Oppenheimer Intermediate Income Fund NCSR 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 811-22314

Oppenheimer Corporate Bond 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.

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			25

Statement of Operations			27

Statements of Changes in Net Assets			29

Financial Highlights			30

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			53

Federal Income Tax Information			54

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			55

Trustees and Officers			56

Privacy Notice			61

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18



	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays U.S. Aggregate Bond Index
1-Year	-1.67%	-6.35%	-0.80%
5-Year	2.94	1.94	2.25
Since Inception (8/2/10)	4.40	3.77	2.63

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 4.75% 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 CORPORATE BOND FUND

Fund Performance Discussion

MARKET OVERVIEW

The U.S. economy continued to perform well during the reporting period. U.S. 2018 gross domestic product (GDP) increased at an estimated 4.2% annualized rate over the second quarter of 2018, significantly exceeding its 2% trend growth of this expansion. Private consumption, the driving force of the economy in recent years, is growing at a stable rate. Additionally, business fixed investment has gained momentum in recent months and is broadening across sectors. With increasingly less slack in the economy, strong profits, and the corporate tax cuts, we believe investment should support growth and productivity improvements.

The Federal Reserve (Fed) hiked the Fed Funds target rate by 25 basis points twice – in March and June – ending the period in a range of 1.75% - 2.00%. The Fed is on track to deliver 1-2 more hikes this year, as the economy is near the Fed’s dual mandate of full employment and price stability. On the inflation front, underlying inflation is around the Fed’s 2% target. The unemployment rate is at historical lows; however, the rising labor participation rate and stable wage growth suggest that there may still be some slack in the labor market. The Federal Open Market Committee (FOMC) under new chair Jerome Powell’s leadership signaled that the Fed will remain cautious and tighten policy gradually,

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

LOGO

3 OPPENHEIMER CORPORATE BOND FUND

giving comfort to the markets. Thus far, the Fed’s hiking cycle has been orderly.

Despite the strength of the U.S. economy and the Fed’s orderly hiking cycle, international economic and geopolitical concerns were noticeable during the reporting period and caused some market turbulence. Trade tensions were on the rise and there were pockets of political issues. Such tensions, especially regarding trade, made an impact on some investment decisions, as noted in the Fed’s minutes. So far, the measures implemented are not of major economic significance, in our view. At this point, we believe there is more rhetoric than actual impactful decisions. The risk remains, however, that trade issues hit confidence or that retaliations could lead to more significant measures. While these are still not the baseline, risks are elevated and worth carefully monitoring.

In this environment, markets were volatile this reporting period. Equity markets in the U.S. produced positive results and outperformed international equities, with the S&P 500 Index returning 16.24% and the MSCI All Country

World Index returning 10.97%. In fixed income markets, the Bloomberg Barclays U.S. Aggregate Bond Index produced a -0.80% return. Credit slightly outperformed for the

reporting period, with the Bloomberg Barclays Credit Index returning -0.66%.

FUND REVIEW

Against this backdrop, the Fund’s Class A shares (without sales charge) produced a return of -1.67% this reporting period, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index’s (the “Index”) return of -0.80%.

The primary detractors from performance included security selection within the banking and technology sectors. Top contributors to the Fund’s performance included security selection within consumer cyclical and energy. Also contributing was the Fund’s allocation to high yield credit.

STRATEGY & OUTLOOK

We believe macroeconomic fundamentals should remain solid with a potential increase in U.S. growth due to the stimulus package and tax reform. We believe the Fed may raise interest rates two more times this year depending on economic data after the most recent increase in June.

We remain cautiously engaged in investment-grade corporate credit with modest exposure to typically high Sharpe Ratio BB-rated corporates. As a result, we continue to be less likely to meaningfully increase credit risk,

4 OPPENHEIMER CORPORATE BOND FUND

absent specific relative value opportunities. We typically avoid B-rated and below high yield corporate bonds.

LOGO

Krishna Memani

Portfolio Manager

5 OPPENHEIMER CORPORATE BOND FUND

Top Holdings and Allocations

CORPORATE BONDS & NOTES - TOP TEN INDUSTRIES


Commercial Banks	13.7	%
Capital Markets	6.3
Oil, Gas & Consumable Fuels	5.2
Diversified Telecommunication Services	5.0
Electric Utilities	4.4
Beverages	3.6
Media	3.5
Insurance	3.5
Food Products	2.9
Software	2.8

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

PORTFOLIO ALLOCATION


Non-Convertible Corporate Bonds and Notes	91.0	%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	2.0
Oppenheimer Limited-Term Bond Fund	4.3
Short-Term Notes	2.6
Mortgage-Backed Obligations Non-Agency	0.1

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2018, and are based on the total market value of investments.

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

6 OPPENHEIMER CORPORATE BOND FUND

Share Class Performance

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


	Inception Date		1-Year			5-Year			Since Inception
Class A (OFIAX)		8/2/10		-1.67	%		2.94	%		4.40	%
Class C (OFICX)		8/2/10		-2.32			2.19			3.59
Class I (OFIIX)		11/28/12		-1.18			3.43			2.99
Class R (OFINX)		8/2/10		-1.91			2.71			4.12
Class Y (OFIYX)		8/2/10		-1.35			3.24			4.63

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18


	Inception Date		1-Year			5-Year			Since Inception
Class A (OFIAX)		8/2/10		-6.35	%		1.94	%		3.77	%
Class C (OFICX)		8/2/10		-3.28			2.19			3.59
Class I (OFIIX)		11/28/12		-1.18			3.43			2.99
Class R (OFINX)		8/2/10		-1.91			2.71			4.12
Class Y (OFIYX)		8/2/10		-1.35			3.24			4.63

STANDARDIZED YIELDS

For the 30 Days Ended 7/31/18


Class A	3.13	%
Class C	2.53
Class I	3.67
Class R	3.03
Class Y	3.51

UNSUBSIDIZED STANDARDIZED YIELDS

For the 30 Days Ended 7/31/18


Class A	3.11	%
Class C	2.51
Class I	3.65
Class R	3.00
Class Y	3.49

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 4.75%; for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class 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.

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

7 OPPENHEIMER CORPORATE BOND FUND

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 Bloomberg Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. 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.

8 OPPENHEIMER CORPORATE BOND 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.

9 OPPENHEIMER CORPORATE BOND 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	$ 977.50	$ 4.57
Class C	1,000.00	973.80	8.31
Class I	1,000.00	980.30	2.70
Class R	1,000.00	976.30	5.85
Class Y	1,000.00	978.60	3.39

Hypothetical
(5% return before expenses)
Class A	1,000.00	1,020.18	4.67
Class C	1,000.00	1,016.41	8.48
Class I	1,000.00	1,022.07	2.76
Class R	1,000.00	1,018.89	5.97
Class Y	1,000.00	1,021.37	3.46

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		0.93%
Class C		1.69
Class I		0.55
Class R		1.19
Class Y		0.69

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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.

