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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22844

Oppenheimer Senior Floating Rate Plus Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: July 31

Date of reporting period: 7/31/2018

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	32
Statement of Operations	34
Statements of Changes in Net Assets	35
Statement of Cash Flows	36
Financial Highlights	37
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	57
Federal Income Tax Information	58
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	59
Trustees and Officers	60
Privacy Notice	65

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/18

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	J.P. Morgan Leveraged         Loan Index
1-Year	3.84%	0.20%	4.79%
Since Inception (8/23/13)	3.77	3.02	4.38

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 3.50% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

2       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 3.84% during the one-year reporting period, underperforming the J.P. Morgan Leveraged Loan Index (the “Index”), which returned 4.79%.

MARKET HIGHLIGHTS

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

the Federal Reserve raised interest rates three times over this reporting period and began to unwind its balance sheet.

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

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

3       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

For the one-year period ended July 31, 2018, the J.P. Morgan Leveraged Loan Index returned 4.79% and continued to demonstrate less sensitivity to the increased volatility across equity and the broader fixed-income markets. In comparison, high yield, as represented by the J.P. Morgan Domestic High Yield Index, returned 1.18% as the high yield sector has experienced pressure due to swings in equities, fixed income and oil markets. For a period that has been characterized by rising Treasury rates and volatility, loans have performed well.

FUND REVIEW

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

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

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

In addition, the Fund actively employs leverage to seek to enhance returns. During the reporting period, the use of leverage contributed positively to the total return of the Fund.

STRATEGY & OUTLOOK

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

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

4       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

continue to remain healthy for the remainder of 2018.

  Joseph Welsh, CFA Portfolio Manager

  David Lukkes, CFA Portfolio Manager

5       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Top Holdings and Allocations

TOP TEN CORPORATE LOAN INDUSTRIES

Media	20.4	%
Internet Software & Services	11.8
Commercial Services & Supplies	10.5
Health Care Equipment & Supplies	10.4
Hotels, Restaurants & Leisure	7.7
Diversified Telecommunication Services	6.7
Commercial Banks	5.0
Energy Equipment & Services	5.0
Beverages	4.1
Industrial Conglomerates	3.8

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

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA		0.7	%
BBB		2.3
BB		39.2
B		47.4
CCC		1.3
Unrated		9.1
Total		100.0	%

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

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

6       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Share Class Performance

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

	Inception Date	1-Year	Since                       Inception
Class A (OSFAX)	8/23/13	3.84%	3.77%
Class C (OSFCX)	8/23/13	3.12	2.95
Class I (OSFIX)	8/23/13	4.31	4.21
Class Y (OSFYX)	8/23/13	4.21	4.06
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/18
	Inception Date	1-Year	Since                       Inception
Class A (OSFAX)	8/23/13	0.20%	3.02%
Class C (OSFCX)	8/23/13	2.13	2.95
Class I (OSFIX)	8/23/13	4.31	4.21
Class Y (OSFYX)	8/23/13	4.21	4.06

STANDARDIZED YIELDS

For the 30 Days Ended 7/31/18

Class A	4.64%
Class C	4.02
Class I	5.14
Class Y	5.05

UNSUBSIDIZED STANDARDIZED YIELDS

For the 30 Days Ended 7/31/18

Class A	4.53%
Class C	3.97
Class I	4.95
Class Y	4.92

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 3.50% and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. There is no sales charge for Class I and Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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

7       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

earned for the 30-day period ended July 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

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

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

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

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

8       OPPENHEIMER SENIOR FLOATING RATE PLUS 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 SENIOR FLOATING RATE PLUS FUND

Actual	Beginning Account Value February 1, 2018	Ending Account Value July 31, 2018	Expenses Paid During 6 Months Ended July 31, 2018
Class A	$   1,000.00	$   1,014.00	$          9.13
Class C	1,000.00	1,010.00	13.14
Class I	1,000.00	1,015.80	7.27
Class Y	1,000.00	1,015.30	7.82
Hypothetical (5% return before expenses)
Class A	1,000.00	1,015.77	9.14
Class C	1,000.00	1,011.80	13.15
Class I	1,000.00	1,017.60	7.28
Class Y	1,000.00	1,017.06	7.83

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

Class	Expense Ratios
Class A		1.82	%
Class C		2.62
Class I		1.45
Class Y		1.56

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 SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS July 31, 2018

	Principal Amount		Value
Corporate Loans—110.9%
Consumer Discretionary—35.0%
Distributors—2.9%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 4.73%,[LIBOR12+275], 8/25/211	$	168,893	$	168,815
Tranche B6, 5.319%,[LIBOR4+300], 6/22/231		108,652		108,143
Alphabet Holdings Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 9/26/241		263,511		247,865
Ascena Retail Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.625%,[LIBOR12+450], 8/21/221		108,273		99,408
Bass Pro Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.077%,[LIBOR12+500], 9/25/241		332,563		335,681
Belk, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.088%,[LIBOR4+475], 12/12/221		80,000		63,372
Harbor Freight Tools USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR12+250], 8/18/231		61,222		61,092
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.569%,[LIBOR4+425], 6/23/231		77,488		75,083
Jo-Ann Stores LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.509%,[LIBOR4+500], 10/20/231		29,922		30,035
Michaels Stores, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.572%-4.594%,[LIBOR12+250], 1/30/231		112,604		112,693
Party City Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.83%,[LIBOR4+275], 8/19/221		105,735		105,919
Petco Animal Supplies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.609%,[LIBOR4+300], 1/26/231		264,606		191,013
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.10%,[LIBOR12+300], 3/11/221		519,466		432,990
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 6/8/241		128,798		129,297
				2,161,406
Diversified Consumer Services—0.9%
4L Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.577%,[LIBOR4+450], 5/8/201		326,771		310,841
IQOR US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.337%,[LIBOR4+500], 4/1/211		307,057		305,521
IQOR US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.087%,[LIBOR4+875], 4/1/221		40,000		38,320
				654,682
Hotels, Restaurants & Leisure—7.7%
24 Hour Fitness Worldwide, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.572%,[LIBOR12+350], 5/30/251		175,000		175,802
Boyd Gaming Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.45%,[LIBOR52+250], 9/15/231		141,293		142,277
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.844%,[LIBOR4+275], 12/23/241		1,238,775		1,245,260
CDS US Intermediate Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.09%,[LIBOR4+375], 7/8/221		89,773		89,190

11       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Churchill Downs, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.10%,[LIBOR12+200], 12/27/241	$	79,600	$	79,782
CityCenter Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 4/18/241		303,110		303,887
Delta 2 Lux Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.577%,[LIBOR12+250], 2/1/241		422,609		420,760
Eldorado Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.375%,[LIBOR4+225], 4/17/241		208,256		208,647
Everi Payments, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR12+300], 5/9/241		262,874		264,147
Fitness & Sports Clubs LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.291%-5.753%,[LIBOR4+325], 4/18/251		50,000		50,406
Four Seasons Hotels Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.077%,[LIBOR12+200], 11/30/231		59,100		59,179
Gateway Casinos & Entertainment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.473%,[LIBOR4+300], 12/1/231		50,000		50,250
GVC Holdings plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.48%,[LIBOR4+275], 3/29/241		239,400		240,185
Penn National Gaming, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.577%,[LIBOR12+250], 1/19/241		24,700		24,839
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.827%-4.921%,[LIBOR6+275], 8/14/241		377,603		378,311
Stars Group Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.831%,[LIBOR4+350], 7/10/251		680,000		687,048
Station Casinos LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 6/8/231		319,188		320,430
Town Sports International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 11/15/201		237,523		236,632
Weight Watchers International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.85%-7.09%,[LIBOR12+475], 11/29/241		592,775		601,021
Wyndham Hotels & Resorts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.842%,[LIBOR4+200], 5/30/251		80,000		80,288
				5,658,341
Household Durables—2.8%
ABG Intermediate Holdings 2 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 9/27/241		94,862		95,144
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.594%,[LIBOR12+450], 4/6/241		130,000		130,813
Coty, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.347%,[LIBOR4+225], 4/7/251		265,000		259,121
Hanesbrands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.092%,[LIBOR12+175], 12/16/241		29,925		30,056
HLF Financing Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.577%,[LIBOR12+550], 2/15/231		117,656		118,421

