800
- --------------------------------------------------------------------------------
Kerr-McGee Corp. 35,500 1,863,750
- --------------------------------------------------------------------------------
Ketch Resources Ltd. 1 100,000 936,442
- --------------------------------------------------------------------------------
Magnum Hunter
Resources, Inc. 1 68,300 732,176
- --------------------------------------------------------------------------------
Marathon Oil Corp. 109,300 4,117,331
- --------------------------------------------------------------------------------
Maritrans, Inc. 35,400 550,470
- --------------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 83,400 696,390
- --------------------------------------------------------------------------------
Murphy Oil Corp. 5,600 433,104
- --------------------------------------------------------------------------------
Newfield
Exploration Co. 1 16,900 998,283
- --------------------------------------------------------------------------------
Noble Energy, Inc. 36,800 2,035,408
- --------------------------------------------------------------------------------
Occidental Petroleum
Corp. 114,300 5,631,561
- --------------------------------------------------------------------------------
OMI Corp. 93,800 1,364,790
- --------------------------------------------------------------------------------
OPTI Canada, Inc. 1 70,000 932,456
- --------------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 22,500 1,010,475
- --------------------------------------------------------------------------------
Paramount
Resources Ltd. 1 196,700 2,475,209
- --------------------------------------------------------------------------------
Penn Virginia Corp. 20,600 776,414
- --------------------------------------------------------------------------------
Petroleum
Development Corp. 1 4,400 117,084
- --------------------------------------------------------------------------------
Pioneer Natural
Resources Co. 37,900 1,366,295
- --------------------------------------------------------------------------------
Pogo Producing Co. 24,900 1,105,062
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
ProEx Energy Ltd. 1 30,720 $ 136,328
- --------------------------------------------------------------------------------
Range Resources Corp. 19,400 324,950
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 165,000 1,061,113
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 9,100 202,475
- --------------------------------------------------------------------------------
StarPoint Energy Ltd. 1 447,512 1,595,492
- --------------------------------------------------------------------------------
Stelmar Shipping Ltd. 4,400 147,180
- --------------------------------------------------------------------------------
Sunoco, Inc. 32,900 2,242,793
- --------------------------------------------------------------------------------
Swift Energy Co. 1 6,800 154,292
- --------------------------------------------------------------------------------
Talisman Energy, Inc. 100,000 2,373,073
- --------------------------------------------------------------------------------
Teekay Shipping Corp. 36,000 1,432,080
- --------------------------------------------------------------------------------
Tesoro Petroleum
Corp. 1 9,200 266,800
- --------------------------------------------------------------------------------
Thunder Energy, Inc. 1 207,976 1,073,122
- --------------------------------------------------------------------------------
TransMontaigne, Inc. 1 1,400 8,834
- --------------------------------------------------------------------------------
Tusk Energy, Inc. 1 300,000 1,033,471
- --------------------------------------------------------------------------------
Unocal Corp. 68,900 2,670,564
- --------------------------------------------------------------------------------
Valero Energy Corp. 33,600 2,517,312
- --------------------------------------------------------------------------------
Vintage Petroleum, Inc. 26,900 459,990
- --------------------------------------------------------------------------------
Williams Cos., Inc.
(The) 150,000 1,822,500
- --------------------------------------------------------------------------------
World Fuel Services
Corp. 15,400 585,200
--------------
176,603,051
- --------------------------------------------------------------------------------
FINANCIALS--22.5%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.4%
Bank of New York Co.,
Inc. (The) 173,600 4,987,528
- --------------------------------------------------------------------------------
Mellon Financial Corp. 23,500 645,780
- --------------------------------------------------------------------------------
Northern Trust Corp. 28,600 1,147,718
- --------------------------------------------------------------------------------
Stifel Financial Corp. 1 600 14,544
- --------------------------------------------------------------------------------
Tradestation Group,
Inc. 1 26,900 160,055
--------------
6,955,625
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--8.4%
Alliance Financial
Corp. 1,200 32,796
- --------------------------------------------------------------------------------
Associated Banc-Corp 32,250 971,048
- --------------------------------------------------------------------------------
Astoria Financial Corp. 11,500 392,840
24 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Bank of America Corp. 479,131 $ 40,730,926
- --------------------------------------------------------------------------------
Bank of Hawaii Corp. 10,900 489,737
- --------------------------------------------------------------------------------
Banknorth Group, Inc. 61,267 1,955,030
- --------------------------------------------------------------------------------
Banner Corp. 3,400 92,684
- --------------------------------------------------------------------------------
BB&T Corp. 55,780 2,160,359
- --------------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 9,600 359,040
- --------------------------------------------------------------------------------
Camden National
Corp. 1,400 43,456
- --------------------------------------------------------------------------------
Capital Crossing Bank 1 9,378 482,498
- --------------------------------------------------------------------------------
CB Bancshares, Inc. 8,550 786,600
- --------------------------------------------------------------------------------
Center Financial Corp. 3,600 54,504
- --------------------------------------------------------------------------------
CFS Bancorp, Inc. 1,700 22,525
- --------------------------------------------------------------------------------
Charter One
Financial, Inc. 83,300 3,699,353
- --------------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 13,500 317,250
- --------------------------------------------------------------------------------
City Holding Co. 26,200 798,314
- --------------------------------------------------------------------------------
City National Corp. 11,300 728,850
- --------------------------------------------------------------------------------
Coastal Financial Corp. 1,962 29,391
- --------------------------------------------------------------------------------
Colonial BancGroup,
Inc. (The) 72,400 1,396,596
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 23,963 521,675
- --------------------------------------------------------------------------------
Comerica, Inc. 43,500 2,543,445
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 35,500 799,105
- --------------------------------------------------------------------------------
Community First
Bankshares, Inc. 22,200 714,840
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 1,320 39,824
- --------------------------------------------------------------------------------
ESB Financial Corp. 400 4,932
- --------------------------------------------------------------------------------
EverTrust Financial
Group, Inc. 2,600 66,144
- --------------------------------------------------------------------------------
Exchange National
Bancshares, Inc. 1,100 33,451
- --------------------------------------------------------------------------------
Fidelity Bankshares,
Inc. 1,600 54,704
- --------------------------------------------------------------------------------
Fifth Third Bancorp 48,296 2,383,891
- --------------------------------------------------------------------------------
First Citizens
BancShares, Inc., Cl. A 1,800 214,200
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First Commonwealth
Financial Corp. 13,200 $ 168,828
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 3,400 80,750
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 9,600 279,840
- --------------------------------------------------------------------------------
First Place Financial
Corp. 7,400 131,868
- --------------------------------------------------------------------------------
First Republic Bank 22,300 965,590
- --------------------------------------------------------------------------------
Flushing Financial
Corp. 29,950 517,536
- --------------------------------------------------------------------------------
Fulton Financial Corp. 2,310 47,378
- --------------------------------------------------------------------------------
Greenpoint Financial
Corp. 65,300 2,653,139
- --------------------------------------------------------------------------------
Hibernia Corp., Cl. A 50,400 1,275,120
- --------------------------------------------------------------------------------
Home Federal
Bancorp 12,900 322,500
- --------------------------------------------------------------------------------
Horizon Financial
Corp. 1,000 19,500
- --------------------------------------------------------------------------------
Hudson River
Bancorp, Inc. 15,200 262,656
- --------------------------------------------------------------------------------
Huntington
Bancshares, Inc. 58,200 1,423,572
- --------------------------------------------------------------------------------
Independence
Community Bank
Corp. 52,087 1,944,929
- --------------------------------------------------------------------------------
Independent Bank
Corp., Michigan 1,403 35,889
- --------------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 53,700 1,783,914
- --------------------------------------------------------------------------------
International
Bancshares Corp. 4,934 190,206
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1 2,200 88,418
- --------------------------------------------------------------------------------
KeyCorp 72,000 2,172,960
- --------------------------------------------------------------------------------
M&T Bank Corp. 17,400 1,622,202
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 26,218 1,052,653
- --------------------------------------------------------------------------------
NASB Financial, Inc. 3,300 130,317
- --------------------------------------------------------------------------------
National City Corp. 162,500 5,931,250
- --------------------------------------------------------------------------------
Oak Hill Financial, Inc. 1,300 42,198
- --------------------------------------------------------------------------------
PAB Bankshares, Inc. 900 10,908
- --------------------------------------------------------------------------------
Pacific Capital Bancorp 41,954 1,162,965
25 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Parkvale Financial
Corp. 2,900 $ 75,690
- --------------------------------------------------------------------------------
PennRock Financial
Services Corp. 5,830 162,249
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 2,300 84,456
- --------------------------------------------------------------------------------
PNC Financial
Services Group, Inc. 89,900 4,548,940
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 4,050 94,608
- --------------------------------------------------------------------------------
Provident Financial
Services, Inc. 5,064 89,380
- --------------------------------------------------------------------------------
Quaker City
Bancorp, Inc. 2,750 150,728
- --------------------------------------------------------------------------------
R&G Financial
Corp., Cl. B 45,600 1,599,648
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 20,990 422,529
- --------------------------------------------------------------------------------
Santander BanCorp 1,650 37,950
- --------------------------------------------------------------------------------
Silicon Valley
Bancshares 1 12,800 468,608
- --------------------------------------------------------------------------------
Southwest
Bancorp, Inc. 30,600 572,832
- --------------------------------------------------------------------------------
State Financial
Services Corp. 16,000 454,080
- --------------------------------------------------------------------------------
Sterling Bancorp 22,600 609,296
- --------------------------------------------------------------------------------
Sterling Financial
Corp., Western US 36,501 1,154,892
- --------------------------------------------------------------------------------
SunTrust Banks, Inc. 67,100 4,425,245
- --------------------------------------------------------------------------------
U.S. Bancorp 588,000 16,640,400
- --------------------------------------------------------------------------------
UnionBanCal Corp. 34,200 1,985,310
- --------------------------------------------------------------------------------
United Community
Financial Corp. 5,700 66,291
- --------------------------------------------------------------------------------
Wachovia Corp. 374,700 16,602,957
- --------------------------------------------------------------------------------
Webster Financial
Corp. 20,111 943,608
- --------------------------------------------------------------------------------
Wells Fargo & Co. 422,900 24,278,689
- --------------------------------------------------------------------------------
WesBanco, Inc. 2,000 56,320
- --------------------------------------------------------------------------------
Westcorp 16,500 686,070
- --------------------------------------------------------------------------------
Wilshire State Bank 1 7,600 208,316
- --------------------------------------------------------------------------------
WSFS Financial Corp. 24,500 1,218,875
- --------------------------------------------------------------------------------
Zions Bancorp 23,900 1,445,950
--------------
166,321,011
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.0%
ASTA Funding, Inc. 19,059 $ 287,791
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--7.0%
American Capital
Strategies Ltd. 30,800 900,284
- --------------------------------------------------------------------------------
American Express Co. 171,700 8,627,925
- --------------------------------------------------------------------------------
Bear Stearns Cos.,
Inc. (The) 31,900 2,661,098
- --------------------------------------------------------------------------------
Capital One
Financial Corp. 66,300 4,595,916
- --------------------------------------------------------------------------------
Chicago Mercantile
Exchange (The) 5,500 690,250
- --------------------------------------------------------------------------------
CIT Group, Inc. 65,500 2,276,780
- --------------------------------------------------------------------------------
Citigroup, Inc. 1,140,000 50,262,600
- --------------------------------------------------------------------------------
CompuCredit Corp. 1 58,000 912,340
- --------------------------------------------------------------------------------
E*TRADE Financial
Corp. 1 138,200 1,529,874
- --------------------------------------------------------------------------------
First Albany Cos., Inc. 7,900 66,676
- --------------------------------------------------------------------------------
Franklin Resources, Inc. 7,700 371,525
- --------------------------------------------------------------------------------
JPMorgan Chase & Co. 841,152 31,400,204
- --------------------------------------------------------------------------------
Knight Trading
Group, Inc. 1 62,800 534,428
- --------------------------------------------------------------------------------
MBNA Corp. 215,000 5,308,350
- --------------------------------------------------------------------------------
Merrill Lynch
& Co., Inc. 201,800 10,033,496
- --------------------------------------------------------------------------------
Morgan Stanley 262,400 12,944,192
- --------------------------------------------------------------------------------
Principal Financial
Group, Inc. (The) 86,300 2,933,337
- --------------------------------------------------------------------------------
Providian Financial
Corp. 1 78,000 1,079,520
- --------------------------------------------------------------------------------
Raymond James
Financial, Inc. 5,950 139,052
- --------------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 8,600 107,586
- --------------------------------------------------------------------------------
WFS Financial, Inc. 1,800 82,350
--------------
137,457,783
- --------------------------------------------------------------------------------
INSURANCE--5.0%
ACE Ltd. 33,000 1,339,470
- --------------------------------------------------------------------------------
AFLAC, Inc. 51,400 2,037,496
- --------------------------------------------------------------------------------
Allmerica Financial
Corp. 1 51,600 1,538,196
- --------------------------------------------------------------------------------
Allstate Corp. 144,600 6,807,768
26 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
American International
Group, Inc. 505,500 $ 35,713,575
- --------------------------------------------------------------------------------
American Medical
Security Group, Inc. 1 18,850 478,979
- --------------------------------------------------------------------------------
AmerUs Group Co. 21,400 823,900
- --------------------------------------------------------------------------------
Aon Corp. 80,900 2,138,996
- --------------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 20,100 773,850
- --------------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 12,700 299,720
- --------------------------------------------------------------------------------
Baldwin & Lyons, Inc.,
Cl. B, Non-Vtg 2,325 59,450
- --------------------------------------------------------------------------------
Chubb Corp. 60,100 4,133,678
- --------------------------------------------------------------------------------
Cincinnati Financial
Corp. 42,630 1,700,084
- --------------------------------------------------------------------------------
CNA Financial Corp. 1 32,100 846,798
- --------------------------------------------------------------------------------
Commerce Group, Inc.