10 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS July 31, 2018


	Principal Amount		Value
Mortgage-Backed Obligations—0.1%
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6.00%, 3/25/37	$	31,832	$	30,181
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR14, Cl. 1A4, 3.431%, 12/25/35¹		58,798		59,440
Wells Fargo Mortgage-Backed Securities Trust, Series 2006- AR2, Cl. 2A3, 3.863%, 3/25/36¹		42,862		43,451

Total Mortgage-Backed Obligations (Cost $123,163)				133,072

Corporate Bonds and Notes—90.3%
Consumer Discretionary—12.5%
Auto Components—0.5%
Magna International, Inc., 4.15% Sr. Unsec. Nts., 10/1/25		1,000,000		1,011,391

Automobiles—1.9%
Daimler Finance North America LLC, 3.75% Sr. Unsec. Nts., 2/22/28²		1,020,000		999,185
Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		1,020,000		973,379
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		403,000		422,285
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22		428,000		416,070
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/19²		475,000		465,760
Volkswagen Group of America Finance LLC, 2.45% Sr. Unsec. Nts., 11/20/19²		510,000		504,766

				3,781,445

Diversified Consumer Services—0.5%
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		1,084,000		1,032,510

Hotels, Restaurants & Leisure—0.5%
Aramark Services, Inc., 5.00% Sr. Unsec. Nts., 4/1/25²		1,054,000		1,056,635

Household Durables—1.1%
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		413,000		403,191
Newell Brands, Inc., 5.00% Sr. Unsec. Nts., 11/15/23		410,000		416,976
PulteGroup, Inc., 5.00% Sr. Unsec. Nts., 1/15/27		753,000		710,644
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		619,000		608,167
4.875% Sr. Unsec. Nts., 3/15/27		175,000		165,813

				2,304,791

Internet & Catalog Retail—1.2%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		540,000		614,028
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		1,940,000		1,862,066

				2,476,094

Media—3.5%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		741,000		791,724

11 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Media (Continued)
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/47	$	745,000	$	719,572
Comcast Corp.:
2.35% Sr. Unsec. Nts., 1/15/27		849,000		752,786
4.00% Sr. Unsec. Nts., 3/1/48		1,150,000		1,050,504
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		534,000		532,646
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		420,000		360,534
Viacom, Inc., 4.375% Sr. Unsec. Nts., 3/15/43		500,000		440,011
Virgin Media Secured Finance plc, 5.25% Sr. Sec. Nts., 1/15/26²		1,148,000		1,083,425
WPP Finance 2010, 3.75% Sr. Unsec. Nts., 9/19/24		1,590,000		1,529,655

				7,260,857

Multiline Retail—0.4%
Dollar Tree, Inc., 4.20% Sr. Unsec. Nts., 5/15/28		850,000		838,390

Specialty Retail—2.0%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		78,000		77,427
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		799,000		835,147
Home Depot, Inc. (The), 3.50% Sr. Unsec. Nts., 9/15/56		390,000		345,457
L Brands, Inc., 5.625% Sr. Unsec. Nts., 2/15/22		1,071,000		1,093,759
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		697,000		683,721
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		1,022,000		964,364

				3,999,875

Textiles, Apparel & Luxury Goods—0.9%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/26²		1,055,000		1,024,669
Levi Strauss & Co., 5.00% Sr. Unsec. Nts., 5/1/25		882,000		888,615

				1,913,284

Consumer Staples—7.8%
Beverages—3.6%
Anheuser-Busch InBev Finance, Inc.:
3.65% Sr. Unsec. Nts., 2/1/26		1,206,000		1,186,226
4.90% Sr. Unsec. Nts., 2/1/46		663,000		692,944
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		650,000		937,196
Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/28²		811,000		806,827
Diageo Capital plc, 3.875% Sr. Unsec. Unsub. Nts., 4/29/43		410,000		392,971
Keurig Dr Pepper, Inc., 4.597% Sr. Unsec. Nts., 5/25/28²		805,000		821,362
Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19		169,000		166,848
2.10% Sr. Unsec. Nts., 7/15/21		1,200,000		1,153,430
4.20% Sr. Unsec. Nts., 7/15/46		140,000		128,125

12 OPPENHEIMER CORPORATE BOND FUND


	Principal Amount		Value
Beverages (Continued)
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/22²	$	1,100,000	$	1,119,844

				7,405,773

Food & Staples Retailing—0.8%
Kroger Co. (The), 4.45% Sr. Unsec. Nts., 2/1/47		700,000		652,364
Walmart, Inc., 4.05% Sr. Unsec. Nts., 6/29/48		900,000		918,016

				1,570,380

Food Products—2.9%
Archer-Daniels-Midland Co., 4.016% Sr. Unsec. Nts., 4/16/43		625,000		606,020
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		810,000		740,577
3.50% Sr. Unsec. Nts., 11/24/20		950,000		946,659
General Mills, Inc., 4.70% Sr. Unsec. Nts., 4/17/48		339,000		335,324
Kraft Heinz Foods Co., 3.95% Sr. Unsec. Nts., 7/15/25		870,000		855,071
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/26²		1,104,000		1,088,820
Smithfield Foods, Inc.:
2.70% Sr. Unsec. Nts., 1/31/20²		237,000		233,333
3.35% Sr. Unsec. Nts., 2/1/22²		287,000		277,121
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		773,000		737,022

				5,819,947

Tobacco—0.5%
Altria Group, Inc., 3.875% Sr. Unsec. Nts., 9/16/46		695,000		625,404
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/27²		485,000		457,219

				1,082,623

Energy—5.7%
Energy Equipment & Services—0.5%
Halliburton Co., 5.00% Sr. Unsec. Nts., 11/15/45		423,000		458,310
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		640,000		659,292

				1,117,602

Oil, Gas & Consumable Fuels—5.2%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		226,000		215,737
6.20% Sr. Unsec. Nts., 3/15/40		379,000		440,355
Andeavor, 3.80% Sr. Unsec. Nts., 4/1/28		860,000		824,211
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
4.25% Sr. Unsec. Nts., 12/1/27		789,000		778,590
5.25% Sr. Unsec. Nts., 1/15/25		664,000		687,194
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		725,000		698,401
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		364,000		332,762
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		90,000		97,111
5.95% Sr. Unsec. Nts., 3/15/46		330,000		420,913
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		450,000		446,986
Energy Transfer Partners LP, 5.30% Sr. Unsec. Nts., 4/15/47		389,000		371,453

13 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42	$	368,000	$	379,274
4.90% Sr. Unsec. Nts., 5/15/46		325,000		336,274
Kinder Morgan, Inc.:
5.20% Sr. Unsec. Nts., 3/1/48		136,000		138,092
5.55% Sr. Unsec. Nts., 6/1/45		840,000		884,783
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		310,000		314,493
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28		705,000		690,786
Shell International Finance BV, 4.00% Sr. Unsec. Nts., 5/10/46		505,000		501,173
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		850,000		812,909
TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39		464,000		628,924
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27		596,000		575,769

