Oppenheimer Senior Floating Rate Fund N-CSR Certified annual shareholder report (management investment company)

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 811-09373

Oppenheimer Senior Floating Rate Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(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: 7/31/2018

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	5
Fund Expenses	8
Statement of Investments	10
Statement of Assets and Liabilities	33
Statement of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	38
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	60
Federal Income Tax Information	61
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	62
Trustees and Officers	63
Privacy Notice	68

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	J.P. Morgan Leveraged  Loan Index
1-Year	3.96%	0.32%	4.79%
5-Year	3.87	3.13	4.30
10-Year	5.25	4.87	5.58

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. Fund returns include changes in share price, reinvested distributions, and a 3.50% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2      OPPENHEIMER SENIOR FLOATING RATE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 3.96% during the one-year reporting period, underperforming the J.P. Morgan Leveraged Loan Index (the “Index”), which returned 4.79%.

MARKET HIGHLIGHTS

Riskier investments, such as stocks, continued to gain value over the second half of 2017 in an environment of positive global economic growth, rising corporate earnings, and expectations that more business-friendly regulatory, tax, and fiscal policies from the U.S. government would continue to support stock prices. At the same time, interest rates in most major markets climbed gradually as some major central banks shifted to less accommodative monetary policies when labor markets strengthened and inflationary pressures intensified. In the United States, the Federal Reserve raised interest rates three

times over this reporting period and began to unwind its balance sheet.

Heightened volatility returned to the financial markets over the first seven months of 2018. Although several broad measures of global and U.S. stock market performance set new record highs in January 2018, financial markets soon encountered renewed concerns stemming from inflationary pressures in the United States and growing concerns over a potential global trade war.

For the one-year period ended July 31, 2018, the J.P. Morgan Leveraged Loan Index

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

3      OPPENHEIMER SENIOR FLOATING RATE FUND

returned 4.79% and continued to demonstrate less sensitivity to the increased volatility across equity and the broader fixed-income markets. In comparison, high yield, as represented by the J.P. Morgan Domestic High Yield Index, returned 1.18% as the high yield sector has experienced pressure due to swings in equities, fixed income and oil markets. For a period that has been characterized by rising Treasury rates and volatility, loans have performed well.

FUND REVIEW

The primary detractor from relative performance this period was security selection in the Retail sector, where a children’s apparel company filed for Chapter 11 bankruptcy in early 2018. It has since emerged from bankruptcy with a significantly de-leveraged balance sheet. We believe the potential recovery value is greater than its current market valuation and continue to maintain a position. Other detractors included security selection within the Healthcare and Consumer Products sectors.

During the reporting period, the Fund experienced its strongest outperformance versus the Index in the Financial sector, where security selection benefited. A strong driver

of performance in the Financial sector was a registered investment advisory firm that has continued to see strong demand for its loans. Other top contributors included security selection in the Metals and Mining and Telecommunications sectors.

STRATEGY & OUTLOOK

At the end of the reporting period, relative to the Index, the Fund had modest overweights in the Broadcasting, Metals and Mining, and Telecommunications sectors and modest underweights in the Technology, Healthcare, and Industrials sectors. The overall credit quality of the portfolio has improved during the reporting period. In the current market environment, the team has found that on a relative value basis, loans issued by companies with less leverage on their balance sheets tend to offer better risk-adjusted return characteristics than those with more debt.

At period end, the overall credit quality of the loan market is also solid with defaults of approximately 2.5%. While select sectors, such as Healthcare and Retail, are experiencing challenges specific to their industries, we believe credit fundamentals can continue to remain healthy for the remainder of 2018.

	Joseph Welsh, CFA Portfolio Manager		David Lukkes, CFA Portfolio Manager

4      OPPENHEIMER SENIOR FLOATING RATE FUND

Top Holdings and Allocations

TOP TEN CORPORATE LOAN INDUSTRIES

Media	17.1%
Internet Software & Services	9.9
Commercial Services & Supplies	8.9
Health Care Equipment & Supplies	8.2
Hotels, Restaurants & Leisure	6.7
Diversified Telecommunication Services	5.5
Energy Equipment & Services	4.2
Commercial Banks	4.2
Beverages	3.3
Industrial Conglomerates	3.1

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2018, and are based on net assets.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA		5.4%
BBB		1.6
BB		36.4
B		44.8
CCC		1.8
CC		0.0
Unrated		10.0
Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of July 31, 2018, and are subject to change. Except for securities labeled “Unrated,” all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as S&P Global Ratings (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Sub-Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. Fund assets invested in Oppenheimer Institutional Government Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

For more current Fund holdings, please visit oppenheimerfunds.com.

5      OPPENHEIMER SENIOR FLOATING RATE FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/18

	Inception Date		1-Year			5-Year			10-Year
Class A (OOSAX)		9/8/99		3.96	%		3.87	%		5.25	%
Class C (OOSCX)		9/8/99		3.18			3.10			4.62
Class I (OOSIX)		10/26/12		4.31			4.18			4.56	*
Class R (OOSNX)		10/26/12		3.82			3.61			3.96	*
Class Y (OOSYX)		11/28/05		4.21			4.12			5.52
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18
	Inception Date		1-Year			5-Year			10-Year
Class A (OOSAX)		9/8/99		0.32	%		3.13	%		4.87	%
Class C (OOSCX)		9/8/99		2.18			3.10			4.62
Class I (OOSIX)		10/26/12		4.31			4.18			4.56	*
Class R (OOSNX)		10/26/12		3.82			3.61			3.96	*
Class Y (OOSYX)		11/28/05		4.21			4.12			5.52

*Shows performance since inception

STANDARDIZED YIELDS
For the 30 Days Ended 7/31/18
Class A	4.43	%
Class C	3.84
Class I	4.95
Class R	4.34
Class Y	4.84

UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 7/31/18
Class A	4.42	%
Class C	3.83
Class I	4.94
Class R	4.33
Class Y	4.83

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. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). 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 3.50% and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class I, R and Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

6      OPPENHEIMER SENIOR FLOATING RATE FUND

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended July 31, 2018 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended July 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The Fund’s performance is compared to the performance of the J.P. Morgan Leveraged Loan Index, which tracks the performance of U.S. dollar denominated senior floating rate bank loans. The Index is unmanaged and cannot be purchased directly by investors. 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 comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on July 31, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      OPPENHEIMER SENIOR FLOATING RATE FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; 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, 2018.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section 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 first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides 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 for each class 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). Therefore, the “hypothetical” section of the table is 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.

8      OPPENHEIMER SENIOR FLOATING RATE FUND

Actual	Beginning Account Value February 1, 2018		Ending Account Value July 31, 2018		Expenses Paid During 6 Months Ended         July 31, 2018
Class A	$	1,000.00	$	1,015.00	$	5.51
Class C		1,000.00		1,011.20		9.27
Class I		1,000.00		1,016.80		3.71
Class R		1,000.00		1,013.70		6.76
Class Y		1,000.00		1,016.20		4.26
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.34		5.52
Class C		1,000.00		1,015.62		9.29
Class I		1,000.00		1,021.12		3.72
Class R		1,000.00		1,018.10		6.78
Class Y		1,000.00		1,020.58		4.27

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2018 are as follows:

Class	Expense Ratios
Class A		1.10%
Class C		1.85
Class I		0.74
Class R		1.35
Class Y		0.85

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS July 31, 2018

	Principal Amount		Value
Corporate Loans—94.6%
Consumer Discretionary—30.3%
Auto Components—0.1%
Tower Automotive Holdings USA LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.875%,[LIBOR12+275], 3/7/241	$	18,472,391	$	18,553,206
Automobiles—0.5%
Federal-Mogul Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C, 5.82%-5.83%,[LIBOR12+375], 4/15/211		80,753,122		81,068,463
Distributors—2.5%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 4.73%,[LIBOR12+275], 8/25/211		29,815,712		29,741,173
Tranche B6, 5.319%,[LIBOR4+300], 6/22/231		19,480,546		19,389,182
Alphabet Holdings Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 9/26/241		46,746,925		43,971,326
Ascena Retail Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.625%,[LIBOR12+450], 8/21/221		23,670,412		21,732,397
Bass Pro Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.97%-7.077%,[LIBOR12+500], 9/25/241		59,362,734		59,919,260
Belk, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.088%,[LIBOR4+475], 12/12/221		13,585,000		10,761,290
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR12+250], 8/18/231		10,565,676		10,543,224
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.569%,[LIBOR4+425], 6/23/231		14,151,599		13,712,333
Jo-Ann Stores LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.509%,[LIBOR4+500], 10/20/231		5,420,949		5,441,305
Michaels Stores, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.572%-4.594%,[LIBOR12+250], 1/30/231		21,102,497		21,119,063
Party City Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.83%,[LIBOR4+275], 8/19/221		18,801,530		18,834,244
Petco Animal Supplies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.609%,[LIBOR4+300], 1/26/231		43,747,719		31,580,384
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.10%,[LIBOR12+300], 3/11/221		86,157,892		71,815,188
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 6/8/241		27,348,464		27,454,440
				386,014,809
Diversified Consumer Services—0.7%
4L Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.577%,[LIBOR4+450], 5/8/201		52,889,607		50,311,238
IQOR US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.337%,[LIBOR4+500], 4/1/211		50,785,640		50,531,712
IQOR US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.087%,[LIBOR4+875], 4/1/221		7,155,000		6,854,490
				107,697,440

10      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Hotels, Restaurants & Leisure—6.7%
24 Hour Fitness Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.572%,[LIBOR12+350], 5/30/251	$	28,750,000	$	28,881,819
Boyd Gaming Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.45%,[LIBOR52+250], 9/15/231		24,548,556		24,719,537
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.844%,[LIBOR4+275], 12/23/241		222,322,800		223,486,660
CDS US Intermediate Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.09%,[LIBOR4+375], 7/8/221		14,972,191		14,874,872
CEOC LLC, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 4.077%,[LIBOR12+200], 10/7/241		39,342,820		39,342,820
Churchill Downs, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.10%,[LIBOR12+200], 12/27/241		13,397,675		13,428,356
CityCenter Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 4/18/241		53,861,324		53,999,478
Delta 2 Lux Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.577%,[LIBOR12+250], 2/1/241		68,618,490		68,318,284
Eldorado Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.375%,[LIBOR4+225], 4/17/241		37,354,455		37,424,495
Everi Payments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR12+300], 5/9/241		42,798,348		43,005,706
Fitness & Sports Clubs LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.291%-5.753%,[LIBOR4+325], 4/18/251		8,493,977		8,562,990
Four Seasons Hotels Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.077%,[LIBOR12+200], 11/30/231		10,490,250		10,504,307
Gateway Casinos & Entertainment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.473%,[LIBOR4+300], 12/1/231		11,570,000		11,627,850
GVC Holdings plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.48%,[LIBOR4+275], 3/29/241		27,900,075		27,991,587
Penn National Gaming, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.577%,[LIBOR12+250], 1/19/241		4,288,538		4,312,682
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.827%-4.921%,[LIBOR6+275], 8/14/241		77,685,200		77,830,860
Stars Group Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.831%,[LIBOR4+350], 7/10/251		113,195,000		114,368,266
Station Casinos LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 6/8/231		62,277,719		62,519,980
Town Sports International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 11/15/201		35,776,155		35,641,994
VICI Properties 1 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.081%,[LIBOR12+350], 12/20/241		3,725,111		3,734,125
Weight Watchers International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.85%-7.09%,[LIBOR12+475], 11/29/241		105,222,926		106,686,577

