-----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, A4wfrOwlVLXZJLwGssbG3hFdLJm06lN0ZYVEe3vX3HRRcxJPhCV8y9+pwTGAkKJJ q98hbpyNyx/zp+NkVzcwEw== 0000935069-04-000264.txt : 20040227 0000935069-04-000264.hdr.sgml : 20040227 20040226180854 ACCESSION NUMBER: 0000935069-04-000264 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040227 EFFECTIVENESS DATE: 20040227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER HIGH YIELD FUND CENTRAL INDEX KEY: 0000276195 IRS NUMBER: 840764292 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02849 FILM NUMBER: 04631994 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 N-CSRS 1 rs0280_9488vef.txt RS0280_9488VEF 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 811-2849 OPPENHEIMER HIGH YIELD 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. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: JUNE 30 ------- Date of reporting period: JULY 1, 2003 - DECEMBER 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS DECEMBER 31, 2003 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--0.0% - ----------------------------------------------------------------------------------- Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 12.54%, 6/13/11 1 (Cost $2,040,633) $ 2,400,281 $ 192,022 - ----------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--0.8% - ----------------------------------------------------------------------------------- First Chicago/Lennar Trust 1, Commercial Mtg. Pass-Through Certificates, Series 1997-CHL1, Cl. E, 7.96%, 4/29/39 1,2 5,250,000 4,259,063 - ----------------------------------------------------------------------------------- Morgan Stanley Capital I, Inc., Commercial Mtg. Pass-Through Certificates: Series 1997-RR, Cl. D, 7.709%, 4/30/39 2,3 5,000,269 4,690,217 Series 1997-RR, Cl. F, 7.709%, 4/30/39 2,3 9,000,485 5,962,233 --------------- Total Mortgage-Backed Obligations (Cost $16,285,080) 14,911,513 - ----------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--0.2% - ----------------------------------------------------------------------------------- United Mexican States Bonds, Bonos de Desarrollo, 14.50%, 5/12/05 2 [MXN] (Cost $4,086,471) 39,735,700 3,913,673 - ----------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.0% - ----------------------------------------------------------------------------------- Telergy, Inc., Sr. Sec. Credit Facilities Term Loan Participation Nts., Tranche A, 11.111%, 1/1/02 1,4,5 (Cost $3,864,760) 3,945,448 -- - ----------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--79.0% - ----------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--22.6% - ----------------------------------------------------------------------------------- AUTO COMPONENTS--2.1% Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 1,500,000 1,612,500 - ----------------------------------------------------------------------------------- Collins & Aikman Products Co., 10.75% Sr. Nts., 12/31/11 1,550,000 1,530,625 - ----------------------------------------------------------------------------------- Dana Corp.: 9% Unsec. Nts., 8/15/11 6,770,000 8,191,700 10.125% Nts., 3/15/10 1,800,000 2,106,000 - ----------------------------------------------------------------------------------- Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 3,500,000 3,745,000 9% Sr. Sub. Nts., Series B, 5/1/09 [EUR] 400,000 491,927 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 600,000 603,000 - ----------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 3 3,350,000 3,634,750 - ----------------------------------------------------------------------------------- Keystone Automotive Operations, Inc., 9.75% Sr. Sub. Nts., 11/1/13 3 900,000 972,000 - ----------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 2,800,000 3,307,500 - ----------------------------------------------------------------------------------- Metaldyne Corp.: 10% Sr. Nts., 11/1/13 3 1,500,000 1,522,500 11% Sr. Sub. Nts., 6/15/12 2,150,000 1,988,750 - ----------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 4,250,000 5,036,250 - ----------------------------------------------------------------------------------- Tenneco Automotive, Inc., 10.25% Sr. Sec. Nts., Series B, 7/15/13 2,300,000 2,627,750 - ----------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 1,300,000 1,426,750 --------------- 38,797,002
8 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- AUTOMOBILES--0.5% DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. Unsec. Nts., 3/15/13 $ 8,550,000 $ 9,960,750 - ----------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--6.1% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 1 3,080,000 1,124,200 - ----------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 1,300,000 1,433,250 - ----------------------------------------------------------------------------------- Boca Resorts, Inc., 9.875% Sr. Sub. Nts., 4/15/09 4,800,000 5,136,000 - ----------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 3,000,000 3,307,500 - ----------------------------------------------------------------------------------- Capital Gaming International, Inc., 11.50% Promissory Nts., 8/1/1995 1,4,5 22,500 -- - ----------------------------------------------------------------------------------- Coast Hotels & Casinos, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/09 2,500,000 2,656,250 - ----------------------------------------------------------------------------------- Dominos, Inc., 8.25% Sr. Sub. Nts., 7/1/11 3 2,650,000 2,852,063 - ----------------------------------------------------------------------------------- Gaylord Entertainment Co., 8% Sr. Nts., 11/15/13 3 1,900,000 2,014,000 - ----------------------------------------------------------------------------------- Herbst Gaming, Inc., 10.75% Sr. Sec. Nts., 9/1/08 1 700,000 791,000 - ----------------------------------------------------------------------------------- Hilton Hotels Corp.: 7.625% Nts., 12/1/12 900,000 1,015,875 7.625% Nts., 5/15/08 3,000,000 3,352,500 - ----------------------------------------------------------------------------------- Hollywood Park, Inc., 9.25% Sr. Unsec. Sub. Nts., Series B, 2/15/07 2,300,000 2,392,000 - ----------------------------------------------------------------------------------- Intrawest Corp., 7.50% Sr. Nts., 10/15/13 3 2,666,000 2,785,970 - ----------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 9% Sr. Sub. Nts., 3/15/12 2,200,000 2,458,500 - ----------------------------------------------------------------------------------- John Q. Hammons Hotels, Inc., 8.875% Sr. Nts., Series B, 5/15/12 3,150,000 3,488,625 - ----------------------------------------------------------------------------------- Jupiters Ltd., 8.50% Sr. Unsec. Nts., 3/1/06 1 5,200,000 5,694,000 - ----------------------------------------------------------------------------------- Mandalay Resort Group: 9.375% Sr. Sub. Nts., 2/15/10 3,500,000 4,095,000 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 3,000,000 3,480,000 - ----------------------------------------------------------------------------------- MGM Mirage, Inc.: 8.375% Sr. Unsec. Sub. Nts., 2/1/11 2,500,000 2,843,750 9.75% Sr. Unsec. Sub. Nts., 6/1/07 4,500,000 5,152,500 - ----------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority: 6.375% Sr. Sub. Nts., 7/15/09 2,200,000 2,282,500 8% Sr. Sub. Nts., 4/1/12 1,300,000 1,413,750 8.375% Sr. Sub. Nts., 7/1/11 1 1,000,000 1,095,000 - ----------------------------------------------------------------------------------- Park Place Entertainment Corp.: 7.875% Sr. Sub. Nts., 3/15/10 3,700,000 4,116,250 9.375% Sr. Unsec. Sub. Nts., 2/15/07 2,400,000 2,724,000 - ----------------------------------------------------------------------------------- Penn National Gaming, Inc.: 8.875% Sr. Sub. Nts., 3/15/10 1 900,000 981,000 11.125% Sr. Unsec. Sub. Nts., 3/1/08 1 6,000,000 6,765,000 - ----------------------------------------------------------------------------------- Premier Parks, Inc., 9.75% Sr. Nts., 6/15/07 1,050,000 1,101,188 - ----------------------------------------------------------------------------------- Prime Hospitality Corp., 8.375% Sr. Sub. Nts., 5/1/12 1,700,000 1,763,750 - ----------------------------------------------------------------------------------- River Rock Entertainment LLC, 9.75% Sr. Nts., 11/1/11 3 2,100,000 2,268,000 - ----------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd.: 8% Sr. Unsec. Nts., 5/15/10 650,000 711,750 8.75% Sr. Unsub. Nts., 2/2/11 2,600,000 2,951,000 - ----------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Nts., 2/1/10 1,600,000 1,650,000 9.75% Sr. Nts., 4/15/13 5,100,000 5,393,250
9 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 $ 5,550,000 $ 6,271,500 - ----------------------------------------------------------------------------------- Station Casinos, Inc., 9.875% Sr. Unsec. Sub. Nts., 7/1/10 1,200,000 1,326,000 - ----------------------------------------------------------------------------------- Sun International Hotels Ltd., 8.875% Sr. Unsec. Sub. Nts., 8/15/11 3,200,000 3,512,000 - ----------------------------------------------------------------------------------- Trump Casino Holdings LLC/Trump Casino Funding, Inc., 11.625% Sr. Sec. Nts., 3/15/10 3,200,000 3,080,000 - ----------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 3 2,700,000 3,172,500 - ----------------------------------------------------------------------------------- Vail Resorts, Inc., 8.75% Sr. Unsec. Sub. Nts., 5/15/09 1,800,000 1,908,000 - ----------------------------------------------------------------------------------- Venetian Casino Resort LLC/Las Vegas Sands, Inc., 11% Sec. Nts., 6/15/10 3,300,000 3,844,500 --------------- 114,403,921 - ----------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.0% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 3,300,000 3,654,750 - ----------------------------------------------------------------------------------- Blount, Inc., 13% Sr. Sub. Nts., 8/1/09 2,800,000 3,031,000 - ----------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 800,000 956,000 - ----------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 8.875% Sr. Sub. Nts., 4/1/12 1,500,000 1,657,500 - ----------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 2,750,000 3,093,750 9.50% Sr. Unsec. Sub. Nts., 2/15/11 2,000,000 2,240,000 - ----------------------------------------------------------------------------------- Meritage Corp., 9.75% Sr. Unsec. Nts., 6/1/11 3,400,000 3,816,500 - ----------------------------------------------------------------------------------- Norcraft Cos. LP, 9% Sr. Sub. Nts., 11/1/11 3 1,500,000 1,627,500 - ----------------------------------------------------------------------------------- Salton, Inc., 10.75% Sr. Unsec. Sub. Nts., 12/15/05 2,300,000 2,357,500 - ----------------------------------------------------------------------------------- Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 1,200,000 1,344,000 - ----------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 1,750,000 1,940,313 - ----------------------------------------------------------------------------------- WCI Communities, Inc.: 9.125% Sr. Sub. Nts., 5/1/12 1,100,000 1,215,500 10.625% Sr. Unsec. Sub. Nts., 2/15/11 4,600,000 5,221,000 - ----------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 2,500,000 2,856,250 - ----------------------------------------------------------------------------------- Williams Scotsman, Inc., 9.875% Sr. Unsec. Nts., 6/1/07 2,600,000 2,645,500 --------------- 37,657,063 - ----------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.1% Remington Arms Co., Inc., 10.50% Sr. Unsec. Nts., 2/1/11 2,300,000 2,461,000 - ----------------------------------------------------------------------------------- MEDIA--9.4% Adelphia Communications Corp.: 8.125% Sr. Nts., Series B, 7/15/03 4,5 2,000,000 1,860,000 8.375% Sr. Nts., Series B, 2/1/08 4,5 2,700,000 2,531,250 9.875% Sr. Nts., Series B, 3/1/07 4,5 2,200,000 2,068,000 10.25% Sr. Unsec. Nts., 11/1/06 4,5 1,600,000 1,496,000 10.25% Sr. Unsec. Sub. Nts., 6/15/11 4,5 200,000 190,000 10.875% Sr. Unsec. Nts., 10/1/10 4,5 1,500,000 1,410,000 - ----------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 2,300,000 2,397,750 - ----------------------------------------------------------------------------------- AMC Entertainment, Inc., 9.50% Sr. Unsec. Sub. Nts., 2/1/11 10,000,000 10,550,000
10 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- MEDIA Continued American Media Operations, Inc., 8.875% Sr. Unsec. Sub. Nts., 1/15/11 $ 2,700,000 $ 2,943,000 - ----------------------------------------------------------------------------------- Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 1,100,000 1,188,000 - ----------------------------------------------------------------------------------- Callahan Nordrhein-Westfalen GmbH, 14.125% Sr. Nts., 7/15/11 1,4,5 [EUR] 1,000,000 75,681 - ----------------------------------------------------------------------------------- CanWest Media, Inc., 7.625% Sr. Unsec. Sub. Nts., Cl. B, 4/15/13 900,000 990,000 - ----------------------------------------------------------------------------------- CBD Media LLC/CBD Finance, Inc., 8.625% Sr. Sub. Nts., 6/1/11 3 700,000 773,500 - ----------------------------------------------------------------------------------- Charter Communications Holdings II, 10.25% Sr. Unsec. Nts., 9/15/10 3 6,550,000 6,910,250 - ----------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: 0%/9.92% Sr. Unsec. Disc. Nts., 4/1/11 6 13,800,000 11,868,000 0%/11.75% Sr. Unsec. Sub. Disc. Nts., 5/15/11 6 4,500,000 3,037,500 8.625% Sr. Unsec. Nts., 4/1/09 8,900,000 7,809,750 10% Sr. Nts., 4/1/09 1,000,000 895,000 10% Sr. Unsec. Sub. Nts., 5/15/11 1,000,000 875,000 10.75% Sr. Unsec. Nts., 10/1/09 1,700,000 1,568,250 11.125% Sr. Unsec. Nts., 1/15/11 1,200,000 1,107,000 - ----------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 2,500,000 2,825,000 - ----------------------------------------------------------------------------------- Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 1,500,000 1,657,500 - ----------------------------------------------------------------------------------- CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 9,550,000 10,099,125 - ----------------------------------------------------------------------------------- Diva Systems Corp., 12.625% Sr. Unsec. Disc. Nts., Series B, 3/1/08 1,4,5 2,500,000 162,500 - ----------------------------------------------------------------------------------- EchoStar DBS Corp.: 9.125% Sr. Nts., 1/15/09 1,622,000 1,822,723 9.375% Sr. Unsec. Nts., 2/1/09 4,500,000 4,730,625 10.375% Sr. Unsec. Nts., 10/1/07 8,700,000 9,580,875 - ----------------------------------------------------------------------------------- Emmis Communications Corp.: 0%/12.50% Sr. Unsec. Disc. Nts., 3/15/11 6 7,505,000 6,989,031 8.125% Sr. Unsec. Sub. Nts., Series B, 3/15/09 2,150,000 2,265,563 - ----------------------------------------------------------------------------------- Entercom Radio LLC/Entercom Capital, Inc., 7.625% Sr. Unsec. Sub. Nts., 3/1/14 1,500,000 1,618,125 - ----------------------------------------------------------------------------------- Entravision Communications Corp., 8.125% Sr. Sub. Nts., 3/15/09 1,400,000 1,505,000 - ----------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 4,000,000 4,010,000 - ----------------------------------------------------------------------------------- Gray Television, Inc., 9.25% Sr. Sub. Nts., 12/15/11 1,750,000 1,960,000 - ----------------------------------------------------------------------------------- Hollinger International Publishing, Inc., 9% Sr. Unsec. Nts., 12/15/10 2,700,000 2,882,250 - ----------------------------------------------------------------------------------- Houghton Mifflin Co., 8.25% Sr. Unsec. Nts., 2/1/11 1,900,000 2,042,500 - ----------------------------------------------------------------------------------- Insight Midwest LP/Insight Capital, Inc., 9.75% Sr. Nts., 10/1/09 350,000 371,875 - ----------------------------------------------------------------------------------- Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13 1,000,000 1,080,000 - ----------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 3 1,800,000 1,811,250 - ----------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 1 1,350,000 1,485,000 - ----------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 3,650,000 3,887,250 - ----------------------------------------------------------------------------------- News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 400,000 514,108