				10,576,190

Financials—27.6%
Capital Markets—6.3%
Apollo Management Holdings LP, 4.00% Sr. Unsec. Nts., 5/30/24²		330,000		326,143
Bank of New York Mellon Corp. (The), 3.00% Sub. Nts., 10/30/28		423,000		389,986
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/27²		425,000		394,566
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		331,000		324,822
Credit Suisse Group AG, 3.869% [US0003M+141] Sr. Unsec. Nts., 1/12/29^2,3		624,000		597,213
Credit Suisse Group Funding Guernsey Ltd.:
3.80% Sr. Unsec. Nts., 9/15/22		420,000		419,195
3.80% Sr. Unsec. Nts., 6/9/23		600,000		595,408
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds^3,4		1,062,000		1,091,205
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		591,000		561,695
3.75% Sr. Unsec. Nts., 2/25/26		440,000		428,185
5.15% Sub. Nts., 5/22/45		650,000		675,658
Macquarie Group Ltd., 3.763% [US0003M+137.2] Sr. Unsec. Nts., 11/28/28^2,3		841,000		777,399
Morgan Stanley:
3.875% Sr. Unsec. Nts., 1/27/26		1,370,000		1,351,584
5.00% Sub. Nts., 11/24/25		1,414,000		1,471,994
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/26²		1,078,000		1,067,220
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/32³		452,000		421,888
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		650,000		624,422
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		578,000		555,095

14 OPPENHEIMER CORPORATE BOND FUND


	Principal Amount		Value
Capital Markets (Continued)
UBS Group Funding Switzerland AG, 4.125% Sr. Unsec. Nts., 9/24/25²	$	850,000	$	851,139

				12,924,817

Commercial Banks—13.7%
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/28³		1,150,000		1,133,660
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		846,000		790,635
4.271% [US0003M+131] Sr. Unsec. Nts., 7/23/29³		628,000		631,036
7.75% Jr. Sub. Nts., 5/14/38		901,000		1,241,280
BB&T Corp., 2.85% Sr. Unsec. Nts., 10/26/24		855,000		816,121
BNP Paribas SA, 4.625% Sub. Nts., 3/13/27²		730,000		726,924
BPCE SA, 4.50% Sub. Nts., 3/15/25²		645,000		636,426
Citigroup, Inc.:
3.50% Sub. Nts., 5/15/23		370,000		365,987
3.668% [US0003M+139] Sr. Unsec. Nts., 7/24/28³		1,000,000		953,817
4.281% [US0003M+183.9] Sr. Unsec. Nts., 4/24/48³		484,000		469,801
4.30% Sub. Nts., 11/20/26		445,000		436,880
4.45% Sub. Nts., 9/29/27		419,000		414,446
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		547,000		533,041
2.65% Sr. Unsec. Nts., 5/26/22		232,000		223,918
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22		982,000		947,896
Cooperatieve Rabobank UA, 2.75% Sr. Unsec. Nts., 1/10/23		1,100,000		1,062,199
Credit Agricole SA, 4.375% Sub. Nts., 3/17/25²		1,180,000		1,160,552
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		505,000		495,762
First Republic Bank, 4.375% Sub. Nts., 8/1/46		437,000		414,056
HSBC Holdings plc:
3.95% [US0003M+98.72] Sr. Unsec. Nts., 5/18/24³		340,000		339,629
4.583% [US0003M+153.46] Sr. Unsec. Nts., 6/19/29³		565,000		573,663
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/27²		862,000		754,297
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/28³		873,000		834,404
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/28³		1,749,000		1,703,653
3.797% [US0003M+89] Sr. Unsec. Nts., 7/23/24³		833,000		832,897
3.897% [US0003M+122] Sr. Unsec. Nts., 1/23/49³		500,000		458,210
4.26% [US0003M+158] Sr. Unsec. Nts., 2/22/48³		379,000		368,682
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		760,000		721,227
Lloyds Banking Group plc:
6.413% [US0003M+149.5] Jr. Sub. Perpetual Bonds^2,3,4		105,000		110,250
6.657% [US0003M+127] Jr. Sub. Perpetual Bonds^3,4,5		565,000		598,900
PNC Bank NA, 4.05% Sub. Nts., 7/26/28		743,000		746,012
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		855,000		813,578
Regions Financial Corp., 2.75% Sr. Unsec. Nts., 8/14/22		492,000		474,312
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		380,000		358,396
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		625,000		598,556
Toronto-Dominion Bank (The), 3.50% Sr. Unsec. Nts., 7/19/23		833,000		831,767

15 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Commercial Banks (Continued)
US Bancorp:
3.10% Sub. Nts., 4/27/26	$	530,000	$	501,236
3.15% Sr. Unsec. Nts., 4/27/27		231,000		221,247
US Bank NA (Cincinnati OH), 3.40% Sr. Unsec. Nts., 7/24/23		1,327,000		1,321,483
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/28³		773,000		742,029
4.75% Sub. Nts., 12/7/46		608,000		614,861

				27,973,726

Consumer Finance—0.8%
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27		579,000		562,897
Capital One Financial Corp., 3.20% Sr. Unsec. Nts., 2/5/25		400,000		376,677
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		462,000		443,128
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/19²		340,000		345,958

				1,728,660

Diversified Financial Services—1.4%
Berkshire Hathaway Energy Co.:
2.00% Sr. Unsec. Nts., 11/15/18		127,000		126,817
3.80% Sr. Unsec. Nts., 7/15/48		368,000		336,969
Burlington Northern Santa Fe LLC, 4.15% Sr. Unsec. Nts., 12/15/48⁶		515,000		521,856
PacifiCorp, 4.125% Sec. Nts., 1/15/49		360,000		360,547
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/25²		381,000		369,286
Voya Financial, Inc.:
4.70% [US0003M+208.4] Jr. Sub. Nts., 1/23/48^2,3		231,000		204,146
5.65% [US0003M+358] Jr. Sub. Nts., 5/15/53³		873,000		882,568

				2,802,189

Insurance—3.5%
AXA Equitable Holdings, Inc., 4.35% Sr. Unsec. Nts., 4/20/28²		581,000		568,668
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45		666,000		654,817
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		785,000		802,327
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/27		246,000		223,108
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		837,000		773,245
Hartford Financial Services Group, Inc. (The), 4.40% Sr. Unsec. Nts., 3/15/48		657,000		648,139
Lincoln National Corp., 3.80% Sr. Unsec. Nts., 3/1/28		653,000		634,846
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/32³		567,000		539,062
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		406,000		408,415
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/24²		756,000		749,426
Prudential Financial, Inc.:
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/44³		725,000		720,469
5.375% [US0003M+303.1] Jr. Sub. Nts., 5/15/45³		435,000		437,719

				7,160,241

16 OPPENHEIMER CORPORATE BOND FUND


	Principal Amount		Value
Real Estate Investment Trusts (REITs)—1.9%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20	$	200,000	$	198,131
3.60% Sr. Unsec. Nts., 1/15/28		830,000		778,001
5.05% Sr. Unsec. Unsub. Nts., 9/1/20		330,000		340,809
Crown Castle International Corp.:
3.40% Sr. Unsec. Nts., 2/15/21		700,000		699,044
3.65% Sr. Unsec. Nts., 9/1/27		720,000		677,734
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26		1,040,000		1,069,900
VEREIT Operating Partnership LP, 3.00% Sr. Unsec. Nts., 2/6/19		180,000		179,954

				3,943,573

Health Care—6.5%
Biotechnology—1.8%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		993,000		968,938
4.70% Sr. Unsec. Nts., 5/14/45		301,000		296,758
Amgen, Inc., 4.563% Sr. Unsec. Nts., 6/15/48		515,000		517,554
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		335,000		362,846
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25		872,000		860,636
5.00% Sr. Unsec. Nts., 8/15/45		226,000		227,891
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		453,000		479,172

