SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
(Address of principal executive offices) (Zip code)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
![(OPPENHEIMER SENIOR FLOATING RATE FUND LOGO)](https://capedge.com/proxy/N-CSR/0001434991-08-000432/p76436p7643600.gif)
July 31, 2008 Oppenheimer Management Senior Floating Rate Commentaries and Fund Annual Report MANAGEMENT COMMENTARIES Market Recap and Outlook Listing of Top Holdings ANNUAL REPORT Fund Performance Discussion Listing of Investments Financial Statements |
Media | 20.0 | % | ||
Health Care Providers & Services | 7.7 | |||
Electric Utilities | 7.3 | |||
Commercial Services & Supplies | 7.1 | |||
Hotels, Restaurants & Leisure | 5.1 | |||
Oil, Gas & Consumable Fuels | 4.6 | |||
Aerospace & Defense | 3.4 | |||
Chemicals | 3.1 | |||
Road & Rail | 2.7 | |||
Diversified Telecommunications Services | 2.3 |
Charter Communications Holdings LLC | 2.8 | % | ||
RailAmerica, Inc. | 1.7 | |||
Citadel Broadcasting Co. | 1.5 | |||
Riverside Energy Center LLC/Rocky Mountain Power | 1.3 | |||
Western Refining, Inc. | 1.2 |
BBB | 0.6 | % | ||
BB | 43.7 | |||
B | 30.3 | |||
CCC | 5.1 | |||
CC | 0.1 | |||
Not Rated | 9.5 | |||
Other Securities | 10.7 |
1. | Lipper Inc., 7/31/08. Lipper ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 7/31/08, without considering sales charges. Different share classes may have different expenses and performance characteristics. Past performance is no guarantee of future results. |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | February 1, 2008 | July 31, 2008 | July 31, 2008 | |||||||||
Class A | $ | 1,000.00 | $ | 984.80 | $ | 5.29 | ||||||
Class B | 1,000.00 | 980.70 | 8.26 | |||||||||
Class C | 1,000.00 | 980.10 | 7.71 | |||||||||
Class Y | 1,000.00 | 983.60 | 5.19 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,019.54 | 5.39 | |||||||||
Class B | 1,000.00 | 1,016.56 | 8.41 | |||||||||
Class C | 1,000.00 | 1,017.11 | 7.85 | |||||||||
Class Y | 1,000.00 | 1,019.64 | 5.29 |
Class | Expense Ratios | |||
Class A | 1.07 | % | ||
Class B | 1.67 | |||
Class C | 1.56 | |||
Class Y | 1.05 |
Principal | ||||||||
Amount | Value | |||||||
Corporate Loans—93.5% | ||||||||
Consumer Discretionary—30.3% | ||||||||
Auto Components—2.3% | ||||||||
Allison Transmission, Inc., Sr. Sec. Credit Facilities Term Loan, 5.21%-5.47%, 8/7/141 | $ | 6,982,413 | $ | 6,268,461 | ||||
Dana Corp., Sr. Sec. Credit Facilities Term Loan, 6.75%, 1/31/151 | 8,437,530 | 7,828,452 | ||||||
Delphi Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, | ||||||||
Debtor in Possession, Tranche C, 8.50%, 12/31/081 | 9,665,631 | 8,643,491 | ||||||
Delphi Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Delayed Draw, Debtor in Possession, Tranche C, 8.50%, 12/31/081 | 984,369 | 880,272 | ||||||
Federal Mogul Corp., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 1.938%-4.408%, 12/29/141 | 11,594,985 | 9,160,038 | ||||||
Tranche C, 1.938%-4.408%, 12/28/151 | 3,371,182 | 2,751,726 | ||||||
Mark IV Industries, Inc./Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.14%-7.72%, 6/21/111 | 13,703,464 | 9,832,236 | ||||||
45,364,676 | ||||||||
Automobiles—1.1% | ||||||||
Chrysler LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B1, 6.46%, 8/3/131,2 | 17,412,280 | 8,314,364 | ||||||
Ford Motor Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.46%, 12/16/131 | 16,653,523 | 13,156,283 | ||||||
21,470,647 | ||||||||
Hotels, Restaurants & Leisure—5.1% | ||||||||
BLB Wembley plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7/18/112,3 | 7,809,265 | 5,817,902 | ||||||
BLB Wembley plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7/25/122,3 | 23,657 | 17,625 | ||||||
BLB Wembley plc, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7/25/132,3 | 8,000,000 | 1,600,000 | ||||||
Cannery Casino Resorts LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.945%, 5/4/131 | 4,764,677 | 4,562,178 | ||||||
Cannery Casino Resorts LLC, Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 4.932%-5.051%, 5/4/131 | 6,276,022 | 6,009,292 | ||||||
Golden Nugget, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche 2L, 5.72%, 12/31/141,2 | 13,000,000 | 8,320,000 | ||||||
Isle of Capri Casinos, Inc., Sr. Sec. Credit Facilities Term Loan, Delayed Draw: | ||||||||
Tranche A, 4.551%, 11/25/131 | 1,012,334 | 876,512 | ||||||
Tranche B, 4.551%, 11/25/131 | 1,417,156 | 1,227,020 | ||||||
Isle of Capri Casinos, Inc., Sr. Sec. Credit Facilities Term Loan, 4.551%, 11/25/131 | 3,542,889 | 3,067,551 | ||||||
Las Vegas Sands Corp., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 4.56%, 5/8/141 | 1,444,500 | 1,251,495 | ||||||
Quiznos Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.813%, 5/5/131 | 8,000,000 | 6,832,000 | ||||||
Quiznos Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.551%, 11/5/131 | 12,000,000 | 9,840,000 | ||||||
Sagittarius Restaurant, Sr. Sec. Credit Facilities Term Loan, Tranche B, 9.344%-9.50%, 3/2/131,2 | 12,098,703 | 9,527,728 |
F1 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Hotels, Restaurants & Leisure Continued | ||||||||
Turtle Bay Resort, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9/13/102,3 | $ | 1,930,402 | $ | 1,399,541 | ||||
Venetian Macao Ltd., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B Add-On, 5.06%, 5/25/131 | 1,360,117 | 1,315,184 | ||||||
Tranche B, 5.06%, 5/25/131 | 7,697,749 | 7,443,446 | ||||||
Venetian Macao Ltd., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 2.25%-5.06%, 5/25/111 | 9,342,475 | 9,033,837 | ||||||
Wimar OpCo LLC/Tropicana Entertainment Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 1/3/123 | 17,159,256 | 14,638,990 | ||||||
Yonkers Raceway, Sr. Sec. Credit Facilities Term Loan, 10.50%, 8/15/111,2 | 8,158,224 | 8,117,433 | ||||||
100,897,734 | ||||||||
Household Durables—0.6% | ||||||||
Sleep Innovations, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4/3/142,3 | 10,098,000 | 2,701,215 | ||||||
Sleep Innovations, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10/3/142,3 | 3,000,000 | 142,500 | ||||||
Springs Window Fashions Division, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.563%, 12/30/121 | 12,556,730 | 8,852,495 | ||||||
11,696,210 | ||||||||
Media—20.0% | ||||||||
AMC Entertainment, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.21%, 1/26/131 | 21,076,437 | 19,872,783 | ||||||
Advanstar Communications, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.051%, 5/15/141,2 | 19,800,000 | 15,147,000 | ||||||
Alpha Media Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.051%, 8/14/141,2 | 15,489,573 | 14,327,855 | ||||||
Cengage Learning Holdings II LP, Sr. Sec. Credit Facilities Term Loan, 4.96%, 7/4/141 | 4,987,437 | 4,419,338 | ||||||
Cequel Communications LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.373%, 5/5/141 | 6,500,000 | 5,734,625 | ||||||
Cequel Communications LLC, Sr. Sec. Credit Facilities Term Loan, 4.685%-5.902%, 11/5/131 | 9,363,747 | 8,711,178 | ||||||
Charter Communications Operation LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.67%-4.80%, 3/5/141 | 42,282,512 | 37,309,920 | ||||||
Charter Communications Operation LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, 5.301%, 9/1/141 | 22,000,000 | 17,765,000 | ||||||
Charter Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche T2 Add-On, 8.50%, 3/6/141 | 4,987,500 | 4,937,181 | ||||||
Cinemark USA, Inc., Sr. Sec. Credit Facilities Term Loan, 4.43%-4.93%, 10/5/131 | 6,337,220 | 5,989,806 | ||||||
