-----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, E7rbaZ+S9pQGeQ3YWxBL+yJx40uzP0Bab3Ap/e/m/nbQ2y74E3li8+Zr3PM/ap6B LjI+6lNbQdqxlznoh6OutQ== 0000935069-05-002143.txt : 20050809 0000935069-05-002143.hdr.sgml : 20050809 20050809140247 ACCESSION NUMBER: 0000935069-05-002143 CONFORMED SUBMISSION TYPE: N-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050531 FILED AS OF DATE: 20050809 DATE AS OF CHANGE: 20050809 EFFECTIVENESS DATE: 20050809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER CAPITAL INCOME FUND CENTRAL INDEX KEY: 0000045156 IRS NUMBER: 840578481 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-01512 FILM NUMBER: 051008889 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND DATE OF NAME CHANGE: 19980710 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CENTENNIAL EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19830428 N-Q/A 1 rq300_15604nq.txt RQ300_15604NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-1512 Oppenheimer Capital Income 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: AUGUST 31 Date of reporting period: MAY 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--47.8% - ----------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--5.6% - ----------------------------------------------------------------------------------------------------------------------- MEDIA--1.8% Cablevision Systems New York Group, Cl. A 1,2 1,150,000 $ 29,417,000 - ----------------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc. 650,000 18,999,500 - ----------------------------------------------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A 2 63,200 1,847,336 - ----------------------------------------------------------------------------------------------------------------------- News Corp., Cl. A 327,500 5,282,575 ---------------- 55,546,411 - ----------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--3.8% CSK Auto Corp. 1,3 6,498,375 110,017,489 - ----------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 294,665 6,187,965 ---------------- 116,205,454 - ----------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--6.6% - ----------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.5% Wal-Mart Stores, Inc. 306,000 14,452,380 - ----------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.4% B&G Foods, Inc. 850,000 12,342,000 - ----------------------------------------------------------------------------------------------------------------------- TOBACCO--5.7% Altria Group, Inc. 2 2,175,000 146,029,500 - ----------------------------------------------------------------------------------------------------------------------- Loews Corp./Carolina Group 1,000,000 29,880,000 ---------------- 175,909,500 - ----------------------------------------------------------------------------------------------------------------------- ENERGY--12.2% - ----------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.3% GlobalSantaFe Corp. 2 275,000 10,076,000 - ----------------------------------------------------------------------------------------------------------------------- OIL & GAS--11.9% BP plc, ADR 2 612,500 36,872,500 - ----------------------------------------------------------------------------------------------------------------------- Enbridge Energy Management LLC 3 695,094 34,212,527 - ----------------------------------------------------------------------------------------------------------------------- Kinder Morgan Management LLC 3,477,550 154,994,404 - ----------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc. 1,750,000 135,992,500 ---------------- 362,071,931 - ----------------------------------------------------------------------------------------------------------------------- FINANCIALS--14.8% - ----------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.1% Tortoise Energy Capital Corp. 1 155,000 3,826,950 - ----------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--4.2% Bank of America Corp. 1,050,000 48,636,000 - ----------------------------------------------------------------------------------------------------------------------- U.S. Bancorp 1,127,600 33,072,508 - ----------------------------------------------------------------------------------------------------------------------- Washington Mutual, Inc. 2 1,120,800 46,289,040 ---------------- 127,997,548 - ----------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--3.6% Citigroup, Inc. 2,152,500 101,404,275 - ----------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 241,500 8,633,625 ---------------- 110,037,900 - ----------------------------------------------------------------------------------------------------------------------- INSURANCE--5.9% ACE Ltd. 775,000 33,495,500 - ----------------------------------------------------------------------------------------------------------------------- Everest Re Group Ltd. 2 1,161,300 103,924,737 - ----------------------------------------------------------------------------------------------------------------------- Genworth Financial, Inc., Cl. A 582,500 16,886,675 - -----------------------------------------------------------------------------------------------------------------------
1 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------- COMMON STOCKS CONTINUED - ----------------------------------------------------------------------------------------------------------------------- INSURANCE CONTINUED Prudential Financial, Inc. 2 415,000 $ 26,273,650 ---------------- 180,580,562 - ----------------------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% Anthracite Capital, Inc. 1,000,000 11,660,000 - ----------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.6% PMI Group, Inc. (The) 500,000 18,900,000 - ----------------------------------------------------------------------------------------------------------------------- HEALTH CARE--1.9% - ----------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.2% Wyeth 125,000 5,421,250 - ----------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.7% Abbott Laboratories 2 450,000 21,708,000 - ----------------------------------------------------------------------------------------------------------------------- Pfizer, Inc. 1,050,000 29,295,000 ---------------- 51,003,000 - ----------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--3.8% - ----------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.6% Lockheed Martin Corp. 2 57,500 3,731,175 - ----------------------------------------------------------------------------------------------------------------------- Raytheon Co. 1,170,000 45,817,200 ---------------- 49,548,375 - ----------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.9% Cendant Corp. 1,350,000 28,633,500 - ----------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--1.3% General Electric Co. 350,000 12,768,000 - ----------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. 875,000 25,313,750 ---------------- 38,081,750 - ----------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--0.4% - ----------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.1% Nortel Networks Corp. 1 1,300,000 3,367,000 - ----------------------------------------------------------------------------------------------------------------------- SOFTWARE--0.3% Microsoft Corp. 332,500 8,578,500 - ----------------------------------------------------------------------------------------------------------------------- MATERIALS--0.3% - ----------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.2% Packaging Corp. of America 263,000 5,743,920 - ----------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.1% Bowater, Inc. 50,000 1,570,000 - ----------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.5% - ----------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.1% Citizens Communications Co. 800,000 10,912,000 - ----------------------------------------------------------------------------------------------------------------------- FairPoint Communications, Inc. 755,000 11,755,350 - ----------------------------------------------------------------------------------------------------------------------- PanAmSat Holding Corp. 430,000 8,174,300 - ----------------------------------------------------------------------------------------------------------------------- SBC Communications, Inc. 2 25,000 584,500 - ----------------------------------------------------------------------------------------------------------------------- Verizon Communications, Inc. 100,000 3,538,000 ---------------- 34,964,150 - ----------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.4% AT&T Corp. 175,000 3,288,250 - ----------------------------------------------------------------------------------------------------------------------- New Skies Satellites Holdings Ltd. 1 20,000 354,000 - -----------------------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ----------------------------------------------------------------------------------------------------------------------- COMMON STOCKS CONTINUED - ----------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED Nextel Communications, Inc., Cl. A 1 250,000 $ 7,545,000 ---------------- 11,187,250 - ----------------------------------------------------------------------------------------------------------------------- UTILITIES--0.7% - ----------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.6% Sempra Energy 470,925 18,681,595 - ----------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.1% Questar Corp. 2 37,750 2,379,760 ---------------- Total Common Stocks (Cost $1,016,644,865) 1,458,766,686 - ----------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--7.4% - ----------------------------------------------------------------------------------------------------------------------- AES Trust III, 6.75% Cv. 127,500 5,941,500 - ----------------------------------------------------------------------------------------------------------------------- Aquila, Inc., 6.75% Cv. 215,000 7,374,500 - ----------------------------------------------------------------------------------------------------------------------- Calpine Capital Trust III, 5% Cum. Cv. Remarketable Term Income Deferrable Equity Securities, Non-Vtg. 400,000 19,100,000 - ----------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., Cv. 1,000,000 32,542,000 - ----------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (New York), 2.32% Cv. Equity Linked Nts. (redemption linked to Comcast Corp., Cl. A common stock) 1 1,060,200 32,799,938 - ----------------------------------------------------------------------------------------------------------------------- El Paso Corp., 4.99% Cv. 1,4 8,250 8,060,250 - ----------------------------------------------------------------------------------------------------------------------- Emmis Communications Corp., 6.25% Cum. Cv., Series A, Non-Vtg. 400,000 16,000,000 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., 5.375% Cv., Non-Vtg. 150 14,501,400 - ----------------------------------------------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold, Inc.: 5.50% Cv. 4 7,250 6,493,281 5.50% Cv. 125 111,953 - ----------------------------------------------------------------------------------------------------------------------- Six Flags, Inc., 7.25% Cum. Cv. Preferred Income Equity Redeemable Shares, Non-Vtg. 60,000 1,174,800 - ----------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 4.50% Cv. Jr. Unsec. Sub. Nts. 1,750,000 38,675,000 - ----------------------------------------------------------------------------------------------------------------------- United Rentals Trust I, 6.50% Cv. Quarterly Income Preferred Securities 575,000 24,437,500 - ----------------------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The), 5.50% Cv. Jr. Unsec. Sub. Debs. 67,500 5,948,438 - ----------------------------------------------------------------------------------------------------------------------- XL Capital Ltd., 6.50% Cv. 600,000 14,412,000 ---------------- Total Preferred Stocks (Cost $233,685,865) 227,572,560 PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--14.4% - ----------------------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2004-6, Cl. A3, 4.512%, 12/10/42 $ 2,310,000 2,311,002 - ----------------------------------------------------------------------------------------------------------------------- Bank of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 3,442,036 3,499,278 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 2,679,981 2,757,869 Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 1,498,489 1,498,644 Series 2004-G, Cl. 2A1, 2.469%, 8/25/34 5 504,624 504,166 - ----------------------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2005-PWR7, Cl. A2, 4.945%, 2/11/41 1,230,000 1,259,207 - ----------------------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations: Series 2004-J9, Cl. 1A1, 3.27%, 10/25/34 5 1,904,383 1,906,308 Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 3,579,519 3,641,965 - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 6%, 9/1/34-10/1/34 14,302,699 14,701,278
3 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS CONTINUED - ----------------------------------------------------------------------------------------------------------------------- 6.50%, 4/1/18-4/1/34 $ 3,161,040 $ 3,291,739 7%, 9/1/31-3/1/33 9,892,284 10,435,020 7%, 6/1/34 6 14,102,000 14,859,983 8%, 4/1/16 846,036 906,424 9%, 8/1/22-5/1/25 246,804 269,442 - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 351,026 352,203 Series 2034, Cl. Z, 6.50%, 2/15/28 1,001,415 1,045,175 Series 2053, Cl. Z, 6.50%, 4/15/28 1,118,060 1,162,528 Series 2055, Cl. ZM, 6.50%, 5/15/28 1,350,903 1,401,909 Series 2075, Cl. D, 6.50%, 8/15/28 3,504,428 3,643,314 Series 2080, Cl. Z, 6.50%, 8/15/28 867,257 898,192 Series 2387, Cl. PD, 6%, 4/15/30 1,573,532 1,591,248 Series 2498, Cl. PC, 5.50%, 10/15/14 154,818 155,507 Series 2500, Cl. FD, 3.59%, 3/15/32 5 556,516 558,261 Series 2526, Cl. FE, 3.49%, 6/15/29 5 677,771 680,114 Series 2550, Cl. QK, 4.50%, 4/15/22 430,657 430,813 Series 2551, Cl. FD, 3.49%, 1/15/33 5 538,759 542,830 - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 176, Cl. IO, 7.068%, 6/1/26 7 934,270 174,413 Series 183, Cl. IO, 4.38%, 4/1/27 7 1,466,687 264,049 Series 184, Cl. IO, 9.36%, 12/1/26 7 1,530,308 281,804 Series 192, Cl. IO, 10.161%, 2/1/28 7 458,143 80,831 Series 200, Cl. IO, 9.538%, 1/1/29 7 553,584 104,476 Series 2130, Cl. SC, 11.141%, 3/15/29 7 1,088,850 90,620 Series 2796, Cl. SD, 17.659%, 7/15/26 7 1,610,617 164,909 Series 2920, Cl. S, 22.706%, 1/15/35 7 9,919,302 606,714 - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 5.667%, 6/1/26 8 444,693 390,022 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 5%, 6/1/18-3/1/34 15,406,819 15,526,395 5%, 6/1/20-6/1/35 6 61,583,000 61,951,971 5.50%, 3/1/33-4/1/34 28,566,644 29,019,051 5.50%, 6/1/20-6/1/34 6 49,288,000 50,245,772 6%, 3/1/23-8/1/24 11,187,443 11,564,205 6%, 6/1/20-6/25/35 6 32,552,000 33,566,313 6.50%, 10/1/30 548,989 572,223 6.50%, 6/1/35 6 66,072,000 68,652,904 7%, 11/1/17 4,066,201 4,274,246 7%, 6/1/35 6 5,599,000 5,908,692 7.50%, 8/1/29-3/1/30 3,504,947 3,761,680 8.50%, 7/1/32 109,582 119,283 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1993-87, Cl. Z, 6.50%, 6/25/23 2,696,704 2,820,316 Trust 1998-63, Cl. PG, 6%, 3/25/27 356,347 356,812 Trust 2001-50, Cl. NE, 6%, 8/25/30 917,359 926,666 Trust 2001-70, Cl. LR, 6%, 9/25/30 845,164 859,198
4 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS CONTINUED - ----------------------------------------------------------------------------------------------------------------------- Trust 2001-72, Cl. NH, 6%, 4/25/30 $ 628,922 $ 634,428 Trust 2001-74, Cl. PD, 6%, 5/25/30 266,526 269,141 Trust 2002-77, Cl. WF, 3.49%, 12/18/32 5 844,304 849,812 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 873,906 873,636 Trust 2002-T1, Cl. A2, 7%, 11/25/31 3,166,158 3,348,212 Trust 2003-10, Cl. HP, 5%, 2/25/18 3,950,000 4,034,123 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,921,000 2,009,935 Trust 2003-81, Cl. PA, 5%, 2/25/12 170,232 170,068 Trust 2004-101, Cl. BG, 5%, 1/25/20 2,550,000 2,607,657 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 2002-47, Cl. NS, 7.979%, 4/25/32 7 2,017,264 206,127 Trust 2002-51, Cl. S, 8.219%, 8/25/32 7 1,852,124 190,071 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 222, Cl. 2, 4.54%, 6/1/23 7 3,108,801 594,198 Trust 240, Cl. 2, 7.77%, 9/1/23 7 4,682,575 873,508 Trust 252, Cl. 2, 0.774%, 11/1/23 7 2,394,233 470,178 Trust 254, Cl. 2, 3.907%, 1/1/24 7 1,177,266 226,425 Trust 273, Cl. 2, 6.878%, 7/1/26 7 678,696 126,594 Trust 303, Cl. IO, 5.959%, 11/1/29 7 923,797 172,883 Trust 308, Cl. 2, 3.488%, 9/1/30 7 2,806,872 490,024 Trust 321, Cl. 2, (2.99)%, 3/1/32 7 10,195,529 1,885,885 Trust 322, Cl. 2, 3.999%, 4/1/32 7 3,542,584 621,207 Trust 329, Cl. 2, 5.51%, 1/1/33 7 4,377,779 837,935 Trust 331, Cl. 9, (11.322)%, 12/1/32 7 2,882,882 524,202 Trust 333, Cl. 2, 7.82%, 3/1/33 7 8,253,326 1,586,404 Trust 334, Cl. 17, (3.245)%, 2/1/33 7 1,674,961 307,800 Trust 2001-81, Cl. S, 11.799%, 1/25/32 7 1,059,411 111,759 Trust 2002-9, Cl. MS, 9.237%, 3/25/32 7 1,272,035 136,984 Trust 2002-52, Cl. SD, 3.958%, 9/25/32 7 2,286,631 234,329 Trust 2002-77, Cl. SH, 18.523%, 12/18/32 7 1,318,404 135,490 Trust 2004-54, Cl. DS, 14.029%, 11/25/30 7 2,153,193 182,504 Trust 2005-6, Cl. SE, 22.007%, 2/25/35 7 6,783,769 426,884 Trust 2005-19, Cl. SA, 20.95%, 3/25/35 7 26,280,818 1,644,078 Trust 2005-40, Cl. SA, 25.588%, 5/25/35 7 6,433,540 404,707 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security, Trust 1993-184, Cl. M, 