11 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- MEDIA Continued PanAmSat Corp., 8.50% Sr. Unsec. Nts., 2/1/12 $ 5,100,000 $ 5,686,500 - ----------------------------------------------------------------------------------- PRIMEDIA, Inc., 8% Sr. Nts., 5/15/13 3 4,500,000 4,612,500 - ----------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I: 8.875% Sr. Nts., 12/15/10 3 2,600,000 2,938,000 10.875% Sr. Sub. Nts., 12/15/12 3 3,900,000 4,645,875 - ----------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 1,450,000 1,605,875 - ----------------------------------------------------------------------------------- Regal Cinemas, Inc., 9.375% Sr. Sub. Nts., Series B, 2/1/12 3,050,000 3,461,750 - ----------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 6,050,000 6,564,250 8.75% Sr. Sub. Nts., 12/15/11 1,250,000 1,393,750 - ----------------------------------------------------------------------------------- Spanish Broadcasting System, Inc., 9.625% Sr. Unsec. Sub. Nts., 11/1/09 5,000,000 5,362,500 - ----------------------------------------------------------------------------------- Vertis, Inc.: 9.75% Sr. Sec. Nts., 4/1/09 2,050,000 2,237,063 10.875% Sr. Unsec. Nts., Series B, 6/15/09 1,000,000 1,067,500 - ----------------------------------------------------------------------------------- Videotron Ltee, 6.875% Sr. Nts., 1/15/14 3 1,100,000 1,141,250 - ----------------------------------------------------------------------------------- Vivendi Universal SA, 9.25% Sr. Nts., 4/15/10 3 2,500,000 2,975,000 - ----------------------------------------------------------------------------------- Von Hoffmann Corp., 10.25% Sr. Unsec. Nts., 3/15/09 3 1,100,000 1,177,000 - ----------------------------------------------------------------------------------- WRC Media, Inc./Weekly Reader Corp./ CompassLearning Inc., 12.75% Sr. Sub. Nts., 11/15/09 4,000,000 3,840,000 --------------- 174,553,044 - ----------------------------------------------------------------------------------- MULTILINE RETAIL--0.3% J.C. Penney Co., Inc.: 7.60% Nts., 4/1/07 2,400,000 2,661,000 8% Nts., 3/1/10 500,000 575,625 - ----------------------------------------------------------------------------------- Saks, Inc., 9.875% Nts., 10/1/11 1,900,000 2,270,500 --------------- 5,507,125 - ----------------------------------------------------------------------------------- SPECIALTY RETAIL--1.7% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 1,400,000 1,487,500 - ----------------------------------------------------------------------------------- AutoNation, Inc., 9% Sr. Unsec. Nts., 8/1/08 3,000,000 3,457,500 - ----------------------------------------------------------------------------------- Building Materials Corp., 8% Sr. Nts., 12/1/08 1,350,000 1,336,500 - ----------------------------------------------------------------------------------- CSK Auto, Inc., 12% Sr. Unsec. Nts., 6/15/06 7,000,000 8,067,500 - ----------------------------------------------------------------------------------- Eye Care Centers of America, Inc., 9.125% Sr. Unsec. Sub. Nts., 5/1/08 1 1,000,000 1,005,000 - ----------------------------------------------------------------------------------- Finlay Enterprises, Inc., 9% Debs., 5/1/08 3,985,000 4,099,569 - ----------------------------------------------------------------------------------- Finlay Fine Jewelry Corp., 8.375% Sr. Nts., 5/1/08 2,100,000 2,184,000 - ----------------------------------------------------------------------------------- Gap, Inc. (The), 10.55% Unsub. Nts., 12/15/08 800,000 990,000 - ----------------------------------------------------------------------------------- Hollywood Entertainment Corp., 9.625% Sr. Sub. Nts., 3/15/11 1 2,800,000 3,024,000 - ----------------------------------------------------------------------------------- Just For Feet, Inc., 11% Sr. Sub. Nts., 5/1/09 1,4,5 700,000 -- - ----------------------------------------------------------------------------------- Petco Animal Supplies, Inc., 10.75% Sr. Sub. Nts., 11/1/11 1 3,500,000 4,112,500 - ----------------------------------------------------------------------------------- Rent-A-Center, Inc., 7.50% Sr. Sub. Nts., Cl. B, 5/1/10 1,100,000 1,166,000 - ----------------------------------------------------------------------------------- United Auto Group, Inc., 9.625% Sr. Unsec. Sub. Nts., 3/15/12 150,000 168,750 --------------- 31,098,819
12 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.4% Broder Bros. Co., 11.25% Sr. Nts., 10/15/10 3 $ 2,100,000 $ 2,079,000 - ----------------------------------------------------------------------------------- Consoltex Group, Inc., 11% Sr. Sub. Nts., 1/31/09 1,7 4,460,036 446 - ----------------------------------------------------------------------------------- Galey & Lord, Inc., 9.125% Sr. Unsec. Sub. Nts., 3/1/08 1,4,5 2,900,000 36,250 - ----------------------------------------------------------------------------------- Levi Strauss & Co.: 7% Unsec. Nts., 11/1/06 850,000 550,375 11.625% Sr. Unsec. Nts., 1/15/08 1,200,000 789,000 12.25% Sr. Nts., 12/15/12 1,400,000 917,000 - ----------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 3 1,250,000 1,373,438 - ----------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 1,500,000 1,561,875 --------------- 7,307,384 - ----------------------------------------------------------------------------------- CONSUMER STAPLES--3.6% - ----------------------------------------------------------------------------------- BEVERAGES--0.1% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 2,000,000 2,200,000 - ----------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.6% Delhaize America, Inc., 8.125% Unsub. Debs., 4/15/11 2,100,000 2,425,500 - ----------------------------------------------------------------------------------- Fleming Cos., Inc.: 10.125% Sr. Unsec. Nts., 4/1/08 4,5 2,100,000 472,500 10.625% Sr. Unsec. Sub. Nts., Series D, 7/31/07 1,4,5 400,000 3,000 - ----------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., Inc. (The), 9.125% Sr. Nts., 12/15/11 800,000 736,000 - ----------------------------------------------------------------------------------- Ingles Markets, Inc., 8.875% Sr. Unsec. Sub. Nts., 12/1/11 1,000,000 1,010,000 - ----------------------------------------------------------------------------------- Pantry, Inc. (The), 10.25% Sr. Sub. Nts., 10/15/07 1,600,000 1,664,000 - ----------------------------------------------------------------------------------- Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 2,650,000 2,862,000 9.50% Sr. Sec. Nts., 2/15/11 1,600,000 1,812,000 --------------- 10,985,000 - ----------------------------------------------------------------------------------- FOOD PRODUCTS--2.1% American Seafoods Group LLC, 10.125% Sr. Sub. Nts., 4/15/10 1 3,500,000 4,178,125 - ----------------------------------------------------------------------------------- Aurora Foods, Inc., 8.75% Sr. Sub. Nts., Series B, 7/1/08 4,5 1,600,000 1,256,000 - ----------------------------------------------------------------------------------- Burns Philp Capital Pty Ltd., 9.75% Sr. Sub. Nts., 7/15/12 3 1,450,000 1,558,750 - ----------------------------------------------------------------------------------- Del Monte Corp.: 8.625% Sr. Sub. Nts., 12/15/12 3,300,000 3,630,000 9.25% Sr. Unsec. Sub. Nts., 5/15/11 1,450,000 1,609,500 - ----------------------------------------------------------------------------------- Doane Pet Care Co.: 9.75% Sr. Unsec. Sub. Nts., 5/15/07 1,900,000 1,710,000 10.75% Sr. Nts., 3/1/10 1 4,100,000 4,264,000 - ----------------------------------------------------------------------------------- Dole Food Co., Inc.: 8.625% Sr. Nts., 5/1/09 2,500,000 2,756,250 8.875% Sr. Unsec. Nts., 3/15/11 1,300,000 1,433,250 - ----------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Nts., 10/1/11 3 1,700,000 1,861,500 - ----------------------------------------------------------------------------------- Michael Foods, Inc., 8% Sr. Sub. Nts., 11/15/13 3 1,600,000 1,676,000 - ----------------------------------------------------------------------------------- New World Pasta Co., 9.25% Sr. Nts., 2/15/09 1 500,000 132,500 - ----------------------------------------------------------------------------------- Pinnacle Foods Holding Corp., 8.25% Sr. Sub. Nts., 12/1/13 3 2,200,000 2,288,000
13 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- FOOD PRODUCTS Continued Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 $2,240,000 $ 2,273,600 8% Sr. Nts., Series B, 10/15/09 400,000 424,000 - ----------------------------------------------------------------------------------- Swift & Co., 10.125% Sr. Nts., 10/1/09 2,500,000 2,662,500 - ----------------------------------------------------------------------------------- Tembec Industries, Inc., 7.75% Sr. Nts., 3/15/12 2,800,000 2,800,000 - ----------------------------------------------------------------------------------- United Biscuits Finance plc, 10.625% Sr. Sub. Nts., 4/15/11 1 [EUR] 2,000,000 2,863,266 --------------- 39,377,241 - ----------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.6% AKI, Inc., 10.50% Sr. Unsec. Nts., 7/1/08 1 4,200,000 4,389,000 - ----------------------------------------------------------------------------------- Armkel LLC/Armkel Finance, Inc., 9.50% Sr. Sub. Nts., 8/15/09 1,900,000 2,094,750 - ----------------------------------------------------------------------------------- Holmes Products Corp., 9.875% Sr. Sub. Nts., Series C, 11/15/07 1 500,000 518,750 - ----------------------------------------------------------------------------------- Playtex Products, Inc., 9.375% Sr. Unsec. Sub. Nts., 6/1/11 2,300,000 2,334,500 - ----------------------------------------------------------------------------------- Revlon Consumer Products Corp., 12% Sr. Sec. Nts., 12/1/05 1,600,000 1,608,000 - ----------------------------------------------------------------------------------- Styling Technology Corp., 10.875% Sr. Unsec. Sub. Nts., 7/1/08 1,4,5 1,200,000 -- --------------- 10,945,000 - ----------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.2% French Fragrances, Inc., 10.375% Sr. Unsec. Nts., Series B, 5/15/07 2,769,000 2,878,597 - ----------------------------------------------------------------------------------- ENERGY--4.8% - ----------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.6% BRL Universal Equipment Corp., 8.875% Sr. Sec. Nts., 2/15/08 1 3,000,000 3,232,500 - ----------------------------------------------------------------------------------- Dresser, Inc., 9.375% Sr. Sub. Nts., 4/15/11 1,200,000 1,311,000 - ----------------------------------------------------------------------------------- Grant Prideco Escrow Corp., 9% Sr. Unsec. Nts., 12/15/09 1,500,000 1,661,250 - ----------------------------------------------------------------------------------- Hanover Compress Co., 8.625% Sr. Nts., 12/15/10 2,500,000 2,612,500 - ----------------------------------------------------------------------------------- Hanover Equipment Trust 2001A, 8.50% Sr. Sec. Nts., Series A, 9/1/08 1,500,000 1,597,500 - ----------------------------------------------------------------------------------- Hornbeck-Leevac Marine Services, Inc., 10.625% Sr. Nts., 8/1/08 7,000,000 7,770,000 - ----------------------------------------------------------------------------------- Ocean Rig Norway AS, 10.25% Sr. Sec. Nts., 6/1/08 7,250,000 6,851,250 - ----------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 1,500,000 1,601,250 - ----------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 2,500,000 2,612,500 --------------- 29,249,750 - ----------------------------------------------------------------------------------- OIL & GAS--3.2% Belden & Blake Corp., 9.875% Sr. Sub. Nts., 6/15/07 4,000,000 3,960,000 - ----------------------------------------------------------------------------------- Chesapeake Energy Corp.: 8.125% Sr. Unsec. Nts., 4/1/11 700,000 780,500 8.375% Sr. Unsec. Nts., 11/1/08 1,100,000 1,215,500 9% Sr. Nts., 8/15/12 3,500,000 4,042,500 - ----------------------------------------------------------------------------------- El Paso Energy Partners LP, 8.50% Sr. Unsec. Sub. Nts., Series B, 6/1/11 2,851,000 3,221,630 - ----------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 2,000,000 2,125,000 - ----------------------------------------------------------------------------------- Frontier Oil Corp., 11.75% Sr. Nts., 11/15/09 6,000,000 6,810,000 - ----------------------------------------------------------------------------------- GulfTerra Energy Partners LP: 8.50% Sr. Unsec. Sub. Nts., Series B, 6/1/10 1,275,000 1,453,500 10.625% Sr. Sub. Nts., 12/1/12 1,239,000 1,542,555