(The) 1,300 62,933
- --------------------------------------------------------------------------------
Conseco, Inc. 1 10,400 186,992
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 13,500 547,425
- --------------------------------------------------------------------------------
Donegal Group, Inc.,
Cl. A 32,700 686,700
- --------------------------------------------------------------------------------
EMC Insurance
Group, Inc. 3,000 63,960
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 61,236 2,219,805
- --------------------------------------------------------------------------------
First American Corp.
(The) 34,500 926,670
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1 7,700 182,490
- --------------------------------------------------------------------------------
Genworth Financial,
Inc., Cl. A 1 46,900 1,066,506
- --------------------------------------------------------------------------------
Hartford Financial
Services Group, Inc.
(The) 83,400 5,429,340
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 4,700 78,772
- --------------------------------------------------------------------------------
Hub International Ltd. 500 9,270
- --------------------------------------------------------------------------------
Independence
Holding Co. 2,240 48,160
- --------------------------------------------------------------------------------
Infinity Property
& Casualty Corp. 8,200 235,996
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
IPC Holdings Ltd. 15,500 $ 581,250
- --------------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 11,900 470,050
- --------------------------------------------------------------------------------
Lincoln National Corp. 52,400 2,289,880
- --------------------------------------------------------------------------------
Loews Corp. 32,400 1,834,812
- --------------------------------------------------------------------------------
MBIA, Inc. 14,200 766,516
- --------------------------------------------------------------------------------
Mercury General
Corp. 11,700 551,421
- --------------------------------------------------------------------------------
MetLife, Inc. 89,100 3,178,197
- --------------------------------------------------------------------------------
National Western
Life Insurance Co.,
Cl. A 1 2,800 447,664
- --------------------------------------------------------------------------------
Nationwide Financial
Services, Inc., Cl. A 33,500 1,188,245
- --------------------------------------------------------------------------------
Odyssey Re Holdings
Corp. 15,900 371,265
- --------------------------------------------------------------------------------
Ohio Casualty Corp. 1 29,700 555,390
- --------------------------------------------------------------------------------
Old Republic
International Corp. 20,900 486,761
- --------------------------------------------------------------------------------
Partnerre Holdings
Ltd. 10,800 564,948
- --------------------------------------------------------------------------------
Penn-America
Group, Inc. 2,300 29,900
- --------------------------------------------------------------------------------
Philadelphia
Consolidated
Holding Co. 1 9,500 519,365
- --------------------------------------------------------------------------------
Progressive Corp. 45,400 3,478,548
- --------------------------------------------------------------------------------
Protective Life Corp. 26,000 942,500
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 30,900 1,231,365
- --------------------------------------------------------------------------------
RenaissanceRe
Holdings Ltd. 25,300 1,340,900
- --------------------------------------------------------------------------------
Safeco Corp. 40,500 1,905,930
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 400 8,160
- --------------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 25,200 1,771,560
- --------------------------------------------------------------------------------
State Auto Financial
Corp. 12,500 386,625
- --------------------------------------------------------------------------------
Torchmark Corp. 21,800 1,139,704
- --------------------------------------------------------------------------------
Transatlantic
Holdings, Inc. 3,625 205,284
27 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
UICI 1 11,900 $ 284,648
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 1,100 67,705
- --------------------------------------------------------------------------------
Unitrin, Inc. 23,800 991,270
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 71,700 777,945
- --------------------------------------------------------------------------------
Willis Group
Holdings Ltd. 5,800 201,840
- --------------------------------------------------------------------------------
XL Capital Ltd., Cl. A 5,200 367,536
--------------
99,374,163
- --------------------------------------------------------------------------------
REAL ESTATE--0.1%
Bluegreen Corp. 1 48,200 564,422
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 3,600 88,092
- --------------------------------------------------------------------------------
Forest City
Enterprises, Inc., Cl. A 1,500 78,600
- --------------------------------------------------------------------------------
Jones Lang
LaSalle, Inc. 1 8,800 255,200
- --------------------------------------------------------------------------------
St. Joe Co. (The) 11,500 494,730
- --------------------------------------------------------------------------------
Stratus Properties, Inc. 1 7,300 99,718
- --------------------------------------------------------------------------------
Trammell Crow Co. 1 2,600 34,866
- --------------------------------------------------------------------------------
United Capital Corp. 1 1,500 26,955
--------------
1,642,583
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--1.6%
Countrywide
Financial Corp. 78,400 5,652,640
- --------------------------------------------------------------------------------
Doral Financial Corp. 21,125 829,156
- --------------------------------------------------------------------------------
Fannie Mae 230,100 16,327,896
- --------------------------------------------------------------------------------
Freddie Mac 47,700 3,067,587
- --------------------------------------------------------------------------------
Fremont General
Corp. 53,100 997,218
- --------------------------------------------------------------------------------
MGIC Investment
Corp. 30,200 2,144,200
- --------------------------------------------------------------------------------
New Century
Financial Corp. 12,900 606,945
- --------------------------------------------------------------------------------
Ocwen Financial
Corp. 1 7,900 69,994
- --------------------------------------------------------------------------------
PMI Group, Inc. (The) 27,800 1,146,194
- --------------------------------------------------------------------------------
Severn Bancorp, Inc. 600 18,702
--------------
30,860,532
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE--12.1%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--1.1%
Amgen, Inc. 1 197,700 $11,245,176
- --------------------------------------------------------------------------------
ArQule, Inc. 1 6,100 26,047
- --------------------------------------------------------------------------------
Charles River
Laboratories
International, Inc. 1 14,800 667,036
- --------------------------------------------------------------------------------
Gen-Probe, Inc. 1 5,800 217,036
- --------------------------------------------------------------------------------
Genentech, Inc. 1 34,000 1,655,120
- --------------------------------------------------------------------------------
Nanogen, Inc. 1 6,500 31,460
- --------------------------------------------------------------------------------
Wyeth 194,800 6,895,920
--------------
20,737,795
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.7%
Abaxis, Inc. 1 23,000 345,230
- --------------------------------------------------------------------------------
Align Technology, Inc. 1 30,200 518,836
- --------------------------------------------------------------------------------
American Medical
Systems Holdings, Inc. 1 7,300 232,286
- --------------------------------------------------------------------------------
Arrow International,
Inc. 10,500 291,060
- --------------------------------------------------------------------------------
Aspect Medical
Systems, Inc. 1 1,500 24,015
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc. 27,900 1,718,361
- --------------------------------------------------------------------------------
Beckman Coulter, Inc. 10,900 601,353
- --------------------------------------------------------------------------------
Becton, Dickinson
& Co. 50,000 2,361,500
- --------------------------------------------------------------------------------
CNS, Inc. 6,000 60,360
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 28,300 1,406,227
- --------------------------------------------------------------------------------
Datascope Corp. 400 13,884
- --------------------------------------------------------------------------------
Exactech, Inc. 1 6,651 130,493
- --------------------------------------------------------------------------------
Guidant Corp. 15,400 851,928
- --------------------------------------------------------------------------------
Hospira, Inc. 1 70,360 1,823,028
- --------------------------------------------------------------------------------
Kensey Nash Corp. 1 31,200 882,648
- --------------------------------------------------------------------------------
Lifeline Systems, Inc. 1 11,300 249,504
- --------------------------------------------------------------------------------
Medtronic, Inc. 254,800 12,655,916
- --------------------------------------------------------------------------------
Meridian Bioscience,
Inc. 1 31,200 370,968
- --------------------------------------------------------------------------------
Mine Safety
Applicances Co. 10,400 386,360
- --------------------------------------------------------------------------------
Palomar Medical
Technologies, Inc. 1 8,600 127,624
28 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
PolyMedica Corp. 4,100 $ 124,886
- --------------------------------------------------------------------------------
Respironics, Inc. 1 11,400 635,208
- --------------------------------------------------------------------------------
Stryker Corp. 96,500 4,601,120
- --------------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 16,900 454,610
- --------------------------------------------------------------------------------
Thermo Electron
Corp. 1 35,000 900,200
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 6,000 299,580
- --------------------------------------------------------------------------------
VISX, Inc. 1 38,500 824,285
- --------------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 800 30,472
--------------
32,921,942
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--2.4%
Aetna, Inc. 52,200 4,478,760
- --------------------------------------------------------------------------------
Amedisys, Inc. 1 14,600 383,104
- --------------------------------------------------------------------------------
Andrx Corp. 1 58,900 1,527,866
- --------------------------------------------------------------------------------
Anthem, Inc. 1 11,000 907,170
- --------------------------------------------------------------------------------
Beverly Enterprises,
Inc. 1 71,500 563,420
- --------------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 61,100 757,029
- --------------------------------------------------------------------------------
CIGNA Corp. 33,000 2,046,330
- --------------------------------------------------------------------------------
Community Health
Systems, Inc. 1 20,900 514,349
- --------------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 600 12,204
- --------------------------------------------------------------------------------
Covance, Inc. 1 17,800 653,082
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 32,600 1,666,186
- --------------------------------------------------------------------------------
DaVita, Inc. 1 18,650 566,401
- --------------------------------------------------------------------------------
Dendrite
International, Inc. 1 56,300 839,433
- --------------------------------------------------------------------------------
eResearch
Technology, Inc. 1 36,550 910,461
- --------------------------------------------------------------------------------
Genesis HealthCare
Corp. 1 6,900 185,265
- --------------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1 53,600 815,256
- --------------------------------------------------------------------------------
Humana, Inc. 1 42,600 771,486
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PRODUCTS & SERVICES Continued
IMS Health, Inc. 46,300 $ 1,122,312
- --------------------------------------------------------------------------------
Laboratory Corp.
of America Holdings 1 50,100 1,961,916
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 1 23,900 623,551
- --------------------------------------------------------------------------------
LifePoint Hospitals,
Inc. 1 27,000 902,070
- --------------------------------------------------------------------------------
Medco Health
Solutions, Inc. 1 32,172 974,812
- --------------------------------------------------------------------------------
National HealthCare
Corp. 5,100 137,649
- --------------------------------------------------------------------------------
National Medical
Health Card
Systems, Inc. 1 11,600 319,812
- --------------------------------------------------------------------------------
Owens & Minor, Inc. 39,200 1,006,264
- --------------------------------------------------------------------------------
PacifiCare Health
Systems, Inc. 1 29,200 892,644
- --------------------------------------------------------------------------------
Parexel International
Corp. 1 14,400 276,624
- --------------------------------------------------------------------------------
PDI, Inc. 1 19,900 567,349
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 18,600 1,176,264
- --------------------------------------------------------------------------------
Prime Medical
Services, Inc. 1 9,500 69,825
- --------------------------------------------------------------------------------
Quest Diagnostics, Inc. 19,000 1,559,520
- --------------------------------------------------------------------------------
RehabCare Group,
Inc. 1 5,000 119,750
- --------------------------------------------------------------------------------
Res-Care, Inc. 1 22,300 250,206
- --------------------------------------------------------------------------------
Service Corp.
