SECURITIES AND EXCHANGE COMMISSION
                                    Washington, DC 20549

                                        SCHEDULE TO

                 Tender Offer Statement Under Section 14(d)(1) or 13(e)(1)
                           of the Securities Exchange Act of 1934

                         Oppenheimer Tremont Opportunity Fund, LLC
                                      (Name of Issuer)

                         Oppenheimer Tremont Opportunity Fund, LLC
                            (Name of Person(s) Filing Statement)

                              Limited Liability Company Shares
                               (Title of Class of Securities)

                                         68382A102
                           (CUSIP Number of Class of Securities)

                                  Lisa I. Bloomberg, Esq.
                                 Two World Financial Center
                               225 Liberty Street, 11th Floor
                               New York, New York 10281-1008
                                       (212) 323-0560
            (Name, Address and Telephone Number of Person Authorized to Receive
          Notices and Communications on Behalf of the Person(s) Filing Statement)



                                 CALCULATION OF FILING FEE

-------------------------------------------------------------------------------
Transaction Valuation:                 Amount of Filing Fee: $2,575.53(b)
$21,882,140.91(a)
-------------------------------------------------------------------------------

     (a)  Calculated  as the  estimated  aggregate  maximum  purchase  price for
twenty-five percent of the Issuer's outstanding limited liability company Shares
based  on the  estimated  unaudited  total  Net  Asset  Value  of  the  Issuer's
outstanding limited liability company Shares as of November 30, 2005.

(b) Calculated at 0.011777% of the Transaction Valuation.

     [ ] Check  the box if any part of the fee is  offset  as  provided  by Rule
0-11(a)(2)  and identify the filing with which the offsetting fee was previously
paid. Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.

Amount Previously Paid:
Form or Registration No.:
Filing Party:
Date Filed:

     [  ]  Check  the  box  if  the  filing   relates   solely  to   preliminary
communications made before the commencement of a tender offer.

     Check the  appropriate  boxes below to designate any  transactions to which
the statement relates:

 [  ] third-party tender offer subject to Rule 14d-1.
 [ x] issuer tender offer subject to Rule 13e-4.
 [  ] going-private transaction subject to Rule 13e-3.
 [  ] amendment to Schedule 13D under Rule 13d-2.

     Check the  following box if the filing is a final  amendment  reporting the
results of the tender offer: [ ]

ITEM 1:   SUMMARY TERM SHEET

     The  information  required by Item 1 is  incorporated  by  reference to the
Repurchase Offer Notice (Exhibit (a)(1)(ii)), which is attached as an exhibit to
this Schedule TO.

ITEM 2:   SUBJECT COMPANY INFORMATION

     The  information  required by Item 2 is  incorporated  by  reference to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(iii)), which are attached as exhibits to this Schedule TO.

ITEM 3:   IDENTITY AND BACKGROUND OF FILING PERSON

     The name of the filing person is Oppenheimer  Tremont Opportunity Fund, LLC
(the "Fund").  The Fund's  address is Two World  Financial  Center,  225 Liberty
Street, New York, New York 10281-1008,  and the Fund's telephone number is (212)
323-0252. The investment adviser of the Fund is OppenheimerFunds, Inc., which is
located at Two World Financial  Center,  225 Liberty Street,  New York, New York
10281-1008 (the "Adviser").  The investment  manager is Tremont Partners,  Inc.,
which is located at Corporate  Center at Rye,  Suite C-300,  555 Theodore  Fremd
Avenue, Rye, New York 10580 (the "Investment  Manager").  The Fund's Independent
Directors are Clayton Yeutter,  Matthew Fink, Robert Galli,  Phillip  Griffiths,
Mary Miller,  Joel Motley,  Kenneth Randall,  Russell  Reynolds,  Joseph Wikler,
Peter Wold and Brian Wruble. The Fund's Interested  Director is John Murphy. The
Independent Directors and the Interested Director together form the "Board". The
address for each Director, except Mr. Murphy, is 6803 S. Tuscon Way, Centennial,
Colorado  80112-3924.  The address for Mr. Murphy is Two World Financial Center,
225  Liberty  Street,  New  York,  New  York  10281-1008.  ITEM 4:  TERMS OF THE
TRANSACTION

     The  information  required by Item 4 is  incorporated  by  reference to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(iii)), which are attached as exhibits to this Schedule TO.

ITEM 5:   PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

     This  information  required by Item 5 is  incorporated  by reference to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(iii)), which are attached as exhibits to this Schedule TO.

ITEM 6:   PURPOSES OF TRANSACTION AND PLANS OR PROPOSALS OF THE FUND AND ITS
          AFFILIATES

     This  information  required by Item 6 is  incorporated  by reference to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(iii)), which are attached as exhibits to this Schedule TO.

ITEM 7:   SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS

     The  information  required by Item 7 is  incorporated  by  reference to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(ii) which are attached as exhibits to this Schedule TO.

ITEM 8:   SHARES IN SECURITIES OF THE FUND

     The  information  required by Item 8 is  incorporated  by references to the
Repurchase  Offer Notice (Exhibit  (a)(1)(ii))  and the Repurchase  Request Form
(Exhibit (a)(1)(iii)), which are attached as exhibits to this Schedule TO.

ITEM 9:   PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED

     No persons have been  employed,  retained or are to be  compensated  by the
Fund to make solicitations or recommendations in connection with the Repurchases
Offer.

ITEM 10   FINANCIAL STATEMENTS

     The information  required by Item 10(a)-(b) is incorporated by reference to
the Fund's audited financial  statements included in the Statement of Additional
Information,  dated July 29,  2005 for the fiscal  year ended March 31, 2005 and
was  filed  on  Edgar  on Form  N-2 on  July  29,  2005;  and  annual  financial
statements,  previously  filed on Edgar on Form N-CSR on June 6, 2005, which the
Fund has prepared and furnished to Shareholders pursuant to Rule 30e-1 under the
Investment  Company  Act of 1940 and  filed  with the  Securities  and  Exchange
Commission pursuant to Rule 30e-1 under the Investment Company Act of 1940.

ITEM 11:  ADDITIONAL INFORMATION

(a)(1)    None.
   (2)    None.
   (3)    Not applicable.
   (4)    Not applicable.
   (5)    None.

(b)       None.

ITEM 12:  EXHIBITS

(a)(1)(i) Cover Letter to Repurchase Offer
(a)(1)(ii)  Repurchase Offer Notice
(a)(1)(iii) Form of Repurchase Request Form
(a)(1)(iv)  Form of Letter to Shareholders Regarding Acceptance of Tender of All Shares
            Held by Shareholders
(a)(1)(v) Form of Letter to Shareholders Regarding Acceptance of Tender of A Portion of
            Shares Held by Shareholders
(a)(1)(vi)  Form of Promissory Note for Payment Regarding Acceptance of Tender of All
            Shares Held by Shareholders
(a)(1)(vii) Form of Promissory Note for Payment regarding Acceptance of Tender of A Portion
            of Shares Held by Shareholders
(a)(2)    Not applicable.
(a)(3)    Not applicable.
(a)(4)    Not applicable.
(a)(5)    None.

(b)       Not applicable.

     (d) The Amended and Restate Limited Liability  Agreement dated July 1, 2005
was  filed by the  Registrant  on July 29,  2005 and is hereby  incorporated  by
reference.

(g)       None.

(h)       None.

