N-Q/A 1 rq680_15143nq.txt RQ680_15143NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-5473 Oppenheimer Multi-Sector Income Trust (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: October 31 ---------- Date of reporting period: January 31, 2005 ---------------- ITEM 1. SCHEDULE OF INVESTMENTS. STATEMENT OF INVESTMENTS January 31, 2005/Unaudited --------------------------------------------------------------------------------
Principal Amount Value U.S. GOVERNMENT SECTOR--7.3% ----------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--7.3% Fannie Mae Unsec. Nts., 3.69%, 10/5/07 1 $ 4,845,000 $ 4,388,175 ----------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Nts., 3.75%, 7/15/09 [EUR] 470,000 631,129 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Unsec. Nts.: 1.80%, 5/27/05 550,000 548,465 4.25%, 7/15/07 2 1,985,000 2,017,647 7.25%, 5/15/30 270,000 357,806 ----------------------------------------------------------------------------------------------------------- Resolution Funding Corp. Federal Book Entry Principal Strips, 5.85%, 1/15/21 1 715,000 328,575 ----------------------------------------------------------------------------------------------------------- Tennessee Valley Authority Bonds: 7.125%, 5/1/30 115,000 150,933 Series A, 6.79%, 5/23/12 6,927,000 8,031,406 ----------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 5.50%, 8/15/28 152,000 169,949 ----------------------------------------------------------------------------------------------------------- U.S. Treasury Nts.: 2.50%, 9/30/06-10/31/06 3,095,000 3,059,914 2.75%, 7/31/06-8/15/07 3 961,000 950,693 ------------------- Total U.S. Government Sector (Cost $20,565,378) 20,634,692 CORPORATE SECTOR--32.9% ----------------------------------------------------------------------------------------------------------- Shares COMMON STOCKS--0.6% Broadwing Corp. 344 1,892 ----------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc. 4,5 18 -- ----------------------------------------------------------------------------------------------------------- Cebridge Connections Holding LLC 4 793 -- ----------------------------------------------------------------------------------------------------------- Covad Communications Group, Inc. 4 6,198 10,475 ----------------------------------------------------------------------------------------------------------- Crunch Equity Holdings, Cl. A 4,5 120 156,133 ----------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 4 34,718 63,881 ----------------------------------------------------------------------------------------------------------- Equinix, Inc. 4 3,873 162,434 ----------------------------------------------------------------------------------------------------------- Globix Corp. 4 6,880 24,355 ----------------------------------------------------------------------------------------------------------- ICO Global Communication Holdings Ltd. 4 24,061 13,474 ----------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 4 1,501 40,902 ----------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 173 6,297 ----------------------------------------------------------------------------------------------------------- MCI, Inc. 815 15,721 ----------------------------------------------------------------------------------------------------------- NTL, Inc. 4 3,879 263,888 ----------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 4 651 6,614 ----------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc. 4 5,655 120,847 ----------------------------------------------------------------------------------------------------------- Polymer Group, Inc., Cl. A 4 8,013 145,436 ----------------------------------------------------------------------------------------------------------- Prandium, Inc. 4,5 14,499 188 ----------------------------------------------------------------------------------------------------------- Star Gas Partners LP 220 1,496 ----------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. 4,5 264 10,428 ----------------------------------------------------------------------------------------------------------- TVMAX Holdings, Inc. 4,5 2,500 13,750 ----------------------------------------------------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 4 53,053 518,328 ----------------------------------------------------------------------------------------------------------- WRC Media Corp. 4,5 676 14 ----------------------------------------------------------------------------------------------------------- 1 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- SHARES VALUE COMMON STOCKS CONTINUED XO Communications, Inc. 4 1,091 $ 3,000 ------------------- 1,579,553 Principal Amount ----------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--31.4% ----------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--9.8% ----------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--1.2% Accuride Corp., 8.50% Sr. Sub. Nts., 2/1/15 6 $ 70,000 72,450 ----------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc., 8.75% Sr. Unsec. Unsub. Nts., 3/1/12 300,000 337,125 ----------------------------------------------------------------------------------------------------------- Collins & Aikman Floorcoverings, Inc., 9.75% Sr. Sub. Nts., Series B, 2/15/10 200,000 213,000 ----------------------------------------------------------------------------------------------------------- Cooper Standard Automotive Group: 7% Sr. Nts., 12/15/12 6 30,000 29,625 8.375% Sr. Sub. Nts., 12/15/14 6 250,000 238,750 ----------------------------------------------------------------------------------------------------------- Dura Operating Corp.: 8.625% Sr. Nts., Series B, 4/15/12 400,000 413,000 9% Sr. Unsec. Sub. Nts., Series D, 5/1/09 600,000 582,000 ----------------------------------------------------------------------------------------------------------- Eagle-Picher, Inc., 9.75% Sr. Nts., 9/1/13 200,000 177,000 ----------------------------------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The), 7.857% Nts., 8/15/11 275,000 279,125 ----------------------------------------------------------------------------------------------------------- Lear Corp., 8.11% Sr. Unsec. Nts., Series B, 5/15/09 200,000 225,705 ----------------------------------------------------------------------------------------------------------- Stoneridge, Inc., 11.50% Sr. Nts., 5/1/12 200,000 231,000 ----------------------------------------------------------------------------------------------------------- Tenneco Automotive, Inc.: 8.625% Sr. Sub. Nts., 11/15/14 6 200,000 209,000 10.25% Sr. Sec. Nts., Series B, 7/15/13 100,000 118,000 ----------------------------------------------------------------------------------------------------------- United Components, Inc., 9.375% Sr. Sub. Nts., 6/15/13 100,000 105,500 ----------------------------------------------------------------------------------------------------------- Visteon Corp., 7% Sr. Unsec. Nts., 3/10/14 75,000 69,000 -------------------- 3,300,280 ----------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.3% Apcoa, Inc., 9.25% Sr. Unsec. Sub. Nts., 3/15/08 400,000 394,000 ----------------------------------------------------------------------------------------------------------- Aztar Corp., 9% Sr. Unsec. Sub. Nts., 8/15/11 250,000 275,625 ----------------------------------------------------------------------------------------------------------- Boyd Gaming Corp., 8.75% Sr. Sub. Nts., 4/15/12 200,000 221,500 ----------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc., 11.50% Promissory Nts., 8/1/1995 4,5,7 5,500 -- ----------------------------------------------------------------------------------------------------------- Carrols Corp., 9% Sr. Sub. Nts., 1/15/13 6 45,000 47,138 ----------------------------------------------------------------------------------------------------------- Domino's, Inc., 8.25% Sr. Unsec. Sub. Nts., 7/1/11 145,000 155,875 ----------------------------------------------------------------------------------------------------------- Hilton Hotels Corp., 7.625% Nts., 5/15/08 200,000 220,009 ----------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc., 9% Sr. Sub. Nts., 3/15/12 200,000 221,750 ----------------------------------------------------------------------------------------------------------- John Q. Hammons Hotels, Inc., 8.875% Sr. Nts., Series B, 5/15/12 200,000 226,000 ----------------------------------------------------------------------------------------------------------- La Quinta Properties, Inc., 7% Sr. Sec. Nts., 8/15/12 75,000 78,750 ----------------------------------------------------------------------------------------------------------- Mandalay Resort Group, 10.25% Sr. Unsec. Sub. Nts., Series B, 8/1/07 500,000 567,500 ----------------------------------------------------------------------------------------------------------- MGM Mirage, Inc.: 5.875% Sr. Nts., 2/27/14 200,000 197,000 9.75% Sr. Unsec. Sub. Nts., 6/1/07 150,000 167,250 ----------------------------------------------------------------------------------------------------------- Mohegan Tribal Gaming Authority, 6.375% Sr. Sub. Nts., 7/15/09 150,000 153,188 ----------------------------------------------------------------------------------------------------------- Penn National Gaming, Inc., 8.875% Sr. Sub. Nts., 3/15/10 300,000 325,500 ----------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12 325,000 347,750 ----------------------------------------------------------------------------------------------------------- Six Flags, Inc.: 8.875% Sr. Unsec. Nts., 2/1/10 450,000 430,875 9.625% Sr. Nts., 6/1/14 9,000 8,528 9.75% Sr. Nts., 4/15/13 50,000 47,875 ----------------------------------------------------------------------------------------------------------- Starwood Hotels & Resorts Worldwide, Inc., 7.875% Sr. Nts., 5/1/12 400,000 458,000 ----------------------------------------------------------------------------------------------------------- 2 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure Continued Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14 $ 500,000 $ 517,500 ----------------------------------------------------------------------------------------------------------- Sun International Hotels Ltd., 8.875% Sr. Unsec. Sub. Nts., 8/15/11 500,000 547,500 ----------------------------------------------------------------------------------------------------------- Universal City Development Partners Ltd., 11.75% Sr. Nts., 4/1/10 200,000 236,000 ----------------------------------------------------------------------------------------------------------- Venetian Casino Resort LLC/Las Vegas Sands, Inc., 11% Sec. Nts., 6/15/10 8 131,000 148,685 ----------------------------------------------------------------------------------------------------------- Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 750,000 740,625 12/1/14 6 -------------------- 6,734,423 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.3% Beazer Homes USA, Inc., 8.375% Sr. Nts., 4/15/12 500,000 551,250 ----------------------------------------------------------------------------------------------------------- Blount, Inc., 8.875% Sr. Sub. Nts., 8/1/12 125,000 136,563 ----------------------------------------------------------------------------------------------------------- D.R. Horton, Inc., 9.75% Sr. Sub. Nts., 9/15/10 2 500,000 604,309 ----------------------------------------------------------------------------------------------------------- K. Hovnanian Enterprises, Inc., 8.875% Sr. Sub. Nts., 4/1/12 300,000 334,500 ----------------------------------------------------------------------------------------------------------- KB Home: 8.625% Sr. Sub. Nts., 12/15/08 500,000 567,186 9.50% Sr. Unsec. Sub. Nts., 2/15/11 500,000 553,167 ----------------------------------------------------------------------------------------------------------- Meritage Corp., 9.75% Sr. Unsec. Nts., 6/1/11 5 150,000 166,500 ----------------------------------------------------------------------------------------------------------- Sealy Mattress Co., 8.25% Sr. Sub. Nts., 6/15/14 175,000 179,375 ----------------------------------------------------------------------------------------------------------- Standard Pacific Corp., 9.25% Sr. Sub. Nts., 4/15/12 100,000 116,500 ----------------------------------------------------------------------------------------------------------- WCI Communities, Inc., 9.125% Sr. Sub. Nts., 5/1/12 200,000 223,500 ----------------------------------------------------------------------------------------------------------- William Lyon Homes, Inc., 10.75% Sr. Nts., 4/1/13 200,000 225,500 -------------------- 3,658,350 ----------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.0% Leslie's Poolmart, Inc., 7.75% Sr. Nts., 2/1/13 6 75,000 76,688 ----------------------------------------------------------------------------------------------------------- MEDIA--4.3% Adelphia Communications Corp.: 8.125% Sr. Nts., Series B, 7/15/03 4,7 250,000 205,000 9.875% Sr. Nts., Series B, 3/1/07 4,7 300,000 253,500 10.25% Sr. Unsec. Nts., 11/1/06 4,7 100,000 85,500 10.25% Sr. Unsec. Sub. Nts., 6/15/11 4,7 200,000 179,000 10.875% Sr. Unsec. Nts., 10/1/10 4,7 100,000 87,000 ----------------------------------------------------------------------------------------------------------- Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12 150,000 155,250 ----------------------------------------------------------------------------------------------------------- AMC Entertainment, Inc.: 8% Sr. Unsec. Sub. Nts., 3/1/14 100,000 99,625 9.50% Sr. Unsec. Sub. Nts., 2/1/11 360,000 373,500 ----------------------------------------------------------------------------------------------------------- Block Communications, Inc., 9.25% Sr. Sub. Nts., 4/15/09 200,000 214,500 ----------------------------------------------------------------------------------------------------------- Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: 0%/11.75% Sr. Unsec. Sub. Disc. Nts., 5/15/11 9 175,000 122,500 8.375% Sr. Nts., Second Lien, 4/30/14 6 1,500,000 1,545,000 ----------------------------------------------------------------------------------------------------------- Cinemark USA, Inc., 9% Sr. Unsec. Sub. Nts., 2/1/13 100,000 112,500 ----------------------------------------------------------------------------------------------------------- Cinemark, Inc., 0%/9.75% Sr. Unsec. Disc. Nts., 3/15/14 9 200,000 152,000 ----------------------------------------------------------------------------------------------------------- CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11 425,000 465,375 ----------------------------------------------------------------------------------------------------------- Dex Media East LLC/Dex Media East Finance Co., 9.875% Sr. Unsec. Nts., 11/15/09 100,000 112,500 ----------------------------------------------------------------------------------------------------------- Dex Media West LLC, 5.875% Sr. Nts., 11/15/11 6 300,000 294,750 ----------------------------------------------------------------------------------------------------------- Dex Media West LLC/Dex Media West Finance Co.: 8.50% Sr. Nts., 8/15/10 150,000 163,875 9.875% Sr. Sub. Nts., 8/15/13 293,000 333,654 ----------------------------------------------------------------------------------------------------------- Dex Media, Inc., 8% Unsec. Nts., 11/15/13 150,000 160,125 ----------------------------------------------------------------------------------------------------------- DirecTV Holdings LLC/DirecTV Financing Co., Inc., 8.375% Sr. 475,000 537,344 Unsec. Nts., 3/15/13 3 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- Media Continued EchoStar DBS Corp., 6.625% Sr. Nts., 10/1/14 6 $ 575,000 $ 583,625 ----------------------------------------------------------------------------------------------------------- Entravision Communications Corp., 8.125% Sr. Sub. Nts., 3/15/09 100,000 107,000 ----------------------------------------------------------------------------------------------------------- Granite Broadcasting Corp., 9.75% Sr. Sec. Nts., 12/1/10 9,000 8,708 ----------------------------------------------------------------------------------------------------------- Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13 150,000 152,250 ----------------------------------------------------------------------------------------------------------- LodgeNet Entertainment Corp., 9.50% Sr. Sub. Debs., 6/15/13 100,000 111,000 ----------------------------------------------------------------------------------------------------------- Mediacom LLC/Mediacom Capital Corp., 9.50% Sr. Unsec. Nts., 1/15/13 459,000 460,148 ----------------------------------------------------------------------------------------------------------- MediaNews Group, Inc., 6.875% Sr. Unsec. Sub. Nts., 10/1/13 100,000 100,000 ----------------------------------------------------------------------------------------------------------- News America Holdings, Inc., 8.875% Sr. Debs., 4/26/23 380,000 506,023 ----------------------------------------------------------------------------------------------------------- PanAmSat Corp., 9% Sr. Nts., 8/15/14 6 350,000 382,375 ----------------------------------------------------------------------------------------------------------- PRIMEDIA, Inc.: 8% Sr. Nts., 5/15/13 500,000 515,000 8.875% Sr. Unsec. Nts., 5/15/11 9,000 9,540 ----------------------------------------------------------------------------------------------------------- R.H. Donnelley Financial Corp. I, 10.875% Sr. Sub. Nts., 12/15/12 6 200,000 235,000 ----------------------------------------------------------------------------------------------------------- Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11 200,000 218,500 ----------------------------------------------------------------------------------------------------------- Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/12 6 300,000 339,000 ----------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc.: 8% Sr. Unsec. Sub. Nts., 3/15/12 1,200,000 1,254,000 8.75% Sr. Sub. Nts., 12/15/11 300,000 321,000 ----------------------------------------------------------------------------------------------------------- Spanish Broadcasting System, Inc., 9.625% Sr. Unsec. Sub. Nts., 11/1/09 300,000 315,750 ----------------------------------------------------------------------------------------------------------- Vertis, Inc., 9.75% Sr. Sec. Nts., 4/1/09 100,000 109,250 ----------------------------------------------------------------------------------------------------------- WMG Holdings Corp.: 0%/9.50% Sr. Disc. Nts., 12/15/14 6,9 420,000 282,450 6.905% Sr. Nts., 12/15/11 6,10 60,000 60,900 ----------------------------------------------------------------------------------------------------------- WRC Media, Inc./Weekly Reader Corp./CompassLearning, Inc., 12.75% Sr. Sub. Nts., 11/15/09 300,000 285,750 -------------------- 12,009,767 ----------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--0.1% Saks, Inc., 9.875% Nts., 10/1/11 200,000 237,500 ----------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--0.2% Asbury Automotive Group, Inc., 9% Sr. Sub. Nts., 6/15/12 200,000 212,500 ----------------------------------------------------------------------------------------------------------- Boise Cascade LLC/Boise Cascade Finance Corp., 7.125% Sr. Sub. Nts., 10/15/14 6 150,000 157,875 ----------------------------------------------------------------------------------------------------------- Eye Care Centers of America, Inc., 9.125% Sr. Unsec. Sub. Nts., 5/1/08 100,000 103,792 ----------------------------------------------------------------------------------------------------------- Hollywood Entertainment Corp., 9.625% Sr. Sub. Nts., 3/15/11 150,000 163,500 -------------------- 637,667 ----------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--0.4% Invista, Inc., 9.25% Sr. Nts., 5/1/12 6 400,000 442,000 ----------------------------------------------------------------------------------------------------------- Levi Strauss & Co.: 9.75% Sr. Nts., 1/15/15 6 200,000 195,500 11.625% Sr. Unsec. Nts., 1/15/08 200,000 210,500 12.25% Sr. Nts., 12/15/12 50,000 54,250 ----------------------------------------------------------------------------------------------------------- Oxford Industries, Inc., 8.875% Sr. Nts., 6/1/11 150,000 160,500 ----------------------------------------------------------------------------------------------------------- Russell Corp., 9.25% Sr. Nts., 5/1/10 100,000 108,000 -------------------- 1,170,750 ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--1.0% ----------------------------------------------------------------------------------------------------------- BEVERAGES--0.0% Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/12 100,000 109,250 ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.2% Great Atlantic & Pacific Tea Co., Inc. (The), 9.125% Sr. Nts., 12/15/11 209,000 190,713 4 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING CONTINUED Rite Aid Corp.: 8.125% Sr. Sec. Nts., 5/1/10 $ 250,000 $ 260,625 9.50% Sr. Sec. Nts., 2/15/11 100,000 108,000 -------------------- 559,338 ----------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Chiquita Brands International, Inc., 7.50% Sr. Nts., 11/1/14 5 50,000 51,000 ----------------------------------------------------------------------------------------------------------- Del Monte Corp.: 6.75% Sr. Sub. Nts., 2/15/15 6,8 60,000 60,900 8.625% Sr. Sub. Nts., 12/15/12 200,000 223,250 ----------------------------------------------------------------------------------------------------------- Doane Pet Care Co., 10.75% Sr. Nts., 3/1/10 375,000 400,313 ----------------------------------------------------------------------------------------------------------- Dole Food Co., Inc., 8.875% Sr. Unsec. Nts., 3/15/11 50,000 53,938 ----------------------------------------------------------------------------------------------------------- Hines Nurseries, Inc., 10.25% Sr. Unsec. Sub. Nts., 10/1/11 100,000 109,750 ----------------------------------------------------------------------------------------------------------- Pinnacle Foods Holding Corp., 8.25% Sr. Sub. Nts., 12/1/13 6 200,000 184,000 ----------------------------------------------------------------------------------------------------------- Smithfield Foods, Inc.: 7.625% Sr. Unsec. Sub. Nts., 2/15/08 5 400,000 426,000 8% Sr. Nts., Series B, 10/15/09 300,000 332,625 -------------------- 1,841,776 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Church & Dwight Co., Inc., 6% Sr. Sub. Nts., 12/15/12 6 100,000 101,500 ----------------------------------------------------------------------------------------------------------- Playtex Products, Inc., 8% Sr. Sec. Nts., 3/1/11 300,000 328,500 -------------------- 430,000 ----------------------------------------------------------------------------------------------------------- ENERGY--2.2% ----------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.1% Hornbeck Offshore Services, Inc., 6.125% Sr. Nts., 12/1/14 6 100,000 100,250 ----------------------------------------------------------------------------------------------------------- Petroleum Helicopters, Inc., 9.375% Sr. Nts., 5/1/09 100,000 109,000 ----------------------------------------------------------------------------------------------------------- Universal Compression, Inc., 7.25% Sr. Unsec. Sub. Nts., 5/15/10 5 200,000 212,250 -------------------- 421,500 ----------------------------------------------------------------------------------------------------------- OIL & GAS--2.3% Chesapeake Energy Corp.: 6.375% Sr. Nts., 6/15/15 6 100,000 102,500 6.875% Sr. Unsec. Nts., 1/15/16 336,000 351,120 ----------------------------------------------------------------------------------------------------------- El Paso Corp., 7.875% Sr. Unsec. Nts., 6/15/12 709,000 740,905 ----------------------------------------------------------------------------------------------------------- El Paso Production Holding Co., 7.75% Sr. Unsec. Nts., 6/1/13 775,000 809,875 ----------------------------------------------------------------------------------------------------------- Forest Oil Corp., 7.75% Sr. Nts., 5/1/14 200,000 216,000 ----------------------------------------------------------------------------------------------------------- Frontier Oil Corp., 6.625% Sr. Unsec. Nts., 10/1/11 75,000 76,125 ----------------------------------------------------------------------------------------------------------- Newfield Exploration Co., 6.625% Sr. Unsec. Sub. Nts., 9/1/14 6 200,000 212,000 ----------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust: 7.375% Unsec. Unsub. Nts., 12/15/14 410,000 459,200 8.50% Unsub. Nts., 2/15/08 265,000 296,668 9.125% Unsec. Unsub. Nts., 10/13/10 410,000 489,950 ----------------------------------------------------------------------------------------------------------- Premcor Refining Group, Inc., 9.50% Sr. Nts., 2/1/13 500,000 577,500 ----------------------------------------------------------------------------------------------------------- Stone Energy Corp., 6.75% Sr. Sub. Nts., 12/15/14 6 160,000 157,200 ----------------------------------------------------------------------------------------------------------- Tesoro Petroleum Corp.: 8% Sr. Sec. Nts., 4/15/08 100,000 108,000 9.625% Sr. Sub. Nts., 4/1/12 9,000 10,283 ----------------------------------------------------------------------------------------------------------- Williams Cos., Inc. (The): 7.625% Nts., 7/15/19 800,000 892,000 8.75% Unsec. Nts., 3/15/32 500,000 602,500 ----------------------------------------------------------------------------------------------------------- XTO Energy, Inc., 7.50% Sr. Nts., 4/15/12 100,000 117,569 -------------------- 6,219,395 5 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES CONTINUED ----------------------------------------------------------------------------------------------------------- FINANCIALS--1.1% CAPITAL MARKETS--0.3% American Color Graphics, Inc., 10% Sr. Sec. Nts., 6/15/10 $ 100,000 $ 85,750 ----------------------------------------------------------------------------------------------------------- Berry Plastics Corp., 10.75% Sr. Sub. Nts., 7/15/12 200,000 229,000 ----------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc., 12% Sr. Unsec. Sub. Nts., Series B, 9/30/08 800,000 540,000 -------------------- 854,750 ----------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.1% Western Financial Bank, 9.625% Unsec. Sub. Debs., 5/15/12 300,000 343,500 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.1% Affinia Group, Inc., 9% Sr. Sub. Nts., 11/30/14 6 75,000 77,625 ----------------------------------------------------------------------------------------------------------- Universal City Florida: 7.20% Sr. Nts., 5/1/10 5,10 50,000 52,250 8.375% Sr. Nts., 5/1/10 5 50,000 52,250 -------------------- 182,125 ----------------------------------------------------------------------------------------------------------- REAL ESTATE--0.4% Felcor Lodging LP, 9% Sr. Nts., 6/1/11 294,000 332,220 ----------------------------------------------------------------------------------------------------------- Host Marriott LP, 9.50% Sr. Nts., 1/15/07 400,000 435,000 ----------------------------------------------------------------------------------------------------------- MeriStar Hospitality Corp., 9.125% Sr. Unsec. Nts., 1/15/11 359,000 389,515 -------------------- 1,156,735 ----------------------------------------------------------------------------------------------------------- HEALTH CARE--2.6% ----------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--0.3% Fisher Scientific International, Inc., 8.125% Sr. Sub. Nts., 5/1/12 174,000 192,923 ----------------------------------------------------------------------------------------------------------- HMP Equity Holdings Corp., 12.86% Sr. Disc. Nts., 5/15/08 1 500,000 336,250 ----------------------------------------------------------------------------------------------------------- Inverness Medical Innovations, Inc., 8.75% Sr. Sub. Nts., 2/15/12 5 150,000 154,500 -------------------- 683,673 ----------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--2.3% Alderwoods Group, Inc., 7.75% Sr. Nts., 9/15/12 6 150,000 161,625 ----------------------------------------------------------------------------------------------------------- AmeriPath, Inc., 10.50% Sr. Unsec. Sub. Nts., 4/1/13 100,000 105,000 ----------------------------------------------------------------------------------------------------------- Community Health Systems, Inc., 6.50% Sr. Sub. Nts., 12/15/12 6 150,000 150,750 ----------------------------------------------------------------------------------------------------------- Coventry Health Care, Inc., 6.125% Sr. Nts., 1/15/15 6 70,000 71,400 ----------------------------------------------------------------------------------------------------------- Extendicare Health Services, Inc., 9.50% Sr. Unsec. Sub. Nts., 7/1/10 100,000 111,500 ----------------------------------------------------------------------------------------------------------- Fresenius Medical Care Capital Trust II, 7.875% Nts., 2/1/08 900,000 969,750 ----------------------------------------------------------------------------------------------------------- HCA, Inc.: 6.30% Sr. Unsec. Nts., 10/1/12 550,000 560,554 6.375% Nts., 1/15/15 600,000 606,527 ----------------------------------------------------------------------------------------------------------- HealthSouth Corp.: 7.625% Nts., 6/1/12 800,000 806,000 10.75% Sr. Unsec. Sub. Nts., 10/1/08 9,000 9,529 ----------------------------------------------------------------------------------------------------------- Medquest, Inc., 11.875% Sr. Unsec. Sub. Nts., Series B, 8/15/12 5 200,000 235,000 ----------------------------------------------------------------------------------------------------------- NDCHealth Corp., 10.50% Sr. Unsec. Sub. Nts., 12/1/12 600,000 618,000 ----------------------------------------------------------------------------------------------------------- PacifiCare Health Systems, Inc., 10.75% Sr. Unsec. Unsub. Nts., 6/1/09 259,000 293,965 ----------------------------------------------------------------------------------------------------------- Quintiles Transnational Corp., 10% Sr. Sub. Nts., 10/1/13 5 150,000 170,250 ----------------------------------------------------------------------------------------------------------- Rotech Healthcare, Inc., 9.50% Sr. Unsec. Sub. Nts., 4/1/12 5 400,000 444,000 ----------------------------------------------------------------------------------------------------------- Tenet Healthcare Corp.: 6.375% Sr. Nts., 12/1/11 387,000 349,268 7.375% Nts., 2/1/13 9,000 8,325 9.875% Sr. Nts., 7/1/14 6 250,000 260,625 6 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED Triad Hospitals, Inc.: 7% Sr. Nts., 5/15/12 $ 200,000 $ 210,250 7% Sr. Sub. Nts., 11/15/13 200,000 203,500 ----------------------------------------------------------------------------------------------------------- US Oncology, Inc.: 9% Sr. Nts., 8/15/12 6 100,000 109,000 10.75% Sr. Sub. Nts., 8/15/14 6 100,000 114,750 -------------------- 6,569,568 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--0.0% Warner Chilcott Corp., 8.75% Sr. Sub. Nts., 2/1/15 6 70,000 72,275 ----------------------------------------------------------------------------------------------------------- INDUSTRIALS--3.3% ----------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--0.5% Alliant Techsystems, Inc., 8.50% Sr. Unsec. Sub. Nts., 5/15/11 200,000 216,500 ----------------------------------------------------------------------------------------------------------- BE Aerospace, Inc.: 8.50% Sr. Unsec. Nts., 10/1/10 100,000 110,000 8.875% Sr. Unsec. Sub. Nts., 5/1/11 209,000 214,225 ----------------------------------------------------------------------------------------------------------- L-3 Communications