12       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Household Durables (Continued)
International Textile Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.092%,[LIBOR4+500], 5/1/241	$	105,000	$	105,854
Lifetime Brands, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.577%,[LIBOR12+350], 2/28/251		24,433		24,463
Tranche B, 5.577%,[LIBOR12+350], 3/13/251		20,455		20,480
Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.482%-5.594%,[LIBOR12+350], 9/7/231		414,379		306,547
Rodan & Fields LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.072%,[LIBOR12+400], 6/6/251		230,000		231,941
Serta Simmons Bedding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.587%-5.592%,[LIBOR4+350], 11/8/231		730,069		614,287
SIWF Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.322%,[LIBOR12+425], 6/15/251		135,000		135,759
Varsity Brands Holdings Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.815%,[LIBOR12+350], 12/16/241		29,925		29,970
				2,102,856
Media—20.4%
Acosta, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 9/26/211		198,920		155,873
Advantage Sales & Marketing, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 7/23/211		49,742		47,162
Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.822%,[LIBOR4+275], 7/15/251		327,022		318,847
Tranche B, 4.822%,[LIBOR4+275], 1/31/261		9,950		9,695
Tranche B13, 6.083%,[LIBOR4+400], 1/31/261		205,000		200,884
Altice US Finance I Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 7/28/251		217,612		217,000
Camelot Finance LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 10/3/231		98,161		98,455
CBS Radio, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.831%,[LIBOR4+275], 11/18/241		193,538		191,652
Checkout Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 4/9/211		453,348		289,171
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 9.052%,[LIBOR4+675], 1/30/191,2		2,415,102		1,884,794
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 9.802%,[LIBOR4+750], 7/30/191,2		139,658		108,622
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.322%,[LIBOR12+225], 7/17/251		317,020		315,802
Tranche B, 4.572%,[LIBOR4+250], 1/25/261		39,900		39,925
Deluxe Entertainment Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.859%,[LIBOR4+550], 2/28/201		256,673		250,470
Endemol, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.058%,[LIBOR4+575], 8/13/211		104		104

13       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Media (Continued)
Getty Images, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.572%,[LIBOR4+350], 10/18/191	$	72,772	$	71,475
Gray Television, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.34%,[LIBOR12+250], 2/7/241		153,069		153,241
Harland Clarke Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 7.084%,[LIBOR4+475], 11/3/231		248,129		239,197
Intelsat Jackson Holdings SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B3, 5.827%,[LIBOR4+375], 11/27/231		320,000		321,350
Tranche B4, 6.577%,[LIBOR4+450], 1/2/241		50,000		52,563
ION Media Networks, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%,[LIBOR6+275], 12/18/201		702,982		705,179
Liberty Cablevision of Puerto Rico LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.839%,[LIBOR4+350], 1/7/221		370,000		363,063
Lions Gate Capital Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.314%,[LIBOR4+225], 3/24/251		219,450		220,410
MacDonald Dettwiler & Associates Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.854%,[LIBOR4+250], 10/4/241		293,812		293,948
MediArena Acquisition BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.087%,[LIBOR4+575], 8/13/211		328,011		330,184
Meredith Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR6+300], 1/31/251		149,625		150,290
Metro-Goldwyn-Mayer, Inc., Sr. Sec. Credit Facilities 2st Lien Term Loan, Tranche B, 6.841%,[LIBOR4+450], 6/28/261		115,000		115,000
Mission Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.592%,[LIBOR12+250], 1/17/241		93,096		93,300
Monarchy Enterprises Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.602%,[LIBOR4+650], 10/13/221,3		655,000		651,725
NEP/NCP Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.552%,[LIBOR12+325], 7/21/221		317,439		317,439
Nexstar Broadcasting, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.592%,[LIBOR12+250], 1/17/241		698,383		699,909
Radiate Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 2/1/241		563,992		559,587
Red Ventures LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.077%,[LIBOR4+400], 11/8/241		266,068		268,928
Rovi Solutions Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.58%,[LIBOR12+250], 7/2/211		121,558		121,887
Sable International Finance Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5.344%,[LIBOR12+325], 2/2/261		180,000		180,304
SFR Group SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B12, 5.072%,[LIBOR4+300], 1/31/261		458,776		445,357
Sinclair Television Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 3.913%,[LIBOR12+225], 12/12/241		415,000		414,844
Tranche B2, 4.33%,[LIBOR12+225], 1/3/241		393,938		394,308
Technicolor SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.057%,[LIBOR4+275], 12/6/231		138,449		132,680
Telenet Financing USD LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.322%,[LIBOR12+225], 8/15/261		285,000		283,713

14       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Media (Continued)
Tribune Media Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR12+300], 1/26/241	$	346,818	$	347,108
Unitymedia Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.322%,[LIBOR4+225], 1/15/261		90,000		89,850
Univision Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche C5, 4.827%,[LIBOR12+275], 3/15/241		936,886		910,860
UPC Financing Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche AR, 4.572%,[LIBOR4+250], 1/15/261		381,000		379,809
Virgin Media Bristol LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche K, 4.572%,[LIBOR12+250], 1/15/261		435,000		434,989
WideOpenWest Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.329%,[LIBOR12+325], 8/18/231		467,049		448,950
William Morris Endeavor Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.93%,[LIBOR6+275], 5/18/251		102,331		102,097
WMG Acquisition Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.219%,[LIBOR12+212.5], 11/1/231		158,000		157,596
Ziggo Secured Finance Partnership, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 4.572%,[LIBOR12+250], 4/15/251		480,000		477,631
				15,057,227
Multiline Retail—0.3%
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR12+325], 10/25/201		264,257		234,086
Consumer Staples—4.1%
Beverages—4.1%
1011778 BC ULC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%-4.344%,[LIBOR12+225], 2/16/241		737,434		737,895
Dole Food Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.383%-6.25%,[LIBOR4+275], 4/6/241		263,623		263,552
Golden Nugget, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.828%-4.844%,[LIBOR12+275], 10/4/231		584,696		587,172
Hearthside Group Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.064%,[LIBOR12+300], 5/17/251		225,000		223,641
Hostess Brands LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.344%,[LIBOR12+225], 8/3/221		156,173		156,409
IRB Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.255%-5.28%,[LIBOR12+325], 2/5/251		104,738		105,523
JBS USA LUX SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.834%-4.835%,[LIBOR4+250], 10/30/221		109,722		109,761
KFC Holding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.829%,[LIBOR12+175], 4/3/251		80,961		81,002
Mastronardi Produce Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.342%,[LIBOR12+325], 5/1/251		40,000		40,250
Nomad Foods Europe Midco Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.322%,[LIBOR12+225], 5/15/241		170,280		169,677
Nomad Foods US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.322%,[LIBOR12+225], 5/15/241		88,000		87,689

15       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Beverages (Continued)
NPC International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR12+350], 4/19/241	$	59,537	$	60,114
Sigma US Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.092%,[LIBOR4+325], 7/2/251		255,000		254,658
Sunshine Investments BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.593%,[LIBOR4+325], 3/28/251		90,000		90,281
Tacala Investment Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.342%,[LIBOR4+325], 1/31/251		64,838		65,073
				3,032,697
Energy—5.5%
Energy Equipment & Services—5.0%
AL Midcoast Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.826%,[LIBOR4+550], 6/28/251		160,000		161,800
Ascent Resources - Marcellus LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.60%,[LIBOR12+650], 3/30/231		47,499		47,689
BCP Renaissance Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.863%,[LIBOR4+350], 10/31/241		240,000		241,267
Bison Midstream Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.086%,[LIBOR12+400], 5/21/251		170,000		167,521
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 12.439%,[LIBOR12+1,037.5], 12/31/211		95,000		105,034
California Resources Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.831%,[LIBOR12+475], 12/31/221		130,000		132,492
Chesapeake Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.577%,[LIBOR4+750], 8/23/211		170,000		178,139
Drillship Kithira Owners, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 8.00%, 9/20/24		230,048		242,390
Eastern Power LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.844%,[LIBOR12+375], 10/2/231		236,324		237,857
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.327%,[LIBOR12+525], 4/11/221		348,752		349,886
Floatel International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.334%,[LIBOR4+500], 6/27/201		54,903		48,315
GIP III Stetson I LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.598%,[LIBOR4+425], 7/18/251		135,000		135,802
Gulf Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.59%,[LIBOR4+525], 8/25/231		84,445		73,361
HFOTCO LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.09%,[LIBOR4+275], 6/26/251		85,000		85,066
HGIM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10.00%,[PRIME4+500], 7/3/231		51,052		51,456
Larchmont Resources LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A, 11.33%,[LIBOR4+900], 8/7/201,3		68,799		68,111
Limetree Bay Terminals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.067%,[LIBOR12+400], 2/15/241		312,920		311,278
Lucid Energy Group II Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.079%,[LIBOR12+300], 2/17/251		169,575		164,700