Cinram International, Inc., Sr. Sec. Credit Facilities Term Loan, 4.784%, 5/6/111,2 | 22,068,826 | 18,537,813 | ||||||
Citadel Broadcasting Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.095%-4.435%, 6/12/141 | 39,750,000 | 32,595,000 |
F2 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Media Continued | ||||||||
Cumulus Media, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.21%-4.213%, 6/11/141 | $ | 1,961,060 | $ | 1,693,047 | ||||
Discovery Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.801%, 4/30/141 | 4,987,406 | 4,883,917 | ||||||
FoxCo Acquisition Sub LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 7.25%, 7/14/151 | 4,200,000 | 4,137,000 | ||||||
Hit Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.79%, 8/5/121,2 | 7,238,186 | 6,297,222 | ||||||
Live Nation, Inc./SFX Entertainment, Inc., Sr. Sec. Credit Facilities Term Loan, 5.72%, 6/21/131,2 | 6,859,400 | 6,447,836 | ||||||
Mediacom Communications Corp./MCC Iowa LLC, Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche D2, 4.21%-4.22%, 1/31/151 | 5,399,266 | 4,947,077 | ||||||
Tranche E, 6.50%, 1/3/161 | 6,600,001 | 6,575,250 | ||||||
Mediacom LLC, Sr. Sec. Credit Facilities Term Loan, Tranche A, 3.71%-3.72%, 9/30/121 | 9,500,000 | 8,953,750 | ||||||
Merrill Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.517%, 11/15/131 | 21,250,000 | 15,937,500 | ||||||
Metro-Goldwyn-Mayer Studios, Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B Add-On, 6.051%, 4/8/121 | 8,393,750 | 6,526,141 | ||||||
Tranche B, 6.051%, 4/8/121 | 23,521,831 | 18,288,224 | ||||||
Nielsen Finance Co. (The), Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.734%, 8/9/131 | 9,974,634 | 9,296,309 | ||||||
Paxson Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.041%, 1/15/121,2 | 14,000,000 | 11,340,000 | ||||||
Penton Media, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.713%-5.049%, 2/1/131 | 20,004,331 | 16,003,465 | ||||||
Quebecor Media, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.791%, 1/17/131,2 | 7,127,185 | 6,877,734 | ||||||
San Juan Cable & Construction, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.68%, 10/31/121 | 9,981,716 | 8,783,910 | ||||||
Sirius Satellite Radio, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.938%-5.438%, 12/13/121,2 | 7,940,000 | 7,106,300 | ||||||
Star Tribune Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.056%, 3/5/141,2 | 5,965,199 | 3,057,165 | ||||||
Tribune Increment Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.785%, 6/4/141 | 4,974,906 | 3,420,248 | ||||||
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.713%-5.049%, 9/29/141 | 22,500,000 | 18,474,615 | ||||||
Young Broadcasting, Inc., Sr. Sec. Credit Facilities Term Loan, 5.313%, 11/3/121 | 29,679,554 | 25,969,609 | ||||||
Zuffa LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.50%, 6/18/151 | 20,563,671 | 17,273,484 | ||||||
397,637,302 |
F3 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Multiline Retail—0.9% | ||||||||
General Growth Properties, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 3.62%, 2/24/101 | $ | 19,902,011 | $ | 17,754,246 | ||||
Specialty Retail—0.3% | ||||||||
BCBG Max Azria Group, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 8.621%-8.961%, 8/10/111 | 3,942,316 | 3,429,814 | ||||||
Burlington Coat Factory Warehouse Corp., Sr. Sec. Credit Facilities Term Loan, 4.90%, 5/28/131 | 4,922,626 | 3,938,101 | ||||||
7,367,915 | ||||||||
Consumer Staples—1.7% | ||||||||
Food Products—0.7% | ||||||||
Dole Food Co., Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 4.50%-6%, 4/12/131 | 897,585 | 829,914 | ||||||
Tranche C, 4.813%-6%, 4/12/13 1 | 6,951,280 | 6,427,215 | ||||||
Pinnacle Foods Finance LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.213%-5.558%, 4/2/141 | 7,979,849 | 7,308,209 | ||||||
14,565,338 | ||||||||
Personal Products—1.0% | ||||||||
Levlad Natural Products Group LLC, Sr. Sec. Credit Facilities Term Loan, 4.899%-5.051%, 3/8/14 1 | 28,938,649 | 19,581,829 | ||||||
Energy—6.2% | ||||||||
Energy Equipment & Services—1.6% | ||||||||
Antero Resources Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.30%, 4/10/141 | 15,000,000 | 13,762,500 | ||||||
Beryl Oil & Gas LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.776%, 7/14/111 | 5,614,214 | 5,530,001 | ||||||
Global Geophysical Services, Inc., Sr. Sec. Credit Facilities Term Loan, 7.551%, 12/10/141 | 12,935,000 | 12,870,325 | ||||||
32,162,826 | ||||||||
Oil, Gas & Consumable Fuels—4.6% | ||||||||
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B1, 8.50%, 1/1/141 | 11,931,818 | 11,613,632 | ||||||
Tranche B2, 8.50%, 7/1/101 | 6,818,182 | 6,636,361 | ||||||
Bosque Power Co. LLC, Sr. Sec. Credit Facilities Term Loan, 8.041%, 1/16/151 | 18,206,553 | 17,956,213 | ||||||
Coleto Creek Power LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.551%, 6/28/131 | 20,516,018 | 18,703,776 | ||||||
Pine Praire, Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 5.31%, 12/31/131,2 | 3,223,933 | 3,078,856 | ||||||
Pine Praire, Sr. Sec. Credit Facilities Term Loan, 5.31%, 12/31/131 | 7,750,984 | 7,402,190 | ||||||
Western Refining Corp., Sr. Sec. Credit Facilities Term Loan, 7.75%, 2/8/141 | 28,864,939 | 26,158,851 | ||||||
91,549,879 |
F4 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Financials—1.4% | ||||||||
Capital Markets—0.6% | ||||||||
Nuveen Investments, Inc., Sr. Sec. Credit Facilities Term Loan, 5.46%-5.463%, 11/1/141 | $ | 12,867,750 | $ | 11,934,837 | ||||
Insurance—0.4% | ||||||||
Swett & Crawford Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.039%, 4/3/141 | 10,812,627 | 8,001,344 | ||||||
Real Estate Investment Trusts—0.4% | ||||||||
Capital Auto Real Estate Services, Inc., Sr. Sec. Credit Facilities Term Loan, 4.22%, 12/16/101 | 8,019,814 | 7,624,838 | ||||||
Health Care—11.1% | ||||||||
Health Care Equipment & Supplies—1.8% | ||||||||
CCS Medical Equipment & Uniforms, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.06%, 9/30/121 | 21,125,050 | 17,780,257 | ||||||
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.463%-4.801%, 4/30/131 | 6,156,291 | 5,432,927 | ||||||
Carestream Health, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.899%-8.149%, 9/26/131,2 | 5,000,000 | 3,575,000 | ||||||
dj Orthopedics, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.463%-5.801%, 10/31/141 | 9,950,000 | 9,676,375 | ||||||
36,464,559 | ||||||||
Health Care Providers & Services—7.7% | ||||||||
Aveta Holdings, Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche MMM, 9.59%, 8/22/111 | 5,134,029 | 4,791,758 | ||||||
Tranche NAMM, 9.59%, 7/27/111 | 1,374,321 | 1,282,699 | ||||||
Tranche NAMM, 9.59%, 8/22/111 | 762,684 | 711,838 | ||||||
Tranche PHMC, 9.59%, 8/22/111 | 4,207,454 | 3,926,955 | ||||||
Capella Healthcare, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.301%, 2/14/151,2 | 6,384,000 | 6,160,560 | ||||||
Community Health Systems, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.713%-4.899%, 7/2/141 | 12,533,235 | 11,884,778 | ||||||
Community Health Systems, Inc., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 1%, 7/2/141 | 640,992 | 607,828 | ||||||
Genoa Healthcare LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.536%-7.75%, 8/10/121,2 | 6,863,727 | 6,632,077 | ||||||
Genoa Healthcare LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.286%, 2/10/131,2 | 1,000,000 | 975,000 | ||||||