				3,713,795

Health Care Equipment & Supplies—2.1%
Abbott Laboratories, 3.75% Sr. Unsec. Nts., 11/30/26		1,215,000		1,208,439
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		302,000		297,043
3.70% Sr. Unsec. Nts., 6/6/27		1,073,000		1,031,981
Edwards Lifesciences Corp., 4.30% Sr. Unsec. Nts., 6/15/28		804,000		809,029
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/25²		39,000		37,819
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		810,000		880,710

				4,265,021

Health Care Providers & Services—1.2%
CVS Health Corp., 5.05% Sr. Unsec. Nts., 3/25/48		1,232,000		1,281,521
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/22²		1,215,000		1,286,849

				2,568,370

Life Sciences Tools & Services—0.8%
IQVIA, Inc., 5.00% Sr. Unsec. Nts., 10/15/26²		940,000		940,423
Thermo Fisher Scientific, Inc., 3.20% Sr. Unsec. Nts., 8/15/27		723,000		677,803

				1,618,226

Pharmaceuticals—0.6%
Bayer US Finance II LLC, 4.375% Sr. Unsec. Nts., 12/15/28²		1,128,000		1,144,918

17 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value
Industrials—6.4%
Aerospace & Defense—1.5%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/25²	$	1,180,000	$	1,169,052
Huntington Ingalls Industries, Inc., 3.483% Sr. Unsec. Nts., 12/1/27		1,005,000		955,403
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		450,000		475,482
United Technologies Corp., 4.50% Sr. Unsec. Nts., 6/1/42		450,000		454,765

				3,054,702

Air Freight & Couriers—0.5%
CH Robinson Worldwide, Inc., 4.20% Sr. Unsec. Nts., 4/15/28		825,000		815,106
United Parcel Service, Inc., 6.20% Sr. Unsec. Nts., 1/15/38		225,000		282,345

				1,097,451

Building Products—0.5%
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/27		1,113,000		1,026,409

Electrical Equipment—0.4%
Sensata Technologies BV, 4.875% Sr. Unsec. Nts., 10/15/23²		927,000		937,429

Industrial Conglomerates—0.5%
3M Co., 3.625% Sr. Unsec. Nts., 10/15/47		500,000		475,543
GE Capital International Funding Co. Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		507,000		487,237

				962,780

Machinery—0.9%
Caterpillar, Inc., 4.30% Sr. Unsec. Nts., 5/15/44		450,000		469,221
Nvent Finance Sarl, 4.55% Sr. Unsec. Nts., 4/15/28²		832,000		817,140
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		101,000		100,969
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26		605,000		557,778

				1,945,108

Professional Services—0.2%
IHS Markit Ltd., 4.125% Sr. Unsec. Nts., 8/1/23		326,000		326,182

Road & Rail—0.9%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/26²		1,129,000		1,057,669
Ryder System, Inc., 3.50% Sr. Unsec. Nts., 6/1/21⁶		122,000		122,193
Union Pacific Corp., 4.05% Sr. Unsec. Nts., 11/15/45		600,000		580,657

				1,760,519

Trading Companies & Distributors—1.0%
Air Lease Corp.:
3.25% Sr. Unsec. Nts., 3/1/25		365,000		342,430
3.625% Sr. Unsec. Nts., 4/1/27		409,000		379,574
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		839,000		775,721

18 OPPENHEIMER CORPORATE BOND FUND


	Principal Amount		Value

Trading Companies & Distributors (Continued)

United Rentals North America, Inc., 4.625% Sr. Unsec. Nts., 10/15/25	$	515,000	$	498,262

				1,995,987

Information Technology—6.9%

Communications Equipment—0.6%

Motorola Solutions, Inc., 4.60% Sr. Unsec. Nts., 2/23/28		1,249,000		1,235,413

Electronic Equipment, Instruments, & Components—0.5%

Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		1,075,000		1,006,837

CDW LLC/CDW Finance Corp., 5.50% Sr. Unsec. Nts., 12/1/24		148,000		154,246

				1,161,083

Internet Software & Services—0.4%

VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		495,000		473,344
5.25% Sr. Unsec. Nts., 4/1/25		271,000		278,114

				751,458

IT Services—1.6%

DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		343,000		339,838
4.75% Sr. Unsec. Nts., 4/15/27		1,099,000		1,107,784

Fidelity National Information Services, Inc., 4.25% Sr. Unsec. Nts., 5/15/28		806,000		809,593

International Business Machines Corp., 3.625% Sr. Unsec. Nts., 2/12/24		950,000		957,619

				3,214,834

Semiconductors & Semiconductor Equipment—0.3%

Intel Corp., 3.734% Sr. Unsec. Nts., 12/8/47		631,000		608,181

Software—2.8%

Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		430,000		434,809

Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/21²		450,000		457,169
6.02% Sr. Sec. Nts., 6/15/26²		901,000		952,819

Microsoft Corp., 3.70% Sr. Unsec. Nts., 8/8/46		500,000		488,168

Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/23²		552,000		567,870

Oracle Corp., 5.375% Sr. Unsec. Unsub. Nts., 7/15/40		570,000		662,303

salesforce.com, Inc., 3.70% Sr. Unsec. Nts., 4/11/28		1,100,000		1,105,017

VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		500,000		489,410
3.90% Sr. Unsec. Nts., 8/21/27		741,000		699,277

				5,856,842

Technology Hardware, Storage & Peripherals—0.7%

Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		775,000		814,292

19 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Technology Hardware, Storage & Peripherals (Continued)

Hewlett Packard Enterprise Co., 3.60% Sr. Unsec. Nts., 10/15/20	$	550,000	$	553,364

				1,367,656

Materials—5.9%

Chemicals—2.0%

Nutrien Ltd.:
3.375% Sr. Unsec. Nts., 3/15/25		517,000		486,623
4.125% Sr. Unsec. Nts., 3/15/35		296,000		276,192

PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23		915,000		939,019

RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22		875,000		861,832
3.75% Sr. Unsec. Nts., 3/15/27		335,000		318,317

Yara International ASA, 4.75% Sr. Unsec. Nts., 6/1/28²		1,189,000		1,208,523

				4,090,506

Construction Materials—0.8%

James Hardie International Finance DAC, 4.75% Sr. Unsec. Nts., 1/15/25²		900,000		885,636

Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		771,000		713,704

				1,599,340

Containers & Packaging—1.6%

International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		694,000		635,730
4.80% Sr. Unsec. Nts., 6/15/44		280,000		273,707

Packaging Corp. of America:
3.65% Sr. Unsec. Nts., 9/15/24		223,000		218,166
4.50% Sr. Unsec. Nts., 11/1/23		650,000		670,092

Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/25		660,000		632,775

WestRock Co., 4.00% Sr. Unsec. Nts., 3/15/28²		816,000		806,062

				3,236,532

Metals & Mining—1.1%

Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/24²		356,000		336,295
4.00% Sr. Unsec. Nts., 9/11/27²		595,000		549,485

ArcelorMittal, 6.125% Sr. Unsec. Nts., 6/1/25		950,000		1,033,790

Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		440,000		469,915

				2,389,485

Paper & Forest Products—0.4%

Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		811,000		804,918


Telecommunication Services—5.6%

Diversified Telecommunication Services—5.0%

AT&T, Inc.:
4.30% Sr. Unsec. Nts., 2/15/30²		1,039,000		992,950

20 OPPENHEIMER CORPORATE BOND FUND


	Principal Amount		Value

Diversified Telecommunication Services (Continued)