International 1 98,000 622,300
- --------------------------------------------------------------------------------
Sierra Health
Services, Inc. 1 22,300 985,660
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 1 69,000 480,240
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 23,700 836,610
- --------------------------------------------------------------------------------
Tenet Healthcare
Corp. 1 114,900 1,284,582
- --------------------------------------------------------------------------------
Triad Hospitals, Inc. 1 29,100 991,146
- --------------------------------------------------------------------------------
UnitedHealth
Group, Inc. 56,800 3,572,720
- --------------------------------------------------------------------------------
US Oncology, Inc. 1 218,800 3,253,556
- --------------------------------------------------------------------------------
VCA Antech, Inc. 1 22,000 924,660
29 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Ventiv Health, Inc. 1 21,400 $ 326,136
- --------------------------------------------------------------------------------
WellChoice, Inc. 1 18,200 666,120
- --------------------------------------------------------------------------------
WellPoint Health
Networks, Inc. 1 45,653 4,615,518
--------------
48,117,618
- --------------------------------------------------------------------------------
PHARMACEUTICALS--6.9%
Abbott Laboratories 265,000 10,427,750
- --------------------------------------------------------------------------------
Bristol-Myers
Squibb Co. 207,300 4,747,170
- --------------------------------------------------------------------------------
Eli Lilly & Co. 137,900 8,786,988
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1 50,200 963,840
- --------------------------------------------------------------------------------
Eon Labs, Inc. 1 35,000 1,019,200
- --------------------------------------------------------------------------------
First Horizon
Pharmaceutical Corp. 1 36,300 634,161
- --------------------------------------------------------------------------------
Johnson & Johnson 613,000 33,880,510
- --------------------------------------------------------------------------------
Merck & Co., Inc. 527,300 23,913,055
- --------------------------------------------------------------------------------
Perrigo Co. 52,900 881,314
- --------------------------------------------------------------------------------
Pfizer, Inc. 1,584,900 50,653,404
--------------
135,907,392
- --------------------------------------------------------------------------------
INDUSTRIALS--10.2%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.2%
Applied Signal
Technology, Inc. 39,400 1,362,058
- --------------------------------------------------------------------------------
Astronics Corp., Cl. B 1 1,850 8,926
- --------------------------------------------------------------------------------
Boeing Co. 170,000 8,627,500
- --------------------------------------------------------------------------------
General Dynamics
Corp. 10,300 1,017,846
- --------------------------------------------------------------------------------
Honeywell
International, Inc. 75,000 2,820,750
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1 3,600 80,172
- --------------------------------------------------------------------------------
Orbital Sciences Corp. 1 21,000 240,450
- --------------------------------------------------------------------------------
Precision Castparts
Corp. 20,400 1,149,132
- --------------------------------------------------------------------------------
SI International, Inc. 1 12,900 229,620
- --------------------------------------------------------------------------------
United Technologies
Corp. 79,600 7,442,600
--------------
22,979,054
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.5%
EGL, Inc. 1 36,400 $ 924,924
- --------------------------------------------------------------------------------
Forward Air Corp. 1 9,100 361,361
- --------------------------------------------------------------------------------
Hub Group, Inc., Cl. A 1 12,000 391,680
- --------------------------------------------------------------------------------
United Parcel
Service, Inc., Cl. B 117,400 8,448,104
--------------
10,126,069
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--0.1%
American Standard
Cos., Inc. 1 32,800 1,242,792
- --------------------------------------------------------------------------------
Masco Corp. 17,900 541,296
- --------------------------------------------------------------------------------
NCI Building
Systems, Inc. 1 13,300 409,773
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 18,700 567,919
--------------
2,761,780
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--1.0%
Administaff, Inc. 1 3,200 42,560
- --------------------------------------------------------------------------------
Angelica Corp. 2,300 55,361
- --------------------------------------------------------------------------------
Apollo Group,
Inc., Cl. A 1 31,000 2,590,050
- --------------------------------------------------------------------------------
Brady Corp., Cl. A 11,600 524,320
- --------------------------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 9,400 477,050
- --------------------------------------------------------------------------------
Brink's Co. (The) 24,900 805,515
- --------------------------------------------------------------------------------
Century Business
Services, Inc. 1 8,300 35,026
- --------------------------------------------------------------------------------
ChoicePoint, Inc. 1 6,200 260,400
- --------------------------------------------------------------------------------
CompX International,
Inc. 1 4,400 61,688
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 16,800 730,968
- --------------------------------------------------------------------------------
Copart, Inc. 1 15,700 349,325
- --------------------------------------------------------------------------------
CPI Corp. 10,300 138,226
- --------------------------------------------------------------------------------
Darling International,
Inc. 1 155,800 740,050
- --------------------------------------------------------------------------------
Deluxe Corp. 20,600 907,430
- --------------------------------------------------------------------------------
Dun & Bradstreet
Corp. 1 8,400 471,576
- --------------------------------------------------------------------------------
Duratek, Inc. 1 14,000 199,500
- --------------------------------------------------------------------------------
Electro Rent Corp. 7,300 70,956
30 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Ennis, Inc. 28,600 $ 520,520
- --------------------------------------------------------------------------------
Exponent, Inc. 1 28,900 725,679
- --------------------------------------------------------------------------------
General Binding Corp. 1 10,300 122,879
- --------------------------------------------------------------------------------
Geo Group, Inc. (The) 1 16,400 301,760
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 3,150 53,015
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 16,900 447,174
- --------------------------------------------------------------------------------
ICT Group, Inc. 1 21,000 191,940
- --------------------------------------------------------------------------------
Ikon Office
Solutions, Inc. 67,900 805,973
- --------------------------------------------------------------------------------
Imagistics
International, Inc. 1 11,900 386,750
- --------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 7,300 232,505
- --------------------------------------------------------------------------------
Korn-Ferry
International 1 46,600 830,878
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1 37,700 528,554
- --------------------------------------------------------------------------------
Miller (Herman), Inc. 32,600 873,680
- --------------------------------------------------------------------------------
Republic Services, Inc. 56,000 1,601,600
- --------------------------------------------------------------------------------
Robert Half
International, Inc. 59,500 1,655,290
- --------------------------------------------------------------------------------
Rollins, Inc. 19,950 461,843
- --------------------------------------------------------------------------------
School Specialty, Inc. 1 24,900 856,809
- --------------------------------------------------------------------------------
SITEL Corp. 1 34,600 103,800
- --------------------------------------------------------------------------------
Spherion Corp. 1 5,000 43,250
- --------------------------------------------------------------------------------
University of
Phoenix Online. 1 4,700 404,999
- --------------------------------------------------------------------------------
Waste Industries
USA, Inc. 200 2,208
--------------
19,611,107
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.1%
Comfort Systems
USA, Inc. 1 53,400 319,866
- --------------------------------------------------------------------------------
Dycom Industries, Inc. 1 6,800 183,192
- --------------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 95,400 808,038
--------------
1,311,096
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.5%
AMETEK, Inc. 21,500 $ 663,060
- --------------------------------------------------------------------------------
Cooper Industries
Ltd., Cl. A 10,400 591,448
- --------------------------------------------------------------------------------
Emerson Electric Co. 57,500 3,490,250
- --------------------------------------------------------------------------------
Genlyte Group, Inc.
(The) 1 9,000 560,700
- --------------------------------------------------------------------------------
Hubbell, Inc., Cl. B 33,200 1,500,640
- --------------------------------------------------------------------------------
II-VI, Inc. 1 37,400 1,108,162
- --------------------------------------------------------------------------------
Preformed Line
Products Co. 800 18,400
- --------------------------------------------------------------------------------
Rockwell
Automation, Inc. 28,200 1,054,962
--------------
8,987,622
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--4.6%
3M Co. 218,800 18,020,368
- --------------------------------------------------------------------------------
Alleghany Corp. 1,000 270,500
- --------------------------------------------------------------------------------
General Electric Co. 2,079,100 69,130,075
- --------------------------------------------------------------------------------
Raven Industries, Inc. 18,900 720,468
- --------------------------------------------------------------------------------
Standex
International Corp. 2,900 66,004
- --------------------------------------------------------------------------------
Textron, Inc. 27,700 1,698,010
- --------------------------------------------------------------------------------
United Industrial Corp. 27,900 683,829
--------------
90,589,254
- --------------------------------------------------------------------------------
MACHINERY--1.5%
A.S.V., Inc. 1 31,100 1,025,678
- --------------------------------------------------------------------------------
Alamo Group, Inc. 7,700 125,048
- --------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 14,600 191,260
- --------------------------------------------------------------------------------
Badger Meter, Inc. 100 4,475
- --------------------------------------------------------------------------------
BHA Group, Inc., Cl. A 17,200 652,740
- --------------------------------------------------------------------------------
Briggs & Stratton
Corp. 8,700 726,450
- --------------------------------------------------------------------------------
Cascade Corp. 24,500 717,115
- --------------------------------------------------------------------------------
Caterpillar, Inc. 45,700 3,358,493
- --------------------------------------------------------------------------------
Cummins, Inc. 22,500 1,562,175
- --------------------------------------------------------------------------------
Deere & Co. 25,800 1,620,498
- --------------------------------------------------------------------------------
Encore Wire Corp. 1 8,300 149,815
- --------------------------------------------------------------------------------
Flanders Corp. 1 2,100 21,483
- --------------------------------------------------------------------------------
Graco, Inc. 22,150 697,282
31 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Greenbrier Cos., Inc. 1 1,200 $ 27,540
- --------------------------------------------------------------------------------
Harsco Corp. 14,000 628,320
- --------------------------------------------------------------------------------
Illinois Tool Works, Inc. 3,800 343,976
- --------------------------------------------------------------------------------
Ingersoll-Rand Co.,
Cl. A 34,600 2,376,674
- --------------------------------------------------------------------------------
ITT Industries, Inc. 13,800 1,103,310
- --------------------------------------------------------------------------------
Joy Global, Inc. 36,100 1,071,809
- --------------------------------------------------------------------------------
Kadant, Inc. 1 9,200 184,920
- --------------------------------------------------------------------------------
Kennametal, Inc. 23,500 1,034,000
- --------------------------------------------------------------------------------
Lincoln Electric
Holdings, Inc. 17,300 588,373
- --------------------------------------------------------------------------------
Middleby Corp. (The) 9,300 504,060
- --------------------------------------------------------------------------------
Nordson Corp. 15,600 653,172
- --------------------------------------------------------------------------------
Paccar, Inc. 48,800 2,926,048
- --------------------------------------------------------------------------------
Pall Corp. 20,900 484,253
- --------------------------------------------------------------------------------
Parker-Hannifin Corp. 36,700 2,105,846
- --------------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 2,200 43,604
- --------------------------------------------------------------------------------
Reliance Steel &
Aluminum Co. 14,200 565,444
- --------------------------------------------------------------------------------
SPX Corp. 30,600 1,253,070
- --------------------------------------------------------------------------------
Timken Co. 42,600 1,058,184
- --------------------------------------------------------------------------------
Toro Co. (The) 14,100 923,550
--------------
28,728,665
- --------------------------------------------------------------------------------
MARINE--0.0%
Kirby Corp. 1 2,300 88,780
- --------------------------------------------------------------------------------
ROAD & RAIL--0.5%
Arkansas Best Corp. 8,300 290,251
- --------------------------------------------------------------------------------
CNF Transportation,
Inc. 32,700 1,349,202
- --------------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1 16,000 371,200