HCA, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.051%, 11/18/131 | 11,785,325 | 11,098,665 | ||||||
HVHC, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.051%, 8/1/131 | 6,059,406 | 5,756,436 | ||||||
Health Management Associates, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.551%, 2/28/141 | 7,414,817 | 6,870,295 | ||||||
HealthCare Partners, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.213%, 10/31/131,2 | 4,651,212 | 4,465,163 |
F5 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Health Care Providers & Services Continued | ||||||||
HealthSouth Corp., Sr. Sec. Credit Facilities Term Loan, 5.29%, 3/10/131 | $ | 9,696,847 | $ | 9,186,027 | ||||
Healthways, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.301%, 11/15/131,2 | 8,668,000 | 8,364,620 | ||||||
Manor Care, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.963%, 10/18/141,2 | 6,934,241 | 6,431,509 | ||||||
MultiPlan, Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 5%, 4/15/131 | 3,418,684 | 3,240,273 | ||||||
Tranche C, 5%, 4/12/131 | 6,810,964 | 6,455,521 | ||||||
Prospect Medical Group, Sr. Sec. Credit Facilities Term Loan, Tranche B, 11%, 8/1/141,2 | 7,655,789 | 6,966,768 | ||||||
Quintiles Transnational Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.81%, 3/31/131 | 10,551,803 | 10,063,782 | ||||||
Rural/Metro Corp., Sr. Sec. Credit Facilities Letter of Credit Term Loan, 5.85%, 3/4/111,2 | 2,970,563 | 2,807,182 | ||||||
Rural/Metro Corp., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 5.43%, 3/4/111 | 634,146 | 599,268 | ||||||
Tranche B, 6.27%, 3/4/111,2 | 5,804,780 | 5,485,517 | ||||||
SouthernCare, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.458%-5.788%, 12/10/101,2 | 12,303,752 | 11,073,377 | ||||||
Triumph HealthCare LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.456%-5.796%, 7/28/131,2 | 10,316,414 | 9,645,847 | ||||||
Warner Chilcott plc, Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 4.463%-4.801%, 1/4/121 | 6,719,598 | 6,506,809 | ||||||
Tranche C, 4.801%, 1/4/121 | 1,458,609 | 1,412,418 | ||||||
153,402,970 | ||||||||
Pharmaceuticals—1.6% | ||||||||
Royalty Pharma, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.051%, 4/16/131 | 7,825,138 | 7,808,024 | ||||||
Stiefel Laboratories, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.042%, 12/28/131,2 | 5,873,467 | 5,594,477 | ||||||
Stiefel Laboratories, Inc., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 5.042%, 12/28/131,2 | 4,492,453 | 4,279,062 | ||||||
Talecris Biotherapeutics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.18%, 12/6/131 | 14,765,101 | 13,620,805 | ||||||
31,302,368 | ||||||||
Industrials—19.3% | ||||||||
Aerospace & Defense—3.4% | ||||||||
AM General LLC, Sr. Sec. Credit Facilities Letter of Credit Term Loan, 5.456%, 9/29/121 | 183,111 | 167,775 | ||||||
AM General LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 3%-5.803%, 9/30/131 | 24,471,353 | 22,421,875 |
F6 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Aerospace & Defense Continued | ||||||||
DeCrane Aircraft Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.541%, 2/21/131 | $ | 13,941,923 | $ | 12,896,279 | ||||
DeCrane Aircraft Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.791%, 2/21/141,2 | 5,000,000 | 4,525,000 | ||||||
Gencorp, Inc., Sr. Sec. Credit Facilities Prefunded Letter of Credit Term Loan, 4.72%, 3/21/131 | 2,795,478 | 2,697,636 | ||||||
Gencorp, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.90%, 3/21/131 | 1,549,979 | 1,495,729 | ||||||
IAP Worldwide Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.006%, 12/30/121,2 | 19,876,421 | 16,000,519 | ||||||
IAP Worldwide Services, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.919%, 6/30/131,2 | 8,022,000 | 5,615,400 | ||||||
United Air Lines, Inc., Sr. Sec. Credit Facilities Term Loan, 4.50%-4.75%, 2/3/141 | 1,548,526 | 1,135,844 | ||||||
66,956,057 | ||||||||
Air Freight & Logistics—1.2% | ||||||||
Evergreen International Aviation, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9%, 10/31/111 | 22,855,003 | 20,512,365 | ||||||
Evergreen International Aviation, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 16.808%, 4/30/131,2 | 3,010,259 | 2,720,521 | ||||||
23,232,886 | ||||||||
Building Products—1.1% | ||||||||
Champion OpCo., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.961%, 5/11/131,2 | 2,193,750 | 1,502,719 | ||||||
Custom Building Products, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.713%-5.051%, 10/20/111 | 4,266,779 | 3,733,431 | ||||||
Custom Building Products, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.801%, 4/20/121,2 | 1,000,000 | 795,000 | ||||||
Goodman Global, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 7.50%, 2/13/141 | 1,930,000 | 1,909,494 | ||||||
PGT Industries, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.46%, 2/14/121 | 7,251,303 | 6,344,890 | ||||||
United Subcontractors, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.885%-7.566%, 12/27/121,2 | 11,763,768 | 7,190,603 | ||||||
21,476,137 | ||||||||
Commercial Services & Supplies—7.1% | ||||||||
Allied Security Holdings LLC, Sr. Sec. Credit Facilities Term Loan, Tranche D, 5.49%, 7/17/121 | 16,372,318 | 15,635,564 | ||||||
Allied Waste Industries, Inc., Sr. Sec. Credit Facilities Letter of Credit Term Loan, 1.50%, 3/28/141 | 1,501,924 | 1,475,953 | ||||||
Allied Waste Industries, Inc., Sr. Sec. Credit Facilities Term Loan, 2%, 2/24/121 | 2,498,076 | 2,454,879 | ||||||
Asurion Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.784%, 7/2/141 | 13,715,000 | 12,937,812 |
F7 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Commercial Services & Supplies Continued | ||||||||
Bright Horizons LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4%-7.50%, 5/21/151 | $ | 12,000,000 | $ | 11,838,756 | ||||
First Data Corp., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B-1, 5.212%-5.552%, 9/24/141 | 3,905,088 | 3,601,889 | ||||||
Tranche B-2, 2.75%-5.552%, 9/24/141 | 4,482,412 | 4,134,312 | ||||||
Tranche B-3, 5.551%-5.552%, 9/24/141 | 7,481,156 | 6,896,024 | ||||||
NES Rentals Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 6/22/131,2 | 10,942,841 | 8,425,988 | ||||||
New Holdings I LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.149%-5.299%, 5/18/141 | 12,941,653 | 11,615,134 | ||||||
Norwood Promotional Products, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 10.48%, 8/16/091 | 25,114,523 | 23,858,797 | ||||||
Rental Service Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.30%, 11/15/121 | 3,196,377 | 2,629,019 | ||||||
U.S. Investigations Services, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.551%, 2/21/151 | 9,974,811 | 9,243,328 | ||||||
West Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B3, 4.838%-5.171%, 10/24/131 | 18,641,705 | 16,795,021 | ||||||
Workflow Management, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8%, 10/17/101,2 | 11,947,830 | 9,961,503 | ||||||
141,503,979 | ||||||||
Electrical Equipment—0.5% | ||||||||
Freescale Semiconductor, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.221%, 11/29/131 | 11,974,684 | 10,809,247 | ||||||
Industrial Conglomerates—2.1% | ||||||||
Hillman Group, Inc. (The), Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.688%, 3/31/111,2 | 17,069,157 | 15,959,662 | ||||||
Precision Partners, Inc., Sr. Sec. Credit Facilities Term Loan, 10%, 10/1/131 | 26,110,228 | 25,783,850 | ||||||
41,743,512 | ||||||||
