-----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, VVGGCMmrgvSM4ADf/NfUNFN2wZuURBd8A/gFVk9LW9h5u9Uc/Gg0Zwnm79cyBaKk w0P1SAPlJBRcAYY/ENBrcw== 0000935069-08-001914.txt : 20080827 0000935069-08-001914.hdr.sgml : 20080827 20080827132532 ACCESSION NUMBER: 0000935069-08-001914 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080827 DATE AS OF CHANGE: 20080827 EFFECTIVENESS DATE: 20080827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTEGRITY FUNDS CENTRAL INDEX KEY: 0000701265 IRS NUMBER: 042509354 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03420 FILM NUMBER: 081041341 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: 3RD FL CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: MASSMUTUAL INTEGRITY FUNDS DATE OF NAME CHANGE: 19910329 FORMER COMPANY: FORMER CONFORMED NAME: MASSMUTUAL LIQUID ASSETS TRUST DATE OF NAME CHANGE: 19880403 0000701265 S000008824 Oppenheimer Core Bond Fund C000024033 A C000024034 B C000024035 C C000024036 N C000024037 Y N-CSRS 1 rs285_48349ncsrs.txt RS285_48349NCSRS.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-3420 -------- Oppenheimer Integrity Funds --------------------------- (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: December 31 ----------- Date of reporting period: 06/30/2008 ---------- ITEM 1. REPORTS TO STOCKHOLDERS. JUNE 30, 2008 - -------------------------------------------------------------------------------- Management Oppenheimer Commentaries Core Bond Fund and Semiannual Report - -------------------------------------------------------------------------------- MANAGEMENT COMMENTARIES An Interview with Your Fund's Managers Listing of Top Holdings SEMIANNUAL REPORT Listing of Investments Financial Statements [OPPENHEIMERFUNDS LOGO] TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--TOP TEN INDUSTRIES - ---------------------------------------------------------------------------------- Diversified Financial Services 4.1% - ---------------------------------------------------------------------------------- Commercial Banks 3.8 - ---------------------------------------------------------------------------------- Insurance 2.7 - ---------------------------------------------------------------------------------- Capital Markets 2.6 - ---------------------------------------------------------------------------------- Media 2.0 - ---------------------------------------------------------------------------------- Automobiles 1.5 - ---------------------------------------------------------------------------------- Hotels, Restaurants & Leisure 1.1 - ---------------------------------------------------------------------------------- Diversified Telecommunication Services 1.0 - ---------------------------------------------------------------------------------- Household Durables 0.9 - ---------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 0.9
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2008, and are based on net assets.
CREDIT ALLOCATION - ---------------------------------------------------------------------------------- Treasury 0.1% - ---------------------------------------------------------------------------------- Agency 29.4 - ---------------------------------------------------------------------------------- AAA 34.8 - ---------------------------------------------------------------------------------- AA 2.9 - ---------------------------------------------------------------------------------- A 7.3 - ---------------------------------------------------------------------------------- BBB 6.3 - ---------------------------------------------------------------------------------- BB 3.3 - ---------------------------------------------------------------------------------- Not Rated 15.7 - ---------------------------------------------------------------------------------- Other Securities 0.2
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2008, and are based on the total market value of investments. Average credit quality and ratings include securities rated by a national rating organization. As of that date, no securities held by the Fund were rated lower than BB. 10 | OPPENHEIMER CORE BOND FUND NOTES - -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific Fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 4/15/88. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%. CLASS B shares of the Fund were first publicly offered on 5/3/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 7/11/95. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. 11 | OPPENHEIMER CORE BOND FUND NOTES - -------------------------------------------------------------------------------- CLASS Y shares of the Fund were first publicly offered on 4/27/98. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 12 | OPPENHEIMER CORE BOND FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2008. ACTUAL EXPENSES. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 13 | OPPENHEIMER CORE BOND FUND FUND EXPENSES - -------------------------------------------------------------------------------- the Statement of Additional Information). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED ACTUAL JANUARY 1, 2008 JUNE 30, 2008 JUNE 30, 2008 - ------------------------------------------------------------------------------------ Class A $1,000.00 $ 986.70 $4.31 - ------------------------------------------------------------------------------------ Class B 1,000.00 982.80 8.17 - ------------------------------------------------------------------------------------ Class C 1,000.00 983.00 8.12 - ------------------------------------------------------------------------------------ Class N 1,000.00 985.30 5.69 - ------------------------------------------------------------------------------------ Class Y 1,000.00 988.50 2.38 HYPOTHETICAL (5% return before expenses) - ------------------------------------------------------------------------------------ Class A 1,000.00 1,020.54 4.38 - ------------------------------------------------------------------------------------ Class B 1,000.00 1,016.66 8.31 - ------------------------------------------------------------------------------------ Class C 1,000.00 1,016.71 8.26 - ------------------------------------------------------------------------------------ Class N 1,000.00 1,019.14 5.79 - ------------------------------------------------------------------------------------ Class Y 1,000.00 1,022.48 2.42
Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2008 are as follows:
CLASS EXPENSE RATIOS - ----------------------------------- Class A 0.87% - ----------------------------------- Class B 1.65 - ----------------------------------- Class C 1.64 - ----------------------------------- Class N 1.15 - ----------------------------------- Class Y 0.48
The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund's Manager that can be terminated at any time, without advance notice. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable. 14 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--3.5% - ---------------------------------------------------------------------------------------------------------------- Ace Securities Corp. Home Equity Loan Trust, Asset-Backed Pass-Through Certificates, Series 2005-HE7, Cl. A2B, 2.663%, 11/25/35 1 $ 793,915 $ 787,326 - ---------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 2.963%, 5/25/34 1 3,925,924 3,501,527 - ---------------------------------------------------------------------------------------------------------------- Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 2.583%, 5/26/36 1 3,082,213 3,004,010 - ---------------------------------------------------------------------------------------------------------------- Capital One Prime Auto Receivables Trust, Automobile Asset-Backed Certificates, Series 2005-1, Cl. A4, 2.491%, 4/15/11 1 18,105,040 18,063,940 - ---------------------------------------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2005-D, Asset-Backed Certificates, Series 2005-D, Cl. AV2, 2.753%, 10/25/35 1 347,808 342,802 - ---------------------------------------------------------------------------------------------------------------- Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 2.583%, 5/16/36 1 2,948,590 2,893,021 - ---------------------------------------------------------------------------------------------------------------- Chase Funding Trust 2003-2, Mtg. Loan Asset-Backed Certificates, Series 2003-2, Cl. 2A2, 3.043%, 2/25/33 1 1,385,127 1,373,920 - ---------------------------------------------------------------------------------------------------------------- Citibank Credit Card Issuance Trust, Credit Card Receivable Nts., Series 2003-C4, Cl. C4, 5%, 6/10/15 460,000 401,537 - ---------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 2.583%, 10/31/36 1 2,300,000 2,143,975 - ---------------------------------------------------------------------------------------------------------------- Countrywide Home Loans, Asset-Backed Certificates: Series 2002-4, Cl. A1, 3.223%, 2/25/33 1 48,808 41,278 Series 2005-11, Cl. AF2, 4.657%, 2/25/36 2,076,991 2,074,411 Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36 1 4,980,000 4,337,223 Series 2005-17, Cl. 1AF1, 2.683%, 5/25/36 1 89,562 89,076 Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36 1 970,000 883,540 - ---------------------------------------------------------------------------------------------------------------- CWABS Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 2.603%, 12/25/29 1 3,020,000 2,700,458 - ---------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2005-FF10, Mtg. Pass-Through Certificates, Series 2005-FF10, Cl. A3, 2.693%, 11/25/35 1 2,426,898 2,410,340 - ---------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 2.573%, 7/25/36 1 3,550,000 3,414,058 - ---------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF5, Mtg. Pass-Through Certificates, Series 2006-FF5, Cl. 2A1, 2.533%, 5/15/36 1 145,495 144,977 - ---------------------------------------------------------------------------------------------------------------- First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 2.593%, 7/7/36 1 1,820,000 1,731,928 - ---------------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations, Series 2005-2, Cl. A4, 4.15%, 10/15/10 2,732,332 2,740,969 - ---------------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 2.742%, 1/20/35 1 1,249,378 1,157,473 - ---------------------------------------------------------------------------------------------------------------- HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 2.592%, 3/20/36 1 1,120,000 1,071,020 - ---------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates: Series 2005-2, Cl. 2A1B, 5.18%, 8/25/35 1 692,696 695,526 Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35 694,195 691,906
F1 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES Continued - ------------------------------------------------------------------------------------------------------------- Litigation Settlement Monetized Fee Trust, Asset-Backed Certificates, Series 2001-1A, Cl. A1, 8.33%,4/25/31 2 $ 981,797 $ 951,705 - ------------------------------------------------------------------------------------------------------------- MBNA Credit Card Master Note Trust, Credit Card Receivables, Series 2003-C7, Cl. C7, 3.821%, 3/15/16 1 4,380,000 3,858,863 - ------------------------------------------------------------------------------------------------------------- NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 5.827%, 1/25/29 1,2 1,750,658 227,586 - ------------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 2.583%,7/1/36 1 11,300,000 10,871,342 - ------------------------------------------------------------------------------------------------------------- Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36 1 1,520,000 1,517,895 - ------------------------------------------------------------------------------------------------------------- RAMP Series 2006-RS4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-RS4, Cl. A1, 2.563%, 7/25/36 1 387,759 384,605 - ------------------------------------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Home Equity Asset-Backed Obligations, Series 2005-BC3, Cl. A2B, 2.733%, 6/25/36 1 1,316,561 1,309,260 - ------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Mtg. Pass-Through Certificates, Series 2006-BNC3, Cl. A2, 2.523%, 9/25/36 1 2,900,774 2,856,775 - ------------------------------------------------------------------------------------------------------------- Tobacco Settlement Authority, Asset-Backed Securities, Series 2001-A, 6.79%, 6/1/10 440,000 453,922 - ------------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 2.583%, 7/25/36 1 3,530,000 3,459,542 - ------------------------------------------------------------------------------------------------------------- Total Asset-Backed Securities (Cost $87,473,903) 82,587,736 - ------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED OBLIGATIONS--92.1% - ------------------------------------------------------------------------------------------------------------- GOVERNMENT AGENCY--53.2% - ------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED--53.1% Federal Home Loan Mortgage Corp.: 4.50%, 5/15/19 21,284,083 20,796,727 5%, 6/15/33-8/15/33 11,201,920 10,805,567 5.50%, 5/1/34 9,517,074 9,412,981 6%, 5/15/18-3/15/33 8,800,695 8,973,319 6.50%, 4/15/18-4/1/34 6,414,158 6,678,511 7%, 7/15/21-10/1/31 16,585,909 17,542,955 8%, 4/1/16 481,725 512,078 9%, 4/14/17-5/1/25 134,540 147,439 12.50%, 5/15/14 713 827 13.50%, 12/15/10 807 878 - ------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 151, Cl. F, 9%, 5/15/21 28,973 28,966 Series 1590, Cl. IA, 3.55%, 10/15/23 1 4,535,870 4,553,109 Series 2006-11, Cl. PS, 15.464%, 3/25/36 1 2,572,266 2,805,995 Series 2034, Cl. Z, 6.50%, 2/15/28 36,836 38,493 Series 2043, Cl. ZP, 6.50%, 4/15/28 3,556,908 3,728,395 Series 2046, Cl. G, 6.50%, 4/15/28 3,366,317 3,538,819