AT&T, Inc.: (Continued) 4.35% Sr. Unsec. Nts., 6/15/45	$	855,000	$	741,926
4.50% Sr. Unsec. Nts., 3/9/48		1,375,000		1,214,311

British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		686,000		987,880

Deutsche Telekom International Finance BV, 4.375% Sr. Unsec. Nts., 6/21/28²		747,000		752,818

Telecom Italia SpA, 5.303% Sr. Unsec. Nts., 5/30/24²		1,040,000		1,046,500

Telefonica Emisiones SAU:
4.103% Sr. Unsec. Nts., 3/8/27		128,000		125,432
5.213% Sr. Unsec. Nts., 3/8/47		203,000		206,600
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		595,000		730,365

T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		975,000		1,024,969

Verizon Communications, Inc.:
4.522% Sr. Unsec. Nts., 9/15/48		1,567,000		1,490,338
5.15% Sr. Unsec. Nts., 9/15/23		800,000		857,010

				10,171,099

Wireless Telecommunication Services—0.6%

Vodafone Group plc:
4.375% Sr. Unsec. Nts., 5/30/28		788,000		790,848
6.15% Sr. Unsec. Nts., 2/27/37		490,000		559,923

				1,350,771

Utilities—5.4%

Electric Utilities—4.4%

AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/28²		806,000		807,250

Alabama Power Co., 4.30% Sr. Unsec. Nts., 1/2/46		350,000		351,957

Duke Energy Corp., 3.15% Sr. Unsec. Nts., 8/15/27		712,000		667,643

Duke Energy Florida LLC, 3.85% Sec. Nts., 11/15/42		620,000		592,166

Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		772,000		743,585

EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/24²		989,000		948,652

Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		389,000		386,205

Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		386,000		382,535

FirstEnergy Corp., 3.90% Sr. Unsec. Nts., 7/15/27		880,000		859,531

Florida Power & Light Co., 5.40% Sr. Sec. Nts., 9/1/35		280,000		318,399

ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		323,000		360,614

Mid-Atlantic Interstate Transmission LLC, 4.10% Sr. Unsec. Nts., 5/15/28²		807,000		807,633

NextEra Energy Operating Partners LP, 4.25% Sr. Unsec. Nts., 9/15/24²		84,000		81,270

Oncor Electric Delivery Co. LLC, 5.30% Sr. Sec. Nts., 6/1/42		350,000		404,996

Pennsylvania Electric Co., 5.20% Sr. Unsec. Nts., 4/1/20		125,000		127,797

PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/21²		500,000		519,480

Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/25²		743,000		741,588

				9,101,301

21 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued


	Principal Amount		Value

Gas Utilities—0.3%

Atmos Energy Corp., 4.125% Sr. Unsec. Nts., 10/15/44	$	555,000	$	549,725


Multi-Utilities—0.7%

Boston Gas Co., 4.487% Sr. Unsec. Nts., 2/15/42²		275,000		283,607

Dominion Energy, Inc.:
2.579% Jr. Sub. Nts., 7/1/20		210,000		207,051
4.90% Sr. Unsec. Nts., 8/1/41		250,000		259,558

Niagara Mohawk Power Corp., 2.721% Sr. Unsec. Nts., 11/28/22²		370,000		358,836

Virginia Electric & Power Co., 4.45% Sr. Unsec. Nts., 2/15/44		325,000		335,663

				1,444,715

Total Corporate Bonds and Notes (Cost $188,528,935)				185,131,749


Short-Term Notes—2.5%

Amphenol Corp., 2.15%, 8/1/18⁷		1,000,000		999,940

Avery Dennison, 2.201%, 8/6/18^7,8		1,000,000		999,638

Cabot Corp., 2.242%, 8/9/18^2,7,8		1,000,000		999,451

Johnson Controls International plc, 2.15%, 8/1/18^2,7,8		250,000		249,986

Magna International, Inc., 2.221%, 8/7/18^2,7,8		1,000,000		999,575

Walgreens Boots Alliance, Inc., 2.211%, 8/1/18⁷		1,000,000		999,940

Total Short-Term Notes (Cost $5,248,827)				5,248,530

	Shares

Investment Companies—6.3%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.87%^9,10		4,015,800		4,015,800

Oppenheimer Limited-Term Bond Fund, Cl. I⁹		1,973,482		8,821,466

Total Investment Companies (Cost $13,048,134)				12,837,266

Total Investments, at Value (Cost $206,949,059)		99.2%		203,350,617

Net Other Assets (Liabilities)		0.8		1,647,874

Net Assets		100.0%	$	204,998,491

Footnotes to Statement of Investments

1. 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.

2. 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 $42,323,333 or 20.65% of the Fund’s net assets at period end.

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

4. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

5. Restricted security. The aggregate value of restricted securities at period end was $598,900, which represents 0.29% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:

22 OPPENHEIMER CORPORATE BOND FUND

Footnotes to Statement of Investments (Continued)

Security

Acquisition

Dates

Cost

Value

Unrealized
Appreciation/
(Depreciation)

Lloyds Banking Group plc, 6.657%

[US0003M+127] Jr. Sub. Perpetual

2/20/14

Bonds

– 10/24/14

569,143

598,900

29,757

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

7. Current yield as of period end.

8. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $3,248,650 or 1.58% of the Fund’s net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees.

9. 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 July 31, 2017		Gross Additions		Gross Reductions		Shares July 31, 2018
Investment Companies
Oppenheimer Institutional Government Money Market Fund, Cl. E		4,171,368		85,027,087		85,182,655		4,015,800
Oppenheimer Limited-Term Bond Fund, Cl. I		1,917,456		56,026		—		1,973,482

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Companies
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	4,015,800	$	53,953	$	—	$	—
Oppenheimer Limited-Term Bond Fund, Cl. I		8,821,466		252,610		—		(193,916)

Total	$	12,837,266	$	306,563	$	—	$	(193,916)

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

Futures Contracts as of July 31, 2018

Expiration

Number Notional Amount

Unrealized
Appreciation/
(Depreciation)

Description

Buy/Sell

Date

of Contracts

(000’s)

Value

United States Treasury Long Bonds

Buy

9/19/18

USD 7,490

7,434,375

(55,609

)

United States

Treasury Nts., 10 yr.

Sell

9/19/18

328

USD 39,300

39,170,375

129,977

United States Treasury Nts., 2 yr.

Sell

9/28/18

228

USD 48,263

48,193,500

69,002

23 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF INVESTMENTS Continued

Futures Contracts (Continued)

Expiration

Date

Number Notional Amount

Unrealized

Appreciation/
(Depreciation)

Description

Buy/Sell

of Contracts

(000’s)

Value

United States Treasury Nts., 5 yr.