7.782%, 9/25/23 8 1,032,744 895,098 - ----------------------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 1,730,000 1,827,072 - ----------------------------------------------------------------------------------------------------------------------- GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2004-C3, Cl. A2, 4.433%, 7/10/39 1,720,000 1,730,571 Series 2005-C1, Cl. A3, 4.578%, 6/10/48 1,000,000 1,005,013 - ----------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2004-C3, Cl.A4, 4.547%, 12/10/41 1,480,000 1,483,834 - -----------------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS CONTINUED - ----------------------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 $ 1,206,311 $ 1,263,157 - ----------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., 8.50%, 8/15/17-12/15/17 310,972 338,772 - ----------------------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 7.673%, 1/16/27 7 2,185,415 217,216 Series 2002-15, Cl. SM, 2.586%, 2/16/32 7 1,996,717 190,887 Series 2002-76, Cl. SY, 5.897%, 12/16/26 7 4,791,085 493,465 Series 2004-11, Cl. SM, 3.095%, 1/17/30 7 1,849,222 160,713 - ----------------------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 1,990,000 1,990,935 - ----------------------------------------------------------------------------------------------------------------------- GS Mortgage Securities Corp. II, Commercial Mtg. Pass-Through Certificates: Series 2004-C1, Cl. A1, 3.659%, 10/10/28 1,660,774 1,636,739 Series 2004-GG2, Cl. A3, 4.602%, 8/10/38 1,080,000 1,092,637 - ----------------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 04-12, Cl. 3A1, 4.499%, 12/25/34 5,9 2,683,996 2,678,243 - ----------------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 3,977,229 4,071,661 - ----------------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 1,950,000 2,074,475 - ----------------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 2,380,000 2,712,084 - ----------------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations: Series 2005-C16, Cl. A2, 4.38%, 10/15/41 3,030,000 3,037,034 Series 2005-C17, Cl. A2, 4.782%, 3/15/42 3,590,000 3,653,664 - ----------------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Securities Corp., Collateralized Mtg. Pass-Through Certificates, Series 2005-AR5, Cl. A1, 4.852%, 4/25/35 4,146,553 4,161,115 - ----------------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.54%, 1/25/35 5 4,197,981 4,201,971 Series 2004-N, Cl. A10, 3.803%, 8/25/34 9 2,792,851 2,797,614 Series 2004-W, Cl. A2, 4.612%, 11/25/34 5 1,401,706 1,399,663 ---------------- Total Mortgage-Backed Obligations (Cost $438,618,631) 438,888,805 - ----------------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--2.7% - ----------------------------------------------------------------------------------------------------------------------- Aesop Funding II LLC, Automobile Asset-Backed Certificates, Series 2005-1A, Cl. A2, 3.15%, 4/20/08 5,9 900,000 898,596 - ----------------------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates: Series 2004-A, Cl. A2, 1.88%, 10/25/06 1,361,453 1,358,510 Series 2005-A, Cl. A2, 3.65%, 12/26/07 3,590,000 3,591,472 - ----------------------------------------------------------------------------------------------------------------------- Capital Auto Receivables Asset Trust, Automobile Mtg.-Backed Nts., Series 2004-2, Cl. A3, 3.58%, 1/15/09 2,990,000 2,960,994 - ----------------------------------------------------------------------------------------------------------------------- Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2004-A, Cl. AF1, 2.03%, 6/25/19 32,009 31,954 Series 2004-D, Cl. AF1, 2.98%, 4/25/20 9 1,074,259 1,068,384 Series 2005-B, Cl. AF1, 4.02%, 3/26/35 9 1,046,491 1,045,748
6 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2003-1, Cl. 1A3, 3.14%, 7/25/23 $ 344,571 $ 343,957 Series 2003-4, Cl. 1A2, 2.138%, 7/25/18 195,842 195,490 Series 2003-5, Cl. 1A2, 2.451%, 11/25/18 610,000 607,506 Series 2004-1, Cl. 1A2, 2.427%, 6/25/19 1,710,000 1,700,738 - ----------------------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates, Series 2002-A, Cl. A4, 4.24%, 9/15/08 506,775 508,448 - ----------------------------------------------------------------------------------------------------------------------- CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 9 2,250,000 2,238,122 - ----------------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 2,780,000 2,833,104 Series 2003-C4, Cl. C4, 5%, 6/10/15 430,000 435,060 - ----------------------------------------------------------------------------------------------------------------------- CitiFinancial Mortgage Securities, Inc., Home Equity Collateralized Mtg. Obligations, Series 2003-3, Cl. AF1, 3.21%, 8/25/33 5 228,309 228,454 - ----------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Inc., Home Equity Asset-Backed Certificates, Series 2002-4, Cl. A1, 3.46%, 2/25/33 5 249,556 252,884 - ----------------------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2001-D, Cl. A4, 3.78%, 2/6/07 452,515 452,942 Series 2002-A, Cl. A4, 4.49%, 10/6/08 983,630 987,211 Series 2003-B, Cl. A2, 1.61%, 7/10/06 447,802 447,885 Series 2004-B, Cl. A2, 2.48%, 2/8/07 9 1,975,960 1,971,977 Series 2004-C, Cl. A2, 2.62%, 6/8/07 4,169,487 4,156,184 Series 2005-A, Cl. A2, 3.17%, 9/8/07 9 3,670,000 3,661,617 Series 2005-B, Cl. A2, 3.75%, 12/8/07 3,010,000 3,009,398 - ----------------------------------------------------------------------------------------------------------------------- Equity One ABS, Inc., Home Equity Mtg. Pass-Through Certificates, Series 2004-3, Cl. AF2, 3.80%, 7/25/34 580,000 576,257 - ----------------------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 3,003,827 2,994,811 Series 2005-A, Cl. A3, 3.48%, 11/17/08 2,200,000 2,187,848 Series 2005-B, Cl. A2, 3.77%, 9/15/07 3,110,000 3,111,762 - ----------------------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 1,031,606 1,028,389 - ----------------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2003-4, Cl. A2, 1.58%, 7/17/06 725,129 724,537 Series 2005-1, Cl. A2, 3.21%, 5/21/07 9 1,470,000 1,467,016 - ----------------------------------------------------------------------------------------------------------------------- M&I Auto Loan Trust, Automobile Loan Certificates, Series 2002-1, Cl. A3, 2.49%, 10/22/07 382,267 382,065 - ----------------------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 4.44%, 3/15/16 5 4,080,000 4,351,127 - ----------------------------------------------------------------------------------------------------------------------- National City Auto Receivables Trust, Automobile Receivable Obligations, Series 2004-A, Cl. A2, 1.50%, 2/15/07 732,106 730,623 - ----------------------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 1,950,000 1,943,591 - ----------------------------------------------------------------------------------------------------------------------- Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2002-A, Cl. A4, 4.28%, 10/16/06 268,035 268,270 Series 2004-A, Cl. A2, 1.40%, 7/17/06 874,724 872,541 - ----------------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Home Equity Mtg. Obligations, Series 2004-3, Cl. A2, 3.24%, 11/25/34 5,9 613,555 614,017
7 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 9 $ 800,000 $ 794,312 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 600,000 596,678 Series 2005-2, Cl. A F2, 4.415%, 4/25/35 9 1,040,000 1,044,043 - ----------------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Collateralized Mtg. Obligations, Pass-Through Certificates, Series 2005-4XS, Cl. 3A1, 5.18%, 3/26/35 5,176,256 5,211,698 - ----------------------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2002-1, Cl. A3, 2.41%, 10/16/06 57,827 57,836 Series 2004-1, Cl. A2, 1.43%, 9/15/06 1,457,922 1,456,022 Series 2004-2, Cl. A2, 2.41%, 2/15/07 2,097,901 2,092,552 Series 2004-3, Cl. A2, 2.79%, 6/15/07 1,980,000 1,973,789 - ----------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities: Series 2004-A, Cl. A2, 2.47%, 1/22/07 2,658,782 2,649,240 Series 2005-A, Cl. A2, 3.52%, 4/20/07 2,580,000 2,577,910 - ----------------------------------------------------------------------------------------------------------------------- Volkswagen Auto Loan Enhanced Trust, Automobile Loan Receivable Certificates, Series 2003-2, Cl. A2, 1.55%, 6/20/06 179,051 178,973 - ----------------------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 1,774,784 1,768,940 - ----------------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 3,091,634 3,069,904 - ----------------------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates, Series 2004-1, Cl. A2A, 2.59%, 5/15/07 2,500,000 2,489,902 ---------------- Total Asset-Backed Securities (Cost $82,364,571) 82,201,288 - ----------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--2.3% - ----------------------------------------------------------------------------------------------------------------------- Fannie Mae Unsec. Nts., 3.69%, 10/5/07 10 2,255,000 2,061,291 - ----------------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Unsec. Nts.: 3.625%, 9/15/06 5,990,000 5,986,047 6.25%, 7/15/32 550,000 681,366 6.625%, 9/15/09 4,670,000 5,156,908 - ----------------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 3.75%, 5/17/07 6,800,000 6,784,918 4.25%, 7/15/07 2,990,000 3,015,570 6.625%, 9/15/09 9,455,000 10,426,946 7.25%, 5/15/30 1,625,000 2,228,535 - ----------------------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 5.375%, 11/13/08 238,000 249,027 7.125%, 5/1/30 1,689,000 2,282,739 Series A, 6.79%, 5/23/12 22,112,000 25,501,770 - ----------------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds: 5.375%, 2/15/31 526,000 609,338 STRIPS, 3.76%, 2/15/13 10,11 1,274,000 939,635 STRIPS, 4.96%, 2/15/16 10 1,157,000 738,348 - ----------------------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 3.875%, 5/15/10 542,000 545,134 4.125%, 5/15/15 1,942,000 1,961,422 ---------------- Total U.S. Government Obligations (Cost $68,608,886) 69,168,994 - ----------------------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--0.0% - ----------------------------------------------------------------------------------------------------------------------- United Mexican States Nts., 7.50%, 1/14/12 (Cost $1,236,559) 1,205,000 1,372,495
8 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--12.3% - ----------------------------------------------------------------------------------------------------------------------- Aetna, Inc., 7.375% Sr. Unsec. Nts., 3/1/06 13 $ 3,060,000 $ 3,135,300 - ----------------------------------------------------------------------------------------------------------------------- AIG SunAmerica Global Financing II, 7.60% Sr. Sec. Nts., 6/15/05 4 1,100,000 1,101,477 - ----------------------------------------------------------------------------------------------------------------------- Albertson's, Inc.: 8% Sr. Unsec. Debs., 5/1/31 1,330,000 1,554,915 8.70% Sr. Unsec. Debs., 5/1/30 751,000 939,760 - ----------------------------------------------------------------------------------------------------------------------- Allied Waste North America, Inc.: 5.75% Sr. Sec. Nts., Series B, 2/15/11 5,000,000 4,687,500 8.50% Sr. Sub. Nts., 12/1/08 2,500,000 2,618,750 8.875% Sr. Nts., Series B, 4/1/08 1,230,000 1,291,500 - ----------------------------------------------------------------------------------------------------------------------- Allstate Financial Global Funding LLC, 4.25% Nts., 9/10/08 4 625,000 624,388 - ----------------------------------------------------------------------------------------------------------------------- Allstate Life Global Funding II, 3.50% Nts., 7/30/07 850,000 841,369 - ----------------------------------------------------------------------------------------------------------------------- American Express Centurion Bank, 4.375% Nts., 7/30/09 1,140,000 1,147,434 - ----------------------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 3.85% Nts., 11/6/08 4 2,025,000 1,997,729 - ----------------------------------------------------------------------------------------------------------------------- AOL Time Warner, Inc., 7.70% Debs., 5/1/32 1,945,000 2,463,527 - ----------------------------------------------------------------------------------------------------------------------- AT&T Wireless Services, Inc.: 7.50% Sr. Unsec. Nts., 5/1/07 13 770,000 817,277 8.125% Sr. Unsec. Nts., 5/1/12 2,165,000 2,593,741 - ----------------------------------------------------------------------------------------------------------------------- AXA, 8.60% Unsec. Sub. Nts., 12/15/30 2,050,000 2,771,432 - ----------------------------------------------------------------------------------------------------------------------- Bank of America Corp., 4.875% Sr. Unsec. Nts., 1/15/13 40,000 40,779 - ----------------------------------------------------------------------------------------------------------------------- Bank Plus Corp., 12% Sr. Nts., 7/18/07 9 2,500,000 2,687,500 - ----------------------------------------------------------------------------------------------------------------------- Bankers Trust Corp., 7.375% Unsec. Sub. Nts., 5/1/08 250,000 272,299 - ----------------------------------------------------------------------------------------------------------------------- Beazer Homes USA, Inc.: 8.375% Sr. Nts., 4/15/12 800,000 856,000 8.625% Sr. Unsec. Nts., 5/15/11 1,285,000 1,365,313 - ----------------------------------------------------------------------------------------------------------------------- Boeing Capital Corp., 5.75% Sr. Nts., 2/15/07 261,000 268,157 - ----------------------------------------------------------------------------------------------------------------------- British Telecommunications plc, 8.875% Bonds, 12/15/30 1,380,000 1,927,015 - ----------------------------------------------------------------------------------------------------------------------- Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 22,500,000 13,500,000 - ----------------------------------------------------------------------------------------------------------------------- Canadian National Railway Co., 4.25% Nts., 8/1/09 433,000 432,521 - ----------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc.: 5.875% Sr. Nts., 6/1/08 1,710,000 1,769,228 8.125% Unsec. Nts., Series B, 7/15/05 475,000 477,720 - ----------------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 3,050,000 3,266,111 - ----------------------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: 0%/13.50% Sr. Sub. Disc. Nts., 1/15/11 12 4,250,000 3,251,250 8.625% Sr. Unsec. Nts., 4/1/09 42,500,000 31,768,750 9.92% Sr. Unsec. Disc. Nts., 4/1/11 50,000,000 36,625,000 - ----------------------------------------------------------------------------------------------------------------------- Chesapeake Energy Corp.: 6.875% Sr. Unsec. Nts., 1/15/16 5,601,000 5,881,050 7.50% Sr. Nts., 6/15/14 1,660,000 1,805,250 - ----------------------------------------------------------------------------------------------------------------------- CIGNA Corp., 7.40% Unsec. Nts., 5/15/07 3,613,000 3,823,363 - ----------------------------------------------------------------------------------------------------------------------- CIT Group, Inc., 7.75% Sr. Unsec. Unsub. Nts., 4/2/12 1,260,000 1,476,377 - ----------------------------------------------------------------------------------------------------------------------- Citigroup, Inc., 6.625% Unsec. Sub. Nts., 6/15/32 2,755,000 3,269,507 - ----------------------------------------------------------------------------------------------------------------------- Citizens Communications Co., 9.25% Sr. Nts., 5/15/11 462,000 513,975 - ----------------------------------------------------------------------------------------------------------------------- ConAgra Foods, Inc., 6% Nts., 9/15/06 1,585,000 1,617,166 - ----------------------------------------------------------------------------------------------------------------------- Conectiv, Inc., 5.30% Unsec. Unsub. Nts., Series B, 6/1/05 372,000 372,000 - ----------------------------------------------------------------------------------------------------------------------- Constellation Energy Group, Inc., 7% Unsec. Nts., 4/1/12 2,395,000 2,701,277 - ----------------------------------------------------------------------------------------------------------------------- Cox Communications, Inc., 7.875% Unsec. Nts., 8/15/09 395,000 441,539 - ----------------------------------------------------------------------------------------------------------------------- Cox Enterprises, Inc., 7.375% Unsec. Debs., 6/15/09 4 1,745,000 1,891,008 - ----------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. (USA), 5.50% Nts., 8/15/13 3,105,000 3,285,270