F2 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED Continued Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued Series 2053, Cl. Z, 6.50%, 4/15/28 $ 37,842 $ 39,736 Series 2055, Cl. ZM, 6.50%, 5/15/28 196,073 203,961 Series 2063, Cl. PG, 6.50%, 6/15/28 2,606,620 2,726,672 Series 2075, Cl. D, 6.50%, 8/15/28 584,904 614,478 Series 2080, Cl. C, 6.50%, 8/15/28 143,296 149,751 Series 2080, Cl. Z, 6.50%, 8/15/28 1,402,838 1,473,560 Series 2145, Cl. MZ, 6.50%, 4/15/29 922,076 969,242 Series 2148, Cl. ZA, 6%, 4/15/29 1,854,013 1,902,846 Series 2195, Cl. LH, 6.50%, 10/15/29 2,159,899 2,263,259 Series 2326, Cl. ZP, 6.50%, 6/15/31 781,095 820,522 Series 2341, Cl. FP, 3.371%, 7/15/31 1 1,347,134 1,351,333 Series 2399, Cl. PG, 6%, 1/15/17 1,207,369 1,260,791 Series 2410, Cl. PF, 3.451%, 2/15/32 1 4,382,380 4,444,790 Series 2423, Cl. MC, 7%, 3/15/32 3,031,301 3,212,349 Series 2426, Cl. BG, 6%, 3/15/17 7,334,186 7,640,305 Series 2427, Cl. ZM, 6.50%, 3/15/32 4,157,154 4,366,622 Series 2453, Cl. BD, 6%, 5/15/17 1,155,183 1,203,644 Series 2461, Cl. PZ, 6.50%, 6/15/32 4,908,746 5,214,365 Series 2463, Cl. F, 3.471%, 6/15/32 1 6,726,689 6,865,137 Series 2500, Cl. FD, 2.971%, 3/15/32 1 329,942 327,935 Series 2526, Cl. FE, 2.871%, 6/15/29 1 518,324 515,934 Series 2551, Cl. FD, 2.871%, 1/15/33 1 1,063,083 1,056,667 Series 2676, Cl. KY, 5%, 9/15/23 4,548,000 4,435,916 Series 2681, Cl. B, 5%, 9/15/23 3,233,000 3,044,144 Series 2764, Cl. UG, 5%, 3/15/34 8,661,000 8,132,849 Series 3025, Cl. SJ, 15.689%, 8/15/35 1 1,037,422 1,145,163 Series 3094, Cl. HS, 15.322%, 6/15/34 1 1,557,155 1,682,533 Series 3138, Cl. PA, 5.50%, 2/15/27 16,990,741 17,310,919 - --------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg. - -Backed Security: Series 176, Cl. IO, 14.672%, 6/1/26 3 606,164 161,712 Series 183, Cl. IO, 13.692%, 4/1/27 3 2,030,658 454,971 Series 184, Cl. IO, 19.378%, 12/1/26 3 1,055,100 280,972 Series 192, Cl. IO, 14.749%, 2/1/28 3 258,558 66,815 Series 200, Cl. IO, 14.586%, 1/1/29 3 318,585 85,093 Series 2003-26, Cl. IK, 13.695%, 4/25/33 3 3,030,499 706,522 Series 206, Cl. IO, (4.586)%, 12/1/29 3 328,059 92,493 Series 2129, Cl. S, 30.276%, 2/15/29 3 1,470,150 134,838 Series 2130, Cl. SC, 28.05%, 3/15/29 3 675,331 69,396 Series 2134, Cl. SB, 41.422%, 3/15/29 3 726,010 60,095 Series 2155, Cl. SE, 31.617%, 5/15/29 3 1,822,063 193,643 Series 216, Cl. IO, 13.426%, 12/1/31 3 1,235,263 352,008 Series 224, Cl. IO, 10.235%, 3/1/33 3 3,619,387 960,633 Series 2422, Cl. SJ, 60.551%, 1/15/32 3 3,197,714 369,108 Series 243, Cl. 6, 8.293%, 12/15/32 3 2,183,779 648,788 Series 2493, Cl. S, 53.664%, 9/15/29 3 189,440 19,220 Series 2517, Cl. GS, 32.194%, 2/15/32 3 972,327 125,194 Series 2796, Cl. SD, 38.367%, 7/15/26 3 1,088,653 103,573
F3 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ---------------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED Continued Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Continued Series 2802, Cl. AS, 75%, 4/15/33 3 $ 3,550,701 $ 270,888 Series 2920, Cl. S, 44.619%, 1/15/35 3 4,346,529 395,999 Series 3000, Cl. SE, 75.907%, 7/15/25 3 6,506,361 439,650 Series 3110, Cl. SL, 99.999%, 2/15/26 3 1,994,088 140,269 - ---------------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security: Series 176, Cl. PO, 4.268%, 6/1/26 4 253,029 203,804 Series 192, Cl. PO, 5.893%, 2/1/28 4 252,020 196,670 - ---------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 10/25/18-8/1/20 27,264,917 26,659,763 4.50%, 7/1/22 5 58,245,000 56,297,404 5%, 12/1/17-9/25/33 146,322,898 144,506,908 5%, 7/1/22-7/1/38 5 147,785,000 142,955,347 5.50%, 12/25/18-9/1/36 86,500,238 85,783,891 5.50%, 7/1/22-7/1/37 5 162,868,000 160,896,191 5.50%, 12/25/32 6 51,968,052 51,569,157 6%, 5/25/20-12/1/33 47,609,171 48,384,678 6%, 7/1/22 5 19,276,000 19,760,907 6%, 3/1/33-11/1/33 6 21,040,113 21,371,741 6.50%, 6/25/17-11/25/31 31,510,664 32,841,408 6.50%, 7/1/37 5 44,334,000 45,643,227 7%, 1/25/09-4/1/34 13,155,910 13,900,400 7%, 7/1/37 5 635,000 665,758 7.50%, 1/1/33-8/25/33 10,658,591 11,517,908 8%, 8/25/17 130 130 8.50%, 7/1/32 50,153 55,250 - ---------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Grantor Trust, Gtd. Trust Mtg. Pass-Through Certificates, Trust 2002-T1, Cl. A2, 7%, 11/25/31 1,624,380 1,722,606 - ---------------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1992-34, Cl. G, 8%, 3/25/22 17,485 18,369 Trust 1993-104, Cl. ZB, 6.50%, 7/25/23 918,663 954,959 Trust 1993-215, Cl. ZQ, 6.50%, 11/25/23 6 3,671,191 3,819,409 Trust 1993-87, Cl. Z, 6.50%, 6/25/23 712,799 739,415 Trust 1996-35, Cl. Z, 7%, 7/25/26 223,330 237,028 Trust 1998-58, Cl. PC, 6.50%, 10/25/28 1,525,103 1,584,588 Trust 1998-61, Cl. PL, 6%, 11/25/28 2,230,627 2,296,072 Trust 1999-54, Cl. LH, 6.50%, 11/25/29 2,836,400 2,929,888 Trust 1999-60, Cl. PG, 7.50%, 12/25/29 9,621,424 10,264,743 Trust 2001-51, Cl. OD, 6.50%, 10/25/31 2,785,562 2,930,959 Trust 2001-70, Cl. LR, 6%, 9/25/30 92,198 92,701 Trust 2001-74, Cl. QE, 6%, 12/25/31 10,261,360 10,557,835 Trust 2001-82, Cl. ZA, 6.50%, 1/25/32 1,970,449 2,061,156 Trust 2002-16, Cl. PG, 6%, 4/25/17 2,176,982 2,263,225 Trust 2002-2, Cl. UC, 6%, 2/25/17 1,269,125 1,310,848 Trust 2002-56, Cl. FN, 3.483%, 7/25/32 1 1,762,103 1,791,020
F4 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED Continued Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Continued Trust 2002-9, Cl. PC, 6%, 3/25/17 $ 6,920,860 $ 7,199,334 Trust 2003-130, Cl. CS, 9.135%, 12/25/33 1 7,628,306 7,363,254 Trust 2003-17, Cl. EQ, 5.50%, 3/25/23 6,305,000 6,315,668 Trust 2003-21, Cl. FK, 2.883%, 3/25/33 1 652,010 647,819 Trust 2003-23, Cl. EQ, 5.50%, 4/25/23 8,316,000 8,255,300 Trust 2003-28, Cl. KG, 5.50%, 4/25/23 1,492,000 1,494,527 Trust 2003-84, Cl. GC, 4.50%, 5/25/15 11,330,000 11,385,284 Trust 2003-84, Cl. PW, 3%, 6/25/22 46,626 46,524 Trust 2004-101, Cl. BG, 5%, 1/25/20 2,677,000 2,673,765 Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 1,348,517 1,432,713 Trust 2005-100, Cl. BQ, 5.50%, 11/25/25 2,450,000 2,442,483 Trust 2005-104, Cl. MC, 5.50%, 12/25/25 12,573,000 12,466,150 Trust 2005-109, Cl. AH, 5.50%, 12/25/25 10,000,000 9,859,109 Trust 2005-31, Cl. PB, 5.50%, 4/25/35 2,480,000 2,439,996 Trust 2005-59, Cl. NQ, 10.669%, 5/25/35 1 2,852,174 2,753,047 Trust 2005-71, Cl. DB, 4.50%, 8/25/25 1,260,000 1,184,143 Trust 2006-44, Cl. OA, 5.50%, 12/25/26 6,549,598 6,667,120 Trust 2006-46, Cl. SW, 15.097%, 6/25/36 1 2,449,979 2,626,921 Trust 2006-50, Cl. KS, 15.098%, 6/25/36 1 3,433,682 3,597,105 Trust 2006-50, Cl. SK, 15.098%, 6/25/36 1 2,432,146 2,545,234 Trust 2006-57, Cl. PA, 5.50%, 8/25/27 7,445,623 7,575,188 Trust 2006-64, Cl. MD, 5.50%, 7/25/36 2,753,828 2,705,263 - ----------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-15, Cl. SA, 47.03%, 3/17/31 3 1,207,513 177,540 Trust 2001-61, Cl. SE, 30.804%, 11/18/31 3 1,693,914 207,144 Trust 2001-65, Cl. S, 41.857%, 11/25/31 3 4,209,574 557,716 Trust 2001-81, Cl. S, 26.545%, 1/25/32 3 517,821 65,303 Trust 2002-12, Cl. SB, 48.985%, 7/25/31 3 827,181 100,488 Trust 2002-2, Cl. SW, 51.423%, 2/25/32 3 940,076 102,166 Trust 2002-38, Cl. IO, 32.644%, 4/25/32 3 347,501 28,402 Trust 2002-41, Cl. S, 55.238%, 7/25/32 3 3,631,026 355,530 Trust 2002-47, Cl. NS, 25.148%, 4/25/32 3 1,337,405 161,075 Trust 2002-5, Cl. SD, 43.815%, 2/25/32 3 625,302 58,689 Trust 2002-51, Cl. S, 25.424%, 8/25/32 3 1,227,994 148,452 Trust 2002-52, Cl. SD, 23.539%, 9/25/32 3 1,384,867 160,155 Trust 2002-60, Cl. SM, 38.567%, 8/25/32 3 6,317,115 579,854 Trust 2002-60, Cl. SY, 22.255%, 4/25/32 3 5,462,650 214,244 Trust 2002-7, Cl. SK, 41.226%, 1/25/32 3 1,927,485 198,480 Trust 2002-75, Cl. SA, 43.487%, 11/25/32 3 3,339,821 425,079 Trust 2002-77, Cl. BS, 33.422%, 12/18/32 3 3,778,680 439,037 Trust 2002-77, Cl. IS, 29.1%, 12/18/32 3 592,038 72,922 Trust 2002-77, Cl. JS, 33.35%, 12/18/32 3 6,522,679 768,136 Trust 2002-77, Cl. SA, 33.473%, 12/18/32 3 6,008,736 732,970 Trust 2002-77, Cl. SH, 29.774%, 12/18/32 3 689,690 71,574 Trust 2002-84, Cl. SA, 45.032%, 12/25/32 3 831,389 106,346 Trust 2002-89, Cl. S, 52.2%, 1/25/33 3 5,322,646 694,597 Trust 2002-9, Cl. MS, 26.615%, 3/25/32 3 42,829 5,276
F5 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ----------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED Continued Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued Trust 2002-90, Cl. SN, 38.565%, 8/25/32 3 $ 3,253,600 $ 297,321 Trust 2002-90, Cl. SY, 41.146%, 9/25/32 3 1,302,716 128,151 Trust 2002-96, Cl. SK, 31.71%, 4/25/32 3 194,444 26,840 Trust 2003-117, Cl. KS, 41.049%, 8/25/33 3 30,321,745 2,794,367 Trust 2003-118, Cl. S, 38.954%, 12/25/33 3 8,163,476 1,248,004 Trust 2003-14, Cl. OI, 12.342%, 3/25/33 3 7,791,351 1,858,118 Trust 2003-33, Cl. SP, 42.802%, 5/25/33 3 5,160,286 754,434 Trust 2003-4, Cl. S, 39.383%, 2/25/33 3 1,646,411 251,562 Trust 2003-52, Cl. NS, 45.309%, 6/25/23 3 26,145,227 2,766,288 Trust 2004-54, Cl. DS, 29.394%, 11/25/30 3 299,609 25,712 Trust 2005-105, Cl. S, 77.313%, 12/25/35 3 8,483,587 779,065 Trust 2005-19, Cl. SA, 42.066%, 3/25/35 3 15,234,829 1,119,819 Trust 2005-40, Cl. SA, 41.665%, 5/25/35 3 2,678,732 214,183 Trust 2005-6, Cl. SE, 49.957%, 2/25/35 3 3,295,288 259,698 Trust 2005-71, Cl. SA, 55.308%, 8/25/25 3 5,360,071 478,728 Trust 2005-83, Cl. SL, 74.04%, 10/25/35 3 10,973,669 1,105,897 Trust 2005-87, Cl. SE, 99.999%, 10/25/35 3 20,148,299 1,341,075 Trust 2005-87, Cl. SG, 78.534%, 10/25/35 3 15,843,809 1,536,129 Trust 2006-119, Cl. MS, 75.239%, 12/25/36 3 8,923,407 912,469 Trust 2006-33, Cl. SP, 60.942%, 5/25/36 3 12,617,483 1,415,772 Trust 2006-34, Cl. SK, 59.65%, 5/25/36 3 17,735,731 2,151,025 Trust 2006-42, Cl. CI, 33.62%, 6/25/36 3 12,149,983 1,138,879 Trust 222, Cl. 2, 19.237%, 6/1/23 3 2,151,811 587,494 Trust 240, Cl. 2, 22.397%, 9/1/23 3 2,556,347 728,683 Trust 247, Cl. 2, 18.305%, 10/1/23 3 175,457 42,928 Trust 252, Cl. 2, 17.725%, 11/1/23 3 1,830,091 519,433 Trust 254, Cl. 2, 12.658%, 1/1/24 3 3,230,948 917,527 Trust 2682, Cl. TQ, 81.615%, 10/15/33 3 4,813,959 392,026 Trust 273, Cl. 2, 17.298%, 8/1/26 3 480,411 131,589 Trust 2981, Cl. BS, 92.822%, 5/15/35 3 8,971,551 656,643 Trust 301, Cl. 2, 7.848%, 4/1/29 3 1,198,447 305,648 Trust 303, Cl. IO, (0.493)%, 11/1/29 3 146,529 41,811 Trust 319, Cl. 2, 12.786%, 2/1/32 3 727,730 188,518 Trust 321, Cl. 2, 11.015%, 4/1/32 3 3,017,637 776,658 Trust 322, Cl. 2, 15.811%, 4/1/32 3 3,886,650 1,040,206 Trust 324, Cl. 2, 7.867%, 7/1/32 3 2,387,495 617,568 Trust 331, Cl. 9, 11.365%, 2/1/33 3 7,755,496 1,718,997 Trust 334, Cl. 14, 14.018%, 2/1/33 3 6,832,548 1,554,964 Trust 334, Cl. 15, 8.594%, 2/1/33 3 4,718,973 1,057,854 Trust 334, Cl. 17, 22.05%, 2/1/33 3 263,490 67,879 Trust 339, Cl. 12, 7.81%, 7/1/33 3 7,155,861 1,807,343 Trust 339, Cl. 7, 6.348%, 7/1/33 3 9,171,684 2,154,009 Trust 342, Cl. 2, 12.523%, 9/1/33 3 1,467,397 394,726 Trust 343, Cl. 13, 8.358%, 9/1/33 3 5,766,155 1,450,197 Trust 344, Cl. 2, 11.207%, 12/1/33 3 39,402,094 10,611,068 Trust 345, Cl. 9, 8.72%, 1/1/34 3 5,336,676 1,333,069 Trust 354, Cl. 2, 9.574%, 11/1/34 3 12,885,813 3,332,036
F6 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED Continued Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued Trust 362, Cl. 12, 7.296%, 8/1/35 3 $ 8,529,917 $ 2,015,381 Trust 362, Cl. 13, 7.243%, 8/1/35 3 4,725,510 1,116,724 Trust 364, Cl. 16, 9.622%, 9/1/35 3 7,354,923 1,836,299 Trust 365, Cl. 16, 13.887%, 3/1/36 3 4,525,202 1,095,574 - ------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security: Trust 1993-184, Cl. M, 4.819%, 9/25/23 4 645,058 517,938 Trust 324, Cl. 1, 5.561%, 7/1/32 4 596,176 457,947 ---------------- 1,261,037,120 - ------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED -- 0.1% Government National Mortgage Assn.: 5.625%, 8/8/25-8/8/27 1 20,600 20,826 7%, 7/29/09 1,807 1,850 8.50%, 8/1/17-12/15/17 211,106 230,504 9%, 3/29/09-6/29/09 2,660 2,730 10.50%, 12/29/17-5/29/21 16,680 18,878 11%, 11/8/19 32,252 36,096 12%, 5/29/14 263 301 - ------------------------------------------------------------------------------------------------------- Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 2001-21, Cl. SB, 42.449%, 1/16/27 3 1,298,215 120,922 Series 2002-15, Cl. SM, 35.565%, 2/16/32 3 1,490,304 136,972 Series 2002-41, Cl. GS, 40.38%, 6/16/32 3 1,045,214 152,126 Series 2002-76, Cl. SY, 38.589%, 12/16/26 3 669,965 66,811 Series 2002-78, Cl. S, 27.84%, 11/16/32 3 632,478 68,722 Series 2004-11, Cl. SM, 23.401%, 1/17/30 3 237,639 25,953 Series 2006-47, Cl. SA, 86.712%, 8/16/36 3 15,892,985 1,372,038 ---------------- 2,254,729 - ------------------------------------------------------------------------------------------------------- NON-AGENCY -- 38.9% - ------------------------------------------------------------------------------------------------------- COMMERCIAL -- 15.7% Asset Securitization Corp., Commercial Interest-Only Stripped Mtg.-Backed Security, Series 1997-D4, Cl. PS1, 2.188%, 4/14/29 3 3,317,022 451,748 - ------------------------------------------------------------------------------------------------------- Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2006-1, Cl. AM, 5.421%, 9/1/45 20,850,000 19,113,053 Series 2006-5, Cl. A2, 5.348%, 10/10/11 6,320,000 6,235,873 - ------------------------------------------------------------------------------------------------------- Banc of America Funding Corp., Mtg. Pass-Through Certificates, Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 1,486,049 1,489,580 - ------------------------------------------------------------------------------------------------------- Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 1,335,045 1,361,563 - ------------------------------------------------------------------------------------------------------- Bear Stearns Commercial Mortgage Securities Trust 2007-PW18, Commercial Mtg. Pass-Through Certificates, Series PW18, Cl. A2, 5.613%, 6/1/50 17,675,000 17,268,551