ITEM 13:  INFORMATION REQUIRED BY SCHEDULE 13E-3

Not applicable.


                                         SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.

                                    Oppenheimer Tremont Opportunity Fund, LLC



                                    By: /s/ Lisa I. Bloomberg
                                        _______________________________
                                    Name:       Lisa I. Bloomberg
                                    Title:      Assistant Secretary

Date: January 30, 2006


Exhibit (a)(1)(i)
                         Oppenheimer Tremont Opportunity Fund, LLC
                                 Two World Financial Center
                                     225 Liberty Street
                               New York, New York 10281-1008

January 31, 2006

Dear Oppenheimer Tremont Opportunity Fund, LLC Shareholder:

     Oppenheimer Tremont Opportunity Fund, LLC is a closed-end,  non-diversified
management  investment company organized as a Delaware limited liability company
(the "Fund"). This notice is to inform you about your Fund's offer to repurchase
a portion of its outstanding  Shares  ("Shares") and to provide  instructions to
Shareholders who would like to tender some or all of their Shares for repurchase
by the  Fund.  This  repurchase  offer  is  intended  to  provide  liquidity  to
Shareholders,  because your Shares are not  redeemable  daily for cash nor is it
traded  on a stock  exchange.  You can  offer  some  or all of your  Shares  for
repurchase only during one of the Fund's repurchase offers.

     The repurchase offer period will begin on February 1, 2006 and end on March
2, 2006. If you wish to sell any of your Shares during this tender  period,  you
can do so in one of the following ways:

     1. If your Shares are held in your own name  (please  refer to your account
statement),  you can complete the attached Repurchase Request Form and return it
to OppenheimerFunds  Services by 12:00 Midnight,  Eastern Time (ET), on March 2,
2006.  The  Fund  currently  does  not  charge  a  processing  fee for  handling
repurchase requests.

     2. If your Shares are held for your retirement plan by your retirement plan
trustee,  your  retirement  plan trustee must submit the repurchase  request for
you. They may charge a transaction fee for that service.

     Please refer to the Fund's  Prospectus  and the enclosed  Repurchase  Offer
Notice and Repurchase  Request Form for more details.  If you are not interested
in selling any of your Shares at this time,  you do not have to do anything  and
can  disregard  this notice.  We will  contact you prior to the next  repurchase
offer.

     An Early  Withdrawal  Charge equal to 1.00% of the value of your Shares (or
portion thereof)  repurchased by the Fund will apply if the date as of which the
Shares  are to be  valued  for  purposes  of  repurchase  is less  than one year
following the date of your initial  investment in the Fund. If  applicable,  the
Early  Withdrawal  Charge will be deducted  before  payment of the proceeds of a
repurchase.


--------------------------------------------------------------------------------------------
All  requests to have Shares  repurchased  must be received by  OppenheimerFunds
Services at its office in  Colorado  in good order no later than 12:00  Midnight
(ET),    on   March    2,    2006    (the    Repurchase    Request    Deadline).
--------------------------------------------------------------------------------------------

     Please refer to the enclosed  Repurchase Offer  documents.  If you have any
questions,   call  your   financial   adviser  or   broker,   or  you  can  call
OppenheimerFunds Services at 1.800.858.9826.

Sincerely,

OppenheimerFunds Services


Exhibit (a)(1)(ii)

---------------------------------------------------------------------------------
                   OPPENHEIMER TREMONT OPPORTUNITY FUND, LLC
                           Two World Financial Center
                               225 Liberty Street
                         New York, New York 10281-1008
                                 (212) 323-0252

                            REPURCHASE OFFER NOTICE

              OFFER TO REPURCHASE LIMITED LIABILITY COMPANY SHARES

                             DATED JANUARY 31, 2006

                 THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT
                     12:00 MIDNIGHT (ET), ON MARCH 2, 2006
                          UNLESS THE OFFER IS EXTENDED
---------------------------------------------------------------------------------

To the Shareholders of Oppenheimer Tremont Opportunity Fund, LLC:

     Oppenheimer  Tremont  Opportunity Fund, LLC, a closed-end,  non-diversified
management  investment company organized as a Delaware limited liability company
(the "Fund"),  is offering to repurchase up to twenty-five  percent (25%) of the
Fund's aggregate  outstanding  limited  liability company Shares ("Shares") that
are tendered by Shareholders  and not withdrawn prior to 12:00 Midnight (ET), on
March 2,  2006,  subject to any  extensions  of the offer to  repurchase  Shares
("Repurchase  Offer").  The  amount  due to any  Shareholder  whose  Shares  are
repurchased will be equal to the value of the  Shareholder's  Shares (or portion
thereof  being  repurchased)  determined  as of  March  31,  2006,  or,  if  the
Repurchase Offer is extended,  as of a date designated by the Fund in an amended
notice to Shareholders (the "Valuation  Date"), and based on the Net Asset Value
of the  Fund's  assets as of that  date,  less an early  withdrawal  charge,  if
applicable.  Shareholders may tender all, or a portion of, their Shares up to an
amount such that they maintain the minimum  required  account balance of $50,000
(net of the amount of the Incentive Fee) after the repurchase of their Shares.

     Investors  should  realize  that the value of the Shares  tendered  in this
Repurchase Offer likely will change between December 30, 2005 (the last time Net
Asset  Value  will have been  calculated  before  the start of this  offer),
January 31, 2006 and  February 28, 2006 (the next times the Net Asset Value will
be calculated)  and March 31, 2006, when the value of the Shares tendered to the
Fund will be determined for purposes of  calculating  the purchase price of such
Shares. Investors should also realize that although the Repurchase Offer expires
at 12:00  Midnight  (ET), on March 2, 2006,  or, if the offer is extended,  such
time and dates as the Fund designates in an amended notice to Shareholders, they
remain  Shareholders  in the Fund until the Valuation  Date. Any Shareholder who
wishes to obtain the most  recently  calculated  Net Asset Value of their Shares
should  contact  OppenheimerFunds  Services  at  1.800.858.9826  during  regular
business hours.

     Neither the Fund nor its Board makes any  recommendation to any Shareholder
whether to tender or refrain from  participating in the Repurchase  Offer.  Each
Shareholder  must make an independent  decision whether to tender his/her Shares
and, if so, how much of his/her Shares to tender.

     No person has been authorized to make any  recommendation  on behalf of the
Fund whether  Shareholders  should tender pursuant to this Repurchase  Offer. No
person  has  been   authorized   to  give  any   information   or  to  make  any
representations  in  connection  with this  Repurchase  Offer  other  than those
contained in this Repurchase Offer or in the Fund's  Prospectus and Statement of
Additional  Information.  If given or made,  any such  recommendations  and such
information  must not be relied upon as having been  authorized by the Fund, its
Investment Adviser,  Distributor or Investment Manager. This transaction has not
been approved or disapproved  by the Securities and Exchange  Commission nor has
the Securities and Exchange Commission or any state securities commission passed
upon the fairness or merits of such  transaction  or on the accuracy or adequacy
of the  information  contained  in  this  document.  Any  representation  to the
contrary is unlawful.

     Questions and requests for assistance and requests for additional copies of
the  Repurchase   Offer  may  be  directed  to   OppenheimerFunds   Services  at
1.800.858.9826.


