<PAGE> PAGE 1
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<PAGE> PAGE 2
012 C01AA01 ENGLEWOOD
012 C02AA01 CO
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013 A00AA01 DELOITTE & TOUCHE LLP
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital - Main Street Income and Growth Fund
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
August 31, 1998, amounts have been reclassified to reflect a decrease in
undistributed net investment income of $499,321, a decrease in paid-in capital
of $2,822 and an increase in accumulated net realized gain of $502,143.
Return of Capital - Main Street California Municipal Fund
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended August 31, 1998, amounts have been
reclassified to reflect an increase in overdistributed net investment income
of $724,299, accumulated net realized loss on investments was decreased by
$158,956, and paid-in capital was increased by $565,343.
To the Board of Directors of
Oppenheimer Main Street Income & Growth Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Main Street Income & Growth Fund (the Fund) for the year ended August 31, 1998
(on which we have issued our report dated September 22, 1998), we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
September 22, 1998
To the Board of Directors of
Oppenheimer Main Street California Municipal Fund :
In planning and performing our audit of the financial statements of Oppenheimer
Main Street California Municipal Fund (the Fund) for the year ended August 31,
1998 (on which we have issued our report dated September 22, 1998), we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the Fund's internal
control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
September 22, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 823483
<NAME> Oppenheimer Main Street Income & Growth Fund - A
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<NAME> Oppenheimer Main Street Funds, Inc
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<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
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<INVESTMENTS-AT-VALUE> 10,347,801,060
<RECEIVABLES> 170,939,390
<ASSETS-OTHER> 151,807
<OTHER-ITEMS-ASSETS> 1,562
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<PAYABLE-FOR-SECURITIES> 163,687,601
<SENIOR-LONG-TERM-DEBT> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,472,810
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 823483
<NAME> Oppenheimer Main Street Income & Growth Fund - B
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Main Street Funds, Inc
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
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<INVESTMENTS-AT-VALUE> 10,347,801,060
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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