Machinery—1.2% | ||||||||
BOC Edwards, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.644%, 5/31/141,2 | 15,823,829 | 13,371,135 | ||||||
Veyance Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.30%, 7/2/141 | 11,643,706 | 10,333,789 | ||||||
Veyance Technologies, Inc., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 4.97%, 7/2/141 | 1,367,580 | 1,213,727 | ||||||
24,918,651 | ||||||||
Road & Rail—2.7% | ||||||||
RailAmerica, Inc. (Canadian), Sr. Sec. Credit Facilities Term Loan, 6.79%, 8/14/091,2 | 2,182,720 | 2,179,992 | ||||||
RailAmerica, Inc., Sr. Sec. Credit Facilities Term Loan, 6.79%, 8/14/091,2 | 33,717,280 | 33,675,133 |
F8 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Road & Rail Continued | ||||||||
U.S. Xpress Enterprises, Inc., Sr. Sec. Credit Facilities Term Loan, 6.459%-6.463%, 10/12/141 | $ | 21,041,720 | $ | 17,254,210 | ||||
53,109,335 | ||||||||
Information Technology—4.4% | ||||||||
Internet Software & Services—0.4% | ||||||||
Dealer Computer Services, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.301%, 11/1/131 | 8,000,000 | �� | 7,420,000 | |||||
IT Services—1.6% | ||||||||
Apptis, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.72%-6.06%, 12/20/121 | 11,523,077 | 10,140,308 | ||||||
Caritor, Inc., Sr. Sec. Credit Facilities Letter of Credit Term Loan, 4.72%, 5/17/131 | 140,515 | 103,044 | ||||||
Caritor, Inc., Sr. Sec. Credit Facilities Term Loan, 4.72%, 5/17/131 | 29,138,964 | 21,368,564 | ||||||
31,611,916 | ||||||||
Semiconductors & Semiconductor Equipment—0.5% | ||||||||
Flextronics International Ltd., Sr. Sec. Credit Facilities Term Loan, Delayed Draw: | ||||||||
Tranche A1, 5.041%, 10/1/141 | 1,318,131 | 1,198,264 | ||||||
Tranche A2, 5.051%, 10/1/141 | 2,301,909 | 2,092,580 | ||||||
Tranche A3, 5.051%, 10/1/141 | 2,685,560 | 2,441,343 | ||||||
Flextronics International Ltd., Sr. Sec. Credit Facilities Term Loan, 5.038%-5.041%, 10/1/141 | 4,587,095 | 4,231,595 | ||||||
9,963,782 | ||||||||
Software—1.9% | ||||||||
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.051%, 5/9/141 | 6,073,500 | 5,587,620 | ||||||
Nuance Communications, Inc., Sr. Sec. Credit Facilities Incremental Term Loan, Tranche B2, 4.97%, 3/31/131 | 9,570,806 | 9,024,476 | ||||||
Nuance Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.97%, 3/31/131 | 4,663,711 | 4,397,493 | ||||||
Verint Systems, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.873%, 5/9/141 | 21,115,385 | 19,215,000 | ||||||
38,224,589 | ||||||||
Materials—7.5% | ||||||||
Chemicals—3.1% | ||||||||
Brenntag AG, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.071%, 12/31/131,2 | 2,054,545 | 1,885,046 | ||||||
Brenntag AG, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.071%, 6/30/151,2 | 3,000,000 | 2,445,000 | ||||||
Brenntag AG, Sr. Sec. Credit Facilities Acquisition Term Loan, 5.071%, 12/31/131,2 | 2,945,455 | 2,702,454 |
F9 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Chemicals Continued | ||||||||
Cristal Inorganic Chemicals Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.301%, 5/15/141 | $ | 4,965,025 | $ | 4,207,859 | ||||
Hexion Specialty Chemicals, Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche C-1, 5.063%, 5/5/131 | 8,109,026 | 7,075,125 | ||||||
Tranche C-2, 5.063%, 5/5/131 | 1,685,593 | 1,470,680 | ||||||
Tranche C-4, 5%, 5/5/131 | 6,342,500 | 5,533,831 | ||||||
Tranche C-5, 5.063%, 5/3/131 | 1,485,000 | 1,295,663 | ||||||
Huntsman International LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.213%, 8/16/121 | 7,550,487 | 7,101,505 | ||||||
Ineos Group Ltd., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B, 4.885%, 12/16/131 | 1,886,633 | 1,577,697 | ||||||
Tranche C, 5.385%, 12/14/141 | 1,884,598 | 1,575,995 | ||||||
Lucite International Holdings LLC, Sr. Sec. Credit Facilities Term Loan, Delayed Draw, 4.92%-5.05%, 7/19/131 | 2,688,836 | 2,211,568 | ||||||
Lucite International Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 4.92%, 7/7/131 | 15,621 | 12,849 | ||||||
Lucite International Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 5.05%, 7/7/131 | 6,107,985 | 5,023,818 | ||||||
Solutia, Inc., Sr. Sec. Credit Facilities Term Loan, 8.50%, 1/23/151 | 5,472,500 | 5,217,689 | ||||||
Univar USA OPCO, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.801%, 10/10/141 | 4,183,987 | 3,850,578 | ||||||
Wellman, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 2/10/092,3 | 17,322,882 | 8,661,441 | ||||||
61,848,798 | ||||||||
Containers & Packaging—1.9% | ||||||||
Berry Plastics Group, Inc., Sr. Sec. Credit Facilities Term Loan, 4.784%, 4/3/151 | 5,359,064 | 4,733,201 | ||||||
Consolidated Container Co., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.963%-10.855%, 9/28/141 | 14,200,000 | 7,277,499 | ||||||
Consolidated Container Co., Sr. Sec. Credit Facilities Property, Plant & Equipment Term Loan, 4.713%-5.046%, 3/23/141,2 | 8,887,500 | 6,769,316 | ||||||
Graham Packaging Co. LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.875%-5.063%, 10/18/111 | 17,267,581 | 16,486,447 | ||||||
Tegrant Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.56%, 3/7/141 | 4,294,129 | 2,834,125 | ||||||
38,100,588 | ||||||||
Metals & Mining—1.1% | ||||||||
Aleris International, Inc., Sr. Sec. Credit Facilities Term Loan, 4.50%, 12/19/131 | 8,290,060 | 7,157,082 | ||||||
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 1/28/101 | 13,478,700 | 13,141,733 | ||||||
20,298,815 |
F10 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Paper & Forest Products—1.4% | ||||||||
Abitibi-Consolidated Co. of Canada/Abitibi-Consolidated, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 11.50%, 3/31/091 | $ | 17,707,833 | $ | 17,707,833 | ||||
NewPage Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 6.563%, 11/5/141 | 10,532,000 | 10,435,432 | ||||||
28,143,265 | ||||||||
Telecommunication Services—4.3% | ||||||||
Diversified Telecommunication Services—2.3% | ||||||||
IPC Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.051%, 5/31/141 | 30,477,287 | 23,238,931 | ||||||
ITC DeltaCom Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 6.801%, 7/12/131 | 22,387,500 | 20,630,081 | ||||||
Time Warner Telecom, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.47%, 1/7/131 | 3,046,509 | 2,918,175 | ||||||
46,787,187 | ||||||||
Wireless Telecommunication Services—2.0% | ||||||||
Alltel Communications, Inc., Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B-1, 5.208%, 5/15/151 | 9,974,874 | 9,873,400 | ||||||
Tranche B-2, 5.564%, 5/15/151 | 9,949,749 | 9,843,107 | ||||||
MetroPCS Wireless, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.75%, 11/4/131 | 1,984,772 | 1,890,743 | ||||||
Telesat Canada, Sr. Sec. Credit Facilities Term Loan, Tranche B, 1.50%-5.80%, 10/23/141 | 17,274,622 | 16,490,509 | ||||||
Telesat Canada, Sr. Sec. Credit Facilities Term Loan, Delayed Draw, Tranche B, 1.50%-5.81%, 10/23/141 | 1,888,108 | 1,802,402 | ||||||
39,900,161 | ||||||||
Utilities—7.3% | ||||||||
Electric Utilities—7.3% | ||||||||
Ashmore Energy International, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.801%, 3/30/141 | 18,533,134 | 17,050,484 | ||||||
Ashmore Energy, Inc., Sr. Sec. Credit Facilities Revolving Credit Loan Term Loan, 5.801%, 3/30/141 | 195,731 | 180,073 | ||||||
Calpine Construction Finance Co. LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.801%, 8/26/091 | 18,275,742 | 18,367,121 | ||||||
Guadalupe Power Plant, Inc., Sr. Sec. Credit Facilities Term Loan, 4.688%, 12/31/091,2 | 6,525,069 | 6,296,692 | ||||||