F7 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------ COMMERCIAL Continued Bear Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Obligations, Series 2003-T10, Cl. A1, 4%, 3/13/40 $ 129,146 $ 125,943 - ------------------------------------------------------------------------------------------------------------ Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (6.906)%, 6/22/24 3 3,939,264 114,643 - ------------------------------------------------------------------------------------------------------------ Citigroup Mortgage Loan Trust, Inc. 2006-WF1, Asset-Backed Pass-Through Certificates, Series 2006-WF1, Cl. A2B, 5.536%, 3/1/36 545,489 545,330 - ------------------------------------------------------------------------------------------------------------ Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49 12,775,000 12,442,244 - ------------------------------------------------------------------------------------------------------------ CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 2006-A5, Cl. 1A1, 2.883%, 10/25/36 1 12,544,300 10,698,695 Series 2006-A5, Cl. 1A13, 2.933%, 10/25/36 1 6,578,108 5,497,525 - ------------------------------------------------------------------------------------------------------------ CWALT Alternative Loan Trust 2006-HY13, Mtg. Pass-Through Certificates, Series 2006-HY13, Cl. 3A1, 5.978%, 1/1/47 1 3,525,325 3,338,033 - ------------------------------------------------------------------------------------------------------------ Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates: Series 2006-AB2, Cl. A7, 5.961%, 6/25/36 1,537,614 1,523,808 Series 2006-AB3, Cl. A7, 6.36%, 7/1/36 545,474 536,742 Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36 7,226,523 7,117,306 - ------------------------------------------------------------------------------------------------------------ First Horizon Alternative Mortgage Securities Trust 2004-FA2, Mtg. Pass-Through Certificates, Series 2004-FA2, Cl. 3A1, 6%, 1/25/35 3,395,695 3,006,335 - ------------------------------------------------------------------------------------------------------------ First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37 3,626,238 3,506,301 - ------------------------------------------------------------------------------------------------------------ GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations: Series 2003-C1, Cl. A2, 4.093%, 1/10/38 117,083 116,219 Series 2004-C3, Cl. A2, 4.433%, 7/10/39 1,850,000 1,846,588 - ------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/39 17,310,000 16,949,756 - ------------------------------------------------------------------------------------------------------------ Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17 10,330,000 9,786,385 - ------------------------------------------------------------------------------------------------------------ GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A2, 5.479%, 11/1/39 10,380,000 10,303,629 - ------------------------------------------------------------------------------------------------------------ GSR Mortgage Loan Trust 2005-4F, Mtg. Pass-Through Certificates, Series 2005-4F, Cl. 6A1, 6.50%, 2/25/35 8,873,854 8,501,641 - ------------------------------------------------------------------------------------------------------------ JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42 3,525,000 3,292,544 Series 2007-LD11, Cl. A2, 5.992%, 6/15/49 1 5,450,000 5,407,049 Series 2007-LD12, Cl. A2, 5.827%, 2/15/51 12,980,000 12,829,432 Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49 23,552,000 22,949,177 Series 2008-C2, Cl. A4, 6.068%, 2/1/51 21,450,000 21,517,139 Series 2008-C2, Cl. AM, 6.799%, 2/1/51 7,000,000 6,903,750
F8 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------- COMMERCIAL Continued JPMorgan Chase Commercial Mortgage Securities Trust 2005-LDP2, Commercial Mtg. Pass-Through Certificates, Series 2005-LDP2, Cl. AM, 4.78%, 7/1/42 $ 8,810,000 $ 8,148,917 - ------------------------------------------------------------------------------------------------------------- JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32 4,338,619 4,470,849 - ------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates: Series 2006-C1, Cl. A2, 5.084%, 2/11/31 12,040,000 11,938,243 Series 2006-C1, Cl. AM, 5.217%, 2/11/31 1 11,760,000 10,646,146 - ------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C1, Commercial Mtg. Pass-Through Certificates, Series 2007-C1, Cl. A2, 5.318%, 1/15/12 13,940,000 13,643,177 - ------------------------------------------------------------------------------------------------------------- Lehman Brothers Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.859%, 2/18/30 3 3,239,424 97,951 - ------------------------------------------------------------------------------------------------------------- Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/24 2 171,572 156,559 - ------------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, CMO Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34 1,986,863 1,811,180 - ------------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 2.933%, 10/25/36 1 20,096,306 18,212,555 - ------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. A2, 5.797%, 5/1/39 1 6,100,000 6,107,939 - ------------------------------------------------------------------------------------------------------------- Merrill Lynch/Countrywide Commercial Mortgage Trust 2007-9, Commercial Mtg. Pass-Through Certificates, Series 2007-9, Cl. A4, 5.70%, 9/1/17 6,140,000 5,801,850 - ------------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 854,459 858,500 - ------------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 182,000 191,100 - ------------------------------------------------------------------------------------------------------------- RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37 5,054,284 4,845,856 - ------------------------------------------------------------------------------------------------------------- Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36 5,032,554 4,981,862 - ------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VII, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1999-C1, Cl. X, 5.704%, 5/18/32 3 145,716,200 233,190 - ------------------------------------------------------------------------------------------------------------- STARM Mortgage Loan Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.658%, 6/1/37 1 15,659,962 14,683,661 - ------------------------------------------------------------------------------------------------------------- Structured Asset Securities Corp., Mtg. Pass-Through Certificates, Series 2002-AL1, Cl. B2, 3.45%, 2/25/32 2,228,146 1,081,143 - ------------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.272%, 11/15/48 2,146,000 2,112,108 - ------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A4, 5.882%, 8/1/46 1 20,265,832 19,631,781
F9 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- COMMERCIAL Continued WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A2, 5.714%, 2/25/37 1,2 $ 4,611,055 $ 2,536,080 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.665%, 3/1/37 1 11,885,763 8,642,765 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 5A1, 5.636%, 11/1/36 1 3,728,841 3,550,304 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.658%, 5/1/37 1 3,887,099 3,627,529 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.833%, 10/1/34 1 10,469,983 10,399,380 -------------- 373,187,207 - --------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING--1.2% Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.099%, 9/25/36 1 13,203,923 12,631,191 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.106%, 3/25/36 1 16,025,095 15,535,530 --------------- 28,166,721 - --------------------------------------------------------------------------------------------------------------- MULTIFAMILY--7.4% Banc of America Mortgage Securities, Inc., Mtg. Pass-Through Certificates: Series 2003-E, Cl. 2A2, 4.606%, 6/25/33 1 7,621,759 7,604,456 Series 2005-F, Cl. 2A3, 4.713%, 7/25/35 1 12,074,678 11,705,770 - --------------------------------------------------------------------------------------------------------------- Bear Stearns ARM Trust 2006-4, Mtg. Pass-Through Certificates, Series 2006-4, Cl. 2A1, 5.794%, 10/25/36 1 6,332,006 5,623,393 - ---------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 4.13%, 1/19/34 1 7,480,593 7,421,450 - --------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2005-HYB1, Mtg. Pass-Through Certificates, Series 2005-HYB1, Cl. 1A2, 4.995%, 3/25/35 1 11,341,104 10,774,049 - --------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2007-HY1, Mtg. Pass-Through Certificates, Series 2007-HY1, Cl. 1A1, 5.694%, 4/25/37 1 17,182,068 16,050,123 - --------------------------------------------------------------------------------------------------------------- Citigroup Mortgage Loan Trust, Inc. 2006-AR5, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 1 A3A, 5.89%, 7/25/36 1 5,343,093 5,188,716 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 2A4, 5.75%, 1/25/35 10,018,000 8,610,624 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2005-85CB, Mtg. Pass-Through Certificates, Series 2005-85CB, Cl. 2A3, 5.50%, 2/25/36 7,710,000 6,912,489 - --------------------------------------------------------------------------------------------------------------- GMAC Mortgage Corp. Loan Trust, Mtg. Pass-Through Certificates: Series 2004-J4, Cl. A7, 5.50%, 9/25/34 7,166,000 6,470,599 Series 2005-AR4, Cl. 2A1, 5.297%, 7/19/35 1 11,637,832 10,054,379 - --------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 3A1, 5.149%, 11/25/35 1 19,827,528 18,930,819
F10 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- MULTIFAMILY Continued Merrill Lynch Mortgage Investors Trust 2007-2, Mtg. Pass-Through Certificates, Series 2007-2, Cl. 2A1, 5.995%, 6/25/37 1 $ 13,888,789 $ 13,352,997 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-AA Trust, Mtg. Pass-Through Certificates, Series 2004-AA, Cl. 2A, 4.993%, 12/25/34 1 3,809,613 3,706,731 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-S Trust, Mtg. Pass-Through Certificates, Series 2004-S, Cl. A1, 3.541%, 9/25/34 1 3,159,428 3,008,833 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR2 Trust, Mtg. Pass-Through Certificates, Series 2005-AR2, Cl. 2A2, 4.542%, 3/25/35 1 2,429,568 2,349,197 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR4 Trust, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 2A2, 4.526%, 4/25/35 1 3,861,482 3,698,579 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 2A1, 5.646%, 7/25/36 1 5,965,946 5,777,976 Series 2006-AR10, Cl. 4A1, 5.561%, 7/25/36 1 7,838,757 7,593,641 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates: Series 2006-AR2, Cl. 2A3, 5.10%, 3/1/36 1 14,165,913 13,733,145 Series 2006-AR2, Cl. 2A6, 5.106%, 3/25/36 1 3,048,456 2,830,463 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.092%, 3/25/36 1 3,458,167 3,332,288 --------------- 174,730,717 - --------------------------------------------------------------------------------------------------------------- OTHER -- 0.2% JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.762%, 2/25/32 1 3,772,047 3,707,619 - --------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Interest-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. B, 49.825%, 10/23/17 3 6,378 784 - --------------------------------------------------------------------------------------------------------------- Salomon Brothers Mortgage Securities VI, Inc., Principal-Only Stripped Mtg.-Backed Security, Series 1987-3, Cl. A, 1.147%, 10/23/17 4 9,440 9,055 --------------- 3,717,458 - --------------------------------------------------------------------------------------------------------------- RESIDENTIAL--14.4% Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. A4, 5.936%, 7/1/17 1 10,690,000 10,201,462 - --------------------------------------------------------------------------------------------------------------- Bank of America Alternative Loan Trust, Mtg. Pass-Through Certificates, Series 2003-1, Cl. A6, 6%, 2/1/33 6,997,349 6,934,011 - --------------------------------------------------------------------------------------------------------------- Chase Mortgage Finance Trust 2005-S1, Multiclass Mtg. Pass-Through Certificates, Series 2005-S1, Cl. 1A5, 5.50%, 5/25/35 4,500,000 4,132,672 - --------------------------------------------------------------------------------------------------------------- CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 1A1, 6.094%, 9/25/47 1 22,973,972 20,676,575 - --------------------------------------------------------------------------------------------------------------- CitiMortgage Alternative Loan Trust 2006-A1, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A1, Cl. 2A1, 5.25%, 3/1/21 6,882,730 6,606,929
F11 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- RESIDENTIAL Continued CitiMortgage Alternative Loan Trust 2007-A2, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2007-A2, Cl. 1A5, 6%, 2/25/37 $ 24,606,054 $ 22,668,667 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2004-24CB, Mtg. Pass-Through Certificates, Series 2004-24CB, Cl. 1A1, 6%, 11/1/34 8,151,344 7,644,206 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2004-28CB, Mtg. Pass-Through Certificates, Series 2004-28CB, Cl. 3A1, 6%, 1/1/35 6,445,016 5,867,277 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2005-18CB, Mtg. Pass-Through Certificates, Series 2005-18CB, Cl. A8, 5.50%, 5/25/36 9,396,000 8,027,008 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2005-21CB, Mtg. Pass-Through Certificates, Series 2005-21CB, Cl. A7, 5.50%, 6/1/35 7,177,680 6,361,148 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32 5,910,539 5,205,771 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2005-J3, Mtg. Pass-Through Certificates, Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34 3,077,227 2,964,109 - --------------------------------------------------------------------------------------------------------------- CWALT Alternative Loan Trust 2006-41CB, Mtg. Pass-Through Certificates, Series 2006-41CB, Cl. 1A10, 6%, 1/1/37 23,370,660 21,964,508 - --------------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.832%, 3/1/37 1,2 10,657,477 9,659,831 - --------------------------------------------------------------------------------------------------------------- LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. A3, 5.866%, 9/11/45 23,990,000 22,937,362 - --------------------------------------------------------------------------------------------------------------- Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36 1,371,940 1,338,818 - --------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Trust 2005-A1, Mtg. Asset-Backed Certificates, Series 2005-A1, Cl. 2A1, 4.516%, 12/25/34 1 2,458,142 2,406,826 - --------------------------------------------------------------------------------------------------------------- Morgan Stanley Mortgage Loan Trust 2006-AR, Mtg. Pass-Through Certificates, Series 2006-AR, Cl. 5A3, 5.427%, 6/25/36 1 4,750,000 4,474,984 - --------------------------------------------------------------------------------------------------------------- RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33 1,112,624 1,083,217 - --------------------------------------------------------------------------------------------------------------- RALI Series 2004-QS10 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2004-QS10, Cl. A3, 2.983%, 7/25/34 1 1,736,541 1,551,290 - --------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36 2,996,493 2,978,462 - --------------------------------------------------------------------------------------------------------------- RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36 1,910,145 1,846,355 - --------------------------------------------------------------------------------------------------------------- STARM Mortgage Loan Trust 2007-S1, Mtg. Pass-Through Certificates, Series 2007-S1, Cl. 3A1, 5.009%, 8/1/22 1 18,729,514 18,152,121 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.046%, 9/25/33 1 5,343,171 5,115,365 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2005-AR14 Trust, Mtg. Pass-Through Certificates, Series 2005-AR14, Cl. 1A1, 5.053%, 12/1/35 1 11,910,670 11,604,620 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 5.75%, 10/25/36 1 16,553,264 15,360,376
