-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UYf/7SUk5KSBMyuSIbENjClpq9huvf1IvzWswoWY+AJ4Qr/L08uxIpXAg38r2cHW YEgF726kohRQrkZUc6pS+A== 0000935069-03-001334.txt : 20030923 0000935069-03-001334.hdr.sgml : 20030923 20030922180933 ACCESSION NUMBER: 0000935069-03-001334 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030731 FILED AS OF DATE: 20030923 EFFECTIVENESS DATE: 20030923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER SENIOR FLOATING RATE FUND CENTRAL INDEX KEY: 0001087774 IRS NUMBER: 911986511 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09373 FILM NUMBER: 03904895 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 N-CSR 1 ra0291_8054vef.txt RA0291_8054VEF UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09373 OPPENHEIMER SENIOR FLOATING RATE FUND (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 - -------------------------------------------------------------------------------- (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: August 1, 2002 - July 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS July 31, 2003
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Corporate Loans--108.1% - ------------------------------------------------------------------------------------------------------------ Consumer Discretionary--31.7% - ------------------------------------------------------------------------------------------------------------ Auto Components--5.8% Collins & Aikman Corp., Sr. Sec. Credit Facilities Term Loan: Tranche B, 7.25%, 12/21/05 1 $ 1,921,453 $ 1,914,248 Tranche B, 7.25%, 12/31/05 1,2 4,889 4,871 - ------------------------------------------------------------------------------------------------------------ Federal Mogul Corp., Sr. Sec. Credit Facilities Term Loan, Debtor in Possession, Tranche B, 4.60%, 11/1/03 1,2 1,636,572 1,631,458 - ------------------------------------------------------------------------------------------------------------ Goodyear Tire & Rubber Co., Sr. Sec. Credit Facilities Term Loan, 5.11%, 3/28/05 1,2 2,000,000 1,990,000 - ------------------------------------------------------------------------------------------------------------ Hayes Lemmerz International, Inc., Sr. Sec. Credit Facilities Term Loan, 5.86%-6.04%, 6/3/09 1,2 1,999,999 2,012,499 - ------------------------------------------------------------------------------------------------------------ JL French Automotive Castings, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 7%, 10/21/06 1,2 660,597 624,884 Tranche C, 10.603%, 4/21/07 1,2 1,000,000 995,000 - ------------------------------------------------------------------------------------------------------------ Mark IV Industries, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 4.25%-4.51%, 5/1/07 1,2 3,000,000 2,980,501 - ------------------------------------------------------------------------------------------------------------ Meridian Automotive Systems, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche A, 4.35%-6.658%, 7/14/06 1,2 1,319,286 1,223,638 Tranche B, 5.35%, 7/14/07 1,2 1,362,139 1,256,573 - ------------------------------------------------------------------------------------------------------------ Metaldyne Co. LLC, Sr. Sec. Credit Facilities Term Loan, Tranche D, 5.625%, 12/31/09 1,2 996,252 952,167 - ------------------------------------------------------------------------------------------------------------ Progressive Group of Cos., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.625%-4.813%, 8/11/07 1,2 2,867,925 2,877,784 - ------------------------------------------------------------------------------------------------------------ Tenneco, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 5.30%, 12/30/07 1,2 403,384 403,348 Tranche C, 5.55%, 6/30/08 1,2 403,384 403,924 - ------------------------------------------------------------------------------------------------------------ TRW Automotive, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche C1, 4.13%, 2/28/11 1,2 3,500,000 3,517,864 - ------------------------------------------------------------------------------------------------------------ United Components, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.37%, 6/20/10 1,2 1,000,000 1,008,958 ------------ 23,797,717 - ------------------------------------------------------------------------------------------------------------ Distributors--1.2% Oriental Trading Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.671%, 7/9/09 1,2 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------ United Rentals North America, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.13%, 8/31/07 1,2 1,826,203 1,836,618 ------------ 4,836,618 - ------------------------------------------------------------------------------------------------------------ Hotels, Restaurants & Leisure--4.9% Ameristar Casinos, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.875%, 12/20/06 1,2 2,710,028 2,725,949 - ------------------------------------------------------------------------------------------------------------ AMF Bowling Worldwide, Inc., Sr. Sec. Credit Facilities Term Loan, 5.438%-5.688%, 3/15/08 1,2 1,722,296 1,725,883 - ------------------------------------------------------------------------------------------------------------ Domino's, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.125%, 6/25/10 1,2 3,803,279 3,843,689
7 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Hotels, Restaurants & Leisure Continued Metro-Goldwyn-Mayer Studios, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%, 6/30/08 1,2 $ 3,000,000 $ 3,004,689 - ------------------------------------------------------------------------------------------------------------ Penn National Gaming, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5%-5.28%, 9/1/07 1,2 2,992,500 3,004,470 - ------------------------------------------------------------------------------------------------------------ Pinnacle Entertainment, Inc., Sr. Sec. Credit Facilities Term Loan, 5.725%, 5/15/08 1,2 1,000,000 1,007,500 - ------------------------------------------------------------------------------------------------------------ Scientific Games Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%, 12/19/08 1,2 1,990,000 1,997,462 - ------------------------------------------------------------------------------------------------------------ Vail Resorts, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.86%, 12/10/08 1,2 698,250 704,360 - ------------------------------------------------------------------------------------------------------------ Wyndam International, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.875%, 6/30/06 1,2 2,548,489 2,155,066 ------------ 20,169,068 - ------------------------------------------------------------------------------------------------------------ Household Durables--0.6% Simmons Co., Sr. Sec. Credit Facilities Term Loan, Tranche C, 4.75%, 10/29/06 1,2 2,500,000 2,511,875 - ------------------------------------------------------------------------------------------------------------ Media--16.3% Adams Outdoor Advertising LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.578%-6.164%, 2/1/08 1 2,213,133 2,223,508 - ------------------------------------------------------------------------------------------------------------ AMC Entertainment, Inc., Sr. Sec. Credit Facilities Revolving Credit Loan, 4/10/04 1,2,5 2,875,000 2,839,062 - ------------------------------------------------------------------------------------------------------------ CanWest Global Communications Corp., Sr. Sec. Credit Facilities Term Loan: Tranche B, 4.79%, 5/15/08 1,2 2,095,596 2,113,408 Tranche C, 5.04%, 5/15/09 1,2 1,309,229 1,320,358 - ------------------------------------------------------------------------------------------------------------ Carmike Cinemas, Inc., Sr. Sec. Credit Facilities Term Loan, 7.644%, 3/30/05 1,2 3,331,099 3,351,225 - ------------------------------------------------------------------------------------------------------------ CBD Media, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.37%-4.38%, 6/13/10 1,2 1,500,000 1,515,000 - ------------------------------------------------------------------------------------------------------------ CC VI Operating Co. LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.60%, 11/12/08 1 2,985,000 2,680,282 - ------------------------------------------------------------------------------------------------------------ Century Holdings LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.918%, 6/30/09 1,2 2,500,000 2,116,965 - ------------------------------------------------------------------------------------------------------------ Century-TCI California LP, Sr. Sec. Credit Facilities Revolving Credit Loan, 3.945%, 12/31/07 1,2 1,000,000 945,417 - ------------------------------------------------------------------------------------------------------------ Century-TCI California LP, Sr. Sec. Credit Facilities Term Loan, 12/31/07 1,2,5 1,000,000 946,000 - ------------------------------------------------------------------------------------------------------------ Charter Bresnan Cable Communication VIII LLC, Sr. Sec. Credit Facilities Term Loan, Tranche A, 6/30/07 1,2,5 2,000,000 1,851,876 - ------------------------------------------------------------------------------------------------------------ Charter Falcon Cable Communication VII LLC, Sr. Sec. Credit Facilities Term Loan, Tranche C, 12/31/07 1,2,5 997,396 910,747 - ------------------------------------------------------------------------------------------------------------ Cinemark USA, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.78%-4.13%, 2/14/09 1,2 498,750 502,646 - ------------------------------------------------------------------------------------------------------------ Citadel Broadcasting Co., Sr. Sec. Credit Facilities Term Loan, Tranche A, 3.35%-3.375%, 4/3/08 1,2 1,848,889 1,848,889 - ------------------------------------------------------------------------------------------------------------ Citadel Communications Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.625%, 4/3/09 1,2 1,848,889 1,856,053