- --------------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 39,300 1,509,513
- --------------------------------------------------------------------------------
Landstar System, Inc. 1 3,600 179,316
- --------------------------------------------------------------------------------
Mullen
Transportation, Inc. 41,000 1,287,514
- --------------------------------------------------------------------------------
Norfolk Southern
Corp. 104,400 2,786,436
- --------------------------------------------------------------------------------
Ryder Systems, Inc. 37,700 1,617,330
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ROAD & RAIL Continued
SCS Transportation,
Inc. 1 36,100 $ 929,575
- --------------------------------------------------------------------------------
U.S. Xpress
Enterprises, Inc., Cl. A 1 13,500 247,995
--------------
10,568,332
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.2%
Applied Industrial
Technologies, Inc. 38,600 1,234,042
- --------------------------------------------------------------------------------
Hughes Supply, Inc. 18,600 1,133,112
- --------------------------------------------------------------------------------
Lawson Products, Inc. 2,700 100,224
- --------------------------------------------------------------------------------
MSC Industrial
Direct Co., Inc., Cl. A 37,400 1,170,620
- --------------------------------------------------------------------------------
W.W. Grainger, Inc. 20,300 1,074,885
--------------
4,712,883
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--16.6%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.0%
Adaptec, Inc. 1 18,200 136,318
- --------------------------------------------------------------------------------
ADTRAN, Inc. 32,600 870,746
- --------------------------------------------------------------------------------
Anaren Microwave,
Inc. 1 4,800 57,552
- --------------------------------------------------------------------------------
Aspect
Communications
Corp. 1 66,303 561,586
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 138,600 668,052
- --------------------------------------------------------------------------------
Brooktrout, Inc. 1 53,100 468,342
- --------------------------------------------------------------------------------
Cisco Systems, Inc. 1 1,388,900 28,972,454
- --------------------------------------------------------------------------------
Comverse
Technology, Inc. 1 8,900 151,834
- --------------------------------------------------------------------------------
Digi International, Inc. 1 54,900 623,115
- --------------------------------------------------------------------------------
Ditech
Communications
Corp. 1 28,600 588,874
- --------------------------------------------------------------------------------
Harris Corp. 32,300 1,533,604
- --------------------------------------------------------------------------------
Lucent Technologies,
Inc. 1 757,400 2,310,070
- --------------------------------------------------------------------------------
Motorola, Inc. 465,000 7,407,450
- --------------------------------------------------------------------------------
Packeteer, Inc. 1 45,200 423,976
- --------------------------------------------------------------------------------
Paradyne Networks,
Inc. 1 18,600 91,140
32 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Performance
Technologies, Inc. 1 51,100 $ 306,089
- --------------------------------------------------------------------------------
QUALCOMM, Inc. 169,100 11,681,428
- --------------------------------------------------------------------------------
Scientific-Atlanta, Inc. 54,400 1,672,800
- --------------------------------------------------------------------------------
SCM Microsystems,
Inc. 1 1,900 7,144
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1 43,300 355,060
--------------
58,887,634
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--3.7%
Apple Computer, Inc. 1 86,600 2,800,644
- --------------------------------------------------------------------------------
Dell, Inc. 1 602,100 21,356,487
- --------------------------------------------------------------------------------
Hewlett-Packard Co. 646,700 13,031,005
- --------------------------------------------------------------------------------
International Business
Machines Corp. 334,000 29,081,380
- --------------------------------------------------------------------------------
Lexmark International,
Inc., Cl. A 1 39,400 3,486,900
- --------------------------------------------------------------------------------
NCR Corp. 1 37,400 1,736,482
- --------------------------------------------------------------------------------
Presstek, Inc. 1 44,500 380,030
- --------------------------------------------------------------------------------
SBS Technologies, Inc. 1 2,300 29,555
- --------------------------------------------------------------------------------
Storage Technology
Corp. 1 45,000 1,122,750
- --------------------------------------------------------------------------------
Synaptics, Inc. 1 15,700 232,203
--------------
73,257,436
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--0.9%
Agilent Technologies,
Inc. 1 54,800 1,304,788
- --------------------------------------------------------------------------------
Agilysys, Inc. 13,700 204,130
- --------------------------------------------------------------------------------
Amphenol Corp., Cl. A 1 1,800 56,574
- --------------------------------------------------------------------------------
Anixter International,
Inc. 21,300 713,124
- --------------------------------------------------------------------------------
Arrow Electronics, Inc. 1 66,100 1,563,926
- --------------------------------------------------------------------------------
Avnet, Inc. 1 48,400 939,928
- --------------------------------------------------------------------------------
Cognex Corp. 28,600 860,288
- --------------------------------------------------------------------------------
Coherent, Inc. 1 1,000 26,315
- --------------------------------------------------------------------------------
Dionex Corp. 1 9,800 462,462
- --------------------------------------------------------------------------------
Hypercom Corp. 1 46,000 312,800
- --------------------------------------------------------------------------------
Ingram Micro, Inc.,
Cl. A 1 35,500 505,875
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Keithley Instruments,
Inc. 14,100 $ 292,152
- --------------------------------------------------------------------------------
Littlefuse, Inc. 1 19,200 744,960
- --------------------------------------------------------------------------------
Maxwell
Technologies, Inc. 1 7,700 71,687
- --------------------------------------------------------------------------------
Measurement
Specialties, Inc. 1 17,100 367,137
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 9,500 396,150
- --------------------------------------------------------------------------------
Molex, Inc. 47,400 1,372,704
- --------------------------------------------------------------------------------
MTS Systems Corp. 17,200 369,284
- --------------------------------------------------------------------------------
Nu Horizons
Electronics Corp. 1 1,600 12,320
- --------------------------------------------------------------------------------
Park Electrochemical
Corp. 1,800 41,364
- --------------------------------------------------------------------------------
Paxar Corp. 1 47,600 917,728
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 19,500 149,195
- --------------------------------------------------------------------------------
PerkinElmer, Inc. 68,300 1,200,714
- --------------------------------------------------------------------------------
Sanmina-SCI Corp. 1 202,400 1,485,616
- --------------------------------------------------------------------------------
Tech Data Corp. 1 28,400 1,063,864
- --------------------------------------------------------------------------------
Tektronix, Inc. 46,800 1,422,720
- --------------------------------------------------------------------------------
Varian, Inc. 1 700 26,530
--------------
16,884,335
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--0.3%
Corillian Corp. 1 81,200 401,940
- --------------------------------------------------------------------------------
Covansys Corp. 1 28,400 262,416
- --------------------------------------------------------------------------------
CyberSource Corp. 1 33,300 168,498
- --------------------------------------------------------------------------------
Digitas, Inc. 1 55,242 369,569
- --------------------------------------------------------------------------------
EarthLink, Inc. 1 76,000 750,120
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1 16,500 618,090
- --------------------------------------------------------------------------------
MicroStrategy, Inc.,
Cl. A 1 20,600 829,356
- --------------------------------------------------------------------------------
Modem Media, Inc. 1 54,100 248,319
- --------------------------------------------------------------------------------
Selectica, Inc. 1 17,400 69,252
- --------------------------------------------------------------------------------
United Online, Inc. 1 37,600 586,560
- --------------------------------------------------------------------------------
VeriSign, Inc. 1 19,300 337,943
- --------------------------------------------------------------------------------
Vitria Technology, Inc. 1 13,200 33,396
- --------------------------------------------------------------------------------
Websense, Inc. 1 15,100 576,669
--------------
5,252,128
33 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES--0.7%
Acxiom Corp. 50,700 $ 1,115,400
- --------------------------------------------------------------------------------
American Software,
Inc. 3,000 16,740
- --------------------------------------------------------------------------------
Answerthink, Inc. 1 75,500 350,320
- --------------------------------------------------------------------------------
Automatic Data
Processing, Inc. 121,600 5,104,768
- --------------------------------------------------------------------------------
BISYS Group, Inc.
(The) 1 49,700 678,405
- --------------------------------------------------------------------------------
CheckFree Corp. 1 35,100 1,054,404
- --------------------------------------------------------------------------------
Computer Sciences
Corp. 1 22,000 1,039,500
- --------------------------------------------------------------------------------
Convergys Corp. 1 31,500 417,060
- --------------------------------------------------------------------------------
CSG Systems
International, Inc. 1 47,500 779,000
- --------------------------------------------------------------------------------
Information
Resources, Inc. 1 50,400 146,160
- --------------------------------------------------------------------------------
infoUSA, Inc. 1 81,900 736,281
- --------------------------------------------------------------------------------
Lawson Software, Inc. 1 63,800 452,980
- --------------------------------------------------------------------------------
ManTech
International Corp. 1 22,500 321,750
- --------------------------------------------------------------------------------
National Processing,
Inc. 1 1,400 36,792
- --------------------------------------------------------------------------------
Sabre Holdings Corp. 42,600 1,087,578
- --------------------------------------------------------------------------------
SS&C Technologies, Inc. 49,100 989,365
--------------
14,326,503
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4%
ADE Corp. 1 18,100 314,216
- --------------------------------------------------------------------------------
Advanced Micro
Devices, Inc. 1 95,500 1,192,795
- --------------------------------------------------------------------------------
Altera Corp. 1 95,000 1,977,900
- --------------------------------------------------------------------------------
Analog Devices, Inc. 124,300 4,934,710
- --------------------------------------------------------------------------------
Applied Materials, Inc. 1 46,000 780,620
- --------------------------------------------------------------------------------
Atmel Corp. 1 242,300 1,037,044
- --------------------------------------------------------------------------------
Broadcom Corp., Cl. A 1 7,400 261,664
- --------------------------------------------------------------------------------
Cirrus Logic, Inc. 1 63,800 387,904
- --------------------------------------------------------------------------------
Cree, Inc. 1 51,000 1,141,380
- --------------------------------------------------------------------------------
Diodes, Inc. 1 15,800 362,136
- --------------------------------------------------------------------------------
Entegris, Inc. 1 36,500 324,850
- --------------------------------------------------------------------------------
Exar Corp. 1 17,300 233,031
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued
Intel Corp. 1,472,700 $35,904,426
- --------------------------------------------------------------------------------
International Rectifier
Corp. 1 13,000 509,600
- --------------------------------------------------------------------------------
Lam Research Corp. 1 33,700 803,745
- --------------------------------------------------------------------------------
Linear Technology
Corp. 32,600 1,274,660
- --------------------------------------------------------------------------------
MEMC Electronic
Materials, Inc. 1 91,200 829,008
- --------------------------------------------------------------------------------
Micrel, Inc. 1 77,400 794,898
- --------------------------------------------------------------------------------
Microchip
Technology, Inc. 64,000 1,854,080
- --------------------------------------------------------------------------------
Microsemi Corp. 1 66,500 814,625
- --------------------------------------------------------------------------------
National
Semiconductor Corp. 1 114,900 1,970,535
- --------------------------------------------------------------------------------
Semtech Corp. 1 8,500 168,725
- --------------------------------------------------------------------------------
Silicon Image, Inc. 1 10,000 119,900
- --------------------------------------------------------------------------------
Siliconix, Inc. 1 600 25,572
- --------------------------------------------------------------------------------
Teradyne, Inc. 1 12,600 215,460
- --------------------------------------------------------------------------------
Texas Instruments, Inc. 334,100 7,126,353
- --------------------------------------------------------------------------------
Ultra Clean
Holdings, Inc. 1 16,000 105,120
- --------------------------------------------------------------------------------
Xilinx, Inc. 36,200 1,065,366
- --------------------------------------------------------------------------------
ZiLOG, Inc. 1 3,500 26,600
--------------
66,556,923
- --------------------------------------------------------------------------------
SOFTWARE--4.6%
Activision, Inc. 1 44,250 648,263