F12 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- RESIDENTIAL Continued WaMu Mortgage Pass-Through Certificates 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8,Cl. 2A1, 6.13%, 8/25/36 1 $ 16,006,561 $ 15,713,321 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2,Cl. 2A1, 6.611%, 11/1/36 1 1,502,567 1,419,593 - --------------------------------------------------------------------------------------------------------------- WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.698%, 6/25/37 1 11,580,977 10,751,487 - --------------------------------------------------------------------------------------------------------------- Washington Mutual Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 1A8, 6%, 2/25/37 15,024,238 14,590,078 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2003-6 Trust, Mtg. Pass-Through Certificates, Series 2003-6, Cl. 1A1, 5%, 6/25/18 6,209,397 6,006,045 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2004-R Trust, Mtg. Pass-Through Certificates, Series 2004-R, Cl. 2A1, 4.365%, 9/1/34 1 1,385,838 1,349,290 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.944%, 10/1/35 1 7,812,580 7,538,626 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates: Series 2006-AR10, Cl. 5A3, 5.595%,7/1/36 1 3,727,029 3,642,905 Series 2006-AR10, Cl. 5A6, 5.595%,7/1/36 1 20,084,397 19,356,008 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates: Series 2006-AR13, Cl. A2, 5.752%,9/1/36 1 22,127,132 21,492,703 Series 2006-AR13, Cl. A5, 5.752%, 9/1/36 1,2 8,049,281 6,117,454 - --------------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities 2006-AR5 Trust, Mtg. Pass-Through Certificates, Series 2006-AR5, Cl. 2A2, 5.54%, 4/1/36 1,2 9,481,150 6,257,559 --------------- 341,999,039 --------------- Total Mortgage-Backed Obligations (Cost $2,188,903,778) 2,185,092,991 - --------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--0.1% - --------------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, STRIPS, 3.862%, 2/15/13 7 (Cost $1,273,716) 1,520,000 1,301,257 - --------------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--23.4% - --------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--6.2% - --------------------------------------------------------------------------------------------------------------- AUTOMOBILES--1.5% Equus Cayman Finance Ltd., 5.50% Unsub. Nts., 9/12/08 8 1,780,000 1,789,568 - --------------------------------------------------------------------------------------------------------------- Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10 9 22,680,000 19,787,234 - --------------------------------------------------------------------------------------------------------------- General Motors Acceptance Corp., 8% Bonds, 11/1/31 16,865,000 11,002,406 - --------------------------------------------------------------------------------------------------------------- Hyundai Motor Manufacturing Alabama LLC, 5.30% Sr. Unsec. Nts., 12/19/08 8 3,145,000 3,147,387 --------------- 35,726,595 - --------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.1% MGM Mirage, Inc., 6% Sr. Sec. Nts., 10/1/09 15,065,000 14,895,519 - --------------------------------------------------------------------------------------------------------------- Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10 9 1,400,000 1,281,000
F13 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14 $ 9,772,000 $ 8,990,240 --------------- 25,166,759 - --------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--0.9% Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09 2,9 6,760,000 6,455,800 - --------------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 8% Sr. Nts., 2/1/09 5,694,000 5,708,235 - --------------------------------------------------------------------------------------------------------------- Lennar Corp., 7.625% Sr. Unsec. Nts., 3/1/09 9,680,000 9,438,000 --------------- 21,602,035 - --------------------------------------------------------------------------------------------------------------- MEDIA--2.0% Belo Corp., 8% Sr. Unsec. Unsub. Nts., 11/1/08 2 14,175,000 14,315,843 - --------------------------------------------------------------------------------------------------------------- Chancellor Media CCU, 8% Sr. Unsec. Nts., 11/1/08 5,130,000 5,206,796 - --------------------------------------------------------------------------------------------------------------- Clear Channel Communications, Inc., 6.25% Nts., 3/15/11 6,350,000 5,384,819 - --------------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.25% Sr. Unsec. Nts., 7/15/08 7,080,000 7,097,700 - --------------------------------------------------------------------------------------------------------------- EchoStar DBS Corp., 5.75% Sr. Unsec. Nts., 10/1/08 9,370,000 9,393,425 - --------------------------------------------------------------------------------------------------------------- Tribune Co., 5.50% Nts., Series E, 10/6/08 5,370,000 5,276,025 - --------------------------------------------------------------------------------------------------------------- Univision Communications, Inc., 3.875% Sr. Unsec. Nts., 10/15/08 1,795,000 1,777,050 --------------- 48,451,658 - --------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.7% Dillard's, Inc., 6.625% Unsec. Nts., 11/15/08 2 4,070,000 4,075,088 - --------------------------------------------------------------------------------------------------------------- Macy's Retail Holdings, Inc., 4.80% Sr. Nts., 7/15/09 9 11,895,000 11,660,169 --------------- 15,735,257 - --------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.0% Gap, Inc. (The), 10.05% Unsub. Nts., 12/15/08 1,2 546,000 558,968 - --------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.4% - --------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.4% Albertson's, Inc., 8% Sr. Unsec. Debs., 5/1/31 6,950,000 7,156,186 - --------------------------------------------------------------------------------------------------------------- Delhaize America, Inc., 9% Unsub. Debs., 4/15/31 1,423,000 1,681,368 - --------------------------------------------------------------------------------------------------------------- Real Time Data Co., 11% Nts., 5/31/09 2,10,11 476,601 -- --------------- 8,837,554 - --------------------------------------------------------------------------------------------------------------- ENERGY--0.9% - --------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS--0.9% Buckeye Partners LP, 4.625% Sr. Nts., 7/15/13 4,165,000 3,980,728 - --------------------------------------------------------------------------------------------------------------- Energy Transfer Partners LP, 5.65% Sr. Unsec. Unsub. Nts., 8/1/12 2,310,000 2,332,033 - --------------------------------------------------------------------------------------------------------------- Kaneb Pipe Line Operating Partnership LP, 5.875% Sr. Unsec. Nts., 6/1/13 6,075,000 5,859,149 - --------------------------------------------------------------------------------------------------------------- PF Export Receivables Master Trust, 3.748% Sr. Nts., Series B, 6/1/13 8 1,066,413 1,060,422 - --------------------------------------------------------------------------------------------------------------- TEPPCO Partners LP, 6.125% Nts., 2/1/13 3,060,000 3,038,198
F14 | OPPENHEIMER CORE BOND FUND
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------ OIL, GAS & CONSUMABLE FUELS Continued Valero Logistics Operations LP, 6.05% Nts., 3/15/13 $ 4,347,000 $ 4,250,353 -------------- 20,520,883 - ------------------------------------------------------------------------------------------------------ FINANCIALS--13.7% - ------------------------------------------------------------------------------------------------------ CAPITAL MARKETS--2.6% Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34 9 18,850,000 16,044,272 - ------------------------------------------------------------------------------------------------------ Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/38 26,240,000 24,435,869 - ------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38 23,775,000 22,375,199 -------------- 62,855,340 - ------------------------------------------------------------------------------------------------------ COMMERCIAL BANKS--3.8% Barclays Bank plc, 6.278% Perpetual Bonds 12 32,320,000 26,701,814 - ------------------------------------------------------------------------------------------------------ HBOS plc, 6.413% Sub. Perpetual Bonds, Series A 8,12 36,300,000 25,469,895 - ------------------------------------------------------------------------------------------------------ HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/35 1 32,880,000 26,416,450 - ------------------------------------------------------------------------------------------------------ Popular North America, Inc.: 3.875% Sr. Bonds, Series E, 10/1/08 5,450,000 5,438,877 4.70% Nts., 6/30/09 9 6,799,000 6,717,358 -------------- 90,744,394 - ------------------------------------------------------------------------------------------------------ CONSUMER FINANCE--0.5% SLM Corp.: 3.95% Nts., Series A, 8/15/08 1,780,000 1,768,145 4% Nts., 1/15/09 10,566,000 10,437,739 -------------- 12,205,884 - ------------------------------------------------------------------------------------------------------ DIVERSIFIED FINANCIAL SERVICES--4.1% Bank of America Corp.: 8% Unsec. Perpetual Bonds, Series K 9,12 16,140,000 15,159,334 8.125% Perpetual Bonds, Series M 12 4,200,000 3,975,342 - ------------------------------------------------------------------------------------------------------ Capmark Financial Group, Inc.: 3.366% Sr. Unsec. Nts., 5/10/10 1 3,920,000 3,023,292 5.875% Sr. Unsec. Nts., 5/10/12 8,600,000 6,073,268 - ------------------------------------------------------------------------------------------------------ CIT Group Funding Co. of Canada, 4.65% Sr. Unsec. Nts., 7/1/10 5,029,000 4,208,946 - ------------------------------------------------------------------------------------------------------ Citigroup, Inc.: 8.30% Jr. Sub. Bonds, 12/21/57 1 24,580,000 23,314,597 8.40% Perpetual Bonds, Series E 12 9,885,000 9,409,136 - ------------------------------------------------------------------------------------------------------ JPMorgan Chase & Co., 7.90% Perpetual Bonds, Series 1 12 20,080,000 18,883,834 - ------------------------------------------------------------------------------------------------------ Liberty Media Corp., 7.875% Sr. Nts., 7/15/09 2,625,000 2,664,060 - ------------------------------------------------------------------------------------------------------ Liberty Media LLC, 7.75% Sr. Nts., 7/15/09 9,495,000 9,601,230 -------------- 96,313,039
F15 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------ INSURANCE--2.7% American International Group, Inc., 6.25% Jr. Sub. Bonds, 3/15/37 $ 1,745,000 $ 1,372,523 - ------------------------------------------------------------------------------------------------------ Axa SA, 6.379% Sub. Perpetual Bonds 8,12 28,339,000 22,838,967 - ------------------------------------------------------------------------------------------------------ MBIA, Inc., 5.70% Sr. Unsec. Unsub. Nts., 12/1/34 6 4,160,000 1,675,819 - ------------------------------------------------------------------------------------------------------ MetLife, Inc., 6.40% Jr. Unsec. Sub. Bonds, 12/15/66 1 19,345,000 16,976,224 - ------------------------------------------------------------------------------------------------------ Prudential Holdings LLC, 8.695% Bonds, Series C, 12/18/23 8 9,470,000 11,038,431 - ------------------------------------------------------------------------------------------------------ Prudential Insurance Co. of America, 8.30% Nts., 7/1/25 8 8,725,000 9,574,841 -------------- 63,476,805 - ------------------------------------------------------------------------------------------------------ INDUSTRIALS--0.2% - ------------------------------------------------------------------------------------------------------ INDUSTRIAL CONGLOMERATES--0.2% MetLife Capital Trust X, 9.25% Sec. Bonds, 4/8/68 1 5,600,000 6,057,111 - ------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY--0.3% - ------------------------------------------------------------------------------------------------------ COMMUNICATIONS EQUIPMENT--0.0% Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 2,11 200,000 2 - ------------------------------------------------------------------------------------------------------ COMPUTERS & PERIPHERALS--0.3% NCR Corp., 7.125% Sr. Unsec. Unsub. Nts., 6/15/09 9 7,675,000 7,783,624 - ------------------------------------------------------------------------------------------------------ MATERIALS--0.0% - ------------------------------------------------------------------------------------------------------ CHEMICALS--0.0% Morton International, Inc., 9.75% Credit Sensitive Nts., 6/1/20 1 85,000 110,268 - ------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES--1.0% - ------------------------------------------------------------------------------------------------------ DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Qwest Corp.: 5.625% Unsec. Nts., 11/15/08 729,000 730,823 8.875% Unsec. Unsub. Nts., 3/15/12 21,835,000 22,380,875 -------------- 23,111,698 - ------------------------------------------------------------------------------------------------------ UTILITIES--0.7% - ------------------------------------------------------------------------------------------------------ ELECTRIC UTILITIES--0.7% Monongahela Power Co., 7.36% Unsec. Nts., Series A, 1/15/10 7,977,000 8,179,616 - ------------------------------------------------------------------------------------------------------ Westar Energy, Inc., 7.125% Sr. Unsec. Nts., 8/1/09 7,494,000 7,728,811 -------------- 15,908,427 -------------- Total Corporate Bonds and Notes (Cost $596,609,935) 555,166,301
SHARES - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ COMMON STOCKS--0.0% - ------------------------------------------------------------------------------------------------------ Chesapeake Energy Corp. (Cost $9) 181 11,939
UNITS - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------ Pathmark Stores, Inc. Wts., Strike Price $22.31, Exp. 9/19/10 2,13 (Cost $5,577) 2,028 71
F16 | OPPENHEIMER CORE BOND FUND
SHARES VALUE - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- INVESTMENT COMPANY--0.3% - -------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 2.69% 14,15 (Cost $6,575,974) 6,575,974 $ 6,575,974 - -------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,880,842,892) 2,830,736,269