8 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Media Continued DirecTV Holdings LLC, Sr. Sec. Credit Facilities Term Loan: Tranche A, 3/6/08 1,5 $ 1,066,667 $ 1,073,534 Tranche A, 4.75%, 3/6/08 1 4,333,333 4,361,231 - ------------------------------------------------------------------------------------------------------------ F&W Publications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.05%, 1/31/10 1,2 1,950,000 1,950,000 - ------------------------------------------------------------------------------------------------------------ Fisher Broadcasting, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.60%, 2/28/10 1,2 1,995,000 1,993,753 - ------------------------------------------------------------------------------------------------------------ Frontiervision Operating Partners LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.525%, 3/31/06 1,2 3,500,000 3,330,834 - ------------------------------------------------------------------------------------------------------------ GT Brands LLC, Sr. Sec. Credit Facilities Term Loan, Tranche A, 8.877%-9%, 9/6/07 1,2 1,857,955 1,802,216 - ------------------------------------------------------------------------------------------------------------ Insight Communication Co., Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.063%, 12/31/09 1 1,500,000 1,506,294 - ------------------------------------------------------------------------------------------------------------ Loews Cineplex Entertainment Corp., Sr. Sec. Credit Facilities Term Loan, 4.688%, 3/31/07 1 4,806,570 4,794,554 - ------------------------------------------------------------------------------------------------------------ Mediacom Communications Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.62%, 9/30/10 1,2 1,500,000 1,512,396 - ------------------------------------------------------------------------------------------------------------ Primedia, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4%-4.125%, 6/30/09 1,2 1,763,853 1,722,514 - ------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.10%-5.28%, 6/30/10 1,2 2,487,501 2,508,023 - ------------------------------------------------------------------------------------------------------------ RCN Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 7%, 6/30/07 1,2 744,000 672,700 - ------------------------------------------------------------------------------------------------------------ Regal Cinemas Corp., Sr. Sec. Credit Facilities Term Loan: Tranche C, 3.875%, 12/31/07 1,2 1,387,500 1,404,844 Tranche D, 3.625%, 6/30/09 1,2 1,500,000 1,516,875 - ------------------------------------------------------------------------------------------------------------ Sun Media Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.61%, 2/7/09 1,2 2,400,543 2,408,420 - ------------------------------------------------------------------------------------------------------------ United Pan-Europe Communications NV, Sr. Sec. Credit Facilities Term Loan, Tranche C-2, 6.61%, 3/31/09 1,2,3 5,600,000 4,935,000 - ------------------------------------------------------------------------------------------------------------ Univision Communications, Inc., Sr. Sec. Credit Facilities Term Loan, 2.36%, 7/18/06 1,2 2,000,000 1,980,000 ------------ 66,494,624 - ------------------------------------------------------------------------------------------------------------ Specialty Retail--1.5% Blockbuster, Inc., Sr. Unsec. Credit Facilities Term Loan, Tranche B, 2.35%-2.49%, 7/1/04 1,2 2,055,555 2,045,829 - ------------------------------------------------------------------------------------------------------------ Hines Nurseries, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.125%, 2/28/05 1,2 511,354 511,354 - ------------------------------------------------------------------------------------------------------------ Hollywood Entertainment Corp., Sr. Sec. Credit Facilities Term Loan: Tranche B, 4.60%, 1/20/08 1,2 800,000 804,000 Tranche B, 4.60%, 1/20/08 1 2,500,000 2,512,500 ------------ 5,873,683 - ------------------------------------------------------------------------------------------------------------ Textiles, Apparel & Luxury Goods--1.4% Joan Fabrics Corp., Sr. Sec. Credit Facilities Term Loan: Tranche B, 5.031%, 8/28/05 1,2 962,422 933,550 Tranche C, 5.281%, 8/28/06 1,2 496,307 481,418
9 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Textiles, Apparel & Luxury Goods Continued Willian Carter Co. (The), Sr. Sec. Credit Facilities Term Loan, Tranche C, 3.60%, 9/30/08 1,2 $ 4,304,139 $ 4,304,139 ------------ 5,719,107 - ------------------------------------------------------------------------------------------------------------ Consumer Staples--10.9% - ------------------------------------------------------------------------------------------------------------ Beverages--0.1% Cott Corp., Sr. Sec. Credit Facilities Term Loan, 4.07%-4.10%, 12/31/06 1,2 367,500 368,878 - ------------------------------------------------------------------------------------------------------------ Food & Staples Retailing--1.1% Pantry, Inc. (The), Sr. Sec. Credit Facilities Term Loan, Tranche B, 6%, 4/14/07 1 2,970,356 3,014,911 - ------------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.625%, 7/15/07 1,2 1,372,161 1,371,303 ------------ 4,386,214 - ------------------------------------------------------------------------------------------------------------ Food Products--7.2% American Seafoods Group LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.35%, 3/31/09 1 3,204,468 3,210,476 - ------------------------------------------------------------------------------------------------------------ Birds Eye Foods, Inc., Sr, Sec. Credit Facilities Term Loan, Tranche B, 3.85%, 6/30/08 1 2,977,500 2,987,424 - ------------------------------------------------------------------------------------------------------------ Buffets, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%, 6/28/09 1 2,225,991 2,219,870 - ------------------------------------------------------------------------------------------------------------ Del Monte Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.85%-4.86%, 12/20/10 1 2,779,274 2,802,898 - ------------------------------------------------------------------------------------------------------------ Dole Food Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.938%-6.164%, 9/28/08 1,2 1,278,261 1,290,244 - ------------------------------------------------------------------------------------------------------------ International Multifoods Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.07%-5.918%, 2/28/08 1,2 2,112,329 2,124,047 - ------------------------------------------------------------------------------------------------------------ Land O'Lakes, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.67%, 10/11/08 1,2 1,600,279 1,570,274 - ------------------------------------------------------------------------------------------------------------ Merisant Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.86%, 12/17/09 1,2 3,000,000 3,022,500 - ------------------------------------------------------------------------------------------------------------ Michael Foods, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%-5.918%, 4/10/08 1,2 1,009,239 1,015,231 - ------------------------------------------------------------------------------------------------------------ NBTY, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.60%, 7/24/09 1,2 2,000,000 2,022,500 - ------------------------------------------------------------------------------------------------------------ Nellson Nutraceutical, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.11%, 10/4/09 1,2 3,000,000 3,026,250 - ------------------------------------------------------------------------------------------------------------ Pinnacle Foods, Inc., Sr. Sec. Credit Facilities Term Loan, 4.13%, 6/20/08 1,2 2,763,158 2,766,612 - ------------------------------------------------------------------------------------------------------------ Reddy Ice, Inc., Sr. Sec. Credit Facilities Term Loan, 4.11%, 7/8/09 1,2 1,500,000 1,517,812 ------------ 29,576,138 - ------------------------------------------------------------------------------------------------------------ Household Products--1.5% Playpower, Inc., Sr. Sec. Credit Facilities Term Loan, 5.53%, 2/1/10 1,2 1,950,000 1,947,563 - ------------------------------------------------------------------------------------------------------------ Playtex Products, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche C, 4.09%-4.88%, 5/31/09 1,2 3,000,000 3,002,187 - ------------------------------------------------------------------------------------------------------------ SC Johnson Commercial Markets, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.80%, 11/3/09 1,2 1,327,716 1,334,117 ------------ 6,283,867
10 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Personal Products--1.0% Jostens, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.60%, 7/8/10 1,2 $ 2,000,000 $ 2,018,750 - ------------------------------------------------------------------------------------------------------------ Norwood Promotional Products, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche A, 6.50%, 2/28/05 1,2 859,715 778,042 Tranche B, 2.665%, 2/28/05 1,2 3,939,041 1,043,846 Tranche C, 2/28/05 1,2,5 182,832 13,712 ------------ 3,854,350 - ------------------------------------------------------------------------------------------------------------ Energy--5.1% - ------------------------------------------------------------------------------------------------------------ Energy Equipment & Services--0.8% Southern California Edison, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.375%, 3/1/05 1 3,000,000 3,012,189 - ------------------------------------------------------------------------------------------------------------ Oil & Gas--4.3% Aquila Networks Canada Corp., Sr. Sec. Credit Facilities Term Loan, 7.151%, 7/20/04 1,2 5,000,000 5,037,500 - ------------------------------------------------------------------------------------------------------------ Aquila, Inc., Sr. Sec. Credit Facilities Term Loan, 8.75%, 5/15/06 1,2 2,047,619 2,062,976 - ------------------------------------------------------------------------------------------------------------ Citgo Petroleum Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 8.25%, 2/27/06 1,2 2,000,000 2,065,000 - ------------------------------------------------------------------------------------------------------------ Ferrell Cos., Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.179%, 6/17/06 1,2 3,505,451 3,487,924 - ------------------------------------------------------------------------------------------------------------ Tesoro Pertoleum Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 6.53%-6.606%, 4/15/08 1,2 1,995,000 2,009,250 - ------------------------------------------------------------------------------------------------------------ Veritas DGC, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 7%, 2/14/07 1,2 2,980,000 2,960,445 ------------ 17,623,095 - ------------------------------------------------------------------------------------------------------------ Financials--1.5% - ------------------------------------------------------------------------------------------------------------ Insurance--1.0% Conseco, Inc., Sr. Sec. Credit Facilities Term Loan, 8%, 12/31/03 2,3,4 3,000,000 3,030,000 - ------------------------------------------------------------------------------------------------------------ Infinity Property & Casualty Corp., Sr. Sec. Credit Facilities Term Loan, 3.60%, 7/17/10 1,2 1,000,000 1,008,125 ------------ 4,038,125 - ------------------------------------------------------------------------------------------------------------ Real Estate--0.5% CB Richard Ellis Services, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.35%-5.36%, 5/1/08 1,2 2,000,000 2,015,000 - ------------------------------------------------------------------------------------------------------------ Health Care--6.8% - ------------------------------------------------------------------------------------------------------------ Health Care Equipment & Supplies--1.5% Dade Behring Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, 5.375%, 9/30/08 1,2 2,388,184 2,421,021 - ------------------------------------------------------------------------------------------------------------ Medex, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.85%, 5/21/09 1,2 1,000,000 1,006,667 - ------------------------------------------------------------------------------------------------------------ Perkinelmer, Inc., Sr. Sec. Credit Facilities Term Loan, 5.10%, 12/28/08 1,2 2,707,500 2,738,807 ------------ 6,166,495 - ------------------------------------------------------------------------------------------------------------ Health Care Providers & Services--4.9% Accredo Health, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.85%, 3/31/09 1,2 1,476,288 1,481,824