Kelson Energy, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.06%, 3/8/131 | 8,000,000 | 7,768,000 | ||||||
La Paloma Generating Co. LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.301%, 8/16/131 | 11,000,000 | 9,634,163 | ||||||
Liberty Electric Power LLC, Sr. Sec. Credit Facilities Term Loan, 5.801%, 10/30/141 | 22,322,936 | 21,150,982 |
F11 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal | ||||||||
Amount | Value | |||||||
Electric Utilities Continued | ||||||||
MACH Gen LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.638%, 2/22/141 | $ | 7,673,392 | $ | 7,368,375 | ||||
MACH Gen LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.14%, 2/15/151 | 3,000,000 | 2,880,000 | ||||||
MACH Gen LLC, Sr. Sec. Credit Facilities Letter of Credit Term Loan, 4.801%, 2/22/141 | 807,103 | 775,021 | ||||||
Riverside Energy Center LLC/Rocky Mountain Energy Center LLC, Sr. Sec. Credit Facilities Term Loan, 7.049%, 6/24/111,2 | 16,866,450 | 16,950,782 | ||||||
Rocky Mountain Energy Corp., Sr. Sec. Credit Facilities Letter of Credit Term Loan, 7.149%, 6/24/111,2 | 1,437,183 | 1,444,369 | ||||||
Rocky Mountain Energy Corp., Sr. Sec. Credit Facilities Term Loan, 7.049%, 6/24/111,2 | 9,117,890 | 9,163,480 | ||||||
Texas Competitive Electric Holdings Company LLC, Sr. Sec. Credit Facilities Term Loan: | ||||||||
Tranche B1, 5.961%-6.301%, 10/10/141 | 4,987,437 | 4,691,308 | ||||||
Tranche B2, 5.961%-6.478%, 10/10/141 | 1,937,738 | 1,826,319 | ||||||
Tranche B3, 6.234%-6.478%, 10/10/141 | 13,916,939 | 13,073,225 | ||||||
USPF Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 4.209%-4.211%, 4/11/141,2 | 6,571,941 | 6,046,186 | ||||||
144,666,580 | ||||||||
Total Corporate Loans (Cost $2,075,099,176) | 1,859,495,003 | |||||||
Corporate Bonds and Notes—1.8% | ||||||||
Cognis GmbH, 4.776% Sr. Sec. Bonds, 9/15/131,2 | 1,750,000 | 1,583,750 | ||||||
Dole Food Co., Inc., 8.625% Sr. Nts., 5/1/09 | 17,030,000 | 16,753,267 | ||||||
LightPoint CLO Ltd. VII, 6.676% Collateralized Loan Obligations, Series 2007-7A, Cl. D, 5/15/211,2 | 4,500,000 | 2,344,500 | ||||||
Paxson Communications Corp., 9.041% Sr. Sec. Nts., 1/15/131,4 | 5,000,000 | 3,200,000 | ||||||
XM Satellite Radio, Inc., 7.373% Sr. Unsec. Nts., 5/1/131 | 12,000,000 | 12,135,000 | ||||||
Total Corporate Bonds and Notes (Cost $39,384,231) | 36,016,517 |
Shares | ||||||||
Investment Company—10.8% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 2.67%5,6 (Cost $214,566,851) | 214,566,851 | 214,566,851 | ||||||
Total Investments, at Value (Cost $2,329,050,258) | 106.1 | % | 2,110,078,371 | |||||
Liabilities in Excess of Other Assets | (6.1 | ) | (122,217,187 | ) | ||||
Net Assets | 100.0 | % | $ | 1,987,861,184 | ||||
F12 | OPPENHEIMER SENIOR FLOATING RATE FUND
1. | Represents the current interest rate for a variable or increasing rate security. | |
2. | Illiquid security. The aggregate value of illiquid securities as of July 31, 2008 was $408,848,439, which represents 20.57% of the Fund’s net assets. See Note 6 of accompanying Notes. | |
3. | Issue is in default. See Note 1 of accompanying Notes. | |
4. | 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 $3,200,000 or 0.16% of the Fund’s net assets as of July 31, 2008. | |
5. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 31, 2008, 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 period in which the issuer was an affiliate are as follows: |
Shares | Gross | Gross | Shares | |||||||||||||
July 31, 2007 | Additions | Reductions | July 31, 2008 | |||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | — | 1,973,366,851 | 1,758,800,000 | 214,566,851 |
Dividend | ||||||||
Value | Income | |||||||
Oppenheimer Institutional Money Market Fund, Cl. E | $ | 214,566,851 | $ | 6,204,077 |
6. | Rate shown is the 7-day yield as of July 31, 2008. |
F13 | OPPENHEIMER SENIOR FLOATING RATE FUND
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $2,114,483,407) | $ | 1,895,511,520 | ||
Affiliated companies (cost $214,566,851) | 214,566,851 | |||
2,110,078,371 | ||||
Cash | 7,020,223 | |||
Receivables and other assets: | ||||
Investments sold | 55,383,229 | |||
Interest, dividends and principal paydowns | 13,244,663 | |||
Other | 94,021 | |||
Total assets | 2,185,820,507 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 156,276,165 | |||
Investments purchased | 39,060,309 | |||
Dividends | 375,049 | |||
Distribution and service plan fees | 264,040 | |||
Shareholder communications | 232,178 | |||
Transfer and shareholder servicing agent fees | 199,108 | |||
Trustees’ compensation | 14,101 | |||
Other | 1,538,373 | |||
Total liabilities | 197,959,323 | |||
Net Assets | $ | 1,987,861,184 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 240,390 | ||
Additional paid-in capital | 2,471,813,002 | |||
Accumulated net investment loss | (860,596 | ) | ||
Accumulated net realized loss on investments | (264,359,725 | ) | ||
Net unrealized depreciation on investments | (218,971,887 | ) | ||
Net Assets | $ | 1,987,861,184 | ||
F14 | OPPENHEIMER SENIOR FLOATING RATE FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $855,905,262 and 103,554,434 shares of beneficial interest outstanding) | $ | 8.27 | ||
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) | $ | 8.57 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $149,857,552 and 18,127,402 shares of beneficial interest outstanding) | $ | 8.27 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $976,602,530 and 118,041,941 shares of beneficial interest outstanding) | $ | 8.27 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $5,495,840 and 665,926 shares of beneficial interest outstanding) | $ | 8.25 |
F15 | OPPENHEIMER SENIOR FLOATING RATE FUND
Investment Income | ||||
Interest | $ | 217,357,190 | ||
Dividends from affiliated companies | 6,204,077 | |||
Other income | 2,384,447 | |||
Total investment income | 225,945,714 | |||
Expenses | ||||
Management fees | 17,501,104 | |||
Distribution and service plan fees: | ||||
Class A | 2,705,882 | |||
Class B | 1,508,486 | |||
Class C | 10,246,533 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 1,108,868 | |||
Class B | 314,500 | |||
Class C | 1,185,713 | |||
Class Y | 10,947 | |||
Shareholder communications: | ||||
Class A | 290,628 | |||
Class B | 89,437 | |||
Class C | 312,493 | |||
Class Y | 2,858 | |||
Interest expense | 2,955,674 | |||
Custodian fees and expenses | 726,712 | |||
Trustees’ compensation | 62,782 | |||
Administration service fees | 1,500 | |||
Other | 1,300,289 | |||
Total expenses | 40,324,406 | |||
Less waivers and reimbursements of expenses | (2,939,360 | ) | ||
Net expenses | 37,385,046 | |||
Net Investment Income | 188,560,668 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments | (214,345,398 | ) | ||
Swap contracts | 9,094,688 | |||
Increase from payment by affiliate | 68,855 | |||
Net realized loss | (205,181,855 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (55,856,791 | ) | ||
Unfunded loan commitments | 34,353 | |||
Net change in unrealized depreciation | (55,822,438 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (72,443,625 | ) | |
F16 | OPPENHEIMER SENIOR FLOATING RATE FUND
Year Ended July 31, | 2008 | 2007 | ||||||
Operations | ||||||||
Net investment income | $ | 188,560,668 | $ | 267,868,348 | ||||
Net realized loss | (205,181,855 | ) | (12,294,267 | ) | ||||