11      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Wyndham Hotels & Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.842%,[LIBOR4+200], 5/30/251	$	13,580,000	$	13,628,820
				1,024,892,065
Household Durables—2.4%
ABG Intermediate Holdings 2 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 9/27/241		20,596,608		20,657,780
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.594%,[LIBOR12+450], 4/6/241		22,060,000		22,197,875
Coty, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.347%,[LIBOR4+225], 4/7/251		51,535,000		50,391,696
Hanesbrands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.092%,[LIBOR12+175], 12/16/241		4,503,684		4,523,410
HLF Financing Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.577%,[LIBOR12+550], 2/15/231		27,994,063		28,176,024
International Textile Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.092%,[LIBOR4+500], 5/1/241		18,412,000		18,561,690
Lifetime Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 5.577%,[LIBOR12+350], 2/28/251		4,340,922		4,346,348
Tranche B, 5.577%,[LIBOR12+350], 3/13/251		3,634,091		3,638,634
Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.482%-5.594%,[LIBOR12+350], 9/7/231		69,821,200		51,651,978
Rodan & Fields LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.072%,[LIBOR12+400], 6/6/251		38,130,000		38,451,817
Serta Simmons Bedding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.587%-5.592%,[LIBOR4+350], 11/8/231		119,288,931		100,370,899
SIWF Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.322%,[LIBOR12+425], 6/15/251		22,640,000		22,767,350
Varsity Brands Holdings Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.815%,[LIBOR12+350], 12/16/241		4,503,684		4,510,507
				370,246,008
Media—17.1%
Acosta, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 9/26/211		35,816,254		28,065,437
Advantage Sales & Marketing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 7/23/211		13,940,535		13,217,439
Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 4.822%,[LIBOR4+275], 7/15/251		39,238,263		38,257,306
Tranche B, 4.822%,[LIBOR4+275], 1/31/261		1,970,075		1,919,592
Tranche B13, 6.083%,[LIBOR4+400], 1/31/261		43,960,000		43,077,283
Altice US Finance I Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 7/28/251		41,228,696		41,112,843
Camelot Finance LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 10/3/231		17,251,842		17,303,598
CBS Radio, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.831%,[LIBOR4+275], 11/18/241		37,481,290		37,116,035

12      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Media (Continued)
Checkout Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 4/9/211	$	77,608,408	$	49,502,911
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 9.052%,[LIBOR4+675], 1/30/191,2		395,239,541		308,452,843
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 9.802%,[LIBOR4+750], 7/30/191,2		49,202,030		38,268,109
Cogeco Communications USA II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.452%,[LIBOR12+237.5], 1/3/251		24,865,000		24,890,860
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.322%,[LIBOR12+225], 7/17/251		53,269,893		53,065,336
Tranche B, 4.572%,[LIBOR4+250], 1/25/261		6,783,000		6,787,239
Deluxe Entertainment Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.859%,[LIBOR4+550], 2/28/201		42,610,816		41,581,126
Endemol, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.058%,[LIBOR4+575], 8/13/211		12,746		12,831
Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.572%,[LIBOR4+350], 10/18/191		18,518,926		18,189,011
Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.34%,[LIBOR12+250], 2/7/241		26,161,282		26,190,713
Harland Clarke Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 7.084%,[LIBOR4+475], 11/3/231		43,141,917		41,588,808
Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B3, 5.827%,[LIBOR4+375], 11/27/231		52,975,000		53,198,554
Tranche B4, 6.577%,[LIBOR4+450], 1/2/241		8,985,000		9,445,526
ION Media Networks, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%,[LIBOR6+275], 12/18/201		78,338,473		78,583,281
Liberty Cablevision of Puerto Rico LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.839%,[LIBOR4+350], 1/7/221		62,270,000		61,102,437
Lions Gate Capital Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.314%,[LIBOR4+225], 3/24/251		39,421,200		39,593,668
MacDonald Dettwiler & Associates Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.854%,[LIBOR4+250], 10/4/241		47,261,183		47,283,160
MediArena Acquisition BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.087%,[LIBOR4+575], 8/13/211		54,229,915		54,589,188
Meredith Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR6+300], 1/31/251		26,254,200		26,370,900
Metro-Goldwyn-Mayer, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.841%,[LIBOR4+250], 6/28/251		25,780,000		25,836,458
Metro-Goldwyn-Mayer, Inc., Sr. Sec. Credit Facilities 2st Lien Term Loan, Tranche B, 6.841%,[LIBOR4+450], 6/28/261		19,405,000		19,405,000
Mission Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.592%,[LIBOR12+250], 1/17/241		16,199,677		16,235,073
Monarchy Enterprises Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.602%,[LIBOR4+650], 10/13/221,3		111,945,000		111,385,275

13      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Media (Continued)
NEP/NCP Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.552%,[LIBOR12+325], 7/21/221	$	52,756,414	$	52,756,414
Nexstar Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.592%,[LIBOR12+250], 1/17/241		121,517,785		121,783,301
Radiate Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 2/1/241		94,237,725		93,501,728
Red Ventures LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.077%, [LIBOR4+400], 11/8/241		44,464,383		44,942,375
Rovi Solutions Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.58% ,[LIBOR12+250], 7/2/211		20,621,836		20,677,721
Sable International Finance Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5.344%,[LIBOR12+325], 2/2/261		31,495,000		31,548,227
SFR Group SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.822%,[LIBOR4+275], 7/31/251		15,425,643		14,758,484
Tranche B12, 5.072%,[LIBOR4+300], 1/31/261		53,552,590		51,986,177
Sinclair Television Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 3.913%,[LIBOR12+225], 12/12/241		71,895,000		71,868,039
Tranche B2, 4.33%,[LIBOR12+225], 1/3/241		69,841,154		69,906,804
SpeedCast International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.001%,[LIBOR4+250], 5/3/251		23,510,000		23,627,550
Technicolor SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.057%,[LIBOR4+275], 12/6/231		25,289,875		24,236,046
Telenet Financing USD LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.322%,[LIBOR12+225], 8/15/261		49,435,000		49,211,801
Telesat LL, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.84%,[LIBOR4+250], 11/17/231		21,143,249		21,213,656
Tribune Media Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%, [LIBOR12+300], 1/26/241		54,600,025		54,645,616
Unitymedia Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.322%,[LIBOR4+225], 1/15/261		15,220,000		15,194,583
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C5, 4.827%,[LIBOR12+275], 3/15/241		155,714,002		151,388,267
UPC Financing Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AR, 4.572%,[LIBOR4+250], 1/15/261		64,256,000		64,055,200
Virgin Media Bristol LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche K, 4.572%,[LIBOR12+250], 1/15/261		76,510,000		76,508,087
WideOpenWest Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.329%,[LIBOR12+325], 8/18/231		77,357,669		74,360,060
William Morris Endeavor Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.93%,[LIBOR6+275], 5/18/251		17,859,126		17,818,229
WMG Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.219%,[LIBOR12+212.5], 11/1/231		28,042,000		27,970,212
Ziggo Secured Finance Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 4.572%,[LIBOR12+250], 4/15/251		85,455,000		85,033,280
				2,630,619,697

14      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Multiline Retail—0.3%
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR12+325], 10/25/201	$	47,319,926	$	41,917,410
Consumer Staples—3.3%
Beverages—3.3%
1011778 BC ULC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%-4.344%,[LIBOR12+225], 2/16/241		94,679,097		94,738,271
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.383%-6.25%,[LIBOR4+275], 4/6/241		46,833,380		46,820,735
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.828%-4.844%,[LIBOR12+275], 10/4/231		101,939,842		102,371,557
Hearthside Group Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.064%,[LIBOR12+300], 5/17/251		37,065,000		36,841,127
Hostess Brands LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.344%,[LIBOR12+225], 8/3/221		27,496,611		27,538,268
IRB Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.255%-5.28%,[LIBOR12+325], 2/5/251		17,910,113		18,044,438
JBS USA LUX SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.834%-4.835%,[LIBOR4+250], 10/30/221		28,019,066		28,029,012
KFC Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.829%,[LIBOR12+175], 4/3/251		13,550,067		13,556,842
Mastronardi Produce Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.342%,[LIBOR12+325], 5/1/251		7,235,000		7,280,219
Nomad Foods Europe Midco Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.322%,[LIBOR12+225], 5/15/241		29,908,890		29,803,013
Nomad Foods US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.322%,[LIBOR12+225], 5/15/241		14,942,000		14,889,105
NPC International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR12+350], 4/19/241		11,042,162		11,149,161
Sigma US Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.092%,[LIBOR4+325], 7/2/251		45,200,000		45,139,432
Sunshine Investments BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.593%,[LIBOR4+325], 3/28/251		15,725,000		15,774,141
Tacala Investment Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.342%,[LIBOR4+325], 1/31/251		11,491,200		11,532,856
				503,508,177
Energy—4.7%
Energy Equipment & Services—4.2%
AL Midcoast Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.826%,[LIBOR4+550], 6/28/251		26,395,000		26,691,944
Apergy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.625%,[LIBOR12+250], 5/9/251		9,040,000		9,085,200
Ascent Resources - Marcellus LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.60%,[LIBOR12+650], 3/30/231		8,041,514		8,073,680
BCP Renaissance Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.863%,[LIBOR4+350], 10/31/241		42,580,000		42,804,822
Bison Midstream Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.086%,[LIBOR12+400], 5/21/251		27,130,000		26,734,445

