nvcsrs

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07857

Oppenheimer Commodity Strategy Total Return Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 06/30/2011

TOP HOLDINGS AND ALLOCATIONS


Sector Allocation of Commodity-Linked Securities

Energy	70	%
Agriculture	15
Industrial Metals	7
Livestock	5
Precious Metals	3

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2011, and represent the relative economic exposure, by sector, of the Fund’s commodity-linked investments. Commodity-linked securities are investments whose return is based upon the price movements (whether up or down) of a particular commodity or basket of commodities. The Fund’s allocation of its investments within each sector of the GSCI may differ (at times, significantly) from the sector weightings of the GSCI. The Fund is not an index fund.

9 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Investors should consider the Fund’s investment objectives, risks, expenses and other charges carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contain this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at oppenheimerfunds.com. Read the prospectus and, if available, the summary prospectus carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Please note that the Fund invests a substantial portion of its assets in derivative instruments that entail potentially higher volatility and risk of loss than traditional equity or debt securities. The Fund is not intended as a complete investment program and is intended for investors with long-term investment goals who are willing to accept this risk.

Class A shares of the Fund were first publicly offered on 3/31/97. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%.

Class B shares of the Fund were first publicly offered on 3/31/97. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 3/31/97. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 3/31/97. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

10 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2011.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FUND EXPENSES Continued


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011

Actual
Class A	$	1,000.00	$	1,016.40	$	5.92
Class B		1,000.00		1,013.80		9.98
Class C		1,000.00		1,014.00		9.73
Class N		1,000.00		1,016.60		7.12
Class Y		1,000.00		1,019.10		4.01

Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.94		5.92
Class B		1,000.00		1,014.93		9.99
Class C		1,000.00		1,015.17		9.74
Class N		1,000.00		1,017.75		7.13
Class Y		1,000.00		1,020.83		4.02

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2011 are as follows:


Class	Expense Ratios

Class A		1.18	%
Class B		1.99
Class C		1.94
Class N		1.42
Class Y		0.80

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Shares		Value

Wholly-Owned Subsidiary—19.2%
RAF Fund Ltd.^1,2(Cost $403,917,694)		4,000,000	$	371,541,408


	Principal
	Amount

Asset-Backed Securities—0.0%
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,4 (Cost $398,721)	$	405,715	34,486

U.S. Government Obligations—12.0%
U.S. Treasury Bills:
0.09%, 11/17/11		3,000,000	2,999,457
0.106% 10/20/11		5,000,000	4,999,585
0.228%, 1/12/12		10,000,000	9,995,940
U.S. Treasury Nts.:
0.375%, 8/31/12-10/31/12		16,000,000	16,020,556
0.50%, 10/15/13		10,000,000	9,982,810
0.625%, 7/31/12-2/28/13		25,000,000	25,101,350
0.75%, 11/30/11-8/15/13		20,000,000	20,080,455
0.875%, 1/31/12-2/29/12		17,500,000	17,582,888
1%, 7/31/11-1/15/14		41,500,000	41,696,672
1.125%, 12/15/11		5,000,000	5,018,803
1.375%, 2/15/12-5/15/13		61,000,000	61,677,245
1.75%, 8/15/12-4/15/13		12,000,000	12,249,274
5%, 8/15/11		3,500,000	3,521,875


Total U.S. Government Obligations (Cost $230,097,173)			230,926,910

Corporate Bonds and Notes—0.0%
BankUnited, 8% Unsec. Sub. Nts., Series A, 3/15/09⁴ (Cost $6,928,492)		6,938,000	26,018

Hybrid Instruments—14.7%
Commodity-Linked Securities—14.7%
AB Svensk Eksportkredit, S&P GSCI ER Index Linked Nts., 0%, 6/13/12^5,6,7		31,000,000	26,663,412
Cargill, Inc.:
S&P GSCI TR Index Linked Nts., 0.719%, 2/7/12⁶		30,000,000	33,651,630
S&P GSCI TR Index Linked Nts., 0.728%, 3/19/12⁶		40,000,000	34,881,272
Goldman Sachs Group, Inc. (The), S&P GSCI ER Index Linked Nts., 0.077%, 7/18/12^5,6		32,000,000	27,024,322
Morgan Stanley, S&P GSCI TR Index Linked Nts., 0%, 4/24/12^5,6,7,8		25,000,000	24,280,329
SG Structured Products, Inc., S&P GSCI TR Index Linked Nts., Series 2011-85, 0.19%, 5/9/12^3,5,6		40,000,000	27,772,403
Societe Generale Commodities Products LLC, S&P GSCI TR Index Linked Nts., 0.186%, 2/17/12^3,5,6		18,000,000	19,252,981