16       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Energy Equipment & Services (Continued)
McDermott Technology Americas, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.094%,[LIBOR12+500], 5/12/251	$	209,625	$	211,237
Pacific Drilling SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.25%,[LIBOR4+450], 6/3/191,2		4,923		1,867
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.334%,[LIBOR4+600], 2/21/211		294,379		275,980
Sheridan Production Partners II-A LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%,[LIBOR4+350], 12/16/201		38,225		34,594
Sheridan Production Partners II-M LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.81%,[LIBOR4+350], 12/16/201		18,513		16,754
Traverse Midstream Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.34%,[LIBOR4+400], 9/27/241		157,022		157,839
Ultra Resources, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 5.079%,[LIBOR4+300], 4/12/241		205,000		187,959
				3,688,394
Oil, Gas & Consumable Fuels—0.5%
Sheridan Investment Partners II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.49%,[LIBOR4+350], 12/16/201		210,080		190,122
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.584%,[LIBOR4+425], 8/4/211		257,907		222,123
				412,245
Financials—7.0%
Capital Markets—0.9%
Aretec Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 6.344%,[LIBOR12+425], 11/23/201		154,926		155,992
Aretec Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.594%,[LIBOR12+450], 5/23/211,5		508,873		511,417
				667,409
Commercial Banks—5.0%
Acrisure LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.086%-6.592%,[LIBOR4+375], 11/22/231		379,585		380,472
Alliant Holdings Intermediate LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.078%,[LIBOR12+300], 5/9/251		276,375		276,705
AmWINS Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+275], 1/25/241		178,475		178,717
Blucora, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.334%,[LIBOR4+300], 5/22/241		78,238		78,629
Brookfield Retail Holdings VII Sub 3 LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.795%,[LIBOR4+250], 5/7/251		345,000		342,664
Capital Automotive LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 3/25/241		77,485		77,619
DTZ US Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.943%-5.609%,[LIBOR4+325], 11/4/211		229,409		229,957

17       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Banks (Continued)
Focus Financial Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR4+275], 7/3/241	$	63,222	$	63,288
HUB International Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.335%,[LIBOR4+300], 4/25/251		395,000		395,227
Hyperion Insurance Group Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.625%,[LIBOR12+350], 12/20/241		174,475		175,475
iStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.832%-4.852%,[LIBOR4+300], 10/1/211		130,534		130,779
Jane Street Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.844%,[LIBOR12+375], 8/25/221		24,688		24,965
Mayfield Agency Borrower, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.594%,[LIBOR4+450], 2/28/251		100,000		100,500
NFP Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR12+350], 1/8/241		270,702		270,660
Uniti Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.094%,[LIBOR12+300], 10/24/221		627,863		602,224
USI, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR4+300], 5/16/241		407,635		407,023
				3,734,904
Consumer Finance—0.2%
PGX Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.33%,[LIBOR12+525], 9/29/201		149,790		146,701
PGX Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.98%,[LIBOR12+900], 9/29/211,3		36,768		34,930
				181,631
Insurance—0.9%
AssuredPartners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR12+325], 10/22/241		294,263		294,961
Sedgwick Claims Management Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR4+275], 3/1/211		339,117		339,117
				634,078
Health Care—10.4%
Health Care Equipment & Supplies—10.4%
21st Century Oncology, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 8.465%,[LIBOR4+612.5], 1/16/231		42,188		40,623
Acadia Healthcare Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.577%,[LIBOR12+250], 2/11/221		15,000		15,086
Tranche B4, 4.594%,[LIBOR12+250], 2/16/231		116,695		117,366
Air Medical Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.347%,[LIBOR12+325], 4/28/221		176,780		171,887
Tranche B, 6.329%,[LIBOR12+325], 3/14/251		84,575		83,571
Alliance HealthCare Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.48%,[LIBOR4+450], 10/24/231		128,813		129,403
Amneal Pharmaceuticals LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.625%,[LIBOR4+300], 5/4/251		259,953		262,229

18       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Ardent Health Partners LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.602%,[LIBOR12+450], 6/30/251	$	235,000	$	237,056
ASP AMC Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 4/22/241		270,280		249,469
Bausch Health Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.092%,[LIBOR4+300], 6/2/251		216,546		217,107
Carestream Dental Equipment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.584%,[LIBOR4+325], 9/1/241		39,700		39,638
Carestream Health, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.094%,[LIBOR4+400], 6/7/191		47,579		47,621
Change Healthcare Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR12+275], 3/1/241		646,812		646,589
CHS/Community Health Systems, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche H, 5.557%,[LIBOR4+300], 1/27/211		340,317		334,906
Concentra, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.85%,[LIBOR4+275], 6/1/221		65,000		65,176
CVS Holdings I LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.10%,[LIBOR4+300], 2/6/251		174,563		173,472
DJO Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.151%-5.587%,[LIBOR12+325], 6/8/201		312,259		312,259
Endo International plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.375%,[LIBOR12+425], 4/29/241		311,880		312,692
Envision Healthcare Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.08%,[LIBOR12+300], 12/1/231		75,000		75,094
Equian Buyer Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.577%,[LIBOR12+325], 5/20/241		5,000		5,013
Genoa a Qol Healthcare Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.327%,[LIBOR12+325], 10/30/231		225,992		227,263
Gentiva Health Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.125%,[LIBOR4+375], 7/2/251		451,976		456,214
Heartland Dental LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.73%,[LIBOR12+375], 4/30/251		90,959		90,433
Heartland Dental LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan Delayed Draw, 1.875%, 4/30/254		10,528		10,467
Jaguar Holding Co. II, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR4+250], 8/18/221		201,435		201,775
Kinetic Concepts, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.584%,[LIBOR4+325], 2/2/241		89,100		89,480
LifeScan Global Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.312%,[LIBOR4+600], 6/8/241		225,000		219,375
Mallinckrodt International Finance SA, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.203%,[LIBOR4+275], 9/24/241		65,223		64,316
Tranche B, 5.517%,[LIBOR4+300], 2/24/251		244,388		242,861
MPH Acquisition Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.084%,[LIBOR4+300], 6/7/231		267,720		268,039
National Mentor Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR4+300], 1/31/211		224,822		225,806
One Call Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.322%,[LIBOR12+525], 11/27/221		137,911		132,912

19       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Ortho-Clinical Diagnostics SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.336%,[LIBOR12+325], 6/30/251	$	326,519	$	326,664
PAREXEL International Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR4+300], 9/27/241		69,749		69,619
Select Medical Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%-6.50%,[PRIME4+175], 3/1/211		79,000		79,395
Sotera Health Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.334%,[LIBOR12+300], 5/15/221		14,887		14,913
Surgery Center Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.35%,[LIBOR4+325], 9/2/241		213,775		214,153
Team Health Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 2/6/241		322,160		313,704
US Anesthesia Partners, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 6/23/241		359,068		359,704
Vizient, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 4.827%,[LIBOR12+275], 2/13/231		13,801		13,853
VVC Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.086%,[LIBOR12+425], 6/28/251		220,000		216,150
Wink Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR4+300], 12/2/241		298,936		298,376
				7,671,729
Industrials—17.9%
Aerospace & Defense—0.4%
Doncasters US Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.834%,[LIBOR4+350], 4/9/201		74,307		69,477
Genuine Financial Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.817%,[LIBOR4+375], 6/27/251		215,000		215,000
				284,477
Commercial Services & Supplies—10.5%
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.844%,[LIBOR12+375], 2/27/251		74,829		75,147
Access CIG LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 3.75%, 2/27/254		8,983		9,022
AI Aqua Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.327%,[LIBOR12+325], 12/13/231		179,848		179,568
AI Aqua ZIP Bidco Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 12/13/231		69,649		69,540
Allied Universal Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.827%,[LIBOR4+375], 7/28/221		476,291		470,337
Asurion LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B4, 5.077%,[LIBOR12+275], 8/4/221		332,226		332,552
Tranche B6, 5.077%,[LIBOR12+275], 11/3/231		450,330		450,359
Tranche B7, 5.325%,[LIBOR12+300], 11/29/241		65,000		65,000
Asurion LLC, Sr. Sec. Credit Facilities 2st Lien Term Loan, 8.825%,[LIBOR12+650], 8/4/251		170,000		172,762
ATS Consolidated, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.822%,[LIBOR12+375], 2/28/251		224,500		225,553