PRINCIPAL AMOUNT - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.9% 16 - -------------------------------------------------------------------------------------------------------- Repurchase agreement (Principal Amount/Value $ 21,763,265 with a maturity value of $21,764,897) with Barclays Capital, 2.70%, dated 6/30/08, to be repurchased at $21,764,897 on 7/1/08, collateralized by various securities, 0%-7.325%, 12/15/10-11/20/56, with a value of $22,228,530 (Cost $21,763,265) $ 21,763,265 21,763,265 - -------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,902,606,157) 120.3% 2,852,499,534 - -------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (20.3) (480,387,944) ------------------------------- NET ASSETS 100.0% $2,372,111,590 ===============================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Represents the current interest rate for a variable or increasing rate security. 2. Illiquid security. The aggregate value of illiquid securities as of June 30, 2008 was $51,312,546, which represents 2.16% of the Fund's net assets. See Note 7 of accompanying Notes. 3. 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 $76,501,303 or 3.23% of the Fund's net assets as of June 30, 2008. 4. 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 $1,385,414 or 0.06% of the Fund's net assets as of June 30, 2008. 5. When-issued security or delayed delivery to be delivered and settled after June 30, 2008. See Note 1 of accompanying Notes. 6. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $5,069,311. See Note 5 of accompanying Notes. 7. Zero coupon bond reflects effective yield on the date of purchase. 8. 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 $74,919,511 or 3.16% of the Fund's net assets as of June 30, 2008. 9. Partial or fully-loaned security. See Note 8 of accompanying Notes. F17 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued 10. Interest or dividend is paid-in-kind, when applicable. 11. Issue is in default. See Note 1 of accompanying Notes. 12. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security. 13. Non-income producing security. 14. Rate shown is the 7-day yield as of June 30, 2008. 15. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2008, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES DECEMBER 31, 2007 ADDITIONS REDUCTIONS JUNE 30, 2008 - ------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E 52,911,646 726,308,556 772,644,228 6,575,974
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E $ 6,575,974 $ 1,117,157
16. The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 8 of accompanying Notes. - -------------------------------------------------------------------------------- VALUATION INPUTS - -------------------------------------------------------------------------------- Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1 - quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2 - inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market-corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3 - unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of June 30, 2008:
INVESTMENTS OTHER FINANCIAL IN SECURITIES INSTRUMENTS* - ------------------------------------------------------------------------------------------------------- Level 1 - Quoted Prices $ 6,587,913 $ (624,737) Level 2 - Other Significant Observable Inputs 2,777,303,697 (52,835,529) Level 3 - Significant Unobservable Inputs 68,607,924 -- ---------------------------------- TOTAL $2,852,499,534 $ (53,460,266) ==================================
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. F18 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- FUTURES CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS: - --------------------------------------------------------------------------------
UNREALIZED NUMBER OF EXPIRATION APPRECIATION CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------------- U.S. Long Bonds Buy 1,521 9/19/08 $175,818,094 $ 1,401,613 U.S. Treasury Nts., 2 yr. Sell 1,823 9/30/08 385,023,299 (660,995) U.S. Treasury Nts., 5 yr. Sell 1,624 9/30/08 179,540,813 471,195 U.S. Treasury Nts., 10 yr. Sell 1,493 9/19/08 170,085,359 (1,528,193) ---------------- $ (316,380) ================
- -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS: - --------------------------------------------------------------------------------
PAY/ NOTIONAL RECEIVE PREMIUM SWAP BUY/SELL AMOUNT FIXED TERMINATION (PAID)/ COUNTERPARTY REFERENCE ENTITY CREDIT PROTECTION (000S) RATE DATE RECEIVED VALUE - -------------------------------------------------------------------------------------------------------------------------- Barclays Bank plc: American International Group, Inc. Sell $ 22,690 1.850% 9/20/08 $ -- $ 10,460 Capmark Financial Group, Inc. Sell 3,950 1.000 6/20/12 -- (1,031,195) Countrywide Home Loans, Inc. Sell 5,980 0.750 9/20/08 -- (74,284) Dillard's, Inc. Sell 3,610 1.900 12/20/08 -- (34,808) General Mills, Inc. Sell 3,390 0.400 12/20/12 -- 383 HCP, Inc. Sell 5,350 4.600 3/20/09 -- 5,452 iStar Financial, Inc. Sell 5,555 4.400 12/20/12 -- (459,710) Kohl's Corp. Buy 3,685 1.180 6/20/18 -- 39,488 Kohl's Corp. Sell 3,685 1.080 6/20/13 -- (19,667) Kohl's Corp. Sell 3,695 0.900 6/20/13 -- (48,774) Kohl's Corp. Buy 3,695 1.040 6/20/18 -- 77,809 Lehman Brothers Sell 8,735 0.490 9/20/10 -- (446,297) Holdings, Inc. Merrill Lynch & Co., Inc. Sell 18,610 0.680 9/20/08 -- 2,698 Morgan Stanley Sell 20,305 2.150 9/20/08 -- 74,905 Six Flags, Inc. Sell 4,885 8.250 12/20/08 -- (359,170) The Bear Stearns Cos., Inc. Sell 485 14.000 9/20/08 -- 13,778 Toys "R" Us, Inc. Sell 4,370 1.450 9/20/08 -- (69,837) XL Capital Ltd. Sell 8,340 3.550 9/20/09 -- -- - -------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: ArvinMeritor, Inc. Sell 6,980 1.550 9/20/08 -- (80,179) CenturyTel, Inc. Buy 4,725 1.230 9/20/13 -- 100,104 Intelsat Ltd. Sell 4,600 3.450 9/20/08 -- 18,363 iStar Financial, Inc. Sell 1,255 4.000 12/20/12 -- (120,302) iStar Financial, Inc. Sell 340 6.350 3/20/09 -- (1,246) iStar Financial, Inc. Sell 2,540 12.000 3/20/09 -- 93,495 Morgan Stanley Sell 21,825 2.150 9/20/08 -- 80,512 Rite Aid Corp. Sell 2,890 7.500 3/20/09 -- 36,518 Saks, Inc. Sell 7,380 2.000 9/20/08 -- 7,520 Sprint Nextel Corp Sell 15,630 6.300 3/20/09 -- 308,333 The Bear Stearns Cos., Inc. Sell 9,730 2.088 12/20/08 -- 4,242 The Goodyear Tire & Rubber Co. Sell 7,205 1.550 9/20/08 -- 749 TXU Corp. Sell 1,680 5.910 12/20/12 -- (11,179) TXU Corp. Sell 1,620 6.050 12/20/12 -- (3,144)
F19 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - ------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - ------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS: Continued - -------------------------------------------------------------------------------
PAY/ NOTIONAL RECEIVE PREMIUM SWAP BUY/SELL AMOUNT FIXED TERMINATION (PAID)/ COUNTERPARTY REFERENCE ENTITY CREDIT PROTECTION (000S) RATE DATE RECEIVED VALUE - --------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: Continued TXU Corp. Sell $ 1,685 6.000% 12/20/12 $ -- $ (6,107) Univision Communications, Sell 585 14.600 3/20/09 -- 32,221 Inc. Vornado Realty LP Sell 3,520 3.600 3/20/09 -- 83,256 Wachovia Corp. Sell 6,920 1.000 3/20/09 -- 460 Washington Mutual, Inc. Sell 4,280 6.500 12/20/08 -- (17,709) Washington Mutual, Inc. Sell 14,860 6.800 6/20/09 -- (133,239) - --------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: ABX.HE.AA.06-2 Index Sell 2,000 0.170 5/25/46 239,981 (1,592,727) Allied Waste North Sell 1,830 2.000 9/20/09 -- (9,640) America, Inc. Allied Waste North Sell 3,020 2.000 9/20/09 -- (15,909) America, Inc. Ambac Assurance Corp. Sell 8,370 4.550 9/20/08 -- (653,956) Ambac Assurance Corp. Sell 6,765 4.550 9/20/08 -- (528,556) Ambac Assurance Corp. Sell 5,075 8.450 12/20/08 -- (431,913) CDX.NA.IG.10 Index Buy 29,575 1.550 6/20/13 656,233 (162,952) Cemex Sell 3,635 2.000 3/20/09 -- 785 Centex Corp. Sell 1,765 1.550 9/20/09 -- (45,193) CenturyTel, Inc. Buy 8,010 1.230 9/20/13 -- 169,700 Citgroup, Inc. Sell 850 5.000 12/20/08 -- (17,540) Citgroup, Inc. Sell 2,040 5.000 3/20/09 234,600 (58,752) Countrywide Home Loans, Sell 5,180 3.250 9/20/08 -- (31,852) Inc. Dillard's, Inc. Sell 2,055 0.750 9/20/08 -- (19,767) Georgia-Pacific Corp. Sell 7,075 1.750 9/20/08 -- (28,618) Intelsat Ltd. Sell 1,830 2.850 9/20/08 -- 4,529 iStar Financial, Inc. Sell 9,140 2.925 12/20/08 -- (307,269) iStar Financial, Inc. Sell 5,320 3.000 12/20/08 -- (176,917) iStar Financial, Inc. Sell 880 4.320 12/20/12 -- (75,131) iStar Financial, Inc. Sell 320 4.500 12/20/12 -- (25,434) iStar Financial, Inc. Sell 6,245 12.000 3/20/09 -- 229,872 Jones Apparel Group, Inc. Sell 3,755 2.720 6/20/13 -- (73,827) Jones Apparel Group, Inc. Buy 3,755 2.635 6/20/18 -- 113,446 Kohl's Corp. Sell 3,725 1.180 6/20/13 -- (3,613) Kohl's Corp. Buy 3,725 1.300 6/20/18 -- 6,891 Lehman Brothers Holdings, Sell 9,920 1.410 9/20/08 -- (117,433) Inc. Lehman Brothers Holdings, Sell 4,270 2.070 3/20/09 -- 4,641 Inc. Levi Strauss & Co. Sell 3,920 1.000 9/20/08 -- 220 Levi Strauss & Co. Sell 2,965 0.900 9/20/08 -- (584) Liz Claiborne, Inc. Sell 13,245 3.250 6/20/09 -- 8,199 MBIA, Inc. Sell 4,340 0.520 9/20/08 -- (358,454) MBIA, Inc. Sell 4,350 0.600 9/20/08 -- (358,436) MBIA, Inc. Sell 2,670 4.900 12/20/12 -- (1,042,082) MBIA Insurance Corp. Sell 14,340 8.850 12/20/08 -- (2,512,067) Merrill Lynch & Co., Inc. Sell 3,600 1.650 9/20/08 -- 9,367 Owens-Illinois, Inc. Sell 3,880 1.250 9/20/08 -- 935 Prudential Financial, Inc. Sell 10,750 2.050 6/20/09 -- (4,107)
F20 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
PAY/ NOTIONAL RECEIVE PREMIUM SWAP BUY/SELL AMOUNT FIXED TERMINATION (PAID)/ COUNTERPARTY REFERENCE ENTITY CREDIT PROTECTION (000S) RATE DATE RECEIVED VALUE - --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Continued Tenet Healthcare Corp. Sell $ 6,900 1.600% 3/20/09 $ -- $ (67,275) The Bear Stearns Cos., Inc. Sell 18,130 2.350 9/20/08 -- (17,912) The Bear Stearns Cos., Inc. Sell 1,600 2.750 9/20/08 -- 34 Vornado Realty LP Sell 7,180 3.875 6/20/09 -- 184,793 Wachovia Corp. Sell 15,690 1.000 3/20/09 -- 1,043 Washington Mutual, Inc. Sell 1,195 4.500 12/20/08 -- (16,611) Washington Mutual, Inc. Sell 5,895 4.500 12/20/08 -- (81,943) XL Capital Ltd. Sell 9,440 3.550 9/20/09 -- (30,112) - --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: ABX.HE.AA.06-2 Index Sell 730 0.170 5/25/46 60,146 (580,333) ABX.HE.AA.06-2 Index Sell 2,680 0.170 5/25/46 1,058,537 (2,130,537) Amkor Technology, Inc. Sell 620 2.650 9/20/08 -- 613 Capmark Financial Group, Inc. Sell 4,595 0.950 6/20/12 -- (1,205,806) Citigroup, Inc. Sell 6,105 1.250 9/20/08 -- (188,052) Dole Food Co., Inc. Sell 7,090 3.880 9/20/08 -- (47,624) D.R. Horton, Inc. Sell 2,490 4.210 12/20/08 -- 3,630 First Data Corp. Sell 4,365 1.150 9/20/08 -- (23,492) First Data Corp. Sell 1,890 4.700 3/20/09 -- 38,734 General Mills, Inc. Sell 6,860 0.380 12/20/12 -- (4,871) iStar Financial, Inc. Sell 1,445 3.950 12/20/12 -- (140,882) K. Hovnanian Enterprises, Inc. Sell 3,185 6.750 9/20/08 -- (3,481) Morgan Stanley Sell 4,190 1.500 9/20/08 -- 8,556 Pulte Homes, Inc. Sell 7,100 2.750 9/20/09 -- (80,145) R.H. Donnelley Corp. Sell 7,680 9.000 3/20/09 -- 180,119 Sara Lee Corp. Buy 5,975 0.419 9/20/12 -- 12,249 Six Flags, Inc. Sell 315 10.850 12/20/08 -- (19,409) Smurfit-Stone Container Enterprises, Inc. Sell 7,175 1.450 9/20/08 -- 1,342 Sprint Nextel Corp. Sell 5,620 6.300 3/20/09 -- 110,866 Univision Communications, Inc. Sell 630 5.000 6/20/09 69,300 (4,813) Univision Communications, Inc. Sell 200 5.000 6/20/09 12,000 (1,528) Univision Communications, Inc. Sell 1,590 5.000 6/20/09 159,000 (12,147) - --------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: ABX.HE.AA.06-2 Index Sell 990 0.170 5/25/46 242,494 (789,380) ABX.HE.AA.06-2 Index Sell 6,280 0.170 5/25/46 4,065,796 (5,007,382) Ambac Assurance Corp. Sell 4,235 8.500 12/20/08 -- (359,463) Ambac Assurance Corp. Sell 2,155 8.500 12/20/08 -- (182,914) Ambac Assurance Corp. Sell 3,530 4.650 9/20/08 -- (274,952) Cemex, Sociedad Anonima Bursatil De Capital Variable Sell 7,245 1.950 3/20/09 -- (1,101) Centex Corp. Sell 6,430 3.750 6/20/09 -- 4,887 CenturyTel, Inc. Buy 3,645 1.230 9/20/13 -- 77,223 Companhia Vale Do Rio Doce Sell 3,580 1.590 3/20/17 -- 29,646
F21 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
PAY/ NOTIONAL RECEIVE PREMIUM SWAP BUY/SELL AMOUNT FIXED TERMINATION (PAID)/ COUNTERPARTY REFERENCE ENTITY CREDIT PROTECTION (000S) RATE DATE RECEIVED VALUE - --------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Continued CVRD Inco Ltd. Buy $ 3,580 0.710% 3/20/17 $ -- $ (5,893) Dillard's, Inc. Sell 2,235 3.250 9/20/09 -- 539 Dole Food Co., Inc. Sell 1,320 3.450 9/20/08 -- (10,288) D.R. Horton, Inc. Sell 7,430 4.200 12/20/08 -- 10,461 General Mills, Inc. Sell 4,915 0.400 12/20/12 -- 555 Genworth Financial, Inc. Sell 10,845 3.250 3/20/09 -- 14,066 Georgia-Pacific LLC Sell 800 0.800 12/20/08 -- (11,040) Harrah's Operating Co., Inc. Sell 2,620 2.600 12/20/08 -- (55,997) Harrah's Operating Co., Inc. Sell 3,625 5.000 3/20/10 181,250 (293,063) Levi Strauss & Co. Sell 1,400 1.750 9/20/08 -- 2,737 Limited Brands, Inc. Sell 3,705 2.900 6/20/13 -- (1,415) Limited Brands, Inc. Buy 3,705 2.930 6/20/18 -- (181,701) Liz Claiborne, Inc. Buy 5,565 2.920 6/20/18 -- 76,396 Liz Claiborne, Inc. Sell 5,565 3.150 6/20/13 -- 9,538 Liz Claiborne, Inc. Sell 1,805 2.750 6/20/13 -- (26,173) Liz Claiborne, Inc. Buy 1,805 2.600 6/20/18 -- 62,235 Macy's, Inc. Sell 7,430 2.610 6/20/13 -- 196,159 Macy's, Inc. Buy 7,430 2.540 6/20/18 -- (96,486) Macy's, Inc. Sell 3,720 2.570 6/20/13 -- 91,910 Macy's, Inc. Buy 3,720 2.500 6/20/18 -- (38,108) MBIA Insurance Corp. Sell 2,435 8.500 12/20/08 -- (430,121) Merrill Lynch & Co., Inc. Sell 4,015 3.000 9/20/08 -- 24,182 Morgan Stanley Sell 18,645 0.640 9/20/08 -- (2,536) Nortel Networks Corp. Sell 1,135 1.850 9/20/08 -- 345 Prudential Financial, Inc. Sell 11,030 2.100 6/20/09 -- 1,180 R.H. Donnelley Corp. Sell 1,015 5.000 3/20/09 101,500 (39,089) Rite Aid Corp. Sell 2,300 5.000 9/20/09 69,000 (53,208) Rite Aid Corp. Sell 1,750 3.300 9/20/08 -- (27,209) Saks, Inc. Sell 1,100 2.200 12/20/08 -- 2,746 Sprint Nextel Corp. Sell 10,560 6.300 3/20/09 -- 208,317 The Bear Stearns Cos., Inc. Sell 3,100 2.100 9/20/08 -- (5,019) The Hartford Financial Services Group, Inc. Sell 3,580 2.350 3/20/09 -- 35,589 The Hartford Financial Services Group, Inc. Sell 3,720 2.350 3/20/09 -- 36,981 Toys "R" Us, Inc. Sell 1,400 3.300 9/20/08 -- (15,901) Toys "R" Us, Inc. Sell 2,945 8.610 3/20/09 -- 81,506 Toys "R" Us, Inc. Sell 690 8.610 3/20/09 -- 19,096 Tribune Co. Sell 2,535 5.000 3/20/10 595,725 (661,561) Tribune Co. Sell 2,390 7.350 12/20/08 -- (45,204) Univision Communications, Inc. Sell 860 3.000 12/20/08 -- (31,141) Univision Communications, Inc. Sell 7,420 3.000 12/20/08 -- (268,684) Univision Communications, Inc. Sell 1,470 5.000 3/20/09 124,950 (51,337) Washington Mutual, Inc. Sell 4,290 6.800 6/20/09 -- (38,465) Washington Mutual, Inc. Sell 2,785 4.400 12/20/08 -- (40,072) Washington Mutual, Inc. Sell 2,640 7.500 6/20/09 -- (10,237)