                                     SUMMARY TERM SHEET

     o Oppenheimer  Tremont  Opportunity  Fund,  LLC (the "Fund") is offering to
repurchase up to twenty-five  percent (25%) of the Fund's aggregate  outstanding
limited  liability  company Shares  ("Shares") that are tendered by Shareholders
and not withdrawn prior to 12:00 Midnight (ET), on March 2, 2006, subject to any
extensions  of the  offer to  repurchase  Shares  ("Repurchase  Offer").  If the
Repurchase  Offer is  over-subscribed,  the Fund may repurchase  only a pro rata
portion of the Shares tendered by each Shareholder. See Item 1 of the Repurchase
Offer Notice under "Formal Notice of Offer".

     o The Repurchase Offer will remain open until 12:00 Midnight (ET), March 2,
2006,  or if the  Repurchase  Offer is extended,  such time and date as the Fund
designates in an amended notice to Shareholders ("Repurchase Request Deadline").
Net Asset Value (that is, the value of the Fund's assets minus its  liabilities,
multiplied  by the  proportionate  Shares in the Fund a  Shareholder  desires to
tender) will be  calculated  for this  purpose as of March 31,  2006,  or if the
Repurchase Offer is extended,  as of a date designated by the Fund in an amended
notice to  Shareholders  (the  "Valuation  Date").  See Item 2 of the Repurchase
Offer Notice.

     o Shareholders  must determine  whether to tender their Shares prior to the
Repurchase  Request  Deadline.  The Net  Asset  Value  at which  the  Fund  will
repurchase Shares will not be calculated until the Valuation Date. The Net Asset
Value can fluctuate  and may fluctuate  between the date you submit a Repurchase
Request and the Valuation  Date. The Net Asset Value on the  Repurchase  Request
Deadline  and the  Valuation  Date could be higher or lower than on the date you
submit a Repurchase Request Form. See Item 4 of the Repurchase Offer Notice.

     o If the Fund accepts the tender of a Shareholder's  Shares,  then the Fund
will   give   the   Shareholder   either   cash  or  a   non-interest   bearing,
non-transferable  promissory note ("Promissory  Note") entitling the Shareholder
to  receive  an  amount  equal to the Net  Asset  Value of the  Shares  tendered
determined  as  of  March  31,  2006.  The  Promissory  Note  will  entitle  the
Shareholder to receive an initial payment in cash and/or  marketable  securities
(where  determined to be  necessary)  equal to at least 95% of the unaudited Net
Asset Value of the Shares  tendered by the  Shareholder  that are  accepted  for
purchase  by the  Fund  (the  "Initial  Payment")  which  will  be  paid  to the
Shareholder  no later than 45 days after the Valuation  Date or, if the Fund has
requested  withdrawals  of its  capital  from any hedge  funds in which the Fund
invests ("Hedge  Funds") in order to fund the purchase of Shares,  no later than
ten  business  days after the Fund has  received  at least 90% of the  aggregate
amount  withdrawn from such Hedge Funds.  The Promissory  Note will also entitle
the Shareholder to receive a contingent payment (the "Post Audit Payment") equal
to the excess,  if any, of (a) the Net Asset  Value of the Shares  tendered  and
purchased as of the Valuation Date, as it may be adjusted based upon the results
of the  next  annual  audit of the  Fund's  financial  statements,  over (b) the
Initial  Payment.  The  Post  Audit  Payment  will be made  promptly  after  the
completion  of the Fund's annual audit for its fiscal year ending March 31, 2006
(which it expects will be completed 60 days after the fiscal year end). See Item
5 of the Repurchase Offer Notice.

     o An  Early  Withdrawal  Charge  equal to  1.00%  of the  value  of  Shares
repurchased  by the Fund will apply if the date as of which the Shares are to be
valued for purposes of  repurchase  is less than one year  following the date of
your initial investment in the Fund. If applicable,  the Early Withdrawal Charge
will be deducted before payment of the proceeds of a repurchase.  See Item 11 of
the Repurchase Offer Notice.

     o  Shareholders  who tender part of their Shares must leave an amount equal
to at least  $50,000,  net of the  amount of the  Incentive  Fee (the  "Required
Minimum  Balance") in the Fund. The Fund reserves the right to reduce the amount
of Shares  repurchased so that the Required  Minimum Balance is maintained.  See
Item 7 of the Repurchase Offer Notice.

     o Following  this summary is a formal notice of the Repurchase  Offer.  The
Repurchase Offer remains open until 12:00 Midnight (ET), on March 2, 2006. Until
this time,  Shareholders  have the right to change  their mind and may  withdraw
their Shares  submitted for  repurchase.  Shares  withdrawn may be  re-tendered,
however,  provided  that such  tenders  are made before the  Repurchase  Request
Deadline by following the tender procedures  described herein. See Item 8 of the
Repurchase Offer Notice.

     o  Shareholders  who would like the Fund to repurchase  all or a portion of
the  Shareholder's  Shares  should  complete,  sign and  either  (i)  mail  (via
certified  mail returned  receipt  requested) or otherwise  deliver a Repurchase
Request Form to Oppenheimer Funds Services,  P.O. Box 173673,  Denver,  Colorado
80217-3673  if using  regular  mail;  or (ii) if using  courier or express mail,
OppenheimerFunds  Services, 10200 E. Girard Avenue, Building D, Denver, Colorado
80231,  so long as it is received  before 12:00 Midnight (ET), on March 2, 2006.
See Item 2 of the Repurchase Offer Notice.

     o The value of your Shares may change between February 1, 2006 and March 2,
2006.  The Net Asset  Value of the  Shares is  calculated  by the Fund  based on
information  that the Fund receives from the  Investment  Adviser and Investment
Manager.  Shareholders  may  obtain  the Net  Asset  Value  of their  Shares  by
contacting  OppenheimerFunds  Services  at  1.800.858.9826.  See  Item  3 of the
Repurchase Offer Notice.

     o Shares  tendered  pursuant to the  Repurchase  Offer may be  withdrawn or
Shareholders  may change the amount of their Shares  tendered for  Repurchase at
any time prior to 12:00 Midnight (ET), on March 2, 2006. The Fund may suspend or
postpone  this  Repurchase  Offer  only  by a  majority  vote  of the  Board  of
Directors.  Please  note that just as  Shareholders  have the right to  withdraw
their Shares, the Fund has the right to cancel,  amend, suspend or postpone this
Repurchase  Offer any time before 12:00  Midnight  (ET), on March 2, 2006.  Also
realize that although the tender offer expires at 12:00  Midnight (ET), on March
2, 2006,  Shareholders remain an investor in the Fund until March 31, 2006, when
the Net Asset Value of a  Shareholder's  Shares are  calculated  for purposes of
determining  the  repurchase  price of the Shares.  See Item 8 of the Repurchase
Offer Notice.

     o It is the  responsibility  of each  Shareholder  who  elects to tender to
confirm receipt of the Repurchase Request Form with OppenheimerFunds Services to
assure   good   delivery.   Please   send  the   Repurchase   Request   Form  to
OppenheimerFunds Services and not your financial adviser.


                                   FORMAL NOTICE OF OFFER

     1. The Offer. The Fund is offering to repurchase up to twenty-five  percent
(25%) of the Fund's  aggregate  outstanding  limited  liability  company  Shares
("Shares")  at a price equal to the  respective  Net Asset Value  ("NAV" or "Net
Asset Value") as of 12:00 Midnight  (ET), on the Valuation Date (defined  below)
upon the terms and conditions  set forth in this  Repurchase  Offer Notice,  the
Fund's  Prospectus,  and the related  Repurchase  Request Form.  Together  those
documents constitute the "Repurchase Offer." The purpose of the Repurchase Offer
is to  provide  liquidity  to  Shareholders  of  the  Fund.  The  offer  is  not
conditioned upon the tender for repurchase of any minimum amount of Shares.