- --------------------------------------------------------------------------------
Actuate Corp. 1 18,000 64,800
- --------------------------------------------------------------------------------
Adobe Systems, Inc. 55,500 2,340,990
- --------------------------------------------------------------------------------
Amdocs Ltd. 1 25,100 544,670
- --------------------------------------------------------------------------------
Ansoft Corp. 1 18,800 259,440
- --------------------------------------------------------------------------------
Ansys, Inc. 1 22,200 1,053,168
- --------------------------------------------------------------------------------
Autodesk, Inc. 43,400 1,744,680
- --------------------------------------------------------------------------------
BMC Software, Inc. 1 89,200 1,398,656
- --------------------------------------------------------------------------------
Compuware Corp. 1 249,000 1,230,060
- --------------------------------------------------------------------------------
Entrust Technologies,
Inc. 1 137,014 382,269
- --------------------------------------------------------------------------------
ePlus, inc. 1 28,000 253,960
- --------------------------------------------------------------------------------
FactSet Research
Systems, Inc. 12,500 539,375
34 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
FileNet Corp. 1 29,100 $ 552,900
- --------------------------------------------------------------------------------
McAfee, Inc. 55,000 988,900
- --------------------------------------------------------------------------------
Microsoft Corp. 1,865,000 53,077,900
- --------------------------------------------------------------------------------
Mobius Management
Systems, Inc. 1 9,300 56,358
- --------------------------------------------------------------------------------
MRO Software, Inc. 1 9,700 102,917
- --------------------------------------------------------------------------------
OPNET Technologies,
Inc. 1 4,400 40,920
- --------------------------------------------------------------------------------
Oracle Corp. 1 1,102,200 11,584,122
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 27,700 125,758
- --------------------------------------------------------------------------------
QRS Corp. 1 7,800 52,806
- --------------------------------------------------------------------------------
Quality Systems, Inc. 1 26,600 1,270,150
- --------------------------------------------------------------------------------
RSA Security, Inc. 1 49,100 914,242
- --------------------------------------------------------------------------------
Siebel Systems, Inc. 1 4,000 32,240
- --------------------------------------------------------------------------------
Sybase, Inc. 1 101,700 1,481,769
- --------------------------------------------------------------------------------
Symantec Corp. 1 94,400 4,414,144
- --------------------------------------------------------------------------------
Synopsys, Inc. 40,000 1,011,600
- --------------------------------------------------------------------------------
Synplicity, Inc. 1 1,300 6,578
- --------------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 13,200 413,424
- --------------------------------------------------------------------------------
THQ, Inc. 1 41,300 786,765
- --------------------------------------------------------------------------------
TIBCO Software, Inc. 1 140,600 994,042
- --------------------------------------------------------------------------------
Transaction Systems
Architects, Inc., Cl. A 1 34,800 595,080
- --------------------------------------------------------------------------------
Ulticom, Inc. 1 13,000 139,490
- --------------------------------------------------------------------------------
Veritas Software Corp. 1 80,900 1,541,954
- --------------------------------------------------------------------------------
Verity, Inc. 1 21,800 242,634
- --------------------------------------------------------------------------------
Wind River Systems,
Inc. 1 50,100 490,980
--------------
91,378,004
- --------------------------------------------------------------------------------
MATERIALS--3.2%
- --------------------------------------------------------------------------------
CHEMICALS--1.1%
Cabot Corp. 30,500 1,161,440
- --------------------------------------------------------------------------------
Cytec Industries, Inc. 13,600 633,760
- --------------------------------------------------------------------------------
Dow Chemical Co. 86,900 3,466,441
- --------------------------------------------------------------------------------
E.I. DuPont de
Nemours & Co. 136,100 5,834,607
- --------------------------------------------------------------------------------
Eastman Chemical Co. 30,100 1,344,868
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CHEMICALS Continued
Engelhard Corp. 33,200 $ 976,080
- --------------------------------------------------------------------------------
FMC Corp. 1 24,600 1,081,170
- --------------------------------------------------------------------------------
Hawkins, Inc. 2,500 30,000
- --------------------------------------------------------------------------------
Monsanto Co. 72,300 2,621,598
- --------------------------------------------------------------------------------
NOVA Chemicals
Corp. 18,200 552,734
- --------------------------------------------------------------------------------
Octel Corp. 12,000 309,840
- --------------------------------------------------------------------------------
OM Group, Inc. 1 7,000 224,140
- --------------------------------------------------------------------------------
PPG Industries, Inc. 27,500 1,621,125
- --------------------------------------------------------------------------------
Rohm & Haas Co. 29,700 1,164,240
- --------------------------------------------------------------------------------
Stepan Co. 7,300 176,952
- --------------------------------------------------------------------------------
Terra Industries, Inc. 1 82,100 525,440
- --------------------------------------------------------------------------------
Valspar Corp. (The) 14,300 700,700
--------------
22,425,135
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.2%
Eagle Materials, Inc. 8,800 580,624
- --------------------------------------------------------------------------------
Eagle Materials, Inc. 2,801 182,065
- --------------------------------------------------------------------------------
Martin Marietta
Materials, Inc. 23,600 1,032,500
- --------------------------------------------------------------------------------
Vulcan Materials Co. 33,900 1,614,318
--------------
3,409,507
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.4%
Ball Corp. 15,600 1,126,008
- --------------------------------------------------------------------------------
Crown Holdings, Inc. 1 79,000 801,060
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 3,900 144,924
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 67,700 995,190
- --------------------------------------------------------------------------------
Packaging Corp. of
America 13,300 310,688
- --------------------------------------------------------------------------------
Packaging Dynamics
Corp. 1,960 27,479
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 1,700 24,089
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 29,600 1,424,056
- --------------------------------------------------------------------------------
Smurfit-Stone
Container Corp. 52,100 969,581
- --------------------------------------------------------------------------------
Sonoco Products Co. 21,300 551,883
- --------------------------------------------------------------------------------
Temple-Inland, Inc. 16,900 1,153,425
--------------
7,528,383
35 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING--0.9%
Alcoa, Inc. 195,400 $ 6,258,662
- --------------------------------------------------------------------------------
Carpenter
Technology Corp. 35,300 1,517,900
- --------------------------------------------------------------------------------
Inco Ltd. 1 5,700 190,209
- --------------------------------------------------------------------------------
Inmet Mining Corp. 1 75,000 1,074,652
- --------------------------------------------------------------------------------
Metal Management,
Inc. 1 10,900 211,351
- --------------------------------------------------------------------------------
Nucor Corp. 29,900 2,501,135
- --------------------------------------------------------------------------------
Phelps Dodge Corp. 1 31,700 2,470,698
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 23,200 717,576
- --------------------------------------------------------------------------------
Southern Peru
Copper Corp. 31,600 1,236,508
- --------------------------------------------------------------------------------
Steel Technologies, Inc. 19,100 441,401
- --------------------------------------------------------------------------------
United States Steel
Corp. 31,100 1,186,154
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 49,800 1,019,904
--------------
18,826,150
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.6%
Georgia-Pacific Corp. 83,200 2,795,520
- --------------------------------------------------------------------------------
Glatfelter 3,700 49,321
- --------------------------------------------------------------------------------
Louisiana-Pacific Corp. 76,100 1,802,048
- --------------------------------------------------------------------------------
MeadWestvaco Corp. 59,400 1,773,684
- --------------------------------------------------------------------------------
Potlatch Corp. 15,600 625,404
- --------------------------------------------------------------------------------
Weyerhaeuser Co. 65,900 4,085,800
--------------
11,131,777
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--3.6%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--3.0%
Alltel Corp. 64,800 3,369,600
- --------------------------------------------------------------------------------
BellSouth Corp. 400,000 10,836,000
- --------------------------------------------------------------------------------
CenturyTel, Inc. 55,300 1,713,747
- --------------------------------------------------------------------------------
Citizens
Communications Co. 1 126,100 1,815,840
- --------------------------------------------------------------------------------
D&E Communications,
Inc. 4,700 52,123
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 42,400 811,960
- --------------------------------------------------------------------------------
SBC Communications,
Inc. 722,600 18,310,684
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES Continued
Shenandoah
Telecommunications
Co. 2,200 $ 50,600
- --------------------------------------------------------------------------------
Sprint Corp.
(Fon Group) 53,200 993,776
- --------------------------------------------------------------------------------
Teleglobe International
Holdings Ltd. 1 3,225 14,029
- --------------------------------------------------------------------------------
Verizon
Communications, Inc. 540,700 20,838,578
--------------
58,806,937
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.6%
Arch Wireless, Inc.,
Cl. A 1 6,100 172,081
- --------------------------------------------------------------------------------
AT&T Wireless
Services, Inc. 1 427,500 6,173,100
- --------------------------------------------------------------------------------
Linktone Ltd., ADR 1 3,000 33,750
- --------------------------------------------------------------------------------
Nextel
Communications,
Inc., Cl. A 1 201,400 4,583,864
- --------------------------------------------------------------------------------
Telephone & Data
Systems, Inc. 11,800 895,620
--------------
11,858,415
- --------------------------------------------------------------------------------
UTILITIES--0.8%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.7%
Allegheny Energy, Inc. 1 42,400 629,216
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 280,000 543,362
- --------------------------------------------------------------------------------
Central Vermont
Public Service Corp. 1 800 15,544
- --------------------------------------------------------------------------------
CH Energy Group, Inc. 22,300 981,200
- --------------------------------------------------------------------------------
Constellation Energy
Group, Inc. 47,100 1,815,705
- --------------------------------------------------------------------------------
Duke Energy Corp. 93,700 2,014,550
- --------------------------------------------------------------------------------
Edison International 70,100 1,878,680
- --------------------------------------------------------------------------------
Exelon Corp. 65,600 2,289,440
- --------------------------------------------------------------------------------
Green Mountain
Power Corp. 8,400 215,376
- --------------------------------------------------------------------------------
IDACORP, Inc. 15,700 431,750
- --------------------------------------------------------------------------------
Northeast Utilities Co. 49,200 920,040
- --------------------------------------------------------------------------------
Pepco Holdings, Inc. 14,400 259,200
- --------------------------------------------------------------------------------
PG&E Corp. 1 34,000 970,360
36 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES Continued
Texas Genco
Holdings, Inc. 17,200 $ 797,908
- --------------------------------------------------------------------------------
TXU Corp. 11,900 471,954
--------------
14,234,285
- --------------------------------------------------------------------------------
GAS UTILITIES--0.1%
Chesapeake Utilities
Corp. 15,000 354,900
- --------------------------------------------------------------------------------
Energen Corp. 10,100 478,235
- --------------------------------------------------------------------------------
National Fuel Gas Co. 16,100 411,194
- --------------------------------------------------------------------------------
New Jersey
Resources Corp. 1 2,100 85,365
- --------------------------------------------------------------------------------
ONEOK, Inc. 21,700 455,700
- --------------------------------------------------------------------------------
Sempra Energy 4,600 164,444
--------------
1,949,838
--------------
Total Common Stocks
(Cost $1,861,311,010) 1,937,551,823
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--1.1%
- --------------------------------------------------------------------------------
Undivided interest of 5.07% in joint
repurchase agreement (Principal
Amount/Value $446,558,000, with
a maturity value of $446,606,749)
with UBS Warburg LLC, 1.31%,
dated 7/30/04, to be repurchased
at $22,623,469 on 8/2/04, collateralized
by Federal National Mortgage Assn.,
4.50%--5%, 3/1/34, with a
value of $456,762,011
(Cost $22,621,000) $ 22,621,000 $ 22,621,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $1,883,932,010) 99.5% 1,960,172,823
- --------------------------------------------------------------------------------
OTHER ASSETS
NET OF LIABILITIES 0.5 9,437,947
