<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-12-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001087774</issuerCik>
        <issuerName>OPPENHEIMER SENIOR FLOATING RATE FUND</issuerName>
        <issuerTradingSymbol>68381K101</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001187764</rptOwnerCik>
            <rptOwnerName>FOSSEL JON S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P O BOX 974</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ENNIS</rptOwnerCity>
            <rptOwnerState>MT</rptOwnerState>
            <rptOwnerZipCode>59729</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Trustee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Oppenheimer Senior Floating Rate Fund</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>97932.314</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.51</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>For questions contact Kathleen Ives at 303-768-3331</remarks>

    <ownerSignature>
        <signatureName>/s/ Jon S. Fossel</signatureName>
        <signatureDate>2006-12-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2006-12-27
0
0001087774
OPPENHEIMER SENIOR FLOATING RATE FUND
68381K101
0001187764
FOSSEL JON S
P O BOX 974
ENNIS
MT
59729
0
0
0
1
Trustee
Oppenheimer Senior Floating Rate Fund
2006-12-27
4
J
0
97932.314
9.51
D
0
D
For questions contact Kathleen Ives at 303-768-3331
/s/ Jon S. Fossel
2006-12-28