20       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Belron Finance US LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.863%,[LIBOR4+250], 11/7/241	$	149,250	$	149,903
Blackhawk Network Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.072%,[LIBOR4+300], 6/15/251		250,000		250,834
Boing US Holdco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.613%,[LIBOR4+325], 10/3/241		240,913		242,268
Casmar Australia Pty Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.834%,[LIBOR4+450], 12/8/231		108,350		103,745
Ceridian HCM Holding, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 4/30/251		190,000		190,475
CEVA Group plc, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.577%-7.859%,[LIBOR4+550], 3/19/211		15,340		15,336
CEVA Group plc, Sr. Sec. Credit Facilities Letter of Credit 1st Lien Term Loan, 6.50%-7.859%,[LIBOR4+550], 3/19/211		65,350		65,294
CEVA Logistics Finance BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.083%,[LIBOR4+375], 7/24/251		155,000		155,194
Cotiviti Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.33%-4.59%,[LIBOR4+250], 9/28/231		208,992		209,340
Crossmark Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 12/20/191		291,040		190,631
Engility Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.844%,[LIBOR12+275], 8/14/231		378,423		379,842
First Advantage, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.592%,[LIBOR4+525], 6/30/221		88,072		88,072
First American Payment Systems LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.836%,[LIBOR12+475], 1/5/241		83,125		84,008
Garda World Security Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.80%,[LIBOR4+350], 5/24/241		330,018		330,947
IG Investments Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR4+350], 5/23/251		357,987		359,629
Inmar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.577%,[LIBOR6+350], 5/1/241		292,050		293,205
KUEHG Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.052%,[LIBOR4+375], 8/12/221		202,752		203,554
Laureate Education, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.594%,[LIBOR12+350], 4/26/241		197,219		197,931
Learning Care Group US No. 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.336%-5.344%,[LIBOR4+325], 3/13/251		29,925		30,062
Legalzoom.com, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.581%,[LIBOR4+450], 11/21/241		139,293		139,815
LS Deco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.834%,[LIBOR4+350], 5/21/221		58,163		58,635
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 7.834%,[LIBOR4+550], 9/30/221		195,400		183,432
Sarbacane Bidco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.08%,[LIBOR4+300], 1/29/251		29,925		29,856
Savage Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.58%,[LIBOR12+450], 6/26/251		340,000		341,489

21       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Securus Technologies Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.832%-6.577%,[LIBOR4+450], 11/1/241	$	174,925	$	175,690
SMG US Midco 2, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.344%,[LIBOR6+325], 1/23/251		24,938		25,026
Staples, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.358%,[LIBOR4+400], 9/12/241		462,675		459,274
TKC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.85%,[LIBOR12+375], 2/1/231		93,813		93,930
Travelport Finance Luxembourg Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.83%,[LIBOR4+275], 3/17/251		535,000		535,000
Trident LS Merger Sub Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.342%,[LIBOR4+325], 5/1/251		100,000		100,541
USIC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.327%,[LIBOR12+325], 12/8/231		41,897		41,950
				7,774,748
Industrial Conglomerates—3.8%
Apex Tool Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.827%,[LIBOR12+375], 2/1/221		183,091		183,874
Energy Acquisition Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.589%,[LIBOR4+425], 6/22/251		130,000		130,325
Gardner Denver, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 7/30/241		95,266		95,602
Gates Global LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.084%,[LIBOR4+300], 4/1/241		232,295		233,175
GrafTech Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.59%,[LIBOR12+350], 2/12/251		160,000		160,250
Harsco Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.375%,[LIBOR12+300], 12/6/241		79,301		79,814
MACOM Technology Solutions Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.344%,[LIBOR12+225], 5/17/241		238,348		236,311
Pelican Products, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.483%,[LIBOR4+350], 5/1/251		60,000		60,212
Robertshaw US Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.625%,[LIBOR12+350], 2/28/251		94,763		94,526
Titan Acquisition Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.094%,[LIBOR12+300], 3/28/251		224,438		221,055
TransDigm, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche E, 4.594%,[LIBOR12+250], 5/30/251		239,150		239,357
Tranche F, 4.594%,[LIBOR12+250], 6/9/231		282,711		283,201
Tranche G, 4.594%,[LIBOR4+250], 8/22/241		94,525		94,681
Vectra Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.344%,[LIBOR12+325], 3/8/251		125,000		125,156
Vertiv Intermediate Holding II Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.10%,[LIBOR12+400], 11/30/231		354,192		352,494

22       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Industrial Conglomerates (Continued)
Wencor Group, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 6/19/211	$	53,881	$	52,713
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.28%,[LIBOR4+375], 4/30/251		125,000		125,313
WP CPP Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.098%,[LIBOR4+375], 4/30/251		30,000		30,075
Zodiac Pool Solutions LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR4+225], 7/2/251		25,000		25,052
				2,823,186
Professional Services—0.3%
AVSC Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.35%-5.423%,[LIBOR4+375], 3/3/251		223,590		222,402
Road & Rail—1.6%
American Airlines, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.827%,[LIBOR12+175], 6/27/251		110,000		108,327
Arctic LNG Carriers Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.577%,[LIBOR12+450], 5/18/231		153,450		154,265
CH Hold Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.98%,[LIBOR12+300], 2/1/241		116,512		117,313
Daseke Cos., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.077%,[LIBOR12+500], 2/27/241		73,531		74,083
Kenan Advantage Group, Inc. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B1, 5.094%,[LIBOR12+300], 7/29/221		91,498		91,212
Tranche B2, 5.094%,[LIBOR12+300], 7/29/221		8,313		8,287
Western Express, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.557%,[LIBOR4+825], 2/23/221,3		612,000		645,293
				1,198,780
Transportation Infrastructure—1.3%
Dayco Products LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.557%,[LIBOR4+500], 5/19/231		113,850		114,135
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR4+325], 3/20/251		133,192		132,359
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.336%,[LIBOR12+325], 3/20/251		1,309		1,301
Mavis Tire Express Services Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Delayed Draw, 1.00%, 3/20/254		22,489		22,348
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.60%,[LIBOR12+350], 11/6/241		234,025		234,610
Octavius Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.827%,[LIBOR4+350], 11/8/231		35,000		35,306
Superior Industries International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.094%,[LIBOR12+400], 5/22/241		168,251		169,092
Tenneco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.589%,[LIBOR4+275], 6/14/251		230,000		229,856
				939,007

23       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Information Technology—12.5%
Internet Software & Services—11.8%
Almonde, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.807%,[LIBOR4+350], 6/13/241	$	532,148	$	525,538
Avaya, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, Tranche B, 6.322%,[LIBOR12+425], 12/15/241		903,460		908,732
Banff Merger Sub, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.307%,[LIBOR4+425], 6/27/251		435,000		435,426
Blackboard, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 7.333%,[LIBOR4+500], 6/30/211		223,572		212,346
BMC Software Finance, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 5.327%,[LIBOR12+325], 9/10/221		308,958		309,558
Colorado Buyer, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.36%,[LIBOR4+300], 5/1/241		258,914		259,588
Compuware Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.59%,[LIBOR12+425], 12/15/211		122,687		123,161
EagleView Technology Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.092%,[LIBOR12+350], 7/30/251		50,000		50,375
Ensono LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.327%,[LIBOR4+525], 6/27/251		125,000		125,442
Epicor Software Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 6/1/221		109,833		109,774
First Data Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.069%,[LIBOR12+225], 4/26/241		109,769		109,863
Go Daddy Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.327%,[LIBOR12+225], 2/15/241		23,199		23,277
Greeneden US Holdings II LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 5.577%,[LIBOR4+350], 12/1/231		153,805		154,793
Infor US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR4+275], 2/1/221		394,477		395,499
Informatica LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 8/5/221		182,216		183,290
Internap Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.83%,[LIBOR12+575], 4/6/221		109,099		110,122
Ivanti Software, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.33%,[LIBOR12+425], 1/20/241		93,843		93,814
Kronos, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.88%,[LIBOR12+300], 11/1/231		9,975		10,017
Lighthouse Network LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.594%,[LIBOR12+450], 11/29/241		89,550		90,110
MA FinanceCo LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 4.844%,[LIBOR12+275], 6/21/241		60,608		60,466
Tranche B2, 4.594%,[LIBOR4+250], 11/19/211		49,750		49,632
MaxLinear, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.572%,[LIBOR12+250], 5/13/241		66,071		66,442
McAfee LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.468%,[LIBOR12+450], 9/30/241		307,737		310,182
Mitchell International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR12+325], 11/29/241		99,750		99,679
Plantronics, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.592%,[LIBOR12+250], 7/2/251		360,000		360,149