Corp., 5.875% Sr. Sub. Nts., 1/15/15 6 208,000 208,000 ----------------------------------------------------------------------------------------------------------- Rexnord Corp., 10.125% Sr. Unsec. Sub. Nts., 12/15/12 150,000 168,750 ----------------------------------------------------------------------------------------------------------- TD Funding Corp., 8.375% Sr. Sub. Nts., 7/15/11 200,000 213,000 ----------------------------------------------------------------------------------------------------------- TRW Automotive, Inc.: 9.375% Sr. Nts., 2/15/13 134,000 151,420 11% Sr. Sub. Nts., 2/15/13 97,000 113,975 ----------------------------------------------------------------------------------------------------------- Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11 100,000 100,000 -------------------- 1,495,870 ----------------------------------------------------------------------------------------------------------- AIRLINES--0.2% ATA Holdings Corp., 13% Sr. Unsec. Nts., 2/1/09 4,7 1,260,000 573,300 ----------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--0.1% Associated Materials, Inc., 9.75% Sr. Sub. Nts., 4/15/12 100,000 110,000 ----------------------------------------------------------------------------------------------------------- Goodman Global Holding Co., Inc., 7.875% Sr. Sub. Nts., 12/15/12 6 60,000 58,200 ----------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc., 9.625% Sr. Sec. Nts., 7/1/10 156,000 174,720 -------------------- 342,920 ----------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.0% Allied Waste North America, Inc.: 7.375% Sr. Sec. Nts., Series B, 4/15/14 300,000 274,500 7.875% Sr. Nts., 4/15/13 400,000 399,000 ----------------------------------------------------------------------------------------------------------- Cenveo Corp., 7.875% Sr. Sub. Nts., 12/1/13 200,000 176,000 ----------------------------------------------------------------------------------------------------------- Comforce Operating, Inc., 12% Sr. Nts., Series B, 12/1/07 200,000 198,000 ----------------------------------------------------------------------------------------------------------- Corrections Corp. of America, 9.875% Sr. Nts., 5/1/09 5 100,000 110,500 ----------------------------------------------------------------------------------------------------------- Hydrochem Industrial Services, Inc., 10.375% Sr. Sub. Nts., 8/1/07 5 600,000 609,624 ----------------------------------------------------------------------------------------------------------- Kindercare Learning Centers, Inc., 9.50% Sr. Sub. Nts., 2/15/09 192,000 192,720 ----------------------------------------------------------------------------------------------------------- Mail-Well I Corp., 9.625% Sr. Nts., 3/15/12 5 300,000 324,000 ----------------------------------------------------------------------------------------------------------- Protection One, Inc./Protection One Alarm Monitoring, Inc., 7.375% Sr. Unsec. Nts., 8/15/05 400,000 406,000 ----------------------------------------------------------------------------------------------------------- Synagro Technologies, Inc., 9.50% Sr. Sub. Nts., 4/1/09 100,000 110,750 -------------------- 2,801,094 ----------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.0% URS Corp., 11.50% Sr. Unsec. Nts., 9/15/09 64,000 73,440 ----------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.2% Belden & Blake Corp., 8.75% Sr. Sec. Nts., 7/15/12 5 50,000 50,563 7 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT CONTINUED Tennessee Gas Pipeline Co., 7% Sr. Unsec. Debs., 10/15/28 $ 400,000 $ 406,000 -------------------- 456,563 ----------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.0% Great Lakes Dredge & Dock Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/13 30,000 26,250 ----------------------------------------------------------------------------------------------------------- MACHINERY--0.7% AGCO Corp., 9.50% Sr. Unsec. Nts., 5/1/08 500,000 531,875 ----------------------------------------------------------------------------------------------------------- Douglas Dynamics LLC, 7.75% Sr. Nts., 1/15/12 6 100,000 101,250 ----------------------------------------------------------------------------------------------------------- Dresser-Rand Group, Inc., 7.375% Sr. Sub. Nts., 11/1/14 6 50,000 51,375 ----------------------------------------------------------------------------------------------------------- Hexcel Corp., 6.75% Sr. Sub. Nts., 2/1/15 6 105,000 105,656 ----------------------------------------------------------------------------------------------------------- Milacron Escrow Corp., 11.50% Sr. Sec. Nts., 5/15/11 5 300,000 322,500 ----------------------------------------------------------------------------------------------------------- NMHG Holding Co., 10% Sr. Nts., 5/15/09 100,000 111,000 ----------------------------------------------------------------------------------------------------------- SPX Corp., 7.50% Sr. Nts., 1/1/13 400,000 441,000 ----------------------------------------------------------------------------------------------------------- Terex Corp., 9.25% Sr. Unsec. Sub. Nts., 7/15/11 200,000 222,500 ----------------------------------------------------------------------------------------------------------- Trinity Industries, Inc., 6.50% Sr. Nts., 3/15/14 150,000 150,000 -------------------- 2,037,156 ----------------------------------------------------------------------------------------------------------- MARINE--0.2% Navigator Gas Transport plc, 10.50% First Priority Ship Mtg. Nts., 6/30/07 4,5,7 750,000 603,750 ----------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.1% Kansas City Southern Railway Co. (The), 7.50% Sr. Nts., 6/15/09 200,000 209,000 ----------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.2% United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14 400,000 374,000 ----------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Worldspan LP/Worldspan Financial Corp., 9.625% Sr. Nts., 6/15/11 150,000 174,375 ----------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--1.2% ----------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.3% Lucent Technologies, Inc., 6.45% Unsec. Debs., 3/15/29 300,000 269,250 ----------------------------------------------------------------------------------------------------------- Orion Network Systems, Inc., 12.50% Sr. Unsub. Disc. Nts., 1/15/07 4,5,7 1,150,000 603,750 -------------------- 873,000 ----------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.2% Seagate Technology Hdd Holdings, 8% Sr. Nts., 5/15/09 400,000 432,000 ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% Ingram Micro, Inc., 9.875% Sr. Unsec. Sub. Nts., 8/15/08 300,000 325,875 ----------------------------------------------------------------------------------------------------------- LCE Acquisition Corp., 9% Sr. Sub. Nts., 8/1/14 6 175,000 184,188 -------------------- 510,063 ----------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.0% NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/10 4,5,7 160,138 -- ----------------------------------------------------------------------------------------------------------- PSINet, Inc., 10.50% Sr. Unsec. Nts., 12/1/06 4,5,7 [EUR] 500,000 26,068 -------------------- 26,068 ----------------------------------------------------------------------------------------------------------- IT SERVICES--0.1% Iron Mountain, Inc., 7.75% Sr. Sub. Nts., 1/15/15 250,000 256,875 ----------------------------------------------------------------------------------------------------------- Titan Corp. (The), 8% Sr. Sub. Nts., 5/15/11 50,000 53,750 -------------------- 310,625 ----------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.4% Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 11/1/12 6 75,000 75,188 ----------------------------------------------------------------------------------------------------------- AMI Semiconductor, Inc., 10.75% Sr. Unsec. Sub. Nts., 2/1/13 194,000 226,980 ----------------------------------------------------------------------------------------------------------- Amkor Technology, Inc., 9.25% Sr. Unsec. Sub. Nts., 2/15/08 300,000 298,500 ----------------------------------------------------------------------------------------------------------- Freescale Semiconductor, Inc., 7.125% Sr. Unsec. Nts., 7/15/14 100,000 108,375 8 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Huntsman International LLC, 7.375% Sr. Sub. Nts., 1/1/15 6 $ 500,000 $ 500,000 -------------------- 1,209,043 ----------------------------------------------------------------------------------------------------------- MATERIALS--4.4% ----------------------------------------------------------------------------------------------------------- CHEMICALS--1.4% Crompton Corp., 9.875% Sr. Nts., 8/1/12 6 125,000 140,625 ----------------------------------------------------------------------------------------------------------- Equistar Chemicals LP/Equistar Funding Corp.: 8.75% Sr. Unsec. Nts., 2/15/09 200,000 221,000 10.125% Sr. Unsec. Nts., 9/1/08 9,000 10,305 10.625% Sr. Unsec. Nts., 5/1/11 200,000 231,000 ----------------------------------------------------------------------------------------------------------- Huntsman Co. LLC: 11.625% Sr. Unsec. Nts., 10/15/10 9,000 10,530 11.75% Sr. Nts., 7/15/12 6 375,000 446,250 ----------------------------------------------------------------------------------------------------------- Huntsman Corp./ICI Chemical Co. plc, 13.08% Sr. Unsec. Disc. Nts., 12/31/09 1 300,000 169,875 ----------------------------------------------------------------------------------------------------------- Huntsman International LLC, 9.875% Sr. Nts., 3/1/09 600,000 657,000 ----------------------------------------------------------------------------------------------------------- IMC Global, Inc., 10.875% Sr. Unsec. Nts., 8/1/13 5 9,000 11,003 ----------------------------------------------------------------------------------------------------------- Innophos, Inc., 8.875% Sr. Sub. Nts., 8/15/14 5 150,000 162,375 ----------------------------------------------------------------------------------------------------------- ISP Holdings, Inc., 10.625% Sr. Sec. Nts., 12/15/09 200,000 219,000 ----------------------------------------------------------------------------------------------------------- KI Holdings, Inc., 0%/9.875% Sr. Disc. Nts., 11/15/14 5,9 100,000 63,000 ----------------------------------------------------------------------------------------------------------- Lyondell Chemical Co.: 9.50% Sec. Nts., 12/15/08 9,000 9,765 9.625% Sr. Sec. Nts., Series A, 5/1/07 100,000 109,750 9.80% Debs., 2/1/20 50,000 56,750 9.875% Sec. Nts., Series B, 5/1/07 200,000 210,000 10.50% Sr. Sec. Nts., 6/1/13 125,000 148,125 ----------------------------------------------------------------------------------------------------------- Millennium America, Inc., 9.25% Sr. Unsec. Sub. Nts., 6/15/08 50,000 55,750 ----------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc., 6.05% Sr. Sec. Nts., 12/31/06 10 14,145 14,923 ----------------------------------------------------------------------------------------------------------- PolyOne Corp.: 8.875% Sr. Unsec. Nts., 5/1/12 400,000 432,000 10.625% Sr. Unsec. Nts., 5/15/10 9,000 10,080 ----------------------------------------------------------------------------------------------------------- Rockwood Specialties Group, Inc., 7.50% Sr. Sub. Nts., 11/15/14 6 50,000 51,750 ----------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc., 10% Sr. Sec. Nts., 12/19/07 11 204,568 204,568 ----------------------------------------------------------------------------------------------------------- Westlake Chemical Corp., 8.75% Sr. Nts., 7/15/11 129,000 144,158 -------------------- 3,789,582 ----------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.1% Texas Industries, Inc., 10.25% Sr. Unsec. Nts., 6/15/11 200,000 233,000 ----------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.2% Graham Packaging Co., Inc.: 8.50% Sr. Nts., 10/15/12 6 50,000 52,125 9.875% Sub. Nts., 10/15/14 6 100,000 105,250 ----------------------------------------------------------------------------------------------------------- Graphic Packaging International Corp.: 8.50% Sr. Nts., 8/15/11 250,000 271,250 9.50% Sr. Sub. Nts., 8/15/13 200,000 224,000 ----------------------------------------------------------------------------------------------------------- Jefferson Smurfit Corp., 8.25% Sr. Unsec. Nts., 10/1/12 450,000 479,250 ----------------------------------------------------------------------------------------------------------- Owens-Brockway Glass Container, Inc.: 8.25% Sr. Unsec. Nts., 5/15/13 9,000 9,833 8.875% Sr. Sec. Nts., 2/15/09 900,000 977,625 ----------------------------------------------------------------------------------------------------------- Pliant Corp., 0%/11.125% Sr. Sec. Disc. Nts., 6/15/09 9 200,000 187,000 ----------------------------------------------------------------------------------------------------------- Solo Cup Co., 8.50% Sr. Sub. Nts., 2/15/14 200,000 205,750 9 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING CONTINUED Stone Container Corp.: 9.25% Sr. Unsec. Nts., 2/1/08 $ 250,000 $ 275,000 9.75% Sr. Unsec. Nts., 2/1/11 400,000 439,000 ----------------------------------------------------------------------------------------------------------- TriMas Corp., 9.875% Sr. Unsec. Sub. Nts., 6/15/12 5 250,000 261,250 -------------------- 3,487,333 ----------------------------------------------------------------------------------------------------------- METALS & MINING--1.4% AK Steel Corp., 7.75% Sr. Unsec. Nts., 6/15/12 259,000 267,418 ----------------------------------------------------------------------------------------------------------- Arch Western Finance LLC, 6.75% Sr. Nts., 7/1/13 200,000 205,000 ----------------------------------------------------------------------------------------------------------- California Steel Industries, Inc., 6.125% Sr. Nts., 3/15/14 200,000 198,500 ----------------------------------------------------------------------------------------------------------- Century Aluminum Co., 7.50% Sr. Nts., 8/15/14 6 250,000 268,125 ----------------------------------------------------------------------------------------------------------- Foundation PA Coal Co., 7.25% Sr. Nts., 8/1/14 6 100,000 105,250 ----------------------------------------------------------------------------------------------------------- IMCO Recycling, Inc., 10.375% Sr. Sec. Nts., 10/15/10 200,000 226,000 ----------------------------------------------------------------------------------------------------------- Jorgensen (Earle M.) Co., 9.75% Sr. Sec. Nts., 6/1/12 400,000 449,000 ----------------------------------------------------------------------------------------------------------- Kaiser Aluminum & Chemical Corp., 10.875% Sr. Nts., Series B, 10/15/06 4,7 500,000 437,500 ----------------------------------------------------------------------------------------------------------- Koppers Industry, Inc., 9.875% Sr. Sec. Nts., 10/15/13 250,000 285,000 ----------------------------------------------------------------------------------------------------------- Novelis, Inc., 7.25% Sr. Nts., 2/15/15 6,8 220,000 226,600 ----------------------------------------------------------------------------------------------------------- Oregon Steel Mills, Inc., 10% Sr. Nts., 7/15/09 200,000 223,000 ----------------------------------------------------------------------------------------------------------- Peabody Energy Corp., 6.875% Sr. Unsec. Nts., Series B, 3/15/13 200,000 215,000 ----------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc., 9.50% Sr. Nts., 3/15/09 200,000 220,000 ----------------------------------------------------------------------------------------------------------- UCAR Finance, Inc., 10.25% Sr. Nts., 2/15/12 5 100,000 112,375 ----------------------------------------------------------------------------------------------------------- United