Net change in unrealized depreciation | (55,822,438 | ) | (171,245,030 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (72,443,625 | ) | 84,329,051 | |||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (83,437,263 | ) | (123,304,579 | ) | ||||
Class B | (12,962,980 | ) | (19,957,641 | ) | ||||
Class C | (89,596,911 | ) | (125,485,560 | ) | ||||
Class Y | (1,637,663 | ) | (839,665 | ) | ||||
(187,634,817 | ) | (269,587,445 | ) | |||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (493,999,831 | ) | 28,838,106 | |||||
Class B | (78,548,934 | ) | (58,025,689 | ) | ||||
Class C | (565,763,057 | ) | 74,276,311 | |||||
Class Y | (52,982,600 | ) | 61,782,257 | |||||
(1,191,294,422 | ) | 106,870,985 | ||||||
Net Assets | ||||||||
Total decrease | (1,451,372,864 | ) | (78,387,409 | ) | ||||
Beginning of period | 3,439,234,048 | 3,517,621,457 | ||||||
End of period (including accumulated net investment loss of $860,596 and $80,051, respectively) | $ | 1,987,861,184 | $ | 3,439,234,048 | ||||
F17 | OPPENHEIMER SENIOR FLOATING RATE FUND
Cash Flows from Operating Activities | ||||
Net decrease in net assets from operations | $ | (72,443,625 | ) | |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | ||||
Purchase of investment securities | (1,303,843,543 | ) | ||
Proceeds from disposition of investment securities | 3,203,755,911 | |||
Short-term investment securities, net | (237,267,101 | ) | ||
Premium amortization | 836,975 | |||
Discount accretion | (4,067,681 | ) | ||
Net realized loss on investments | 205,181,855 | |||
Net change in unrealized depreciation on investments | 55,856,791 | |||
Net change in unrealized appreciation on unfunded loan commitments | (34,353 | ) | ||
Decrease in interest receivable | 18,709,420 | |||
Decrease in receivable for securities sold | 113,970,797 | |||
Increase in other assets | (75,429 | ) | ||
Decrease in payable for securities purchased | (105,993,804 | ) | ||
Decrease in payable for accrued expenses | (77,350 | ) | ||
Net cash provided by operating activities | 1,874,508,863 | |||
Cash Flows from Financing Activities | ||||
Proceeds from bank borrowings | 1,493,800,000 | |||
Payments on bank borrowings | (1,604,100,000 | ) | ||
Proceeds from shares sold | 290,774,402 | |||
Payments on shares redeemed | (2,016,442,454 | ) | ||
Cash distributions paid | (76,656,635 | ) | ||
Net cash used in financing activities | (1,912,624,687 | ) | ||
Net decrease in cash | (38,115,824 | ) | ||
Cash, beginning balance | 45,136,047 | |||
Cash, ending balance | $ | 7,020,223 | ||
F18 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class A Year Ended July 31, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.11 | $ | 9.54 | $ | 9.54 | $ | 9.56 | $ | 9.24 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | .62 | 1 | .69 | 1 | .66 | 1 | .53 | 1 | .49 | |||||||||||
Net realized and unrealized gain (loss) | (.85 | ) | (.42 | ) | — | (.02 | ) | .30 | ||||||||||||
Total from investment operations | (.23 | ) | .27 | .66 | .51 | .79 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.61 | ) | (.70 | ) | (.66 | ) | (.53 | ) | (.47 | ) | ||||||||||
Net asset value, end of period | $ | 8.27 | $ | 9.11 | $ | 9.54 | $ | 9.54 | $ | 9.56 | ||||||||||
Total Return, at Net Asset Value2 | (2.68) | % | 2.75 | % | 7.10 | % | 5.45 | % | 8.78 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 855,905 | $ | 1,460,069 | $ | 1,513,036 | $ | 1,038,746 | $ | 376,001 | ||||||||||
Average net assets (in thousands) | $ | 1,179,865 | $ | 1,687,143 | $ | 1,292,028 | $ | 776,029 | $ | 146,224 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 7.11 | % | 7.26 | % | 6.88 | % | 5.63 | % | 5.56 | % | ||||||||||
Total expenses | 1.16 | %4 | 1.07 | %4 | 1.11 | % | 1.09 | % | 1.19 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.05 | % | 0.97 | % | 0.97 | % | 0.89 | % | 0.99 | % | ||||||||||
Portfolio turnover rate | 50 | % | 105 | % | 104 | % | 114 | % | 155 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. 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 were as follows: |
Year Ended July 31, 2008 | 1.17 | % | ||
Year Ended July 31, 2007 | 1.07 | % |
F19 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class B Year Ended July 31, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.12 | $ | 9.54 | $ | 9.54 | $ | 9.56 | $ | 9.24 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | .57 | 1 | .64 | 1 | .60 | 1 | .48 | 1 | .46 | |||||||||||
Net realized and unrealized gain (loss) | (.87 | ) | (.42 | ) | — | (.02 | ) | .28 | ||||||||||||
Total from investment operations | (.30 | ) | .22 | .60 | .46 | .74 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.55 | ) | (.64 | ) | (.60 | ) | (.48 | ) | (.42 | ) | ||||||||||
Net asset value, end of period | $ | 8.27 | $ | 9.12 | $ | 9.54 | $ | 9.54 | $ | 9.56 | ||||||||||
Total Return, at Net Asset Value2 | (3.37) | % | 2.27 | % | 6.49 | % | 4.86 | % | 8.18 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 149,858 | $ | 247,726 | $ | 318,312 | $ | 344,337 | $ | 277,043 | ||||||||||
Average net assets (in thousands) | $ | 201,066 | $ | 295,655 | $ | 334,997 | $ | 327,996 | $ | 201,260 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 6.48 | % | 6.71 | % | 6.27 | % | 5.06 | % | 5.04 | % | ||||||||||
Total expenses | 1.76 | %4 | 1.65 | %4 | 1.68 | % | 1.66 | % | 1.76 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.65 | % | 1.55 | % | 1.54 | % | 1.46 | % | 1.56 | % | ||||||||||
Portfolio turnover rate | 50 | % | 105 | % | 104 | % | 114 | % | 155 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. 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 were as follows: |
Year Ended July 31, 2008 | 1.77 | % | ||
Year Ended July 31, 2007 | 1.65 | % |
F20 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class C Year Ended July 31, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.12 | $ | 9.55 | $ | 9.55 | $ | 9.57 | $ | 9.25 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income | .58 | 1 | .64 | 1 | .61 | 1 | .48 | 1 | .45 | |||||||||||
Net realized and unrealized gain (loss) | (.87 | ) | (.42 | ) | — | (.02 | ) | .29 | ||||||||||||
Total from investment operations | (.29 | ) | .22 | .61 | .46 | .74 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.56 | ) | (.65 | ) | (.61 | ) | (.48 | ) | (.42 | ) | ||||||||||
Net asset value, end of period | $ | 8.27 | $ | 9.12 | $ | 9.55 | $ | 9.55 | $ | 9.57 | ||||||||||
Total Return, at Net Asset Value2 | (3.28) | % | 2.24 | % | 6.56 | % | 4.92 | % | 8.21 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 976,602 | $ | 1,672,484 | $ | 1,686,272 | $ | 1,350,656 | $ | 615,744 | ||||||||||
Average net assets (in thousands) | $ | 1,365,398 | $ | 1,843,725 | $ | 1,542,199 | $ | 1,065,783 | $ | 346,347 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 6.60 | % | 6.76 | % | 6.36 | % | 5.11 | % | 5.05 | % | ||||||||||
Total expenses | 1.68 | %4 | 1.58 | % 4 | 1.61 | % | 1.60 | % | 1.71 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.57 | % | 1.48 | % | 1.47 | % | 1.40 | % | 1.51 | % | ||||||||||
Portfolio turnover rate | 50 | % | 105 | % | 104 | % | 114 | % | 155 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. 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 were as follows: |
Year Ended July 31, 2008 | 1.69 | % | ||
Year Ended July 31, 2007 | 1.58 | % |
F21 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class Y Year Ended July 31, | 2008 | 2007 | 20061 | ||||||||||||
Per Share Operating Data | |||||||||||||||