24       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Internet Software & Services (Continued)
Premiere Global Services, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 8.585%,[LIBOR6+650], 12/8/211	$	65,079	$	63,208
Project Deep Blue Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.322%,[LIBOR4+325], 2/12/251		50,000		50,094
Quest Software US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.576%,[LIBOR4+425], 5/16/251		220,000		219,382
Riverbed Technology, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 4/24/221		418,837		417,228
Seattle SpinCo, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.577%,[LIBOR12+275], 6/21/241		409,084		408,124
Shutterfly, Inc.,Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 4.83%,[LIBOR12+275], 8/17/241		130,000		130,731
SolarWinds Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+300], 2/5/241		114,425		114,965
Solera LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 3/3/231		148,623		148,960
Sophia LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.584%,[LIBOR4+325], 9/30/221		58,007		58,173
SS&C Technologies Holdings Europe Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 4.577%,[LIBOR4+250], 4/16/251		183,423		184,174
SS&C Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 4.577%,[LIBOR4+250], 4/16/251		477,250		479,204
Sungard Availability Services Capital, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.092%,[LIBOR12+700], 9/30/211		55,000		50,978
Sybil Software LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.834%,[LIBOR4+250], 9/29/231		22,209		22,283
Tempo Acquisition LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.901%-5.077%,[LIBOR12+300], 5/1/241		427,879		428,797
TTM Technologies, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.592%,[LIBOR4+250], 9/28/241		182,155		182,668
Veritas US, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.834%,[LIBOR4+450], 1/27/231		433,416		403,710
Xperi Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.594%,[LIBOR12+250], 12/1/231		211,017		209,962
				8,749,916
IT Services—0.7%
Pi US Mergerco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.577%-5.748%,[LIBOR12+350], 1/3/251		479,000		476,607
				476,607
Materials—8.9%
Chemicals—2.7%
A Schulman, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR12+325], 6/1/221		15,000		15,056
Alpha 3 BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 5.302%-5.334%,[LIBOR4+300], 1/31/241		228,822		229,287

25       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Chemicals (Continued)
Consolidated Energy Finance SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.597%,[LIBOR12+250], 5/7/251	$	125,000	$	125,000
Cyanco Intermediate Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.594%,[LIBOR4+350], 3/17/251		139,725		140,860
Emerald Performance Materials LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.594%,[LIBOR12+350], 7/30/211		158,667		159,857
Encapsys LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.327%,[LIBOR4+325], 11/7/241		74,813		75,202
Ferro Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.584%,[LIBOR4+225], 2/14/241		79,002		79,348
LUX HOLDCO III, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR4+300], 3/28/251		39,900		40,018
MacDermid, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B6, 5.094%,[LIBOR12+300], 6/7/231		73,803		74,093
Tranche B7, 4.594%,[LIBOR4+275], 6/7/201		74,151		74,389
New Arclin US Holding Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.834%,[LIBOR4+350], 2/14/241		94,462		95,131
OCI Partners LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.334%,[LIBOR4+425], 3/13/251		134,750		136,098
PQ Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.577%,[LIBOR4+250], 2/8/251		49,750		49,781
Road Infrastructure Investment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50%-5.577%,[LIBOR12+350], 6/13/231		118,593		118,890
Tronox Blocked Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.094%,[LIBOR4+300], 9/23/241		134,034		134,920
Tronox Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR4+300], 9/23/241		309,446		311,490
Univar USA, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.594%,[LIBOR12+250], 7/1/241		172,215		172,874
				2,032,294
Construction Materials—1.4%
Continental Building Products Operating Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.23%,[LIBOR12+225], 8/18/231		117,255		117,530
Pisces Midco, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.087%,[LIBOR4+300], 4/12/251		215,000		215,707
Quikrete Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+275], 11/15/231		538,342		538,622
Realogy Group LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.317%,[LIBOR12+225], 2/8/251		79,217		79,452
VC GB Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.077%,[LIBOR12+325], 2/28/241		113,608		113,679
				1,064,990
Containers & Packaging—1.8%
Ball Metalpack Finco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.833%,[LIBOR12+450], 7/26/251		60,000		60,450

26       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Containers & Packaging (Continued)
BWAY Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.581%,[LIBOR12+325], 4/3/241	$	382,800	$	382,352
Flex Acquisition Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.751%,[LIBOR4+325], 6/29/251		270,000		270,211
Plastipak Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.60%,[LIBOR12+250], 10/14/241		159,124		159,011
Pro Mach Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.097%,[LIBOR4+300], 3/7/251		184,538		183,558
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.827%,[LIBOR12+300], 2/5/231		84,128		84,500
SIG Combibloc US Acquisition, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR12+275], 3/11/221		181,276		182,097
				1,322,179
Metals & Mining—3.0%
Covia Holdings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.05%,[LIBOR4+375], 6/1/251		245,000		245,485
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B2, 9.344%,[LIBOR12+725], 10/17/221		1,512,295		1,420,476
Tranche B3, 9.844%,[LIBOR12+775], 10/17/221		458,813		430,252
Peabody Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.827%,[LIBOR12+275], 3/31/251		98,344		98,560
				2,194,773
Telecommunication Services—6.7%
Diversified Telecommunication Services—6.7%
CenturyLink, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.844%,[LIBOR4+275], 1/31/251		1,209,287		1,192,205
Cincinnati Bell, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.344%,[LIBOR4+375], 10/2/241		210,000		211,231
Consolidated Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.99%,[LIBOR12+300], 10/5/231		297,294		294,413
Digicel International Finance Ltd, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.33%,[LIBOR4+325], 5/27/241		303,373		292,149
Frontier Communications Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.83%,[LIBOR12+375], 6/15/241		407,337		402,316
Fusion Connect, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.863%,[LIBOR4+750], 5/4/231		355,500		342,613
Global Tel*Link Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.302%,[LIBOR4+400], 5/23/201		214,806		216,450
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.86%,[LIBOR4+450], 8/6/211		222,747		218,432
IPC Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.86%,[LIBOR4+950], 2/4/221		110,000		100,375
NeuStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 5.572%,[LIBOR12+350], 8/8/241		80,000		80,463
Sprint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.625%,[LIBOR12+250], 2/2/241		895,358		896,701

27       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
TDC AS, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.839%,[LIBOR12+350], 6/4/251	$	295,000	$	297,090
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 6.08%,[LIBOR12+400], 3/29/211		401,243		378,974
				4,923,412
Utilities—2.9%
Electric Utilities—2.9%
APLP Holdings LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.077%,[LIBOR12+300], 4/13/231		24,020		24,128
Brookfield WEC Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.083%,[LIBOR4+375], 7/26/251		205,000		206,586
Calpine Construction Finance Co.LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.594%,[LIBOR12+250], 1/15/251		84,787		84,938
Calpine Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B5, 4.84%,[LIBOR4+250], 1/15/241		176,378		176,751
Tranche B7, 4.84%,[LIBOR4+275], 5/31/231		35,575		35,638
Compass Power Generation LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.052%,[LIBOR4+375], 12/20/241		109,140		109,970
EFS Cogen Holdings I LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.59%,[LIBOR4+325], 6/28/231		194,386		194,958
Exgen Renewables IV LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.31%,[LIBOR4+300], 11/28/241		29,421		29,697
Frontera Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.233%-6.342%,[LIBOR4+425], 5/2/251		220,000		221,032
Helix Gen Funding LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.827%,[LIBOR4+375], 6/3/241		172,046		173,611
Kestrel Acquisition LLC., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.35%,[LIBOR12+425], 6/2/251		125,000		126,406
Lightstone Holdco LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 5.844%,[LIBOR12+375], 1/30/241		135,005		135,728
Tranche C, 5.844%,[LIBOR12+375], 1/30/241		12,374		12,441
MRP Generation Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.302%,[LIBOR4+700], 10/18/221		39,300		37,630
Sandy Creek Energy Associates LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.334%,[LIBOR4+400], 11/9/201		228,841		206,995
Talen Energy Supply LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B, 6.077%,[LIBOR12+400], 7/15/231		308,826		311,386
Tranche B2, 6.077%,[LIBOR12+400], 4/15/241		74,555		75,173
				2,163,068
Total Corporate Loans (Cost $82,750,310)				82,061,524
Corporate Bonds and Notes—9.8%
Alcoa Nederland Holding BV, 6.125% Sr. Unsec. Nts., 5/15/286		460,000		474,950
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50% Sr. Unsec. Nts., 5/20/25		215,000		209,087
Ashland LLC, 4.75% Sr. Unsec. Nts., 8/15/22		300,000		302,625