States Steel Corp.: 9.75% Sr. Nts., 5/15/10 168,000 192,780 10.75% Sr. Nts., 8/1/08 260,000 308,750 -------------------- 3,940,298 ----------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Buckeye Technologies, Inc., 8.50% Sr. Nts., 10/1/13 50,000 54,000 ----------------------------------------------------------------------------------------------------------- Georgia-Pacific Corp., 8.125% Sr. Unsec. Nts., 5/15/11 500,000 577,500 ----------------------------------------------------------------------------------------------------------- Tekni-Plex, Inc.: 8.75% Sr. Sec. Nts., 11/15/13 6 109,000 109,545 12.75% Sr. Unsec. Sub. Nts., Series B, 6/15/10 200,000 185,500 -------------------- 926,545 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.1% ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.4% American Tower Corp., 7.125% Sr. Unsec. Nts., 10/15/12 6 150,000 151,500 ----------------------------------------------------------------------------------------------------------- Citizens Communications Co., 6.25% Sr. Nts., 1/15/13 300,000 300,750 ----------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 7.50% Sr. Nts., 12/1/13 200,000 213,250 ----------------------------------------------------------------------------------------------------------- MCI, Inc.: 6.908% Sr. Unsec. Nts., 5/1/07 10 333,000 341,325 7.688% Sr. Unsec. Nts., 5/1/09 10 250,000 261,563 ----------------------------------------------------------------------------------------------------------- PSINet, Inc., 11% Sr. Nts., 8/1/09 4,5,7 523,854 7,858 ----------------------------------------------------------------------------------------------------------- Qwest Capital Funding, Inc., 7.90% Unsec. Nts., 8/15/10 134,000 132,325 ----------------------------------------------------------------------------------------------------------- Qwest Corp., 9.125% Nts., 3/15/12 6 700,000 799,750 ----------------------------------------------------------------------------------------------------------- Qwest Services Corp.: 14% Nts., 12/15/10 6 925,000 1,103,063 14.50% Nts., 12/15/14 6 400,000 503,000 ----------------------------------------------------------------------------------------------------------- Teligent, Inc., 11.50% Sr. Nts., 12/1/07 4,5,7 200,000 -- ----------------------------------------------------------------------------------------------------------- Time Warner Telecom, Inc., 10.125% Sr. Unsec. Sub. Nts., 2/1/11 75,000 73,875 -------------------- 3,888,259 10 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES CONTINUED ----------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--1.7% Alamosa Delaware, Inc.: 11% Sr. Unsec. Nts., 7/31/10 $ 9,000 $ 10,530 12.50% Sr. Unsec. Nts., 2/1/11 200,000 227,000 ----------------------------------------------------------------------------------------------------------- American Tower Corp., 7.50% Sr. Nts., 5/1/12 100,000 103,250 ----------------------------------------------------------------------------------------------------------- American Tower Escrow Corp., 12.25% Sr. Sub. Disc. Nts., 8/1/08 1 400,000 302,500 ----------------------------------------------------------------------------------------------------------- AT&T Corp., 9.05% Sr. Unsec. Nts., 11/15/11 10 600,000 699,000 ----------------------------------------------------------------------------------------------------------- CellNet Data Systems, Inc., Sr. Unsec. Disc. Nts., 10/1/07 4,5,7 554,000 -- ----------------------------------------------------------------------------------------------------------- Centennial Cellular Operating Co. LLC/Centennial Communications Corp., 10.125% Sr. Nts., 6/15/13 300,000 341,250 ----------------------------------------------------------------------------------------------------------- Crown Castle International Corp., 10.75% Sr. Nts., 8/1/11 200,000 217,000 ----------------------------------------------------------------------------------------------------------- Dobson Cellular Systems, 8.375% Sec. Nts., 11/1/11 6 50,000 52,875 ----------------------------------------------------------------------------------------------------------- Dobson Communications Corp., 8.875% Sr. Nts., 10/1/13 152,000 112,860 ----------------------------------------------------------------------------------------------------------- IWO Escrow Co., 6.32% Sr. Sec. Nts., 1/15/12 6,10 40,000 40,200 ----------------------------------------------------------------------------------------------------------- Nextel Communications, Inc., 7.375% Sr. Nts., 8/1/15 1,140,000 1,262,550 ----------------------------------------------------------------------------------------------------------- Rural Cellular Corp.: 9.625% Sr. Sub. Nts., Series B, 5/15/08 150,000 150,000 9.75% Sr. Sub. Nts., 1/15/10 9,000 8,730 9.875% Sr. Nts., 2/1/10 150,000 160,500 ----------------------------------------------------------------------------------------------------------- SBA Communications Corp., 8.50% Sr. Nts., 12/1/12 6 200,000 209,250 ----------------------------------------------------------------------------------------------------------- SBA Telecommunications, Inc./SBA Communications Corp., 0%/9.75% Sr. Disc. Nts., 12/15/11 9 659,000 570,859 ----------------------------------------------------------------------------------------------------------- Triton PCS, Inc., 8.50% Sr. Unsec. Nts., 6/1/13 300,000 290,250 ----------------------------------------------------------------------------------------------------------- Western Wireless Corp., 9.25% Sr. Unsec. Nts., 7/15/13 129,000 150,930 -------------------- 4,909,534 ----------------------------------------------------------------------------------------------------------- UTILITIES--2.7% ELECTRIC UTILITIES--2.1% Caithness Coso Funding Corp., 9.05% Sr. Sec. Nts., Series B, 12/15/09 366,797 405,311 ----------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc., 7.25% Sr. Nts., Series B, 9/1/10 100,000 111,441 ----------------------------------------------------------------------------------------------------------- CMS Energy Corp.: 7.50% Sr. Nts., 1/15/09 9,000 9,574 7.75% Sr. Nts., 8/1/10 100,000 108,375 9.875% Sr. Unsec. Nts., 10/15/07 900,000 1,000,125 ----------------------------------------------------------------------------------------------------------- ESI Tractebel Acquisition Corp., 7.99% Sec. Bonds, Series B, 12/30/11 5 438,000 472,226 ----------------------------------------------------------------------------------------------------------- Midwest Generation LLC, 8.75% Sr. Sec. Nts., 5/1/34 800,000 898,000 ----------------------------------------------------------------------------------------------------------- Mirant Americas Generation LLC, 8.30% Sr. Unsec. Nts., 5/1/11 4,7 600,000 664,500 ----------------------------------------------------------------------------------------------------------- MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., 8.50% Sr. Sec. Nts., 9/1/10 100,000 109,500 ----------------------------------------------------------------------------------------------------------- NRG Energy, Inc., 8% Sr. Sec. Nts., 12/15/13 6 550,000 595,375 ----------------------------------------------------------------------------------------------------------- Reliant Energy, Inc., 6.75% Sr. Sec. Nts., 12/15/14 150,000 147,000 ----------------------------------------------------------------------------------------------------------- Reliant Resources, Inc.: 9.25% Sr. Sec. Nts., 7/15/10 359,000 401,183 9.50% Sr. Sec. Nts., 7/15/13 200,000 225,000 ----------------------------------------------------------------------------------------------------------- Teco Energy, Inc., 7.20% Unsec. Unsub. Nts., 5/1/11 300,000 327,375 ----------------------------------------------------------------------------------------------------------- Texas Genco LLC, 6.875% Sr. Nts., 12/15/14 6 200,000 208,000 -------------------- 5,682,985 GAS UTILITIES--0.1% AmeriGas Partners LP/AmeriGas Eagle Finance Corp., 8.875% Sr. Unsec. Nts., Series B, 5/20/11 200,000 217,000 11 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- GAS UTILITIES CONTINUED SEMCO Energy, Inc., 7.125% Sr. Nts., 5/15/08 $ 100,000 $ 106,145 -------------------- 323,145 ----------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.5% Dynegy Holdings, Inc.: 6.875% Sr. Unsec. Unsub. Nts., 4/1/11 275,000 257,125 8.75% Sr. Nts., 2/15/12 9,000 9,090 10.125% Sr. Sec. Nts., 7/15/13 6 900,000 1,003,500 ----------------------------------------------------------------------------------------------------------- Mirant Mid-Atlantic LLC, 8.625% Sec. Pass-Through Certificates, Series A, 6/30/12 131,808 146,389 ----------------------------------------------------------------------------------------------------------- NorthWestern Corp., 5.875% Sr. Sec. Nts., 11/1/14 6 30,000 31,023 -------------------- 1,447,127 -------------------- 88,425,635 Shares PREFERRED STOCKS--0.7% Dobson Communications Corp., 6% Cv., Series F (converts into Dobson Communications Corp., Cl. A common stock), Non-Vtg. 6 600 44,062 ----------------------------------------------------------------------------------------------------------- e.spire Communications, Inc., 12.75% Jr. Redeemable, Non-Vtg. 4,5,11 249 25 ----------------------------------------------------------------------------------------------------------- Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg. 4,5 4,000 321,000 ----------------------------------------------------------------------------------------------------------- Paxson Communications Corp.: 14.25% Cum. Jr. Exchangeable, Non-Vtg. 5,11 43 353,675 14.25% Cum. Jr. Exchangeable, Non-Vtg. 4,5,11 1 6,457 ----------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust, 11% 4,000 240,080 ----------------------------------------------------------------------------------------------------------- PTV, Inc., 10% Cum., Series A, Non-Vtg. 3 11 ----------------------------------------------------------------------------------------------------------- Rural Cellular Corp., 11.375% Cum., Series B, Non-Vtg. 4,5,11 115 104,363 ----------------------------------------------------------------------------------------------------------- Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A 5 5,750 858,188 -------------------- 1,927,861 Principal Amount STRUCTURED NOTES--0.2% Deutsche Bank AG, Videocon International Ltd. Credit Linked Nts, 2.693%, 12/29/09 $ 650,000 650,000 -------------------- Total Corporate Sector (Cost $89,941,707) 92,583,049 CONVERTIBLE SECTOR--0.0% ----------------------------------------------------------------------------------------------------------- Units RIGHTS, WARRANTS AND CERTIFICATES--0.0% American Tower Corp. Wts., Exp. 8/1/08 4,6 400 92,200 ----------------------------------------------------------------------------------------------------------- COLO.com, Inc. Wts., Exp. 3/15/10 4,5 300 -- ----------------------------------------------------------------------------------------------------------- Concentric Network Corp. Wts., Exp. 12/15/07 4,5 600 -- ----------------------------------------------------------------------------------------------------------- DeCrane Aircraft Holdings, Inc. Wts., Exp. 9/30/08 4,5 800 -- ----------------------------------------------------------------------------------------------------------- e.spire Communications, Inc. Wts., Exp. 11/1/05 4,5 700 7 ----------------------------------------------------------------------------------------------------------- Horizon PCS, Inc. Wts., Exp. 10/1/10 4,5 1,000 -- ----------------------------------------------------------------------------------------------------------- ICG Communications, Inc. Wts., Exp. 9/15/05 4,5 4,125 -- ----------------------------------------------------------------------------------------------------------- 12 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES CONTINUED ICO Global Communication Holdings Ltd. Wts.: Exp. 5/16/06 4,5 6,035 $ 30 Exp. 5/16/06 4,5 9 -- ----------------------------------------------------------------------------------------------------------- Insilco Corp. Wts., Exp. 8/15/07 4,5 720 -- ----------------------------------------------------------------------------------------------------------- Long Distance International, Inc. Wts., Exp. 4/13/08 4,5 400 -- ----------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 4,5 975 10 ----------------------------------------------------------------------------------------------------------- Millenium Seacarriers, Inc. Wts., Exp. 7/15/05 4,5 700 7 ----------------------------------------------------------------------------------------------------------- Ntelos, Inc. Wts., Exp. 8/15/10 4,5 500 5 ----------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. Wts., Exp. 9/19/10 4 6,738 1,145 ----------------------------------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 6/30/05 4,5 6,400 -- ----------------------------------------------------------------------------------------------------------- Sterling Chemicals, Inc. Wts., Exp. 12/19/08 4,5 431 2,433 ----------------------------------------------------------------------------------------------------------- Verado Holdings, Inc., Cl. B Wts., Exp. 4/15/08 4 500 336 ----------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. A Wts., Exp. 1/16/10 4 2,188 941 ----------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. B Wts., Exp. 1/16/10 4 1,641 689 ----------------------------------------------------------------------------------------------------------- XO Communications, Inc., Cl. C Wts., Exp. 1/16/10 4 1,641 443 -------------------- Total Convertible Sector (Cost $45,816) 98,246 ----------------------------------------------------------------------------------------------------------- INTERNATIONAL SECTOR--46.0% ----------------------------------------------------------------------------------------------------------- Shares COMMON STOCKS--0.3% COLT Telecom Group plc, ADR 4 7,020 30,186 ----------------------------------------------------------------------------------------------------------- Telewest Global, Inc. 4 44,358 747,432 ----------------------------------------------------------------------------------------------------------- Telus Corp. 539 15,092 ----------------------------------------------------------------------------------------------------------- Viatel Holding (Bermuda) Ltd. 4,5 877 1,009 ----------------------------------------------------------------------------------------------------------- Western Forest Products, Inc. 4 31,882 196,541 -------------------- 990,260 Principal Amount CORPORATE BONDS AND NOTES--4.2% ----------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--0.3% ----------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--0.2% Intrawest Corp., 7.50% Sr. Unsec. Nts., 10/15/13 $ 333,000 351,315 ----------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd., 8.75% Sr. Unsub. Nts., 2/2/11 200,000 235,500 -------------------- 586,815 ----------------------------------------------------------------------------------------------------------- MEDIA--0.1% Corus Entertainment, Inc., 8.75% Sr. Sub. Nts., 3/1/12 200,000 218,250 ----------------------------------------------------------------------------------------------------------- Rogers Cable, Inc., 6.75% Sr. Sec. Second Priority Nts., 3/15/15 6 75,000 77,250 -------------------- 295,500 ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--0.4% ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.1% Jean Coutu Group (PJC), Inc. (The): 7.625% Sr. Nts., 8/1/12 6 100,000 104,500 8.50% Sr. Sub. Nts., 8/1/14 6 250,000 250,625 -------------------- 355,125 13 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES CONTINUED ----------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.3% Burns Philp Capital Property Ltd., 9.75% Sr. Unsec. Sub. Nts., 7/15/12 $ 100,000 $ 109,500 ----------------------------------------------------------------------------------------------------------- United