F22 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
PAY/ NOTIONAL RECEIVE PREMIUM SWAP BUY/SELL AMOUNT FIXED TERMINATION (PAID)/ COUNTERPARTY REFERENCE ENTITY CREDIT PROTECTION (000S) RATE DATE RECEIVED VALUE - ------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc: ABX.HE.AA.06-2 Index Sell $ 600 0.170% 5/25/46 $ 47,935 $ (478,412) ABX.HE.AA.06-2 Index Sell 1,240 0.170 5/25/46 123,994 (988,718) Capmark Financial Sell 2,140 5.000 6/20/12 577,800 (326,808) Group, Inc. Clear Channel Communications, Inc. Sell 450 6.300 9/20/12 -- (59,114) Countrywide Home Loans, Inc. Sell 4,080 0.750 9/20/08 -- (50,682) Countrywide Home Loans, Inc. Sell 11,880 0.420 6/20/09 -- (306,243) Dow Jones CDX.NA.IG.HVOL.7 Index Sell 17,000 0.750 12/20/11 64,344 (1,348,681) First Data Corp. Sell 2,675 1.350 9/20/08 -- (13,049) Ford Motor Co. Sell 6,445 7.150 12/20/16 -- (1,418,835) Ford Motor Co. Sell 3,065 7.050 12/20/16 -- (766,452) Ford Motor Co. Sell 4,900 6.050 12/20/17 -- (1,186,364) General Motors Corp. Sell 3,250 5.800 12/20/16 -- (1,096,726) General Motors Corp. Sell 3,440 5.750 12/20/16 -- (1,165,623) General Motors Corp. Sell 2,860 5.050 12/20/17 -- (933,427) Harrah's Operating Co., Inc. Sell 5,585 2.200 9/20/08 -- (56,247) Inco Ltd. Buy 3,660 0.700 3/20/17 -- (3,451) Inco Ltd. Buy 3,670 0.630 3/20/17 -- 42,436 Intelsat Ltd. Sell 650 2.750 12/20/08 -- 497 iStar Financial, Inc. Sell 1,085 4.860 12/20/12 -- (73,441) J.C. Penney Sell 5,215 1.300 12/20/17 -- (159,334) Co., Inc. J.C. Penney Sell 4,665 1.070 12/20/17 -- (216,843) Co., Inc. Jones Apparel Group, Inc. Sell 7,580 3.200 6/20/13 -- (2,115) Jones Apparel Group, Inc. Buy 7,580 2.970 6/20/18 -- 63,975 Kohl's Corp. Buy 6,995 0.660 12/20/17 -- 182,807 Kohl's Corp. Buy 7,745 0.870 12/20/17 -- 83,832 Lennar Corp. Sell 7,820 2.900 12/20/08 -- (141,511) Liz Claiborne, Inc. Sell 7,425 3.100 6/20/13 -- (2,324) Liz Claiborne, Inc. Buy 7,425 2.900 6/20/18 -- 111,561 Merrill Lynch & Co., Inc. Sell 8,030 3.250 9/20/08 -- 53,448 Merrill Lynch & Co., Inc. Sell 19,415 3.000 9/20/08 -- 116,937 Residential Capital LLC Sell 10,585 6.120 9/20/08 -- (187,672) Sara Lee Corp. Buy 7,680 0.418 9/20/12 -- 16,044 Sara Lee Corp. Buy 1,510 0.390 9/20/12 -- 4,803 The Hartford Financial Services Group, Inc. Sell 3,575 2.400 3/20/09 -- 36,865 Toys "R" Us, Inc. Sell 2,605 2.550 9/20/08 -- (34,469) Univision Communications, Inc. Sell 2,420 5.000 6/20/09 145,200 (18,487) Vale Overseas Ltd. Sell 3,660 1.170 3/20/17 -- (147,132) Vale Overseas Ltd. Sell 3,670 1.100 3/20/17 -- (164,805) ---------------------------- $8,829,785 $(32,847,845) ============================
F23 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS: - --------------------------------------------------------------------------------
RECEIVED PREMIUMS SWAP NOTIONAL PAID BY BY THE TERMINATION (PAID)/ COUNTERPARTY AMOUNT THE FUND FUND DATE RECEIVED VALUE - ------------------------------------------------------------------------------------------------------------------ Credit Suisse International $ 19,780,000 Three-Month USD BBA LIBOR 5.4280% 8/7/17 $ -- $ 1,417,296 - ------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG 16,700,000 Three-Month USD BBA LIBOR 5.4450 8/8/17 (130,573) 1,218,248 ----------------------------- $ (130,573) $ 2,635,544 =============================
Abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS: - --------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE - ---------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 15 $ 24,000,000 8.5+ Index basis points 8/1/08 $ (945,588) - ---------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 70,300,000 8.5+ Index 8.5+ Index 3/1/09 (2,755,098) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 200 17,150,000 8.5+ Index basis points 3/1/09 (417,465) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 50 5,270,000 8.5+ Index basis points 12/1/08 (219,243) - ---------------------------------------------------------------------------------------------------------------------- Lehman Brothers If negative, the Holdings, Inc.: If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 30 58,580,000 8.5+ Index basis points 8/1/08 (2,325,447)
F24 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE - ---------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc.: Continued If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA Index plus 25 $ 37,600,000 Index basis points 2/1/09 $ (775,950) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 15 68,040,000 8.5+ Index basis points 8/1/08 (2,693,602) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 10,540,000 8.5+ Index 8.5+ Index 3/1/09 (416,121) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 1,500,000 8.5+ Index 8.5+ Index 3/1/09 (59,220) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 250 3,410,000 8.5+ Index basis points 3/1/09 (128,471) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 200 17,050,000 8.5+ Index basis points 3/1/09 (648,508) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 18,700,000 8.5+ Index 8.5+ Index 5/1/09 (738,279)
F25 | OPPENHEIMER CORE BOND FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE - ---------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings, Inc.: Continued If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 20 $ 37,300,000 8.5+ Index basis points 5/1/09 $ (1,477,999) - ---------------------------------------------------------------------------------------------------------------------- Morgan Stanley: If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 150 34,250,000 8.5+ Index basis points 8/1/08 (1,244,115) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 2,500,000 8.5+ Index 8.5+ Index 8/1/08 (97,052) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 37,800,000 Index Index 2/1/09 (675,677) If positive, the If negative, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA CMBS AAA 71,500,000 Index Index 3/1/09 (1,248,872) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 250 19,530,000 8.5+ Index basis points 3/1/09 (316,965)
F26 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS: Continued - --------------------------------------------------------------------------------
SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE - ------------------------------------------------------------------------------------------------------- Morgan Stanley: Continued If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 250 $ 31,780,000 8.5+ Index basis points 3/1/09 $ (515,778) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index plus 350 26,480,000 8.5+ Index basis points 3/1/09 (233,179) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 50 95,450,000 8.5+ Index basis points 12/1/08 (3,721,803) If negative, the If positive, the Total Return of Total Return of the Lehman the Lehman Brothers U.S. Brothers U.S. CMBS AAA 8.5+ CMBS AAA Index minus 65 24,380,000 8.5+ Index basis points 12/1/08 (968,796) ---------------- $ (22,623,228) ================
Abbreviation is as follows: CMBS Commercial Mortgage Backed Securities SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F27 | OPPENHEIMER CORE BOND FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
June 30, 2008 - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- ASSETS - ---------------------------------------------------------------------------------------- Investments, at value--see accompanying statement of investments: Unaffiliated companies (cost $2,896,030,183) $ 2,845,923,560 Affiliated companies (cost $6,575,974) 6,575,974 ------------------ 2,852,499,534 - ---------------------------------------------------------------------------------------- Swaps, at value (net premiums received $2,019,010) 5,687,232 - ---------------------------------------------------------------------------------------- Receivables and other assets: Interest and dividends 17,865,678 Shares of beneficial 4,349,072 interest sold Investments sold 1,027,747 Other 50,892 ------------------ Total assets 2,881,480,155 - ---------------------------------------------------------------------------------------- LIABILITIES - ---------------------------------------------------------------------------------------- Bank overdraft 68,555 - ---------------------------------------------------------------------------------------- Return of collateral for securities loaned 21,763,265 - ---------------------------------------------------------------------------------------- Swaps, at value (premiums received $6,680,202) 58,522,761 - ---------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased (including $423,065,384 purchased on a when-issued or delayed delivery basis) 423,633,155 Shares of beneficial interest redeemed 2,496,819 Dividends 1,025,929 Distribution and service plan 772,761 fees Futures margins 624,737 Transfer and shareholder servicing agent fees 291,809 Shareholder communications 103,328 Trustees' compensation 19,176 Other 46,270 ------------------ Total liabilities 509,368,565 - ---------------------------------------------------------------------------------------- NET ASSETS $ 2,372,111,590 ================== - ---------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ---------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 243,034 - ---------------------------------------------------------------------------------------- Additional paid-in capital 2,466,142,252 - ---------------------------------------------------------------------------------------- Accumulated net investment income 8,279,253 - ---------------------------------------------------------------------------------------- Accumulated net realized loss on investments (7,993,629) - ---------------------------------------------------------------------------------------- Net unrealized depreciation on investments (94,559,320) ------------------ NET ASSETS $ 2,372,111,590 ==================
F28 | OPPENHEIMER CORE BOND FUND - ------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $830,510,696 and 85,034,429 shares of beneficial interest outstanding) $ 9.77 Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $10.26 - ------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $80,483,794 and 8,243,425 shares of beneficial interest outstanding) $ 9.76 - ------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $185,124,142 and 18,942,249 shares of beneficial interest outstanding) $ 9.77 - ------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $94,039,360 and 9,632,363 shares of beneficial interest outstanding) $ 9.76 - ------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $ 1,181,953,598 and 121,181,467 shares of beneficial interest $ 9.75 outstanding)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F29 | OPPENHEIMER CORE BOND FUND STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended June 30, 2008 - --------------------------------------------------------------- - --------------------------------------------------------------- INVESTMENT INCOME - --------------------------------------------------------------- Interest $ 68,909,146 - --------------------------------------------------------------- Dividends: Unaffiliated companies 26 Affiliated companies 1,117,157 - --------------------------------------------------------------- Fee income 3,104,123 - --------------------------------------------------------------- Portfolio lending fees 76,822 -------------- Total investment income 73,207,274 - --------------------------------------------------------------- EXPENSES - --------------------------------------------------------------- Management fees 4,704,746 - --------------------------------------------------------------- Distribution and service plan fees: Class A 1,128,108 Class B 450,172 Class C 952,177 Class N 227,098 - --------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 835,588 Class B 144,270 Class C 186,365 Class N 135,965 Class Y 298,332 - --------------------------------------------------------------- Shareholder communications: Class A 75,990 Class B 21,489 Class C 15,855 Class N 2,915 Class Y 554 - --------------------------------------------------------------- Trustees' compensation 23,108 - --------------------------------------------------------------- Custodian fees and expenses 6,453 - --------------------------------------------------------------- Administration service fees 750 - --------------------------------------------------------------- Other 65,624 -------------- Total expenses 9,275,559 Less reduction to custodian expenses (2,033) Less waivers and reimbursements of expenses (135,038) -------------- Net expenses 9,138,488 - --------------------------------------------------------------- NET INVESTMENT INCOME 64,068,786