15      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Energy Equipment & Services (Continued)
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 12.439%,[LIBOR12+1,037.5], 12/31/211	$	15,525,000	$	17,164,828
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.831%,[LIBOR12+475], 12/31/221		22,800,000		23,236,962
Chesapeake Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.577%,[LIBOR4+750], 8/23/211		27,487,272		28,803,225
Delek US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.577%,[LIBOR4+250], 3/31/251		22,110,585		22,138,334
Drillship Kithira Owners, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 8.00%, 9/20/24		40,849,939		43,041,334
Eastern Power LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.844%,[LIBOR12+375], 10/2/231		47,048,052		47,353,159
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.327%,[LIBOR12+525], 4/11/221		62,917,646		63,122,128
Floatel International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.334%,[LIBOR4+500], 6/27/201		9,939,196		8,746,492
GIP III Stetson I LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.598%,[LIBOR4+425], 7/18/251		22,690,000		22,824,779
Gulf Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.59%,[LIBOR4+525], 8/25/231		15,417,981		13,394,371
HFOTCO LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.09%,[LIBOR4+275], 6/26/251		14,550,000		14,561,349
HGIM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10.00%,[PRIME4+500], 7/3/231		9,039,390		9,110,982
Larchmont Resources LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A, 11.33%,[LIBOR4+900], 8/7/201,3,5		7,049,908		6,979,409
Limetree Bay Terminals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.067%,[LIBOR12+400], 2/15/241		37,127,115		36,932,198
Lucid Energy Group II Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.079%,[LIBOR12+300], 2/17/251		15,266,738		14,827,819
McDermott Technology Americas, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.094%,[LIBOR12+500], 5/12/251		34,476,350		34,741,473
MEG Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.81%,[LIBOR4+350], 12/31/231		4,207,043		4,225,449
Pacific Drilling SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.875%,[LIBOR4+450], 6/3/191,2		7,090,658		2,689,132
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.334%,[LIBOR4+600], 2/21/211		55,075,909		51,633,664
Sheridan Production Partners II-A LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%,[LIBOR4+350], 12/16/201		4,937,026		4,468,008
Sheridan Production Partners II-M LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.81%,[LIBOR4+350], 12/16/201		1,829,268		1,655,488
Traverse Midstream Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.34%,[LIBOR4+400], 9/27/241		25,813,798		25,948,158

16      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Energy Equipment & Services (Continued)
Ultra Resources, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 5.079%,[LIBOR4+300], 4/12/241	$	36,825,000	$	33,763,922
				644,752,754
Oil, Gas & Consumable Fuels—0.5%
Sheridan Investment Partners II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%,[LIBOR4+350], 12/16/201		35,603,635		32,221,290
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.584%,[LIBOR4+425], 8/4/211		44,628,148		38,435,992
				70,657,282
Financials—5.9%
Capital Markets—0.8%
Aretec Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.344%,[LIBOR12+425], 11/23/201,5		29,593,784		29,797,242
Aretec Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.594%,[LIBOR12+450], 5/23/211,5,6		88,086,079		88,526,509
				118,323,751
Commercial Banks—4.2%
Acrisure LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.086%-6.592%,[LIBOR4+375], 11/22/231		58,368,153		58,496,434
Alliant Holdings Intermediate LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.078%,[LIBOR12+300], 5/9/251		45,861,163		45,915,967
AmWINS Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+275], 1/25/241		31,191,677		31,233,942
Blucora, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.334%,[LIBOR4+300], 5/22/241		13,538,471		13,606,164
Brookfield Retail Holdings VII Sub 3 LLC, Sr. Sec.
Credit Facilities 1st Lien Term Loan, Tranche B, 4.795%,[LIBOR4+250], 5/7/251		56,490,000		56,107,563
Capital Automotive LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 3/25/241		13,051,402		13,073,850
DTZ US Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.943%-5.609%,[LIBOR4+325], 11/4/211		36,984,679		37,073,072
Focus Financial Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR4+275], 7/3/241		11,199,518		11,211,222
HUB International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.335%,[LIBOR4+300], 4/25/251		67,721,667		67,760,607
Hyperion Insurance Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.625%,[LIBOR12+350], 12/20/241		28,880,137		29,045,621
iStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.832%-4.852%,[LIBOR4+300], 10/1/211		23,334,017		23,377,768
Jane Street Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.844%,[LIBOR12+375], 8/25/221		6,403,938		6,475,982
Mayfield Agency Borrower, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.594%,[LIBOR4+450], 2/28/251		22,280,000		22,391,400
NFP Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR12+350], 1/8/241		48,342,860		48,335,366

17      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Banks (Continued)
Uniti Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.094%,[LIBOR12+300], 10/24/221	$	107,419,988	$	103,033,492
USI, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR4+300], 5/16/241		72,414,904		72,306,281
				639,444,731
Consumer Finance—0.2%
PGX Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.33%,[LIBOR12+525], 9/29/201		24,977,888		24,462,720
PGX Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.98%,[LIBOR12+900], 9/29/211,3		10,846,618		10,304,287
				34,767,007
Insurance—0.7%
AssuredPartners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR12+325], 10/22/241		48,687,975		48,803,609
Sedgwick Claims Management Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR4+275], 3/1/211		58,333,265		58,333,265
				107,136,874
Health Care—8.2%
Health Care Equipment & Supplies—8.2%
21st Century Oncology, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 8.465%,[LIBOR4+612.5], 1/16/231		10,203,296		9,824,907
Acadia Healthcare Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.577%,[LIBOR12+250], 2/11/221		2,839,601		2,855,929
Tranche B4, 4.594%,[LIBOR12+250], 2/16/231		19,986,930		20,101,854
Air Medical Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.347%,[LIBOR12+325], 4/28/221		34,518,396		33,562,927
Tranche B, 6.329%,[LIBOR12+325], 3/14/251		14,248,400		14,079,200
Akorn, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan,
Tranche B, 6.875%,[LIBOR12+425], 4/16/211		11,281,001		11,107,048
Alliance HealthCare Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.272%-6.48%,[LIBOR4+425], 10/24/231		24,404,627		24,516,523
Amneal Pharmaceuticals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.625%,[LIBOR4+300], 5/4/251		43,461,548		43,842,054
Ardent Health Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.602%,[LIBOR12+450], 6/30/251		39,055,000		39,396,731
ASP AMC Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 4/22/241		45,479,098		41,977,208
Bausch Health Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.092%,[LIBOR4+300], 6/2/251		33,829,330		33,916,948
Carestream Dental Equipment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.584%,[LIBOR4+325], 9/1/241		7,160,888		7,149,716
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.094%,[LIBOR4+400], 6/7/191		9,425,004		9,433,392
Change Healthcare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR12+275], 3/1/241		107,938,688		107,901,449

18      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
CHS/Community Health Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche H, 5.557%,[LIBOR4+300], 1/27/211	$	56,290,102	$	55,395,089
Concentra, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.85%,[LIBOR4+275], 6/1/221		11,220,000		11,250,406
CVS Holdings I LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.10%,[LIBOR4+300], 2/6/251		31,361,400		31,165,391
DJO Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.151%-5.587%,[LIBOR12+325], 6/8/201		54,652,573		54,652,573
Endo International plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.375%,[LIBOR12+425], 4/29/241		46,756,687		46,878,488
Envision Healthcare Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.08%,[LIBOR12+300], 12/1/231		12,847,378		12,863,437
Equian Buyer Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.577%,[LIBOR12+325], 5/20/241		2,104,986		2,110,249
Genoa a Qol Healthcare Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.327%,[LIBOR12+325], 10/30/231		17,319,481		17,416,903
Gentiva Health Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.125%,[LIBOR4+375], 7/2/251		75,128,679		75,833,011
Heartland Dental LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.73%,[LIBOR12+375], 4/30/251		14,976,744		14,890,178
Heartland Dental LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan Delayed Draw, 1.875%, 4/30/254		2,252,227		2,239,209
Jaguar Holding Co. II, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR4+250], 8/18/221		34,662,385		34,720,965
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.584%,[LIBOR4+325], 2/2/241		15,924,150		15,992,146
LifeCare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche A, 7.584%,[LIBOR4+525], 11/30/181		37,769,005		25,494,079
LifeScan Global Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.312%,[LIBOR4+600], 6/8/241		36,175,000		35,270,625
Mallinckrodt International Finance SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.203%,[LIBOR4+275], 9/24/241		11,657,537		11,495,439
Tranche B, 5.517%,[LIBOR4+300], 2/24/251		40,648,125		40,394,277
MPH Acquisition Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.084%,[LIBOR4+300], 6/7/231		63,265,880		63,341,167
National Mentor Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR4+300], 1/31/211		34,704,665		34,856,498
New Trident Holdcorp, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.094%,[LIBOR4+575], 7/31/191,6		13,319,482		9,590,027
One Call Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.322%,[LIBOR12+525], 11/27/221		23,870,753		23,005,438
Ortho-Clinical Diagnostics SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.336%,[LIBOR12+325], 6/30/251		54,613,482		54,637,785
PAREXEL International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR4+300], 9/27/241		11,673,321		11,651,434
Select Medical Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%-6.50%,[PRIME4+175], 3/1/211		21,524,208		21,631,937
Sotera Health Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR12+300], 5/15/221		2,252,889		2,256,764

19      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Surgery Center Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.35%,[LIBOR4+325], 9/2/241	$	35,465,363	$	35,528,136
Team Health Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 2/6/241		53,297,856		51,898,787
US Anesthesia Partners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 6/23/241		1,785,980		1,789,141
Vizient, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.827%,[LIBOR12+275], 2/13/231		2,489,420		2,498,755
VVC Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.086%,[LIBOR12+425], 6/28/251		36,220,000		35,586,150
Wink Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR4+300], 12/2/241		21,193,500		21,153,762
				1,257,154,132
Industrials—16.0%
Aerospace & Defense—0.3%
Doncasters US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.834%,[LIBOR4+350], 4/9/201		19,023,412		17,786,890
Genuine Financial Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.817%,[LIBOR4+375], 6/27/251		36,220,000		36,220,000
				54,006,890
Commercial Services & Supplies—8.9%
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.844%,[LIBOR12+375], 2/27/251		13,547,809		13,605,387
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 3.75%, 2/27/254		1,692,237		1,699,429
AI Aqua Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.327%,[LIBOR12+325], 12/13/231		30,277,702		30,230,469
AI Aqua ZIP Bidco Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 12/13/231		11,823,063		11,804,619
Allied Universal Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.827%,[LIBOR4+375], 7/28/221		79,204,291		78,214,237
Asurion LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 5.077%,[LIBOR12+275], 8/4/221		64,690,351		64,753,748
Tranche B6, 5.077%,[LIBOR12+275], 11/3/231		71,269,386		71,274,019
Tranche B7, 5.325%,[LIBOR12+300], 11/29/241		10,865,000		10,865,000
Asurion LLC, Sr. Sec. Credit Facilities 2st Lien Term Loan, 8.825%,[LIBOR12+650], 8/4/251		27,940,000		28,394,025
ATS Consolidated, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.822%,[LIBOR12+375], 2/28/251		39,517,088		39,702,423
Belron Finance US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.863%,[LIBOR4+250], 11/7/241		26,034,175		26,148,075
Blackhawk Network Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.072%,[LIBOR4+300], 6/15/251		40,690,000		40,825,701
Boing US Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.613%,[LIBOR4+325], 10/3/241		42,720,915		42,961,220
Casmar Australia Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.834%,[LIBOR4+450], 12/8/231		18,715,000		17,919,612