Biscuits Finance plc, 10.75% Sr. Sub. Nts., 4/15/11 5 [GBP] 500,000 967,622 -------------------- 1,077,122 ----------------------------------------------------------------------------------------------------------- ENERGY--1.1% ----------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--0.3% Ocean Rig Norway AS, 10.25% Sr. Sec. Nts., 6/1/08 1,000,000 1,035,000 ----------------------------------------------------------------------------------------------------------- OIL & GAS--0.8% Gazprom International SA, 7.201% Sr. Unsec. Bonds, 2/1/20 1,520,000 1,615,654 ----------------------------------------------------------------------------------------------------------- Nak Naftogaz Ukrainy, 8.125% Bonds, 9/30/09 50,000 52,228 ----------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 6 520,000 527,150 -------------------- 2,195,032 ----------------------------------------------------------------------------------------------------------- FINANCIALS--0.3% ----------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% BCP Caylux Holdings Luxembourg SCA, 9.625% Sr. Sub. Nts., 6/15/14 6 500,000 557,500 ----------------------------------------------------------------------------------------------------------- BANKS--0.1% Inter-American Development Bank, 6.26% Nts., 12/8/09 5,10 [BRR] 320,000 122,968 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS--0.0% JSG Funding plc, 7.75% Sr. Sub. Nts., 4/1/15 6 110,000 108,900 ----------------------------------------------------------------------------------------------------------- INDUSTRIALS--0.4% ----------------------------------------------------------------------------------------------------------- MARINE--0.2% CP Ships Ltd., 10.375% Sr. Nts., 7/15/12 300,000 349,500 ----------------------------------------------------------------------------------------------------------- Pacific & Atlantic Holdings, Inc., 3.75% Sec. Nts., 12/31/07 6,11 193,615 89,566 -------------------- 439,066 ----------------------------------------------------------------------------------------------------------- ROAD & RAIL--0.2% Stena AB: 7% Sr. Nts., 12/1/1 6 200,000 194,500 7.50% Sr. Unsec. Nts., 11/1/13 232,000 237,220 9.625% Sr. Nts., 12/1/12 150,000 168,750 -------------------- 600,470 ----------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--0.2% ----------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% Flextronics International Ltd., 6.25% Sr. Sub. Nts., 11/15/14 6 400,000 394,000 ----------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--0.0% MagnaChip Semiconductor Ltd., 8% Sr. Sub. Nts., 12/15/14 6 30,000 31,463 ----------------------------------------------------------------------------------------------------------- MATERIALS--0.9% ----------------------------------------------------------------------------------------------------------- CHEMICALS--0.2% PCI Chemicals Canada, 10% Sr. Sec. Nts., 12/31/08 87,434 93,117 ----------------------------------------------------------------------------------------------------------- Rhodia SA, 10.25% Sr. Unsec. Nts., 6/1/10 275,000 314,188 -------------------- 407,305 ----------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.2% Crown Euro Holdings SA: 9.50% Sr. Sec. Nts., 3/1/11 300,000 336,000 10.875% Sr. Sec. Nts., 3/1/13 100,000 117,750 ----------------------------------------------------------------------------------------------------------- MDP Acquisitions plc, 9.625% Sr. Nts., 10/1/12 200,000 222,000 -------------------- 675,750 ----------------------------------------------------------------------------------------------------------- METALS & MINING--0.3% Alrosa Finance SA, 8.875% Nts., 11/17/14 220,000 227,700 14 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- METALS & MINING CONTINUED Asia Aluminum Holdings Ltd., 8% Sr. Sec. Nts., 12/23/11 5 $ 385,000 $ 386,925 ----------------------------------------------------------------------------------------------------------- Ispat Inland ULC, 9.75% Sr. Sec. Nts., 4/1/14 162,000 200,475 -------------------- 815,100 ----------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Abitibi-Consolidated, Inc., 8.55% Nts., 8/1/10 225,000 242,719 ----------------------------------------------------------------------------------------------------------- JSG Holding plc, 11.50% Sr. Nts., 10/1/15 5,11 [EUR] 50,000 65,496 ----------------------------------------------------------------------------------------------------------- Tembec Industries, Inc., 8.50% Sr. Unsec. Nts., 2/1/11 9,000 8,955 ----------------------------------------------------------------------------------------------------------- Western Forest Products, Inc., 15% Sec. Nts., 7/28/09 6,11 156,000 175,500 -------------------- 492,670 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.5% ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.3% Intelsat Bermuda Ltd., 8.625% Sr. Nts., 1/15/15 6 150,000 156,938 ----------------------------------------------------------------------------------------------------------- Telus Corp., 7.50% Nts., 6/1/07 596,000 643,892 -------------------- 800,830 ----------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.2% Rogers Wireless Communications, Inc.: 7.50% Sr. Sec. Nts., 3/15/15 6 350,000 377,125 8% Sr. Sub. Nts., 12/15/12 6 250,000 268,750 -------------------- 645,875 ----------------------------------------------------------------------------------------------------------- UTILITIES--0.1% ----------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.1% CITGO Trustees Cayman Ltd., 8.50% Nts., 12/21/14 5 210,000 207,690 ----------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.0% Calpine Canada Energy Finance ULC, 8.50% Sr. Unsec. Nts., 5/1/08 175,000 129,500 -------------------- 11,973,681 ----------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--32.9% ----------------------------------------------------------------------------------------------------------- ARGENTINA--1.0% Argentina (Republic of) Bonds: 1.98%, 8/3/12 10 2,220,000 1,866,971 2.352%, 5/3/05 10 24,000 23,751 8.50%, 7/30/10 4,7 [EUR] 130,000 49,329 9%, 5/24/05 4,7 [EUR] 130,000 49,286 Series PRE8, 2%, 1/3/10 4,5,7 [ARP] 810,000 431,161 Series PR12, 2%, 1/3/16 4,5,7 [ARP] 551,273 259,356 --------------------------------------------------------------------------------------------------------- Argentina (Republic of) Disc. Bonds, 3/31/23 4,5,7 185,000 102,675 ----------------------------------------------------------------------------------------------------------- Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 4,5,7 [ARP] 45,454 18,614 --------------------- 2,801,143 ----------------------------------------------------------------------------------------------------------- AUSTRALIA--0.9% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 3,360,000 2,655,388 ----------------------------------------------------------------------------------------------------------- AUSTRIA--1.1% Austria (Republic of) Bonds, 6.25%, 7/15/27 [EUR] 1,465,000 2,540,689 ----------------------------------------------------------------------------------------------------------- Austria (Republic of) Nts., Series 98-1, 5%, 1/15/08 [EUR] 470,000 653,609 -------------------- 3,194,298 15 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- BELGIUM--1.4% Belgium (Kingdom of) Bonds: Series 19, 6.50%, 3/31/05 [EUR] 730,000 $ 957,952 Series 26, 6.25%, 3/28/07 [EUR] 1,465,000 2,059,567 Series 28, 5.75%, 3/28/08 [EUR] 550,000 783,252 -------------------- 3,800,771 ----------------------------------------------------------------------------------------------------------- BRAZIL--1.9% Brazil (Federal Republic of) Bonds: 8.875%, 10/14/19 480,000 496,800 10.50%, 7/14/14 270,000 315,225 Series 15 yr., 3.125%, 4/15/09 10 5,294 5,268 ----------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Debt Capitalization Bonds, Series 20 yr., 8%, 4/15/14 3,097,284 3,172,781 ----------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Nts., 12%, 4/15/10 460,000 565,110 ----------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Unsec. Unsub. Bonds: 10%, 8/7/11 305,000 349,225 Cl. B, 8.875%, 4/15/24 536,000 541,360 -------------------- 5,445,769 ----------------------------------------------------------------------------------------------------------- BULGARIA--0.3% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 305,000 387,350 8.25%, 1/15/15 6 305,000 387,350 -------------------- 774,700 ----------------------------------------------------------------------------------------------------------- CANADA--0.2% Canada (Government of) Bonds, 5%, 6/1/14 [CAD] 750,000 639,958 ----------------------------------------------------------------------------------------------------------- COLOMBIA--0.6% Colombia (Republic of) Nts., 11.75%, 3/1/10 [COP] 1,456,960,000 637,813 ----------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Bonds, 8.375%, 2/15/27 315,000 303,975 ----------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Nts., 11.375%, 1/31/08 [EUR] 460,000 711,653 -------------------- 1,653,441 ----------------------------------------------------------------------------------------------------------- DENMARK--0.3% Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 4,640,000 846,008 ----------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Bonds, Series REGS, 9.04%, 1/23/13 260,000 237,900 ----------------------------------------------------------------------------------------------------------- ECUADOR--0.2% Ecuador (Republic of) Unsec. Bonds, 8%, 8/15/30 10 715,000 664,950 ----------------------------------------------------------------------------------------------------------- EL SALVADOR--0.1% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 6 210,000 217,875 ----------------------------------------------------------------------------------------------------------- FINLAND--0.1% Finland (Republic of) Sr. Unsec. Unsub. Bonds, 2.75%, 7/4/06 [EUR] 115,000 150,848 ----------------------------------------------------------------------------------------------------------- FRANCE--1.3% France (Government of) Obligations Assimilables du Tresor Bonds: 5.50%, 10/25/07 [EUR] 465,000 652,083 5.75%, 10/25/32 [EUR] 1,070,000 1,791,106 ----------------------------------------------------------------------------------------------------------- France (Government of) Treasury Nts.: 5 yr., 5%, 1/12/06 [EUR] 920,000 1,230,180 5 yr., 4.75%, 7/12/07 [EUR] 50,000 68,587 -------------------- 3,741,956 ----------------------------------------------------------------------------------------------------------- GERMANY--2.1% Germany (Republic of) Bonds: 2%, 6/17/05 [EUR] 950,000 1,237,487 Series 140, 4.50%, 8/17/07 [EUR] 730,000 996,963 ----------------------------------------------------------------------------------------------------------- 16 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- GERMANY CONTINUED Series 143, 3.50%, 10/10/08 [EUR] 2,735,000 $ 3,658,198 -------------------- 5,892,648 ----------------------------------------------------------------------------------------------------------- GREAT BRITAIN--2.4% United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 3,635,000 6,710,640 ----------------------------------------------------------------------------------------------------------- GREECE--0.6% Greece (Republic of) Bonds, 3.50%, 4/18/08 [EUR] 930,000 1,240,315 ----------------------------------------------------------------------------------------------------------- Greece (Republic of) Sr. Unsub. Bonds, 4.65%, 4/19/07 [EUR] 265,000 360,991 -------------------- 1,601,306 ----------------------------------------------------------------------------------------------------------- GUATEMALA--0.1% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 6 170,000 202,725 10.25%, 11/8/11 55,000 65,588 -------------------- 268,313 ----------------------------------------------------------------------------------------------------------- HUNGARY--0.1% Hungary (Government of) Bonds, Series 05/I, 8.50%, 10/12/05 [HUF] 68,320,000 362,250 ----------------------------------------------------------------------------------------------------------- ISRAEL--0.4% Israel (The State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 1,980,000 501,682 ----------------------------------------------------------------------------------------------------------- United States (Government of) Gtd. Israel Aid Bonds, 5.50%, 12/4/23 560,000 606,460 -------------------- 1,108,142 ----------------------------------------------------------------------------------------------------------- ITALY--2.0% Italy (Republic of) Treasury Bonds: Buoni del Tesoro Poliennali, 4%, 3/1/05 [EUR] 290,000 378,515 Buoni del Tesoro Poliennali, 4.50%, 3/1/07 [EUR] 460,000 624,440 Buoni del Tesoro Poliennali, 5%, 10/15/07 [EUR] 2,475,000 3,428,826 Buoni del Tesoro Poliennali, 5.25%, 12/15/05 [EUR] 860,000 1,150,169 -------------------- 5,581,950 ----------------------------------------------------------------------------------------------------------- IVORY COAST--0.1% Ivory Coast (Government of) Past Due Interest Bonds, 3/29/18 4,5,7 [FRF] 3,857,000 136,993 ----------------------------------------------------------------------------------------------------------- JAPAN--1.7% Japan (Government of) Bonds, 5 yr., Series 14, 0.40%, 6/20/06 [JPY] 495,000,000 4,801,290 ----------------------------------------------------------------------------------------------------------- MEXICO--1.0% United Mexican States Bonds: 7.50%, 4/8/33 470,000 526,870 8.30%, 8/15/31 230,000 279,680 11.375%, 9/15/16 45,000 67,163 Series MI10, 8%, 12/19/13 [MXN] 6,128,000 495,888 Series M20, 8%, 12/7/23 [MXN] 8,845,000 660,980 Series MI10, 9.50%, 12/18/14 10 [MXN] 3,911,300 348,081 ----------------------------------------------------------------------------------------------------------- United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 40,000,000 419,263 -------------------- 2,797,925 ----------------------------------------------------------------------------------------------------------- NEW ZEALAND--0.2% New Zealand (Government of) Bonds, 7%, 7/15/09 12 [NZD] 770,000 566,264 ----------------------------------------------------------------------------------------------------------- NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 140,000 133,350 ----------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 129,940 111,949 1/5/10 -------------------- 245,299 ----------------------------------------------------------------------------------------------------------- NORWAY--1.2% Norway (Government of) Bonds, 6%, 5/16/11 [NOK] 19,030,000 3,426,049 17 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS CONTINUED PANAMA--0.6% Panama (Republic of) Bonds: 7.25%, 3/15/15 $ 445,000 $ 457,238 8.125%, 4/28/34 285,000 303,525 9.375%, 1/16/23 785,000 922,375 -------------------- 1,683,138 ----------------------------------------------------------------------------------------------------------- PERU--0.6% Peru (Republic of) Bonds, 8.375%, 5/3/16 130,000 141,700 ----------------------------------------------------------------------------------------------------------- Peru (Republic of) Past Due Interest Bonds, Series 20 yr., 5%, 3/7/17 10 1,232,000 1,170,400 ----------------------------------------------------------------------------------------------------------- Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 310,000 333,250 -------------------- 1,645,350 ----------------------------------------------------------------------------------------------------------- PHILIPPINES--0.7% Philippines (Republic of) Bonds: 8.375%, 2/15/11 263,000 270,704 9.50%, 2/2/30 8 1,210,000 1,205,463 10.625%, 3/16/25 270,000 299,363 Series 5-57, 11.50%, 1/27/10 8 [PHP] 12,700,000 236,607 Series 5-56, 12.375%, 10/28/09 8 [PHP] 3,740,000 70,797 -------------------- 2,082,934 ----------------------------------------------------------------------------------------------------------- POLAND--1.2% Poland (Republic of) Bonds: Series 0K0805, 5.33%, 8/12/05 1 [PLZ] 3,930,000 1,220,129 Series DS1013, 5%, 10/24/13 [PLZ] 1,580,000 471,626 Series WS0922, 5.75%, 9/23/22 [PLZ] 360,000 114,885 Series DS0509, 6%, 5/24/09 [PLZ] 4,940,000 1,576,478 -------------------- 3,383,118 ----------------------------------------------------------------------------------------------------------- PORTUGAL--0.3% Portugal (Republic of) Obrig Do Tes Medio Prazo Nts., 4.875%, 8/17/07 [EUR] 265,000 364,820 ----------------------------------------------------------------------------------------------------------- Portugal (Republic of) Obrig Do Tes Medio Prazo Unsec. Unsub. Nts., 5.85%, 5/20/10 [EUR] 235,000 348,203 -------------------- 713,023 ----------------------------------------------------------------------------------------------------------- RUSSIA--2.4% Aries Vermoegensverwaltungs GmbH Credit Linked Nts., 9.60%, 10/25/14 2,420,000 2,994,024 ----------------------------------------------------------------------------------------------------------- Aries Vermoegensverwaltungs GmbH Unsub. Nts., Series B, 7.75%, 10/25/09 5 [EUR] 270,000 400,967 ----------------------------------------------------------------------------------------------------------- Ministry Finance of Russia Debs., Series VI, 3%, 5/14/06 5 770,000 757,638 ----------------------------------------------------------------------------------------------------------- Russian Federation Unsec. Unsub. Bonds, 5%, 3/31/30 6 1,120,000 1,180,200 ----------------------------------------------------------------------------------------------------------- Russian Federation Unsub. Nts., 5%, 3/31/30 10 1,270,750 1,334,453 -------------------- 6,667,282 ----------------------------------------------------------------------------------------------------------- SOUTH AFRICA--0.6% South Africa (Republic of) Bonds: Series R204, 8%, 12/21/18 [ZAR] 1,100,000 183,237 Series R203, 8.25%, 9/15/17 [ZAR] 1,070,000 181,516 Series R186, 10.50%, 12/21/26 [ZAR] 3,785,000 844,735 Series R157, 13.50%, 9/15/15 [ZAR] 2,580,000 595,209 -------------------- 1,804,697 18 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS CONTINUED SPAIN--2.0% Spain (Kingdom of) Bonds: Bonos y Obligacion del Estado, 5.35%, 10/31/11 [EUR] 1,470,000 $ 2,161,486 Bonos y Obligacion del Estado, 5.75%, 7/30/32 [EUR] 840,000 1,403,266 ----------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Treasury Bills, 2.10%, 2/18/05 1 [EUR] 1,460,000 1,901,178 -------------------- 5,465,930 ----------------------------------------------------------------------------------------------------------- SWEDEN--2.1% Sweden (Kingdom of) Bonds: Series 1043, 5%, 1/28/09 [SEK] 3,800,000 585,162 Series 1045, 5.25%, 3/15/11 [SEK] 33,000,000 5,222,728 -------------------- 5,807,890 ----------------------------------------------------------------------------------------------------------- THE NETHERLANDS--0.2% Netherlands (Kingdom of the) Bonds, 5.50%, 1/15/28 [EUR] 425,000 679,303 ----------------------------------------------------------------------------------------------------------- TURKEY--0.7% Turkey (Republic of) Nts., 7.25%, 3/15/15 1,075,000 1,112,625 ----------------------------------------------------------------------------------------------------------- Turkey (Republic of) Sr. Unsec. Unsub. Nts., 11.875%, 1/15/30 630,000 904,050 -------------------- 2,016,675 -------------------- 92,273,414 ----------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--1.1% Algeria (Republic of) Loan Participation Nts., 2.183%, 3/4/10 5,10 263,083 259,795 ----------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Indonesia (Republic of) Rupiah Loan Participation Nts., 2.636%, 3/21/05 10 835,000 831,117 Indonesia (Republic of) Rupiah Loan Participation Nts., 2.636%, 1/25/06 10 965,000 956,798 OAO Gazprom Loan Participation Nts., 6.50%, 8/4/05 5 960,000 981,600 -------------------- 3,029,310 Shares ----------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% Pacific & Atlantic Holdings, Inc., 7.50% Cum. Cv., Series A 4,5,11 9,435 18,870 Units ----------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 4,5 3,000 45,000 Principal Amount ----------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--7.5% Arbor I Ltd., 17.99% Nts., 6/15/06 6,10 $ 250,000 259,831 ----------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 742,500,000 392,825 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 [COP] 1,476,565,000 775,697 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 430,000,000 227,494 Ukraine Hryvnia Unsec. Credit Linked Nts., 8%, 5/25/05 [UAH] 1,675,002 314,085 Ukraine Hryvnia Unsec. Credit Linked Nts., 7.50%, 5/6/05 5 [UAH] 1,387,000 261,230 Brazilian Real Unsec. Credit Linked Nts., 1/5/10 8 [BRR] 801,405 146,663 Dominican Republic Peso Unsec. Credit Linked Nts., 24.323%, 3/7/05 [DOP] 6,937,000 247,565 Brazilian Real Unsec. Credit Linked Nts., 19.85%, 1/2/09 [BRR] 737,516 152,108 Peruvian Sol Credit Linked Nts., Series II, 2.33%, 4/13/05 [PEN] 920,000 282,242 19 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- STRUCTURED NOTES CONTINUED Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 1/12/06 [EGP] 1,480,000 $ 234,418 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.90%, 12/29/05 [EGP] 450,000 71,500 Colombia(Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 182,969,362 96,800 Brazilian Real Unsec. Credit Linked Nts., 18.80%, 1/3/08 [BRR] 646,702 155,528 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8%, 10/25/05 [EGP] 1,300,000 210,795 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 303,000,000 159,902 Dominican Republic Peso Unsec. Credit Linked Nts., 24.05%, 3/21/05 5 [DOP] 7,353,988 252,142 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 352,000,000 186,225 Colombia(Republic of) Unsec. Credit Linked Nts., 3.12%, 11/20/09 950,000 951,425 ----------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Moscow ( City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 [RUR] 9,100,000 354,660 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 9,855,000 354,105 Moscow ( City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 [RUR] 9,495,000 360,688 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/17/09 [RUR] 9,640,000 345,110 ----------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc.: (USA), U.S. Dollar/South African Rand Linked Nts., Series Fbi 43, 1.468%, 5/23/22 540,000 518,022 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 872, 25.85%, 10/20/05 10 140,000 152,622 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 868, 27.56%, 8/25/05 790,000 717,391 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 415,000 520,725 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM G1, 20%, 10/18/07 [TRY] 380,008 323,526 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series NA S 316, 22.11%, 2/23/06 206,000 171,036 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 120,000 136,015 ----------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Moscow (City of) Linked Nts., 10%, 5/27/05 [RUR] 5,140,000 190,055 Moscow (City of) Linked Nts., 15%, 9/2/05 [RUR] 15,165,000 583,793 OAO Gazprom I Credit Nts., 6.20%, 10/20/07 310,000 332,691 OAO Gazprom II Credit Nts., 5.95%, 4/20/07 310,000 328,774 Ukraine (Republic of) Credit Linked Nts., 6.57%, 8/5/11 1,540,000 1,715,406 Russian Federation Linked Nts., 8.40%, 12/2/09 [RUR] 6,685,000 240,803 Philippines (Republic of) Linked Nts., 12.375%, 11/1/09 8 [PHP] 14,960,000 290,617 Ukraine (Republic of) Hryvnia Credit Linked Nts., 10.208%, 7/1/09 5 [UAH] 1,387,000 278,340 Romania (The State of) Leu Linked Nts., 11.49%, 12/4/06 [ROL] 2,628,800,000 92,781 Nigeria (Federal Republic of) Naira Linked Nts., 13.75%, 3/3/05 [NGN] 21,991,000 163,404 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 8 270,000 262,440 Nigeria (Republic of) Credit Linked Nts., 13.90%, 2/24/05 [NGN] 39,680,000 295,647 European Investment Bank, Russian Federation Ruble Linked Nts., 1/19/10 240,000 180,300 Botswana (Republic of) Credit Liked Nts., 10.75%, 6/1/05 [BWP] 340,000 76,398 Indonesia (Republic of) Credit Linked Nts., 14.25%, 6/22/13 5 320,000 396,160 Ukraine (Republic of) Hryvnia Credit Linked Nts., 11.70%, 5/31/06 [UAH] 588,000 115,086 Ukraine (Republic of) Hryvnia Credit Linked Nts., 20%, 12/17/05 [UAH] 500,000 96,874 Indonesia (Republic of) Credit Linked Nts., 14.25%, 6/22/13 5 319,000 394,922 Nigeria (Federal Republic of) Naira Linked Nts., 13.25%, 3/17/05 [NGN] 33,158,000 245,035 ----------------------------------------------------------------------------------------------------------- Foundation RE Ltd., 6.40% Nts., 11/24/08 5,10 250,000 251,563 ----------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): United Mexican States Peso Linked Nts., 5.10%, 1/14/15 300,000 5,018 20 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- STRUCTURED NOTES CONTINUED United Mexican States Peso Linked Nts., 5.08%, 1/20/15 $ 300,000 $ 5,016 ----------------------------------------------------------------------------------------------------------- Helix 04 Ltd., Sec. Nts. 7.96%, 6/30/09 10 250,000 251,863 ----------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank, Brazilian Real Linked Bonds, 33.16%, 1/2/15 [BRR] 3,577,390 296,607 ----------------------------------------------------------------------------------------------------------- Lehman Brothers International: Turkey (Republic of) Treasury Bills Total Return Linked Nts., 24.20%, 8/25/05 480,000 427,632 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 28.25%, 5/26/05 495,199 514,413 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 20%, 10/17/07 440,000 542,520 Romania (The State of) Treasury Bills Total Return Linked Nts., 14.80%, 5/23/05 [ROL] 448,000,000 17,358 Romania (The State of) Treasury Bills Total Return Linked Nts., 8.59%, 4/21/05 [ROL] 531,000,000 18,101 Romania (The State of) Treasury Bills Total Return Linked Nts., 8.88%, 4/28/05 [ROL] 353,000,000 12,006 Romania (The State of) Treasury Bills Linked Nts., 13.99%, 4/4/05 [ROL] 1,520,000,000 58,890 Romania (The State of) Treasury Bills Linked Nts., Series II, 14%, 3/13/05 [ROL] 1,520,000,000 59,301 Romania (The State of) Treasury Bills Linked Nts., 14.20%, 4/18/05 [ROL] 620,000,000 23,974 Romania (The State of) Treasury Bills Linked Nts., 15%, 5/9/05 [ROL] 610,000,000 23,589 ----------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc., Venezuela ( Republic of) Credit Bonds, 5%, 9/20/09 610,000 663,748 ----------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Treasury Nts., 13.25%, 4/14/05 [NGN] 16,810,000 122,873 ----------------------------------------------------------------------------------------------------------- Pioneer 2002 Ltd. Sec. Catastrophe Linked Nts.: Series 2003-II, Cl. A, 8.49%, 6/15/06 6,10 250,000 255,200 Series 2003-II, Cl. B, 7.49%, 6/15/06 6,10 250,000 256,019 Series 2003-II, Cl. C, 8.24%, 6/15/06 6,10 250,000 253,775 ----------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Fujiyama Ltd. Catastrophe Linked Nts., 6.29%, 5/16/05 6,10 250,000 251,425 ----------------------------------------------------------------------------------------------------------- Swiss Re Capital Markets Corp./Redwood Capital V Catastrophe Linked Nts., 6.71%, 1/9/07 5,10 250,000 250,613 ----------------------------------------------------------------------------------------------------------- UBS AG: OAO Gazprom III Credit Nts., 5.928%, 7/5/06 770,000 791,033 Israel (State of) Shekel Linked Nts., 7.50%, 4/5/14 [ILS] 1,742,800 428,590 -------------------- 21,393,028 -------------------- Total International Sector (Cost $120,972,077) 129,723,563 ASSET-BACKED SECTOR--18.8% ----------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--3.0% AUTO LOAN--2.1% Bank One Auto Securitization Trust, Automobile Receivable Certificates, Series 2003-1, Cl. A2, 1.29%, 8/21/06 98,487 98,322 ----------------------------------------------------------------------------------------------------------- BMW Vehicle Owner Trust, Automobile Loan Certificates, Series 2004-A, Cl. A2, 1.88%, 10/25/06 245,903 245,028 ----------------------------------------------------------------------------------------------------------- Chase Manhattan Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2002-A, Cl. A4, 4.24%, 9/15/08 55,307 55,580 Series 2003-B, Cl. A2, 1.28%, 3/15/06 18,377 18,374 ----------------------------------------------------------------------------------------------------------- DaimlerChrysler Auto Trust, Automobile Loan Pass-Through Certificates: Series 2001-D, Cl. A4, 3.78%, 2/6/07 57,250 57,395 Series 2003-A, Cl. A2, 1.52%, 12/8/05 43,623 43,634 Series 2003-B, Cl. A2, 1.61%, 7/10/06 271,580 271,108 21 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- Series 2004-B, Cl. A2, 2.48%, 2/8/07 5 $ 100,000 $ 99,700 Series 2004-C, Cl. A2, 2.62%, 6/8/07 360,000 358,565 Series 2005-A, Cl. A2, 3.22%, 9/8/07 5 300,000 299,688 ----------------------------------------------------------------------------------------------------------- Ford Credit Auto Owner Trust, Automobile Loan Pass-Through Certificates: Series 2004-A, Cl. A2, 2.13%, 10/15/06 435,632 433,971 Series 2005-A, Cl. A3, 3.56%, 11/17/08 180,000 179,813 ----------------------------------------------------------------------------------------------------------- Harley-Davidson Motorcycle Trust, Motorcycle Receivable Nts., Series 2003-3, Cl. A1, 1.50%, 1/15/08 208,057 207,281 ----------------------------------------------------------------------------------------------------------- Honda Auto Receivables Owner Trust, Automobile Receivable Obligations: Series 2003-3, Cl. A2, 1.52%, 4/21/06 191,570 191,200 Series 2003-4, Cl. A2, 1.58%, 7/17/06 256,326 255,683 Series 2005-1, Cl. A2, 3.21%, 5/21/07 120,000 120,000 ----------------------------------------------------------------------------------------------------------- Household Automotive Trust, Automobile Loan Certificates, Series 2003-2, Cl. A2, 1.56%, 12/18/06 91,105 90,917 ----------------------------------------------------------------------------------------------------------- M&I Auto Loan Trust, Automobile Loan Certificates: Series 2002-1, Cl. A3, 2.49%, 10/22/07 112,884 112,804 Series 2003-1, Cl. A2, 1.60%, 7/20/06 148,849 148,650 ----------------------------------------------------------------------------------------------------------- National City Auto Receivables Trust, Automobile Receivable Obligations, Series 2004-A, Cl. A2, 1.50%, 2/15/07 158,293 157,701 ----------------------------------------------------------------------------------------------------------- Nissan Auto Lease Trust, Automobile Lease Obligations, Series 2004-A, Cl. A2, 2.55%, 1/15/07 170,000 169,232 ----------------------------------------------------------------------------------------------------------- Nissan Auto Receivables Owner Trust, Automobile Receivable Nts.: Series 2002-A, Cl. A4, 4.28%, 10/16/06 41,683 41,840 Series 2004-A, Cl. A2, 1.40%, 7/17/06 180,005 179,228 ----------------------------------------------------------------------------------------------------------- Toyota Auto Receivables Owner Trust, Automobile Mtg.