28       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

	Principal Amount		Value
Corporate Bonds and Notes (Continued)
Berry Global, Inc., 4.50% Sec. Nts., 2/15/266	$	20,000	$	18,850
Calpine Corp., 5.25% Sr. Sec. Nts., 6/1/266		215,000		203,981
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125% Sr. Unsec. Nts., 5/1/236		315,000		315,000
Fidelity & Guaranty Life Holdings, Inc., 5.50% Sr. Unsec. Nts., 5/1/256		210,000		204,487
HCA, Inc., 4.50% Sr. Sec. Nts., 2/15/27		210,000		204,750
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		210,000		205,012
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/256		250,000		243,438
Netflix, Inc., 4.375% Sr. Unsec. Nts., 11/15/26		335,000		315,738
Peabody Energy Corp., 6.375% Sr. Sec. Nts., 3/31/256		430,000		459,563
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/ Reynolds Group Issuer Luxembourg SA, 5.125% Sr. Sec. Nts., 7/15/236		205,000		204,108
Sabre GLBL, Inc., 5.375% Sr. Sec. Nts., 4/15/236		205,000		207,179
Scientific Games International, Inc., 5.00% Sr. Sec. Nts., 10/15/256		500,000		482,490
Tesla, Inc., 5.30% Sr. Unsec. Nts., 8/15/256		1,795,000		1,581,844
United States Steel Corp., 6.25% Sr. Unsec. Nts., 3/15/26		465,000		466,163
Western Digital Corp., 4.75% Sr. Unsec. Nts., 2/15/26		415,000		408,775
Windstream Services LLC/Windstream Finance Corp., 8.625% Sr. Sec. Nts., 10/31/25		500,000		470,000
WMG Acquisition Corp., 5.00% Sr. Sec. Nts., 8/1/236		250,000		248,125
Total Corporate Bonds and Notes (Cost $7,399,849)				7,226,165
	Shares
Common Stocks—4.5%
Arch Coal, Inc., Cl. A		17,522		1,482,186
Aretec Group, Inc.7		4,233		406,368
Ascent Resources - Marcellus LLC, Cl. A7		34,124		113,462
Avaya Holdings Corp.7		24,255		499,168
Everyware Global, Inc.7		5,211		48,202
Gymboree Corp. (The)7,8		3,550		45,263
Gymboree Holding Corp.7,8		10,048		128,112
Harvey Gulf International Marine LLC7		657		30,551
J.G. Wentworth Co., Cl. A7		15,382		134,592
Larchmont Resources LLC3,7		78		21,516
Media General, Inc.3,7,9		30,400		1,824
Millennium Corporate Claim Litigation Trust3,7		274		3
Millennium Lender Claim Litigation Trust3,7		548		5
New Millennium Holdco, Inc.3,7		5,562		56
Ocean Rig UDW, Inc., Cl. A7		14,665		411,207
Quicksilver Resources, Inc.3,7		571,500		10,775
Sabine Oil3,7		93		4,743
Templar Energy, Cl. A3,7		7,400		7,770
VICI Properties, Inc.		232		4,721
Total Common Stocks (Cost $3,308,174)				3,350,524

29       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF INVESTMENTS Continued

	Units		Value
Rights, Warrants and Certificates—0.0%
Ascent Resources - Marcellus LLC Wts., Strike Price $1, Exp. 12/31/497		8,835	$	265
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/263,7		298		1,936
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/263,7		53		292
Total Rights, Warrants and Certificates (Cost $40,764)				2,493
	Shares		Value
Investment Company—0.9%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.87%8,10 (Cost $673,977)		673,977		673,977
Total Investments, at Value (Cost $94,173,074)		126.1%		93,314,683
Net Other Assets (Liabilities)		(26.1)		(19,311,784	)
Net Assets		100.0%	$	74,002,899

Footnotes to Statement of Investments

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

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

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

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

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

6. 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 $4,644,015 or 6.28% of the Fund’s net assets at period end.

7. Non-income producing security.

8. 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
Common Stock
Gymboree Corp. (The)		—		3,550		—		3,550
Gymboree Holding Corp.		—		10,048		—		10,048
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		223,921		39,251,470		38,801,414		673,977
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Common Stock
Gymboree Corp. (The)	$	45,263	$	97	$	—	$	860
Gymboree Holding Corp.		128,112		275		—		(119,748)

30       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Footnotes to Statement of Investments (Continued)

	Value		Income		Realized             Gain (Loss)		Change in Unrealized          Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	673,977	$	7,568	$	—	$	—
Total	$	847,352	$	7,940	$	—	$	(118,888)

9. Security received as the result of issuer reorganization.

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

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

See accompanying Notes to Financial Statements.

31       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2018

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $93,206,834)	$	92,467,331
Affiliated companies (cost $966,240)		847,352
		93,314,683
Cash		278,491
Receivables and other assets:
Investments sold		2,561,166
Interest and dividends		315,909
Shares of beneficial interest sold		246,079
Other		55,018
Total assets		96,771,346
Liabilities
Payables and other liabilities:
Payable for borrowings (See Note 9)		16,500,000
Investments purchased		6,038,351
Shares of beneficial interest redeemed		72,164
Interest expense on borrowings		52,833
Dividends		21,020
Distribution and service plan fees		9,315
Trustees’ compensation		8,930
Shareholder communications		5,086
Other		60,748
Total liabilities		22,768,447
Net Assets	$	74,002,899
Composition of Net Assets
Par value of shares of beneficial interest	$	7,878
Additional paid-in capital		77,571,450
Accumulated net investment income		44,703
Accumulated net realized loss on investments		(2,762,741)
Net unrealized depreciation on investments		(858,391)
Net Assets	$	74,002,899

32       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $29,756,788 and 3,168,225 shares of beneficial interest outstanding)	$	9.39
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price)	$	9.73
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $14,888,595 and 1,585,811 shares of beneficial interest outstanding)	$	9.39
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $666,562 and 70,702 shares of beneficial interest outstanding)	$	9.43
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $28,690,954 and 3,053,636 shares of beneficial interest outstanding)	$	9.40

See accompanying Notes to Financial Statements.

33       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2018

Investment Income
Interest	$	4,645,975
Dividends:
Unaffiliated companies		79,039
Affiliated companies		7,568
Other income affiliated companies		372
Other income		46,286
Total investment income		4,779,240
Expenses
Management fees		565,640
Distribution and service plan fees:
Class A		73,285
Class C		147,788
Transfer and shareholder servicing agent fees:
Class A		52,033
Class C		25,721
Class I		158
Class Y		43,892
Shareholder communications:
Class A		8,030
Class C		4,901
Class I		338
Class Y		7,081
Interest expense on borrowings		269,603
Legal, auditing and other professional fees		110,591
Borrowing fees		45,163
Custodian fees and expenses		20,608
Trustees’ compensation		9,450
Other		10,313
Total expenses		1,394,595
Less waivers and reimbursements of expenses		(114,835)
Net expenses		1,279,760
Net Investment Income		3,499,480
Realized and Unrealized Loss
Net realized loss on investment transactions in unaffiliated companies		(214,452)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(517,615)
Affiliated companies		(118,888)
Net change in unrealized appreciation/depreciation		(636,503)
Net Increase in Net Assets Resulting from Operations	$	2,648,525

See accompanying Notes to Financial Statements.

34       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2018		Year Ended July 31, 2017
Operations
Net investment income	$	3,499,480	$	3,020,313
Net realized loss		(214,452)		(202,588)
Net change in unrealized appreciation/depreciation		(636,503)		1,729,957
Net increase in net assets resulting from operations		2,648,525		4,547,682
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(1,353,270)		(1,293,606)
Class C		(550,276)		(504,703)
Class I		(25,428)		(32,144)
Class Y		(1,208,557)		(940,465)
		(3,137,531)		(2,770,918)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		1,021,202		10,040,454
Class C		82,173		3,080,719
Class I		280,778		348,820
Class Y		3,188,797		13,995,652
		4,572,950		27,465,645
Net Assets
Total increase		4,083,944		29,242,409
Beginning of period		69,918,955		40,676,546
End of period (including accumulated net investment income of $44,703 and $13,508, respectively)	$	74,002,899	$	69,918,955

See accompanying Notes to Financial Statements.

35       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

STATEMENT OF

CASH FLOWS For the Year Ended July 31, 2018

Cash Flows from Operating Activities
Net increase in net assets from operations	$	2,648,525
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(76,576,153)
Proceeds from disposition of investment securities		62,415,726
Short-term investment securities, net		234,902
Premium amortization		21,755
Discount accretion		(349,185)
Net realized loss on investment transactions		214,452
Net change in unrealized appreciation/depreciation on investment transactions		636,503
Change in assets:
Increase in other assets		(32,494)
Increase in interest and dividends receivable		(85,350)
Increase in receivable for securities sold		(1,836,796)
Change in liabilities:
Increase in other liabilities		26,922
Increase in payable for securities purchased		4,733,667
Net cash used in operating activities		(7,947,526)
Cash Flows from Financing Activities
Proceeds from borrowings		26,250,000
Payments on borrowings		(19,500,000)
Proceeds from shares sold		32,033,884
Payments on shares redeemed		(30,544,060)
Cash distributions paid		(223,629)
Net cash provided by financing activities		8,016,195
Net increase in cash		68,669
Cash, beginning balance		209,822
Cash, ending balance	$	278,491

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $2,909,028.

Cash paid for interest on borrowings—$239,253.

See accompanying Notes to Financial Statements.