20      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Ceridian HCM Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 4/30/251	$	34,355,000	$	34,440,887
CEVA Group plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.577%-7.859%,[LIBOR4+550], 3/19/211		3,626,161		3,625,182
CEVA Group plc, Sr. Sec. Credit Facilities Letter of Credit 1st Lien Term Loan, 6.50%-7.859%,[LIBOR4+550], 3/19/211		15,447,329		15,434,113
CEVA Logistics Finance BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.083%,[LIBOR4+375], 7/24/251		26,620,000		26,653,275
Cotiviti Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.33%-4.59%,[LIBOR4+250], 9/28/231		36,296,110		36,356,543
Crossmark Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 12/20/191		50,274,086		32,929,527
Crossmark Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.834%,[LIBOR4+750], 12/21/201		9,500,000		1,292,000
Engility Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.844%,[LIBOR12+275], 8/14/231		22,098,314		22,181,183
First Advantage, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.592%,[LIBOR4+525], 6/30/221		15,555,577		15,555,577
First American Payment Systems LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.836%,[LIBOR12+475], 1/5/241		14,437,500		14,590,898
Garda World Security Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.80%,[LIBOR4+350], 5/24/241		57,182,610		57,343,579
IG Investments Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 5/23/251		60,761,701		61,040,293
Inmar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR6+350], 5/1/241		50,282,100		50,480,966
KUEHG Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.052%,[LIBOR4+375], 8/12/221		33,745,904		33,879,369
Laureate Education, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 4/26/241		35,120,183		35,246,967
Learning Care Group US No. 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.336%-5.344%,[LIBOR4+325], 3/13/251		5,391,488		5,416,207
Legalzoom.com, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.581%,[LIBOR4+450], 11/21/241		24,575,182		24,667,339
Livingston International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.084%,[LIBOR4+575], 3/20/201		22,383,553		22,355,685
Livingston International, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.584%,[LIBOR4+825], 4/17/201		9,700,330		9,191,063
LS Deco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.834%,[LIBOR4+350], 5/21/221		24,602,775		24,802,795
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 7.834%,[LIBOR4+550], 9/30/221		34,766,065		32,636,643
Sarbacane Bidco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.08%,[LIBOR4+300], 1/29/251		5,376,525		5,364,186
Savage Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.58%,[LIBOR12+450], 6/26/251		57,600,000		57,852,288
Securus Technologies Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.832%-6.577%,[LIBOR4+450], 11/1/241		35,127,581		35,281,264

21      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Services & Supplies (Continued)
SMG US Midco 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.344%,[LIBOR6+325], 1/23/251	$	4,478,775	$	4,494,630
Staples, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.358%,[LIBOR4+400], 9/12/241		82,326,300		81,721,202
TKC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.85%,[LIBOR12+375], 2/1/231		25,424,185		25,455,965
Travelport Finance Luxembourg Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%,[LIBOR4+275], 3/17/251		88,065,000		88,065,000
Trident LS Merger Sub Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.342%,[LIBOR4+325], 5/1/251		18,080,000		18,177,903
USIC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.327%,[LIBOR12+325], 12/8/231		7,216,283		7,225,304
XPO Logistics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.064%,[LIBOR4+200], 2/24/251		9,707,000		9,737,334
				1,371,893,131
Industrial Conglomerates—3.1%
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.827%,[LIBOR12+375], 2/1/221		30,462,450		30,592,677
Energy Acquisition Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.589%,[LIBOR4+425], 6/22/251		21,615,000		21,669,038
Gardner Denver, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 7/30/241		16,387,363		16,445,128
Gates Global LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.084%,[LIBOR4+300], 4/1/241		39,910,372		40,061,633
GrafTech Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.59%,[LIBOR12+350], 2/12/251		26,545,000		26,586,543
Harsco Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.375%,[LIBOR12+300], 12/6/241		14,082,552		14,173,526
MACOM Technology Solutions Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.344%,[LIBOR12+225], 5/17/241		29,755,195		29,500,937
Pelican Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.483%,[LIBOR4+350], 5/1/251		9,469,854		9,503,377
Robertshaw US Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.625%,[LIBOR12+350], 2/28/251		15,351,525		15,313,146
Titan Acquisition Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.094%,[LIBOR12+300], 3/28/251		36,084,563		35,540,768
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche E, 4.594%,[LIBOR12+250], 5/30/251		40,841,563		40,876,890
Tranche F, 4.594%,[LIBOR12+250], 6/9/231		45,561,700		45,640,521
Tranche G, 4.594%,[LIBOR4+250], 8/22/241		21,167,630		21,202,557
Vectra Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.344%,[LIBOR12+325], 3/8/251		21,885,000		21,912,356
Vertiv Intermediate Holding II Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.039%-6.10%,[LIBOR12+400], 11/30/231		61,296,918		61,002,999
Wencor Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 6/19/211		12,080,292		11,818,512

22      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Industrial Conglomerates (Continued)
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.28%,[LIBOR4+375], 4/30/251	$	20,825,000	$	20,877,062
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.098%,[LIBOR4+375], 4/30/251		5,155,000		5,167,888
Zodiac Pool Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR4+225], 7/2/251		4,500,000		4,509,360
				472,394,918
Professional Services—0.3%
AVSC Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.35%-5.423%,[LIBOR4+375], 3/3/251		40,331,743		40,117,582
Road & Rail—1.8%
American Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.827%,[LIBOR12+175], 6/27/251		18,080,000		17,805,003
Arctic LNG Carriers Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.577%,[LIBOR12+450], 5/18/231		26,601,300		26,742,686
CH Hold Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.98%,[LIBOR12+300], 2/1/241		19,518,033		19,652,220
Daseke Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.077%,[LIBOR12+500], 2/27/241		12,835,622		12,931,889
Kenan Advantage Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B1, 5.094%,[LIBOR12+300], 7/29/221		15,482,981		15,434,596
Tranche B2, 5.094%,[LIBOR12+300], 7/29/221		1,705,767		1,700,437
Western Express, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.557%,[LIBOR4+825], 2/23/221,3		167,344,000		176,447,513
				270,714,344
Transportation Infrastructure—1.6%
American Axle & Manufacturing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.32%,[LIBOR12+225], 4/6/241		34,451,900		34,430,368
Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.557%,[LIBOR4+500], 5/19/231		19,517,850		19,566,645
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR4+325], 3/20/251		27,943,371		27,768,725
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR12+325], 3/20/251		246,473		244,932
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 1.00%, 3/20/254		4,235,193		4,208,723
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.60%,[LIBOR12+350], 11/6/241		38,770,100		38,867,025
Octavius Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.827%,[LIBOR4+350], 11/8/231		4,965,000		5,008,444
Superior Industries International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.094%,[LIBOR12+400], 5/22/241		29,280,628		29,427,031
Tenneco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.589%,[LIBOR4+275], 6/14/251		38,030,000		38,006,231

23      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Transportation Infrastructure (Continued)
TI Group Automotive Systems LLC, Sr. Sec. Credit Facilities 1st
Lien Term Loan, Tranche B, 4.572%,[LIBOR12+275], 6/30/221	$	56,159,984	$	56,300,384
				253,828,508
Information Technology—10.4%
Internet Software & Services—9.9%
Almonde, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.658%-5.807%,[LIBOR4+350], 6/13/241		88,716,713		87,614,852
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 6.322%,[LIBOR12+425], 12/15/241		166,890,884		167,864,692
Banff Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.307%,[LIBOR4+425], 6/27/251		71,700,000		71,770,266
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 7.333%,[LIBOR4+500], 6/30/211		38,981,818		37,024,541
BMC Software Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.327%,[LIBOR12+325], 9/10/221		47,871,156		47,964,266
Colorado Buyer, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.36%,[LIBOR4+300], 5/1/241		40,458,031		40,563,424
Compuware Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.59%,[LIBOR12+425], 12/15/211		21,389,658		21,472,329
EagleView Technology Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.092%,[LIBOR12+350], 7/30/251		8,900,000		8,966,750
Ensono LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.327%,[LIBOR4+525], 6/27/251		22,610,000		22,690,039
Epicor Software Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 6/1/221		21,710,686		21,699,071
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.069%,[LIBOR12+225], 4/26/241		17,037,120		17,051,772
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 2/15/241		3,936,360		3,949,645
Greeneden US Holdings II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.577%,[LIBOR4+350], 12/1/231		25,670,771		25,835,706
Infor US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan,
Tranche B, 4.827%,[LIBOR4+275], 2/1/221		70,444,945		70,627,398
Informatica LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 8/5/221		32,827,944		33,021,465
Internap Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.83%,[LIBOR12+575], 4/6/221		22,297,487		22,506,526
Ivanti Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.33%,[LIBOR12+425], 1/20/241		17,081,572		17,076,276
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.88%,[LIBOR12+300], 11/1/231		2,254,350		2,263,830
Lighthouse Network LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.594%,[LIBOR12+450], 11/29/241		15,188,675		15,283,604
MA FinanceCo LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 4.844%,[LIBOR12+275], 6/21/241		10,791,860		10,766,553
Tranche B2, 4.594%,[LIBOR4+250], 11/19/211		8,994,800		8,973,437
MaxLinear, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.572%,[LIBOR12+250], 5/13/241		11,323,765		11,387,461

24      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Internet Software & Services (Continued)
McAfee LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.468%,[LIBOR12+450], 9/30/241	$	58,385,156	$	58,849,026
Mitchell International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 11/29/241		14,782,950		14,772,380
Plantronics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.592%,[LIBOR12+250], 7/2/251		57,810,000		57,833,991
Premiere Global Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.585%,[LIBOR6+650], 12/8/211		10,652,935		10,346,716
Project Deep Blue Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.322%,[LIBOR4+325], 2/12/251		8,975,000		8,991,828
Quest Software US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.576%,[LIBOR4+425], 5/16/251		36,215,000		36,113,236
Riverbed Technology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 4/24/221		67,391,527		67,132,743
Seattle SpinCo, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.577%,[LIBOR12+275], 6/21/241		72,884,224		72,713,311
Shutterfly, Inc.,Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.83%,[LIBOR12+275], 8/17/241		22,505,000		22,631,591
SolarWinds Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 2/5/241		20,621,375		20,718,708
Solera LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 3/3/231		26,267,590		26,327,086
Sophia LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.584%,[LIBOR4+325], 9/30/221		10,392,989		10,422,661
SS&C Technologies Holdings Europe Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 4.577%,[LIBOR4+250], 4/16/251		32,521,698		32,654,874
SS&C Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.577%,[LIBOR4+250], 4/16/251		84,785,276		85,132,472
Sungard Availability Services Capital, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.092%,[LIBOR12+700], 9/30/211		9,055,359		8,393,141
Sybil Software LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.834%,[LIBOR4+250], 9/29/231		3,816,211		3,828,938
Tempo Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%-5.077%,[LIBOR12+300], 5/1/241		75,843,069		76,005,753
TTM Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.592%,[LIBOR4+250], 9/28/241		32,539,913		32,631,513
Veritas US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.834%,[LIBOR4+450], 1/27/231		69,585,194		64,815,825
Xperi Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.594%,[LIBOR12+250], 12/1/231		37,721,967		37,533,357
				1,514,223,053
IT Services—0.5%
Pi US Mergerco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.577%-5.748%,[LIBOR12+350], 1/3/251		79,594,575		79,197,000
				79,197,000