11 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Health Care Providers & Services Continued Davita, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche C, 3.603%-3.66%, 6/23/09 1,2 $ 2,000,000 $ 2,010,624 - ------------------------------------------------------------------------------------------------------------ Genesis Health Ventures, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%, 3/30/07 1,2 732,741 732,970 - ------------------------------------------------------------------------------------------------------------ Genesis Health Ventures, Inc., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, Tranche B, 4.60%, 3/30/07 1,2 1,718,285 1,713,990 - ------------------------------------------------------------------------------------------------------------ Iasis Healthcare Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.36%-5.364%, 2/7/09 1,2 1,850,000 1,863,875 - ------------------------------------------------------------------------------------------------------------ Insight Health Services Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%-4.731%, 9/19/08 1,2 1,662,434 1,669,706 - ------------------------------------------------------------------------------------------------------------ Insight Health Services Corp., Sr. Sec. Credit Facilities Term Loan, Delayed Draw, Tranche B, 2%-6.411%, 9/19/08 1,2 833,333 836,979 - ------------------------------------------------------------------------------------------------------------ Magellan Health Services, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 7.151%, 2/12/05 1,2 500,000 491,667 Tranche C, 7.397%, 2/12/06 1,2 500,000 491,667 - ------------------------------------------------------------------------------------------------------------ Oxford Health Plans, Inc., Sr. Sec. Credit Facilities Term Loan, 4.06%-4.07%, 4/1/09 1,2 2,992,500 3,018,685 - ------------------------------------------------------------------------------------------------------------ PacifiCare Health Systems, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.61%, 6/3/08 1 3,500,000 3,524,063 - ------------------------------------------------------------------------------------------------------------ Team Health, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.531%, 9/27/08 1,2 2,284,556 2,259,569 ------------ 20,095,619 - ------------------------------------------------------------------------------------------------------------ Pharmaceuticals--0.4% Alpharma, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.35%-4.60%, 10/5/08 1,2 1,689,551 1,694,479 - ------------------------------------------------------------------------------------------------------------ Industrials--16.3% - ------------------------------------------------------------------------------------------------------------ Aerospace & Defense--3.8% DRS Technologies, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%-4.34%, 9/30/08 1,2 2,210,684 2,230,029 - ------------------------------------------------------------------------------------------------------------ Gencorp, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.938%, 3/28/07 1,2 1,989,975 1,987,487 - ------------------------------------------------------------------------------------------------------------ Titan Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.38%-5.918%, 6/30/09 1 2,965,025 2,973,054 - ------------------------------------------------------------------------------------------------------------ TransDigm, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%, 7/1/10 1,2 1,000,000 1,010,938 - ------------------------------------------------------------------------------------------------------------ United Defense Industries, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B Add-On, 3.10%, 7/1/09 1 2,266,014 2,274,106 - ------------------------------------------------------------------------------------------------------------ Veridian Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.35%, 6/30/08 1 2,923,254 2,942,913 - ------------------------------------------------------------------------------------------------------------ Worldspan LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.875%, 6/30/07 1,2 2,000,000 2,013,750 ------------ 15,432,277
12 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Building Products--1.6% Formica Corp., Sr. Sec. Credit Facilities Revolving Credit Loan, Tranche A, 5/1/04 1,2,5 $ 3,760,000 $ 3,647,200 - ------------------------------------------------------------------------------------------------------------ Formica Corp., Sr. Sec. Credit Facilities Term Loan, Tranche A1, 4/30/06 1,2,5 590,000 572,300 - ------------------------------------------------------------------------------------------------------------ Masonite International Corp., Sr. Sec. Credit Facilities Term Loan, Tranche C, 3.75%-4.063%, 8/31/08 1,2 2,402,820 2,408,327 ------------ 6,627,827 - ------------------------------------------------------------------------------------------------------------ Commercial Services & Supplies--5.1% Allied Waste Industries, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.37%-4.54%, 4/29/10 1 2,859,999 2,887,776 - ------------------------------------------------------------------------------------------------------------ Corrections Corp. of America, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%-4.78%, 3/31/08 1,2 2,169,156 2,182,376 - ------------------------------------------------------------------------------------------------------------ Global Imaging Systems, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.03%-4.10%, 6/18/09 1,2 1,000,000 1,012,500 - ------------------------------------------------------------------------------------------------------------ Moore Wallace, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.25%-4.313%, 3/15/10 1,2 2,000,000 2,006,561 - ------------------------------------------------------------------------------------------------------------ Safelite Glass Corp., Sr. Sec. Credit Facilities Term Loan: Tranche A, 4.60%, 12/17/07 1,2 740,382 729,276 Tranche B, 5.10%, 12/17/07 1,2 1,190,868 1,173,005 - ------------------------------------------------------------------------------------------------------------ Transaction Network Services, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche A, 4.938%-6.658%, 3/30/05 1,2 1,387,114 1,381,045 Tranche B, 5.438%-7.151%, 3/30/07 1,2 1,843,750 1,835,683 - ------------------------------------------------------------------------------------------------------------ U.S. Investigations Services, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.07%-5.26%, 1/10/09 1,2 2,706,475 2,715,780 - ------------------------------------------------------------------------------------------------------------ Wackenhut Corrections Corp. Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%-4.12%, 7/9/09 1,2 1,000,000 1,005,000 - ------------------------------------------------------------------------------------------------------------ Washington Group International, Inc., Sr. Sec. Credit Linked CD, 6.881%, 12/1/04 1,2 4,000,000 3,990,000 ------------ 20,919,002 - ------------------------------------------------------------------------------------------------------------ Construction & Engineering--0.7% Walter Industries, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.35%-5.518%, 4/15/10 1 2,925,000 2,925,000 - ------------------------------------------------------------------------------------------------------------ Electrical Equipment--0.7% General Cable Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 6.10%-6.875%, 5/27/07 1,2 3,111,498 2,847,020 - ------------------------------------------------------------------------------------------------------------ Industrial Conglomerates--0.7% Thermadyne Holdings Corp., Sr. Sec. Credit Facilities Term Loan, 7.397%, 3/31/08 1,2 3,000,000 2,985,000 - ------------------------------------------------------------------------------------------------------------ Machinery--1.2% Trinity Industries, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.375%-4.563%, 6/4/07 1 4,950,000 4,968,563
13 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Road & Rail--2.5% Dakota, Minnesota & Eastern Railroad Corp., Sr. Sec. Credit Facilities Term Loan, 8%, 12/31/07 1,2 $ 3,450,000 $ 3,484,500 - ------------------------------------------------------------------------------------------------------------ Helm Holding Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.86%-5.03%, 10/20/06 1,2 2,288,846 2,134,349 - ------------------------------------------------------------------------------------------------------------ Pacer International, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.375%-6.164%, 6/10/10 1,2 1,898,039 1,914,647 - ------------------------------------------------------------------------------------------------------------ RailAmerica, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.813%, 12/31/06 1 2,475,000 2,482,735 ------------ 10,016,231 - ------------------------------------------------------------------------------------------------------------ Information Technology--1.6% - ------------------------------------------------------------------------------------------------------------ Computers & Peripherals--0.8% Sanmina-SCI Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.30%, 12/23/07 1,2 2,961,310 2,994,008 - ------------------------------------------------------------------------------------------------------------ Electronic Equipment & Instruments--0.8% Amkor Technology, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.10%, 1/31/06 1,2 997,500 1,011,528 - ------------------------------------------------------------------------------------------------------------ Transcore, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.85%-6.25%, 10/10/06 1,2 2,381,210 2,390,140 ------------ 3,401,668 - ------------------------------------------------------------------------------------------------------------ Materials--12.2% - ------------------------------------------------------------------------------------------------------------ Chemicals--5.1% Equistar Chemicals LP, Sr. Sec. Credit Facilities Term Loan, 4.60%, 8/24/07 1 2,456,509 2,470,187 - ------------------------------------------------------------------------------------------------------------ FMC Corp., Sr. Sec. Credit Facilities Term Loan, 5.85%, 10/21/07 1,2 1,990,000 2,016,865 - ------------------------------------------------------------------------------------------------------------ Hercules, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.35%-4.49%, 5/15/07 1 2,985,000 3,001,170 - ------------------------------------------------------------------------------------------------------------ Huntsman Co. LLC, Sr. Sec. Credit Facilities Term Loan: Tranche A, 5.938%-6.188%, 3/31/07 1,2 3,891,146 3,595,143 Tranche B, 8.438%, 3/31/07 1,2 1,903,953 1,759,797 - ------------------------------------------------------------------------------------------------------------ Huntsman ICI Chemicals LLC, Sr. Sec. Credit Facilities Term Loan: Tranche B, 5.188%-5.313%, 6/30/07 1 2,101,050 2,112,738 Tranche C, 5.375%-5.50%, 6/30/08 1 2,101,050 2,113,305 - ------------------------------------------------------------------------------------------------------------ Messer Griesheim Holding AG, Sr. Sec. Credit Facilities Term Loan: Tranche B2, 4.10%, 4/28/09 1,2 360,713 363,794 Tranche C, 4.60%, 4/28/10 1,2 883,698 891,246 - ------------------------------------------------------------------------------------------------------------ Rockwood Specialties, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.61%, 7/23/10 1,2 1,500,000 1,518,750 - ------------------------------------------------------------------------------------------------------------ Westlake Chemical Corp., Sr. Sec. Credit Facilities Term Loan, 7/25/10 1,2,5 1,000,000 1,011,250 ------------ 20,854,245 - ------------------------------------------------------------------------------------------------------------ Containers & Packaging--3.2% Consolidated Container Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.625%, 6/30/07 1,2 1,862,033 1,716,175 - ------------------------------------------------------------------------------------------------------------ Crown Cork & Seal Americas, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%, 8/26/08 1,2 3,500,000 3,516,408 - ------------------------------------------------------------------------------------------------------------ Owens-Illinois, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.36%, 5/21/08 1,2 4,000,000 4,015,000