-Backed Obligations: Series 2002-B, Cl. A3, 3.76%, 6/15/06 14,098 14,112 Series 2003-B, Cl. A2, 1.43%, 2/15/06 53,242 53,223 ----------------------------------------------------------------------------------------------------------- USAA Auto Owner Trust, Automobile Loan Asset-Backed Nts.: Series 2002-1, Cl. A3, 2.41%, 10/16/06 46,201 46,185 Series 2004-1, Cl. A2, 1.43%, 9/15/06 406,995 405,633 Series 2004-2, Cl. A2, 2.41%, 2/15/07 230,000 229,157 Series 2004-3, Cl. A2, 2.79%, 6/15/07 170,000 169,479 ----------------------------------------------------------------------------------------------------------- Volkswagen Auto Lease Trust, Automobile Lease Asset-Backed Securities, Series 2004-A, Cl. A2, 2.47%, 1/22/07 230,000 228,841 ----------------------------------------------------------------------------------------------------------- Volkswagen Auto Loan Enhanced Trust, Automobile Loan Receivable Certificates, Series 2003-2, Cl. A2, 1.55%, 6/20/06 134,495 134,194 ----------------------------------------------------------------------------------------------------------- Wachovia Auto Owner Trust, Automobile Receivable Nts., Series 2004-B, Cl. A2, 2.40%, 5/21/07 170,000 169,184 ----------------------------------------------------------------------------------------------------------- Whole Auto Loan Trust, Automobile Loan Receivable Certificates: Series 2002-1, Cl. A3, 2.60%, 8/15/06 225,163 225,044 Series 2003-1, Cl. A2A, 1.40%, 4/15/06 173,404 173,092 Series 2004-1, Cl. A2A, 2.59%, 5/15/07 220,000 218,982 -------------------- 5,902,840 ----------------------------------------------------------------------------------------------------------- CREDIT CARD--0.5% Citibank Credit Card Issuance Trust, Credit Card Receivable Nts.: Series 2001-A6, Cl. A6, 5.65%, 6/16/08 230,000 236,834 Series 2002-A3, Cl. A3, 4.40%, 5/15/07 220,000 221,096 22 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- CREDIT CARD CONTINUED Consumer Credit Reference Index Securities Program, Credit Card Asset-Backed Certificates, Series 2002-B, Cl. FX, 10.421%, 3/22/07 5 $ 1,000,000 $ 1,040,909 -------------------- 1,498,839 ----------------------------------------------------------------------------------------------------------- EQUIPMENT--0.1% CIT Equipment Collateral, Equipment Receivable-Backed Nts., Series 2004-DFS, Cl. A2, 2.66%, 11/20/06 5 190,000 189,042 ----------------------------------------------------------------------------------------------------------- HOME EQUITY LOAN--0.3% Centex Home Equity Co. LLC, Home Equity Loan Asset-Backed Certificates: Series 2003-C, Cl. AF1, 2.14%, 7/25/18 8,270 8,261 Series 2004-A, Cl. AF1, 2.03%, 6/25/19 51,261 51,172 Series 2004-D, Cl. AF1, 2.98%, 4/25/20 5 112,888 112,442 ----------------------------------------------------------------------------------------------------------- Chase Funding Mortgage Loan Asset-Backed Certificates, Home Equity Mtg. Obligations: Series 2002-4, Cl. 1A3, 3.44%, 4/25/23 27,172 27,154 Series 2003-4, Cl. 1A2, 2.138%, 7/25/18 94,965 94,669 ----------------------------------------------------------------------------------------------------------- CIT Group Home Equity Loan Trust, Home Equity Loan Asset-Backed Certificates, Series 2003-1, Cl. A2, 2.35%, 4/20/27 87,904 87,720 ----------------------------------------------------------------------------------------------------------- CitiFinancial Mortgage Securities, Inc., Home Equity Collateralized Mtg. Obligations: Series 2003-2, Cl. AF1, 2.63%, 5/25/33 10 5,564 5,567 Series 2003-3, Cl. AF1, 2.65%, 8/25/33 10 69,748 69,790 ----------------------------------------------------------------------------------------------------------- Option One Mortgage Loan Trust, Home Equity Mtg. Obligations, Series 2004-3, Cl. A2, 2.68%, 11/25/34 5,10 102,486 102,553 ----------------------------------------------------------------------------------------------------------- Wells Fargo Home Equity Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. AI1B, 2.94%, 9/25/18 327,925 326,237 -------------------- 885,565 -------------------- 8,476,286 GOVERNMENT AGENCY--12.3% FHLMC/FNMA/SPONSORED--12.2% Fannie Mae Whole Loan, Collateralized Mtg. Obligations Pass-Through Certificates, Trust 2004-W9, Cl. 2A2, 7%, 2/25/44 227,598 241,112 ----------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp.: 5%, 2/1/35 8 2,115,000 2,112,356 6.406%, 10/1/34 8 1,038,000 1,075,952 7%, 3/1/31-11/1/33 877,653 929,891 12%, 5/1/10-6/1/15 88,952 98,637 ----------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 1669, Cl. G, 6.50%, 2/15/23 55,045 55,418 Series 2055, Cl. ZM, 6.50%, 5/15/28 146,730 152,260 Series 2080, Cl. Z, 6.50%, 8/15/28 97,732 100,523 Series 2387, Cl. PD, 6%, 4/15/30 186,849 192,741 Series 2430, Cl. ND, 6.50%, 1/15/31 1,054,708 1,060,898 Series 2466, Cl. PD, 6.50%, 4/15/30 39,583 39,701 Series 2498, Cl. PC, 5.50%, 10/15/14 24,968 25,157 Series 2500, Cl. FD, 2.98%, 3/15/32 10 77,710 78,370 Series 2526, Cl. FE, 2.88%, 6/15/29 10 112,310 112,975 Series 2551, Cl. FD, 2.88%, 1/15/33 10 88,729 89,350 23 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 177, Cl. B, (0.39)%, 7/1/26 13 $ 244,819 $ 45,235 Series 192, Cl. IO, 4.075%, 2/1/28 13 43,009 7,953 Series 200, Cl. IO, 3.696%, 1/1/29 13 52,620 9,895 Series 205, Cl. IO, 1.096%, 9/1/29 13 296,417 51,923 Series 2074, Cl. S, 7.408%, 7/17/28 13 55,162 7,142 Series 2079, Cl. S, 5.144%, 7/17/28 13 86,529 11,366 Series 208, Cl. IO, (27.904)%, 6/1/30 13 261,404 43,303 Series 2526, Cl. SE, 17.043%, 6/15/29 13 146,181 11,661 Series 2819, Cl. S, 10.378%, 6/15/34 13 1,355,421 132,909 Series 2920, Cl. S, 29.07%, 1/15/35 13 938,000 55,067 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn.: 4.50%, 2/1/20 8 1,378,000 1,375,848 5%, 2/1/20-2/1/35 8 3,236,000 3,246,066 5.50%, 3/1/33-1/1/34 1,875,587 1,913,417 5.50%, 2/1/35 8 2,733,000 2,783,391 6%, 2/1/35-3/1/35 8 5,607,000 5,783,692 6.50%, 10/1/30 57,203 59,968 6.50%, 1/1/29 2 1,343,883 1,408,840 6.50%, 4/1/35 8 2,157,000 2,254,065 7%, 9/1/29-8/1/34 4,989,531 5,282,379 7%, 2/1/35 8 395,000 417,959 7.50%, 6/1/10-9/1/29 231,554 247,552 8.50%, 7/1/32 20,940 22,742 11%, 7/1/16 59,314 66,030 13%, 6/1/15 157,377 179,255 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Collateralized Mtg. Obligations, Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Trust 1996-35, Cl. Z, 7%, 7/25/26 373,274 391,527 Trust 1998-63, Cl. PG, 6%, 3/25/27 49,316 49,504 Trust 2001-50, Cl. NE, 6%, 8/25/30 101,198 103,671 Trust 2001-70, Cl. LR, 6%, 9/25/30 99,974 101,804 Trust 2001-72, Cl. NH, 6%, 4/25/30 77,211 78,814 Trust 2001-74, Cl. PD, 6%, 5/25/30 30,604 30,985 Trust 2002-50, Cl. PD, 6%, 9/25/27 33,408 33,391 Trust 2002-77, Cl. WF, 2.88%, 12/18/32 10 142,436 143,319 Trust 2002-94, Cl. MA, 4.50%, 8/25/09 141,865 142,060 Trust 2003-10, Cl. HP, 5%, 2/25/18 320,000 323,918 Trust 2003-81, Cl. PA, 5%, 2/25/12 55,700 55,832 Trust 2004-101, Cl. BG, 5%, 1/25/20 208,000 211,756 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Trust 319, Cl. 2, (2.192)%, 2/1/32 13 94,008 16,819 Trust 2002-28, Cl. SA, 12.732%, 4/25/32 13 79,138 7,675 Trust 2002-38, Cl. SO, 19.293%, 4/25/32 13 231,638 17,230 Trust 2002-39, Cl. SD, 9.282%, 3/18/32 13 122,921 11,130 Trust 2002-48, Cl. S, 11.10%, 7/25/32 13 125,631 12,785 Trust 2002-53, Cl. SK, 9.476%, 4/25/32 13 76,712 7,417 24 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- FHLMC/FNMA/SPONSORED CONTINUED Trust 2002-56, Cl. SN, 13.426%, 7/25/32 13 $ 173,054 $ 17,662 Trust 2002-77, Cl. IS, 15.729%, 12/18/32 13 394,642 38,028 ----------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 221, Cl. 2, (0.32)%, 5/1/23 13 91,613 17,617 Trust 240, Cl. 2, 4.938%, 9/1/23 13 133,727 25,929 Trust 247, Cl. 2, 0.485%, 10/1/23 13 428,717 78,797 Trust 301, Cl. 2, (3.024)%, 4/1/29 13 190,817 35,412 Trust 321, Cl. 2, (2.62)%, 3/1/32 13 414,806 77,771 Trust 324, Cl. 2, (8.77)%, 6/1/32 13 595,555 118,167 Trust 329, Cl. 2, 2.903%, 1/1/33 13 453,546 90,226 Trust 333, Cl. 2, 4.421%, 3/1/33 13 140,816 28,454 Trust 2001-63, Cl. SD, 16.06%, 12/18/31 13 117,551 12,941 Trust 2001-68, Cl. SC, 13.523%, 11/25/31 13 86,377 9,248 Trust 2001-81, Cl. S, 14.061%, 1/25/32 13 104,740 12,514 Trust 2002-9, Cl. MS, 10.834%, 3/25/32 13 143,597 15,150 Trust 2002-77, Cl. SH, 20.892%, 12/18/32 13 128,448 14,862 -------------------- 34,115,414 ----------------------------------------------------------------------------------------------------------- GNMA/GUARANTEED--0.1% Government National Mortgage Assn.: 3.75%, 7/20/27 19,749 20,059 7%, 1/15/28-3/15/28 56,106 59,677 11%, 10/20/19 47,827 53,471 12%, 11/20/13-9/20/15 64,837 73,411 ----------------------------------------------------------------------------------------------------------- Government National Mortgage Assn. Interest-Only Stripped Mtg.-Backed Security: Series 1998-6, Cl. SA, 6.819%, 3/16/28 13 104,642 12,531 Series 1998-19, Cl. SB, 5.91%, 7/16/28 13 174,968 22,734 -------------------- 241,883 -------------------- 34,357,297 ----------------------------------------------------------------------------------------------------------- PRIVATE--3.5% ----------------------------------------------------------------------------------------------------------- COMMERCIAL--3.5% Asset Securitization Corp., Commercial Mtg. Pass-Through Certificates, Series 1995-MD4, Cl. A5, 7.384%, 8/13/29 1,500,000 1,624,772 ----------------------------------------------------------------------------------------------------------- Bank of America Mortgage Securities, Inc., Collateralized Mtg. Obligations Pass-Through Certificates: Series 2004-E, Cl. 2A9, 3.712%, 6/25/34 176,958 177,238 Series 2004-G, Cl. 2A1, 2.469%, 8/25/34 109,675 109,543 Series 2004-2, Cl. 2A1, 6.50%, 7/20/32 354,522 360,365 Series 2004-8, Cl. 5A1, 6.50%, 5/25/32 270,379 280,350 ----------------------------------------------------------------------------------------------------------- Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 8.20%, 6/22/24 13 7,387,545 290,793 ----------------------------------------------------------------------------------------------------------- Countrywide Alternative Loan Trust, Collateralized Mtg. Obligations: Series 2004-J9, Cl. 1A1, 2.71%, 10/25/34 10 244,404 244,702 eries 2005-J1, Cl. 4A1, 6.50%, 1/15/35 8 360,000 370,800 ----------------------------------------------------------------------------------------------------------- First Union National Bank/Lehman Brothers/Bank of America Commercial Mtg. Trust, Pass-Through Certificates, Series 1998-C2, Cl. A2, 6.56%, 11/18/35 140,000 149,904 25 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- COMMERCIAL--Continued GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1997-C1, Cl. A3, 6.869%, 7/15/29 $ 112,183 $ 118,259 ----------------------------------------------------------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc., Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.102%, 5/15/30 10 2,000,000 2,096,677 ----------------------------------------------------------------------------------------------------------- Greenwich Capital Commercial Funding Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-G G3, Cl. A2, 4.305%, 8/10/42 8 160,000 160,788 ----------------------------------------------------------------------------------------------------------- GSR Mortgage Loan Trust, Collateralized Mtg. Obligations, Series 04-12, Cl. 3A1, 4.577%, 12/25/34 5,10 374,298 374,403 ----------------------------------------------------------------------------------------------------------- Mastr Alternative Loan Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-6, Cl. 10A1, 6%, 7/25/34 375,865 386,490 ----------------------------------------------------------------------------------------------------------- Mastr Asset Securitization Trust, Pass-Through Collateralized Mtg. Obligations, Series 2004-9, Cl. A3, 4.70%, 8/25/34 1,116,261 1,115,663 ----------------------------------------------------------------------------------------------------------- Mastr Seasoned Securities Trust, Collateralized Mtg. Obligations, Series 2004-2, Cl. A1, 6.50%, 8/25/32 524,311 539,385 ----------------------------------------------------------------------------------------------------------- Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30 160,000 172,411 ----------------------------------------------------------------------------------------------------------- Prudential Mortgage Capital Co. II LLC, Commercial Mtg. Pass-Through Certificates, Series PRU-HTG 2000-C1, Cl. A2, 7.306%, 10/6/15 380,000 437,731 ----------------------------------------------------------------------------------------------------------- Wachovia Bank Commercial Mortgage Trust, Commercial Mtg. Obligations, Series 2005-C16, Cl. A2, 4.38%, 10/15/41 240,000 241,659 ----------------------------------------------------------------------------------------------------------- Wells Fargo Mortgage-Backed Securities Trust, Collateralized Mtg. Obligations: Series 2004-DD, Cl. 2 A1, 4.548%, 1/25/35 406,952 408,208 Series 2004-N, Cl. A10, 3.803%, 8/25/34 5 335,461 336,313 -------------------- 9,996,454 ----------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING--0.0% Popular ABS Mortgage Pass-Through Trust, Home Equity Pass-Through Certificates: Series 2004-5, Cl. A F2, 3.735%, 11/10/34 5 70,000 69,808 Series 2005-1, Cl. A F2, 3.914%, 5/25/35 50,000 50,000 -------------------- 119,808 -------------------- 10,116,262 -------------------- Total Asset-Backed Sector (Cost $52,339,662) 52,949,845 ----------------------------------------------------------------------------------------------------------- MONEY MARKET SECTOR--1.8% ----------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.8% Undivided interest of 0.74% in joint repurchase agreement (Principal Amount/Value $693,205,000, with a maturity value of $693,252,176) with UBS Warburg LLC, 2.45%, dated 1/31/05, to be repurchased at $5,132,349 on 2/1/05, collateralized by Federal National Mortgage Assn., 6%, 8/1/34, with a value of $707,569,904 (Cost $5,132,000) 5,132,000 5,132,000 ----------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $288,996,640) 301,121,395 26 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- Principal Amount Value ----------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.2% ----------------------------------------------------------------------------------------------------------- Undivided interest of 0.02% in joint repurchase agreement (Principal Amount/Value $2,600,000,000, with a maturity value of $2,600,184,167) with Nomura Securities, 2.55%, dated 1/31/05, to be repurchased at $613,815 on 2/1/05, collateralized by U.S. Government Mortgage Agencies, 0%-7%, 1/15/08-3/15/46, with a value of $2,698,299,235 14 $613,772 $ 613,772 ----------------------------------------------------------------------------------------------------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $613,772) 613,772 ----------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $289,610,412) 107.0% 301,735,167 ----------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (7.0) (19,712,030) ------------------------------------- Net Assets 100.0% $ 282,023,137 =====================================