9 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.625% Sr. Unsec. Debs., 7/15/18 $ 3,000,000 $ 3,135,000 - ----------------------------------------------------------------------------------------------------------------------- CSX Corp., 6.25% Unsec. Nts., 10/15/08 1,765,000 1,869,419 - ----------------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 6.125% Nts., 1/15/14 1,265,000 1,298,283 - ----------------------------------------------------------------------------------------------------------------------- DaimlerChrysler NA Holdings Corp.: 7.20% Unsec. Nts., 9/1/09 1,970,000 2,123,944 8% Nts., 6/15/10 1,018,000 1,141,532 - ----------------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,285,000 1,552,761 - ----------------------------------------------------------------------------------------------------------------------- Delphi Corp., 6.55% Nts., 6/15/06 1,700,000 1,644,750 - ----------------------------------------------------------------------------------------------------------------------- Deutsche Telekom International Finance BV, 8.50% Unsub. Nts., 6/15/10 1,790,000 2,088,384 - ----------------------------------------------------------------------------------------------------------------------- Dominion Resources, Inc., 8.125% Sr. Unsub. Nts., 6/15/10 1,300,000 1,495,100 - ----------------------------------------------------------------------------------------------------------------------- DTE Energy Co., 6.45% Sr. Unsub. Nts., 6/1/06 1,430,000 1,462,093 - ----------------------------------------------------------------------------------------------------------------------- EOP Operating LP: 6.763% Sr. Unsec. Nts., 6/15/07 275,000 288,159 8.10% Unsec. Nts., 8/1/10 2,160,000 2,491,096 - ----------------------------------------------------------------------------------------------------------------------- Federated Department Stores, Inc., 6.625% Sr. Unsec. Nts., 9/1/08 2,150,000 2,284,560 - ----------------------------------------------------------------------------------------------------------------------- FedEx Corp., 2.65% Unsec. Nts., 4/1/07 3,360,000 3,273,876 - ----------------------------------------------------------------------------------------------------------------------- FirstEnergy Corp.: 5.50% Sr. Unsub. Nts., Series A, 11/15/06 1,230,000 1,252,705 7.375% Sr. Unsub. Nts., Series C, 11/15/31 1,427,000 1,735,259 - ----------------------------------------------------------------------------------------------------------------------- Ford Holdings, Inc., 9.30% Unsec. Unsub. Debs., 3/1/30 580,000 566,437 - ----------------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co.: 6.50% Unsec. Nts., 1/25/07 1,990,000 1,993,998 7.375% Nts., 10/28/09 615,000 595,445 7.60% Nts., 8/1/05 1,145,000 1,151,146 - ----------------------------------------------------------------------------------------------------------------------- France Telecom SA: 8% Sr. Unsec. Nts., 3/1/11 5 1,510,000 1,758,647 8.75% Sr. Unsec. Nts., 3/1/31 5 525,000 732,287 - ----------------------------------------------------------------------------------------------------------------------- Franklin Resources, Inc., 3.70% Nts., 4/15/08 1,025,000 1,017,055 - ----------------------------------------------------------------------------------------------------------------------- Gap, Inc. (The): 6.90% Nts., 9/15/07 9 2,130,000 2,235,744 10.05% Unsub. Nts., 12/15/08 5 359,000 414,257 - ----------------------------------------------------------------------------------------------------------------------- General Mills, Inc., 3.875% Nts., 11/30/07 2,505,000 2,488,552 - ----------------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp.: 7.25% Nts., 3/2/11 2,945,000 2,628,206 7.50% Nts., 7/15/05 1,095,000 1,097,572 8% Bonds, 11/1/31 2,370,000 1,987,382 - ----------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The), 5.70% Sr. Unsec. Nts., 9/1/12 3,025,000 3,203,351 - ----------------------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The), 2.375% Nts., 6/1/06 845,000 828,889 - ----------------------------------------------------------------------------------------------------------------------- HCA Healthcare Corp., 6.91% Sr. Sub. Nts., 6/15/05 1,069,000 1,070,145 - ----------------------------------------------------------------------------------------------------------------------- HCA, Inc., 7.125% Sr. Unsec. Nts., 6/1/06 705,000 724,132 - ----------------------------------------------------------------------------------------------------------------------- Hertz Corp. (The), 6.35% Nts., 6/15/10 3,168,000 3,168,412 - ----------------------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 8.25% Sr. Unsec. Nts., 2/15/11 1,419,000 1,637,798 - ----------------------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 4.75% Sr. Unsec. Nts., 7/15/13 3,260,000 3,264,805 - ----------------------------------------------------------------------------------------------------------------------- IPALCO Enterprises, Inc., 8.375% Sr. Sec. Nts., 11/14/08 5,9 1,410,000 1,536,900 - ----------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 9% Sr. Sub. Nts., 3/15/12 1,000,000 1,085,000 - ----------------------------------------------------------------------------------------------------------------------- iStar Financial, Inc., 4.875% Sr. Unsec. Nts., Series B, 1/15/09 2,610,000 2,598,996 - ----------------------------------------------------------------------------------------------------------------------- J. C. Penney Co., Inc., 7.40% Nts., 4/1/37 2,030,000 2,131,500 - ----------------------------------------------------------------------------------------------------------------------- John Hancock Global Funding II, 7.90% Nts., 7/2/10 4 1,137,000 1,323,258 - ----------------------------------------------------------------------------------------------------------------------- JPMorgan Capital XV, 5.875% Nts., 3/15/35 2,375,000 2,416,164 - ----------------------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 8.875% Sr. Sub. Nts., 4/1/12 1,600,000 1,712,000 - ----------------------------------------------------------------------------------------------------------------------- Kinder Morgan, Inc., 6.50% Sr. Unsec. Nts., 9/1/12 1,450,000 1,589,587
10 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- Kraft Foods, Inc., 5.25% Nts., 6/1/07 $ 3,720,000 $ 3,795,758 - ----------------------------------------------------------------------------------------------------------------------- Kroger Co. (The), 7.80% Sr. Nts., 8/15/07 2,230,000 2,381,843 - ----------------------------------------------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 2,560,000 2,618,665 - ----------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc., 7% Nts., 2/1/08 1,990,000 2,131,975 - ----------------------------------------------------------------------------------------------------------------------- Lehman Brothers, Inc., 6.625% Sr. Sub. Nts., 2/15/08 325,000 345,246 - ----------------------------------------------------------------------------------------------------------------------- Lennar Corp., 5.95% Sr. Unsec. Nts., 3/1/13 1,505,000 1,587,737 - ----------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 5.70% Sr. Unsec. Nts., 5/15/13 1,740,000 1,617,706 - ----------------------------------------------------------------------------------------------------------------------- Liberty Property Trust, 5.65% Sr. Nts., 8/15/14 1,600,000 1,674,920 - ----------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp., 7.65% Unsec. Unsub. Debs., 5/1/16 1,076,000 1,330,842 - ----------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 32,500,000 28,275,000 - ----------------------------------------------------------------------------------------------------------------------- Marsh & McLennan Cos., Inc., 5.875% Sr. Unsec. Bonds, 8/1/33 2,155,000 2,028,012 - ----------------------------------------------------------------------------------------------------------------------- May Department Stores Co.: 3.95% Nts., 7/15/07 1,290,000 1,279,903 7.90% Unsec. Debs., 10/15/07 1,175,000 1,260,378 - ----------------------------------------------------------------------------------------------------------------------- MBNA Corp., 7.50% Sr. Nts., Series F, 3/15/12 2,455,000 2,803,058 - ----------------------------------------------------------------------------------------------------------------------- McDonnell Douglas Corp., 6.875% Unsec. Unsub. Nts., 11/1/06 416,000 430,775 - ----------------------------------------------------------------------------------------------------------------------- Mellon Bank NA, 4.75% Unsec. Sub. Nts., 12/15/14 2,560,000 2,569,285 - ----------------------------------------------------------------------------------------------------------------------- Merck & Co., Inc., 4.726% Nts., 2/22/06 4 2,785,000 2,799,513 - ----------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc., 5% Sr. Unsub. Nts., Series C, 2/3/14 3,175,000 3,252,187 - ----------------------------------------------------------------------------------------------------------------------- MidAmerican Energy Holdings Co., 5.875% Sr. Unsec. Nts., 10/1/12 2,730,000 2,895,282 - ----------------------------------------------------------------------------------------------------------------------- Morgan Stanley, 6.60% Nts., 4/1/12 1,370,000 1,518,937 - ----------------------------------------------------------------------------------------------------------------------- National City Bank, 6.20% Sub. Nts., 12/15/11 213,000 233,901 - ----------------------------------------------------------------------------------------------------------------------- Nationwide Financial Services, Inc., 5.90% Nts., 7/1/12 1,410,000 1,523,991 - ----------------------------------------------------------------------------------------------------------------------- NiSource Finance Corp.: 3.20% Nts., 11/1/06 440,000 434,947 7.875% Sr. Unsec. Nts., 11/15/10 1,820,000 2,116,904 - ----------------------------------------------------------------------------------------------------------------------- Northrop Grumman Corp., 7.125% Sr. Nts., 2/15/11 2,080,000 2,355,845 - ----------------------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 7.875% Unsec. Unsub. Nts., 2/1/09 1,030,000 1,130,940 - ----------------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 4 1,052,030 1,015,151 - ----------------------------------------------------------------------------------------------------------------------- Portland General Electric Co., 8.125% First Mortgage Nts., 2/1/10 4 1,465,000 1,677,648 - ----------------------------------------------------------------------------------------------------------------------- Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 4 2,235,000 2,951,177 - ----------------------------------------------------------------------------------------------------------------------- Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 2,330,000 3,075,099 - ----------------------------------------------------------------------------------------------------------------------- PSE&G Energy Holdings LLC, 7.75% Unsec. Nts., 4/16/07 9 1,390,000 1,438,650 - ----------------------------------------------------------------------------------------------------------------------- PSE&G Power LLC, 6.875% Sr. Unsec. Nts., 4/15/06 1,272,000 1,302,513 - ----------------------------------------------------------------------------------------------------------------------- Rite Aid Corp., 6.875% Sr. Unsec. Debs., 8/15/13 12,500,000 10,687,500 - ----------------------------------------------------------------------------------------------------------------------- Safeway, Inc., 4.80% Sr. Unsec. Nts., 7/16/07 3,330,000 3,353,173 - ----------------------------------------------------------------------------------------------------------------------- Sempra Energy, 7.95% Sr. Unsec. Unsub. Nts., 3/1/10 1,347,000 1,528,153 - ----------------------------------------------------------------------------------------------------------------------- Simon Property Group LP: 5.45% Unsec. Nts., 3/15/13 1,345,000 1,393,146 5.625% Unsec. Unsub. Nts., 8/15/14 1,165,000 1,209,920 - ----------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12 1,000,000 1,042,500 - ----------------------------------------------------------------------------------------------------------------------- Sprint Capital Corp., 8.75% Nts., 3/15/32 2,055,000 2,833,966 - ----------------------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.375% Nts., 5/1/07 2,225,000 2,330,688 - ----------------------------------------------------------------------------------------------------------------------- SunTrust Banks, Inc.: 4% Nts., 10/15/08 1,655,000 1,647,723 7.75% Unsec. Sub. Nts., 5/1/10 149,000 171,372 - ----------------------------------------------------------------------------------------------------------------------- TCI Communications, Inc., 9.80% Sr. Unsec. Debs., 2/1/12 2,995,000 3,826,906 - ----------------------------------------------------------------------------------------------------------------------- TECO Energy, Inc., 10.50% Sr. Unsec. Nts., 12/1/07 1,280,000 1,472,000 - ----------------------------------------------------------------------------------------------------------------------- Telefonos de Mexico SA de CV, 4.75% Nts., 1/27/10 4 1,710,000 1,708,316 - ----------------------------------------------------------------------------------------------------------------------- Terex Corp., 9.25% Sr. Unsec. Sub. Nts., 7/15/11 1,000,000 1,085,000 - ----------------------------------------------------------------------------------------------------------------------- Time Warner Entertainment Co. LP, 10.15% Sr. Nts., 5/1/12 651,000 847,449
11 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11 $ 1,285,000 $ 1,381,375 - ----------------------------------------------------------------------------------------------------------------------- Travelers Property Casualty Corp., 3.75% Sr. Unsec. Nts., 3/15/08 2,485,000 2,447,581 - ----------------------------------------------------------------------------------------------------------------------- TXU Corp., 6.55% Nts., 11/15/34 4 2,235,000 2,158,136 - ----------------------------------------------------------------------------------------------------------------------- Tyco International Group SA: 6.375% Sr. Unsec. Unsub. Nts., 2/15/06 2,380,000 2,420,170 6.75% Sr. Unsub. Nts., 2/15/11 870,000 963,863 - ----------------------------------------------------------------------------------------------------------------------- UnitedHealth Group, Inc., 4.875% Bonds, 3/15/15 862,000 878,054 - ----------------------------------------------------------------------------------------------------------------------- Univision Communications, Inc.: 2.875% Sr. Unsec. Nts., 10/15/06 430,000 422,481 3.50% Sr. Unsec. Nts., 10/15/07 2,245,000 2,207,264 - ----------------------------------------------------------------------------------------------------------------------- Visteon Corp., 7.95% Sr. Unsec. Nts., 8/1/05 1,031,000 1,036,155 - ----------------------------------------------------------------------------------------------------------------------- Vornado Realty LP, 5.625% Sr. Unsec. Unsub. Nts., 6/15/07 3,080,000 3,174,651 - ----------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The), 5.375% Sr. Unsec. Nts., 6/1/07 1,595,000 1,630,951 - ----------------------------------------------------------------------------------------------------------------------- Waste Management, Inc.: 6.875% Sr. Unsec. Nts., 5/15/09 1,300,000 1,408,081 7% Sr. Nts., 7/15/28 1,050,000 1,205,540 - ----------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc., 8.50% Sr. Unsec. Nts., 4/15/06 3,145,000 3,264,831 ---------------- Total Non-Convertible Corporate Bonds and Notes (Cost $371,503,230) 375,856,843 - ----------------------------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES--16.5% - ----------------------------------------------------------------------------------------------------------------------- Advanced Micro Devices, Inc., 4.75% Cv. Sr. Unsec. Debs., 2/1/22 5 3,250,000 3,205,313 - ----------------------------------------------------------------------------------------------------------------------- Agere Systems, Inc., 6.50% Cv. Unsec. Unsub. Nts., 12/15/09 (cv. into Agere Systems, Inc., Cl. A common stock) 12,750,000 12,702,188 - ----------------------------------------------------------------------------------------------------------------------- Allied Waste Industries, Inc., 4.25% Cv. Sr. Unsec. Sub. Debs., 4/15/34 6 12,750,000 10,200,000 - ----------------------------------------------------------------------------------------------------------------------- Calpine Corp.: 4.75% Cv. Sr. Unsec. Nts., 11/15/23 4 15,000,000 8,962,500 4.75% Cv. Sr. Unsec. Nts., 11/15/23 2,500,000 1,493,750 - ----------------------------------------------------------------------------------------------------------------------- Charter Communications, Inc., 5.875% Cv. Sr. Nts., 11/16/09 4 4,000,000 2,480,000 - ----------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., 4.50% Cv. Sr. Unsec. Unsub. Nts., 2/1/07 10,000,000 8,175,000 - ----------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc., 2.50% Cv. Sr. Nts., 6/15/24 5,250,000 4,830,000 - ----------------------------------------------------------------------------------------------------------------------- Curagen Corp., 6% Cv. Jr. Unsec. Sub. Debs., 2/2/07 16,000,000 14,640,000 - ----------------------------------------------------------------------------------------------------------------------- Delta Air Lines, Inc., 8% Cv. Sr. Unsec. Bonds, 6/3/23 12,500,000 4,859,375 - ----------------------------------------------------------------------------------------------------------------------- Enzon Pharmaceuticals, Inc., 4.50% Cv. Unsec. Sub. Nts., 7/1/08 20,750,000 17,948,750 - ----------------------------------------------------------------------------------------------------------------------- JDS Uniphase Corp., 3.51% Cv. Sr. Nts., 11/15/10 10 15,000,000 11,193,750 - ----------------------------------------------------------------------------------------------------------------------- Level 3 Communications, Inc.: 5.25% Cv. Sr. Nts., 12/15/11 4 10,000,000 7,150,000 