14 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Containers & Packaging Continued Riverwood International Corp., Sr. Sec. Credit Facilities Revolving Credit Loan, 0.05%-6.658%, 12/31/06 1,2 $ 3,000,000 $ 2,990,624 - ------------------------------------------------------------------------------------------------------------ Tekni-Plex, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.625%, 6/21/08 1,2 997,430 983,404 ------------ 13,221,611 - ------------------------------------------------------------------------------------------------------------ Metals & Mining--1.8% Citation Corp., Sr. Sec. Credit Facilities Term Loan: Tranche A, 5.313%, 9/30/05 1,2 754,008 614,516 Tranche B, 6.063%, 9/30/07 1,2 3,298,767 2,680,248 - ------------------------------------------------------------------------------------------------------------ International Steel Group, Sr. Sec. Credit Facilities Term Loan: Tranche A, 4.37%, 5/7/05 1,2 750,000 750,000 Tranche B, 4.62%, 5/7/07 1,2 750,000 750,469 - ------------------------------------------------------------------------------------------------------------ Ispat Inland LP, Sr. Sec. Credit Facilities Term Loan: Tranche B, 4.85%, 7/16/05 1,2 1,987,294 1,376,201 Tranche C, 4.85%, 7/16/06 1,2 1,987,294 1,376,201 ------------ 7,547,635 - ------------------------------------------------------------------------------------------------------------ Paper & Forest Products--2.1% Berry Plastics Corp., Sr. Sec. Credit Facilities Term Loan, 4.29%, 6/30/10 1 3,465,000 3,489,255 - ------------------------------------------------------------------------------------------------------------- Berry Plastics Corp., Sr. Sec. Credit Facilities Term Loan, 6.658%, 6/30/10 1,2 1,000,000 1,007,000 - ------------------------------------------------------------------------------------------------------------ Grant Forest Products Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.10%-4.34%, 10/12/08 1,2 1,931,688 1,938,932 - ------------------------------------------------------------------------------------------------------------ Printpack Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.875%, 3/31/09 1,2 1,971,288 1,978,680 ------------ 8,413,867 - ------------------------------------------------------------------------------------------------------------ Telecommunication Services--13.6% - ------------------------------------------------------------------------------------------------------------ Diversified Telecommunication Services--6.6% 360 Americas, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche D, 9/30/05 2,3,4 5,000,000 375,000 - ------------------------------------------------------------------------------------------------------------ Broadwing, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche A, 4.85%-5.04%, 11/9/04 1 1,062,734 1,073,361 Tranche B, 12/30/06 1,2,5 1,945,669 1,963,909 Tranche C, 4.75%, 6/28/07 1,2 11,513 11,609 Tranche C, 4.77%-4.85%, 6/28/07 1 781,673 788,220 - ------------------------------------------------------------------------------------------------------------ IPC Information System, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 7.50%, 12/31/06 1,2 1,235,906 1,223,547 - ------------------------------------------------------------------------------------------------------------ Level 3 Communications, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 5.37%, 1/15/08 1 1,500,000 1,404,375 Tranche C, 5.60%, 1/30/08 1 5,000,000 4,725,000 - ------------------------------------------------------------------------------------------------------------ NTELOS, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.12%, 7/25/08 1,2 1,928,333 1,653,545 - ------------------------------------------------------------------------------------------------------------ Qwest Corp., Sr. Sec. Credit Facilities Term Loan, Tranche A, 6.50%, 6/30/07 1,2 3,500,000 3,528,875 - ------------------------------------------------------------------------------------------------------------ Qwest Dex, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 12.575%, 8/30/04 1,2 2,000,000 2,025,000 - ------------------------------------------------------------------------------------------------------------ Valor Communications LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.85%-5.04%, 6/26/07 1,2 2,343,079 2,324,042
15 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF INVESTMENTS Continued
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Diversified Telecommunication Services Continued Worldcom, Inc., Sr. Sec. Credit Facilities Revolving Credit Loan, 6/7/04 2,3 $15,000,000 $ 4,481,250 - ------------------------------------------------------------------------------------------------------------ XO Communications, Inc., Sr. Sec. Credit Facilities Term Loan, 7/15/09 1,2,5 1,504,562 1,504,562 ------------ 27,082,295 - ------------------------------------------------------------------------------------------------------------ Wireless Telecommunication Services--7.0% Alamosa Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 5.125%-5.375%, 2/14/08 1 3,568,098 3,350,442 - ------------------------------------------------------------------------------------------------------------ American Tower Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.60%-4.61%, 12/31/07 1 2,124,656 2,143,368 - ------------------------------------------------------------------------------------------------------------ Centennial Cellular Operating Co., Sr. Sec. Credit Facilities Term Loan: Tranche A, 3.35%-3.54%, 11/30/06 1,2 1,218,618 1,180,755 Tranche B, 4.53%-4.60%, 5/31/07 1,2 739,438 718,872 Tranche C, 4.76%-4.84%, 11/30/07 1,2 614,533 597,441 - ------------------------------------------------------------------------------------------------------------ Crown Castle International Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 3.85%, 3/15/08 1 2,992,500 3,000,517 - ------------------------------------------------------------------------------------------------------------ Dobson Operating Co. LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.02%, 12/31/07 1,2 2,190,878 2,164,314 - ------------------------------------------------------------------------------------------------------------ Dobson Sygnet Operating Co., Sr. Sec. Credit Facilities Term Loan, Tranche C, 5.01%, 12/23/07 1,2 4,674,513 4,557,650 - ------------------------------------------------------------------------------------------------------------ Nextel Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche D, 4.313%, 3/31/09 1 5,472,500 5,455,924 - ------------------------------------------------------------------------------------------------------------ SpectraSite Communications, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.27%-5.33%, 12/31/07 1,2 2,341,450 2,365,351 - ------------------------------------------------------------------------------------------------------------ TSI Telecommunication Services, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.60%-5.84%, 12/31/06 1,2 2,858,257 2,861,830 ------------ 28,396,464 - ------------------------------------------------------------------------------------------------------------ Utilities--8.4% - ------------------------------------------------------------------------------------------------------------ Electric Utilities--6.6% AES Corp., Sr. Sec. Credit Facilities Term Loan, 5.13%, 4/30/08 1,2 4,000,000 3,979,168 - ------------------------------------------------------------------------------------------------------------ Allegheny Energy Supply Co. LLC, Sr. Sec. Credit Facilities Term Loan, Tranche 2, 1%-8%, 6/25/05 1,2 2,859,909 2,861,339 - ------------------------------------------------------------------------------------------------------------ Calpine Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 6.86%, 7/15/07 1,2 3,500,000 3,288,751 - ------------------------------------------------------------------------------------------------------------ Calpine Corp., Sr. Sec. Credit Facilities Revolving Credit Loan, 11/16/04 1,2,5 2,000,000 1,827,500 - ------------------------------------------------------------------------------------------------------------ Centerpoint Energy, Inc., Sr. Sec. Credit Facilities Term Loan, 5.516%-5.734%, 6/30/05 1,2 1,000,000 998,125 - ------------------------------------------------------------------------------------------------------------ Consumers Energy Co., Sr. Sec. Credit Facilities Term Loan, 5.839%, 9/25/04 1,2 333,333 335,625 - ------------------------------------------------------------------------------------------------------------ Mirant Americas Generation, Inc., Sr. Sec. Credit Facilities Term Loan: Tranche B, 10/20/04 1,2,5 1,666,667 1,316,667 Tranche C, 10/20/04 1,2,5 333,333 263,333 - ------------------------------------------------------------------------------------------------------------ Reliant Resources, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 5.27%, 3/15/07 1,2 5,000,000 4,656,250 - ------------------------------------------------------------------------------------------------------------ Tucson Electric Power Co., Sr. Sec. Credit Facilities Term Loan (Letter of Credit), Tranche B, 6.60%, 11/14/06 1,2 2,000,000 2,017,500 - ------------------------------------------------------------------------------------------------------------ United American Energy, Inc., Sr. Sec. Credit Facilities Term Loan, 4.28%, 4/30/05 1 2,480,000 2,442,800
16 | OPPENHEIMER SENIOR FLOATING RATE FUND
Principal Market Value Amount See Note 1 - ------------------------------------------------------------------------------------------------------------ Electric Utilities Continued Williams Production RMT Co., Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.90%, 5/30/07 1,2 $ 3,000,000 $ 3,022,500 ------------ 27,009,558 - ------------------------------------------------------------------------------------------------------------ Gas Utilities--1.1% Dynegy Holdings, Inc., Sr. Sec. Credit Facilities Term Loan, Tranche A, 5.87%, 2/15/05 1,2 2,307,692 2,281,731 - ------------------------------------------------------------------------------------------------------------ El Paso Energy Partners LP, Sr. Sec. Credit Facilities Term Loan, Tranche B, 4.75%, 9/30/09 1,2 1,968,750 1,968,750 ------------ 4,250,481 - ------------------------------------------------------------------------------------------------------------ Multi-Utilities & Unregulated Power--0.7% Massey Energy Co., Sr. Sec. Credit Facilities Term Loan, 6.411%, 6/30/08 1,2,5 3,000,000 2,998,125 ------------ Total Corporate Loans (Cost $441,479,127) 441,408,018 - ------------------------------------------------------------------------------------------------------------ Corporate Bonds and Notes--0.2% Tenet Healthcare Corp., 5% Sr. Nts., 7/1/07 (Cost $935,000) 1,000,000 930,000 - ------------------------------------------------------------------------------------------------------------ Repurchase Agreements--7.3% Repurchase agreement with DB Alex Brown LLC, 1.04%, dated 7/31/03, to be repurchased at $29,929,865 on 8/1/03, collateralized by U.S. Treasury Bonds, 9.125%, 5/15/18, with a value of $30,746,450 (Cost $29,929,000) 29,929,000 29,929,000 - ------------------------------------------------------------------------------------------------------------ Total Investments, at Value (Cost $472,343,127) 115.6% 472,267,018 - ------------------------------------------------------------------------------------------------------------ Liabilities in Excess of Other Assets (15.6) (63,749,420) --------------------------------- Net Assets 100.0% $408,517,598 =================================