Footnotes to Statement of Investments Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real BWP Botswana Pula CAD Canadian Dollar COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro FRF French Franc GBP British Pound Sterling HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso NGN Nigeria Naira NOK Norwegian Krone NZD New Zealand Dollar PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty ROL Romanian Leu RUR Russian Ruble SEK Swedish Krona TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand 1. Zero coupon bond reflects effective yield on the date of purchase. 2. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts with an aggregate market value of $2,870,300. See accompanying Notes to Quarterly Statement of Investments. 3. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes to Quarterly Statement of Investments. 4. Non-income producing security. 5. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of January 31, 2005 was $17,405,574, which represents 6.20% of the Fund's net assets, of which $44,422 is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 27 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- 6. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $22,070,493 or 7.86% of the Fund's net assets as of January 31, 2005. 7. Issue is in default. See accompanying Notes to Quarterly Statement of Investments. 8. When-issued security or forward commitment to be delivered and settled after January 31, 2005. See accompanying Notes to Quarterly Statement of Investments. 9. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 10. Represents the current interest rate for a variable or increasing rate security. 11. Interest or dividend is paid-in-kind. 12. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows: PRINCIPAL EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATES PRICE RECEIVED VALUE -------------------------------------------------------------------------------- New Zealand (Government of) Bonds, 7%,7/15/09 380 NZD 3/7/05 $ 5.95 $1,070 $ 23 New Zealand (Government of) Bonds, 7%,7/15/09 380 NZD 3/7/05 6.085 299 2,985 --------------- $1,369 $3,008 =============== 13. 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 $1,368,346 or 0.49% of the Fund's net assets as of January 31, 2005. 14. The security has 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 accompanying Notes to Quarterly Statement of Investments. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of January 31, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $289,777,284 ============= Gross unrealized appreciation $ 17,431,282 Gross unrealized depreciation (5,473,399) ------------- Net unrealized appreciation $ 11,957,883 ============= 28 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- NOTES TO QUARTERLY STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). STRUCTURED NOTES. The Fund invests in structured notes whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured notes are often leveraged, increasing the volatility of each note's market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying financial statements. The Fund records a realized gain or loss when a structured note is sold or matures. As of January 31, 2005, the market value of these securities comprised 7.8% of the Fund's net assets and resulted in unrealized gains of $1,350,293. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of January 31, 2005, the Fund had purchased $34,531,597 of securities on a when-issued basis or forward commitment and sold $12,942,506 of securities issued on a when-issued basis or forward commitment. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The 29 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of January 31, 2005, securities with an aggregate market value of $4,774,140, representing 1.70% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. FOREIGN CURRENCY CONTRACTS. A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. 30 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of January 31, 2005, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) JAN. 31, 2005 APPRECIATION DEPRECIATION ---------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 2/2/05 1,430ARP $ 489,508 $ 22,889 $ -- Australian Dollar (AUD) 2/24/05 1,230AUD 951,562 17,992 -- Brazilian Real (BRR) 10/13/05-3/14/05 12,095BRR 4,463,739 423,052 -- British Pound Sterling (GBP) 2/24/05 500GBP 940,456 6,956 -- Chilean Peso (CLP) 2/7/05-3/1/05 963,150CLP 1,651,857 1,888 13,236 Columbian Peso (COP) 2/18/05 213,030COP 90,054 -- 1,023 Czech Koruna (CZK) 4/22/05 11,055CZK 478,760 37,610 -- Euro (EUR) 3/2/05 940EUR 1,225,626 -- 25,087 Hungary Forints (HUF) 4/11/05 72,080HUF 378,162 -- 827 Indian Rupee (INR) 11/9/05-12/20/05 14,800INR 335,891 7,728 144 Japanese Yen (JPY) 3/15/05-3/31/05 1,364,640JPY 13,217,116 389,671 -- Mexican Nuevo Peso (MXN) 2/7/05 3,520MXN 314,139 6,029 -- New Zealand Dollar (NZD) 2/2/05-2/24/05 1,746NZD 1,237,261 7,212 1,804 Norwegian Krone (NOK) 2/1/05-2/16/05 20,103NOK 3,159,096 -- 26,819 Philippines Peso (PHP) 2/3/05-2/14/05 32,896PHP 597,022 1,069 -- Russian Ruble (RUR) 10/27/05 9,910RUR 349,865 10,366 -- Slovakia Koruna (SKK) 2/18/05-3/21/05 19,420SKK 664,013 16,219 952 South African Rand (ZAR) 4/11/05 1,880ZAR 310,865 7,312 -- South Korean Won (KRW) 2/23/05 177,690KRW 173,026 6,024 -- Swedish Krona (SEK) 2/1/05-2/16/05 21,089SEK 3,017,122 -- 17,372 --------------------------- 962,017 87,264 --------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 3/2/05 3,530AUD 2,729,739 -- 9,112 Brazilian Real (BRR) 2/2/05 155BRR 59,230 -- 2,380 British Pound Sterling (GBP) 5/9/05-7/6/05 2,290GBP 4,288,592 927 116,776 Euro (EUR) 2/01/05-4/22/05 21,071EUR 27,470,046 61,626 126,996 Japanese Yen (JPY) 4/22/05 374,000JPY 3,626,158 9,060 6,042 Norwegian Krone (NOK) 2/16/05-2/22/05 14,040NOK 2,206,765 24,488 -- Swedish Krona (SEK) 2/16/05 9,040SEK 1,293,425 14,330 -- Swiss Franc (CHF) 2/22/05 1,100CHF 926,100 -- 252 ----------------------------- 110,431 261,558 ----------------------------- Total unrealized appreciation and depreciation $1,072,448 $348,822 =============================
31 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- FUTURES CONTRACTS. A futures contract is a commitment to buy or sell a specific amount of a commodity or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures) or debt securities (interest rate futures) in order to gain exposure to or protection from changes in market value of stocks and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of January 31, 2005, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS JAN. 31, 2005 (DEPRECIATION) -------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Euro-Bundesobligation, 10 yr. 3/8/05 9 $ 1,406,851 $ 6,959 Japan (Government of) Bonds, 10 yr. 3/9/05 8 1,077,553 2,857 NASDAQ 100 Index 3/17/05 12 1,828,800 (58,316) Nikkei 225 Index 3/10/05 3 170,775 1,675 U.S. Long Bonds 3/21/05 182 20,901,563 220,555 U.S. Treasury Nts., 2 yr. 3/31/05 124 25,923,750 (13,097) U.S. Treasury Nts., 10 yr. 3/21/05 16 1,796,250 4,391 ------------------ 165,024 ------------------ CONTRACTS TO SELL DAX Index 3/18/05 7 974,194 (8,758) FTSE 100 Index 3/18/05 2 181,790 (460) Japan (Government of) Bonds, 10 yr. 3/10/05 3 4,041,691 (34,453) United Kingdom Long Gilt 3/29/05 1 209,025 220 U.S. Treasury Nts., 2 yr. 3/31/05 25 5,226,563 7,306 U.S. Treasury Nts., 5 yr. 3/21/05 110 12,017,500 (10,506) ------------------ (46,651) ------------------ $ 118,373 ==================
32 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- OPTION ACTIVITY. The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings.When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call options are noted in the Statement of Investments where applicable. Contracts subject to call, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Realized gains and losses are reported in the Statement of Operations. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended January 31, 2005 was as follows:
CALL OPTIONS PUT OPTIONS ----------------------------------- ----------------------------------- PRINCIPAL/ PRINCIPAL/ NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS ----------------------------------------------------------------------------------------------------- Options outstanding as of October 31, 2004 450 $ 1,335 -- $ -- Options written 830 1,566 800,000 1,850 Options closed or expired (520) (1,532) (800,000) (1,850) ----------------------------------------------------------------------- Options outstanding as of January 31, 2005 760 $ 1,369 -- $ -- =======================================================================
INTEREST RATE SWAP CONTRACTS. The Fund may enter into an interest rate swap transaction to maintain a total return or yield spread on a particular investment, or portion of its portfolio, or for 33 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- other non-speculative purposes. Interest rate swaps involve the exchange of commitments to pay \or receive interest, e.g., an exchange of floating rate payments for fixed rate payments. The coupon payments are based on an agreed upon principal amount and a specified index. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Interest rate swaps are subject to credit risk (if the counterparty fails to meet its obligations) and interest rate risk. The Fund could be obligated to pay more under its swap agreements than it receives under them, as a result of interest rate changes. As of January 31, 2005, the Fund had entered into the following interest rate swap agreements:
Fixed Rate Floating Rate Paid by Received by Unrealized Notional the Fund at the Fund at Floating Termination Appreciation Swap Counterparty Amount Jan. 31, 2005 Jan. 31, 2005 Rate Index Dates (Depreciation) --------------------------------------------------------------------------------------------------------------------- Three-Month Deutsche Bank AG 1,070,000CAD 3.475% 2.59% CDOR 1/28/07 $ 177 Three-Month Deutsche Bank AG, 10 yr. 4,000,000 2.28 5.32 LIBOR BBA 5/12/14 286,486 Deutsche Bank AG, 5 yr. 28,440,000INR 4.88 4.972 IRS 1/15/09 31,088 Three-Month Deutsche Bank AG, 5 yr. 1,820,000 3.103 2.44 LIBOR flat 3/4/08 20,392 90-day Deutsche Bank AG, 5 yr. 20,340,000TWD 2.59 1.19 CPTW 8/19/09 (378) Goldman Sachs Group, Inc. (The) 3,810,000MXN 8.93 9.74 MXN-TIIE 1/5/10 398 Goldman Sachs Group, Inc. (The) 7,620,000MXN 8.94 9.84 MXN-TIIE 12/31/09 3,628 Six-Month JPMorgan Chase Bank 360,000EUR 3.14 2.20 LIBOR flat 7/14/08 (12,329) Six-Month JPMorgan Chase Bank 100,600,000HUF 8.88 7.00 LIBOR flat 7/14/08 (237) 28 Day MXN JPMorgan Chase Bank 5,010,000MXN 8.93 10.88 TIIE 11/16/14 14,448 Three-Month JPMorgan Chase Bank 4,300,000 3.052 2.48 LIBOR flat 3/10/08 77,783 Three-Month JPMorgan Chase Bank 8,500,000 2.55 4.38 LIBOR 9/27/09 29,338 Three-Month JPMorgan Chase Bank 9,000,000 4.24 2.10 LIBOR 7/23/09 (92,583) Three-Month JPMorgan Chase Bank 710,000 2.13 4.94 Libor BBA 4/30/14 30,623 Three-Month JPMorgan Chase Bank, 5 yr. 27,000,000 2.21 4.073 LIBOR BBA 5/6/09 224,914 Morgan Stanley Three-Month Capital Services, Inc. 8,500,000 3.82 2.77 LIBOR flat 11/10/08 4,344 Morgan Stanley Three-Month Capital Services, Inc. 11,000,000 2.32 2.26 LIBOR flat 11/10/05 68,963 ------------ $ 687,055 ============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies. Index abbreviations 34 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- and currencies are as follows: CAD Canadian Dollar EUR Euro HUF Hungary Forints INR Indian Rupee MXN Mexican Nuevo Peso TWD New Taiwan Dollar CDOR Canada Bankers Acceptances Rate CPTW Bloomberg Taiwan Secondary Commercial Papers IRS India Swap Composites LIBOR London-Interbank Offered Rate LIBOR BBA London-Interbank Offered Rate British Bankers Association MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate CREDIT SWAP CONTRACTS. The Fund may enter into a credit swap transaction to maintain a total return on a particular investment or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as a notional principal amount. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or Owed by the Fund at termination or settlement. Credit swaps are subject to credit risks (if The counterparty fails to meet its obligations). The Fund pays an annual interest fee on the notional amount in exchange for the counterparty paying in a potential credit event. During the year ended January 31, 2005, the Fund entered into transactions to hedge credit risk. Information regarding the credit swaps is as follows:
UNREALIZED EXPIRATION NOTIONAL VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES AMOUNT JAN. 31, 2005 (DEPRECIATION) ------------------------------------------------------------------------------------------- Citigroup Global Markets Ltd., Venezuela (Republic of) Credit Nts. 11/20/09 $ 950,000 $ (8,368) $ (8,368) Deutsche Bank AG, United Mexican States Credit Bonds, 9/20/13 630,000 (42,367) (42,367) JPMorgan Chase Bank: Jordan (Kingdom of) Credit Nts. 6/6/06 175,000 (873) (873) Russian Federation Credit Bonds 10/9/13 330,000 (17,907) (17,907) Lehman Brothers Special Financing, Inc.: Brazil (Federal Republic of) Credit Bonds 8/20/09 1,240,000 (175,085) (175,085) Turkey (Republic of) Credit Bonds 11/11/09 210,000 (7,092) (7,092) Turkey (Republic of) Credit Bonds 11/11/06 460,000 5,375 5,375 Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Bonds 8/20/09 505,000 (71,955) (71,955) Brazil (Federal Republic of) Credit Bonds 8/20/09 505,000 (73,075) (73,075) Hungary (Republic of) Credit Bonds 12/2/13 900,000 (20,100) (20,100) Turkey (Republic of) Credit Bonds 2/20/15 630,000 (6,686) (6,686) Venezuela (Republic of) Credit Bonds 8/20/09 460,000 53,184 53,184 Venezuela (Republic of) Credit Bonds 2/20/14 540,000 (146,888) (146,888) UBS AG: Brazil (Federal Republic of) Credit Bonds 10/20/09 420,000 (20,511) (20,511) Russian Federation Credit Bonds 11/4/14 560,000 (21,516) (21,516) Russian Federation Credit Bonds 11/5/14 280,000 (9,654) (9,654) Russian Federation Credit Bonds 11/2/14 560,000 (25,924) (25,924) Venezuela (Republic of) Credit Bonds 6/20/14 1,230,000 (265,534) (265,534) Venezuela (Republic of) Credit Bonds 8/20/06 610,000 (30,205) (30,205) Venezuela (Republic of) Credit Bonds 8/20/09 305,000 32,815 32,815 Venezuela (Republic of) Credit Bonds 8/20/06 920,000 (45,325) (45,325) ----------- $ (897,691) ===========
35 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- SWAPTION TRANSACTIONS. The Fund may enter into a swaption transaction, whereby a contract that grants the holder, in return for payment of the purchase price (the "premium") of the option, the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time, with the writer of the contract. The writer receives premiums and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. Swaptions written are reported as a liability in the Statement of Assets and Liabilities. Written swaption activity for the period ended January 31, 2005 was as follows:
CALL SWAPTIONS PUT SWAPTIONS ----------------------------------- ----------------------------------- NOTIONAL AMOUNT OF NOTIONAL AMOUNT OF AMOUNT PREMIUMS AMOUNT PREMIUMS ------------------------------------------------------------------------------------------------------- Swaptions outstanding as of October 31, 2004 3,115,000 $ 30,823 3,940,000 $ 18,387 Swaptions written 2,685,000 26,569 3,940,000 13,609 Swaptions closed or expired (3,115,000) (30,823) (4,550,000) (20,494) ----------------------------------------------------------------------- Swaptions outstanding as of January 31, 2005 2,685,000 $ 26,569 3,330,000 $ 11,502 =======================================================================
As of January 31, 2005, the Fund had entered into the following swaption contracts.:
NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTIONS AMOUNT DATES RATE RECEIVED VALUE ----------------------------------------------------------------------------------------- British Pound Sterling 2,685,000GBP 3/29/05 4.792% $ 26,569 $ 10,620 Deutsche Bank AG 3,330,000AUD 2/3/05 5.685 11,502 1,581
Notional amount is denoted in the following currencies: AUD Australian Dollar GBP British Pound Sterling ILLIQUID OR RESTRICTED SECURITIES. As of January 31, 2005, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not 36 | Oppenheimer Multi-Sector Income Trust STATEMENT OF INVESTMENTS January 31, 2005/Unaudited -------------------------------------------------------------------------------- invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST JANUARY 31, 2005 APPRECIATION --------------------------------------------------------------------------------------------- CURENCY Argentine Peso (ARP) 1/10/05 $ 43,855 $ 44,422 $ 567
SECURITIES LENDING. The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of January 31, 2005, the Fund had on loan securities valued at $10,352,039. Collateral of $10,527,937 was received for the loans, of which $613,772 was received in cash and subsequently invested in approved instruments. 37 | Oppenheimer Multi-Sector Income Trust ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of January 31, 2005, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Exhibits attached hereto. (Attach certifications as exhibits) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Multi-Sector Income Trust By: /s/John V. Murphy ----------------- John V. Murphy Chief Executive Officer Date: March 17, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/John V. Murphy ----------------- John V. Murphy Chief Executive Officer Date: March 17, 2005 By: /s/Brian W. Wixted ------------------ Brian W. Wixted Chief Financial Officer Date: March 17, 2005