------------------------------
NET ASSETS 100.0% $1,969,610,770
==============================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Illiquid or restricted security. See Note 6 of Notes to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2004
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of approximately $ 3,784,000)
(cost $1,883,932,010)--see accompanying statement of investments $ 1,960,172,823
- -------------------------------------------------------------------------------------------------------
Cash 312,932
- -------------------------------------------------------------------------------------------------------
Collateral for securities loaned 3,773,307
- -------------------------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency contracts 1,173
- -------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 8,641,284
Shares of beneficial interest sold 5,411,478
Interest and dividends 1,978,098
Other 15,428
----------------
Total assets 1,980,306,523
- -------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 3,773,307
- -------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 3,675,425
Shares of beneficial interest redeemed 2,241,035
Distribution and service plan fees 412,050
Transfer and shareholder servicing agent fees 363,909
Shareholder communications 150,722
Trustees' compensation 12,204
Other 67,101
----------------
Total liabilities 10,695,753
- -------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,969,610,770
================
- -------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 156,902
- -------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,773,051,069
- -------------------------------------------------------------------------------------------------------
Accumulated net investment loss (11,248)
- -------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 120,172,717
- -------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 76,241,330
----------------
NET ASSETS $ 1,969,610,770
================
38 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ----------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,213,821,598
and 95,660,502 shares of beneficial interest outstanding) $ 12.69
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 13.46
- ----------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $366,608,091 and 29,773,134 shares
of beneficial interest outstanding) $ 12.31
- ----------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $348,927,650 and 28,275,259 shares
of beneficial interest outstanding) $ 12.34
- ----------------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $33,664,703 and 2,681,093 shares of
beneficial interest outstanding) $ 12.56
- ----------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$6,588,728 and 512,344 shares of beneficial interest outstanding) $ 12.86
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $20,248) $ 18,763,794
- --------------------------------------------------------------------------------
Interest 325,396
- --------------------------------------------------------------------------------
Portfolio lending fees 182,367
-------------
Total investment income 19,271,557
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 10,024,907
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,203,065
Class B 3,217,140
Class C 2,888,296
Class N 114,035
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 2,042,631
Class B 930,214
Class C 535,427
Class N 98,374
Class Y 129
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 212,222
Class B 152,367
Class C 73,610
Class N 4,646
Class Y 140
- --------------------------------------------------------------------------------
Trustees' compensation 31,338
- --------------------------------------------------------------------------------
Custodian fees and expenses 22,546
- --------------------------------------------------------------------------------
Other 124,078
-------------
Total expenses 22,675,165
Less reduction to custodian expenses (3,223)
Less payments and waivers of expenses (32,734)
-------------
Net expenses 22,639,208
- --------------------------------------------------------------------------------
NET INVESTMENT LOSS (3,367,651)
40 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ----------------------------------------------------------------------------------------
Net realized gain on:
Investments $ 240,273,220
Foreign currency transactions 786,108
Net increase from payment by affiliate 106,541
--------------
Net realized gain 241,165,869
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments (72,305,954)
Translation of assets and liabilities denominated in foreign currencies 276,932
--------------
Net change in unrealized appreciation (72,029,022)
- ----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 165,769,196
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2004 2003
- ------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------------
Net investment loss $ (3,367,651) $ (2,813,190)
- ------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 241,165,869 (67,144,463)
- ------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (72,029,022) 183,807,485
-----------------------------------
Net increase in net assets resulting from operations 165,769,196 113,849,832
- ------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 629,618,870 140,766,279
Class B 86,494,953 41,118,144
Class C 114,336,234 33,442,684
Class N 17,824,109 6,495,545
Class Y 1,311,934 1,145,255
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------------
Total increase 1,015,355,296 336,817,739
- ------------------------------------------------------------------------------------------------------------------
Beginning of period 954,255,474 617,437,735
-----------------------------------
End of period (including accumulated net investment loss of
$11,248 for the year ended July 31, 2004) $ 1,969,610,770 $ 954,255,474
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2004 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.70 $ 9.28 $ 10.47 $ 10.00
- -----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.02) (.01) (.04) -- 2
Net realized and unrealized gain (loss) 2.01 1.43 (1.15) .48
---------------------------------------------------------------
Total from investment operations 1.99 1.42 (1.19) .48
- -----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- (.01)
- -----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.69 $ 10.70 $ 9.28 $ 10.47
===============================================================
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 18.60% 15.30% (11.37)% 4.76%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,213,822 $501,227 $300,244 $119,194
- -----------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 892,462 $362,221 $248,681 $ 48,406
- -----------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.11% (0.02)% (0.36)% (0.11)%
Total expenses 1.17% 5,6 1.23% 5 1.30% 5,6 1.33% 5
- -----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED JULY 31, 2004 2003 2002 2001 1
- -------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.47 $ 9.15 $ 10.40 $ 10.00
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.07) (.07) (.06) (.03)
Net realized and unrealized gain (loss) 1.91 1.39 (1.19) .43
-----------------------------------------------------------
Total from investment operations 1.84 1.32 (1.25) .40
- -------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.31 $ 10.47 $ 9.15 $ 10.40
===========================================================
- -------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 17.57% 14.43% (12.02)% 4.00%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $366,608 $237,002 $167,906 $ 51,412
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $321,870 $187,066 $117,801 $ 17,362
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.76)% (0.85)% (1.11)% (0.99)%
Total expenses 2.01% 2.12% 2.05% 2.15%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4,5 2.07% N/A 4,5 N/A 4
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS C YEAR ENDED JULY 31, 2004 2003 2002 2001 1
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.48 $ 9.15 $ 10.40 $ 10.00
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.05) (.06) (.06) (.03)
Net realized and unrealized gain (loss) 1.91 1.39 (1.19) .43
-----------------------------------------------------------------------
Total from investment operations 1.86 1.33 (1.25) .40
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.34 $ 10.48 $ 9.15 $ 10.40
=======================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 17.75% 14.54% (12.02)% 4.00%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $348,928 $198,180 $141,434 $ 43,613
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $289,046 $159,105 $ 97,899 $ 16,456
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.63)% (0.73)% (1.11)% (0.98)%
Total expenses 1.89% 4,5 1.95% 4 2.05% 4,5 2.15% 4
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS N YEAR ENDED JULY 31, 2004 2003 2002 2001 1
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.62 $ 9.23 $ 10.45 $ 9.84
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.04) (.03) (.03) (.01)
Net realized and unrealized gain (loss) 1.98 1.42 (1.19) .62
----------------------------------------------------------------
Total from investment operations 1.94 1.39 (1.22) .61
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.56 $ 10.62 $ 9.23 $ 10.45
================================================================
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 18.27% 15.06% (11.67)% 6.20%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 33,665 $ 13,369 $ 5,158 $ 8
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 22,846 $ 8,524 $ 2,026 $ 3
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.28)% (0.30)% (0.67)% (0.64)%
Total expenses 1.62% 1.49% 1.58% 1.57%
Expenses after payments and waivers and
reduction to custodian expenses 1.54% N/A 4 N/A 4,5 N/A 4
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 134% 165% 165% 92%
1. For the period from March 1, 2001 (inception of offering) to July 31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
CLASS Y YEAR ENDED JULY 31, 2004 2003 2002 2001 1
- ---------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.79 $ 9.31 $10.48 $ 10.00
- ---------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .05 .02 (.03) .02
Net realized and unrealized gain (loss) 2.02 1.46 (1.14) .47
-------------------------------------------------------
Total from investment operations 2.07 1.48 (1.17) .49
- ---------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- -- -- (.01)
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.86 $10.79 $ 9.31 $ 10.48
=======================================================
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 19.18% 15.90% (11.16)% 4.94%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $6,589 $4,428 $2,696 $ 1
- ---------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $5,921 $3,102 $1,953 $ 1
- ---------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.57% 0.44% (0.07)% 0.35%
Total expenses 0.67% 0.77% 1.04% 168.30% 4
Expenses after payments and waivers and
reduction to custodian expenses N/A 5 N/A 5 1.00% 1.01%
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate 134% 165% 165% 92%
1. For the period from September 25, 2000 (commencement of operations) to July
31, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Added since July 31, 2001 to reflect expenses before reduction to custodian
expenses and voluntary waiver of transfer agent fees.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Opportunity Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek long-term capital
appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities listed
or traded on National Stock Exchanges or other domestic or foreign exchanges are
valued based on the last sale price of the security traded on that exchange
prior to the time when the Fund's assets are valued. Securities traded on NASDAQ
are valued based on the closing price provided by NASDAQ prior to the time when
the Fund's assets are valued. In the absence of a sale, the security is valued
at the last sale price on the prior trading day, if it is within the spread of
the closing bid and asked prices, and if not, at the closing bid price.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of 60 days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities may be valued primarily
using dealer-supplied valuations or a portfolio pricing service authorized by
the Board of Trustees. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and domestic securities whose values have been materially affected by
what the Manager identifies as a significant event occurring before the Fund's
assets are valued but after the close of their respective exchanges will be fair
valued. Fair value is determined in good faith using consistently applied
procedures under the supervision of the Board of Trustees. Short-term "money
market type" debt securities with remaining maturities of sixty days or less are
valued at amortized cost (which approximates market value).
48 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars as of the close of The New York Stock Exchange.
Amounts related to the purchase and sale of foreign securities and investment
income are translated at the rates of exchange prevailing on the respective
dates of such transactions.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
values of assets and liabilities, including investments in securities at fiscal
period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint trading
accounts on a daily basis. These balances are invested in one or more repurchase
agreements. Securities pledged as collateral for repurchase agreements are held
by a custodian bank until the agreements mature. Each agreement requires that
the market value of the collateral be sufficient to cover payments of interest
and principal. In the event of default by the other party to the agreement,
retention of the collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
49 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES
------------------------------------------------------------------------
$16,842,145 $106,612,843 $-- $72,959,058
1. During the fiscal year ended July 31, 2004, the Fund utilized $79,504,753 of
capital loss carryforward to offset capital gains realized in that fiscal year.
2. During the fiscal year ended July 31, 2003, the Fund did not utilize any
capital loss carryforward.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for July 31, 2004. Net assets of the
Fund were unaffected by the reclassifications.
REDUCTION TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
INCREASE TO NET INVESTMENT REALIZED GAIN
PAID-IN CAPITAL LOSS ON INVESTMENTS 3
-----------------------------------------------------------------
$11,679,874 $3,356,403 $15,036,277
3. $11,679,874, including $10,086,466 of long-term capital gain, was distributed
in connection with Fund share redemptions.
No distributions were paid during the years ended July 31, 2004 and July 31,
2003.