Footnotes to Statement of Investments 1. Represents the current interest rate for a variable or increasing rate security. 2. Identifies issues considered to be illiquid. See Note 5 of Notes to Financial Statements. 3. Issuer is in default. See Note 1 of Notes to Financial Statements. 4. Non-income producing security. 5. This Senior Loan will settle after August 31, 2003, at which time the interest rate will be determined. See accompanying Notes to Financial Statements. 17 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF ASSETS AND LIABILITIES July 31, 2003 - -------------------------------------------------------------------------------- Assets Investments, at value (cost $472,343,127)--see accompanying statement $472,267,018 - -------------------------------------------------------------------------------- Cash 1,128,362 - -------------------------------------------------------------------------------- Receivables and other assets: Investments sold 13,949,896 Interest and principal paydowns 1,711,880 Other 2,577 -------------- Total assets 489,059,733 - -------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 66,902,553 Shares of beneficial interest redeemed 13,079,005 Shareholder reports 124,762 Distribution and service plan fees 86,332 Dividends 41,876 Transfer and shareholder servicing agent fees 37,407 Other 270,200 -------------- Total liabilities 80,542,135 - -------------------------------------------------------------------------------- Net Assets $408,517,598 ============== - -------------------------------------------------------------------------------- Composition of Net Assets Par value of shares of beneficial interest $ 44,178 - -------------------------------------------------------------------------------- Additional paid-in capital 459,237,810 - -------------------------------------------------------------------------------- Overdistributed net investment income (41,873) - -------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (50,646,408) - -------------------------------------------------------------------------------- Net unrealized depreciation on investments (76,109) - -------------------------------------------------------------------------------- Net Assets $408,517,598 ============== 18 | OPPENHEIMER SENIOR FLOATING RATE FUND - -------------------------------------------------------------------------------- Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $44,027,914 and 4,764,820 shares of beneficial interest outstanding) $9.24 - -------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $157,057,088 and 16,989,938 shares of beneficial interest outstanding) $9.24 - -------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $207,432,596 and 22,423,648 shares of beneficial interest outstanding) $9.25 See accompanying Notes to Financial Statements. 19 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENT OF OPERATIONS For the Year Ended July 31, 2003 - -------------------------------------------------------------------------------- Investment Income Interest $ 30,463,585 - -------------------------------------------------------------------------------- Expenses Management fees 3,005,772 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 87,094 Class B 1,224,902 Class C 1,583,434 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 26,758 Class B 195,272 Class C 210,278 - -------------------------------------------------------------------------------- Legal, auditing and other professional fees 592,458 - -------------------------------------------------------------------------------- Interest expense 293,541 - -------------------------------------------------------------------------------- Shareholder reports 227,019 - -------------------------------------------------------------------------------- Custodian fees and expenses 140,000 - -------------------------------------------------------------------------------- Trustees' compensation 13,202 - -------------------------------------------------------------------------------- Other 89,039 -------------- Total expenses 7,688,769 Less voluntary waiver of management fees (819,450) -------------- Net expenses 6,869,319 - -------------------------------------------------------------------------------- Net Investment Income 23,594,266 - -------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized loss on investments (16,344,678) - -------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 20,205,808 - -------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $ 27,455,396 ============== See accompanying Notes to Financial Statements. 20 | OPPENHEIMER SENIOR FLOATING RATE FUND STATEMENTS OF CHANGES IN NET ASSETS
Year Ended July 31, 2003 2002 - ----------------------------------------------------------------------------------------------- Operations Net investment income $ 23,594,266 $ 29,691,010 - ----------------------------------------------------------------------------------------------- Net realized loss (16,344,678) (30,550,004) - ----------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 20,205,808 (350,259) ------------------------------------ Net increase (decrease) in net assets resulting from operations 27,455,396 (1,209,253) - ----------------------------------------------------------------------------------------------- Dividends and/or Distributions to Shareholders Dividends from net investment income: Class A (1,876,986) (2,328,510) Class B (7,813,161) (10,630,739) Class C (10,146,654) (15,688,803) - ----------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 9,320,515 (8,831,399) Class B (22,819,466) (32,640,692) Class C (32,377,906) (97,334,747) - ----------------------------------------------------------------------------------------------- Net Assets Total decrease (38,258,262) (168,664,143) - ----------------------------------------------------------------------------------------------- Beginning of period 446,775,860 615,440,003 ------------------------------------ End of period [including overdistributed net investment income of $41,873 and $63,456, respectively] $408,517,598 $446,775,860 ====================================
See accompanying Notes to Financial Statements. 21 | OPPENHEIMER SENIOR FLOATING RATE FUND FINANCIAL HIGHLIGHTS
Class A Year Ended July 31 2003 2002 2001 2000 1 - --------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $9.03 $9.51 $9.96 $10.00 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .55 .54 .80 .71 Net realized and unrealized gain (loss) .14 (.50) (.46) (.04) --------------------------------------------------- Total from investment operations .69 .04 .34 .67 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.48) (.52) (.79) (.71) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.24 $9.03 $9.51 $9.96 =================================================== - --------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 7.91% 0.44% 3.52% 6.94% - --------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $44,028 $33,905 $44,985 $22,421 - --------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $35,298 $41,195 $41,457 $ 6,600 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 6.23% 5.84% 8.11% 8.30% Expenses, gross 1.39% 1.42% 1.20% 1.26% Expenses, net 1.19% 5 1.22% 4,5 1.00% 4,5 0.87% 5,6 - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 9% 92% 47% 62%
1. For the period from September 8, 1999 (commencement of operations) to July 31, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or commencement of operations), with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of management fees. 6. Net of reduction to custodian expenses. See accompanying Notes to Financial Statements. 22 | OPPENHEIMER SENIOR FLOATING RATE FUND
Class B Year Ended July 31 2003 2002 2001 2000 1 - --------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $9.04 $ 9.51 $ 9.97 $10.00 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .52 .49 .76 .67 Net realized and unrealized gain (loss) .11 (.49) (.47) (.03) --------------------------------------------------- Total from investment operations .63 -- .29 .64 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.43) (.47) (.75) (.67) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.24 $9.04 $9.51 $9.97 =================================================== - --------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 7.21% 0.05% 2.96% 6.56% - --------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $157,057 $176,760 $220,328 $98,343 - --------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $163,238 $206,869 $177,025 $49,122 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 5.70% 5.33% 7.56% 7.80% Expenses, gross 1.93% 1.92% 1.64% 1.76% Expenses, net 1.73% 5 1.72% 4,5 1.44% 4,5 1.37% 5,6 - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 9% 92% 47% 62%
1. For the period from September 8, 1999 (commencement of operations) to July 31, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or commencement of operations), with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of management fees. 6. Net of reduction to custodian expenses. See accompanying Notes to Financial Statements. 23 | OPPENHEIMER SENIOR FLOATING RATE FUND FINANCIAL HIGHLIGHTS Continued
Class C Year Ended July 31 2003 2002 2001 2000 1 - --------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 9.04 $ 9.51 $ 9.97 $10.00 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .52 .50 .76 .67 Net realized and unrealized gain (loss) .12 (.50) (.47) (.04) --------------------------------------------------- Total from investment operations .64 -- .29 .63 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.43) (.47) (.75) (.66) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.25 $9.04 $9.51 $9.97 =================================================== - --------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 7.35% 0.05% 2.96% 6.51% - --------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $207,433 $236,111 $350,126 $194,933 - --------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $210,987 $303,123 $323,725 $ 82,761 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 5.73% 5.37% 7.60% 7.79% Expenses, gross 1.91% 1.92% 1.65% 1.77% Expenses, net 1.71% 5 1.72% 4,5 1.45% 4,5 1.38% 5,6 - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 9% 92% 47% 62%