F30 | OPPENHEIMER CORE BOND FUND - --------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - --------------------------------------------------------------------------- Net realized gain (loss) on: Investments from unaffiliated companies $ (3,170,179) Closing and expiration of futures contracts (6,609,528) Swap contracts 15,566,960 ---------------- Net realized gain 5,787,253 - --------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on: Investments (63,261,403) Futures contracts 1,294,363 Swap contracts (38,107,522) ---------------- Net change in unrealized depreciation (100,074,562) - --------------------------------------------------------------------------- NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (30,218,523) ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F31 | OPPENHEIMER CORE BOND FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED JUNE 30, 2008 DECEMBER 31, (UNAUDITED) 2007 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- OPERATIONS - ---------------------------------------------------------------------------------------------------- Net investment income $ 64,068,786 $ 85,447,673 - ---------------------------------------------------------------------------------------------------- Net realized gain (loss) 5,787,253 (12,524,932) - ---------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) (100,074,562) 5,643,791 ---------------------------------- Net increase (decrease) in net assets resulting from operations (30,218,523) 78,566,532 - ---------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ---------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (25,400,667) (29,656,191) Class B (2,155,827) (3,253,244) Class C (4,593,081) (5,234,319) Class N (2,417,014) (2,495,333) Class Y (29,472,992) (25,916,933) ---------------------------------- (64,039,581) (66,556,020) - ---------------------------------------------------------------------------------------------------- Tax return of capital distribution from net investment income: Class A -- (8,456,006) Class B -- (1,158,167) Class C -- (1,868,050) Class N -- (765,637) Class Y -- (6,699,873) ---------------------------------- -- (18,947,733) - ---------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ---------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A (84,100,607) 287,770,231 Class B (14,942,255) (16,382,772) Class C (844,227) 45,361,474 Class N 13,722,410 26,067,879 Class Y 395,661,393 391,767,895 ---------------------------------- 309,496,714 734,584,707 - ---------------------------------------------------------------------------------------------------- NET ASSETS - ---------------------------------------------------------------------------------------------------- Total increase 215,238,610 727,647,486 - ---------------------------------------------------------------------------------------------------- Beginning of period 2,156,872,980 1,429,225,494 ---------------------------------- End of period (including accumulated net investment income of $8,279,253 and $8,250,048, respectively) $2,372,111,590 $2,156,872,980 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F32 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, CLASS A (UNAUDITED) 2007 2006 2005 2004 2003 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.18 $ 10.23 $ 10.24 $ 10.44 $ 10.38 $ 10.14 - --------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .28 1 .50 1 .47 1 .42 1 .38 1 .35 Net realized and unrealized gain (loss) (.41) (.05) .01 (.18) .12 .24 -------------------------------------------------------------------------------------- Total from investment operations (.13) .45 .48 .24 .50 .59 - --------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.28) (.39) (.49) (.44) (.44) (.35) Tax return of capital distribution -- (.11) -- -- -- -- -------------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.28) (.50) (.49) (.44) (.44) (.35) - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.77 $ 10.18 $ 10.23 $ 10.24 $ 10.44 $ 10.38 ====================================================================================== - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.33)% 4.49% 4.84% 2.35% 4.90% 5.87% - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 830,511 $ 954,825 $ 670,012 $ 488,889 $ 344,205 $ 382,966 - --------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 915,664 $ 779,234 $ 566,159 $ 423,182 $ 353,046 $ 382,420 - --------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 5.58% 4.89% 4.66% 4.12% 3.63% 3.39% Total expenses 0.87% 4 0.88% 4 0.96% 4 1.06% 1.10% 1.10% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.87% 0.87% 0.90% 0.90% 0.93% 1.10% - --------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 5 89% 5 107% 5 98% 5 94% 5 111%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Six Months Ended June 30, 2008 0.87% Year Ended December 31, 2007 0.89% Year Ended December 31, 2006 0.96%
F33 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- 5. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:
PURCHASE TRANSACTIONS SALE TRANSACTIONS - ---------------------------------------------------------------------------- Six Months Ended June 30, 2008 $2,313,307,772 $2,105,452,324 Year Ended December 31, 2007 $2,990,658,315 $2,928,450,309 Year Ended December 31, 2006 $2,924,444,249 $2,991,206,014 Year Ended December 31, 2005 $3,609,072,810 $3,584,424,906 Year Ended December 31, 2004 $3,447,306,025 $3,473,854,068
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F34 | OPPENHEIMER CORE BOND FUND
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, CLASS B (UNAUDITED) 2007 2006 2005 2004 2003 - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.17 $ 10.23 $ 10.23 $ 10.44 $ 10.37 $ 10.13 - --------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .24 1 .42 1 .40 1 .35 1 .30 1 .27 Net realized and unrealized gain (loss) (.41) (.06) .01 (.20) .13 .24 -------------------------------------------------------------------------------------- Total from investment operations (.17) .36 .41 .15 .43 .51 - --------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.24) (.31) (.41) (.36) (.36) (.27) Tax return of capital distribution -- (.11) -- -- -- -- -------------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.24) (.42) (.41) (.36) (.36) (.27) - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.76 $ 10.17 $ 10.23 $ 10.23 $ 10.44 $ 10.37 ====================================================================================== - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.72)% 3.60% 4.17% 1.50% 4.21% 5.05% - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 80,484 $ 99,282 $ 116,230 $ 125,069 $ 148,445 $ 197,774 - --------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 90,471 $ 106,727 $ 118,240 $ 135,296 $ 167,685 $ 216,853 - --------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 4.80% 4.13% 3.92% 3.37% 2.86% 2.61% Total expenses 1.79% 4 1.79% 4 1.86% 4 1.91% 1.91% 1.87% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.65% 1.64% 1.65% 1.65% 1.69% 1.87% - --------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 5 89% 5 107% 5 98% 5 94% 5 111%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Six Months Ended June 30, 2008 1.79% Year Ended December 31, 2007 1.80% Year Ended December 31, 2006 1.86%
F35 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- 5. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:
PURCHASE TRANSACTIONS SALE TRANSACTIONS - -------------------------------------------------------------------------- Six Months Ended June 30, 2008 $2,313,307,772 $2,105,452,324 Year Ended December 31, 2007 $2,990,658,315 $2,928,450,309 Year Ended December 31, 2006 $2,924,444,249 $2,991,206,014 Year Ended December 31, 2005 $3,609,072,810 $3,584,424,906 Year Ended December 31, 2004 $3,447,306,025 $3,473,854,068
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F36 | OPPENHEIMER CORE BOND FUND
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, CLASS C (UNAUDITED) 2007 2006 2005 2004 2003 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.18 $ 10.24 $ 10.24 $ 10.45 $ 10.39 $ 10.14 - -------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .24 1 .42 1 .40 1 .35 1 .30 1 .27 Net realized and unrealized gain (loss) (.41) (.06) .01 (.20) .12 .25 ------------------------------------------------------------------------------------- Total from investment operations (.17) .36 .41 .15 .42 .52 - -------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.24) (.31) (.41) (.36) (.36) (.27) Tax return of capital distribution -- (.11) -- -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.24) (.42) (.41) (.36) (.36) (.27) - -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.77 $ 10.18 $ 10.24 $ 10.24 $ 10.45 $ 10.39 ===================================================================================== - -------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.70)% 3.60% 4.16% 1.49% 4.12% 5.18% - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 185,124 $ 194,071 $ 149,440 $ 109,207 $ 84,696 $ 90,583 - -------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 191,472 $ 172,144 $ 126,593 $ 94,742 $ 86,020 $ 96,361 - -------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 4.83% 4.12% 3.92% 3.37% 2.87% 2.64% Total expenses 1.64% 4 1.66% 4 1.76% 4 1.86% 1.87% 1.84% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.64% 1.64% 1.65% 1.65% 1.68% 1.84% - -------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 5 89% 5 107% 5 98% 5 94% 5 111%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Six Months Ended June 30, 2008 1.64% Year Ended December 31, 2007 1.67% Year Ended December 31, 2006 1.76%
F37 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- 5. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:
PURCHASE TRANSACTIONS SALE TRANSACTIONS - -------------------------------------------------------------------------- Six Months Ended June 30, 2008 $2,313,307,772 $2,105,452,324 Year Ended December 31, 2007 $2,990,658,315 $2,928,450,309 Year Ended December 31, 2006 $2,924,444,249 $2,991,206,014 Year Ended December 31, 2005 $3,609,072,810 $3,584,424,906 Year Ended December 31, 2004 $3,447,306,025 $3,473,854,068
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F38 | OPPENHEIMER CORE BOND FUND
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, CLASS N (UNAUDITED) 2007 2006 2005 2004 2003 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - -------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.17 $ 10.23 $ 10.23 $ 10.44 $ 10.37 $ 10.13 - -------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .26 1 .47 1 .45 1 .40 1 .35 1 .31 Net realized and unrealized gain (loss) (.41) (.06) .01 (.19) .13 .24 ------------------------------------------------------------------------------- Total from investment operations (.15) .41 .46 .21 .48 .55 - -------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.26) (.36) (.46) (.42) (.41) (.31) Tax return of capital distribution -- (.11) -- -- -- -- ------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.26) (.47) (.46) (.42) (.41) (.31) - -------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.76 $ 10.17 $ 10.23 $ 0.23 $ 10.44 10.37 =============================================================================== - -------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.47)% 4.11% 4.68% 1.99% 4.71% 5.51% - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - -------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 94,039 $ 84,017 $ 58,232 $35,836 $ 25,580 $17,732 - -------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 91,396 $ 70,555 $ 46,672 $30,274 $ 21,411 $15,338 - -------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 5.32% 4.62% 4.42% 3.87% 3.38% 3.03% Total expenses 1.23% 4 1.26% 4 1.35% 4 1.47% 1.51% 1.50% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.15% 1.14% 1.15% 1.15% 1.20% 1.44% - -------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 5 89% 5 107% 5 98% 5 94% 5 111%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Six Months Ended June 30, 2008 1.23% Year Ended December 31, 2007 1.27% Year Ended December 31, 2006 1.35%
F39 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- 5. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:
PURCHASE TRANSACTIONS SALE TRANSACTIONS - -------------------------------------------------------------------------- Six Months Ended June 30, 2008 $2,313,307,772 $2,105,452,324 Year Ended December 31, 2007 $2,990,658,315 $2,928,450,309 Year Ended December 31, 2006 $2,924,444,249 $2,991,206,014 Year Ended December 31, 2005 $3,609,072,810 $3,584,424,906 Year Ended December 31, 2004 $3,447,306,025 $3,473,854,068
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F40 | OPPENHEIMER CORE BOND FUND
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, CLASS Y (UNAUDITED) 2007 2006 2005 2004 2003 - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.16 $ 10.22 $ 10.22 $ 10.43 $ 10.36 $ 10.12 - ---------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .30 1 .53 1 .51 1 .45 1 .41 1 .39 Net realized and unrealized gain (loss) (.42) (.05) .01 (.19) .13 .24 --------------------------------------------------------------------------------- Total from investment operations (.12) .48 .52 .26 .54 .63 - ---------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.29) (.43) (.52) (.47) (.47) (.39) Tax return of capital distribution -- (.11) -- -- -- -- --------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.29) (.54) (.52) (.47) (.47) (.39) - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 9.75 $ 10.16 $ 10.22 $ 10.22 $ 10.43 $ 10.36 ================================================================================= - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 (1.15)% 4.80% 5.29% 2.50% 5.30% 6.35% - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 1,181,954 $824,678 $ 435,311 $171,323 $ 38,190 $ 43,215 - ---------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 986,765 $617,403 $ 309,558 $ 91,172 $ 45,333 $ 38,398 - ---------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 6.01% 5.28% 5.03% 4.39% 3.92% 3.80% Total expenses 0.48% 4 0.48% 4 0.55% 4 0.76% 0.64% 0.63% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.48% 0.47% 0.55% 0.65% 0.64% 0.63% - ---------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 28% 5 89% 5 107% 5 98% 5 94% 5 111%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods less than one full year. 4. Total expenses including indirect expenses from affiliated fund were as follows: Six Months Ended June 30, 2008 0.48% Year Ended December 31, 2007 0.49% Year Ended December 31, 2006 0.55%
F41 | OPPENHEIMER CORE BOND FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------- 5. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:
PURCHASE TRANSACTIONS SALE TRANSACTIONS - -------------------------------------------------------------------------- Six Months Ended June 30, 2008 $2,313,307,772 $2,105,452,324 Year Ended December 31, 2007 $2,990,658,315 $2,928,450,309 Year Ended December 31, 2006 $2,924,444,249 $2,991,206,014 Year Ended December 31, 2005 $3,609,072,810 $3,584,424,906 Year Ended December 31, 2004 $3,447,306,025 $3,473,854,068
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F42 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Core Bond Fund (the "Fund"), is a separate fund of Oppenheimer Integrity Funds, an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek total return by investing mainly in debt instruments. The Fund's investment adviser is OppenheimerFunds, Inc. (the "Manager"). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge ("CDSC"). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- 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 trading. Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as F43 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. F44 | OPPENHEIMER CORE BOND FUND Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. - -------------------------------------------------------------------------------- SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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 June 30, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS --------------------------------------------------------------- Purchased securities $423,065,384