14 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- OIL & GAS Continued Leviathan Gas Pipeline Partners LP/Leviathan Finance Corp., 10.375% Sr. Unsec. Sub. Nts., Series B, 6/1/09 1 $ 3,750,000 $ 4,087,500 - ----------------------------------------------------------------------------------- Newfield Exploration Co., 8.375% Sr. Sub. Nts., 8/15/12 2,850,000 3,206,250 - ----------------------------------------------------------------------------------- Paramount Resources Ltd., 7.875% Sr. Nts., 11/1/10 2,300,000 2,300,000 - ----------------------------------------------------------------------------------- Pioneer Natural Resources Co., 7.50% Sr. Nts., 4/15/12 1,000,000 1,151,148 - ----------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 1 3,200,000 3,664,000 - ----------------------------------------------------------------------------------- Stone Energy Corp., 8.25% Sr. Unsec. Sub. Nts., 12/15/11 3,500,000 3,832,500 - ----------------------------------------------------------------------------------- Teekay Shipping Corp., 8.875% Sr. Nts., 7/15/11 3,175,000 3,619,500 - ----------------------------------------------------------------------------------- Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 2,300,000 2,455,250 9.625% Sr. Sub. Nts., 4/1/12 2,350,000 2,585,000 - ----------------------------------------------------------------------------------- Tom Brown, Inc., Units (each unit consists of $512 principal amount of 7.25% sr. sub. nts., due 2013 and $488 principal amount of Tom Brown Resources Funding Corp., 7.25% sr. sub. nts., due 2013) 8 1,250,000 1,328,125 - ----------------------------------------------------------------------------------- Westport Resources Corp., 8.25% Sr. Unsec. Sub. Nts., 11/1/11 5,500,000 6,077,500 --------------- 59,457,958 - ----------------------------------------------------------------------------------- FINANCIALS--3.3% - ----------------------------------------------------------------------------------- CAPITAL MARKETS--0.5% American Color Graphics, Inc., 10% Sr. Sec. Nts., 6/15/10 3 1,350,000 1,390,500 - ----------------------------------------------------------------------------------- Berry Plastics Corp.: 10.75% Sr. Sub. Nts., 7/15/12 3 3,600,000 4,162,500 10.75% Sr. Sub. Nts., 7/15/12 2,500,000 2,890,625 - ----------------------------------------------------------------------------------- Decrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 3,700,000 1,905,500 --------------- 10,349,125 - ----------------------------------------------------------------------------------- COMMERCIAL BANKS--0.2% ABN Amro Bank NV (NY Branch), 4% Sec. Nts., 11/5/17 1,2 2,069,459 1,479,663 - ----------------------------------------------------------------------------------- Bank Plus Corp., 12% Sr. Nts., 7/18/07 1 78,000 83,850 - ----------------------------------------------------------------------------------- Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 1,700,000 1,904,000 --------------- 3,467,513 - ----------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.4% Bombardier Recreational, Inc., 8.375% Sr. Sub. Nts., 12/15/13 3 2,100,000 2,205,000 - ----------------------------------------------------------------------------------- Couche-Tard US LP/Couche-Tard Finance Corp., 7.50% Sr. Sub. Nts., 12/15/13 3 1,250,000 1,315,625 - ----------------------------------------------------------------------------------- Finova Group, Inc. (The), 7.50% Nts., 11/15/09 2,300,000 1,391,500 - ----------------------------------------------------------------------------------- LaBranche & Co., Inc., 12% Sr. Unsec. Sub. Nts., 3/2/07 2,500,000 2,537,500 --------------- 7,449,625 - ----------------------------------------------------------------------------------- INSURANCE--0.1% Conseco, Inc., Escrow Shares, 6/15/09 5,9 1,000,000 -- - ----------------------------------------------------------------------------------- Texas Gas Transmission Corp., 7.25% Debs., 7/15/27 1 1,000,000 1,101,964 --------------- 1,101,964
15 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- REAL ESTATE--1.9% Capstar Hotel Co., 8.75% Sr. Sub. Nts., 8/15/07 1 $ 550,000 $ 559,625 - ----------------------------------------------------------------------------------- Corrections Corp. of America: 7.50% Sr. Nts., 5/1/11 1,350,000 1,424,250 9.875% Sr. Nts., 5/1/09 1,500,000 1,681,875 - ----------------------------------------------------------------------------------- Felcor Lodging LP: 9% Sr. Nts., 6/1/11 2,405,000 2,621,450 10% Sr. Unsec. Nts., 9/15/08 800,000 868,000 - ----------------------------------------------------------------------------------- Felcor Suites LP, 7.375% Sr. Nts., 10/1/04 1,200,000 1,234,500 - ----------------------------------------------------------------------------------- HMH Properties, Inc., 7.875% Sr. Nts., Series B, 8/1/08 5,500,000 5,747,500 - ----------------------------------------------------------------------------------- Host Marriott LP, 9.50% Sr. Nts., 1/15/07 4,800,000 5,364,000 - ----------------------------------------------------------------------------------- MeriStar Hospitality Corp.: 8.75% Sr. Unsec. Sub. Nts., 8/15/07 200,000 203,500 9.125% Sr. Unsec. Nts., 1/15/11 2,650,000 2,822,250 10.50% Sr. Unsec. Nts., 6/15/09 2,700,000 2,943,000 - ----------------------------------------------------------------------------------- Saul (B.F.) Real Estate Investment Trust, 9.75% Sr. Sec. Nts., Series B, 4/1/08 9,100,000 9,543,625 --------------- 35,013,575 - ----------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.2% WMC Finance Co., 11.75% Sr. Nts., 12/15/08 3 4,200,000 4,210,500 - ----------------------------------------------------------------------------------- HEALTH CARE--4.7% - ----------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.5% Dade Behring Holdings, Inc., 11.91% Sr. Unsec. Sub. Nts., 10/3/10 1 900,000 1,039,500 - ----------------------------------------------------------------------------------- Fisher Scientific International, Inc., 8.125% Sr. Sub. Nts., 5/1/12 1,736,000 1,870,540 - ----------------------------------------------------------------------------------- HMP Equity Holdings Corp., Units (each unit consists of $1,000 principal amount of 15.43% sr. sec. disc. nts., 5/15/08 and one warrant to purchase 2.8094 shares of Huntsman Corp. common stock) 8,10 2,800,000 1,722,000 - ----------------------------------------------------------------------------------- Sybron Dental Specialties, Inc., 8.125% Sr. Sub. Nts., 6/15/12 2,200,000 2,403,500 - ----------------------------------------------------------------------------------- Universal Hospital Services, Inc., 10.125% Sr. Nts., 11/1/11 3 2,150,000 2,268,250 - ----------------------------------------------------------------------------------- Vanguard Health Systems, Inc., 9.75% Sr. Unsec. Sub. Nts., 8/1/11 500,000 545,000 --------------- 9,848,790 - ----------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.9% AdvancePCS, Inc., 8.50% Sr. Unsec. Nts., 4/1/08 2,500,000 2,725,000 - ----------------------------------------------------------------------------------- Alderwoods Group, Inc., 12.25% Sr. Nts., 1/2/09 3,200,000 3,616,000 - ----------------------------------------------------------------------------------- Alliance Imaging, Inc., 10.375% Sr. Unsec. Sub. Nts., 4/15/11 800,000 852,000 - ----------------------------------------------------------------------------------- AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 2,000,000 2,140,000 - ----------------------------------------------------------------------------------- Beverly Enterprises, Inc., 9.625% Sr. Unsec. Nts., 4/15/09 2,300,000 2,547,250 - ----------------------------------------------------------------------------------- Extendicare Health Services, Inc., 9.50% Sr. Unsec. Sub. Nts., 7/1/10 1 1,900,000 2,118,500 - ----------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 1 2,800,000 3,003,000 - ----------------------------------------------------------------------------------- Genesis Healthcare Corp., 8% Sr. Sub. Nts., 10/15/13 3 1,300,000 1,361,750 - ----------------------------------------------------------------------------------- Hanger Orthopedic Group, Inc., 10.375% Sr. Nts., 2/15/09 1 1,250,000 1,425,000 - ----------------------------------------------------------------------------------- HCA, Inc.: 6.95% Sr. Nts., 5/1/12 5,000,000 5,369,575 7.875% Sr. Nts., 2/1/11 1,000,000 1,142,085 8.75% Sr. Nts., 9/1/10 2,000,000 2,384,560
16 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Healthsouth Corp., 7.625% Nts., 6/1/12 $ 2,000,000 $ 1,880,000 - ----------------------------------------------------------------------------------- InSight Health Services Corp., 9.875% Sr. Sub. Nts., 11/1/11 2,000,000 2,130,000 - ----------------------------------------------------------------------------------- Magellan Health Services, Inc.: 9% Sr. Sub. Nts., 2/15/08 4,5 2,150,000 1,601,750 9.375% Sr. Nts., 11/15/07 3 4,750,000 5,011,250 - ----------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 3,200,000 3,512,000 - ----------------------------------------------------------------------------------- National Nephrology Assn., 9% Sr. Sub. Nts., 11/1/11 3 650,000 684,125 - ----------------------------------------------------------------------------------- NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 4,100,000 4,633,000 - ----------------------------------------------------------------------------------- PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 2,207,000 2,615,295 - ----------------------------------------------------------------------------------- Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 3 1,900,000 2,061,500 - ----------------------------------------------------------------------------------- Rotech Healthcare, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/12 2,400,000 2,520,000 - ----------------------------------------------------------------------------------- Stewart Enterprises, Inc., 10.75% Sr. Unsec. Sub. Nts., 7/1/08 1 5,400,000 6,129,000 - ----------------------------------------------------------------------------------- Tenet Healthcare Corp., 6.375% Sr. Nts., 12/1/11 1,000,000 965,000 - ----------------------------------------------------------------------------------- Triad Hospitals, Inc.: 7% Sr. Sub. Nts., 11/15/13 3 1,610,000 1,630,125 8.75% Sr. Unsec. Nts., Series B, 5/1/09 3,600,000 3,919,500 - ----------------------------------------------------------------------------------- US Oncology, Inc., 9.625% Sr. Sub. Nts., 2/1/12 1,000,000 1,102,500 - ----------------------------------------------------------------------------------- Vicar Operating, Inc., 9.875% Sr. Sub. Nts., 12/1/09 1 4,000,000 4,460,000 --------------- 73,539,765 - ----------------------------------------------------------------------------------- PHARMACEUTICALS--0.3% aaiPharma, Inc., 11% Sr. Sub. Nts., 4/1/10 1,400,000 1,596,000 - ----------------------------------------------------------------------------------- Valeant Pharmaceuticals International, Inc., 7% Sr. Nts., 12/15/11 3 2,900,000 3,001,500 --------------- 4,597,500 - ----------------------------------------------------------------------------------- INDUSTRIALS--8.7% - ----------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.0% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 2,400,000 2,652,000 - ----------------------------------------------------------------------------------- American Plumbing & Mechanical, Inc., 11.625% Sr. Sub. Nts., Series B, 10/15/08 1,4,5 4,700,000 1,180,875 - ----------------------------------------------------------------------------------- BE Aerospace, Inc.: 8.50% Sr. Nts., 10/1/10 3 1,100,000 1,185,250 9.50% Sr. Unsec. Sub. Nts., 11/1/08 1,000,000 977,500 - ----------------------------------------------------------------------------------- K&F Industries, Inc., 9.625% Sr. Unsec. Sub. Nts., 12/15/10 700,000 788,375 - ----------------------------------------------------------------------------------- L-3 Communications Corp., 7.625% Sr. Sub. Nts., 6/15/12 1,200,000 1,306,500 - ----------------------------------------------------------------------------------- Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 1,900,000 2,090,000 - ----------------------------------------------------------------------------------- TransDigm, Inc., 8.375% Sr. Sub. Nts., 7/15/11 2,800,000 2,992,500 - ----------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 1,700,000 1,950,750 11% Sr. Sub. Nts., 2/15/13 2,000,000 2,365,000 - ----------------------------------------------------------------------------------- Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 3 1,050,000 1,077,563 --------------- 18,566,313
17 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.2% Atlas Air, Inc., 9.375% Sr. Unsec. Nts., 11/15/06 4,5 $ 3,650,000 $ 1,368,750 - ----------------------------------------------------------------------------------- Park-Ohio Industries, Inc., 9.25% Sr. Sub. Nts., 12/1/07 2,000,000 2,000,000 --------------- 3,368,750 - ----------------------------------------------------------------------------------- AIRLINES--0.3% Amtran, Inc., 10.50% Sr. Nts., 8/1/04 6,400,000 5,552,000 - ----------------------------------------------------------------------------------- BUILDING PRODUCTS--0.5% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 1,500,000 1,650,000 - ----------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 3 1,944,000 2,148,120 - ----------------------------------------------------------------------------------- Nortek, Inc.: 9.125% Sr. Unsec. Nts., Series B, 9/1/07 300,000 311,625 9.25% Sr. Nts., Series B, 3/15/07 2,200,000 2,271,500 9.875% Sr. Unsec. Sub. Nts., 6/15/11 1,000,000 1,107,500 - ----------------------------------------------------------------------------------- North America Energy Partners, Inc., 8.75% Sr. Unsec. Nts., 12/1/11 3 1,300,000 1,371,500 --------------- 8,860,245 - ----------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--3.0% Allied Waste North America, Inc.: 7.875% Sr. Nts., 4/15/13 2,500,000 2,718,750 7.875% Sr. Unsec. Nts., Series B, 1/1/09 1,900,000 1,990,250 8.50% Sr. Sub. Nts., 12/1/08 2,200,000 2,458,500 8.875% Sr. Nts., Series B, 4/1/08 4,700,000 5,287,500 9.25% Sr. Sec. Debs., Series B, 9/1/12 8,650,000 9,861,000 10% Sr. Unsec. Sub. Nts., Series B, 8/1/09 1,300,000 1,410,500 - ----------------------------------------------------------------------------------- American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05 1,4,5 2,500,000 16,313 - ----------------------------------------------------------------------------------- Budget Group, Inc., 9.125% Sr. Unsec. Nts., 4/1/06 4,5 6,500,000 1,202,500 - ----------------------------------------------------------------------------------- Buhrmann US, Inc., 12.25% Sr. Unsec. Sub. Nts., 11/1/09 2,500,000 2,812,500 - ----------------------------------------------------------------------------------- Coinmach Corp., 9% Sr. Nts., 2/1/10 2,250,000 2,452,500 - ----------------------------------------------------------------------------------- Comforce Operating, Inc., 12% Sr. Nts., Series B,12/1/07 1 2,400,000 1,572,000 - ----------------------------------------------------------------------------------- Hydrochem Industrial Services, Inc., 10.375% Sr. Sub. Nts., 8/1/07 1 3,500,000 3,351,250 - ----------------------------------------------------------------------------------- IT Group, Inc., 11.25% Sr. Unsec. Sub. Nts., Series B, 4/1/09 1,4,5 3,850,000 -- - ----------------------------------------------------------------------------------- Kindercare Learning Centers, Inc., 9.50% Sr. Sub. Nts., 2/15/09 1 3,000,000 3,060,000 - ----------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 4,150,000 4,627,250 - ----------------------------------------------------------------------------------- Moore North American Finance, Inc., 7.875% Sr. Nts., 1/15/11 3 1,300,000 1,478,750 - ----------------------------------------------------------------------------------- Protection One, Inc./Protection One Alarm Monitoring, Inc., 7.375% Sr. Unsec. Nts., 8/15/05 1 1,500,000 1,387,500 - ----------------------------------------------------------------------------------- Stericycle, Inc., 12.375% Sr. Unsec. Sub. Nts., Series B, 11/15/09 2,584,000 2,984,520 - ----------------------------------------------------------------------------------- Synagro Technologies, Inc., 9.50% Sr. Sub. Nts., 4/1/09 1,700,000 1,853,000 - ----------------------------------------------------------------------------------- United Rentals North America, Inc.: 9% Sr. Unsec. Sub. Nts., Series B, 4/1/09 1,000,000 1,063,750 9.25% Sr. Unsec. Sub. Nts., Series B, 1/15/09 200,000 211,000 10.75% Sr. Unsec. Nts., Series B, 4/15/08 3,050,000 3,446,500 10.75% Sr. Unsec. Nts., Series B, 4/15/08 1,700,000 1,921,000 --------------- 57,166,833