1. For the period from September 8, 1999 (commencement of operations) to July 31, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or commencement of operations), with all dividends and distributions reinvested in additional shares on the reinvestment date, and repurchase at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of management fees. 6. Net of reduction to custodian expenses. See accompanying Notes to Financial Statements. 24 | OPPENHEIMER SENIOR FLOATING RATE FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Senior Floating Rate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. The Fund seeks as high a level of current income and preservation of capital as is consistent with investing primarily in senior floating rate loans and other debt securities. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B and Class C shares. Class A shares are not available for direct purchase and are available only upon automatic conversion of Class B shares or exchange of shares of certain other Oppenheimer funds, and by purchase through "wrap" programs of financial advisors that have special agreements with the Distributor for that purpose. Class B and Class C shares are sold without an initial sales charge but may be subject to an Early Withdrawal Charge. All classes of shares have identical rights and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B and C shares have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the end of the month in which you purchase them. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- When-Issued and Delayed Delivery Security Transactions. The Fund purchases and sells interests in Senior Loans and other portfolio securities on a "when issued" and "delayed delivery" basis. No income accrues to the Fund on such interests or securities in connection with such purchase transactions prior to the date the Fund actually takes delivery of such interest or securities. These transactions are subject to market fluctuation; the value of the interests in Senior Loans and other portfolio debt securities at delivery may be more or less than their purchase prices, and yields generally available on such interests or securities when delivery occurs may be higher or lower than yields on the interest or securities obtained pursuant to such transactions. Because the Fund relies 25 | OPPENHEIMER SENIOR FLOATING RATE FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued on the buyer or seller to consummate the transaction, failure by the other party to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous.When the Fund is the buyer in such a transaction, it will maintain, in a segregated account with its custodian, cash or liquid securities having an aggregate value equal to the amount of such purchase commitments until payment is made. To the extent the Fund engages in "when issued" and "delayed delivery" purchases, it will do so for the purpose of acquiring interest or securities for the Fund's portfolio consistent with the Fund's investment objective and policies and not for the purpose of investment leverage. - -------------------------------------------------------------------------------- Senior Loans. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in floating rate Senior Loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so either as an original lender or as a purchaser of a loan assignment or a participation interest in a loan. While most of these loans will be collateralized, the Fund can also under normal market conditions invest up to 10% of its net assets (plus borrowings for investment purposes) in uncollateralized floating rate Senior Loans. Senior Loans generally are not listed on any national securities exchange or automated quotation system and no active trading market exists for many Senior Loans. As a result, many Senior Loans are illiquid, meaning the Fund may not be able to sell them quickly at a fair price. 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. As of July 31, 2003, securities with an aggregate market value of $441,408,018, representing 108.1% of the Fund's net assets were comprised of Senior Loans, of which $340,545,227, representing 83.36% of net assets, were illiquid. - -------------------------------------------------------------------------------- Security Credit Risk. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of July 31, 2003, securities with an aggregate market value of $12,821,250, representing 3.14% of the Fund's net assets, were in default. - -------------------------------------------------------------------------------- Repurchase Agreements. The Fund requires its custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. 26 | OPPENHEIMER SENIOR FLOATING RATE FUND - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 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 tax components of capital shown in the table below 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 investment for federal income tax purposes.
Net Unrealized Undistributed Depreciation Based Net Undistributed Accumulated on Cost of Securities Investment Long-Term Loss for Federal Income Income Gain Carryforward 1,2,3 Tax Purposes - -------------------------------------------------------------------------------------------------- $-- $-- $50,555,394 $167,124
1. As of July 31, 2003, the Fund had $40,899,356 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2003, details of the capital loss carryforwards were as follows: Expiring ---------------------- 2009 $ 2,975 2010 14,893,083 2011 26,003,298 ----------- Total $40,899,356 =========== 2. During the fiscal years ended July 31, 2003 and July 31, 2002, the Fund did not utilize any capital loss carryforwards. 3. As of July 31, 2003, the Fund had $9,656,038 of post-October losses available to offset future capital gains, if any. Such losses, if unutilized, will expire in 2012. 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 may differ from their ultimate characterization for federal income tax purposes. 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 July 31, 2003. Net assets of the Fund were unaffected by the reclassifications. From To Net Ordinary Capital Tax Return Investment Loss Loss of Capital Loss -------------------------------------------------------------------- $3,735,882 $3,746,161 $-- $-- 27 | OPPENHEIMER SENIOR FLOATING RATE FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued The tax character of distributions paid during the years ended July 31, 2003 and July 31, 2002 was as follows: Year Ended Year Ended July 31, 2003 July 31, 2002 ----------------------------------------------------------------- Distributions paid from: Ordinary income $19,836,801 $28,648,052 The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investments for federal income tax purposes as of July 31, 2003 are noted below. The primary difference between book and tax appreciation or depreciation of investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal Tax Cost $472,434,141 ============ Gross unrealized appreciation $ 6,649,508 Gross unrealized depreciation (6,816,632) ------------ Net unrealized depreciation $ (167,124) ============ - -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, 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. - -------------------------------------------------------------------------------- Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 income and expenses during the reporting period. Actual results could differ from those estimates. 28 | OPPENHEIMER SENIOR FLOATING RATE FUND - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Fund has adopted the following fundamental policies concerning periodic repurchase offers: o The Fund will make periodic Repurchase Offers, pursuant to Rule 23c-3 under the Investment Company Act of 1940 (as that rule may be amended from time to time). o Repurchase offers shall be made at periodic intervals of three months between Repurchase Request Deadlines. The Deadlines will be at the time on a regular business day (normally the last regular business day) in the months of January, April, July and October to be determined by the Fund's Board of Trustees. o The Repurchase Pricing Date for a particular Repurchase Offer shall be not more than 14 days after the Repurchase Request Deadline for the Repurchase Offer. If that day is not a normal business day, then the Repurchase Pricing Date will be the following regular business day. Each quarter, the Fund's Board will determine the number of shares that the Fund will offer to repurchase in a particular Repurchase Offer. The Repurchase Offer Amount will be at least 5% but not more than 25% of the total number of shares of all classes of the Fund (in the aggregate) outstanding on the Repurchase Request Deadline. If shareholders tender more than the Repurchase Offer Amount for a particular Repurchase Offer, the Fund may repurchase up to an additional 2% of the shares outstanding on the Repurchase Request Deadline. For the year ended July 31, 2003, the Fund extended four Repurchase Offers:
Percentage of Outstanding Shares Amount of Shares Number of Repurchase the Fund Offered the Fund Offered Shares Tendered Request Deadline to Repurchase to Repurchase (all classes) ------------------------------------------------------------------------------------- October 31, 2002 20% 10,117,625 5,497,855 January 31, 2003 20 8,583,932 3,330,141 April 30, 2003 20 8,341,273 2,637,363 July 31, 2003 20 8,835,681 1,790,056
The Fund is authorized to issue an unlimited number of shares of each class and at the date of this report has registered 105 million shares, par value $0.001 each. Class A shares are not available for direct purchase except by exchange of shares of certain other Oppenheimer funds, by purchase through "wrap" programs of financial advisors that have special agreements with the Distributor for that purpose, or by automatic conversion of 29 | OPPENHEIMER SENIOR FLOATING RATE FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest Continued Class B shares. The Fund sells Class B and Class C shares continuously at the respective offering price for each class of shares. Transactions in shares of beneficial interest were as follows:
Year Ended July 31, 2003 Year Ended July 31, 2002 Shares Amount Shares Amount - ---------------------------------------------------------------------------------------------------------- Class A Converted and exchanges 2,133,732 $ 19,355,973 831,509 $ 7,861,328 Dividends and/or distributions reinvested 134,239 1,208,043 161,641 1,493,016 Repurchased (1,255,972) (11,243,501) (1,970,989) (18,185,743) -------------------------------------------------------------------- Net increase (decrease) 1,011,999 $ 9,320,515 (977,839) $ (8,831,399) ==================================================================== - ----------------------------------------------------------------------------------------------------------- Class B Sold 2,286,292 $ 20,672,656 2,121,683 $ 20,100,762 Dividends and/or distributions reinvested 531,738 4,784,062 673,955 6,228,099 Repurchased (5,385,598) (48,276,184) (6,404,715) (58,969,553) -------------------------------------------------------------------- Net decrease (2,567,568) $(22,819,466) (3,609,077) $ (32,640,692) ==================================================================== - ----------------------------------------------------------------------------------------------------------- Class C Sold 4,345,531 $ 39,484,371 4,144,208 $ 39,161,436 Dividends and/or distributions reinvested 778,076 7,002,451 1,147,042 10,610,827 Repurchased (8,805,619) (78,864,728) (15,983,278) (147,107,010) -------------------------------------------------------------------- Net decrease (3,682,012) $(32,377,906) (10,692,028) $ (97,334,747) ====================================================================
- -------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2003, were $1,659,438 and $29,280,196, respectively. - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.75% of the first $200 million of average annual net assets of the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million, and 0.60% of average annual net assets in excess of $800 million. The management fee is based upon a percentage of the Fund's average annual net assets and is shown without giving effect to a voluntary reduction by the Manager of 0.20% of the management fee annually. As a result of this agreement the Fund was reimbursed $819,450 for the year ended July 31, 2003. That voluntary reduction and waiver may be withdrawn or amended at any time. 30 | OPPENHEIMER SENIOR FLOATING RATE FUND - -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2003, the Fund paid $472,319 to OFS for services to the Fund. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes, up to an annual rate of 0.35% of average net assets per class. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- Distribution and Service Plan (12b-1) Fees. Under its General Distributor's Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the different classes of shares of the Fund. The compensation paid to (or retained by) the Distributor from the sale of shares or on the redemption of shares is shown in the table below for the period indicated. Concessions Concessions on Class B on Class C Shares Advanced Shares Advanced Year Ended by Distributor 1 by Distributor 1 -------------------------------------------------------------------- July 31, 2003 $283,962 $273,673 1. The Distributor advances concession on payments to dealers for sales of Class B and Class C shares from its own resources at the time of sale.