     Shareholders may obtain the most recently calculated  information regarding
the Net Asset Value of their Shares by contacting  OppenheimerFunds  Services at
1.800.858.9826,  Monday through Friday, except holidays,  during normal business
hours of 9:00 a.m. to 5:00 p.m. (ET). The value of Shares tended by Shareholders
likely will change between  December 30, 2005 (the last time the Net Asset Value
will have been  calculated  before the start of this offer) and January 31, 2006
and  February  28, 2006 (the next times the Net Asset Value will be  calculated)
and March 31,  2006,  when the value of the Shares  tendered to the Fund will be
determined for purposes of calculating the purchase price of such Shares.

     The  repurchase of Shares  pursuant to the  Repurchase  Offer will have the
effect of decreasing the net assets of the Fund and increasing the proportionate
Shares in the Fund of Shareholders  who do not tender their Shares.  A reduction
in the net  assets  of the  Fund  could  limit  the  Fund's  access  to  certain
investment  opportunities,  cause the Fund to sell assets it would not have sold
otherwise  (including public  securities),  or result in Shareholders who do not
tender their  Shares  bearing  higher costs to the extent that certain  expenses
borne by the Fund are relatively  fixed and may not decrease if assets  decline.
The effects of decreased Fund size and increased  proportionate  Shares owned by
Shareholders  who do not tender may be reduced or  eliminated to the extent that
additional subscriptions for Shares are made from time to time.

     As of July 1, 2005,  the Fund elected to be taxed as a  corporation  and to
seek to qualify as a "regulated  investment  company" under  Subchapter M of the
Internal Revenue Code (the "Tax Transition"). The Fund previously was treated as
a partnership  for Federal tax purposes.  The Fund's new tax treatment  replaced
the previous "capital  account"  structure (in which net increases and decreases
in  the  net  value  of  the  Fund's   assets  are  allocated  to  a  particular
Shareholder's  account  on a  generally  pro  rata  basis).  On  July  1,  2005,
Shareholders  were issued Fund Shares equal in value to their  capital  accounts
immediately  preceding  the tax  transition.  After July 1,  2005,  Shareholders
participate in the Fund's "general account" on the basis of the number of Shares
of the Fund they hold  relative to the total number of Fund shares  outstanding.
Shareholders  refer to their share  balances  when  calculating  the value of an
investment  in the Fund.  Each  share  will have the same  value (its "Net Asset
Value per share") and the value of a Shareholder's  account can be determined by
multiplying  the number of shares owned by such  Shareholder by the then current
Net Asset Value.

     2. Repurchase  Request  Deadline - How to Submit  Requests.  All tenders of
Shares  for  repurchase  must be  received  in proper  form by  OppenheimerFunds
Services at its office in Colorado on or before 12:00 Midnight (ET), on March 2,
2006. Repurchase Requests submitted to OppenheimerFunds Services in writing must
be sent to the addresses specified in the Repurchase Request Form.  Shareholders
wishing  to  confirm  receipt  of  the  Repurchase   Request  Form  may  contact
OppenheimerFunds  Services at  1.800.858.9826 or at the address set forth in the
Repurchase  Request  Form.  The method of  delivery of any  documents  is at the
election  and  complete  risk of the  Shareholder  tendering  his or her Shares,
including,  but not  limited to the  failure  of  OppenheimerFunds  Services  to
receive the Repurchase Request Form or any other document.

     3. Valuation  Date.  Investors  should realize that the value of the Shares
tendered in this Offer  likely will change  between  December 30, 2005 (the last
time Net Asset Value will have been  calculated  before the start of this offer)
and January 31, 2006 and  February  28, 2006 (the next times the Net Asset Value
will be calculated) and March 31, 2006 (the Valuation  Date),  when the value of
the Shares  tendered to the Fund will be determined  for purposes of calculating
the purchase price of such Shares (unless the Repurchase Offer is extended, then
as of a date designated by the Fund in an amended notice to  Shareholders).  The
Fund's  estimated  unaudited Net Asset Value per share as of the date  indicated
below is:

             --------------------------------------------------
                  Month Ending            Net Asset Value
             --------------------------------------------------
             --------------------------------------------------
                   June 2005                   $100.00
                   July 2005                   $101.63
                  August 2005                  $102.14
                 September 2005                $103.17
                  October 2005                 $101.53
                 November 2005                 $103.01
             --------------------------------------------------

     As of the close of business on November 30, 2005, there were  approximately
849,709.384 shares outstanding of the Fund.

     4. Net Asset Value. You must determine  whether to tender your Shares prior
to the Repurchase  Request  Deadline,  but the Net Asset Value at which the Fund
will repurchase  Shares will not be calculated until the Valuation Date. The Net
Asset Value can  fluctuate  and may  fluctuate  between the date you submit your
Repurchase  Request and the Repurchase  Request Deadline and the Valuation Date.
The Net Asset Value on the  Repurchase  Request  Deadline and the Valuation Date
could be  higher  or lower  than on the date you  submit a  Repurchase  Request.
Shareholders may obtain the most recently calculated  information  regarding the
Net Asset  Value of their  Shares by  contacting  OppenheimerFunds  Services  at
1.800.858.9826,  Monday through Friday, except holidays,  during normal business
hours of 9:00 a.m. to 5:00 p.m. (ET).

     5.  Payment for  Repurchased  Shares.  If all Shares of a  Shareholder  are
repurchased, the Shareholder will receive an initial payment equal to 95% of the
estimated  value of the Shares and the balance due will be  determined  and paid
promptly  after  completion  of  the  Fund's  audit  and  be  subject  to  audit
adjustment.  The total  amount that a  Shareholder  may expect to receive on the
repurchase of the Shareholder's Shares (or portion thereof) will be the value of
the Shareholder's  Shares (or portion thereof being  repurchased)  determined on
the  Valuation  Date and based on the Net Asset Value of the Fund's assets as of
that date,  minus any Early  Withdrawal  Charge and Incentive Fee (as defined in
the Prospectus),  if applicable.  This amount will be subject to adjustment upon
completion of the annual audit of the Fund's financial statements for the fiscal
year in which the repurchase is effected (which it is expected will be completed
within 60 days after the end of each fiscal year).

     If the Fund  accepts the tender of a  Shareholder's  Shares,  then the Fund
will   give   the   Shareholder   either   cash  or  a   non-interest   bearing,
non-transferable  promissory note ("Promissory  Note") entitling the Shareholder
to  receive  an  amount  equal to the Net  Asset  Value of the  Shares  tendered
determined  as  of  March  31,  2006.  The  Promissory  Note  will  entitle  the
Shareholder to receive an initial payment in cash and/or  marketable  securities
(where  determined to be  necessary)  equal to at least 95% of the unaudited Net
Asset Value of the Shares  tendered by the  Shareholder  that are  accepted  for
purchase  by the  Fund  (the  "Initial  Payment")  which  will  be  paid  to the
Shareholder  no later than 45 days after the Valuation  Date or, if the Fund has
requested  withdrawals  of its capital from any Hedge Funds in order to fund the
purchase of Shares,  no later than ten business days after the Fund has received
at least 90% of the  aggregate  amount  withdrawn  from such  Hedge  Funds.  The
Promissory  Note will also  entitle  the  Shareholder  to  receive a  contingent
payment (the "Post Audit Payment")  equal to the excess,  if any, of (a) the Net
Asset Value of the Shares tendered and purchased as of the Valuation Date, as it
may be adjusted  based upon the  results of the next annual  audit of the Fund's
financial statements,  over (b) the Initial Payment. The Post Audit Payment will
be made promptly  after the completion of the Fund's annual audit for its fiscal
year ending March 31, 2006 (which it expects will be completed 60 days after the
fiscal year end).