36       OPPENHEIMER SENIOR FLOATING RATE PLUS 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	Period Ended July 31, 20141
Per Share Operating Data
Net asset value, beginning of period	$9.46	$9.13	$9.58	$10.09	$10.00
Income (loss) from investment operations:
Net investment income2	0.47	0.45	0.49	0.52	0.43
Net realized and unrealized gain (loss)	(0.12)	0.30	(0.44)	(0.47)	0.10
Total from investment operations	0.35	0.75	0.05	0.05	0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.42)	(0.42)	(0.50)	(0.52)	(0.44)
Distributions from net realized gain	0.00	0.00	0.00	(0.04)	0.00
Total dividends and/or distributions to shareholders	(0.42)	(0.42)	(0.50)	(0.56)	(0.44)
Net asset value, end of period	$9.39	$9.46	$9.13	$9.58	$10.09
Total Return, at Net Asset Value3	3.84%	8.35%	0.77%	0.49%	5.36%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$29,757	$28,945	$18,042	$28,356	$42,010
Average net assets (in thousands)	$30,028	$29,187	$20,543	$32,625	$36,053
Ratios to average net assets:4
Net investment income	5.02%	4.82%	5.38%	5.31%	4.55%
Expenses excluding specific expenses listed below	1.45%	1.54%	1.57%	1.50%	1.69%
Interest and fees from borrowings	0.45%	0.31%	0.48%	0.80%	0.52%
Total expenses5	1.90%	1.85%	2.05%	2.30%	2.21%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.74%	1.61%	1.78%	2.10%	1.82%
Portfolio turnover rate	77%	84%	69%	68%	81%

1. For the period from August 23, 2013 (commencement of operations) to July 31, 2014.

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

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

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

Year Ended July 31, 2018	1.90%
Year Ended July 31, 2017	1.85%
Year Ended July 31, 2016	2.05%
Year Ended July 31, 2015	2.30%
Period Ended July 31, 2014	2.21%

See accompanying Notes to Financial Statements.

37       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended July 31, 2018	Year Ended July 31, 2017	Year Ended July 31, 2016	Year Ended July 31, 2015	Period Ended July 31, 20141
Per Share Operating Data
Net asset value, beginning of period	$9.45	$9.13	$9.57	$10.09	$10.00
Income (loss) from investment operations:
Net investment income2	0.40	0.38	0.41	0.44	0.38
Net realized and unrealized gain (loss)	(0.11)	0.29	(0.42)	(0.48)	0.08
Total from investment operations	0.29	0.67	(0.01)	(0.04)	0.46
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.35)	(0.35)	(0.43)	(0.44)	(0.37)
Distributions from net realized gain	0.00	0.00	0.00	(0.04)	0.00
Total dividends and/or distributions to shareholders	(0.35)	(0.35)	(0.43)	(0.48)	(0.37)
Net asset value, end of period	$9.39	$9.45	$9.13	$9.57	$10.09
Total Return, at Net Asset Value3	3.12%	7.50%	(0.03)%	(0.42)%	4.63%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$14,889	$14,909	$11,401	$11,473	$7,158
Average net assets (in thousands)	$14,808	$13,786	$11,049	$8,305	$3,274
Ratios to average net assets:4
Net investment income	4.22%	4.05%	4.60%	4.48%	4.01%
Expenses excluding specific expenses listed below	2.21%	2.31%	2.33%	2.37%	2.82%
Interest and fees from borrowings	0.45%	0.31%	0.48%	0.80%	0.61%
Total expenses5	2.66%	2.62%	2.81%	3.17%	3.43%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	2.53%	2.41%	2.56%	2.90%	2.69%
Portfolio turnover rate	77%	84%	69%	68%	81%

1. For the period from August 23, 2013 (commencement of operations) to July 31, 2014.

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

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

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

Year Ended July 31, 2018	2.66%
Year Ended July 31, 2017	2.62%
Year Ended July 31, 2016	2.81%
Year Ended July 31, 2015	3.17%
Period Ended July 31, 2014	3.43%

See accompanying Notes to Financial Statements.

38       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Class I	Year Ended July 31, 2018	Year Ended July 31, 2017	Year Ended July 31, 2016	Year Ended July 31, 2015	Period Ended July 31, 20141
Per Share Operating Data
Net asset value, beginning of period	$9.49	$9.14	$9.58	$10.09	$10.00
Income (loss) from investment operations:
Net investment income2	0.51	0.48	0.53	0.54	0.40
Net realized and unrealized gain (loss)	(0.11)	0.32	(0.44)	(0.45)	0.15
Total from investment operations	0.40	0.80	0.09	0.09	0.55
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.46)	(0.45)	(0.53)	(0.56)	(0.46)
Distributions from net realized gain	0.00	0.00	0.00	(0.04)	0.00
Total dividends and/or distributions to shareholders	(0.46)	(0.45)	(0.53)	(0.60)	(0.46)
Net asset value, end of period	$9.43	$9.49	$9.14	$9.58	$10.09
Total Return, at Net Asset Value3	4.31%	8.95%	1.23%	0.88%	5.64%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$666	$389	$12	$31	$10
Average net assets (in thousands)	$525	$680	$12	$13	$10
Ratios to average net assets:4
Net investment income	5.38%	5.07%	5.77%	5.63%	4.25%
Expenses excluding specific expenses listed below	1.10%	1.07%	1.08%	0.91%	1.89%
Interest and fees from borrowings	0.45%	0.31%	0.48%	0.80%	0.50%
Total expenses5	1.55%	1.38%	1.56%	1.71%	2.39%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.38%	1.26%	1.40%	1.58%	1.44%
Portfolio turnover rate	77%	84%	69%	68%	81%

1. For the period from August 23, 2013 (commencement of operations) to July 31, 2014.

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

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

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

Year Ended July 31, 2018	1.55%
Year Ended July 31, 2017	1.38%
Year Ended July 31, 2016	1.56%
Year Ended July 31, 2015	1.71%
Period Ended July 31, 2014	2.39%

See accompanying Notes to Financial Statements.

39       OPPENHEIMER SENIOR FLOATING RATE PLUS 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	Period Ended July 31, 20141
Per Share Operating Data
Net asset value, beginning of period	$9.46	$9.13	$9.58	$10.09	$10.00
Income (loss) from investment operations:
Net investment income2	0.50	0.48	0.51	0.53	0.47
Net realized and unrealized gain (loss)	(0.11)	0.30	(0.43)	(0.46)	0.08
Total from investment operations	0.39	0.78	0.08	0.07	0.55
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.45)	(0.45)	(0.53)	(0.54)	(0.46)
Distributions from net realized gain	0.00	0.00	0.00	(0.04)	0.00
Total dividends and/or distributions to shareholders	(0.45)	(0.45)	(0.53)	(0.58)	(0.46)
Net asset value, end of period	$9.40	$9.46	$9.13	$9.58	$10.09
Total Return, at Net Asset Value3	4.21%	8.62%	1.02%	0.76%	5.64%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$28,691	$25,676	$11,222	$11,605	$2,612
Average net assets (in thousands)	$25,358	$20,176	$9,530	$6,307	$972
Ratios to average net assets:4
Net investment income	5.27%	5.06%	5.65%	5.50%	4.96%
Expenses excluding specific expenses listed below	1.21%	1.28%	1.29%	1.22%	1.78%
Interest and fees from borrowings	0.45%	0.31%	0.48%	0.80%	0.59%
Total expenses5	1.66%	1.59%	1.77%	2.02%	2.37%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.48%	1.36%	1.51%	1.80%	1.63%
Portfolio turnover rate	77%	84%	69%	68%	81%

1. For the period from August 23, 2013 (commencement of operations) to July 31, 2014.

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

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

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

Year Ended July 31, 2018	1.66%
Year Ended July 31, 2017	1.59%
Year Ended July 31, 2016	1.77%
Year Ended July 31, 2015	2.02%
Period Ended July 31, 2014	2.37%

See accompanying Notes to Financial Statements.

40       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2018

1. Organization

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

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

The Fund offers Class A, Class C, Class I 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 shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). 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 and C 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 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

41       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for 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.

42       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$55,435		$—		$2,743,442		$879,492

1. At period end, the Fund had $2,743,442 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 utilized $126,499 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

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 Income	Reduction to Accumulated Net Realized Loss on Investments
$330,754		$330,754

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	$	3,137,531	$	2,770,918

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.

43       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Federal tax cost of securities	$	94,194,175
Gross unrealized appreciation	$	1,557,971
Gross unrealized depreciation		(2,437,463)
Net unrealized depreciation	$	(879,492)

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:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales

44       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

3. Securities Valuation (Continued)

occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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

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

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

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation

45       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

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

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Corporate Loans	$	—	$	80,661,465	$	1,400,059	$	82,061,524
Corporate Bonds and Notes		—		7,226,165		—		7,226,165
Common Stocks		2,397,282		906,550		46,692		3,350,524
Rights, Warrants and Certificates		—		265		2,228		2,493
Investment Company		673,977		—		—		673,977
Total Assets	$	3,071,259	$	88,794,445	$	1,448,979	$	93,314,683

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.