18 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.2% Integrated Electrical Services, Inc.: 9.375% Sr. Sub. Nts., Series B, 2/1/09 1 $ 1,100,000 $ 1,160,500 9.375% Sr. Sub. Nts., Series C, 2/1/09 500,000 527,500 - ----------------------------------------------------------------------------------- URS Corp., 11.50% Sr. Unsec. Nts., 9/15/09 1 2,200,000 2,499,750 --------------- 4,187,750 - ----------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% Dayton Superior Corp., 13% Sr. Unsec. Sub. Nts., 6/15/09 1 1,050,000 918,750 - ----------------------------------------------------------------------------------- General Cable Corp., 9.50% Sr. Nts., 11/15/10 3 2,200,000 2,365,000 --------------- 3,283,750 - ----------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.7% Great Lakes Dredge & Dock Co., 7.75% Sr. Sub. Nts., 12/15/13 3 2,100,000 2,170,875 - ----------------------------------------------------------------------------------- Norse CBO Ltd., 9.342% Sub. Bonds, Series 1A, Cl. C2, 8/13/10 1 11,000,000 4,235,000 - ----------------------------------------------------------------------------------- Tyco International Group SA: 6.375% Nts., 10/15/11 5,850,000 6,281,438 6.75% Sr. Unsub. Nts., 2/15/11 300,000 329,250 --------------- 13,016,563 - ----------------------------------------------------------------------------------- MACHINERY--1.5% Actuant Corp., 13% Sr. Sub. Nts., 5/1/09 1,455,000 1,898,775 - ----------------------------------------------------------------------------------- AGCO Corp., 9.50% Sr. Unsec. Nts., 5/1/08 6,000,000 6,600,000 - ----------------------------------------------------------------------------------- Insilco Corp., 12% Sr. Sub. Nts., 8/15/07 1,4,5 7,500,000 68,438 - ----------------------------------------------------------------------------------- Manitowoc Co., Inc. (The): 7.125% Sr. Nts., 11/1/13 600,000 623,250 10.50% Sr. Sub. Nts., 8/1/12 3,350,000 3,831,563 - ----------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 1 1,600,000 1,776,000 - ----------------------------------------------------------------------------------- Roller Bearing Co. of America, Inc., 9.625% Sr. Sub. Nts., Series B, 6/15/07 5,480,000 5,130,650 - ----------------------------------------------------------------------------------- SPX Corp., 7.50% Sr. Nts., 1/1/13 3,000,000 3,277,500 - ----------------------------------------------------------------------------------- Terex Corp.: 9.25% Sr. Unsec. Sub. Nts., 7/15/11 3,900,000 4,309,500 10.375% Sr. Unsec. Sub. Nts., Series B, 4/1/11 1 500,000 562,500 --------------- 28,078,176 - ----------------------------------------------------------------------------------- MARINE--0.6% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 5,000,000 5,825,000 - ----------------------------------------------------------------------------------- Millenium Seacarriers, Inc., 12% Sr. Sec. Nts., 7/15/05 1,4,5 5,000,000 1,923,500 - ----------------------------------------------------------------------------------- Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 1,4,5 5,800,000 2,465,000 - ----------------------------------------------------------------------------------- Pacific & Atlantic Holdings, Inc., 3.75% Sec. Nts., 12/31/07 3 2,214,295 672,592 -------------- 10,886,092
19 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- ROAD & RAIL--0.4% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 $ 2,000,000 $ 2,060,000 - ----------------------------------------------------------------------------------- Stena AB: 7.50% Sr. Nts., 11/1/13 3,093,000 3,201,255 9.625% Sr. Nts., 12/1/12 2,000,000 2,265,000 --------------- 7,526,255 - ----------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Worldspan LP/Worldspan Financial Corp., 9.625% Sr. Nts., 6/15/11 3 1,250,000 1,293,750 - ----------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--1.7% - ----------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.1% Orion Network Systems, Inc., 12.50% Sr. Disc. Nts., 1/15/07 1,4,5 5,310,000 2,801,025 - ----------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.1% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 1,700,000 1,840,250 - ----------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.4% Communications & Power Industries, Inc., 12% Sr. Sub. Nts., Series B, 8/1/05 1 350,000 359,625 - ----------------------------------------------------------------------------------- Ingram Micro, Inc., 9.875% Sr. Unsec. Sub. Nts., 8/15/08 1 3,000,000 3,330,000 - ----------------------------------------------------------------------------------- Sensus Metering Systems, Inc., 8.625% Sr. Sub. Nts., 12/15/13 3 4,200,000 4,331,250 --------------- 8,020,875 - ----------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.1% Exodus Communications, Inc., 10.75% Sr. Nts., 12/15/09 1,4,5 [EUR] 4,232,751 240,254 - ----------------------------------------------------------------------------------- Globix Corp., 11% Sr. Nts., 4/26/08 1 765,517 677,483 - ----------------------------------------------------------------------------------- NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 1,4 1,040,900 104 - ----------------------------------------------------------------------------------- PSINet, Inc.: 10.50% Sr. Unsec. Nts., 12/1/06 1,4,5 [EUR] 1,000,000 52,031 11% Sr. Nts., 8/1/09 1,4,5 2,118,662 121,823 - ----------------------------------------------------------------------------------- Verado Holdings, Inc., 0%/13% Sr. Disc. Nts., 4/15/08 1,4,5,6 5,000,000 500 --------------- 1,092,195 - ----------------------------------------------------------------------------------- IT SERVICES--0.3% Iron Mountain, Inc.: 7.75% Sr. Sub. Nts., 1/15/15 1,200,000 1,263,000 8.625% Sr. Unsec. Sub. Nts., 4/1/13 2,400,000 2,604,000 - ----------------------------------------------------------------------------------- Titan Corp. (The), 8% Sr. Sub. Nts., 5/15/11 3 1,400,000 1,596,000 --------------- 5,463,000 - ----------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.7% AMI Semiconductor, Inc., 10.75% Sr. Unsec. Sub. Nts., 2/1/13 2,597,000 3,109,908 - ----------------------------------------------------------------------------------- Amkor Technology, Inc.: 7.75% Sr. Nts., 5/15/13 2,350,000 2,532,125 9.25% Sr. Unsec. Sub. Nts., 2/15/08 3,500,000 3,990,000 - ----------------------------------------------------------------------------------- ChipPAC International Co. Ltd., 12.75% Sr. Unsec. Sub. Nts., Series B, 8/1/09 2,500,000 2,775,000 --------------- 12,407,033
20 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- MATERIALS--10.6% - ----------------------------------------------------------------------------------- CHEMICALS--3.7% Applied Extrusion Technologies, Inc., 10.75% Sr. Nts., Series B, 7/1/11 $ 1,700,000 $ 1,419,500 - ----------------------------------------------------------------------------------- Avecia Group plc, 11% Sr. Unsec. Nts., 7/1/09 1,750,000 1,583,750 - ----------------------------------------------------------------------------------- ClimaChem, Inc., 10.75% Sr. Unsec. Nts., Series B, 12/1/07 1 2,000,000 810,000 - ----------------------------------------------------------------------------------- Compass Minerals Group, Inc., 10% Sr. Sub. Nts., 8/15/11 3,200,000 3,600,000 - ----------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 1,000,000 1,050,000 10.625% Sr. Nts., 5/1/11 3 3,800,000 4,218,000 10.625% Sr. Unsec. Nts., 5/1/11 2,000,000 2,220,000 - ----------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc: 10.125% Sr. Unsec. Sub. Nts., 7/1/09 7,850,000 8,124,750 13.09% Sr. Unsec. Disc. Nts., 12/31/09 10 4,000,000 1,950,000 - ----------------------------------------------------------------------------------- Huntsman International LLC: 9.875% Sr. Nts., 3/1/09 5,500,000 6,050,000 9.875% Sr. Nts., 3/1/09 3 600,000 660,000 - ----------------------------------------------------------------------------------- IMC Global, Inc., 7.625% Bonds, 11/1/05 1 24,000 24,720 - ----------------------------------------------------------------------------------- ISP Chemco, Inc., 10.25% Sr. Unsec. Sub. Nts., 7/1/11 1 2,700,000 3,051,000 - ----------------------------------------------------------------------------------- ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 1 1,800,000 1,989,000 - ----------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 3 2,800,000 3,101,000 - ----------------------------------------------------------------------------------- Kraton Polymers LLC/Capital Corp., 8.125% Sr. Sub. Nts., 1/15/14 3 1,450,000 1,515,250 - ----------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 600,000 630,000 9.50% Sr. Sec. Nts., 12/15//08 700,000 735,000 9.625% Sr. Sec. Nts., Series A, 5/1/07 4,400,000 4,686,000 9.875% Sec. Nts., Series B, 5/1/07 1,350,000 1,431,000 - ----------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Nts., 6/15/08 3 1,100,000 1,204,500 - ----------------------------------------------------------------------------------- Noveon, Inc., 11% Sr. Unsec. Sub. Nts., Series B, 2/28/11 1 3,500,000 4,077,500 - ----------------------------------------------------------------------------------- OM Group, Inc., 9.25% Sr. Sub. Nts., 12/15/11 100,000 104,500 - ----------------------------------------------------------------------------------- PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 989,550 900,491 - ----------------------------------------------------------------------------------- Pioneer Cos., Inc., 4.64% Sr. Sec. Nts., 12/31/06 1,2 313,358 285,156 - ----------------------------------------------------------------------------------- Polyone Corp., 8.875% Sr. Unsec. Nts., 5/1/12 4,900,000 4,532,500 - ----------------------------------------------------------------------------------- Resolution Performance Products LLC, 8% Sec. Nts., 12/15/09 3 1,650,000 1,716,000 - ----------------------------------------------------------------------------------- Rockwood Specialties Corp., 10.625% Sr. Sub. Nts., 5/15/11 3 950,000 1,064,000 - ----------------------------------------------------------------------------------- Royster-Clark, Inc., 10.25% First Mtg. Nts., 4/1/09 1,500,000 1,327,500 - ----------------------------------------------------------------------------------- Sterling Chemicals, Inc.: 10% Sr. Sec. Nts., 12/19/07 1 2,045,678 1,979,193 11.25% Sr. Sub. Nts., 8/15/06 1,4,5 3,000,000 -- - ----------------------------------------------------------------------------------- Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 3 2,800,000 3,080,000 --------------- 69,120,310 - ----------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% Formica Corp., 10.875% Sr. Unsec. Sub. Nts., Series B, 3/1/09 1,4,5 3,500,000 630,000 - ----------------------------------------------------------------------------------- Texas Industries, Inc., 10.25% Sr. Unsec. Nts., 6/15/11 2,600,000 2,951,000 --------------- 3,581,000
21 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- CONTAINERS & PACKAGING--2.6% Crown Euro Holdings SA: 9.50% Sr. Sec. Nts., 3/1/11 $2,800,000 $ 3,185,000 10.875% Sr. Sec. Nts., 3/1/13 1,400,000 1,653,750 - ----------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 3 3,300,000 3,630,000 9.50% Sr. Sub. Nts., 8/15/13 3 2,100,000 2,331,000 - ----------------------------------------------------------------------------------- Jefferson Smurfit Corp., 8.25% Sr. Unsec. Nts., 10/1/12 2,500,000 2,725,000 - ----------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 2,500,000 2,812,500 - ----------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 7.75% Sr. Sec. Nts., 5/15/11 2,700,000 2,912,625 8.25% Sr. Unsec. Nts., 5/15/13 1,200,000 1,294,500 8.75% Sr. Sec. Nts., 11/15/12 5,400,000 6,041,250 8.875% Sr. Sec. Nts., 2/15/09 6,000,000 6,607,500 - ----------------------------------------------------------------------------------- Stone Container Corp.: 8.375% Sr. Nts., 7/1/12 2,500,000 2,725,000 9.25% Sr. Unsec. Nts., 2/1/08 3,000,000 3,330,000 9.75% Sr. Unsec. Nts., 2/1/11 4,000,000 4,440,000 - ----------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 4,200,000 4,399,500 --------------- 48,087,625 - ----------------------------------------------------------------------------------- METALS & MINING--2.3% AK Steel Corp., 7.875% Sr. Unsec. Nts., 2/15/09 900,000 794,250 - ----------------------------------------------------------------------------------- Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 3 2,650,000 2,736,125 - ----------------------------------------------------------------------------------- Better Minerals & Aggregates Co., 13% Sr. Unsec. Sub. Nts., 9/15/09 1 700,000 388,500 - ----------------------------------------------------------------------------------- California Steel Industries Corp., 8.50% Sr. Unsec. Nts., Series B, 4/1/09 2,300,000 2,423,625 - ----------------------------------------------------------------------------------- Century Aluminum Co., 11.75% Sr. Sec. Nts., 4/15/08 5,460,000 6,115,200 - ----------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 3 2,200,000 2,271,500 - ----------------------------------------------------------------------------------- International Utility Structures, Inc., 13% Unsec. Sub. Nts., 2/1/08 1,4,5 814,000 8,140 - ----------------------------------------------------------------------------------- IPSCO, Inc., 8.75% Sr. Nts., 6/1/13 850,000 943,500 - ----------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 2,500,000 2,787,500 - ----------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 1,4,5 2,000,000 1,810,000 - ----------------------------------------------------------------------------------- Massey Energy Co., 6.625% Sr. Nts., 11/15/10 3 1,750,000 1,802,500 - ----------------------------------------------------------------------------------- Metallurg, Inc., 11% Sr. Nts., 12/1/07 6,320,000 3,570,800 - ----------------------------------------------------------------------------------- Northwest Pipeline Corp., 8.125% Sr. Nts., 3/1/10 850,000 947,750 - ----------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 3,750,000 3,309,375 - ----------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 2,500,000 2,650,000 - ----------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 1,500,000 1,672,500 - ----------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 700,000 808,500 - ----------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 1,800,000 2,034,000 10.75% Sr. Nts., 8/1/08 2,300,000 2,702,500 - ----------------------------------------------------------------------------------- WHX Corp., 10.50% Sr. Unsec. Nts., 4/15/05 1 5,000,000 4,425,000 --------------- 44,201,265