Net asset value, beginning of period | $ | 9.11 | $ | 9.54 | $ | 9.54 | |||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income2 | .69 | .69 | .47 | ||||||||||||
Net realized and unrealized gain (loss) | (.93 | ) | (.39 | ) | — | ||||||||||
Total from investment operations | (.24 | ) | .30 | .47 | |||||||||||
Dividends and/or distributions to shareholders: | |||||||||||||||
Dividends from net investment income | (.62 | ) | (.73 | ) | (.47 | ) | |||||||||
Net asset value, end of period | $ | 8.25 | $ | 9.11 | $ | 9.54 | |||||||||
Total Return, at Net Asset Value3 | (2.78) | % | 3.14 | % | 5.04 | % | |||||||||
Ratios/Supplemental Data | |||||||||||||||
Net assets, end of period (in thousands) | $ | 5,496 | $ | 58,955 | $ | 1 | |||||||||
Average net assets (in thousands) | $ | 21,397 | $ | 11,372 | $ | 1 | |||||||||
Ratios to average net assets:4 | |||||||||||||||
Net investment income | 7.69 | % | 7.34 | % | 7.33 | % | |||||||||
Total expenses | 0.87 | %5 | 0.82 | %5 | 0.96 | % | |||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.76 | % | 0.72 | % | 0.85 | % | |||||||||
Portfolio turnover rate | 50 | % | 105 | % | 104 | % |
1. | For the period from November 28, 2005 (inception of offering) to July 31, 2006. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. 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 were as follows: |
Year Ended July 31, 2008 | 0.88 | % | ||
Year Ended July 31, 2007 | 0.82 | % |
F22 | OPPENHEIMER SENIOR FLOATING RATE FUND
F23 | OPPENHEIMER SENIOR FLOATING RATE FUND
F24 | OPPENHEIMER SENIOR FLOATING RATE FUND
Net Unrealized | ||||||||||||
Depreciation | ||||||||||||
Based on Cost of | ||||||||||||
Securities and | ||||||||||||
Undistributed | Undistributed | Accumulated | Other Investments | |||||||||
Net Investment | Long-Term | Loss | for Federal Income | |||||||||
Income | Gain | Carryforward1,2,3,4 | Tax Purposes | |||||||||
$— | $ | — | $ | 258,599,042 | $ | 224,732,569 |
1. | As of July 31, 2008, the Fund had $98,817,540 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2008, details of the capital loss carryforwards were as follows: |
Expiring | ||||
2010 | $ | 10,765,372 | ||
2011 | 26,003,298 | |||
2014 | 4,679,034 | |||
2015 | 6,897,861 | |||
2016 | 50,471,975 | |||
Total | $ | 98,817,540 | ||
F25 | OPPENHEIMER SENIOR FLOATING RATE FUND
2. | As of July 31, 2008, the Fund had $159,781,502 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017. | |
3. | During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward. | |
4. | During the fiscal year ended July 31, 2007, the Fund did not utilize any capital loss carryforward. |
Reduction to | Reduction to | |||||||
Accumulated | Accumulated Net | |||||||
Reduction to | Net Investment | Realized Loss | ||||||
Paid-in Capital | Income | on Investments | ||||||
$607,869 | $ | 1,706,396 | $ | 2,314,265 |
Year Ended | Year Ended | |||||||
July 31, 2008 | July 31, 2007 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 187,634,817 | $ | 269,587,445 |
Federal tax cost of securities | $ | 2,334,810,940 | ||
Gross unrealized appreciation | $ | 4,396,075 | ||
Gross unrealized depreciation | (229,128,644 | ) | ||
Net unrealized depreciation | $ | (224,732,569 | ) | |
F26 | OPPENHEIMER SENIOR FLOATING RATE FUND
F27 | OPPENHEIMER SENIOR FLOATING RATE FUND
• | The Fund will make periodic Repurchase Offers, pursuant to Rule 23c-3 under the Investment Company Act of 1940 (as that rule may be amended from time to time). | ||
• | Repurchase offers shall be made at periodic intervals of three months between repurchase request deadlines. The deadlines will be at the time on a regular business day (normally the last regular business day) in the months of January, April, July and October to be determined by the Fund’s Board of Trustees. | ||
• | The repurchase pricing date for a particular Repurchase Offer shall be not more than 14 days after the repurchase request deadline for the repurchase offer. If that day is not a regular business day, then the repurchase pricing date will be the following business day. |
Percentage of | Amount of | |||||||||||
Repurchase | Outstanding Shares | Shares the | Number of | |||||||||
Request | the Fund Offered | Fund Offered | Shares Tendered | |||||||||
Deadlines | to Repurchase | to Repurchase | (all classes) | |||||||||
July 31, 2008 | 25 | % | 64,856,692 | 19,370,242 | ||||||||
April 30, 2008 | 25 | 71,712,855 | 35,420,490 | |||||||||
January 31, 2008 | 25 | 86,538,321 | 66,544,763 | |||||||||
October 31, 2007 | 25 | 98,444,088 | 57,862,782 |
Year Ended July 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 18,699,923 | $ | 165,087,834 | 82,069,921 | $ | 782,226,772 | ||||||||||
Dividends and/or distributions reinvested | 5,377,747 | 47,058,278 | 7,445,864 | 70,687,055 | ||||||||||||
Repurchased | (80,733,823 | ) | (706,145,943 | ) | (87,923,093 | ) | (824,075,721 | ) | ||||||||
Net increase (decrease) | (56,656,153 | ) | $ | (493,999,831 | ) | 1,592,692 | $ | 28,838,106 | ||||||||
F28 | OPPENHEIMER SENIOR FLOATING RATE FUND
Year Ended July 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class B | ||||||||||||||||
Sold | 1,321,372 | $ | 11,645,785 | 6,315,690 | $ | 60,203,397 | ||||||||||
Dividends and/or distributions reinvested | 1,021,712 | 8,931,096 | 1,456,164 | 13,837,604 | ||||||||||||
Repurchased | (11,386,852 | ) | (99,125,815 | ) | (13,957,612 | ) | (132,066,690 | ) | ||||||||
Net decrease | (9,043,768 | ) | $ | (78,548,934 | ) | (6,185,758 | ) | $ | (58,025,689 | ) | ||||||
Class C | ||||||||||||||||
Sold | 11,994,062 | $ | 106,635,301 | 60,821,455 | $ | 580,101,497 | ||||||||||
Dividends and/or distributions reinvested | 6,165,709 | 54,027,718 | 8,354,307 | 79,413,683 | ||||||||||||
Repurchased | (83,414,228 | ) | (726,426,076 | ) | (62,454,187 | ) | (585,238,869 | ) | ||||||||
Net increase (decrease) | (65,254,457 | ) | $ | (565,763,057 | ) | 6,721,575 | $ | 74,276,311 | ||||||||
Class Y | ||||||||||||||||
Sold | 844,888 | $ | 7,405,482 | 6,679,603 | $ | 63,649,783 | ||||||||||
Dividends and/or distributions reinvested | 144,647 | 1,308,214 | 77,270 | 719,087 | ||||||||||||
Repurchased | (6,796,675 | ) | (61,696,296 | ) | (283,912 | ) | (2,586,613 | ) | ||||||||
Net increase (decrease) | (5,807,140 | ) | $ | (52,982,600 | ) | 6,472,961 | $ | 61,782,257 | ||||||||
Purchases | Sales | |||||||
Investment securities | $ | 1,303,843,543 | $ | 3,203,755,911 |
Fee Schedule | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Over $800 million | 0.60 |
F29 | OPPENHEIMER SENIOR FLOATING RATE FUND
F30 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class A | Class B | Class C | ||||||||||||||
Class A | Early | Early | Early | |||||||||||||
Front-End | Withdrawal | Withdrawal | Withdrawal | |||||||||||||
Sales Charges | Charges | Charges | Charges | |||||||||||||
Retained by | Retained by | Retained by | Retained by | |||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | ||||||||||||
July 31, 2008 | $ | 163,030 | $ | 118,140 | $ | 351,166 | $ | 343,275 |
F31 | OPPENHEIMER SENIOR FLOATING RATE FUND
F32 | OPPENHEIMER SENIOR FLOATING RATE FUND
Average Daily Loan Balance | $ | 57,760,656 | ||
Average Daily Interest Rate | 4.9880 | % | ||
Fees Paid | $ | 580,509 | ||
Interest Paid | $ | 3,341,906 |
F33 | OPPENHEIMER SENIOR FLOATING RATE FUND
F34 | OPPENHEIMER SENIOR FLOATING RATE FUND
September 12, 2008
F35 | OPPENHEIMER SENIOR FLOATING RATE FUND
Form N-PX filing on the SEC’s website at www.sec.gov.