6% Cv. Unsec. Sub. Nts., 3/15/10 14,250,000 6,929,063 - ----------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 0.75% Cv. Sr. Unsec. Unsub. Debs., 3/30/23 17,500,000 18,856,250 - ----------------------------------------------------------------------------------------------------------------------- Liberty Media Corp., 3.25% Exchangeable Sr. Unsec. Debs., 3/15/31 (exchangeable for Viacom, Inc., Cl. B common stock or cash based on the value thereof) 132,500,000 102,190,625 - ----------------------------------------------------------------------------------------------------------------------- LSI Logic Corp., 4% Cv. Sub. Nts., 5/15/10 12,500,000 11,671,875 - ----------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc., 2.75% Cv. Sr. Unsec. Debs., Series A, 6/15/23 17,000,000 17,977,500 - ----------------------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 5.25% Cv. Sr. Nts., 1/15/10 15,000,000 15,037,500 - ----------------------------------------------------------------------------------------------------------------------- Nortel Networks Corp., 4.25% Cv. Sr. Unsec. Nts., 9/1/08 17,500,000 16,078,125 - ----------------------------------------------------------------------------------------------------------------------- Novell, Inc.: 0.50% Cv. Sr. Unsec. Debs., 7/15/24 4 11,000,000 9,267,500 0.50% Cv. Sr. Unsec. Debs., 7/15/24 14,000,000 11,795,000 - ----------------------------------------------------------------------------------------------------------------------- Pride International, Inc., 3.25% Cv. Sr. Nts., 5/1/33 17,000,000 18,955,000 - ----------------------------------------------------------------------------------------------------------------------- Providian Financial Corp., 6.09% Cv. Sr. Unsec. Unsub. Nts., 2/15/21 9,10 57,500,000 30,618,750 - ----------------------------------------------------------------------------------------------------------------------- Six Flags, Inc., 4.50% Cv. Nts., 5/15/15 16,250,000 14,990,625 - -----------------------------------------------------------------------------------------------------------------------
12 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------------------------------------------- Solectron Corp., 0.50% Cv. Sr. Unsec. Nts., Series B, 2/15/34 $ 15,000,000 $ 10,875,000 - ----------------------------------------------------------------------------------------------------------------------- Tyco International Group SA, 2.75% Cv. Sr. Unsec. Unsub. Debs., Series A, 1/15/18 74,750,000 96,240,625 - ----------------------------------------------------------------------------------------------------------------------- XM Satellite Radio Holdings, Inc., 1.75% Cv. Sr. Nts., 12/1/09 750,000 661,875 - ----------------------------------------------------------------------------------------------------------------------- XM Satellite Radio, Inc., 1.75% Cv. Sr. Nts., 12/1/09 4 14,250,000 12,575,625 ---------------- Total Convertible Corporate Bonds and Notes (Cost $526,833,636) 502,561,564 - ----------------------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--3.8% - ----------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Echostar Communications Corp. Cv. Equity-Linked Nts., 2.87%, 5/1/06 381,113 11,118,705 Liberty Media Corp. Cv. Equity-Linked Nts., 4%, 11/25/05 956,938 10,048,615 - ----------------------------------------------------------------------------------------------------------------------- Core Investment Grade Bond Trust I, Pass-Through Certificates, Series 2002-1, 4.727%, 11/30/07 1,323,951 1,325,639 - ----------------------------------------------------------------------------------------------------------------------- Dow Jones CDX High Yield Index Pass-Through Certificates, Series 4-T1, 8.25%, 6/26/10 14 13,600,000 13,515,000 - ----------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): EchoStar Communications Corp. Cv. Linked Nts., 4%, 12/30/05 595,780 17,852,548 GlobalSantaFe Corp. Cv. Linked Nts., 4.50%, 9/29/05 496,860 17,391,591 - ----------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc.: Cv. Yield Enhanced Equity Linked Debt Securities, 12%, 12/29/05 (linked to CarMax, Inc.) 764,498 20,725,541 Cv. Yield Enhanced Equity Linked Debt Securities, Series G, 5%, 12/14/05 (linked to EchoStar Communications Corp. Cl. A common stock) 310,753 9,185,859 - ----------------------------------------------------------------------------------------------------------------------- Morgan Stanley, Cv. Performance Equity Linked Redemption Quarterly-pay Securities, 5%, 12/30/05 (linked to Dollar Tree Stores, Inc.) 4 605,830 15,500,161 ---------------- Total Structured Notes (Cost $121,795,702) 116,663,659 - ----------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.5% - ----------------------------------------------------------------------------------------------------------------------- Undivided interest of 1.21% in joint repurchase agreement (Principal Amount/Value $1,220,266,000, with a maturity value of $1,220,367,689) with UBS Warburg LLC, 3%, dated 5/31/05, to be repurchased at $14,711,226 on 6/1/05, collateralized by Federal National Mortgage Assn., 4.50%--6%, 3/1/20--4/1/35, with a value of $1,246,387,946 (Cost $14,710,000) 14,710,000 14,710,000 - ----------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,876,001,945) 107.7% 3,287,762,894 - ----------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (7.7) (234,582,575) ----------------------------------- NET ASSETS 100.0% $ 3,053,180,319 ===================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 13 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- 2. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows:
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATES PRICE RECEIVED VALUE - --------------------------------------------------------------------------------------------------------- Abbott Laboratories 1,000 6/20/05 $ 50.000 $ 78,997 $ 15,000 Abbott Laboratories 2,250 6/20/05 47.500 465,730 247,500 Altria Group, Inc 1,625 6/20/05 75.000 63,310 24,375 BP plc, ADR 205 6/20/05 60.000 39,608 25,625 Cablevision Systems New York Group, Cl. A 3,750 1/23/06 30.000 744,282 487,500 Cablevision Systems New York Group, Cl. A 7,750 6/20/05 25.000 2,209,113 852,500 EchoStar Communications Corp., Cl. A 500 6/20/05 30.000 38,248 10,000 Everest Re Group Ltd. 113 6/20/05 85.000 33,560 50,850 GlobalSantaFe Corp. 500 10/24/05 37.500 73,497 122,500 GlobalSantaFe Corp. 250 7/18/05 40.000 32,999 10,000 Lockheed Martin Corp. 575 6/20/05 65.000 36,798 46,000 Prudential Financial, Inc. 3,150 6/20/05 55.000 1,558,513 2,677,500 Prudential Financial, Inc. 1,000 6/20/05 60.000 195,495 350,000 Questar Corp. 377 7/18/05 65.000 14,702 45,240 SBC Communications, Inc. 250 7/18/05 25.000 13,505 1,250 Washington Mutual, Inc. 2,250 6/20/05 40.000 86,496 360,000 Washington Mutual, Inc. 3,458 6/20/05 42.500 249,787 69,160 Washington Mutual, Inc. 2,500 7/18/05 42.500 135,794 137,500 Washington Mutual, Inc. 2,000 10/24/05 45.000 142,299 110,000 Washington Mutual, Inc. 1,000 10/24/05 47.500 27,749 15,000 --------------------------- $ 6,240,482 $ 5,657,500 ===========================
3. 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 May 31, 2005. The aggregate fair value of securities of affiliated companies held by the Fund as of May 31, 2005 amounts to $144,230,016. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES AUGUST 31, 2004 ADDITIONS REDUCTIONS MAY 31, 2005 - -------------------------------------------------------------------------------------------------- CSK Auto Corp. 6,500,000 2,750 4,375 6,498,375 Enbridge Energy Management LLC 650,000 45,094 * -- 695,094 DIVIDEND REALIZED VALUE INCOME GAIN - -------------------------------------------------------------------------------------------------- CSK Auto Corp. $ 110,017,489 $ -- $ 46,368 Enbridge Energy Management LLC 34,212,527 1,225,573 -- ----------------------------------------------- $ 144,230,016 $ 1,225,573 $ 46,368 ===============================================
* A portion of the transactions (12,594) was the result of a stock dividend. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $89,737,118 or 2.94% of the Fund's net assets as of May 31, 2005. 5. Represents the current interest rate for a variable or increasing rate security. 14 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- 6. When-issued security or forward commitment to be delivered and settled after May 31, 2005. See accompanying Notes to Quarterly Statement of Investments. 7. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $15,220,273 or 0.50% of the Fund's net assets as of May 31, 2005. 8. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $1,285,120 or 0.04% of the Fund's net assets as of May 31, 2005. 9. Illiquid security. The aggregate value of illiquid securities as of May 31, 2005 was $58,797,233, which represents 1.93% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 10. Zero coupon bond reflects effective yield on the date of purchase. 11. A sufficient amount of securities has been designated to cover outstanding written put options, as follows