The Fund may enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. 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. To assure its future payment of the purchase price, the Fund F45 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll. - -------------------------------------------------------------------------------- CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2008, securities with an aggregate market value of $2, representing less than .01% of the Fund's net assets, were in default. - -------------------------------------------------------------------------------- INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS. The Fund requires its custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the collateral is required to be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited. - -------------------------------------------------------------------------------- INVESTMENTS WITH OFF-BALANCE SHEET MARKET RISK. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund's Statement of Assets and Liabilities. - -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. F46 | OPPENHEIMER CORE BOND FUND - -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund's tax return filings generally remain open for the three preceding fiscal reporting period ends. During the fiscal year ended December 31, 2007, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2007, the Fund had available for federal income tax purposes straddle losses of $260,082 and unused capital loss carryforwards as follows:
EXPIRING ---------------------------------------------------- 2010 $ 2,007,359 2013 6,003,757 2014 5,185,579 2015 2,067,456 ----------- Total $15,264,151 ===========
As of June 30, 2008, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $9,736,980. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2008, it is estimated that the Fund will utilize $5,787,253 of capital loss carryforward to offset realized capital gains. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2008 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. F47 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued Federal tax cost of securities $2,903,233,219 Federal tax cost of other investments (567,214,210) -------------- Total federal tax cost $2,336,019,009 ============== Gross unrealized appreciation $ 43,030,840 Gross unrealized depreciation (138,217,222) -------------- Net unrealized depreciation $ (95,186,382) ==============
- -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily. - -------------------------------------------------------------------------------- CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The "Reduction to custodian F48 | OPPENHEIMER CORE BOND FUND expenses" line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- INDEMNIFICATIONS. The Fund's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, 2007 SHARES AMOUNT SHARES AMOUNT - ----------------------------------------------------------------------------------------------------- CLASS A Sold 17,087,636 $ 170,222,682 51,782,681 $ 526,866,898 Dividends and/or distributions reinvested 2,108,639 20,893,265 3,101,363 31,544,029 Redeemed (27,984,359) (275,216,554) (26,558,196) (270,640,696) -------------------------------------------------------------------- Net increase (decrease) (8,788,084) $ (84,100,607) 28,325,848 $ 287,770,231 ==================================================================== - ----------------------------------------------------------------------------------------------------- CLASS B Sold 1,330,680 $ 13,311,545 3,194,204 $ 32,473,051 Dividends and/or distributions reinvested 192,888 1,910,309 375,245 3,817,248 Redeemed (3,038,913) (30,164,109) (5,176,614) (52,673,071) -------------------------------------------------------------------- Net decrease (1,515,345) $ (14,942,255) (1,607,165) $ (16,382,772) ==================================================================== - ----------------------------------------------------------------------------------------------------- CLASS C Sold 3,377,559 $ 33,717,511 8,354,127 $ 84,954,263 Dividends and/or distributions reinvested 367,457 3,641,778 572,829 5,830,346 Redeemed (3,859,919) (38,203,516) (4,468,801) (45,423,135) -------------------------------------------------------------------- Net increase (decrease) (114,903) $ (844,227) 4,458,155 $ 45,361,474 ====================================================================
F49 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED JUNE 30, 2008 YEAR ENDED DECEMBER 31, 2007 SHARES AMOUNT SHARES AMOUNT - ----------------------------------------------------------------------------------------- CLASS N Sold 2,788,626 $ 27,727,966 4,388,857 $ 44,595,612 Dividends and/or distributions reinvested 173,353 1,715,898 239,554 2,435,640 Redeemed (1,588,313) (15,721,454) (2,064,166) (20,963,373) --------------------------------------------------------------- Net increase 1,373,666 $ 13,722,410 2,564,245 $ 26,067,879 =============================================================== - ----------------------------------------------------------------------------------------- CLASS Y Sold 50,038,110 $ 493,612,993 41,552,519 $ 422,555,881 Dividends and/or distributions reinvested 2,960,270 29,283,166 3,196,427 32,455,691 Redeemed (12,959,258) (127,234,766) (6,215,861) (63,243,677) --------------------------------------------------------------- Net increase 40,039,122 $ 395,661,393 38,533,085 $ 391,767,895 ===============================================================
- ------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended June 30, 2008, were as follows:
PURCHASES SALES -------------------------------------------------------------------- Investment securities $ 662,956,150 $ 445,880,623 U.S. government and government agency obligations -- 6,339,307 To Be Announced (TBA) mortgage-related securities 2,313,307,772 2,105,452,324
- ------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
FEE SCHEDULE --------------------------------------------- Up to $1 billion 0.50% Over $1 billion 0.35
- ------------------------------------------------------------------------------- ADMINISTRATION SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. - ------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended June 30, 2008, the Fund paid $1,570,998 to OFS for services to the Fund. F50 | OPPENHEIMER CORE BOND FUND Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. - ------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the "Distributor") acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - ------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan (the "Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - ------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans (the "Plans") for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the Plans at June 30, 2008 for Class B, Class C and Class N shares were $1,925,856, $3,134,879, $1,399,831, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. - ------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges ("CDSC") do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated. F51 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY SIX MONTHS ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ------------------------------------------------------------------------------------------------- June 30, 2008 $260,976 $28,572 $98,043 $13,459 $3,316
- -------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. Effective March 1, 2004, the Manager has voluntarily undertaken to limit the "Total Expenses" for all classes of shares so that "Total expenses after waivers, payments and/or reimbursements and reduction to custodian expenses" as percentages of average daily net assets, will not exceed the following annual rates: 0.90% for the Class A shares; 1.65% for the Class B and Class C shares, respectively; 1.15% for the Class N shares and 0.65% for the Class Y shares. During the six months ended June 30, 2008, the Manager reimbursed the Fund $64,567 and $35,917 for Class B and Class N shares, respectively. The Manager may terminate this voluntary expense limitation arrangement at any time without notice to shareholders. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. During the six months ended June 30, 2008, the Manager waived $34,554 for IMMF management fees. - ------------------------------------------------------------------------------- 5. FUTURES CONTRACTS A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts 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. 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. Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or F52 | OPPENHEIMER CORE BOND FUND payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. - ------------------------------------------------------------------------------- 6. SWAP CONTRACTS The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps. Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations. Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the reference asset. If there is an illiquid market for the agreement, the Fund may be unable to close the contract prior to contract termination. - ------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract that enables an investor to buy or sell protection against a defined-issuer credit event. The Fund may enter into credit default swaps on a single security, or a basket of securities. In a credit default swap contract, the purchaser of the contract will pay a periodic interest fee, similar to an insurance premium, on the notional amount of the swap contract to the counterparty (the seller of the contract). If there is a credit event (for example, bankruptcy or a failure to timely pay interest or principal), the purchaser will exercise the contract and will receive a payment from the seller of the contract equal to the notional value of the credit default swap contract less the value of the underlying security. In the event that the credit default swap is exercised due to a credit event, the F53 | OPPENHEIMER CORE BOND FUND NOTE TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. SWAP CONTRACTS Continued difference between the value of the underlying security and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events, or the cost of selling protection (paying the notional amount) when a credit event occurs, pricing transparency when assessing the cost of a credit default swap, and the need to fund the delivery obligation (either cash or defaulted securities). - -------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between counter-parties to exchange periodic interest payments on the notional amount of the contract. One cash flow stream will typically be a floating rate payment based upon a specified index while the other is typically a fixed rate. Interest rate swap agreements include interest rate risk. There is a risk, based on future movements of interest rates where the payments made by the Fund under a swap agreement will be greater than the payments it received. - -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between counter-parties to exchange a set of future cash flows on the notional amount of the contract. One cash flow is typically based on a reference interest rate or index and the other on the total return of a reference asset such as a security, a basket of securities, or an index. The total return includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. - -------------------------------------------------------------------------------- 7. ILLIQUID SECURITIES As of June 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. - -------------------------------------------------------------------------------- 8. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund F54 | OPPENHEIMER CORE BOND FUND continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of June 30, 2008, the Fund had on loan securities valued at $20,525,747. Collateral of $21,763,265 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. - -------------------------------------------------------------------------------- 9. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 161, "Disclosures about Derivative Instruments and Hedging Activities." This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. F55 | OPPENHEIMER CORE BOND FUND THIS PAGE INTENTIONALLY LEFT BLANK. F56 | OPPENHEIMER CORE BOND FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund's voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 15 | OPPENHEIMER CORE BOND FUND ITEM 2. CODE OF ETHICS. Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to semiannual reports. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: - the name, address, and business, educational, and/or other pertinent background of the person being recommended; - a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; - any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and - the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2008, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Not applicable to semiannual reports. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Integrity Funds By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 08/07/2008 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: 08/07/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 08/07/2008 EX-99.CERT 2 rs285_48349cert302.txt RS285_48349CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Integrity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer 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 second fiscal quarter of the period covered by this report 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 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. Date: 08/07/2008 /s/ John V. Murphy - --------------------------- John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Integrity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer 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 second fiscal quarter of the period covered by this report 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 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. Date: 08/07/2008 /s/ Brian W. Wixted - --------------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 3 rs285_48349cert906.txt RS285_48349CERT906.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Integrity Funds (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended 06/30/2008 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Integrity Funds Oppenheimer Integrity Funds /s/ John V. Murphy /s/ Brian W. Wixted - --------------------------- --------------------------- John V. Murphy Brian W. Wixted Date: 08/07/2008 Date: 08/07/2008 -----END PRIVACY-ENHANCED MESSAGE-----