Sell

9/28/18

USD 5,907

5,882,500

24,362

167,732

Glossary:

Definitions


ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
US0003M		ICE LIBOR USD 3 Month
USISDA05		USD ICE Swap Rate 11:00am NY 5 Year
USSW5		USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

24 OPPENHEIMER CORPORATE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $193,900,925)	$	190,513,351
Affiliated companies (cost $13,048,134)		12,837,266

		203,350,617
Cash		500,000
Cash used for collateral on futures		507,500
Receivables and other assets:
Interest and dividends		2,036,349
Shares of beneficial interest sold		111,020
Variation margin receivable		17,856
Other		26,290

Total assets		206,549,632

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		713,164
Investments purchased (including $633,100 purchased on a when-issued or delayed delivery basis)		656,529
Distribution and service plan fees		36,281
Variation margin payable		20,131
Trustees’ compensation		19,033
Shareholder communications		5,352
Dividends		4,278
Other		96,373

Total liabilities		1,551,141

Net Assets	$	204,998,491


Composition of Net Assets
Par value of shares of beneficial interest	$	19,648
Additional paid-in capital		211,354,229
Accumulated net investment income		91,580
Accumulated net realized loss on investments		(3,036,256)
Net unrealized depreciation on investments		(3,430,710	)

Net Assets	$	204,998,491

25 OPPENHEIMER CORPORATE BOND 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 $119,119,548 and 11,415,812 shares of beneficial interest outstanding)	$	10.43
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.95

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $31,250,021 and 2,996,447 shares of beneficial interest outstanding)	$	10.43

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $7,783,371 and 745,824 shares of beneficial interest outstanding)	$	10.44

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $19,415,928 and 1,859,726 shares of beneficial interest outstanding)	$	10.44

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $27,429,623 and 2,630,365 shares of beneficial interest outstanding)	$	10.43

See accompanying Notes to Financial Statements.

26 OPPENHEIMER CORPORATE BOND FUND

STATEMENT

OF OPERATIONS For the Year Ended July 31, 2018


Investment Income
Interest (net of foreign withholding taxes of $488)	$	7,770,807
Dividends — affiliated companies		306,563

Total investment income		8,077,370
Expenses
Management fees		946,153
Distribution and service plan fees:
Class A		316,555
Class C		330,481
Class R		88,553
Transfer and shareholder servicing agent fees:
Class A		248,641
Class C		63,407
Class I		1,678
Class R		34,160
Class Y		44,249
Shareholder communications:
Class A		16,505
Class C		4,188
Class I		346
Class R		2,227
Class Y		2,931
Custodian fees and expenses		23,338
Trustees’ compensation		16,881
Borrowing fees		7,409
Other		104,655

Total expenses		2,252,357
Less reduction to custodian expenses		(602)
Less waivers and reimbursements of expenses		(47,381)

Net expenses		2,204,374
Net Investment Income		5,872,996

27 OPPENHEIMER CORPORATE BOND FUND

STATEMENT

OF OPERATIONS Continued


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	$	(895,030)
Futures contracts		470,054
Swap contracts		67,361
Swaption contracts written		14,608

Net realized loss		(343,007)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(9,304,711)
Affiliated companies		(193,916)
Futures contracts		156,157
Swap contracts		(149,670)

Net change in unrealized appreciation/depreciation		(9,492,140)
Net Decrease in Net Assets Resulting from Operations	$	(3,962,151)

See accompanying Notes to Financial Statements.

28 OPPENHEIMER CORPORATE BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2018		Year Ended July 31, 2017
Operations
Net investment income	$	5,872,996	$	4,945,680
Net realized gain (loss)		(343,007)		2,151,387
Net change in unrealized appreciation/depreciation		(9,492,140)		(4,252,008)

Net increase (decrease) in net assets resulting from operations		(3,962,151)		2,845,059
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(3,761,706)		(3,708,902)
Class C		(711,506)		(734,685)
Class I		(186,507)		(18,808)
Class R		(480,402)		(348,759)
Class Y		(749,702)		(390,596)

		(5,889,823)		(5,201,750)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(4,812,097)		(7,394,506)
Class C		(637,324)		(4,261,994)
Class I		5,873,003		2,088,817
Class R		4,944,820		3,686,814
Class Y		10,822,468		6,789,107

		16,190,870		908,238
Net Assets
Total increase (decrease)		6,338,896		(1,448,453)
Beginning of period		198,659,595		200,108,048

End of period (including accumulated net investment income (loss) of $91,580 and $(60,704), respectively)	$	204,998,491	$	198,659,595

See accompanying Notes to Financial Statements.

29 OPPENHEIMER CORPORATE BOND 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		$10.92		$11.03		$10.66		$10.90		$10.74
Income (loss) from investment operations:
Net investment income¹		0.31		0.29		0.30		0.33		0.34
Net realized and unrealized gain (loss)		(0.49)		(0.10)		0.37		(0.24)		0.44

Total from investment operations		(0.18)		0.19		0.67		0.09		0.78
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.30)		(0.30)		(0.33)		(0.34)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.28)

Total dividends and/or distributions to shareholders		(0.31)		(0.30)		(0.30)		(0.33)		(0.62)
Net asset value, end of period		$10.43		$10.92		$11.03		$10.66		$10.90


Total Return, at Net Asset Value²		(1.67)%		1.82%		6.45%		0.84%		7.56%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$119,119		$129,985		$139,018		$103,315		$86,231
Average net assets (in thousands)		$129,767		$132,043		$125,116		$101,748		$70,792
Ratios to average net assets:³
Net investment income		2.89%		2.68%		2.83%		3.07%		3.19%
Expenses excluding specific expenses listed below		0.97%		1.00%		1.02%		1.01%		1.03%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.97%		1.00%		1.02%		1.01%		1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%		0.97%		1.00%		1.00%		0.99%
Portfolio turnover rate		57%		80%		73%		100%		119%

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. Less than 0.005%.

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



Year Ended July 31, 2018	0.99	%
Year Ended July 31, 2017	1.02	%
Year Ended July 31, 2016	1.03	%
Year Ended July 31, 2015	1.02	%
Year Ended July 31, 2014	1.04	%

See accompanying Notes to Financial Statements.

30 OPPENHEIMER CORPORATE BOND 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		$10.91		$11.03		$10.65		$10.89		$10.73
Income (loss) from investment operations:
Net investment income¹		0.23		0.21		0.22		0.25		0.26
Net realized and unrealized gain (loss)		(0.48)		(0.11)		0.38		(0.24)		0.44

Total from investment operations		(0.25)		0.10		0.60		0.01		0.70
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.22)		(0.22)		(0.25)		(0.26)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.28)

Total dividends and/or distributions to shareholders		(0.23)		(0.22)		(0.22)		(0.25)		(0.54)
Net asset value, end of period		$10.43		$10.91		$11.03		$10.65		$10.89


Total Return, at Net Asset Value²		(2.32)%		0.97%		5.76%		0.08%		6.77%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$31,250		$33,420		$38,261		$27,706		$19,280
Average net assets (in thousands)		$33,138		$35,836		$31,800		$24,595		$17,588
Ratios to average net assets:³
Net investment income		2.14%		1.92%		2.07%		2.32%		2.45%
Expenses excluding specific expenses listed below		1.72%		1.75%		1.77%		1.78%		1.81%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.72%		1.75%		1.77%		1.78%		1.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70%		1.72%		1.75%		1.75%		1.74%
Portfolio turnover rate		57%		80%		73%		100%		119%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



Year Ended July 31, 2018	1.74	%
Year Ended July 31, 2017	1.77	%
Year Ended July 31, 2016	1.78	%
Year Ended July 31, 2015	1.79	%
Year Ended July 31, 2014	1.82	%

See accompanying Notes to Financial Statements.