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
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. | |
William L. Armstrong, Chairman of the Board of Trustees (since 2003), Trustee (since 1999) Age: 71 | President, Colorado Christian University (since 2006); Chairman, Cherry Creek Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (non- profit) (since 1991); Former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992- 1997); U.S. Senator (January 1979-January 1991). Oversees 39 portfolios in the OppenheimerFunds complex. | |
George C. Bowen, Trustee (since 1999) Age: 72 | Assistant Secretary and Director of Centennial Asset Management Corporation (December 1991-April 1999); President, Treasurer and Director of Centennial Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Edward L. Cameron, Trustee (since 1999) Age: 70 | Member of The Life Guard of Mount Vernon (George Washington historical site) (June 2000-June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (financial services firm) (July 1994-June 1998). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Jon S. Fossel, Trustee (since 1999) Age: 66 | Director of UNUMProvident (insurance company) (since June 2002); Director of Northwestern Energy Corp. (public utility corporation) (since November 2004); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: | |
Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 39 portfolios in the OppenheimerFunds complex. | ||
Sam Freedman, Trustee (since 1999) Age: 67 | Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Manager and with subsidiary or affiliated companies of the Manager (until October 1994). Oversees 39 portfolios in the OppenheimerFunds complex. |
Richard F. Grabish, Trustee (since 2008) Age: 60 | 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). Oversees 17 portfolios in the OppenheimerFunds complex. | |
Beverly L. Hamilton, Trustee (since 2005) Age: 61 | Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (since December 2005); Director of The California Endowment (philanthropic organization) (since April 2002); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); 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). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Robert J. Malone, Trustee (since 2005) Age: 64 | Board of Directors of Opera Colorado Foundation (non-profit organization) (since March 2008); Director of Jones Knowledge, Inc. (since 2006); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); 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 Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 39 portfolios in the OppenheimerFunds complex. | |
F. William Marshall, Jr., Trustee (since 2000) Age: 66 | Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996) and MML Series Investment Fund (investment company) (since 1996); Trustee of Worcester Polytech Institute (since 1985); Chairman (since 1994) of the Investment Committee of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 41 portfolios in the OppenheimerFunds complex. | |
INTERESTED TRUSTEE AND OFFICER | The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. |
John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59 | Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex. | |
OTHER OFFICERS OF THE FUND | The addresses of the Officers in the chart below are as follows: for Mr. Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Welsh, Vandehey, Wixted Petersen, Szilagyi and Mss. Hui and Ives, 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. | |
Margaret Hui, Vice President and Portfolio Manager (since 1999) Age: 50 | Vice President of the Manager (since February 2005); formerly Assistant Vice President of the Manager (October 1999-February 2005); Vice President- Syndications of Sanwa Bank California (January 1998-September 1999). An officer of 2 portfolios in the OppenheimerFunds complex. | |
Joseph Welsh, Vice President and Portfolio Manager (since 1999) Age: 44 | Vice President of the Manager (since December 2000); a high yield bond analyst for the Manager (since January 1995); Vice President of HarbourView Asset Management Corporation (since September 2002); Assistant Vice President of the Manager (December 1996-November 2000). An officer of 2 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58 | Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 48 | Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and |
Brian W. Wixted, Continued | OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38 | Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38 | Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Robert G. Zack, Vice President and Secretary (since 2001) Age: 60 | Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40 | Vice President (since May 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Kathleen T. Ives, Assistant Secretary (since 2001) Age: 42 | Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex. |
(a) | Audit Fees |
(b) | Audit-Related Fees |
(c) | Tax Fees |
(d) | All Other Fees |
(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 maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years 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. |
Total | ||||||||||||||||||||||||
Assets in | ||||||||||||||||||||||||
Total Assets in | Other | Other | Total | |||||||||||||||||||||
Registered | Registered | Pooled | Pooled | Assets | ||||||||||||||||||||
Investment | Investment | Investment | Investment | Other | in Other | |||||||||||||||||||
Portfolio | Companies | Companies | Vehicles | Vehicles | Accounts | Accounts | ||||||||||||||||||
Manager | Managed | Managed1 | Managed | Managed1 | Managed | Managed2 | ||||||||||||||||||
Joseph Welsh | 1 | $ | 2,145.2 | None | None | 2 | $ | 452 | ||||||||||||||||
Margaret Hui | 1 | $ | 2,145.2 | None | None | 2 | $ | 452 |
1. | In millions. | |
2. | Does not include personal accounts of portfolio managers and their families, which are subject to the Code of Ethics. |
Range of Shares Beneficially | ||
Portfolio Manager | Owned in the Fund | |
Joseph Welsh | None | |
Margaret Hui | None |
Total Number of | ||||||||
Shares Purchased as | ||||||||
Part of Publicly | Maximum Number of Shares | |||||||
Total Number of | Average Price | Announced Plans or | that May Yet Be Purchased | |||||
Period | Shares Purchased | Paid per Share | Programs | Under the Plans or Programs | ||||
April 1, 2008 | Class A – 16,012,964 | 25 Class A – $8.34 | Class A – 16,012,964 | 0 | ||||
through April | Class B – 2,506,485 | Class B – $8.34 | Class B – 2,506,485 | |||||
30, 20081 | Class C – 16,875,348 | Class C – $8.35 | Class C – 16,875,348 | |||||
Class Y – 25,693 | Class Y – $8.33 | Class Y – 25,693 | ||||||
July 1, 2008 | Class A – 8,735,426 | Class A – $8.26 | Class A – 8,735,426 | 0 | ||||
through July | Class B – 1,217,824 | Class B – $8.27 | Class B – 1,217,824 | |||||
31, 20082 | Class C – 9,397,606 | Class C – $8.27 | Class C – 9,397,606 | |||||
Class Y – 19,386 | Class Y – $8.25 | Class Y – 19,386 | ||||||
Total | Class A – 24,748,390 | — | Class A – 24,748,390 | 0 | ||||
Class B – 3,724,309 | Class B – 3,724,309 | |||||||
Class C – 26,272,954 | Class C – 26,272,954 | |||||||
Class Y – 45,079 | Class Y – 45,079 |
Footnotes | ||
1 – | Date repurchase offer was announced: April 1, 2008 The share amount approved: up to twenty five percent (25%) of the aggregate of the Fund’s issued and outstanding Class A, Class B and Class C shares of beneficial interest — 71,712,855 The expiration date of the repurchase offer: on or before the close of the New York Stock Exchange on April 30, 2008 | |
2 – | Date repurchase offer was announced: July 1, 2008 The share amount approved: up to twenty five percent (25%) of the aggregate of the Fund’s issued and outstanding Class A, Class B and Class C shares of beneficial interest — 64,856,692 | |
The expiration date of the repurchase offer: on or before the close of the New York Stock Exchange on July 31, 2008 |
1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” | |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) | Exhibit attached hereto. | |
(2) | Exhibits attached hereto. | ||
(3) | Not applicable. |
(b) | Exhibit attached hereto. |
By: | /s/ John V. Murphy | |||
John V. Murphy | ||||
Principal Executive Officer | ||||
Date: | 09/12/2008 |
By: | /s/ John V. Murphy | |||
John V. Murphy | ||||
Principal Executive Officer | ||||
Date: | 09/12/2008 | |||
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||
Date: | 09/12/2008 |