22 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--1.8% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 $ 1,250,000 $ 1,394,125 - ----------------------------------------------------------------------------------- Ainsworth Lumber Co. Ltd.: 12.50% Sr. Nts., 7/15/07 1,7 1,600,000 1,888,000 13.875% Sr. Sec. Nts., 7/15/07 300,000 346,500 - ----------------------------------------------------------------------------------- Boise Cascade Co.: 6.50% Sr. Nts., 11/1/10 1,500,000 1,566,890 7% Sr. Nts., 11/1/13 2,400,000 2,498,650 - ----------------------------------------------------------------------------------- Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 1,000,000 1,075,000 - ----------------------------------------------------------------------------------- Doman Industries Ltd., 8.75% Sr. Nts., 3/15/04 1,4,5 11,000,000 1,925,000 - ----------------------------------------------------------------------------------- Georgia-Pacific Corp.: 8.125% Sr. Unsec. Nts., 5/15/11 9,600,000 10,608,000 9.375% Sr. Unsec. Nts., 2/1/13 5,400,000 6,237,000 - ----------------------------------------------------------------------------------- Inland Fiber Group LLC, 9.625% Sr. Unsec. Nts., 11/15/07 4 4,000,000 2,100,000 - ----------------------------------------------------------------------------------- Louisiana-Pacific Corp., 10.875% Sr. Sub. Nts., 11/15/08 1 1,000,000 1,195,000 - ----------------------------------------------------------------------------------- Tekni-Plex, Inc., 8.75% Sr. Sec. Nts., 11/15/13 3 2,500,000 2,618,750 --------------- 33,452,915 - ----------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--9.8% - ----------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--4.9% 360networks, Inc.: 13% Sr. Unsec. Nts., 5/1/08 1,4,5 3,500,000 350 13% Sr. Unsec. Nts., 5/1/08 1,4,5 [EUR] 1,000,000 126 - ----------------------------------------------------------------------------------- Adelphia Business Solutions, Inc., 12% Sr. Sub. Nts., 11/1/07 1,4,5 1,600,000 12,000 - ----------------------------------------------------------------------------------- American Tower Corp., 9.375% Sr. Nts., 2/1/09 4,800,000 5,136,000 - ----------------------------------------------------------------------------------- COLO.com, Inc., 13.875% Sr. Nts., 3/15/10 1,4,5 1,682,019 12,615 - ----------------------------------------------------------------------------------- Comcast UK Cable Partner Ltd., 11.20% Sr. Unsec. Disc. Debs., 11/15/07 5,570,000 5,653,550 - ----------------------------------------------------------------------------------- Concentric Network Corp., Escrow Shares, 12/15/07 1,9 3,065,000 -- - ----------------------------------------------------------------------------------- Crown Castle International Corp., 7.50% Sr. Nts., 12/1/13 3 3,050,000 3,080,500 - ----------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 3,000,000 3,450,000 - ----------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 3 2,100,000 2,349,375 9.875% Sr. Sub. Nts., 8/15/13 3 3,600,000 4,203,000 - ----------------------------------------------------------------------------------- Dex Media, Inc., 8% Nts., 11/15/13 3 4,100,000 4,325,500 - ----------------------------------------------------------------------------------- Diamond Holdings plc, 9.125% Sr. Nts., 2/1/08 1,400,000 1,454,250 - ----------------------------------------------------------------------------------- Focal Communications Corp.: 11.875% Sr. Unsec. Nts., Series B, 1/15/10 1,4,5 75,000 6,000 12.125% Sr. Unsec. Disc. Nts., 2/15/08 1,4,5 2,200,000 176,000 - ----------------------------------------------------------------------------------- ICG Services, Inc., Escrow Shares, 2/15/08 1,9 1,485,000 -- - ----------------------------------------------------------------------------------- Intermedia Communications, Inc., 0%/12.25% Sr. Disc. Nts., Series B, 3/1/09 4,5,6 3,000,000 1,125,000 - ----------------------------------------------------------------------------------- IPC Acquisition Corp., 11.50% Sr. Sub. Nts., 12/15/09 550,000 602,250 - ----------------------------------------------------------------------------------- Level 3 Communications, Inc.: 0%/10.50% Sr. Disc. Nts., 12/1/08 6 1,850,000 1,752,875 9.125% Sr. Unsec. Nts., 5/1/08 2,700,000 2,470,500
23 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued MCI Communications Corp., 7.75% Sr. Unsec. Debs., 3/23/25 4,5 $ 2,000,000 $ 1,620,000 - ----------------------------------------------------------------------------------- Metromedia Fiber Network, Inc.: 10% Sr. Nts., 12/15/09 4,5 [EUR] 2,000,000 151,362 10% Sr. Unsec. Nts., Series B, 11/15/08 1,4,5 4,300,000 279,500 - ----------------------------------------------------------------------------------- Nextlink Communications, Inc.: Escrow Shares, 10/1/07 1,9 5,000,000 -- Escrow Shares, 4/15/08 1,9 2,250,000 -- Escrow Shares, 11/15/08 1,9 5,500,000 -- Escrow Shares, 6/1/09 1,9 2,000,000 -- - ----------------------------------------------------------------------------------- Pratama Datakom Asia BV, 12.75% Gtd. Nts., 7/15/05 1,4,5 4,000,000 160,000 - ----------------------------------------------------------------------------------- Qwest Capital Funding, Inc., 5.875% Nts., 8/3/04 3,700,000 3,727,750 - ----------------------------------------------------------------------------------- Qwest Corp., 8.875% Nts., 3/15/12 3 5,400,000 6,223,500 - ----------------------------------------------------------------------------------- Qwest Services Corp., 13.50% Nts., 12/15/10 3 15,100,000 18,422,000 - ----------------------------------------------------------------------------------- Sprint Capital Corp., 8.375% Nts., 3/15/12 3,500,000 4,095,553 - ----------------------------------------------------------------------------------- Telewest Communications plc: 0%/9.25% Sr. Disc. Nts., 4/15/09 4,5,6 7,300,000 3,832,500 0%/9.875% Sr. Disc. Nts., 4/15/09 4,5,6 [GBP] 4,000,000 3,651,909 11.25% Sr. Nts., 11/1/08 4,5 3,700,000 2,395,750 - ----------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 1,4,5 2,300,000 -- - ----------------------------------------------------------------------------------- Time Warner Telecom LLC/Time Warner Telecom, Inc., 9.75% Sr. Nts., 7/15/08 7,800,000 8,073,000 - ----------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 2,700,000 2,889,000 - ----------------------------------------------------------------------------------- Viatel, Inc., 11.25% Sr. Sec. Nts., 4/15/08 1,4,5 2,925,000 -- --------------- 91,331,715 - ----------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--4.9% Alamosa Delaware, Inc., 12.50% Sr. Unsec. Nts., 2/1/11 3,800,000 3,895,000 - ----------------------------------------------------------------------------------- American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 10 4,300,000 2,988,500 - ----------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 1,4,5 9,220,000 -- - ----------------------------------------------------------------------------------- Centennial Cellular Operating Co./Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 3,700,000 4,079,250 - ----------------------------------------------------------------------------------- Crown Castle International Corp., 10.75% Sr. Nts., 8/1/11 3,600,000 4,068,000 - ----------------------------------------------------------------------------------- CTI Holdings SA, 0%/11.50% Sr. Deferred Coupon Nts., 4/15/08 1,4,5,6 4,650,000 581,250 - ----------------------------------------------------------------------------------- Dobson Communications Corp.: 8.875% Sr. Nts., 10/1/13 3 6,200,000 6,308,500 10.875% Sr. Unsec. Nts., 7/1/10 4,600,000 5,037,000 - ----------------------------------------------------------------------------------- IPCS, Inc., 0%/14% Sr. Unsec. Disc. Nts., 7/15/10 1,4,5,6 1,350,000 189,000 - ----------------------------------------------------------------------------------- Leap Wireless International, Inc.: 0%/14.50% Sr. Unsec. Disc. Nts., 4/15/10 1,4,5,6 4,500,000 562,500 12.50% Sr. Nts., 4/15/10 1,4,5 2,900,000 420,500 - ----------------------------------------------------------------------------------- Nextel Communications, Inc.: 7.375% Sr. Nts., 8/1/15 3,460,000 3,736,800 9.375% Sr. Unsec. Nts., 11/15/09 6,700,000 7,336,500 9.50% Sr. Unsec. Nts., 2/1/11 9,250,000 10,498,750 - ----------------------------------------------------------------------------------- Nextel Partners, Inc.: 11% Sr. Unsec. Nts., 3/15/10 900,000 999,000 12.50% Sr. Nts., 11/15/09 3,760,000 4,380,400
24 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES Continued Orbcomm Global LP, Escrow Shares, 8/15/04 1,9 $ 3,775,000 $ -- - ----------------------------------------------------------------------------------- Rogers Wireless Communications, Inc., 8.80% Sr. Sub. Nts., 10/1/07 5,000,000 5,162,500 - ----------------------------------------------------------------------------------- Rural Cellular Corp.: 9.625% Sr. Sub. Nts., Series B, 5/15/08 3,000,000 2,940,000 9.75% Sr. Sub. Nts., 1/15/10 2,900,000 2,849,250 9.875% Sr. Nts., 2/1/10 3,900,000 4,173,000 - ----------------------------------------------------------------------------------- SBA Communications Corp.: 10.25% Sr. Unsec. Nts., 2/1/09 2,900,000 2,863,750 12% Sr. Unsec. Disc. Nts., 3/1/08 1 1,602,000 1,750,185 - ----------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 3,6 4,300,000 3,053,000 - ----------------------------------------------------------------------------------- SpectraSite, Inc., 8.25% Sr. Nts., 5/15/10 1 1,200,000 1,287,000 - ----------------------------------------------------------------------------------- Triton PCS, Inc.: 8.50% Sr. Unsec. Nts., 6/1/13 2,600,000 2,808,000 8.75% Sr. Unsec. Sub. Nts., 11/15/11 350,000 346,500 9.375% Sr. Unsec. Sub. Nts., 2/1/11 1,800,000 1,845,000 - ----------------------------------------------------------------------------------- US Unwired, Inc., 0%/13.375% Sr. Unsec. Sub. Disc. Nts., Series B, 11/1/09 6 5,850,000 4,270,500 - ----------------------------------------------------------------------------------- Western Wireless Corp., 9.25% Sr. Unsec. Nts., 7/15/13 2,400,000 2,544,000 --------------- 90,973,635 - ----------------------------------------------------------------------------------- UTILITIES--9.2% - ----------------------------------------------------------------------------------- ELECTRIC UTILITIES--4.3% AES Corp. (The): 8.375% Sr. Unsec. Unsub. Nts., 3/1/11 [GBP] 2,500,000 4,374,682 8.75% Sr. Sec. Nts., 5/15/13 3 6,200,000 6,959,500 8.75% Sr. Unsec. Unsub. Nts., 6/15/08 1,115,000 1,201,413 8.875% Sr. Unsec. Nts., 2/15/11 773,000 846,435 9.375% Sr. Unsec. Nts., 9/15/10 1,028,000 1,144,935 9.50% Sr. Unsec. Nts., 6/1/09 299,000 333,011 10% Sec. Nts., 7/15/05 3 2,820,608 2,884,072 - ----------------------------------------------------------------------------------- AES Drax Holdings Ltd., 10.41% Sr. Sec. Sub. Nts., Series B, 12/31/20 1,4,5 1,300,000 1,131,000 - ----------------------------------------------------------------------------------- Allegheny Energy, Inc., 7.75% Nts., 8/1/05 1,350,000 1,368,563 - ----------------------------------------------------------------------------------- Caithness Coso Funding Corp., 9.05% Sr. Sec. Nts., Series B, 12/15/09 837,000 912,330 - ----------------------------------------------------------------------------------- Calpine Corp.: 7.625% Sr. Nts., 4/15/06 2,650,000 2,358,500 8.25% Sr. Unsec. Nts., 8/15/05 2,500,000 2,431,250 8.50% Sr. Sec. Nts., 7/15/10 3 7,200,000 7,056,000 8.625% Sr. Nts., 8/15/10 600,000 471,000 8.75% Sr. Nts., 7/15/07 2,800,000 2,310,000 8.75% Sr. Sec. Nts., 7/15/13 3 5,250,000 5,145,000 9.875% Sr. Sec. Nts., 12/1/11 3 2,900,000 2,994,250 - ----------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 1,000,000 1,035,000 7.75% Sr. Nts., 8/1/10 3 1,400,000 1,478,750 9.875% Sr. Unsec. Nts., 10/15/07 4,000,000 4,480,000
25 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- ELECTRIC UTILITIES Continued CMS Energy X-TRAS Pass-Through Trust I, 7% Sr. Unsec. Pass-Through Certificates, 1/15/05 $ 1,300,000 $ 1,339,000 - ----------------------------------------------------------------------------------- Edison Mission Energy, 10% Sr. Unsec. Nts., 8/15/08 275,000 286,688 - ----------------------------------------------------------------------------------- Messer Griesheim Holding AG, 10.375% Sr. Nts., 6/1/11 [EUR] 2,500,000 3,646,092 - ----------------------------------------------------------------------------------- Mirant Americas Generation LLC, 8.30% Sr. Unsec. Nts., 5/1/11 4,5 1,300,000 1,105,000 - ----------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc.: 7.375% Sr. Sec. Nts., 9/1/10 3 3,350,000 3,517,500 8.50% Sr. Sec. Nts., 9/1/10 3 1,300,000 1,423,500 - ----------------------------------------------------------------------------------- NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 3 6,200,000 6,548,750 - ----------------------------------------------------------------------------------- PG&E Corp., 6.875% Sr. Sec. Nts., 7/15/08 3 2,800,000 3,045,000 - ----------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 3 3,700,000 3,940,500 9.50% Sr. Sec. Nts., 7/15/13 3 2,900,000 3,117,500 - ----------------------------------------------------------------------------------- Westar Energy, Inc., 9.75% Sr. Unsec. Nts., 5/15/07 750,000 855,938 --------------- 79,741,159 - ----------------------------------------------------------------------------------- GAS UTILITIES--2.4% AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 8.875% Sr. Unsec. Nts., Series B, 5/20/11 11 750,000 828,750 - ----------------------------------------------------------------------------------- ANR Pipeline Co., 8.875% Sr. Nts., 3/15/10 1,400,000 1,582,000 - ----------------------------------------------------------------------------------- El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 4,000,000 3,800,000 - ----------------------------------------------------------------------------------- El Paso Energy Corp., 7.625% Nts., 7/15/11 3,500,000 3,259,375 - ----------------------------------------------------------------------------------- SEMCO Energy, Inc.: 7.125% Sr. Nts., 5/15/08 1,100,000 1,150,875 7.75% Sr. Nts., 5/15/13 1,100,000 1,161,875 - ----------------------------------------------------------------------------------- Southern Natural Gas Co.: 7.35% Nts., 2/15/31 2,800,000 2,779,000 8% Sr. Unsub. Nts., 3/1/32 4,800,000 4,980,000 8.875% Sr. Nts., 3/15/10 1,800,000 2,034,000 - ----------------------------------------------------------------------------------- Tennessee Gas Pipeline Co., 7.50% Bonds, 4/1/17 11,550,000 11,983,125 - ----------------------------------------------------------------------------------- Williams Cos., Inc. (The), 7.125% Nts., 9/1/11 10,400,000 11,050,000 --------------- 44,609,000 - ----------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--2.4% AES Red Oak LLC, 8.54% Sr. Sec. Bonds, Series A, 11/30/19 3,365,031 3,651,059 - ----------------------------------------------------------------------------------- Aquila, Inc., 7% Sr. Unsec. Nts., 7/15/04 850,000 854,250 - ----------------------------------------------------------------------------------- Consumers Energy Co.: 6.25% Nts., 9/15/06 1,100,000 1,188,475 6.375% Sr. Sec. Nts., 2/1/08 800,000 871,278 7.375% Nts., 9/15/23 1,600,000 1,640,424 - ----------------------------------------------------------------------------------- Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 10,750,000 9,957,188 8.75% Sr. Nts., 2/15/12 3,200,000 3,244,000 10.125% Sr. Sec. Nts., 7/15/13 3 7,500,000 8,662,500 - ----------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Nts., 6/1/13 3 4,100,000 4,059,000