46       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

3. Securities Valuation (Continued)

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

	Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Corporate Loans	$	—	$	(64,823)	$	64,823	$	—
Common Stocks		35,664		(63,274)		63,274		(35,664)
Rights, Warrants and Certificates		—		(2,303)		2,303		—
Total Assets	$	35,664	$	(130,400)	$	130,400	$	(35,664)

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

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

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

			Value as of July 31, 2017		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Corporate Loans			$	1,558,630	$	2,403	$	18,028	$	1,581
Common Stocks				109,499		—		(89,133)		—
Rights, Warrants and Certificates				—		—		(75)		—
Total Assets			$	1,668,129	$	2,403	$	(71,180)	$	1,581
a. Included in net investment income.
					Transfers into		Transfers out of		Value as of
	Purchases		Sales		Level 3		Level 3		July 31, 2018
Assets Table
Investments, at Value:
Corporate Loans	$	127,513	$	(372,919)	$	64,823	$	—	$	1,400,059
Common Stocks		—		(1,284)		63,274		(35,664)		46,692
Rights, Warrants and Certificates		—		—		2,303		—		2,228
Total Assets	$	127,513	$	(374,203)	$	130,400	$	(35,664)	$	1,448,979

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

47       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Change in  unrealized  appreciation/  depreciation
Assets Table
Investments, at Value
Corporate Loans		$              20,818
Common Stocks		(89,133)
Rights, Warrants and Certificates		(75)
Total		$            (68,390)

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

	Value as of July 31, 2018		Valuation Technique	Unobservable Input	Range of Unobservable Inputs	Unobservable Inputs Used
Assets Table
Investments, at Value:
Corporate Loans	$	754,766	Broker Quote Discounted	N/A	N/A	N/A (a)
			Cash Flow	Illiquidity
Corporate Loans		645,293	Model	Discount Implied Rating Yield to	N/A N/A	3.69% (b) BB+
				Maturity	N/A	5.24%
Common Stocks		34,029	Broker Quote	N/A	N/A	N/A (a)
Common Stocks		64	Estimated Recovery Proceeds	Nominal Value	N/A	$0.01/share (c)
Common Stocks		10,775	Estimated Recovery Proceeds	Market Value of Original Loan	N/A	$0.0189/share (d)
Common Stocks		1,824	Estimated Recovery Proceeds	Auction Proceeds	N/A	$0.06/share (e)
Rights, Warrants and Certificates		2,228	Broker Quote	N/A	N/A	N/A (a)
Total	$	1,448,979

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

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

48       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

3. Securities Valuation (Continued)

valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.

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

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

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

4. Investments and Risks

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

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

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

Senior Loans. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in floating rate senior loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund

49       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

will do so either as an original lender or as a purchaser of a loan assignment or a participation interest in a loan. While most of these loans will be collateralized, the Fund can invest without limit in uncollateralized floating rate senior loans. Senior loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The senior loans pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates. Senior loans generally are not listed on any national securities exchange or automated quotation system and no active trading market exists for some senior loans. As a result, some senior loans are illiquid, which may make it difficult for the Fund to value them or dispose of them at an acceptable price when necessary.

To the extent that a secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

When investing in senior loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

At period end, securities with an aggregate market value of $82,061,524, representing 110.89% of the Fund’s net assets were comprised of senior loans.

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

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets

50       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

4. Investments and Risks (Continued)

may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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

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

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

Cost	$2,257,769
Market Value	$1,995,283
Market Value as % of Net Assets	2.70%

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,

51       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

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

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended July 31, 2018						Year Ended July 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		1,482,165		$	13,940,548			3,171,039		$	29,766,628
Dividends and/or distributions reinvested		134,185			1,260,814			126,754			1,195,253
Redeemed		(1,508,561	)		(14,180,160	)		(2,213,863	)		(20,921,427)
Net increase		107,789		$	1,021,202			1,083,930		$	10,040,454
Class C
Sold		406,955		$	3,825,849			855,623		$	8,066,422
Dividends and/or distributions reinvested		55,406			520,392			49,693			467,910
Redeemed		(453,526	)		(4,264,068	)		(577,685	)		(5,453,613)
Net increase		8,835		$	82,173			327,631		$	3,080,719
Class I
Sold		32,282		$	305,208			147,523		$	1,372,157
Dividends and/or distributions reinvested		2,648			24,970			837			7,918
Redeemed		(5,238	)		(49,400	)		(108,681	)		(1,031,255)
Net increase		29,692		$	280,778			39,679		$	348,820
Class Y
Sold		1,500,593		$	14,124,067			2,126,990		$	20,051,937
Dividends and/or distributions reinvested		117,340			1,102,852			91,388			862,257
Redeemed		(1,278,322	)		(12,038,122	)		(733,421	)		(6,918,542)
Net increase		339,611		$	3,188,797			1,484,957		$	13,995,652

7. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities	$	76,576,153	$	62,415,726

52       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

8. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $200 million	0.80%
Next $200 million	0.77
Next $200 million	0.74
Next $200 million	0.71
Next $4.2 billion	0.65
Over $5 billion	0.63

The Fund’s effective management fee for the reporting period was 0.80% of average annual net assets before any applicable waivers.

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

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

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

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

53       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 Plan for Class C Shares. The Fund has adopted a Distribution and Service Plan (the “Plan”) for Class C shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plan, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets. The Fund also pays a service fee under the Plan at an annual rate of 0.25% of daily net assets. The Plan continues 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 Plan 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
July 31, 2018		$10,880		$836		$1,985

54       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse the Fund for certain expenses so the that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses excluding interest and fees from borrowings” will not exceed the following annual rates: 1.30% for Class A shares, 2.10% for Class C shares, 0.95% for Class I shares and 1.05% for Class Y shares.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:

Class A	$48,449
Class C	18,141
Class I	883
Class Y	42,374

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.

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, 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	$1,873
Class C	935
Class Y	1,578

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $602 for IGMMF management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Borrowings and Other Financing

Borrowings. The Fund has entered into a Loan and Security Agreement (the “Agreement”) with Deutsche Bank (the “Bank”), that enables it to borrow up to $50 million. To secure loans under the Agreement, the Fund has granted a security interest in its senior loans and other portfolio securities to the Bank. Interest is charged to the Fund, based on its borrowings, at a spread above three-month LIBOR (4.0486% at period end). The Fund pays additional fees annually under the Agreement for management and administration of the facility as well as ongoing commitment fees all of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the loan facility during the reporting period equal 0.45% of the Fund’s average net assets on an annualized basis. Under the Agreement, the Fund has the right to

55       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

prepay loans and terminate its participation in the loan facility at any time upon prior notice to the lenders.

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

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

At period end, the Fund had borrowings outstanding at an interest rate of 4.0486%.

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

Average Daily Loan Balance	$	7,332,877
Average Daily Interest Rate		3.5474	%
Fees Paid	$	75,000
Interest Paid	$	239,253

Loan Commitments. Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $42,000 at period end. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. At period end, these investments have a market value of $41,837 and have been included as Corporate Loans in the Statement of Investments.

56       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Senior Floating Rate Plus Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Senior Floating Rate Plus Fund (the “Fund”), including the statement of investments, as of July 31, 2018, the related statements of operations and cash flows 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 four year period then ended, and for the period from August 23, 2013 (commencement of operations) to July 31, 2014. 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 and its cash flows 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 four year period then ended, and for the period from August 23, 2013 (commencement of operations) to July 31, 2014, 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

57       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 2.47% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $78,090 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2018, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $2,854,219 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.

58       OPPENHEIMER SENIOR FLOATING RATE PLUS 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.

59       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

TRUSTEES AND OFFICERS Unaudited

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

60       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

Beverly L. Hamilton, Trustee (since 2013) 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 2013) 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 2013) 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.

61       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

TRUSTEES AND OFFICERS Unaudited / Continued

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

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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).

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OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

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

© 2018 OppenheimerFunds, Inc. All rights reserved.

64       OPPENHEIMER SENIOR FLOATING RATE PLUS FUND

PRIVACY NOTICE

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

Information Sources

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

● Applications or other forms.

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

● When you enroll in eDocs Direct,^SM our electronic document delivery service. • Your transactions with us, our affiliates or others.

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

65       OPPENHEIMER SENIOR FLOATING RATE PLUS 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.

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

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

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OppenheimerFunds^®

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. RA2060.001.0718 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 $55,600 in fiscal 2018 and $54,500 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 Senior Floating Rate Plus 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