The aggregate cost of securities and other investments and the composition
of unrealized appreciation and depreciation of securities and other investments
for federal income tax purposes as of July 31, 2004 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $ 1,887,214,282
Federal tax cost of other investments 403,458
----------------
Total federal tax cost $ 1,887,617,740
================
Gross unrealized appreciation $ 142,472,776
Gross unrealized depreciation (69,513,718)
----------------
Net unrealized appreciation $ 72,959,058
================
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a
50 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and amortization
of premium, is accrued as earned.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED JULY 31, 2004 YEAR ENDED JULY 31, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------
CLASS A
Sold 63,199,118 $ 810,042,516 30,151,690 $ 283,177,487
Redeemed (14,406,555) (180,423,646) (15,652,085) (142,411,208)
---------------------------------------------------------------
Net increase 48,792,563 $ 629,618,870 14,499,605 $ 140,766,279
===============================================================
51 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
YEAR ENDED JULY 31, 2004 YEAR ENDED JULY 31, 2003
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------
CLASS B
Sold 11,511,685 $ 139,957,897 10,206,409 $ 93,887,151
Redeemed (4,384,689) (53,462,944) (5,905,136) (52,769,007)
---------------------------------------------------------------
Net increase 7,126,996 $ 86,494,953 4,301,273 $ 41,118,144
===============================================================
- -------------------------------------------------------------------------------
CLASS C
Sold 12,280,558 $ 150,160,929 8,363,125 $ 76,878,026
Redeemed (2,923,666) (35,824,695) (4,901,031) (43,435,342)
---------------------------------------------------------------
Net increase 9,356,892 $ 114,336,234 3,462,094 $ 33,442,684
===============================================================
- --------------------------------------------------------------------------------
CLASS N
Sold 1,779,696 $ 22,298,461 856,590 $ 7,950,997
Redeemed (357,061) (4,474,352) (156,646) (1,455,452)
---------------------------------------------------------------
Net increase 1,422,635 $ 17,824,109 699,944 $ 6,495,545
===============================================================
- --------------------------------------------------------------------------------
CLASS Y
Sold 225,166 $ 2,880,882 246,796 $ 2,311,010
Redeemed (123,378) (1,568,948) (125,691) (1,165,755)
----------------------------------------------------=----------
Net increase 101,788 $ 1,311,934 121,105 $ 1,145,255
==================================================-============
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended July 31, 2004, were
$2,835,809,097 and $2,013,111,628, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.75% of the first $200 million of average annual net assets of
the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66%
of the next $200 million, and 0.60% of average annual net assets in excess of
$800 million.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2004, the Fund paid
$3,426,465 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 for
assets of $10 million or more. The Class Y shares are subject to the minimum
fees in the event that the
52 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
per account fee does not equal or exceed the applicable minimum fees. OFS may
voluntarily waive the minimum fees.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.25% of the average annual net assets of
Class A shares of the Fund. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years. Fees incurred by the Fund under the Plan are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans for Class B, Class C and Class N
shares to compensate the Distributor for its services in connection with the
distribution of those shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% per year on
Class B and Class C shares and 0.25% per year on Class N shares. The Distributor
also receives a service fee of up to 0.25% per year under each plan. If either
the Class B, Class C or Class N plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees must
determine whether the Distributor shall be entitled to payment from the Fund of
all or a portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. The
Distributor's aggregate uncompensated expenses under the plan at July 31, 2004
for Class B, Class C and Class N shares were $7,177,069, $3,302,368 and
$450,211, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------------
July 31, 2004 $1,242,598 $1,069 $460,471 $31,687 $19,491
53 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
PAYMENTS AND WAIVERS OF EXPENSES. Following a review of its use of brokerage
commissions for sales that is permitted under its investment advisory agreement,
the Fund's Manager terminated that practice in July 2003. Subsequently, the
Manager paid the Fund $106,541, an amount equivalent to certain of such
commissions incurred in prior years.
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees for all classes to 0.35% of average annual net assets per class.
During the year ended July 31, 2004, OFS waived $7,821, $4,676, $2,742 and
$17,495 for Class A, Class B, Class C and Class N shares, respectively. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of July 31, 2004, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT
EXPIRATION AMOUNT VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000s) JULY 31, 2004 APPRECIATION
- --------------------------------------------------------------------------------
CONTRACTS TO SELL
Canadian Dollar [CAD] 8/3/04 536CAD $403,458 $1,173
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of July 31, 2004, investments in securities included issues that are illiquid
or restricted. Restricted securities are purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund will not invest more than 10% of
its net assets (determined at the time of purchase and reviewed periodically) in
illiquid or restricted securities. Certain restricted securities, eligible for
resale to qualified institutional
54 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of July 31, 2004 was
$978,052, which represents 0.05% of the Fund's net assets, all of which is
considered restricted. Information concerning restricted securities is as
follows:
ACQUISITION VALUATION AS OF UNREALIZED
SECURITY DATE COST JULY 31, 2004 APPRECIATION
- --------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Esprit Exploration Ltd. 6/4/02 $661,668 $978,052 $316,384
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of US
Treasury obligations or cash, against the loaned securities and maintains
collateral in an amount not less than 100% of the market value of the loaned
securities during the period of the loan. The market value of the loaned
securities is determined at the close of business of the funds and any
additional required collateral is delivered to the Fund on the next business
day. If the borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the Fund could experience delays and
cost in recovering the securities loaned or in gaining access to the collateral.
Cash collateral is invested in cash equivalents. The Fund retains a portion of
the interest earned from the collateral. The Fund also continues to receive
interest or dividends paid on the securities loaned. As of July 31, 2004, the
Fund had on loan securities valued at approximately $3,784,000. Cash of
$3,773,307 was received as collateral for the loans, and has been invested in
approved instruments.
- --------------------------------------------------------------------------------
8. SUBSEQUENT EVENTS - LITIGATION
Three complaints have been filed as putative derivative and class actions
against the Manager, OFS and the Distributor (collectively, "OppenheimerFunds"),
as well as 51 of the Oppenheimer funds (collectively, the "Funds") including
this Fund, and nine directors/trustees of certain of the Funds (collectively,
the "Directors/Trustees"). The complaints allege that the Manager charged
excessive fees for distribution and other costs, improperly used assets of the
Funds in the form of directed brokerage commissions and 12b-1 fees to pay
brokers to promote sales of the Funds, and failed to properly disclose the use
of Fund assets to make those payments in violation of the Investment Company Act
of 1940 and the Investment Advisers Act of 1940. The complaints further allege
that by permitting and/or participating in those actions, the Directors/Trustees
breached their fiduciary duties to Fund shareholders under the Investment
Company Act of 1940 and at common law.
OppenheimerFunds believes that it is premature to render any opinion as to the
likelihood of an outcome unfavorable to them, the Funds or the
Directors/Trustees and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss. However,
OppenheimerFunds, the Funds and the Directors/Trustees believe that the
allegations contained in the complaints are without merit and intend to defend
these lawsuits vigorously.
55 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER MAIN STREET OPPORTUNITY FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Opportunity Fund, including the statement of
investments, as of July 31, 2004, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for the periods
presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2004, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Opportunity Fund as of July 31, 2004, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for the
periods presented, in conformity with accounting principles generally accepted
in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
September 21, 2004
56 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2005, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2004. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
Dividends, if any, paid by the Fund during the fiscal year ended July 31,
2004 which are not designated as capital gain distributions should be multiplied
by 97.38% to arrive at the amount eligible for the corporate dividend-received
deduction.
A portion, if any, of the dividends paid by the Fund during the fiscal
year ended July 31, 2004 which are not designated as capital gain distributions
are eligible for lower individual income tax rates to the extent that the Fund
has received qualified dividend income as stipulated by recent tax legislation.
$18,106,732 of the Fund's fiscal year taxable income may be eligible for the
lower individual income tax rates. In early 2005, shareholders of record will
receive information regarding the percentage of distributions that are eligible
for lower individual income tax rates.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
57 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file new Form N-PX, with its complete proxy voting record for the 12 months
ended June 30th, no later than August 31st of each year. The Fund's Form N-PX
filing is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied and the SEC's Public
Reference Room in Washington D.C. and information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
58 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER
FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF
PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803
TRUSTEES S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE
SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking
Vice Chairman (since 2003) companies: Cherry Creek Mortgage Company (since 1991),
and Trustee (since 2000) Centennial State Mortgage Company (since 1994), The El
Age: 67 Paso Mortgage Company (since 1993), Transland Financial
Services, Inc. (since 1997); Chairman of the following
private companies: Insurance (insurance agency) (since
1995), Great Frontier Ambassador Media Corporation and
Broadway Ventures (since 1984); a director of the
following public companies: Helmerich & Payne, Inc. (oil
and gas drilling/production company) (since 1992) and
UNUMProvident (insurance company) (since 1991). Mr.
Armstrong is also a Director/Trustee of Campus Crusade
for Christ and the Bradley Foundation. Formerly a
director of the following: Storage Technology
Corporation (a publicly held computer equipment
company) (1991-February 2003), and International Family
Entertainment (television channel) (1992-1997), Frontier
Real Estate, Inc. (residential real estate brokerage)
(1994-1999), and Frontier Title (title insurance agency)
(1995-June 1999); a U.S. Senator (January 1979-January
1991). Oversees 38 portfolios in the OppenheimerFunds
complex.
ROBERT G. AVIS, Formerly, Director and President of A.G. Edwards
Trustee (since 2000) Capital, Inc. (General Partner of private equity funds)
Age: 73 (until February 2001); Chairman, President and Chief
Executive Officer of A.G. Edwards Capital, Inc. (until
March 2000); Vice Chairman and Director of A.G. Edwards,
Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its
brokerage company subsidiary) (until March 1999);
Chairman of A.G. Edwards Trust Company and A.G.E. Asset
Management (investment advisor) (until March 1999); and
a Director (until March 2000) of A.G. Edwards & Sons and
A.G. Edwards Trust Company. Oversees 38 portfolios in
the OppenheimerFunds complex.
GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December
Trustee (since 2000) 1991-April 1999) of Centennial Asset Management
Age: 67 Corporation; President, Treasurer and a director (June
1989-April 1999) of Centennial Capital Corporation;
Chief Executive Officer and a director of MultiSource
Services, Inc. (March 1996-April 1999). Until April 1999
Mr. Bowen held several positions in subsidiary or
affiliated companies of the Manager. Oversees 38
portfolios in the OppenheimerFunds complex.
EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George
Trustee (since 2000) Washington's home (since June 2000). Formerly Director
Age: 65 (March 2001-May 2002) of Genetic ID, Inc. and its
subsidiaries (a privately held biotech company); a
partner (July 1974-June 1999) with
PricewaterhouseCoopers LLP (an accounting firm); and
Chairman (July 1994-June 1998) of Price Waterhouse LLP
Global Investment Management Industry Services Group.
Oversees 38 portfolios in the OppenheimerFunds complex.
JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk
Trustee (since 2000) Foundation (a not-for-profit foundation); a director
Age: 62 (since 1997) of Putnam Lovell Finance (finance company);
a director (since June 2002) of UNUMProvident (an
insurance company). Formerly a director (October
1999-October 2003) of P.R. Pharmaceuticals (a privately
held company); Chairman and a director (until October
1996) and President and Chief Executive Officer (until
October 1995) of the Manager; President, Chief Executive
Officer and a director (until October 1995) of
59 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
TRUSTEES AND OFFICERS Unaudited / Continued
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JON S. FOSSEL, Oppenheimer Acquisition Corp., Shareholders Services
Continued Inc. and Shareholder Financial Services, Inc. Oversees
38 portfolios in the OppenheimerFunds complex.
SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity)
Trustee (since 2000) (since September 1984). Formerly (until October 1994)
Age: 63 Mr. Freedman held several positions in subsidiary or
affiliated companies of the Manager. Oversees 38
portfolios in the OppenheimerFunds complex.
BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an
Trustee (since 2002) educational organization) (since February 2000); a
Age: 57 director of The California Endowment (a philanthropic
organization) (since April 2002) and of Community
Hospital of Monterey Peninsula (educational
organization) (since February 2002); a director of
America Funds Emerging Markets Growth Fund (since
October 1991) (an investment company); an advisor to
Credit Suisse First Boston's Sprout venture capital
unit. Mrs. Hamilton also is a member of the investment
committees of the Rockefeller Foundation and of the
University of Michigan. Formerly, Trustee of MassMutual
Institutional Funds (open-end investment company)
(1996-May 2004); a director of MML Series Investment
Fund (April 1989-May 2004) and MML Services (April
1987-May 2004) (investment companies); member of the
investment committee (2000-2003) of Hartford Hospital;
an advisor (2000-2003) to Unilever (Holland)'s pension
fund; and President (February 1991-April 2000) of ARCO
Investment Management Company. Oversees 37 portfolios in
the OppenheimerFunds complex.
ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele
Trustee (since 2002) Street State Bank (a commercial banking entity) (since
Age: 59 August 2003); director of Colorado UpLIFT (a non-profit
organization) (since 1986); trustee (since 2000) of the
Gallagher Family Foundation (non-profit organization).
Formerly, Chairman of U.S. Bank-Colorado (a subsidiary
of U.S. Bancorp and formerly Colorado National Bank,)
(July 1996-April 1, 1999), a director of: Commercial
Assets, Inc. (a REIT) (1993-2000), Jones Knowledge,
Inc. (a privately held company) (2001-July 2004) and
U.S. Exploration, Inc. (oil and gas exploration)
(1997-February 2004). Oversees 37 portfolios in the
OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996)
Trustee (since 2000) and MML Series Investment Fund (since 1987) (both
Age: 62 open-end investment companies) and the Springfield
Library and Museum Association (since 1995) (museums)
and the Community Music School of Springfield (music
school) (since 1996); Trustee (since 1987), Chairman of
the Board (since 2003) and Chairman of the investment
committee (since 1994) for the Worcester Polytech
Institute (private university); and President and
Treasurer (since January 1999) of the SIS Fund (a
private not for profit charitable fund). Formerly,
member of the investment committee of the Community
Foundation of Western Massachusetts (1998 - 2003);
Chairman (January 1999-July 1999) of SIS & Family Bank,
F.S.B. (formerly SIS Bank) (commercial bank); and
Executive Vice President (January 1999-July 1999) of
Peoples Heritage Financial Group, Inc. (commercial
bank). Oversees 38 portfolios in the OppenheimerFunds
complex.