26 | OPPENHEIMER HIGH YIELD FUND
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER Continued Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 1 $ 2,639,972 $ 2,654,822 - ----------------------------------------------------------------------------------- Transcontinental Gas Pipe Line Corp.: 6.125% Nts., 1/15/05 1,000,000 1,021,250 8.875% Sr. Unsub. Nts., Series B, 7/15/12 1,200,000 1,425,000 - ----------------------------------------------------------------------------------- Williams Cos., Inc. (The): 8.625% Sr. Nts., 6/1/10 5,200,000 5,863,000 9.25% Sr. Unsec. Unsub. Nts., 3/15/04 200,000 203,500 - ----------------------------------------------------------------------------------- Williams Holdings of Delaware, Inc., 6.50% Nts., 12/1/08 800,000 831,000 --------------- 46,126,746 - ----------------------------------------------------------------------------------- WATER UTILITIES--0.1% National Waterworks, Inc., 10.50% Sr. Unsec. Sub. Nts., Series B, 12/1/12 1 1,400,000 1,571,500 --------------- Total Corporate Bonds and Notes (Cost $1,447,498,859) 1,472,625,736 SHARES - ----------------------------------------------------------------------------------- PREFERRED STOCKS--1.4% - ----------------------------------------------------------------------------------- AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg. 1,5,7 110,146 1,101 - ----------------------------------------------------------------------------------- Doane Pet Care Co., 14.25% Jr. Sub. Debs., Non-Vtg. 1,5 140,000 6,475,000 - ----------------------------------------------------------------------------------- Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 2,800 504,000 - ----------------------------------------------------------------------------------- e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 1,5,7 3,738 374 - ----------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 1,5 28,000 2,051,000 - ----------------------------------------------------------------------------------- ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg. 1,5,7 1 -- - ----------------------------------------------------------------------------------- Intermedia Communications, Inc., 13.50% Exchangeable, Series B 1,5,7 2 95 - ----------------------------------------------------------------------------------- McLeodUSA, Inc., 2.50% Cv., Series A 5 6,516 49,652 - ----------------------------------------------------------------------------------- Nebco Evans Holdings, Inc., 11.25% Sr. Redeemable Exchangeable, Non-Vtg. 1,5,7 96,993 -- - ----------------------------------------------------------------------------------- NTL Europe, Inc., 10% Cum., Series A, Non-Vtg. 197 1,620 - ----------------------------------------------------------------------------------- Pacific & Atlantic Holdings, Inc., 7.50% Cum. Cv., Series A 1,5,7 116,126 232,252 - ----------------------------------------------------------------------------------- Paxson Communications Corp.: 14.25% Cum. 5,7 1 12,796 14.25% Cum. Jr. Exchangeable, Non-Vtg. 7 806 7,435,350 - ----------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 7 6,236 4,879,670 - ----------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 1,5 26,250 3,930,938 - ----------------------------------------------------------------------------------- Ziff Davis Holdings, Inc., 10%, Series E-1 1,5 168 4,200 --------------- Total Preferred Stocks (Cost $37,595,196) 25,578,048 - ----------------------------------------------------------------------------------- COMMON STOCKS--1.6% - ----------------------------------------------------------------------------------- Adelphia Business Solutions, Inc. 5 6,605 53 - ----------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 5 22,800 782,724 - ----------------------------------------------------------------------------------- Chesapeake Energy Corp. 400,000 5,432,000 - ----------------------------------------------------------------------------------- Classic Cable, Inc. 5 6,613 --
27 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
MARKET VALUE SHARES SEE NOTE 1 - ----------------------------------------------------------------------------------- COMMON STOCKS Continued - ----------------------------------------------------------------------------------- Conseco, Inc. 5 46,622 $ 1,016,360 - ----------------------------------------------------------------------------------- Covad Communications Group, Inc. 5 132,227 476,017 - ----------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 5 180,219 947,231 - ----------------------------------------------------------------------------------- Equinix, Inc. 5 86,277 2,433,011 - ----------------------------------------------------------------------------------- Globix Corp. 5 80,275 321,100 - ----------------------------------------------------------------------------------- Horizon Natural Resources Co. 1,5 93,333 -- - ----------------------------------------------------------------------------------- ICG Communications, Inc. 5 3,590 23,694 - ----------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 1,5 168,429 85,899 - ----------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 3,772 117,686 - ----------------------------------------------------------------------------------- Microcell Telecommunications, Inc. 5 23,343 311,421 - ----------------------------------------------------------------------------------- Microcell Telecommunications, Inc., Cl. A 5 194 2,714 - ----------------------------------------------------------------------------------- Microcell Telecommunications, Inc., Cl. B 5 23,204 310,464 - ----------------------------------------------------------------------------------- NTL, Inc. 5 173,408 12,095,208 - ----------------------------------------------------------------------------------- Orbital Sciences Corp. 5 14,063 169,037 - ----------------------------------------------------------------------------------- Pioneer Cos., Inc. 5 63,991 521,527 - ----------------------------------------------------------------------------------- Polymer Group, Inc., Cl. A 5 6,989 52,418 - ----------------------------------------------------------------------------------- Pope, Evans & Robbins, Inc. 1,5 1,688,400 -- - ----------------------------------------------------------------------------------- Prandium, Inc. 5,12 459,132 18,365 - ----------------------------------------------------------------------------------- Sterling Chemicals, Inc. 5 3,818 100,223 - ----------------------------------------------------------------------------------- TVMAX Holdings, Inc. 1,5 30,000 75,000 - ----------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 5 577,634 4,898,336 - ----------------------------------------------------------------------------------- Viatel Holding Ltd. (Bermuda) 1,5 11,456 25,203 - ----------------------------------------------------------------------------------- WRC Media Corp. 1,5 9,471 189 - ----------------------------------------------------------------------------------- XO Communications, Inc. 5 16,729 96,192 --------------- Total Common Stocks (Cost $35,284,362) 30,312,072 UNITS - ----------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.1% - ----------------------------------------------------------------------------------- American Tower Corp. Wts., Exp. 8/1/08 1,5 4,300 539,650 - ----------------------------------------------------------------------------------- Chesapeake Energy Corp. Wts.: Exp. 5/1/05 1,5 22,514 225 Exp. 9/1/04 5 32,054 3,576 - ----------------------------------------------------------------------------------- Citigroup, Inc. Litigation Wts., Exp. 12/31/50 5 107,699 114,161 - ----------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 1,5 2,000 20 - ----------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 1,5 3,330 -- - ----------------------------------------------------------------------------------- Covergent Communications, Inc. Wts., Exp. 4/1/08 1,5 8,200 82 - ----------------------------------------------------------------------------------- Decrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 1,5 4,000 -- - ----------------------------------------------------------------------------------- Diva Systems Corp. Wts., Exp. 3/1/08 1,5 7,500 75 - ----------------------------------------------------------------------------------- e.spire Communications, Inc. Wts., Exp. 11/1/05 1,5 2,575 26 - ----------------------------------------------------------------------------------- HF Holdings, Inc. Wts., Exp. 9/27/09 1,5 1,445 195 - ----------------------------------------------------------------------------------- Horizon PCS, Inc. Wts., Exp. 10/1/10 1,5 6,300 -- - ----------------------------------------------------------------------------------- ICG Communications, Inc. Wts., Exp. 9/15/05 1,5 50,820 508
28 | OPPENHEIMER HIGH YIELD FUND
MARKET VALUE UNITS SEE NOTE 1 - ----------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES Continued - ----------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 1,5 42,243 $ 211 Exp. 5/16/06 1,5 63 -- - ----------------------------------------------------------------------------------- Insilco Corp. Wts., Exp. 8/15/07 1,5 7,055 -- - ----------------------------------------------------------------------------------- IPCS, Inc. Wts., Exp. 6/15/10 1,5 3,750 38 - ----------------------------------------------------------------------------------- Leap Wireless International, Inc. Wts., Exp. 4/15/10 1,5 3,500 -- - ----------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 1,5 2,800 -- - ----------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 1,5 3,910 39 - ----------------------------------------------------------------------------------- McLeodUSA, Inc. Wts., Exp. 4/16/07 5 14,440 7,364 - ----------------------------------------------------------------------------------- Microcell Telecommunications, Inc.: Cl. A Wts., Exp. 5/1/05 5 8,619 13,139 Cl. B Wts., Exp. 5/1/08 5 14,365 30,570 - ----------------------------------------------------------------------------------- Millenium Seacarriers, Inc. Wts., Exp. 7/15/05 1,5 6,400 64 - ----------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 1,5 5,000 2,500 - ----------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 5 100,000 94,000 - ----------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 6/30/05 1,5 49,120 -- - ----------------------------------------------------------------------------------- Republic Technologies International LLC Wts., Exp. 7/15/09 1,5 1,200 -- - ----------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 1,5 6,199 -- - ----------------------------------------------------------------------------------- Telergy, Inc. Wts., Exp. 9/25/10 1,5 8,078 -- - ----------------------------------------------------------------------------------- XO Communications, Inc.: Cl. A Wts., Exp. 1/16/10 5 33,465 65,257 Cl. B Wts., Exp. 1/16/10 5 25,098 42,667 Cl. C Wts., Exp. 1/16/10 5 25,098 27,608 - ----------------------------------------------------------------------------------- Ziff Davis Holdings, Inc. Wts., Exp. 8/12/12 1,5 30,800 307 --------------- Total Rights, Warrants and Certificates (Cost $1,680,612) 942,282 PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------- STRUCTURED NOTES--11.0% - ----------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The), High Yield Index Linked Nts.: 5%, 3/09/04 $ 10,000,000 10,563,000 5%, 3/31/04 10,000,000 11,500,000 5%, 5/11/04 10,000,000 10,552,000 8.65%, 5/31/04 10,000,000 10,223,000 - ----------------------------------------------------------------------------------- JPMorgan Chase Bank, TRAC-X NA High Yield T3 Credit Default Swap Bonds, 8%, 3/25/09 3 153,700,000 161,192,875 - ----------------------------------------------------------------------------------- Parametric RE Ltd., Catastrophe Linked Nts., 5.52%, 11/19/07 2,3 1,000,000 1,028,220 --------------- Total Structured Notes (Cost $194,700,000) 205,059,095
29 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL MARKET VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--4.0% - ------------------------------------------------------------------------------------- Undivided interest of 4.70% in joint repurchase agreement (Principal Amount/Market Value $1,603,898,000, with a maturity value of $1,603,979,086) with PaineWebber, Inc., 0.91%, dated 12/31/03, to be repurchased at $75,431,813 on 1/2/04, collateralized by Federal Home Loan Mortgage Corp., 5%--5.50%, 9/1/33--11/1/33, with a value of $405,980,626 and Federal National Mortgage Assn., 4.50%, 10/1/33, with a value of $1,234,398,060 (Cost $75,428,000) $ 75,428,000 $ 75,428,000 - ------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,818,463,973) 98.1% 1,828,962,441 - ------------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 1.9 35,259,652 ------------------------------- NET ASSETS 100.0% $1,864,222,093 ------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: EUR Euro GBP British Pound Sterling MXN Mexican Nuevo Peso 1. Identifies issues considered to be illiquid. See Note 7 of Notes to Financial Statements. 2. Represents the current interest rate for a variable or increasing rate security. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $421,283,248 or 22.60% of the Fund's net assets as of December 31, 2003. 4. Issue is in default. See Note 1 of Notes to Financial Statements. 5. Non-income producing security. 6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 7. Interest or dividend is paid-in-kind. 8. Units may be comprised of several components, such as debt and equity and/or warrants to purchase equity at some point in the future. For units, which represent debt securities, principal amount disclosed represents total underlying principal. 9. Received as the result of issuer reorganization. Currently has minimal market value. 10. Zero coupon bond reflects effective yield on the date of purchase. 11. Securities with an aggregate market value of $44,200 are held in collateralized accounts to cover initial margin requirements on open futures sales contracts. See Note 6 of Notes to Financial Statements. 12. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer, and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 2003. The aggregate fair value of securities of affiliated companies held by the Fund as of December 31, 2003 amounts to $18,365. Transactions during the period in which the issuer was an affiliate are as follows: SHARES GROSS GROSS SHARES UNREALIZED JUNE 30, 2003 ADDITIONS REDUCTIONS DECEMBER 31, 2003 DEPRECIATION - ----------------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Prandium, Inc. 459,132 -- -- 459,132 $5,381,635