     6.  Increase  in Amount of Shares  Repurchased;  Pro Rata  Repurchases.  If
Shareholders  tender for  repurchase  more  outstanding  Shares than the Fund is
offering to  repurchase  during the  offering  period,  the Fund may (but is not
obligated  to)  increase  the  outstanding  Shares  that the Fund is offering to
purchase by up to two percent (2%) on the Repurchase Request Deadline. In either
case, if the outstanding  Shares tendered for repurchase  exceed the amount that
the Fund is offering to  repurchase,  the Fund will  repurchase  only a pro rata
portion of the Shares  tendered by each  Shareholder.  There can be no assurance
that the Fund will be able to repurchase  all the Shares that you tender even if
you  tender  all the  Shares  that you own.  In the  event of an  oversubscribed
Repurchase  Offer,  you may be unable to liquidate some or all of your Shares at
Net Asset  Value.  You may have to wait until a subsequent  repurchase  offer to
tender  the  Shares  that the Fund was  unable to  repurchase,  and you would be
subject to the risk of Net Asset Value fluctuations during that time.

     7.  Amount of  Tender.  Shareholders  may  tender all or a portion of their
Shares. In addition,  a Shareholder who tenders for repurchase only a portion of
their Shares will be required to maintain a minimum  account balance of $50,000,
net of the amount of the  Incentive  Fee, if any, that is to be debited from the
account of the  Shareholder  as of the date that the Fund  values the Shares for
repurchase.  The Fund  maintains the right to reduce the portion of Shares to be
repurchased  from a Shareholder so that the required  minimum account balance is
maintained. The Fund will promptly notify the Shareholder if his/her tender of a
portion of his/her Shares for repurchase would reduce his/her account balance to
less than $50,000.

     The Fund may redeem  all or part of Shares if,  among  other  reasons,  the
Investment  Adviser determines that it would be in the best interest of the Fund
to do so. The Fund reserves the right to reduce that portion of the Shares to be
purchased from a Shareholder to maintain the  Shareholder's  account  balance at
$50,000 if a Shareholder  tenders a portion of Shares and the repurchase of that
portion  would  cause the  Shareholder's  account  balance  to fall  below  this
required minimum.

     8. Withdrawal of Tender of Shares for Repurchase.  Shares tendered pursuant
to the  Repurchase  Offer may be withdrawn or the amount of Shares  tendered for
Repurchase  may be changed at any time  prior to 12:00  Midnight  ET on March 2,
2006  (the  "Repurchase  Request  Deadline").  Shareholders  must send a written
notice to  OppenheimerFunds  Services at one of its  addresses  specified in the
Repurchase Request Form or the Prospectus,  and  OppenheimerFunds  Services must
receive it before the Repurchase Request Deadline.  All questions as to the form
and  validity  (including  time of  receipt) of a notice of  withdrawal  will be
determined by the Fund, in its sole discretion,  and such determination shall be
final and binding.  Shares properly  withdrawn shall not thereafter be deemed to
be tendered for purposes of the Repurchase Offer. However,  withdrawn Shares may
be  re-tendered  prior to the  Repurchase  Request  Deadline  by  following  the
procedures  described  herein.  In  addition,  Shares  tendered  pursuant to the
Repurchase  Offer may be withdrawn  if not yet  accepted  for payment  after the
expiration of 40 days from the commencement of the Repurchase Offer.

     9. Suspension or Postponement  of Repurchase  Offer.  The Board of the Fund
may suspend or postpone  this  Repurchase  Offer only by a majority  vote of the
Directors (including a majority of the disinterested Directors) and only:

     (A) for any period  during which The New York Stock  Exchange or any market
in which the  securities  owned by the Fund are  principally  traded is  closed,
other than customary  weekend and holiday  closings,  or during which trading in
such market is restricted;

     (B) for any period  during which an  emergency  exists as a result of which
disposal by the Fund of securities owned by it is not reasonably practicable, or
during which it is not reasonably  practicable  for the Fund fairly to determine
the value of its net assets; or

     (C) for such other periods as the  Securities  and Exchange  Commission may
order for the protection of Shareholders of the Fund.

     10. Tax  Consequences.  A tender of Shares pursuant to the Repurchase Offer
will be  treated as a taxable  sale of the  Shares if the tender (i)  completely
terminates  the  Shareholder's  interest in the Fund,  (ii) is treated under the
Internal Revenue Code as a distribution that is "substantially disproportionate"
or (iii) is treated under the Internal  Revenue Code as a  distribution  that is
"not essentially equivalent to a dividend".  A "substantially  disproportionate"
distribution generally requires a reduction of at least 20% in the Shareholder's
proportionate interest in the Fund after all Shares are tendered. A distribution
"not essentially  equivalent to a dividend" requires that there be a "meaningful
reduction"  in the  Shareholder's  interest,  which  should  be the  case if the
Shareholder has a minimal  interest in the Fund,  exercises no control over Fund
affairs and suffers a reduction in his or her proportionate  interest.  The Fund
intends to take the position that tendering  Shareholders  will qualify for sale
treatment. If the transaction is treated as a sale for tax purposes, any gain or
loss recognized  will be treated as a capital gain or loss by  Shareholders  who
hold their Shares as a capital asset and as a long-term  capital gain or loss if
such Shares have been held for more than twelve  months.  If the  transaction is
not treated as a sale, the amount  received upon a sale of Shares may consist in
whole or in part of  ordinary  dividend  income,  a return of capital or capital
gain,  depending on the Fund's earnings and profits for its taxable year and the
Shareholder's  basis in the Shares.  In  addition,  if any amounts  received are
treated as a dividend to tendering Shareholders,  a constructive dividend may be
received by non-tendering  Shareholders whose proportionate interest in the Fund
has been increased as a result of the tender.  Shareholders should consult their
tax advisers regarding the specific tax consequences,  including state and local
tax  consequences,  of a repurchase of their Shares.  Special tax rules apply to
Shares repurchased from retirement plan accounts.

     11. Early Withdrawal  Charges.  The Fund does not charge a special handling
or processing fee for repurchases.  However, if you tender for repurchase Shares
that  are  subject  to Early  Withdrawal  Charges  as  described  in the  Fund's
Prospectus,  and if those Shares are  repurchased  by the Fund,  the  applicable
Early Withdrawal  Charge will be deducted from the proceeds of the repurchase of
your Shares.  If you ask the Fund to repurchase a specific dollar amount of your
Shares,  and if those  Shares are  subject  to Early  Withdrawal  Charges,  then
(assuming your request is not subject to pro-ration) the Fund will repurchase an
amount  sufficient  to pay  the net  proceeds  you  have  requested  and  enough
additional Shares to pay the applicable Early Withdrawal Charge.