Class A Early Class B Early Class C Early Withdrawal Withdrawal Withdrawal Charge (Retained Charge (Retained Charge (Retained Year Ended by Distributor) by Distributor) by Distributor) -------------------------------------------------------------------------------------- July 31, 2003 $1,986 $509,271 $26,687
The Fund has adopted a Service Plan for Class A shares and Distribution and Service Plans for Class B and Class C shares. Because the Fund is a closed-end fund and is not able to rely on the provisions of Rule 12b-1 of the Investment Company Act of 1940 (the Act), the Fund has requested and obtained from the Securities and Exchange Commission (the SEC) exemptive relief from certain provisions of the Act. The operation of those plans is contingent upon the continued availability of that exemptive relief from the SEC. Under those plans the Fund pays the Distributor for all or a portion of its costs incurred in connection with the distribution and/or servicing of the shares of the particular class. - -------------------------------------------------------------------------------- Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. The Class A Service Plan permits reimbursements to the Distributor at a rate of up to 0.25% of average annual net assets of Class A shares purchased. While the plan permits the Board of Trustees to authorize payments to the Distributor to reimburse itself for services under the plan, the Board has not yet done so. The Distributor makes payments to plan recipients quarterly at an annual rate not to exceed 0.25% of the average annual net assets consisting of Class A shares of the Fund. For the year ended July 31, 2003, payments under the Class A Plan totaled $87,094, all of which were paid by the 31 | OPPENHEIMER SENIOR FLOATING RATE FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued Distributor to recipients, which included $2 retained by the Distributor and $11,794 which was paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. - -------------------------------------------------------------------------------- Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans for Class B and Class C shares. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares. The Board of Trustees has currently set that fee rate at 0.50% of average annual net assets of the respective class per year under each plan but may increase it up to 0.75% in the future. The Distributor also receives a service fee of 0.25% per year under each plan. Distribution fees paid to the Distributor for the year ended July 31, 2003, were as follows:
Distributor's Distributor's Aggregate Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class - ------------------------------------------------------------------------------------------------ Class B Plan $1,224,902 $840,944 $4,973,056 3.17% Class C Plan 1,583,434 158,838 7,794,487 3.76
- -------------------------------------------------------------------------------- 5. Illiquid Securities As of July 31, 2003, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Most Senior Loans and many of the Fund's other investments are illiquid. The aggregate value of illiquid securities subject to this limitation as of July 31, 2003 was $340,545,227, which represents 83.36% of the Fund's net assets. - -------------------------------------------------------------------------------- 6. Loan Commitments Pursuant to the terms of certain credit agreements, the Fund has unfunded loan commitments of $7,280,726 at July 31, 2003. These unfunded loan commitments must be funded by the Fund upon the borrower's discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. The Fund generally will maintain with its custodian, short-term investments having an aggregate value at least equal to the amount of unfunded loan commitments. 32 | OPPENHEIMER SENIOR FLOATING RATE FUND - -------------------------------------------------------------------------------- 7. Bank Borrowings The Fund may borrow up to 33 1/3% of its total assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The Fund may borrow up to a certain percentage of its total assets from a bank to purchase portfolio securities (a technique referred to as "leverage"), to finance share repurchases during Repurchase Offers, and to fund additional loan commitments or for cash management purposes. The Fund has entered into an agreement which enables it to participate with certain other Oppenheimer funds in a committed, unsecured line of credit with a bank, which permits borrowings up to $350 million, collectively. Interest is charged to each fund, based on its borrowings, at a rate equal to the Federal Funds Rate plus 0.625%. The Fund also pays a commitment fee equal to its pro rata share of the average unutilized amount of the credit facility at a rate of 0.09% per annum. The Fund had no borrowings outstanding at July 31, 2003. For the year ended July 31, 2003, the average monthly loan balance was $6,847,728 at an average daily interest rate of 2.044%. The Fund had gross borrowings and gross loan repayments of $212,700,000 and $213,300,000, respectively, during the year ended July 31, 2003. The maximum amount of borrowings outstanding at any month-end was $16,700,000. The Fund paid $65,531 in commitment fees during the year ended July 31, 2003. 33 | OPPENHEIMER SENIOR FLOATING RATE FUND INDEPENDENT AUDITORS' REPORT - -------------------------------------------------------------------------------- To the Board of Trustees and Shareholders of Oppenheimer Senior Floating Rate Fund: We have audited the accompanying statement of assets and liabilities of Oppenheimer Senior Floating Rate Fund, including the statement of investments, as of July 31, 2003, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated. 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 conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2003, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Senior Floating Rate Fund as of July 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. Deloitte & Touche LLP Denver, Colorado September 3, 2003 34 | OPPENHEIMER SENIOR FLOATING RATE FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2004, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2003. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. None of the dividends paid by the Fund during the year ended July 31, 2003 are eligible for the corporate dividend-received deduction. Dividends paid by the Fund during the fiscal year ended July 31, 2003 which are not designated as capital gain distribution, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2004, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed. 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. PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES Unaudited - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures 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 Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (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 will be required to file new 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 first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 35 | OPPENHEIMER SENIOR FLOATING RATE FUND TRUSTEES AND OFFICERS Unaudited - -------------------------------------------------------------------------------- Name, Position(s) Held Principal Occupation(s) During Past 5 Years; Other with Fund, Length Trusteeships/Directorships Held by Trustee; Number of of Service, Age Portfolios in Fund Complex Currently Overseen by Trustee INDEPENDENT TRUSTEES The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his or her resignation, retirement, death or removal. James C. Swain, Formerly, Chief Executive Officer (until August 27, Chairman and Trustee 2002) of the Board II Funds, Vice Chairman (until (since 1999) January 2, 2002) of OppenheimerFunds, Inc. (the Age: 69 Manager) and President and a director (until 1997) of Centennial Asset Management Corporation (a wholly-owned investment advisory subsidiary of the Manager). Oversees 43 portfolios in the OppenheimerFunds complex. William L. Armstrong, Chairman of the following private mortgage banking Vice Chairman (since 2003) companies: Cherry Creek Mortgage Company (since and Trustee (since 1999) 1991), Centennial State Mortgage Company (since Age: 66 1994), The El Paso Mortgage Company (since 1993), Transland Financial Services, Inc. (since 1997); Chairman of the following private companies: Great Frontier Insurance (insurance agency) (since 1995), Ambassador Media Corporation and Broadway Ventures (since 1984); a director of the following public companies: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992) and UNUMProvident (insurance company) (since 1991). Mr. Armstrong is also a Director/Trustee of Campus Crusade for Christ and the Bradley Foundation. Formerly a director of the following: Storage Technology Corporation (a publicly-held computer equipment company) (1991-February 2003), and International Family Entertainment (television channel) (1992-1997), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-1999), and Frontier Title (title insurance agency) (1995-June 1999); a U.S. Senator (January 1979-January 1991). Oversees 43 portfolios in the OppenheimerFunds complex. Robert G. Avis, Formerly, Director and President of A.G. Edwards Trustee (since 1999) Capital, Inc. (General Partner of private equity Age: 72 funds) (until February 2001); Chairman, President and Chief Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Vice Chairman and Director of A.G. Edwards, Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its brokerage company subsidiary) (until March 1999); Chairman of A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor) (until March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and A.G. Edwards Trust Company. Oversees 43 portfolios in the OppenheimerFunds complex. George C. Bowen, Formerly (until April 1999): Senior Vice President Trustee (since 1999) (from September 1987) and Treasurer (from March 1985) Age: 66 of the Manager; Vice President (from June 1983) and Treasurer (since March 1985) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Senior Vice President (since February 1992), Treasurer (since July 1991) Assistant Secretary and a director (since December 1991) of