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 30 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF ASSETS AND LIABILITIES UNAUDITED - --------------------------------------------------------------------------------
DECEMBER 31, 2003 - ----------------------------------------------------------------------------------- ASSETS - ----------------------------------------------------------------------------------- Investments, at value (including securities loaned of approximately $6,727,000)--see accompanying statement: Unaffiliated companies (cost $1,813,063,973) $1,828,944,076 Affiliated companies (cost $5,400,000) 18,365 --------------- 1,828,962,441 - ----------------------------------------------------------------------------------- Cash 3,503,955 - ----------------------------------------------------------------------------------- Collateral for securities loaned 6,807,504 - ----------------------------------------------------------------------------------- Receivables and other assets: Interest, dividends and principal paydowns 32,683,104 Shares of beneficial interest sold 5,177,403 Futures margins 2,125 Other 9,883 --------------- Total assets 1,877,146,415 - ----------------------------------------------------------------------------------- LIABILITIES - ----------------------------------------------------------------------------------- Return of collateral for securities loaned 6,807,504 - ----------------------------------------------------------------------------------- Payables and other liabilities: Shares of beneficial interest redeemed 3,932,617 Distribution and service plan fees 1,055,786 Investments purchased 735,111 Transfer and shareholder servicing agent fees 243,403 Shareholder reports 92,625 Trustees' compensation 10,183 Other 47,093 --------------- Total liabilities 12,924,322 - ----------------------------------------------------------------------------------- NET ASSETS $1,864,222,093 =============== - ----------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ----------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 194,774 - ----------------------------------------------------------------------------------- Additional paid-in capital 2,477,328,320 - ----------------------------------------------------------------------------------- Accumulated net investment loss (5,169,613) - ----------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (618,651,720) - ----------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 10,520,332 --------------- NET ASSETS $1,864,222,093 ===============
31 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF ASSETS AND LIABILITIES UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - -------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $1,246,971,933 and 129,839,900 shares of beneficial interest outstanding) $ 9.60 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $10.08 - -------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $367,899,347 and 38,879,421 shares of beneficial interest outstanding) $ 9.46 - -------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $179,848,869 and 18,773,958 shares of beneficial interest outstanding) $ 9.58 - -------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $12,319,604 and 1,280,437 shares of beneficial interest outstanding) $ 9.62 - -------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $57,182,340 and 6,000,057 shares of beneficial interest outstanding) $ 9.53 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 32 | OPPENHEIMER HIGH YIELD FUND STATEMENT OF OPERATIONS UNAUDITED - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED DECEMBER 31, 2003 - ----------------------------------------------------------------------------------- INVESTMENT INCOME - ----------------------------------------------------------------------------------- Interest $ 76,296,113 - ----------------------------------------------------------------------------------- Dividends 719,475 - ----------------------------------------------------------------------------------- Portfolio lending fees 157,119 ------------- Total investment income 77,172,707 - ----------------------------------------------------------------------------------- EXPENSES - ----------------------------------------------------------------------------------- Management fees 5,255,213 - ----------------------------------------------------------------------------------- Distribution and service plan fees: Class A 1,369,769 Class B 1,784,463 Class C 814,008 Class N 22,108 - ----------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 869,718 Class B 302,110 Class C 134,484 Class N 10,831 Class Y 139,874 - ----------------------------------------------------------------------------------- Shareholder reports: Class A 59,261 Class B 18,045 Class C 8,331 Class N 1,123 Class Y 410 - ----------------------------------------------------------------------------------- Custodian fees and expenses 31,035 - ----------------------------------------------------------------------------------- Trustees' compensation 29,649 - ----------------------------------------------------------------------------------- Other 19,933 ------------- Total expenses 10,870,365 Less reduction to custodian expenses (5,905) Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (14,004) Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (4,340) Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (1,378) Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (240) Less voluntary waiver of transfer and shareholder servicing agent fees--Class Y (41,704) ------------- Net expenses 10,802,794 - ----------------------------------------------------------------------------------- NET INVESTMENT INCOME 66,369,913 - ----------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ----------------------------------------------------------------------------------- Net realized loss on: Investments (12,438,916) Closing of futures contracts (18,388) Foreign currency transactions (119,326) ------------- Net realized loss (12,576,630) - ----------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on: Investments 88,429,909 Translation of assets and liabilities denominated in foreign currencies 2,209,744 Futures contracts 10,428 ------------- Net change in unrealized appreciation (depreciation) 90,650,081 - ----------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $144,443,364 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 33 | OPPENHEIMER HIGH YIELD FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, (UNAUDITED) 2003 - ------------------------------------------------------------------------------------- OPERATIONS - ----------------------------------------------------------------------------------- Net investment income $ 66,369,913 $ 132,671,921 - ------------------------------------------------------------------------------------- Net realized loss (12,576,630) (163,255,101) - ------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 90,650,081 268,800,841 ------------------------------- Net increase in net assets resulting from operations 144,443,364 238,217,661 - ------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ----------------------------------------------------------------------------------- Dividends from net investment income: Class A (43,144,693) (75,259,993) Class B (12,219,902) (24,005,931) Class C (5,519,846) (8,842,615) Class N (319,255) (354,824) Class Y (2,137,361) (3,503,240) - ------------------------------------------------------------------------------------- Tax return of capital distribution: Class A -- (10,312,510) Class B -- (3,545,582) Class C -- (1,335,631) Class N -- (53,283) Class Y -- (476,622) - ------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ----------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 42,253,036 215,493,585 Class B (20,970,033) 13,616,121 Class C 11,717,268 44,034,511 Class N 3,610,929 5,191,070 Class Y 366,215 12,011,100 - ------------------------------------------------------------------------------------- NET ASSETS - ----------------------------------------------------------------------------------- Total increase 118,079,722 400,873,817 - ------------------------------------------------------------------------------------- Beginning of period 1,746,142,371 1,345,268,554 ------------------------------- End of period (including accumulated net investment loss of $5,169,613 and $8,198,469, respectively) $1,864,222,093 $1,746,142,371 ===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 34 | OPPENHEIMER HIGH YIELD FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, CLASS A (UNAUDITED) 2003 2002 2001 2000 1999 - -------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $9.15 $8.62 $10.20 $11.89 $13.06 $14.44 - -------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .37 .84 .92 1.18 1.26 1.26 Net realized and unrealized gain (loss) .43 .47 (1.44) (1.59) (1.18) (1.39) -------------------------------------------------------------------- Total from investment operations .80 1.31 (.52) (.41) .08 (.13) - -------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.35) (.69) (1.01) (1.28) (1.25) (1.25) Tax return of capital distribution -- (.09) (.05) -- -- -- -------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.35) (.78) (1.06) (1.28) (1.25) (1.25) - -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.60 $9.15 $8.62 $10.20 $11.89 $13.06 ==================================================================== - -------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 8.94% 16.38% (5.47)% (3.69)% 0.71% (0.71)% - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $1,246,972 $1,150,055 $858,834 $ 962,017 $1,065,220 $1,027,730 - -------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $1,137,687 $ 934,227 $948,097 $1,038,442 $1,125,834 $1,198,756 - -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 7.90% 9.54% 9.68% 10.66% 10.12% 9.40% Total expenses 1.02% 3,4 1.07% 3 1.10% 3 1.00% 3 1.02% 3 0.99% 3 - -------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 31% 68% 47% 33% 24% 43% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. 4. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 35 | OPPENHEIMER HIGH YIELD FUND FINANCIAL HIGHLIGHTS CONTINUED - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, CLASS B (UNAUDITED) 2003 2002 2001 2000 1999 - ----------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $9.03 $8.51 $10.09 $11.77 $12.95 $14.33 - ----------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .32 .74 .84 1.10 1.15 1.14 Net realized and unrealized gain (loss) .43 .49 (1.43) (1.58) (1.18) (1.38) ----------------------------------------------------------------- Total from investment operations .75 1.23 (.59) (.48) (.03) (.24) - ----------------------------------------------------------------------------------------------------------------- Dividends and/or distribution to shareholders: Dividends from net investment income (.32) (.62) (.94) (1.20) (1.15) (1.14) Tax return of capital distribution -- (.09) (.05) -- -- -- ----------------------------------------------------------------- Total dividends and/or distributions to shareholders (.32) (.71) (.99) (1.20) (1.15) (1.14) - ----------------------------------------------------------------------------------------------------------------- Net asset value, end of period $9.46 $9.03 $ 8.51 $10.09 $11.77 $12.95 ================================================================= - ----------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 8.42% 15.60% (6.23)% (4.37)% (0.13)% (1.48)% - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $367,899 $372,947 $338,654 $386,309 $453,375 $580,468 - ----------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $353,965 $321,200 $366,869 $414,648 $509,815 $544,925 - ----------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income 7.13% 8.81% 8.93% 9.91% 9.35% 8.61% Total expenses 1.80% 3,4 1.84% 3 1.86% 3 1.76% 3 1.79% 3 1.78% 3 - ----------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 31% 68% 47% 33% 24% 43% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. 4. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 36 | OPPENHEIMER HIGH YIELD FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, CLASS C (UNAUDITED) 2003 2002 2001 2000 1999 - ------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $9.13 $8.60 $10.18 $11.87 $13.04 $14.42 - ------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .33 .78 .86 1.11 1.16 1.15 Net realized and unrealized gain (loss) .43 .46 (1.45) (1.60) (1.18) (1.39) ------------------------------------------------------------- Total from investment operations .76 1.24 (.59) (.49) (.02) (.24) - ------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.31) (.62) (.94) (1.20) (1.15) (1.14) Tax return of capital distribution -- (.09) (.05) -- -- -- ------------------------------------------------------------- Total dividends and/or distributions to shareholders (.31) (.71) (.99) (1.20) (1.15) (1.14) - ------------------------------------------------------------------------------------------------------------ Net asset value, end of period $9.58 $9.13 $8.60 $10.18 $11.87 $13.04 ============================================================= - ------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 1 8.54% 15.55% (6.08)% (4.43)% (0.06)% (1.49)% - ------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $179,849 $160,713 $106,884 $90,603 $82,204 $93,607 - ------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $161,583 $120,997 $104,882 $83,776 $87,141 $79,889 - ------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 7.13% 8.78% 8.75% 9.90% 9.35% 8.60% Total expenses 1.80% 3,4 1.83% 3 1.86% 3 1.76% 3 1.79% 3 1.78% 3 - ------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 31% 68% 47% 33% 24% 43% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. 4. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 37 | OPPENHEIMER HIGH YIELD FUND FINANCIAL HIGHLIGHTS CONTINUED