25      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Materials—7.8%
Chemicals—2.3%
A Schulman, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 6/1/221	$	2,532,083	$	2,541,578
Alpha 3 BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.302%-5.334%,[LIBOR4+300], 1/31/241		37,411,891		37,487,837
Consolidated Energy Finance SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.597%,[LIBOR12+250], 5/7/251		22,610,000		22,610,000
Cyanco Intermediate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.594%,[LIBOR4+350], 3/17/251		23,198,164		23,386,649
Emerald Performance Materials LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.594%,[LIBOR12+350], 7/30/211		28,905,104		29,121,893
Encapsys LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 11/7/241		13,366,500		13,436,139
Ferro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.584%,[LIBOR4+225], 2/14/241		12,951,390		13,008,053
LUX HOLDCO III, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR4+300], 3/28/251		7,172,025		7,193,326
MacDermid, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B6, 5.094%,[LIBOR12+300], 6/7/231		13,444,031		13,496,799
Tranche B7, 4.594%,[LIBOR4+275], 6/7/201		13,504,771		13,548,054
New Arclin US Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 2/14/241		21,835,837		21,990,544
OCI Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.334%,[LIBOR4+425], 3/13/251		22,595,075		22,821,026
PQ Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.577%,[LIBOR4+250], 2/8/251		8,930,125		8,935,706
Road Infrastructure Investment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-5.577%,[LIBOR12+350], 6/13/231		19,362,992		19,411,400
Tronox Blocked Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR4+300], 9/23/241		24,067,252		24,226,216
Tronox Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR4+300], 9/23/241		55,536,906		55,903,727
Univar USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.594%,[LIBOR12+250], 7/1/241		30,248,614		30,364,315
				359,483,262
Construction Materials—1.3%
Continental Building Products Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.23%,[LIBOR12+225], 8/18/231		17,359,445		17,400,154
Pisces Midco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.087%,[LIBOR4+300], 4/12/251		48,700,000		48,860,223
Quikrete Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+275], 11/15/231		92,989,501		93,037,855
Realogy Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.317%,[LIBOR12+225], 2/8/251		14,035,591		14,077,276

26      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Construction Materials (Continued)
VC GB Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+325], 2/28/241	$	20,661,820	$	20,674,734
				194,050,242
Containers & Packaging—1.7%
Ball Metalpack Finco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.833%,[LIBOR12+450], 7/26/251		10,165,000		10,241,288
BWAY Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.581%,[LIBOR12+325], 4/3/241		64,433,600		64,358,213
Flex Acquisition Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.751%,[LIBOR4+325], 6/29/251		45,270,000		45,305,311
Plastipak Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 10/14/241		31,056,871		31,034,821
Pro Mach Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.097%,[LIBOR4+300], 3/7/251		32,752,913		32,578,995
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+300], 2/5/231		39,533,930		39,708,867
SIG Combibloc US Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR12+275], 3/11/221		32,816,398		32,965,056
				256,192,551
Metals & Mining—2.5%
Covia Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.05%,[LIBOR4+375], 6/1/251		40,750,000		40,830,685
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B2, 9.344%,[LIBOR12+725], 10/17/221		255,637,617		240,116,579
Tranche B3, 9.844%,[LIBOR12+775], 10/17/221		75,853,711		71,131,818
Oxbow Carbon LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.827%,[LIBOR12+375], 1/4/231		3,807,375		3,847,847
Peabody Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 3/31/251		16,814,535		16,851,359
TMS International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.847%,[LIBOR4+275], 8/14/241		14,928,418		14,956,409
				387,734,697
Telecommunication Services—5.5%
Diversified Telecommunication Services—5.5%
CenturyLink, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR4+275], 1/31/251		195,049,551		192,294,476
Cincinnati Bell, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR4+375], 10/2/241		37,120,000		37,337,523
Consolidated Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.99%,[LIBOR12+300], 10/5/231		53,208,371		52,692,782
Digicel International Finance Ltd, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR4+325], 5/27/241		50,745,821		48,868,225
Frontier Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.83%,[LIBOR12+375], 6/15/241		67,404,332		66,573,573
Fusion Connect, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.863%,[LIBOR4+750], 5/4/231		62,967,938		60,685,350

27      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Global Tel*Link Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.302%,[LIBOR4+400], 5/23/201	$	40,132,962	$	40,440,180
Global Tel*Link Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.552%,[LIBOR4+775], 11/23/201		18,000,000		18,090,000
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.86%,[LIBOR4+450], 8/6/211		29,937,875		29,357,828
IPC Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.86%,[LIBOR4+950], 2/4/221		26,090,000		23,807,125
NeuStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5.572%,[LIBOR12+350], 8/8/241		13,584,974		13,663,563
Sprint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.625%,[LIBOR12+250], 2/2/241		144,608,830		144,825,744
TDC AS, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.839%,[LIBOR12+350], 6/4/251		52,230,000		52,600,050
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 6.08%,[LIBOR12+400], 3/29/211		66,468,344		62,779,351
				844,015,770
Utilities—2.5%
Electric Utilities—2.5%
APLP Holdings LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR12+300], 4/13/231		4,342,745		4,362,287
Brookfield WEC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.083%,[LIBOR4+375], 7/26/251		34,640,000		34,907,940
Calpine Construction Finance Co.LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR12+250], 1/15/251		13,526,015		13,550,159
Calpine Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B5, 4.84%,[LIBOR4+250], 1/15/241		31,410,693		31,477,127
Tranche B7, 4.84%,[LIBOR4+275], 5/31/231		6,308,349		6,319,515
Compass Power Generation LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.052%,[LIBOR4+375], 12/20/241		18,672,853		18,814,860
EFS Cogen Holdings I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.59%,[LIBOR4+325], 6/28/231		35,135,521		35,238,995
Exgen Renewables IV LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.31%,[LIBOR4+300], 11/28/241		4,594,576		4,637,650
Frontera Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.233%-6.342%,[LIBOR4+425], 5/2/251		36,220,000		36,389,872
Helix Gen Funding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.827%,[LIBOR4+375], 6/3/241		28,926,527		29,189,614
Kestrel Acquisition LLC., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.35%,[LIBOR12+425], 6/2/251		22,600,000		22,854,250
Lightstone Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: Tranche B, 5.844%,[LIBOR12+375], 1/30/241		25,578,636		25,715,610
Tranche C, 5.844%,[LIBOR12+375], 1/30/241		1,631,215		1,639,950
MRP Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.302%,[LIBOR4+700], 10/18/221		9,225,675		8,833,584
Sandy Creek Energy Associates LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.334%,[LIBOR4+400], 11/9/201		55,509,449		50,210,240

28      OPPENHEIMER SENIOR FLOATING RATE FUND

	Principal Amount		Value
Electric Utilities (Continued)
Talen Energy Supply LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 6.077%,[LIBOR12+400], 7/15/231	$	52,577,482	$	53,013,349
Tranche B2, 6.077%,[LIBOR12+400], 4/15/241		12,836,342		12,942,755
				390,097,757
Total Corporate Loans (Cost $14,692,695,288)				14,524,703,511
Corporate Bonds and Notes—1.1%
Berry Global, Inc., 4.50% Sec. Nts., 2/15/267		3,590,000		3,383,575
Erickson Air-Crane, Inc., 6.00% Sub. Nts., 11/2/202,3		1,803,397		2
Peabody Energy Corp., 6.375% Sr. Sec. Nts., 3/31/257		37,580,000		40,163,625
Tesla, Inc., 5.30% Sr. Unsec. Nts., 8/15/257		59,695,000		52,606,218
United States Steel Corp., 6.25% Sr. Unsec. Nts., 3/15/26		37,400,000		37,530,942
Windstream Services LLC/Windstream Finance Corp., 8.625% Sr. Sec. Nts., 10/31/25		33,000,000		31,020,000
Total Corporate Bonds and Notes (Cost $168,555,389)				164,704,362
	Shares
Common Stocks—4.0%
Arch Coal, Inc., Cl. A5		2,961,034		250,473,866
Aretec Group, Inc.5,8		700,255		67,224,480
Ascent Resources - Marcellus LLC, Cl. A8		5,777,075		19,208,774
Avaya Holdings Corp.5,8		4,214,789		86,740,358
Everyware Global, Inc.5,8		1,397,654		12,928,300
Gymboree Corp. (The)5,8		635,688		8,105,022
Gymboree Holding Corp.5,8		1,798,615		22,932,341
Harvey Gulf International Marine LLC8		116,269		5,406,508
ION Media Networks, Inc.3,8		35,695		25,164,975
J.G. Wentworth Co., Cl. A5,8		2,944,486		25,764,253
Larchmont Resources LLC3,5,8		8,017		2,204,755
Mach Gen LLC3,8		313,469		783,672
Media General, Inc.3,8,9		6,554,344		393,261
Millennium Corporate Claim Litigation Trust3,5,8		70,485		705
Millennium Lender Claim Litigation Trust3,5,8		140,969		1,410
New Millennium Holdco, Inc.3,5,8		1,431,369		14,314
Ocean Rig UDW, Inc., Cl. A8		2,562,329		71,847,705
Quicksilver Resources, Inc.3,5,8		145,955,000		2,751,836
Sabine Oil3,8		17,596		897,396
Templar Energy, Cl. A3,5,8		1,799,429		1,889,400
VICI Properties, Inc.		352,051		7,164,238
Total Common Stocks (Cost $599,251,530)				611,897,569
	Units
Rights, Warrants and Certificates—0.0%
Ascent Resources - Marcellus LLC Wts., Strike Price $1, Exp. 12/31/498		1,495,722		44,872
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/263,8		55,793		362,655
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/263,8		9,937		54,653
Total Rights, Warrants and Certificates (Cost $6,003,383)				462,180

29      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

	Shares		Value
Investment Company—5.7%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.87%5,10 (Cost $875,570,340)		875,570,340	$	875,570,340
Total Investments, at Value (Cost $16,342,075,930)		105.4%		16,177,337,962
Net Other Assets (Liabilities)		(5.4)		(824,581,015)
Net Assets		100.0%	$	15,352,756,947