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO PUT DATES PRICE RECEIVED VALUE - ------------------------------------------------------------------------------------------------- Altria Group, Inc. 750 6/20/05 $ 60.000 $ 125,245 $ 18,750 Amerada Hess Corp. 1,475 6/20/05 85.000 282,313 29,500 Amerada Hess Corp. 1,750 6/20/05 90.000 283,288 166,250 Bank of America Corp. 500 6/20/05 45.000 48,498 10,000 Boston Scientific Corp. 1,500 6/20/05 30.000 188,617 435,000 Boston Scientific Corp. 12,500 8/22/05 32.500 4,746,312 6,750,000 Capital One Financial Corp. 1,250 6/20/05 70.000 312,112 18,750 CarMax, Inc. 2,550 7/18/05 30.000 648,960 1,122,000 Cendant Corp. 1,000 8/22/05 20.000 98,756 40,000 Cendant Corp. 18,442 8/22/05 22.500 2,399,719 2,858,510 Chevron Texaco Corp. 1,000 9/19/05 55.000 441,981 300,000 Cisco Systems, Inc. 5,000 7/18/05 17.500 332,489 50,000 Citigroup, Inc. 2,000 6/20/05 47.500 243,990 130,000 CMS Energy Corp. 1,000 6/20/05 12.500 40,999 -- ConocoPhillips 1,000 8/22/05 47.500 416,982 110,000 ENSCO International, Inc. 5,000 6/20/05 35.000 503,983 975,000 Exxon Mobil Corp. 1,250 6/20/05 60.000 546,227 475,000 GlobalSantaFe Corp. 1,000 6/20/05 35.000 179,042 35,000 Hewlett-Packard Co. 4,800 8/22/05 22.500 729,576 480,000 Honeywell International, Inc. 1,000 6/20/05 35.000 71,497 15,000 Kroger Co. 2,500 10/24/05 17.500 498,733 287,500 Microsoft Corp. 2,000 7/18/05 25.000 204,643 50,000 Morgan Stanley 500 6/20/05 55.000 243,490 300,000 Pfizer, Inc. 4,975 6/20/05 27.500 955,543 149,250 PMI Group Inc. (The) 250 12/19/05 40.000 134,244 92,500 Tyco International Ltd. 2,500 6/20/05 30.000 286,238 325,000 Tyco International Ltd. 2,500 10/24/05 27.500 423,982 237,500 Wal-Mart Stores, Inc. 1,975 6/20/05 50.000 344,813 543,125 Wal-Mart Stores, Inc. 1,000 9/19/05 47.500 191,992 170,000 ------------------------------ $ 15,924,264 $ 16,173,635 ==============================
12. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 13. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $1,841,885. See accompanying Notes to Quarterly Statement of Investments. 15 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- 14. Interest rate represents a weighted average rate comprised of the interest rates of the underlying securities. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of May 31, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 2,885,787,756 ================= Gross unrealized appreciation $ 502,370,730 Gross unrealized depreciation (100,395,592) ----------------- Net unrealized appreciation $ 401,975,138 ================= NOTES TO QUARTERLY STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. 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. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic 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 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). STRUCTURED NOTES. The Fund invests in structured notes whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured notes are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. 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 May 31, 2005, the market value of these securities comprised 3.8% of the Fund's net assets and resulted in unrealized cumulative losses of $5,132,043. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of May 31, 2005, the Fund had purchased $262,910,242 of securities issued on a when-issued basis or forward commitment and sold $28,459,648 of securities issued on a when-issued basis or forward commitment. 16 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. 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. 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. 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 stocks 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 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 in the Statement of Operations as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in 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 May 31, 2005, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS MAY 31, 2005 (DEPRECIATION) - ----------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE U.S. Long Bonds 6/21/05 663 $ 77,881,781 $ 2,823,557 U.S. Treasury Nts., 10 yr. 6/21/05 348 39,269,625 617,692 --------------- 3,441,249 --------------- CONTRACTS TO SELL U.S. Treasury Nts., 2 yr. 9/30/05 539 111,960,406 (75,386) U.S. Treasury Nts., 5 yr. 9/21/05 988 107,460,438 (133,166) U.S. Treasury Nts., 10 yr. 9/21/05 29 3,284,703 (28,280) --------------- (236,832) --------------- $ 3,204,417 ===============
17 | OPPENHEIMER CAPITAL INCOME FUND Oppenheimer Capital Income Fund STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- OPTION ACTIVITY. The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call options are noted in the Statement of Investments where applicable. Contracts subject to call, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Realized gains and losses are reported in the Statement of Operations. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended May 31, 2005 was as follows:
CALL OPTIONS PUT OPTIONS ------------------------- -------------------------- NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS - ------------------------------------------------------------------------------------ Options outstanding as of August 31, 2004 30,425 $ 5,660,279 76,716 $ 20,807,385 Options written 205,771 27,259,478 373,246 50,558,478 Options closed or expired (171,739) (21,083,708) (352,865) (51,681,239) Options exercised (29,954) (5,595,565) (14,130) (3,760,360) ------------------------------------------------------- Options outstanding as of May 31, 2005 34,503 $ 6,240,484 82,967 $ 15,924,264 =======================================================
TOTAL RETURN SWAP CONTRACTS. The Fund may enter into a total return swap transaction to maintain a total return on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of May 31, 2005, the Fund had entered into the following total return swap agreements:
PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT THE FUND AT TERMINATION APPRECIATION COUNTERPARTY AMOUNT MAY 31, 2005 MAY 31, 2005 DATES (DEPRECIATION) - -------------------------------------------------------------------------------------------------- One-Month LIBOR minus UBS AG $ $ 12,530,000 0.25% 1.510% 12/1/05 $ --
18 | OPPENHEIMER CAPITAL INCOME FUND OPPENHEIMER CAPITAL INCOME FUND STATEMENT OF INVESTMENTS MAY 31, 2005/UNAUDITED - -------------------------------------------------------------------------------- Index abbreviations are as follows: LIBOR London-Interbank Offered Rate ILLIQUID SECURITIES. As of May 31, 2005, 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 will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with the applicable footnote on the Statement of Investments. 19 | OPPENHEIMER CAPITAL INCOME FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of May 31, 2005, 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 quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Exhibits attached hereto. (Attach certifications as exhibits) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Capital Income Fund By: /s/ John V. Murphy ------------------- John V. Murphy Principal Executive Officer Date: July 15, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy ------------------- John V. Murphy Principal Executive Officer Date: July 15, 2005 By: /s/ Brian W. Wixted -------------------- Brian W. Wixted Date: July 15, 2005 EX-99.CERT 2 rq300_15604ex302.txt RQ300_15604EX302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Capital Income 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) 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 control over financial reporting 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. /s/ John V. Murphy - ------------------- John V. Murphy Principal Executive Officer Date: July 15, 2005 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: 6. I have reviewed this report on Form N-Q of Oppenheimer Capital Income Fund; 7. 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; 8. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 9. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 10. The registrant's other certifying officer(s) 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 control over financial reporting 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. /s/ Brian W. Wixted - -------------------- Brian W. Wixted Chief Financial Officer Date: July 15, 2005 -----END PRIVACY-ENHANCED MESSAGE-----