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, CLASS N (UNAUDITED) 2003 2002 2001 1 - ------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------ Net asset value, beginning of period $9.17 $8.63 $10.20 $11.33 - ------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .32 .80 .96 .41 Net realized and unrealized gain (loss) .46 .49 (1.48) (1.13) ------------------------------------- Total from investment operations .78 1.29 (.52) (.72) - ------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.33) (.66) (1.00) (.41) Tax return of capital distribution -- (.09) (.05) -- ------------------------------------- Total dividends and/or distributions to shareholders (.33) (.75) (1.05) (.41) - ------------------------------------------------------------------------------------------ Net asset value, end of period $9.62 $9.17 $8.63 $10.20 ===================================== - ------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 8.73% 16.08% (5.53)% (6.43)% - ------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $12,320 $8,324 $2,396 $146 - ------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 8,793 $4,827 $ 799 $ 46 - ------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 7.56% 9.14% 8.41% 11.47% Total expenses 1.39% 4,5 1.41% 4 1.35% 4 1.04% 4 - ------------------------------------------------------------------------------------------ Portfolio turnover rate 31% 68% 47% 33% 1. For the period from March 1, 2001 (inception of offering) to June 30, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 38 | OPPENHEIMER HIGH YIELD FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, CLASS Y (UNAUDITED) 2003 2002 2001 2000 1999 - ------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA Net asset value, beginning of period $9.09 $8.56 $10.14 $11.82 $13.02 $14.42 - ------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income .37 .86 .90 1.20 1.27 1.28 Net realized and unrealized gain (loss) .42 .45 (1.41) (1.59) (1.18) (1.39) ---------------------------------------------------- Total from investment operations .79 1.31 (.51) (.39) .09 (.11) - ------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Dividends from net investment income (.35) (.69) (1.02) (1.29) (1.29) (1.29) Tax return of capital distribution -- (.09) (.05) -- -- -- ---------------------------------------------------- Total dividends and/or distributions to shareholders (.35) (.78) (1.07) (1.29) (1.29) (1.29) - ------------------------------------------------------------------------------------------------ Net asset value, end of period $9.53 $9.09 $ 8.56 $10.14 $11.82 $13.02 ==================================================== - ------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 1 8.92% 16.51% (5.37)% (3.57)% 0.85% (0.54)% - ------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $57,182 $54,102 $38,500 $60,244 $54,117 $52,993 - ------------------------------------------------------------------------------------------------ Average net assets (in thousands) $55,573 $43,178 $44,583 $56,669 $54,022 $34,043 - ------------------------------------------------------------------------------------------------ Ratios to average net assets: 2 Net investment income 7.95% 9.63% 9.88% 10.72% 10.30% 9.73% Total expenses 1.12% 1.34% 1.01% 0.94% 0.86% 0.76% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses 0.97% 0.98% 0.98% N/A 3 N/A 3 N/A 3 - ------------------------------------------------------------------------------------------------ Portfolio turnover rate 31% 68% 47% 33% 24% 43% 1. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods 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. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 39 | OPPENHEIMER HIGH YIELD FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer High Yield Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund's primary investment objective is to seek a high level of current income by investing in a diversified portfolio of high-yield, lower-rated fixed-income securities the Fund's investment Manager, OppenheimerFunds, Inc. (the Manager), believes do not involve undue risk. The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The Fund assesses a 2% fee on the proceeds of fund shares that are redeemed (either by selling or exchanging to another Oppenheimer fund) within 30 days of their purchase. The fee, which is retained by the Fund, is accounted for as an addition to paid-in-capital. 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. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective foreign exchanges will be fair valued. 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). 40 | OPPENHEIMER HIGH YIELD FUND - -------------------------------------------------------------------------------- STRUCTURED NOTES. The Fund invests in index-linked structured notes whose principal and/or interest depend on the performance of an underlying index. The structured notes are leveraged, which increases the volatility of each note's market value relative to the change in the underlying index. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying financial statements. The Fund records a realized gain or loss when a structured note is sold or matures. As of December 31, 2003, the market value of these securities comprised 11% of the Fund's net assets, and resulted in unrealized gains of $10,359,095. - -------------------------------------------------------------------------------- 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 December 31, 2003, securities with an aggregate market value of $48,489,546, representing 2.60% of the Fund's net assets, were in default. - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. Secured by U.S. government securities, these balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- 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. 41 | OPPENHEIMER HIGH YIELD FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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. As of December 31, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $604,992,792 expiring by 2012. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. As of June 30, 2003, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: EXPIRING ---------------------- 2004 $ 25,763,959 2007 30,649,297 2008 35,734,504 2009 57,513,604 2010 101,344,550 2011 284,056,063 ------------ Total $535,061,977 ============ - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or are invested in other Oppenheimer funds selected by the Trustee. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- 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, if applicable, represents earnings on cash balances maintained by the Fund. 42 | OPPENHEIMER HIGH YIELD 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. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 2003 YEAR ENDED JUNE 30, 2003 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------ CLASS A Sold 41,909,408 $384,615,267 87,336,667 $ 736,289,514 Dividends and/or distributions reinvested 3,171,249 29,484,423 6,545,577 55,293,487 Redeemed (40,866,191) (371,846,654) (67,886,608) (576,089,416) --------------------------------------------------------- Net increase 4,214,466 $ 42,253,036 25,995,636 $ 215,493,585 ========================================================= - ------------------------------------------------------------------------------------ CLASS B Sold 7,182,948 $ 65,417,698 15,654,941 $ 130,451,578 Dividends and/or distributions reinvested 738,742 6,760,483 1,761,918 14,661,070 Redeemed (10,363,604) (93,148,214) (15,888,264) (131,496,527) --------------------------------------------------------- Net increase (decrease) (2,441,914) $(20,970,033) 1,528,595 $ 13,616,121 ========================================================= - ------------------------------------------------------------------------------------ CLASS C Sold 5,661,997 $ 52,216,388 9,967,771 $ 84,476,514 Dividends and/or distributions reinvested 392,463 3,640,806 746,825 6,304,053 Redeemed (4,878,647) (44,139,926) (5,541,975) (46,746,056) --------------------------------------------------------- Net increase 1,175,813 $ 11,717,268 5,172,621 $ 44,034,511 ========================================================= - ------------------------------------------------------------------------------------ CLASS N Sold 888,226 $ 8,268,986 779,085 $ 6,484,742 Dividends and/or distributions reinvested 31,932 298,152 45,571 390,759 Redeemed (547,319) (4,956,209) (194,820) (1,684,431) --------------------------------------------------------- Net increase 372,839 $ 3,610,929 629,836 $ 5,191,070 ========================================================= - ------------------------------------------------------------------------------------ CLASS Y Sold 1,877,358 $ 17,226,409 4,098,729 $ 34,534,730 Dividends and/or distributions reinvested 231,811 2,137,360 474,376 3,979,861 Redeemed (2,062,771) (18,997,554) (3,119,654) (26,503,491) --------------------------------------------------------- Net increase 46,398 $ 366,215 1,453,451 $ 12,011,100 =========================================================
43 | OPPENHEIMER HIGH YIELD FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended December 31, 2003, were $502,126,534 and $473,797,902, 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, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million, 0.60% of the next $200 million and 0.50% of average annual net assets over $1 billion. - -------------------------------------------------------------------------------- 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 six months ended December 31, 2003, the Fund paid $1,382,275 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $5,000 for assets of less than $10 million and $10,000 for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average annual net assets for all classes. 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 Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses the fees it receives from the Fund to pay brokers, dealers and other financial institutions for personal services and account maintenance services they provide for their customers who hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. Fees incurred by the Fund under the plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to compensate the Distributor for its services in connection with the distribution of these shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset- 44 | OPPENHEIMER HIGH YIELD FUND based sales charge of 0.75% per year on Class B shares and on Class C shares and 0.25% per year on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at December 31, 2003 for Class B, Class C and Class N shares was $15,310,230, $3,457,587 and $145,048, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY SIX MONTHS ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ------------------------------------------------------------------------------------------- December 31, 2003 $294,847 $193,881 $499,182 $10,641 $11,287
- -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of December 31, 2003, the Fund had no outstanding foreign currency contracts. 45 | OPPENHEIMER HIGH YIELD FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a commodity or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices "financial futures" or debt securities "interest rate futures" in order to gain exposure to or protection from changes in market value of stock and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying fixed income securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported on the Statement of Operations as closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported on the Statement of Operations. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of December 31, 2003, the Fund had outstanding futures contracts as follows:
EXPIRATION NUMBER OF VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE CONTRACTS DECEMBER 31, 2003 APPRECIATION - ---------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Treasury Nts., 5 yr. 3/22/04 17 $1,897,625 $10,428
46 | OPPENHEIMER HIGH YIELD FUND - -------------------------------------------------------------------------------- 7. ILLIQUID SECURITIES As of December 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. The Fund intends to invest no more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. The aggregate value of illiquid securities subject to this limitation as of December 31, 2003 was $162,001,374, which represents 8.69% of the Fund's net assets. - -------------------------------------------------------------------------------- 8. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. As of December 31, 2003, the Fund had on loan securities valued at approximately $6,727,000. Cash of $6,807,504 was received as collateral for the loans, and has been invested in approved instruments. - -------------------------------------------------------------------------------- 9. BORROWING AND LENDING ARRANGEMENTS The Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission (the SEC) to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. The SEC's order requires the Fund's Board of Trustees to adopt operating policies and procedures to administer interfund borrowing and lending. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the Manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the six months ended or at December 31, 2003. 47 | OPPENHEIMER HIGH YIELD FUND 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. 48 | OPPENHEIMER HIGH YIELD FUND ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the Trust has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE Item 9. Submission of Matters to a Vote of Security Holders Not applicable for fiscal periods ending December 31, 2003. ITEM 10. 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 December 31, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances 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 over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. 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-280.txt EX99_CODE-280 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 ommunications 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 hether 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-280.txt EX99_302CERT-280 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 High Yield 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 c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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 control over financial reporting. Date: 2/11/04 /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 High Yield 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 c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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 control over financial reporting. Date: 2/11/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 5 ex99_906cert-280.txt EX99_906CERT-280 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 High Yield 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 December 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 High Yield Fund Oppenheimer High Yield Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- --------------------------- John V. Murphy Brian W. Wixted Date: 2/11/04 Date: 2/11/04 -----END PRIVACY-ENHANCED MESSAGE-----