Footnotes to Statement of Investments

1. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

2. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

3. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

4. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

5. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares/Principal	Gross	Gross	Shares/Principal
	July 31, 2017	Additions	Reductions	July 31, 2018
Corporate Loan
Capital Markets
Aretec Group, Inc., Sr. Sec. Credit
Facilities 1st Lien Exit Term
Loan, 6.344% [LIBOR12+425], 11/23/20a	16,189,762	29,817,415	16,413,393	29,593,784
Aretec Group, Inc., Sr. Sec. Credit
Facilities 2nd Lien Term Loan, 9.594% [LIBOR12+450], 5/23/21 a	86,864,700	32,305,182	31,083,803	88,086,079
Energy Equipment & Services
Larchmont Resources LLC, Sr. Sec.
Credit Facilities 1st Lien Term Loan, 11.33% [LIBOR4+900], 8/7/20	6,692,610	357,298	—	7,049,908
Internet Software & Services
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 6.322% [LIBOR12+450], 12/15/24	—	162,717,000	162,717,000	—
Common Stock
Arch Coal, Inc., Cl. A	2,931,034	30,000	—	2,961,034
Aretec Group, Inc. a	700,132	117,616	117,493	700,255
Avaya Holdings Corp. a	—	5,506,017	1,291,228	4,214,789
Everyware Global, Inc.	1,397,654	—	—	1,397,654
Gymboree Corp. (The)	—	635,688	—	635,688
Gymboree Holding Corp.	—	1,798,615	—	1,798,615
J.G. Wentworth Co., Cl. A	—	2,944,486	—	2,944,486
Larchmont Resources LLC	8,017	—	—	8,017
Millennium Corporate Claim
Litigation Trust	70,485	—	—	70,485

30      OPPENHEIMER SENIOR FLOATING RATE FUND

Footnotes to Statement of Investments (Continued)

	Shares/Principal July 31, 2017			Gross Additions			Gross Reductions			Shares/Principal July 31, 2018
Millennium Lender Claim Litigation Trust		140,969			—			—			140,969
New Millennium Holdco, Inc.		1,431,369			—			—			1,431,369
Quicksilver Resources, Inc.		145,955,000			—			—			145,955,000
Templar Energy, Cl. A		1,799,429			—			—			1,799,429
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		1,017,372,359			4,340,219,464			4,482,021,483			875,570,340
	Value			Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Corporate Loan Capital Markets
Aretec Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.344% [LIBOR12+425], 11/23/20 a	$	—	b	$	1,628,651		$	89,467		$	(126,493	)
Aretec Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.594% [LIBOR12+450], 5/23/21 a		—	b		8,659,660			436,541			(649,037	)
Energy Equipment & Services
Larchmont Resources LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.33% [LIBOR4+900], 8/7/20		6,979,409			733,709	c		—			(73,711	)
Internet Software & Services
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 6.322% [LIBOR12+450], 12/15/24		—			5,089,018			4,068			—
Common Stock
Arch Coal, Inc., Cl. A		250,473,866			4,396,551			—			25,175,179
Aretec Group, Inc. a		—	b		—			5,841,515			47,070,863
Avaya Holdings Corp. a		—	b		—			(2,498,811	)		15,750,740
Everyware Global, Inc.		12,928,300			—			—			3,362,756
Gymboree Corp. (The)		8,105,022			17,401			—			150,145
Gymboree Holding Corp.		22,932,341			49,234			—			(21,431,429	)
J.G. Wentworth Co., Cl. A		25,764,253			—			—			(18,565,335	)
Larchmont Resources LLC		2,204,755			—			—			(561,210	)
Millennium Corporate Claim Litigation Trust		705			—			—			—
Millennium Lender Claim Litigation Trust		1,410			—			—			—
New Millennium Holdco, Inc.		14,314			—			—			—
Quicksilver Resources, Inc.		2,751,836			—			—			65
Templar Energy, Cl. A		1,889,400			—			—			(5,983,101	)

31      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments (Continued)

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional
Government Money Market Fund, Cl. E	$	875,570,340	$	19,093,807	$	—	$	—
Total	$	1,209,615,951	$	39,668,031	$	3,872,780	$	44,119,432

a. No longer an affiliate at period end.

b. The security is no longer an affiliate. Therefore, the value has been excluded from this table.

c. All or a portion of the transactions were the result of non-cash interest or dividends.

6. Interest or dividend is paid-in-kind, when applicable.

7. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $96,153,418 or 0.63% of the Fund’s net assets at period end.

8. Non-income producing security.

9. Security received as the result of issuer reorganization.

10. Rate shown is the 7-day yield at period end.

Glossary: Definitions
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR6	London Interbank Offered Rate-Bi-Monthly
LIBOR12	London Interbank Offered Rate-Monthly
LIBOR52	London Interbank Offered Rate-Weekly
PRIME4	United States Prime Rate-Quarterly

See accompanying Notes to Financial Statements.

32      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $15,064,468,037)	$	14,967,722,011
Affiliated companies (cost $1,277,607,893)		1,209,615,951
		16,177,337,962
Cash		46,427,339
Receivables and other assets:
Investments sold		173,474,788
Interest and dividends		38,331,502
Shares of beneficial interest sold		22,779,705
Other		3,587,314
Total assets		16,461,938,610
Liabilities
Payables and other liabilities:
Investments purchased		1,068,370,131
Shares of beneficial interest redeemed		28,844,318
Dividends		6,900,442
Distribution and service plan fees		1,373,456
Trustees’ compensation		382,108
Shareholder communications		35,499
Other		3,275,709
Total liabilities		1,109,181,663
Net Assets	$	15,352,756,947
Composition of Net Assets
Par value of shares of beneficial interest	$	1,890,140
Additional paid-in capital		16,217,448,667
Accumulated net investment loss		(1,163,578)
Accumulated net realized loss on investments		(700,680,314)
Net unrealized depreciation on investments		(164,737,968)
Net Assets	$	15,352,756,947

33      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,899,005,609 and 479,514,220 shares of beneficial interest outstanding)	$	8.13
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	8.42
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,497,209,462 and 306,773,051 shares of beneficial interest outstanding)	$	8.14
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,373,036,437 and 169,244,789 shares of beneficial interest outstanding)	$	8.11
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $88,229,930 and 10,855,274 shares of beneficial interest outstanding)	$	8.13
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $7,495,275,509 and 923,752,401 shares of beneficial interest outstanding)	$	8.11

See accompanying Notes to Financial Statements.

34      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF

OPERATIONS For the Year EndedJuly 31, 2018

Investment Income
Interest:
Unaffiliated companies	$	767,500,071
Affiliated companies		16,111,038
Dividends:
Unaffiliated companies		13,518,330
Affiliated companies		23,490,358
Other income affiliated companies		66,635
Other income		8,345,761
Total investment income		829,032,193
Expenses
Management fees		86,035,684
Distribution and service plan fees:
Class A		9,778,485
Class B1		49,047
Class C		26,185,126
Class R		372,759
Transfer and shareholder servicing agent fees:
Class A		4,844,609
Class B1		7,393
Class C		3,213,540
Class I		356,895
Class R		93,133
Class Y		8,477,485
Shareholder communications:
Class A		48,717
Class B1		492
Class C		25,758
Class I		7,725
Class R		1,062
Class Y		78,228
Borrowing fees		18,906,989
Custodian fees and expenses		3,211,265
Trustees’ compensation		397,943
Other		1,483,844
Total expenses		163,576,179
Less waivers and reimbursements of expenses		(1,421,933)
Net expenses		162,154,246
Net Investment Income		666,877,947

35      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENT OF

OPERATIONS Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies	$	(80,662,067)
Affiliated companies		3,872,780
Net realized loss		(76,789,287)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(57,618,159)
Affiliated companies		44,119,432
Net change in unrealized appreciation/depreciation		(13,498,727)
Net Increase in Net Assets Resulting from Operations	$	576,589,933

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

36      OPPENHEIMER SENIOR FLOATING RATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2018		Year Ended July 31, 2017
Operations
Net investment income	$	666,877,947	$	624,512,844
Net realized loss		(76,789,287)		(10,151,221)
Net change in unrealized appreciation/depreciation		(13,498,727)		400,778,269
Net increase in net assets resulting from operations		576,589,933		1,015,139,892
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(162,453,297)		(177,692,125)
Class B1		(240,866)		(1,036,557)
Class C		(88,603,441)		(100,110,245)
Class I		(53,268,033)		(50,773,036)
Class R		(2,901,255)		(2,060,527)
Class Y		(300,110,636)		(236,387,220)
		(607,577,528)		(568,059,710)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(123,393,923)		(1,187,027)
Class B1		(14,385,390)		(27,280,580)
Class C		(306,825,616)		(128,897,861)
Class I		275,932,060		149,303,066
Class R		22,745,659		21,420,875
Class Y		793,404,794		2,458,156,149
		647,477,584		2,471,514,622
Net Assets
Total increase		616,489,989		2,918,594,804
Beginning of period		14,736,266,958		11,817,672,154
End of period (including accumulated net investment loss of $1,163,578 and $3,928,601, respectively)	$	15,352,756,947	$	14,736,266,958

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

37      OPPENHEIMER SENIOR FLOATING RATE FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$8.15		$7.85		$8.08		$8.40		$8.39
Income (loss) from investment operations:
Net investment income1		0.37		0.37		0.37		0.36		0.37
Net realized and unrealized gain (loss)		(0.05)		0.27		(0.21)		(0.32)		0.01
Total from investment operations		0.32		0.64		0.16		0.04		0.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.34)		(0.39)		(0.36)		(0.37)
Net asset value, end of period		$8.13		$8.15		$7.85		$8.08		$8.40
Total Return, at Net Asset Value2		3.96%		8.30%		2.12%		0.51%		4.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,899,006		$4,030,774		$3,883,693		$5,065,599		$6,881,421
Average net assets (in thousands)		$3,932,849		$4,213,255		$4,268,537		$5,637,843		$6,947,675
Ratios to average net assets:3
Net investment income		4.53%		4.63%		4.83%		4.41%		4.39%
Expenses excluding specific expenses listed below		0.99%		0.97%		0.97%		0.97%		0.97%
Interest and fees from borrowings		0.13%		0.15%		0.14%		0.11%		0.09%
Total expenses4		1.12%		1.12%		1.11%		1.08%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.11%		1.11%		1.11%5		1.08%5		1.06%5
Portfolio turnover rate		66%		77%		28%		39%		57%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial 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 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 less than one full year.

4. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended July 31, 2018	1.13	%
Year Ended July 31, 2017	1.13	%
Year Ended July 31, 2016	1.11	%
Year Ended July 31, 2015	1.08	%
Year Ended July 31, 2014	1.06	%

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

38      OPPENHEIMER SENIOR FLOATING RATE FUND

Class C	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$8.16		$7.86		$8.09		$8.40		$8.40
Income (loss) from investment operations:
Net investment income1		0.31		0.32		0.32		0.30		0.31
Net realized and unrealized gain (loss)		(0.06)		0.26		(0.22)		(0.31)		0.002
Total from investment operations		0.25		0.58		0.10		(0.01)		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.28)		(0.33)		(0.30)		(0.31)
Net asset value, end of period		$8.14		$8.16		$7.86		$8.09		$8.40
Total Return, at Net Asset Value3		3.18%		7.48%		1.37%		(0.12)%		3.77%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,497,209		$2,809,704		$2,833,205		$3,537,526		$4,303,006
Average net assets (in thousands)		$2,618,471		$2,877,196		$3,063,608		$3,843,616		$3,949,603
Ratios to average net assets:4
Net investment income		3.78%		3.89%		4.09%		3.65%		3.68%
Expenses excluding specific expenses listed below		1.74%		1.72%		1.72%		1.73%		1.67%
Interest and fees from borrowings		0.13%		0.15%		0.14%		0.11%		0.09%
Total expenses5		1.87%		1.87%		1.86%		1.84%		1.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.86%		1.86%		1.86%6		1.84%6		1.76%6
Portfolio turnover rate		66%		77%		28%		39%		57%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. Assumes an initial 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 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 less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended July 31, 2018	1.88	%
Year Ended July 31, 2017	1.88	%
Year Ended July 31, 2016	1.86	%
Year Ended July 31, 2015	1.84	%
Year Ended July 31, 2014	1.76	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

39      OPPENHEIMER SENIOR FLOATING RATE FUND

FINANCIAL HIGHLIGHTS Continued

Class I	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$8.13		$7.83		$8.06		$8.37		$8.38
Income (loss) from investment operations:
Net investment income1		0.40		0.40		0.40		0.39		0.39
Net realized and unrealized gain (loss)		(0.06)		0.27		(0.22)		(0.31)		0.002
Total from investment operations		0.34		0.67		0.18		0.08		0.39
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)		(0.37)		(0.41)		(0.39)		(0.40)
Net asset value, end of period		$8.11		$8.13		$7.83		$8.06		$8.37
Total Return, at Net Asset Value3		4.31%		8.65%		2.44%		0.94%		4.72%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,373,036		$1,100,191		$915,631		$1,165,355		$1,302,876
Average net assets (in thousands)		$1,190,927		$1,129,050		$1,014,977		$1,184,063		$620,338
Ratios to average net assets:4
Net investment income		4.88%		4.91%		5.15%		4.72%		4.62%
Expenses excluding specific expenses listed below		0.65%		0.65%		0.66%		0.65%		0.65%
Interest and fees from borrowings		0.13%		0.15%		0.14%		0.11%		0.09%
Total expenses5		0.78%		0.80%		0.80%		0.76%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.79%		0.80%6		0.76%6		0.74%6
Portfolio turnover rate		66%		77%		28%		39%		57%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. Assumes an initial 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 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 less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended July 31, 2018	0.79	%
Year Ended July 31, 2017	0.81	%
Year Ended July 31, 2016	0.80	%
Year Ended July 31, 2015	0.76	%
Year Ended July 31, 2014	0.74	%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

40      OPPENHEIMER SENIOR FLOATING RATE FUND

Class R	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$8.14		$7.85		$8.08		$8.39		$8.39
Income (loss) from investment operations:
Net investment income1		0.35		0.35		0.36		0.34		0.34
Net realized and unrealized gain (loss)		(0.04)		0.26		(0.22)		(0.31)		0.01
Total from investment operations		0.31		0.61		0.14		0.03		0.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.32)		(0.32)		(0.37)		(0.34)		(0.35)
Net asset value, end of period		$8.13		$8.14		$7.85		$8.08		$8.39
Total Return, at Net Asset Value2		3.82%		7.90%		1.87%		0.37%		4.22%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$88,230		$65,597		$42,546		$33,417		$22,949
Average net assets (in thousands)		$74,894		$52,459		$36,727		$27,664		$15,672
Ratios to average net assets:3
Net investment income		4.29%		4.34%		4.63%		4.14%		4.09%
Expenses excluding specific expenses listed below		1.24%		1.22%		1.23%		1.23%		1.23%
Interest and fees from borrowings		0.13%		0.15%		0.14%		0.11%		0.09%
Total expenses4		1.37%		1.37%		1.37%		1.34%		1.32%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.36%		1.36%		1.37%5		1.34%5		1.32%5
Portfolio turnover rate		66%		77%		28%		39%		57%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial 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 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 less than one full year.

4. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended July 31, 2018	1.38	%
Year Ended July 31, 2017	1.38	%
Year Ended July 31, 2016	1.37	%
Year Ended July 31, 2015	1.34	%
Year Ended July 31, 2014	1.32	%

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

41      OPPENHEIMER SENIOR FLOATING RATE FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015		Year Ended July 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$8.13		$7.83		$8.07		$8.38		$8.37
Income (loss) from investment operations:
Net investment income1		0.39		0.39		0.39		0.38		0.39
Net realized and unrealized gain (loss)		(0.05)		0.27		(0.23)		(0.31)		0.01
Total from investment operations		0.34		0.66		0.16		0.07		0.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)		(0.36)		(0.40)		(0.38)		(0.39)
Net asset value, end of period		$8.11		$8.13		$7.83		$8.07		$8.38
Total Return, at Net Asset Value2		4.21%		8.58%		2.24%		0.87%		4.88%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$7,495,276		$6,715,590		$4,102,232		$6,035,847		$8,122,500
Average net assets (in thousands)		$6,857,395		$5,364,472		$4,648,275		$6,814,415		$7,250,969
Ratios to average net assets:3
Net investment income		4.78%		4.82%		5.06%		4.66%		4.63%
Expenses excluding specific expenses listed below		0.74%		0.72%		0.73%		0.72%		0.72%
Interest and fees from borrowings		0.13%		0.15%		0.14%		0.11%		0.09%
Total expenses4		0.87%		0.87%		0.87%		0.83%		0.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		0.86%		0.87%5		0.83%5		0.81%5
Portfolio turnover rate		66%		77%		28%		39%		57%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial 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 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 less than one full year.

4. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended July 31, 2018	0.88	%
Year Ended July 31, 2017	0.88	%
Year Ended July 31, 2016	0.87	%
Year Ended July 31, 2015	0.83	%
Year Ended July 31, 2014	0.81	%

5. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

42      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2018

1. Organization

Oppenheimer Senior Floating Rate Fund (the “Fund”) is registered under the Investment

Company Act of 1940 (“1940 Act”), as amended, as an open-end diversified management investment company. The Fund’s investment objective is to seek income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares were permitted. Reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds were permitted through May 31, 2018. Effective June 1, 2018 (the “Conversion Date”), all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. 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, C and R shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class I and Class Y shares do not pay such fees. Previously issued Class B shares automatically converted to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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.

43      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

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 Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for

44      OPPENHEIMER SENIOR FLOATING RATE FUND

2. Significant Accounting Policies (Continued)

the fiscal year ended July 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table 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.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$7,293,152		$—		$696,230,503		$177,040,114

1. At period end, the Fund had $696,230,503 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2019	$	29,853,127
No expiration		666,377,376
Total	$	696,230,503

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund utilized $42,872,850 of capital loss carryforward to offset capital gains realized in that fiscal year.

4. During the reporting period, $203,947,679 of unused capital loss carryforward expired.

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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. 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 the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Income	Reduction to Accumulated Net Realized Loss on Investments
$203,947,679	$56,535,396	$260,483,075

The tax character of distributions paid during the reporting periods:

45      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

	Year Ended July 31, 2018		Year Ended July 31, 2017
Distributions paid from:
Ordinary income		$            607,577,528		$            568,059,710

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 at period end are noted in the following table. 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	$	16,354,378,076
Gross unrealized appreciation	$	359,352,596
Gross unrealized depreciation		(536,392,710)
Net unrealized depreciation	$	(177,040,114)

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncement. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager is evaluating the impacts of these changes on the financial statements.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

46      OPPENHEIMER SENIOR FLOATING RATE FUND

3. Securities Valuation (Continued)

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related

47      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

48      OPPENHEIMER SENIOR FLOATING RATE FUND

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table Investments, at Value:
Corporate Loans	$	—	$	14,219,587,027	$	305,116,484	$	14,524,703,511
Corporate Bonds and Notes		—		164,704,360		2		164,704,362
Common Stocks		416,226,167		161,569,678		34,101,724		611,897,569
Rights, Warrants and Certificates		—		44,872		417,308		462,180
Investment Company		875,570,340		—		—		875,570,340
Total Assets	$	1,291,796,507	$	14,545,905,937	$	339,635,518	$	16,177,337,962

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**			Transfers into Level 3**		Transfers out of Level 3*
Assets Table Investments, at Value:
Corporate Loans	$	—	$	(6,642,415	)	$	6,642,415	$	—
Common Stocks		9,565,544		(12,239,538	)		12,239,538		(9,565,544)
Rights, Warrants and
Certificates		—		(431,256	)		431,256		—
Total Assets	$	9,565,544	$	(19,313,209	)	$	19,313,209	$	(9,565,544)

*Transferred from Level 3 to Level 2 due to the availability of market data for this security.

**Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

	Value as of July 31, 2017		Realized gain (loss)		Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table Investments, at Value:
Corporate Loans	$	354,033,583	$	490,273	$	5,064,229		$	275,518
Corporate Bonds and Notes		2		—		—			—
Common Stocks		39,495,346		—		(7,739,737	)		—
Rights, Warrants and Certificates		—		—		(13,948	)		—
Total Assets	$	393,528,931	$	490,273	$	(2,689,456	)	$	275,518

a. Included in net investment income.

49      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Value as of July 31, 2018
Assets Table Investments, at Value:
Corporate Loans	$	7,906,660	$	(69,296,194	)	$	6,642,415	$	—		$	305,116,484
Corporate Bonds and Notes		—		—			—		—			2
Common Stocks		—		(327,879	)		12,239,538		(9,565,544	)		34,101,724
Rights, Warrants and Certificates		—		—			431,256		—			417,308
Total Assets	$	7,906,660	$	(69,624,073	)	$	19,313,209	$	(9,565,544	)	$	339,635,518

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:

	Change in unrealized appreciation/ depreciation
Assets Table Investments, at Value
Corporate Loans	$	5,790,162
Common Stocks		(7,739,737)
Rights, Warrants and Certificates		(13,948)
Total	$	(1,963,523)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

	Value as of July 31, 2018		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table Investments, at Value:
Corporate Loans	$	128,668,971		Broker Quote		N/A		N/A		N/A (a)
Corporate Loans		176,447,513		Discounted Cash Flow Model		Illiquidity Discount		N/A		3.69% (b)
						Implied rating		N/A		BB+
						Yield to Maturity		N/A		5.24%
Corporate Bonds and Notes		2		Estimated Recovery Proceeds		Nominal Value		N/A		0.0001% of Par (c)
Common Stocks		5,775,224		Broker Quote		N/A		N/A		N/A (a)
Common Stocks		16,428		Estimated Recovery Proceeds		Nominal Value		N/A		$0.01/share (c)
Common Stocks		25,164,975		Enterprise Value Model		Average EBITDA		11-13		12.0 (d)

50      OPPENHEIMER SENIOR FLOATING RATE FUND

3. Securities Valuation (Continued)

	Value as of July 31, 2018		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table Investments, at Value (Continued)
Common Stocks	$	2,751,836		Estimated Recovery Proceeds		Market Value of Original Loan		N/A		$0.0189/ share (e)
Common Stocks		393,261		Estimated Recovery Proceeds		Auction Proceeds		N/A		$0.06/share (f)
Rights, Warrants and Certificates		417,308		Broker Quote		N/A		N/A		N/A (a)
Total	$	339,635,518

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service or broker-dealer for which such inputs are unobservable. The Manager periodically reviews pricing vendor and broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

(b) The Fund fair values certain corporate loans using a discounted cash flow model which incorporates the Company’s EBITDA and leverage to determine an implied rating. The yield to maturity on other issues with similar leverage and rating is used as a basis for the discount rate, with an additional illiquidity discount applied. The illiquidity discount was determined based on the implied discount rate at origination. The Manager periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. Such security’s fair valuation could increase (decrease) significantly based on a decrease (increase) in the illiquidity discount. Such security’s fair valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.