- --------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO
AND OFFICER WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE
TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since
President and Trustee June 2001) and President (since September 2000) of the
(since 2001) Manager; President and a director or trustee of other
Age: 55 Oppenheimer funds; President and a director (since July
2001) of Oppenheimer Acquisition Corp. (the Manager's
parent holding company) and
60 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
JOHN V. MURPHY, of Oppenheimer Partnership Holdings, Inc. (a holding
Continued company subsidiary of the Manager); a director (since
November 2001) of OppenheimerFunds Distributor, Inc. (a
subsidiary of the Manager); Chairman and a director
(since July 2001) of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent
subsidiaries of the Manager); President and a director
(since July 2001) of OppenheimerFunds Legacy Program (a
charitable trust program established by the Manager); a
director of the following investment advisory
subsidiaries of the Manager: OFI Institutional Asset
Management, Inc., Centennial Asset Management
Corporation, Trinity Investment Management Corporation
and Tremont Capital Management, Inc. (since November
2001), HarbourView Asset Management Corporation and OFI
Private Investments, Inc. (since July 2001); President
(since November 1, 2001) and a director (since July
2001) of Oppenheimer Real Asset Management, Inc.;
Executive Vice President (since February 1997) of
Massachusetts Mutual Life Insurance Company (the
Manager's parent company); a director (since June 1995)
of DLB Acquisition Corporation (a holding company that
owns the shares of Babson Capital Management LLC); a
member of the Investment Company Institute's Board of
Governors (elected to serve from October 3, 2003 through
September 30, 2006). Formerly, Chief Operating Officer
(September 2000-June 2001) of the Manager; President and
trustee (November 1999-November 2001) of MML Series
Investment Fund and MassMutual Institutional Funds
(open-end investment companies); a director (September
1999-August 2000) of C.M. Life Insurance Company;
President, Chief Executive Officer and director
(September 1999-August 2000) of MML Bay State Life
Insurance Company; a director (June 1989-June 1998) of
Emerald Isle Bancorp and Hibernia Savings Bank (a
wholly-owned subsidiary of Emerald Isle Bancorp).
Oversees 73 portfolios as Trustee/ Director and 10
portfolios as Officer in the OppenheimerFunds complex.
- --------------------------------------------------------------------------------
OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS
FOLLOWS: FOR MR. ZACK, TWO WORLD FINANCIAL CENTER, 225
LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR
MESSRS. MONOYIOS, VANDEHEY, WIXTED, AND ZAVANELLI, 6803
S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH OFFICER
SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER
RESIGNATION, DEATH OR REMOVAL.
NIKOLAOS D. MONOYIOS, Senior Vice President of the Manager since July 2004; a
Vice President (since 2000) Certified Financial Analyst. Formerly Vice President of
Age: 55 the Manager (April 1998-July 2004). An officer of 6
portfolios in the OppenheimerFunds complex.
MARK ZAVANELLI, Vice President of the Manager since November 2000; a
Vice President (since 2003) Chartered Financial Analyst; an officer of 3 portfolios
Age: 44 in the OppenheimerFunds complex. Prior to joining the
Manager in May 1998 he was President of Waterside
Capital Management, a registered investment advisor
(August 1995 - April 1998).
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999)
Treasurer (since 1999) of the Manager; Treasurer of HarbourView Asset
Age: 44 Management Corporation, Shareholder Financial Services,
Inc., Shareholder Services, Inc., Oppenheimer Real Asset
Management Corporation, and Oppenheimer Partnership
Holdings, Inc. (since March 1999), of OFI Private
Investments, Inc. (since March 2000), of
OppenheimerFunds International Ltd. and
OppenheimerFunds plc (since May 2000), of OFI
Institutional Asset Management, Inc. (since November
2000), and of OppenheimerFunds Legacy Program (a
Colorado non-profit corporation) (since June 2003);
Treasurer and Chief Financial Officer (since May 2000)
of OFI Trust Company (a trust company subsidiary of the
Manager); Assistant Treasurer (since March 1999) of
Oppenheimer Acquisition Corp. Formerly Assistant
Treasurer of Centennial Asset Management Corporation
(March 1999-October 2003) and OppenheimerFunds
61 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
BRIAN W. WIXTED, Legacy Program (April 2000-June 2003); Principal and
Continued Chief Operating Officer (March 1995-March 1999) at
Bankers Trust Company-Mutual Fund Services Division. An
officer of 83 portfolios in the OppenheimerFunds
complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and
Vice President and Secretary General Counsel (since February 2002) of the Manager;
(since 2001) General Counsel and a director (since November 2001) of
Age: 56 the Distributor; General Counsel (since November 2001)
of Centennial Asset Management Corporation; Senior Vice
President and General Counsel (since November 2001) of
HarbourView Asset Management Corporation; Secretary and
General Counsel (since November 2001) of Oppenheimer
Acquisition Corp.; Assistant Secretary and a director
(since October 1997) of OppenheimerFunds International
Ltd. and OppenheimerFunds plc; Vice President and a
director (since November 2001) of Oppenheimer
Partnership Holdings, Inc.; a director (since November
2001) of Oppenheimer Real Asset Management, Inc.; Senior
Vice President, General Counsel and a director (since
November 2001) of Shareholder Financial Services, Inc.,
Shareholder Services, Inc., OFI Private Investments,
Inc. and OFI Trust Company; Vice President (since
November 2001) of OppenheimerFunds Legacy Program;
Senior Vice President and General Counsel (since
November 2001) of OFI Institutional Asset Management,
Inc.; a director (since June 2003) of OppenheimerFunds
(Asia) Limited. Formerly Senior Vice President (May
1985-December 2003), Acting General Counsel (November
2001-February 2002) and Associate General Counsel (May
1981-October 2001) of the Manager; Assistant Secretary
of Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November
1989-November 2001); and OppenheimerFunds International
Ltd. (October 1997-November 2001). An officer of 83
portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer
Vice President and Chief (since March 2004) of the Manager; Vice President (since
Compliance Officer June 1983) of OppenheimerFunds Distributor, Inc.,
(since 2004) Centennial Asset Management Corporation and Shareholder
Age: 53 Services, Inc. Formerly (until February 2004) Vice
President and Director of Internal Audit of
OppenheimerFunds, Inc. An officer of 83 portfolios in
the Oppenheimer funds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST.
62 | OPPENHEIMER MAIN STREET OPPORTUNITY FUND
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) Audit Fees
The principal accountant for the audit of the registrant's
annual financial statements billed $27,000 in fiscal 2004 and
$24,000 in fiscal 2003.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's
annual financial statements billed no such fees to the
registrant during the last two fiscal years.
The principal accountant for the audit of the registrant's
annual financial statements billed $5,525 in fiscal 2004 and
$34,734 in fiscal 2003 to the registrant's investment adviser
or any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant.
Such fees would include, among others: due diligence related
to mergers and acquisitions, accounting consultations and
audits in connection with acquisitions, internal control
reviews and consultation concerning financial accounting and
reporting standards.
(c) Tax Fees
The principal accountant for the audit of the registrant's
annual financial statements billed no such fees to the
registrant during the last two fiscal years.
The principal accountant for the audit of the registrant's
annual financial statements billed no such fees in fiscal
2004 and $10,448 in fiscal 2003 to the registrant's
investment adviser or any entity controlling, controlled
by, or under common control with the adviser that provides
ongoing services to the registrant.
Such fees would include, among others: tax compliance, tax
planning and tax advice. Tax compliance generally involves
preparation of original and amended tax returns, claims for a
refund and tax payment-planning services. Tax planning and tax
advice includes assistance with tax audits and appeals, tax
advice related to mergers and acquisitions and requests for
rulings or technical advice from taxing authorities.
(d) All Other Fees
The principal accountant for the audit of the registrant's
annual financial statements billed no such fees to the
registrant during the last two fiscal years.
The principal accountant for the audit of the registrant's
annual financial statements billed no such fees in fiscal
2004 and $3,500 in fiscal 2003 to the registrant's investment
adviser or any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services
to the registrant.
Such fees would include services provided to the registrant's
Board of Trustees with respect to the annual renewal of the
registrant's investment advisory agreement.
(e) (1) During its regularly scheduled periodic meetings, the
registrant's audit committee will pre-approve all audit,
audit-related, tax and other services to be provided by the
principal accountants of the registrant.
The audit committee has delegated pre-approval authority to
its Chairman for any subsequent new engagements that arise
between regularly scheduled meeting dates provided that any
fees such pre-approved are presented to the audit committee at
its next regularly scheduled meeting.
Pre-approval of non-audit services is waived provided that: 1)
the aggregate amount of all such services provided constitutes
no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal
year in which services are provided 2) such services were not
recognized by the registrant at the time of engagement as
non-audit services and 3) such services are promptly brought
to the attention of the audit committee of the registrant and
approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's
annual financial statements billed $5,525 in fiscal 2004 and
$48,682 in fiscal 2003 to the registrant and the registrant's
investment adviser or any entity controlling, controlled by,
or under common control with the adviser that provides ongoing
services to the registrant related to non-audit fees. Those
billings did not include any prohibited non-audit services as
defined by the Securities Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has
considered whether the provision of non-audit services that
were rendered to the registrant's investment adviser, and any
entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to
the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal account's
independence. No such services were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Board is responsible for approving nominees for election as
trustees. To assist in this task, the Board has designated the Audit Committee
as the nominating committee for the Board. It reviews and recommends nominees to
the Board. The Committee is comprised entirely of disinterested trustees as
defined in Section 2(a)(19) of the Investment Company Act of 1940.
The Audit Committee charter describes the responsibilities of the
Committee in nominating candidates for election as independent Trustees of the
Registrant. The Registrant's Board has adopted a written charter for the
Committee. A current copy of the Audit Committee charter is available to
shareholders on the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM.
Under the current policy, if the Board determines that a vacancy exists
or is likely to exist on the Board, the Audit Committee of the Board will
consider candidates for Board membership including recommended by Registrant
shareholders. The Audit Committee will consider nominees recommended by
independent Board members or recommended by any other Board members including
Board members affiliated with the Registrant's investment advisors. The
Committee may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Audit Committee may
also use the services of legal, financial, or other external counsel that it
deems necessary or desirable in the screening process. Shareholders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO
80112, to the attention of the Board of Trustees of the named Registrant, c/o
the Secretary of the Registrant.
The Committee's process for identifying and evaluating nominees for
trustees includes a number of factors. In screening candidates for board
membership, whether the candidate is suggested by Board members, shareholders or
others, the Committee considers the candidate's professional experience,
soundness of judgment, integrity, ability to make independent, analytical
inquiries, collegiality, willingness and ability to devote the time required to
perform Board activities adequately, ability to represent the interests of all
shareholders of the Registrant, and diversity relative to the board's
composition. Candidates are expected to provide a mix of attributes, experience,
perspective and skills necessary to effectively advance the interests of
shareholders.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls
and procedures (as defined in rule 30a-2(c) under the
Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of
July 31, 2004, registrant's principal executive officer and
principal financial officer found registrant's disclosure
controls and procedures to provide reasonable assurances that
information required to be disclosed by registrant in the
reports that it files under the Securities Exchange Act of
1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and
principal financial officer, to allow timely decisions
regarding required disclosure, and (b) is recorded, processed,
summarized and reported, within the time periods specified in
the rules and forms adopted by the U.S. Securities and
Exchange Commission.
(b) There have been no significant changes in registrant's
internal controls over financial reporting that occurred
during the registrant's last fiscal half-year that has
materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS
EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)