Centennial Asset Management Corporation; Vice President (since October 1989) and Treasurer (since April 1986) of HarbourView Asset Management Corporation (an investment advisory subsidiary of the Manager); President, Treasurer and a director (June 1989-January 1990) of Centennial Capital Corporation (an investment advisory subsidiary of the Manager); Vice President and Treasurer (since August 1978) and Secretary (since April 1981) of Shareholder Services, Inc. (a transfer agent subsidiary of the Manager); Vice President, Treasurer and Secretary (since November 1989) of Shareholder Financial Services, Inc. (a transfer agent subsidiary of the Manager); Assistant Treasurer (since March 1998) of Oppenheimer Acquisition Corp. (the Manager's parent corporation); Treasurer (since November 1989) of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); 36 | OPPENHEIMER SENIOR FLOATING RATE FUND George C. Bowen, Vice President and Treasurer (since July 1996) of Continued Oppenheimer Real Asset Management, Inc. (an investment advisory subsidiary of the Manager); Chief Executive Officer and director (since March 1996) of MultiSource Services, Inc. (a broker-dealer subsidiary of the Manager); Treasurer (since October 1997) of OppenheimerFunds International Ltd. and OppenheimerFunds plc (offshore fund management subsidiaries of the Manager). Oversees 43 portfolios in the OppenheimerFunds complex. Edward L. Cameron, A member of The Life Guard of Mount Vernon, George Trustee (since 1999) Washington's home (since June 2000). Formerly (March Age: 64 2001 - May 2002) Director of Genetic ID, Inc. and its subsidiaries (a privately held biotech company); a partner with PricewaterhouseCoopers LLP (from 1974-1999) (an accounting firm) and Chairman (from 1994-1998), Price Waterhouse LLP Global Investment Management Industry Services Group. Oversees 43 portfolios in the OppenheimerFunds complex. Jon S. Fossel, Chairman and Director (since 1998) of Rocky Mountain Trustee (since 1999) Elk Foundation (a not-for-profit foundation); and a Age: 61 director (since October 1999) of P.R. Pharmaceuticals (a privately held company) and UNUMProvident (an insurance company) (since June 1, 2002). Formerly Chairman and a director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and a director of Oppenheimer Acquisition Corp., Shareholders Services Inc. and Shareholder Financials Services, Inc. (until October 1995). Oversees 43 portfolios in the OppenheimerFunds complex. Sam Freedman, Director of Colorado Uplift (a non-profit charity) Trustee (since 1999) (since September 1984). Formerly (until October 1994) Age: 62 Mr. Freedman held several positions in subsidiary or affiliated companies of the Manager. Oversees 43 portfolios in the OppenheimerFunds complex. F. William Marshall, Jr., Trustee (since 1996) of MassMutual Institutional Trustee (since 2000) Funds and of MML Series Investment Fund (open-end Age: 61 investment companies); Trustee (since 1987), Chairman of the Board (since 2003) and Chairman of the investment committee (since 1994) for the Worcester Polytech Institute; President and Treasurer (since January 1999) of the SIS Fund (a private not for profit charitable fund); Trustee (since 1995) of the Springfield Library and Museum Association; Trustee (since 1996) of the Community Music School of Springfield. Formerly, member of the investment committee of the Community Foundation of Western Massachusetts (1998 - 2003); Chairman (January 1999-July 1999) of SIS & Family Bank, F.S.B. (formerly SIS Bank); President, Chief Executive Officer and Director (May 1993-December 1998) of SIS Bankcorp, Inc. and SIS Bank (formerly Springfield Institution for Savings) and Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc. Oversees 43 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- INTERESTED TRUSTEE The address of Mr. Murphy in the chart below is 498 AND OFFICER Seventh Avenue, New York, NY 10018. Mr. Murphy serves for an indefinite term, until his resignation, death or removal. John V. Murphy, Chairman, Chief Executive Officer and director (since President and Trustee June 2001) and President (since September 2000) of (since 2001) the Manager; President and a director or trustee of Age: 54 other Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. and of Oppenheimer Partnership Holdings, Inc.; a director (since November 2001) of OppenheimerFunds Distributor, Inc.; 37 | OPPENHEIMER SENIOR FLOATING RATE FUND TRUSTEES AND OFFICERS Unaudited / Continued John V. Murphy, Chairman and a director (since July 2001) of Continued Shareholder Services, Inc. and of Shareholder Financial Services, Inc.; President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the following investment advisory subsidiaries of OppenheimerFunds, Inc.: OFI Institutional Asset Management, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc. (investment advisory affiliates of the Manager); Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 73 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- OFFICERS The address of the Officers in the chart below is as follows: for Mr. Zack, 498 Seventh Avenue, New York, NY 10018, for Messrs. Welsh, Wixted and Zimmer and Ms. Hui, 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Officer serves for an annual term or until his or her earlier resignation, death or removal. Arthur J. Zimmer, Senior Vice President of the Manager (since June Vice President 1997) and of HarbourView Asset Management Corporation (since 1999) (since April 1999); an officer of 1 portfolio in the Age: 56 OppenheimerFunds complex; formerly Vice President of the Manager (October 1990 - June 1997); Vice President of Centennial Asset Management Corporation (June 1997 - November 2001). Margaret Hui, Assistant Vice President of the Manager (since Assistant Vice President October 1999); an officer of 1 portfolio in the (since 1999) OppenheimerFunds complex; before joining the Manager, Age: 44 she was Vice President - Syndications of Sanwa Bank California (January 1998 - September 1999), prior to which she was a Vice President of Banque Nationale de Paris (May 1990 - January 1998). Joseph Welsh, Vice President (since December 2000) of the Manager; Assistant Vice President a high yield bond analyst for the Manager (since (since 1999) January 1995); an officer of 1 portfolio in the Age: 39 OppenheimerFunds complex; formerly, Assistant Vice President of the Manager (December 1996-November 2000). Brian W. Wixted, Senior Vice President and Treasurer (since March Treasurer (since 1999) 1999) of the Manager; Treasurer (since March 1999) of Age: 43 HarbourView Asset Management Corporation, Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (offshore fund management subsidiary of the Manager) (since May 2000) and OFI Institutional Asset Management, Inc. (since November 2000); Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust company subsidiary of the Manager); 38 | OPPENHEIMER SENIOR FLOATING RATE FUND Brian W. Wixted, Assistant Treasurer (since March 1999) of Oppenheimer Continued Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly Principal and Chief Operating Officer (March 1995-March 1999), Bankers Trust Company-Mutual Fund Services Division. An officer of 89 portfolios in the OppenheimerFunds complex. Robert G. Zack, Senior Vice President (since May 1985) and General Vice President & Counsel (since February 2002) of the Manager; General Secretary (since 2001) Counsel and a director (since November 2001) of Age: 54 OppenheimerFunds Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Vice President and a director (since November 2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services, Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director (since November 2001) of OppenheimerFunds International Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary (since November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds International Ltd. And OppenheimerFunds plc (October 1997-November 2001). An officer of 89 portfolios in the OppenheimerFunds complex. The Fund's Statement of Additional Information contains additional information about the Fund's Trustee's and is available without charge upon request. 39 | OPPENHEIMER SENIOR FLOATING RATE FUND ITEM 2. CODE OF ETHICS ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the Fund has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Cameron as the Audit Committee's financial expert. Mr. Cameron is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. NOT APPLICABLE ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of July 31, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by 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. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CODE ETH 3 ex99_code-291.txt EX99_CODE-291 EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.(1) 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. - ----------------- (1) The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii)fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: : (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.(2) 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the - ----------------- (2) An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Senior Vice President and General Counsel EXHIBIT A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 4 ex99_302cert-291.txt EX99_302CERT-291 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Senior Floating Rate Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or. operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. Date: 09/17/03 /s/John V. Murphy ---------------------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Senior Floating Rate Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. Date: 09/17/03 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.CERT 5 ex99_906cert-291.txt EX99_906CERT-291 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED Chief -------------- --------------- Financial Officer of Oppenheimer Senior Floating Rate Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2003 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer Senior Floating Rate Fund Oppenheimer Senior Floating Rate Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 09/17/03 Date: 09/17/03 -----END PRIVACY-ENHANCED MESSAGE-----