(c) The Fund fair values certain securities held at a nominal value to reflect the low probability of receipt of future payments to be received. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

(d) The Fund fair values certain common stocks received from a restructuring using an enterprise value model which incorporates the Company’s EBITDA and an EBITDA multiple, current cash balance and debt (as disclosed within the Company’s most recent financial statements). The EBITDA multiple is derived based on a discount to the average multiple for comparable companies. The Manager periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the EBITDA multiple will result in a significant increase (decrease) to the fair value of the investment.

(e) The Fund fair values certain common stocks received from a restructuring at the estimated amount of future recovery proceeds. This estimate is based on the market value of the original loan held prior to the restructuring (as determined by a pricing service) less the cash distribution received as part of the restructuring. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the market value of the original loan position will result in a significant increase (decrease) to the fair value of the investment.

(f) The Fund fair values certain common stocks received following a merger at the estimated amount of future recovery proceeds from the sale of assets as disclosed within the Company’s financial statements, less cash distributions received. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the auction proceeds will result in a significant increase (decrease) to the fair value of the investment.

51      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/ or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Senior Loans. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in floating rate senior loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so either as an original lender or as a purchaser of a loan assignment or a participation interest in a loan. While most of these loans will be collateralized, the Fund can also under normal market conditions invest up to 10% of its net assets (plus borrowings for investment purposes) in uncollateralized floating rate senior loans. Senior loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The senior loans pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates. Senior loans generally are not listed on any national securities exchange or automated quotation system and no active trading market exists for some senior loans. As a result, some senior loans are illiquid, which may make it difficult for the Fund to value them or dispose of them at an acceptable price when necessary. To the extent that a secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

When investing in senior loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from

52      OPPENHEIMER SENIOR FLOATING RATE FUND

4. Investments and Risks (Continued)

the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

At period end, securities with an aggregate market value of $14,524,703,511, representing 94.61% of the Fund’s net assets were comprised of senior loans.

Securities on a When-Issued or Delayed Delivery Basis. The Fund purchases and sells interests in Senior Loans and other portfolio securities on a “when issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Credit Risk. Senior loans are subject to credit risk. Credit risk relates to the ability of the borrower under a senior loan to make interest and principal payments as they become due. The Fund’s investments in senior loans are subject to risk of missing an interest and/or principal payment.

Information concerning securities not accruing income at period end is as follows:

53      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Cost	$414,009,805
Market Value	$349,410,086
Market Value as % of Net Assets	2.28%

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. 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:

54      OPPENHEIMER SENIOR FLOATING RATE FUND

6. Shares of Beneficial Interest (Continued)

		Year Ended July 31, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		113,887,862		$	926,101,627			212,619,945		$	1,724,600,788
Dividends and/or distributions reinvested		18,691,785			151,801,016			19,919,567			161,393,190
Redeemed		(147,859,223	)		(1,201,296,566	)		(232,491,898	)		(1,887,181,005)
Net increase (decrease)		(15,279,576	)	$	(123,393,923	)		47,614		$	(1,187,027)
Class B
Sold		26,047		$	211,878			217,848		$	1,761,719
Dividends and/or distributions reinvested		27,544			223,646			117,699			950,895
Redeemed1		(1,822,074	)		(14,820,914	)		(3,707,834	)		(29,993,194)
Net decrease		(1,768,483	)	$	(14,385,390	)		(3,372,287	)	$	(27,280,580)
Class C
Sold		31,355,000		$	255,178,689			63,507,943		$	515,694,321
Dividends and/or distributions reinvested		9,880,807			80,339,393			10,717,452			86,880,856
Redeemed		(78,982,795	)		(642,343,698	)		(90,249,461	)		(731,473,038)
Net decrease		(37,746,988	)	$	(306,825,616	)		(16,024,066	)	$	(128,897,861)
Class I
Sold		84,967,842		$	689,505,669			85,803,963		$	693,436,650
Dividends and/or distributions reinvested		4,117,781			33,364,407			4,460,881			36,066,457
Redeemed		(55,203,401	)		(446,938,016	)		(71,841,866	)		(580,200,041)
Net increase		33,882,222		$	275,932,060			18,422,978		$	149,303,066
Class R
Sold		4,388,349		$	35,653,807			4,259,383		$	34,567,418
Dividends and/or distributions reinvested		339,074			2,753,282			233,620			1,892,149
Redeemed		(1,928,149	)		(15,661,430	)		(1,859,678	)		(15,038,692)
Net increase		2,799,274		$	22,745,659			2,633,325		$	21,420,875
Class Y
Sold		342,275,108		$	2,777,278,627			529,650,729		$	4,291,729,814
Dividends and/or distributions reinvested		32,789,994			265,782,200			25,245,680			204,249,504
Redeemed		(277,451,475	)		(2,249,656,033	)		(252,544,451	)		(2,037,823,169)
Net increase		97,613,627		$	793,404,794			302,351,958		$	2,458,156,149

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:

55      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Purchases and Sales of Securities (Continued)

	Purchases		Sales
Investment securities	$	10,859,784,301	$	9,179,508,161

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.75%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $4.2 billion	0.60
Next $5 billion	0.58
Next $10 billion	0.56
Over $20 billion	0.55

The Fund’s effective management fee for the reporting period was 0.59% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the

56      OPPENHEIMER SENIOR FLOATING RATE FUND

8. Fees and Other Transactions with Affiliates (Continued)

Fund. For purposes of determining the amount owed to the Trustees 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 Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees 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 with the compensation deferral plan.

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 (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to

0.25% of the daily 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 periodically for providing personal service 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 periods. 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 R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R, and had previously adopted a similar plan for Class B shares, shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and 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

57      OPPENHEIMER SENIOR FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B1 Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
July 31, 2018		$480,386		$73,176		$90		$208,020		$—

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,421,933 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing senior loans and other portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in senior loans or other portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

    The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and related fees are disclosed separately or as other expenses on the Statement of Operations.

    The Fund did not have any borrowings under the agreement during the period.

Details of the borrowings for the reporting period are as follows:

Fees Paid $         16,087,291

Loan Commitments. Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $8,179,657 at period end. The Fund generally will maintain

58      OPPENHEIMER SENIOR FLOATING RATE FUND

9. Borrowings and Other Financing (Continued)

with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. At period end, these investments have a market value of $8,147,361 and have been included as Corporate Loans in the Statement of Investments.

59      OPPENHEIMER SENIOR FLOATING RATE FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Senior Floating Rate Fund:

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Oppenheimer Senior Floating Rate Fund (the “Fund”), including the statement of investments, as of July 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

September 26, 2018

60      OPPENHEIMER SENIOR FLOATING RATE FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 2.89% 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 reporting period 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. The maximum amount allowable but not less than $17,624,682 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2018, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

    Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $544,794,381 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

    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.

61      OPPENHEIMER SENIOR FLOATING RATE FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines 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 Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file 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 voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing 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 www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

    Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

62      OPPENHEIMER SENIOR FLOATING RATE FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held.
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. Each of the Trustees in the chart below oversees 56 portfolios in the OppenheimerFunds complex.
Robert J. Malone, Chairman of the Board of Trustees (since 2016) and Trustee (since 2013) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Member (1984-1999) of Young Presidents Organization. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Director, Mutual Fund Directors Forum (since February 2018); Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Richard F. Grabish, Trustee (since 2008) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

63      OPPENHEIMER SENIOR FLOATING RATE FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Beverly L. Hamilton, Trustee (since 2005) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director of the Board (1991-2016), Vice Chairman of the Board (2006-2009) and Chairman of the Board (2010-2013) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999- 2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994- 2005). Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

64      OPPENHEIMER SENIOR FLOATING RATE FUND

James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions in Denver and New York offices from 1969- 1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003- 2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.
Arthur P. Steinmetz, Trustee, President and Principal Executive Officer (since 2015) Year of Birth: 1958	Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Welsh, Lukkes, Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Joseph Welsh, Vice President (since 1999) Year of Birth: 1964	Head of High Yield Corporate Debt Team (since April 2009), Senior Vice President of the Sub-Adviser (since May 2009). Vice President of the Sub-Adviser (December 2000-April 2009).
David Lukkes, Vice President (since 2015) Year of Birth: 1971	Senior Portfolio Manager of the Sub-Adviser (Since January 2015). Vice President of the Sub-Adviser (Since 2013) Senior Research Analyst of the Sub-Advisor (from September 2008 to January 2015). Assistant Vice President of the Sub-Adviser (from January 2012 to May 2013).

65      OPPENHEIMER SENIOR FLOATING RATE FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014).
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970	Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request by calling 1.800.CALL OPP (225.5677).

66      OPPENHEIMER SENIOR FLOATING RATE FUND

OPPENHEIMER SENIOR FLOATING RATE FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered	KPMG LLP
Public Accounting Firm
Legal Counsel	Ropes & Gray LLP

© 2018 OppenheimerFunds, Inc. All rights reserved.

67      OPPENHEIMER SENIOR FLOATING RATE FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

68      OPPENHEIMER SENIOR FLOATING RATE FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

● Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

● You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

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71      OPPENHEIMER SENIOR FLOATING RATE FUND

	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RA0291.001.0718 September 26, 2018

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 Karen L. Stuckey, the Chairwoman of the Board’s Audit Committee, is the audit committee financial expert and that Ms. Stuckey is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $79,200 in fiscal 2018 and $74,300 in fiscal 2017.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2018 and $12,000 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $343,361 in fiscal 2018 and $320,775 in fiscal 2017 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 services include: Internal control reviews, GIPS attestation procedures, custody audits, CP Conduit fees, incremental, and additional, audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $533,392 in fiscal 2018 and $710,577 in fiscal 2017 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 services include: 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 in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 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 the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(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.

Under applicable laws, pre-approval of non-audit services may be 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 its 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) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $880,253 in fiscal 2018 and $1,043,352 in fiscal 2017 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 accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 7/31/2018, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Senior Floating Rate Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/21/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/21/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	9/21/2018