     12. Proper Form of Repurchase  Request  Documents.  All questions as to the
validity,  form, eligibility  (including,  for example, the time of receipt) and
acceptance  of  repurchase  requests will be determined by the Fund, in its sole
discretion,  and that determination will be final and binding. The Fund reserves
the right to reject  any and all  tenders  of  repurchase  requests  for  Shares
determined  not to be in the proper form, or to refuse to accept for  repurchase
any Shares if, in the  opinion  of counsel to the Fund,  paying for such  Shares
would be unlawful. The Fund also reserves the absolute right to waive any of the
conditions  of this  Repurchase  Offer or any  defect in any  tender of  Shares,
whether in general or with respect to any particular  Shares or  Shareholder(s).
The Fund's  interpretations of the terms and conditions of this Repurchase Offer
shall be final and binding.  Unless  waived,  any defects or  irregularities  in
connection with  repurchase  requests must be cured within the times as the Fund
shall  determine.  Tenders of Shares  will not be deemed to have been made until
all defects or irregularities have been cured or waived.

     Neither the Fund,  OppenheimerFunds Services,  OppenheimerFunds,  Inc. (the
Fund's  Investment  Adviser),  Tremont  Partners,  Inc.  (the Fund's  Investment
Manager), nor OppenheimerFunds Distributor,  Inc. (the Fund's Distributor),  nor
any other  person is or will be  obligated  to give  notice  of any  defects  or
irregularities in repurchase requests tendered,  nor shall any of them incur any
liability for failure to give any such notice.

     13. Certain Information About the Fund. The Fund does not have any plans or
proposals  that relate to or would result in: (a) the  acquisition by any person
of additional  Shares (other than the Fund's  intention to accept  subscriptions
for Shares from time to time in the  discretion of the Fund) or the  disposition
of Shares,  other than as  disclosed  in the  Prospectus;  (b) an  extraordinary
transaction,  such as a merger,  reorganization  or  liquidation,  involving the
Fund; (c) any material change in the present distribution policy or indebtedness
or  capitalization of the Fund; (d) any change in the identity of the Investment
Adviser, Investment Manager or Directors of the Fund or in the management of the
Fund including,  but not limited to, any plans or proposals to change the number
or term of the  members  of the  Board of  Directors  of the  Fund,  to fill any
existing  vacancy for a Director of the Board or to change any material  term of
the investment advisory  arrangements with the Investment Adviser; (e) a sale or
transfer of a material  amount of assets of the Fund (other than as the managers
determine may be necessary or  appropriate to fund any portion of the repurchase
price for Shares  acquired  pursuant to this  Repurchase  Offer or in connection
with the ordinary  portfolio  transactions of the Fund);  (f) any other material
change in the Fund's structure or business,  including any plans or proposals to
make any changes in its fundamental  investment policy for which a vote would be
required by Section 13 of the Investment Company Act of 1940; or (g) any changes
in the LLC Agreement or other actions that may impede the acquisition of control
of the Fund by any person.

     During the past 60 days,  other than the  acceptance of  subscriptions  for
Shares in December 2005, no  transactions  involving the Shares were effected by
the Fund,  the Investment  Adviser,  the  Investment  Manager,  the Board or any
person  controlling the Fund or controlling the Investment  Adviser,  Investment
Manager or any Director of the Fund.

     14.  Miscellaneous.  The  Repurchase  Offer is not being  made to, nor will
tenders  be  accepted  from,  Shareholders  in any  jurisdiction  in  which  the
Repurchase  Offer or its acceptance would not comply with the securities or Blue
Sky  laws  of  such  jurisdiction.  The  Fund  reserves  the  right  to  exclude
Shareholders  from  the  Repurchase  Offer  in any  jurisdiction  in which it is
asserted that the  Repurchase  Offer cannot  lawfully be made. The Fund believes
that such  exclusion  is  permissible  under  applicable  laws and  regulations,
provided  the Fund makes a good faith effort to comply with any state law deemed
applicable to the Repurchase Offer.

     Neither the Fund nor its Board makes any  recommendation to any Shareholder
whether to tender or refrain from  participating in the Repurchase  Offer.  Each
Shareholder  must make an independent  decision whether to tender Shares and, if
so, how many Shares to tender.

     No person has been authorized to make any  recommendation  on behalf of the
Fund whether  Shareholders  should tender pursuant to this Repurchase  Offer. No
person  has  been   authorized   to  give  any   information   or  to  make  any
representations  in  connection  with this  Repurchase  Offer  other  than those
contained in this Repurchase Offer or in the Fund's  Prospectus and Statement of
Additional  Information.  If given or made,  any such  recommendations  and such
information  must not be relied upon as having been  authorized by the Fund, its
Investment Adviser, the Investment Manager or Distributor.

     This transaction has not been approved or disapproved by the Securities and
Exchange  Commission nor has the Securities and Exchange Commission or any state
securities  commission passed upon the fairness or merits of such transaction or
on the accuracy or adequacy of the information  contained in this document.  Any
representation to the contrary is unlawful.

     For the Fund's  current  Net Asset Value and other  information  about this
Repurchase Offer, or for a copy of the Fund's Prospectus,  call OppenheimerFunds
Services at 1.800.858.9826 or contact your financial adviser.

Dated:  January 31, 2006


Exhibit (a)(1)(iii)

                              FORM OF REPURCHASE REQUEST FORM

--------------------------------------------------------------------------------------------
                         OPPENHEIMER TREMONT OPPORTUNITY FUND, LLC
--------------------------------------------------------------------------------------------
                                  REPURCHASE REQUEST FORM

To: Oppenheimer Tremont Opportunity Fund, LLC:

     Please repurchase the Shares of Oppenheimer  Tremont  Opportunity Fund, LLC
designated  below on the Valuation  Date that applies to this  Repurchase  Offer
which expires on March 2, 2006. I understand  that if my repurchased  Shares are
subject to an Early  Withdrawal  Charge,  that charge will be deducted  from the
proceeds of my repurchased Shares.

---------------------------------------------------------------------------------
Name(s) of Registered Shareholders:
(Please fill in EXACTLY as listed
on your Fund statement):
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Your Account Number:
(Please fill in EXACTLY as listed
on your Fund statement):
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Your Daytime Telephone Number:      Area Code: (         ) Telephone No.:
---------------------------------------------------------------------------------

Shares Tendered for Repurchase:
(Please fill in ALL applicable information):
---------------------------------------------------------------------------------
|_|  Full Tender    Please tender my entire Shares
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
|_|  Partial Tender Please tender all but $________________ of my Shares
                    (Please  note:  A $50,000  minimum  balance must be retained
                    (net of the amount of the Incentive Fee)
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
                    Please repurchase enough of my Shares so that I will
                    receive $___________________.
                    (If an Early Withdrawal Charge applies,  enough of my Shares
|_|  Dollar Amount  will be repurchased,  subject to pro-ration,  to provide the
                    net  proceeds  requested.  Please  note:  A $50,000  minimum
                    account balance must be retained.)
---------------------------------------------------------------------------------

Payment and Delivery Instructions:

     A check for the proceeds of  repurchased  Shares will be issued in the name
of the  registered  Shareholder(s)  and  mailed to the  address of record on the
account.  If  alternative  payment and  delivery  is  required,  please  provide
instructions  here.  All  signatures  must  be  guaranteed,  unless  all  of the
conditions on the following page apply.

