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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Independent Auditors' Report
The Board of Directors and Shareholders of
Oppenheimer Main Street Income and Growth Fund:
<TABLE>
<S> <C>
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Main Street Income and Growth Fund
as of June 30, 1995, the related statement of operations for the year then ended,
the statements of changes in net assets for the years ended June 30, 1995 and
1994, and the financial highlights for the period February 3, 1988 (commencement
of operations) to June 30, 1995. 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 generally accepted auditing standards.
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 at June 30, 1995 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, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Oppenheimer Main
Street Income and Growth Fund at June 30, 1995, the results of its operations,
the changes in its net assets, and the financial highlights for the respective
stated periods, in conformity with generally accepted accounting principles.
</TABLE>
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> OPPENHEIMER MAIN STREET FUNDS, INC.
<S> <C>
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<PER-SHARE-NAV-BEGIN> 21.49
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER MAIN STREET FUNDS, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
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<SHARES-COMMON-PRIOR> 8377158
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 461578114
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<DISTRIBUTIONS-OF-INCOME> 4868193
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<NUMBER-OF-SHARES-REDEEMED> 2671307
<SHARES-REINVESTED> 208621
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 20.33
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> 3.62
<PER-SHARE-DIVIDEND> .31
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
Oppenheimer Main Street Income & Growth Fund
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss) and net
realized gain (loss) may differ for financial statement and tax purposes primarily
because of the recognition of certain foreign currency gains (losses) as ordinary income
(loss) for tax purposes. The character of the distributions made during the 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 dividend
distributions, the fiscal year in which amounts are distributed may differ from the year
that the income or realized gain (loss) was recorded by the Fund. Effective July 1,
1993, the Fund adopted Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. As a result, the Fund changed the classification
of distributions to shareholders to better disclose the differences between financial
statement amounts and distributions determined in accordance with income tax regulations.
Accordingly, during the year ended June 30, 1995, amounts have been reclassified to
reflect an increase in undistributed net realized gain on investments of $33,509, and
a decrease in undistributed net investment income of $33,509.
</TABLE>
Independent Auditors' Report
The Board of Directors and Shareholders of
Oppenheimer Main Street California Tax-Exempt Fund:
<TABLE>
<S> <C>
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Main Street California Tax-Exempt
Fund as of June 30, 1995, the related statement of operations for the year then
ended, the statements of changes in net assets for the years ended June 30, 1995
and 1994, and the financial highlights for the period May 18, 1990 to June 30,
1995. 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 generally accepted auditing standards.
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 at June 30, 1995 by
correspondence with the custodian. 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, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Oppenheimer Main
Street California Tax-Exempt Fund at June 30, 1995, the results of its
operations, the changes in its net assets, and the financial highlights for the
respective stated periods, in conformity with generally accepted accounting
principles.
</TABLE>
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> OPPENHEIMER MAIN STREET FUNDS, INC.
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Oppenheimer Main Street California Tax-Exempt Fund
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization. The character of the distributions
made during the 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 dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund. Effective July 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital Distributions by Investment
Companies. As a result, the Fund changed the classification of distributions to
shareholders to better disclose the differences between financial statement
amounts and distributions determined in accordance with income tax regulations.
Accordingly, amounts have been reclassified to reflect a decrease in paid-in
capital of $938, an increase in overdistributed net investment income of $16,796,
and an increase in accumulated net realized gain on investments of $17,734.
</TABLE>