31 OPPENHEIMER CORPORATE BOND 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		$10.92		$11.03		$10.65			$10.89		$10.73
Income (loss) from investment operations:
Net investment income¹		0.35		0.35		0.35			0.38		0.39
Net realized and unrealized gain (loss)		(0.48)		(0.11)		0.38			(0.24)		0.44

Total from investment operations		(0.13)		0.24		0.73			0.14		0.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.35)		(0.35)		(0.35)			(0.38)		(0.39)
Distributions from net realized gain		0.00		0.00		0.00			0.00		(0.28)

Total dividends and/or distributions to shareholders		(0.35)		(0.35)		(0.35)			(0.38)		(0.67)
Net asset value, end of period		$10.44		$10.92		$11.03			$10.65		$10.89


Total Return, at Net Asset Value²		(1.18)%		2.27%		7.03%			1.29%		8.04%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$7,783		$2,189		$80			$110		$12
Average net assets (in thousands)		$5,612		$563		$110			$105		$11
Ratios to average net assets:³
Net investment income		3.30%		3.23%		3.28%			3.52%		3.65%
Expenses excluding specific expenses listed below		0.56%		0.56%		0.57%			0.56%		0.56%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴	��		0.00%⁴		0.00%

Total expenses⁵		0.56%		0.56%		0.57%			0.56%		0.56%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.54%		0.54%		0.55%			0.55%		0.54%
Portfolio turnover rate		57%		80%		73%			100%		119%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



Year Ended July 31, 2018	0.58	%
Year Ended July 31, 2017	0.58	%
Year Ended July 31, 2016	0.58	%
Year Ended July 31, 2015	0.57	%
Year Ended July 31, 2014	0.57	%

See accompanying Notes to Financial Statements.

32 OPPENHEIMER CORPORATE BOND 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		$10.93		$11.04		$10.66		$10.90		$10.74
Income (loss) from investment operations:
Net investment income¹		0.28		0.26		0.27		0.31		0.32
Net realized and unrealized gain (loss)		(0.49)		(0.09)		0.39		(0.24)		0.44

Total from investment operations		(0.21)		0.17		0.66		0.07		0.76
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.28)		(0.28)		(0.28)		(0.31)		(0.32)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.28)

Total dividends and/or distributions to shareholders		(0.28)		(0.28)		(0.28)		(0.31)		(0.60)
Net asset value, end of period		$10.44		$10.93		$11.04		$10.66		$10.90


Total Return, at Net Asset Value²		(1.91)%		1.58%		6.29%		0.59%		7.29%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$19,416		$15,318		$11,736		$6,189		$4,782
Average net assets (in thousands)		$18,041		$13,530		$8,432		$5,572		$4,129
Ratios to average net assets:³
Net investment income		2.65%		2.45%		2.55%		2.82%		2.94%
Expenses excluding specific expenses listed below		1.21%		1.25%		1.27%		1.27%		1.30%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		1.21%		1.25%		1.27%		1.27%		1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.19%		1.22%		1.25%		1.25%		1.24%
Portfolio turnover rate		57%		80%		73%		100%		119%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



Year Ended July 31, 2018	1.23	%
Year Ended July 31, 2017	1.27	%
Year Ended July 31, 2016	1.28	%
Year Ended July 31, 2015	1.28	%
Year Ended July 31, 2014	1.31	%

See accompanying Notes to Financial Statements.

33 OPPENHEIMER CORPORATE BOND 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		$10.91		$11.03		$10.65		$10.89		$10.72
Income (loss) from investment operations:
Net investment income¹		0.33		0.32		0.32		0.36		0.36
Net realized and unrealized gain (loss)		(0.47)		(0.11)		0.39		(0.24)		0.46

Total from investment operations		(0.14)		0.21		0.71		0.12		0.82
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.33)		(0.33)		(0.36)		(0.37)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.28)

Total dividends and/or distributions to shareholders		(0.34)		(0.33)		(0.33)		(0.36)		(0.65)
Net asset value, end of period		$10.43		$10.91		$11.03		$10.65		$10.89


Total Return, at Net Asset Value²		(1.35)%		1.98%		6.82%		1.09%		7.93%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$27,430		$17,748		$11,013		$5,413		$2,747
Average net assets (in thousands)		$23,728		$12,709		$6,857		$4,275		$1,285
Ratios to average net assets:³
Net investment income		3.14%		2.95%		3.04%		3.35%		3.38%
Expenses excluding specific expenses listed below		0.72%		0.75%		0.77%		0.77%		1.87%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%⁴		0.00%

Total expenses⁵		0.72%		0.75%		0.77%		0.77%		1.87%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.70%		0.72%		0.75%		0.75%		0.75%
Portfolio turnover rate		57%		80%		73%		100%		119%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



Year Ended July 31, 2018	0.74	%
Year Ended July 31, 2017	0.77	%
Year Ended July 31, 2016	0.78	%
Year Ended July 31, 2015	0.78	%
Year Ended July 31, 2014	1.88	%

See accompanying Notes to Financial Statements.

34 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2018

1. Organization

Oppenheimer Corporate Bond 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 total return. 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. 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 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 separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

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.

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

35 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 2.00%. 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 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.

36 OPPENHEIMER CORPORATE BOND FUND

2. Significant Accounting Policies (Continued)


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$110,613		$—		$2,810,210		$3,656,756

1. At period end, the Fund had $2,810,210 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

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

3. During the previous reporting period, the Fund utilized $2,161,432 of capital loss carryforward to offset capital gains realized in that fiscal year.

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 Accumulated
Net Investment
Loss

Increase

to Accumulated Net
Realized Loss
on Investments

$169,111

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2018		Year Ended July 31, 2017
Distributions paid from:
Ordinary income	$	5,889,823	$	5,201,750

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.

37 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	207,007,374
Federal tax cost of other investments		(85,812,001)

Total federal tax cost	$	121,195,373

Gross unrealized appreciation	$	1,535,942
Gross unrealized depreciation		(5,192,698)

Net unrealized depreciation	$	(3,656,756)

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.

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:

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

38 OPPENHEIMER CORPORATE BOND FUND

3. Securities Valuation (Continued)

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.

Futures contracts and futures options traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

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 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.

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.)

39 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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:


	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Mortgage-Backed Obligations	$	—		$	133,072	$	—	$	133,072
Corporate Bonds and Notes		—			185,131,749		—		185,131,749
Short-Term Notes		—			5,248,530		—		5,248,530
Investment Companies		12,837,266			—		—		12,837,266

Total Investments, at Value		12,837,266			190,513,351		—		203,350,617
Other Financial Instruments:
Futures contracts		223,341			—		—		223,341

Total Assets	$	13,060,607		$	190,513,351	$	—	$	203,573,958


Liabilities Table
Other Financial Instruments:
Futures contracts	$	(55,609	)	$	—	$	—	$	(55,609)

Total Liabilities	$	(55,609	)	$	—	$	—	$	(55,609)

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.

For the reporting period, there were no transfers between levels.