Alternative Mailing Instructions:               __________________________________
                                          __________________________________

Alternative Wiring Instructions:    Bank Name:        __________________________________
                        ABA#:             __________________________________
                        Account Name:           __________________________________
                        Account #:        __________________________________
                        For Further Credit To:  __________________________________

PLEASE ASSURE THAT YOU SIGN THIS FORM WHERE INDICATED!

Please sign below and note the following important points:

     o Your  signature(s)  below MUST  CORRESPOND  EXACTLY  with the names(s) in
which your Shares are registered.

     o If the  Shares are held by two or more joint  holders,  ALL  SHAREHOLDERS
MUST SIGN BELOW.

     o If the Shares are held in an outside  IRA or  403(b)(7)  account,  please
have your custodian submit the request on your behalf.

     o If the  Shares  are held in the name of a  trustee,  executor,  guardian,
attorney-in-fact,  corporation,  partnership or other  representative  capacity,
include the name of the owner, sign using your title and submit evidence of your
authority in a form satisfactory to OppenheimerFunds Services.

All signatures must be guaranteed unless ALL of the following conditions apply:

     o This Repurchase Request Form is signed by all registered holder(s) of the
Shares, AND

     o There is no change of  registration  for the Shares you will  continue to
hold, AND

     o The payment of the  repurchase  proceeds is to be sent to the  registered
owners of the Shares at the  address  shown in the Shares  registration  on your
account statement,  AND o The repurchase  proceeds will be less than or equal to
$100,000.

     In all  other  cases,  ALL  signatures  must  be  guaranteed  by one of the
following: U.S. bank, trust company, credit union or savings association,  or by
a  foreign  bank that has a U.S.  correspondent  bank,  or by a U.S.  registered
dealer or broker in securities,  municipal securities, or government securities,
or by a U.S. national securities exchange, a registered  securities  association
or a clearing agency. Please note: if you request your funds to be wired to your
bank, a signature guarantee is required.

Date:_______________________________            Signatures(s) of owner(s)
                                          exactly as Shares is registered:
SIGNATURE(s) GUARANTEED BY:


____________________________________            _____________________________________
(Signature)                               (Signature of Owner)


____________________________________            _____________________________________
(Name)  (Title)                                 (Signature of Joint Owner)

     If you have any questions about this form, call  OppenheimerFunds  Services
at 1.800.858.9826.

     This form must be RECEIVED by  OppenheimerFunds  Services by 12:00 Midnight
(ET), March 2, 2006 (the Repurchase Request Deadline),  if you want to sell some
or all of  your  account  of the  Oppenheimer  Tremont  Opportunity  Fund,  LLC.
Repurchase  Requests  received by  OppenheimerFunds  Services  cannot be revoked
after the Repurchase Request Deadline.

---------------------------------------------------------------------------------
   If you are using regular mail,        If you are  using  courier  or  express
                                         mail,
   send this form to:                    send this form to:
   OppenheimerFunds Services             OppenheimerFunds Services
   PO Box 173673                         10200 E. Girard Avenue, Building D
   Denver, Colorado 80217-3673           Denver, Colorado 80231
---------------------------------------------------------------------------------

     Neither the Fund nor its Board makes any  recommendation to any Shareholder
whether to tender or refrain from  participating in the repurchase  offer.  Each
Shareholder  must make an independent  decision whether to tender his/her Shares
and, if so, how much of his/her Shares to tender.

     No person has been authorized to make any  recommendation  on behalf of the
Fund whether  Shareholders  should tender pursuant to this Repurchase  Offer. No
person  has  been   authorized   to  give  any   information   or  to  make  any
representations  in  connection  with this  Repurchase  Offer  other  than those
contained in this Repurchase Offer or in the Fund's  Prospectus and Statement of
Additional  Information.  If given or made,  any such  recommendations  and such
information  must not be relied upon as having been  authorized by the Fund, its
Investment Adviser, Investment Manager or Distributor.

     This transaction has not been approved or disapproved by the Securities and
Exchange  Commission nor has the Securities and Exchange Commission or any state
securities  commission passed upon the fairness or merits of such transaction or
on the accuracy or adequacy of the information  contained in this document.  Any
representation to the contrary is unlawful.


Exhibit (a)(1)(iv)

 FORM OF LETTER TO SHAREHOLDERS REGARDING ACCEPTANCE OF TENDER OF ALL SHARES
                        HELD BY SHAREHOLDERS

Date: __________________

Dear Shareholder:

     Oppenheimer  Tremont  Opportunity  Fund,  LLC (the "Fund") has received and
accepted for purchase your tender of your Shares in the Fund.

     Because  you  have  tendered  and  the  Fund  has  purchased   your  entire
investment,  you have been paid a note (the "Note")  entitling you to receive an
initial payment of 95% of the estimated  repurchase price based on the unaudited
Net Asset Value of the Fund as of March 31, 2006 (the "Valuation  Date"),  after
subtraction of any applicable charges, including a 1.00% Early Withdrawal Charge
that applies if the date as of which the Shares are to be valued for purposes of
the  repurchase  is less  than  one  year  following  the  date of your  initial
investment in the Fund, in accordance  with the terms of the  Repurchase  Offer.
You will  receive an initial  payment in this  amount via wire or check,  as per
your instructions on your Repurchase  Request Form. In accordance with the terms
of the Repurchase Offer, payment will be made within forty-five (45) days of the
Valuation  Date unless the Fund has  requested a withdrawal  of its capital from
any Hedge  Fund(s)  in order to fund the  repurchase  of  Shares,  in which case
payment will be made ten (10) business days after the Fund has received at least
90% of the aggregate amount withdrawn by the Fund from such Hedge Funds.

     The terms of the Note provide that a contingent  payment  representing  the
balance of the purchase  price,  if any, will be paid to you promptly  after the
completion of the Fund's March 31, 2006 fiscal  year-end audit and is subject to
fiscal year-end audit  adjustment.  This amount will be paid to you via wire, as
per your instructions on your Repurchase Request Form. We expect the audit to be
completed by the end of May 2006.

     The  Note is held by  OppenheimerFunds  Services  on your  behalf  for your
safety  and  convenience.  Once  payment  has been made to you in full under the
terms of the Note, the Note will be cancelled.

     Should  you have any  questions,  please  call your  financial  adviser  or
broker, or you can call OppenheimerFunds Services at 1.800.858.9826.

Sincerely,


OppenheimerFunds Services


Exhibit (a)(1)(v)

FORM OF LETTER TO SHAREHOLDERS REGARDING ACCEPTANCE OF TENDER OF A PORTION OF
                          SHARES HELD BY SHAREHOLDERS

Date: __________________


Dear Shareholder:

     Oppenheimer  Tremont  Opportunity  Fund,  LLC (the "Fund") has received and
accepted for purchase your tender of a portion of your Shares in the Fund.