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

40 OPPENHEIMER CORPORATE BOND FUND

4. Investments and Risks (Continued)

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.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase 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.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$ 633,100

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted

41 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

securities are reported on a schedule following the Statement of Investments.

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. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to

42 OPPENHEIMER CORPORATE BOND FUND

6. Use of Derivatives (Continued)

make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held by a futures commission merchant to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by a futures commission merchant to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and

43 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $47,897,404 and $57,161,872 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

Credit Default Swap Contracts. A credit default swap is a contract that enables an investor to buy or sell protection against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on a debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a corporate issuer, sovereign issuer, or a basket or index of issuers (the

44 OPPENHEIMER CORPORATE BOND FUND

6. Use of Derivatives (Continued)

“reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations.

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

For the reporting period, the Fund had ending monthly average notional amounts of $694,231 on credit default swaps to sell protection.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

At period end, the Fund had no credit default swap agreements outstanding.

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Statement of Investments and the Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Statement of Operations for the amount of the premium paid or received.

45 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund may purchase swaptions which give it the option to buy or sell credit protection through credit default swaps in order to decrease or increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

At period end, the Fund had no purchased swaption contracts outstanding.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to sell or buy credit protection through credit default swaps in order to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A written swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

During the reporting period, the Fund had an ending monthly average market value of $1,919 and $862 on purchased and written swaptions, respectively.

At period end, the Fund had no written swaption contracts outstanding.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses

46 OPPENHEIMER CORPORATE BOND FUND

6. Use of Derivatives (Continued)

are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction.

Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives
Not Accounted
for as Hedging
Instruments

Statement of Assets
and Liabilities Location

Value

Statement of Assets
and Liabilities Location

Value

Interest rate contracts Variation margin receivable

17,856*

Variation margin payable

20,131*

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

The effect of derivative instruments on the Statement of Operations is as follows:

47 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Futures contracts		Swap contracts		Total
Credit contracts	$	(30,800)	$	14,608	$	—	$	67,361	$	51,169
Interest rate contracts		—		—		470,054		—		470,054

Total	$	(30,800)	$	14,608	$	470,054	$	67,361	$	521,223

*Includes purchased option contracts and purchased swaption contracts, if any.


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts		Total
Credit contracts	$	—	$	(149,670)	$	(149,670)
Interest rate contracts		156,157		—		156,157

Total	$	156,157	$	(149,670)	$	6,487

7. 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:


	Year Ended July 31, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		3,081,751		$	33,249,682			3,899,900		$	42,132,459
Dividends and/or distributions reinvested		347,885			3,718,015			332,862			3,591,997
Redeemed		(3,916,504	)		(41,779,794	)		(4,928,222	)		(53,118,962)

Net decrease		(486,868	)	$	(4,812,097	)		(695,460	)	$	(7,394,506)


Class C
Sold		761,628		$	8,205,750			889,600		$	9,612,956
Dividends and/or distributions reinvested		65,858			703,140			66,488			717,008
Redeemed		(893,084	)		(9,546,214	)		(1,363,212	)		(14,591,958)

Net decrease		(65,598	)	$	(637,324)			(407,124	)	$	(4,261,994)


Class I
Sold		682,796		$	7,331,314			201,133		$	2,174,827
Dividends and/or distributions reinvested		17,497			185,853			1,708			18,487
Redeemed		(154,954	)		(1,644,164	)		(9,648	)		(104,497)

Net increase		545,339		$	5,873,003			193,193		$	2,088,817

48 OPPENHEIMER CORPORATE BOND FUND

7. Shares of Beneficial Interest (Continued)


	Year Ended July 31, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class R
Sold		805,312		$	8,642,719			679,123		$	7,327,631
Dividends and/or distributions reinvested		44,376			473,617			31,632			341,444
Redeemed		(391,867	)		(4,171,516	)		(371,868	)		(3,982,261)

Net increase		457,821		$	4,944,820			338,887		$	3,686,814


Class Y
Sold		2,173,981		$	23,259,291			1,592,243		$	17,147,663
Dividends and/or distributions reinvested		70,154			746,080			36,025			388,663
Redeemed		(1,240,110	)		(13,182,903	)		(1,000,708	)		(10,747,219)

Net increase		1,004,025		$	10,822,468			627,560		$	6,789,107

8. 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:


	Purchases		Sales
Investment securities	$	127,542,071	$	114,798,284

9. 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 $500 million	0.45	%
Next $500 million	0.40
Next $4 billion	0.35
Over $5 billion	0.30

The Fund’s effective management fee for the reporting period was 0.45% 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

49 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 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 C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes,

50 OPPENHEIMER CORPORATE BOND FUND

9. Fees and Other Transactions with Affiliates (Continued)

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 also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. 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 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 C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor

July 31, 2018		$59,597		$441		$6,231		$—

Waivers and Reimbursements of Expenses. Effective for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:


Class A	$	8,375
Class C		2,118
Class R		1,054
Class Y		1,212

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $34,622 for these 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.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity.

51 OPPENHEIMER CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

10. Borrowings and Other Financing (Continued)

Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

52 OPPENHEIMER CORPORATE BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Corporate Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Corporate Bond 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

53 OPPENHEIMER CORPORATE BOND 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.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2018, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

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 $4,774,786 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.

54 OPPENHEIMER CORPORATE BOND 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.

55 OPPENHEIMER CORPORATE BOND 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 2010) 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 2010) 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.

56 OPPENHEIMER CORPORATE BOND FUND



Beverly L. Hamilton, Trustee (since 2010) 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.

57 OPPENHEIMER CORPORATE BOND FUND

TRUSTEES AND OFFICERS Unaudited / Continued

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 (since 2015), President and Principal Executive Officer (since 2014) 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 Mr. Memani, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. 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.

Krishna Memani, Vice President (since 2010) Year of Birth: 1960		President of the Sub-Adviser (since January 2013); Executive Vice President of the Manager (since January 2014) and Chief Investment Officer of the OppenheimerFunds advisory entities (since January 2014). Chief Investment Officer, Fixed Income of the Sub-Adviser (January 2013-December 2013); Head of the Investment Grade Fixed Income Team of the Sub-Adviser (March 2009-January 2014); Director of Fixed Income of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (March 2009-December 2012) and Senior Vice President of OFI Global Institutional, Inc. (April 2009-December 2012). Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006-January 2009). Chief Credit Strategist at Credit Suisse Securities (August 2002-March 2006). Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002).

58 OPPENHEIMER CORPORATE BOND FUND


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).

59 OPPENHEIMER CORPORATE BOND FUND

OPPENHEIMER CORPORATE BOND FUND


Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Ropes & Gray LLP

60 OPPENHEIMER CORPORATE BOND 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:

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Applications or other forms.

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

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

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Your transactions with us, our affiliates or others.

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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.

61 OPPENHEIMER CORPORATE BOND FUND

PRIVACY NOTICE Continued

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.

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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.

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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.

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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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63 OPPENHEIMER CORPORATE BOND FUND


		Oppenheimer funds^® The Right Way to Invest
		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. RA1225.001.0718 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 $52,200 in fiscal 2018 and $51,200 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 $7,000 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 $1,038,352 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 Corporate Bond 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

Oppenheimer Intermediate Income Fund Inactive N-CSRCertified annual shareholder report (management investment company)