     Because  you have  tendered  and the Fund has  purchased  a portion of your
investment,  you have been paid a note (the  "Note")  entitling  you to  receive
payment of 100% of the  estimated  repurchase  price based on the  unaudited Net
Asset  Value of the Fund as of March 31,  2006  (the  "Valuation  Date"),  after
subtraction  of any  applicable  charges,  including the 1.00% Early  Withdrawal
Charge  that  applies  if the date as of which the  Shares  are to be valued for
purposes  of the  repurchase  is less than one year  following  the date of your
initial  investment in the Fund, in accordance  with the terms of the Repurchase
Offer.  You will receive a payment in this amount via wire or check, as per your
instructions  on your  Repurchase  Request Form. In accordance with the terms of
the Repurchase  Offer,  payment will be made within  forty-five (45) days of the
Valuation  Date unless the Fund has  requested a withdrawal  of its capital from
any Hedge Funds in order to fund the repurchase of Shares, in which case payment
will be made ten (10)  business days after the Fund has received at least 90% of
the aggregate amount withdrawn by the Fund from such Hedge Funds.

     The  Note is held by  OppenheimerFunds  Services  on your  behalf  for your
safety  and  convenience.  Once  payment  has been made to you in full under the
terms of the Note, the Note will be cancelled.

     You remain a  Shareholder  of the Fund with  respect to the portion of your
Shares in the Fund that you did not tender.

     Should  you have any  questions,  please  call your  financial  adviser  or
broker, or you can call OppenheimerFunds Services at 1.800.858.9826.

Sincerely,


OppenheimerFunds Services


Exhibit (a)(1)(vi)

FORM OF PROMISSORY NOTE FOR PAYMENT REGARDING ACCEPTANCE OF TENDER OF ALL SHARES
                          HELD BY SHAREHOLDERS

     Pursuant  to  the  Offer  to  Purchase  (the  "Repurchase   Offer")  up  to
twenty-five  percent (25%) of Oppenheimer  Tremont  Opportunity Fund, LLC's (the
"Fund") aggregate  outstanding  limited liability company Shares ("Shares") at a
price  equal to the Net  Asset  Value on the  Valuation  Date upon the terms and
conditions set forth in the Repurchase Offer, the Fund hereby promises to pay in
cash, in the manner set forth below, to the person identified below as the payee
(the  "Payee") an amount  equal to the  estimated  Net Asset Value of the Shares
tendered,  determined  as of the  Valuation  Date in  accordance  with the asset
valuation policy of the Fund.

     This Note  entitles  the Payee to  receive an  initial  payment,  valued in
accordance with the terms of the Repurchase Offer,  equal to at least 95% of the
estimated value of the Shares (the "Initial  Payment") which will be paid to the
Payee in the form of a wire  within  forty-five  (45) days  after the  Valuation
Date,  unless the Fund has  requested a withdrawal of its capital from any Hedge
Fund(s) in order to fund the repurchase of Shares, in which case payment will be
made ten (10)  business  days  after the Fund has  received  at least 90% of the
aggregate  amount  withdrawn  by the Fund  from  such  Hedge  Fund(s).  An Early
Withdrawal  Charge  of  1.00%  of the  value  of  Shares  (or  portion  thereof)
repurchased  by the Fund will  apply if the date as of which the Shares is to be
valued for purposes of  repurchase  is less than one year  following the date of
the Payee's initial investment in the Fund. If applicable,  the Early Withdrawal
Charge will be deducted before payment of the proceeds of a repurchase.

     This Note also  entitles  the Payee to a  contingent  payment  equal to the
excess,  if any, of (x) the Net Asset  Value of the Shares (or portion  thereof)
repurchased by the Fund as of the date of such  repurchase,  determined based on
the audited  financial  statements of the Fund for the fiscal year in which such
repurchase was effective over (y) the Initial Payment. The contingent payment is
payable  promptly  after the  completion  of the audit of the  Fund's  financial
statements for the fiscal year ending March 31, 2006.

     Both the initial and contingent  payments  hereunder shall be paid in cash,
provided,  however, that if the Fund's Board determines that payment of all or a
portion of the purchase  price by a  distribution  of  marketable  securities is
necessary to avoid or mitigate any adverse effect of the Repurchase Offer on the
remaining  Shareholders  of the  Fund,  then  such  payment  shall  be  made  by
distributing  such  marketable  securities,  all as more fully  described in the
Repurchase Offer.

     Both the initial and contingent  payment of this Note shall be made by wire
to the Payee,  as per the Payee's  instruction on the  Repurchase  Request Form.
This Note may not be pledged,  assigned or otherwise  transferred  by the Payee.
This Note shall be construed  according to and governed by the laws of the State
of New York without giving effect to the conflict of laws principles thereof.

     Any  capitalized  term used  herein but not defined  herein  shall have the
meaning ascribed to it in the Repurchase Offer.



Payee: _______________________

                                    Oppenheimer Tremont Opportunity Fund, LLC



                                    By: _____________________________________


Exhibit (a)(1)(vii)

FORM OF PROMISSORY NOTE FOR PAYMENT REGARDING ACCEPTANCE OF TENDER OF A PORTION
                        OF SHARES HELD BY SHAREHOLDER

     Pursuant  to  the  Offer  to  Purchase  (the  "Repurchase   Offer")  up  to
twenty-five  percent (25%) of Oppenheimer  Tremont  Opportunity Fund, LLC's (the
"Fund") aggregate  outstanding  limited liability company Shares ("Shares") at a
price  equal to the Net  Asset  Value on the  Valuation  Date upon the terms and
conditions set forth in the Repurchase Offer, the Fund hereby promises to pay in
cash, in the manner set forth below, to the person identified below as the payee
(the  "Payee") an amount  equal to the  estimated  Net Asset Value of the Shares
tendered,  determined  as of the  Valuation  Date in  accordance  with the asset
valuation policy of the Fund.

     This Note  entitles  the Payee to receive a payment,  valued in  accordance
with the terms of the Repurchase Offer,  equal to at least 100% of the estimated
value of the Shares (the "Initial  Payment")  which will be paid to the Payee in
the form of a check or wire  within  forty-five  (45) days  after the  Valuation
Date,  unless the Fund has  requested a withdrawal of its capital from any Hedge
Fund(s) in order to fund the repurchase of Shares, in which case payment will be
made ten (10)  business  days  after the Fund has  received  at least 90% of the
aggregate  amount  withdrawn  by the Fund  from  such  Hedge  Fund(s).  An Early
Withdrawal  Charge  of  1.00%  of the  value  of  Shares  (or  portion  thereof)
repurchased  by the Fund will apply if the date as of which the Shares are to be
valued for purposes of  repurchase  is less than one year  following the date of
the Payee's initial investment in the Fund. If applicable,  the Early Withdrawal
Charge will be deducted before payment of the proceeds of a repurchase.

     The payment hereunder shall be paid in cash, provided, however, that if the
Fund's Board  determines  that payment of all or a portion of the purchase price
by a distribution of marketable securities is necessary to avoid or mitigate any
adverse  effect of the  Repurchase  Offer on the remaining  Shareholders  of the
Fund,  then  such  payment  shall  be  made  by  distributing   such  marketable
securities, all as more fully described in the Repurchase Offer.

     The  payment of this Note  shall be made by wire to the  Payee,  as per the
Payee's instruction on the Repurchase Request Form.

     This Note may not be pledged,  assigned  or  otherwise  transferred  by the
Payee. This Note shall be construed according to and governed by the laws of the
State of New York  without  giving  effect to the  conflict  of laws  principles
thereof.

     Any  capitalized  term used  herein but not defined  herein  shall have the
meaning ascribed to it in the Repurchase Offer.


Payee: _______________________

                                 Oppenheimer Tremont Opportunity Fund, LLC



                                 By: _____________________________________