13 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Principal
	Amount			Value

Commodity-Linked Securities Continued
UBS:
S&P GSCI Gold TR Index Linked Nts., 0.041%, 1/26/12^3,5,9	$	10,000,000		$	12,365,000
S&P GSCI Industrial Metals TR Index Linked Nts., 0.015%, 6/26/12^5,8,10		32,000,000			32,960,000
S&P GSCI TR Index Linked Nts., 0.041%, 1/26/12^3,5,6					40,000,000
					45,131,603


Total Hybrid Instruments (Cost $298,000,000)					283,982,952

Short-Term Notes—3.1%
Federal Home Loan Bank:
0.001%, 7/6/11		5,000,000			4,999,941
0.01%, 7/27/11		6,000,000			5,999,198
0.08%, 7/15/11		5,000,000			4,999,854
0.16%, 9/7/11		5,000,000			4,999,810
0.18%, 8/10/11		5,000,000			4,999,028
0.19%, 8/5/11		10,000,000			9,998,201
0.17%, 8/24/11		14,000,000			13,996,535
0.09%, 11/25/11		10,000,000			9,997,556


Total Short-Term Notes (Cost $59,986,764)					59,990,123

	Shares

Investment Company—50.9%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%^1,11 (Cost $982,176,178)		982,176,178			982,176,178
Total Investments, at Value (Cost $1,981,505,022)		99.9	%		1,928,678,075
Other Assets Net of Liabilities		0.1			1,815,875

Net Assets		100.0	%	$	1,930,493,950

Footnotes to Statement of Investments



1.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	December 31, 2010		Additions		Reductions		June 30, 2011

Oppenheimer Institutional Money Market Fund, Cl. E		772,568,266		606,570,551		396,962,639		982,176,178
RAF Fund Ltd.^a		4,000,000		—		—		4,000,000


	Value		Income

Oppenheimer Institutional Money Market Fund, Cl. E	$	982,176,178	$	807,334
RAF Fund Ltd.^a		371,541,408		—

	$	1,353,717,586	$	807,334



a.		Investment in a wholly-owned subsidiary. See Note 1 of accompanying Notes and individual financial statements of the entity included herein.

14 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


2.		Non-income producing security.

3.		Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $104,556,473, which represents 5.42% of the Fund’s net assets. See Note 5 of the accompanying Notes. Information concerning restricted securities is as follows:


							Unrealized
	Acquisition						Appreciation
Security	Date		Cost		Value		(Depreciation)

NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10	$	398,721	$	34,486	$	(364,235	)
SG Structured Products, Inc., S&P GSCI TR Index Linked Nts., Series 2011-85, 0.19%, 5/9/12		4/5/11		40,000,000		27,772,403		(12,227,597	)
Societe Generale Commodities Products LLC, S&P GSCI TR Index Linked Nts., 0.186%, 2/17/12		1/20/11		18,000,000		19,252,981		1,252,981
UBS, S&P GSCI Gold TR Index Linked Nts., 0.041%, 1/26/12		12/22/10		10,000,000		12,365,000		2,365,000
UBS, S&P GSCI TR Index Linked Nts., 0.041%, 1/26/12		12/21/10		40,000,000		45,131,603		5,131,603

			$	108,398,721	$	104,556,473	$	(3,842,248	)



4.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

5.		Represents the current interest rate for a variable or increasing rate security.

6.		Security is linked to the S&P GSCI, the S&P GSCI Excess Return Index or the S&P GSCI Total Return Index. The indexes currently contain twenty-eight commodities contracts from the sectors of energy, metals, livestock and agricultural products. Individual components in the index are weighted by their respective world production values.

7.		Interest rate is less than 0.0005%.

8.		Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $57,240,329 or 2.97% of the Fund’s net assets as of June 30, 2011.

9.		Security is linked to the S&P GSCI Gold Total Return Index. The index consists entirely of the gold component of the S&P GSCI.

10.		Security is linked to the S&P GSCI Industrial Metals Total Return Index. The index currently contains five commodities from the industrial metals sector. Individual components in the index are weighted by their respective world production values.

11.		Rate shown is the 7-day yield as of June 30, 2011.

15 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


					Level 3-
	Level 1-		Level 2-		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Wholly-Owned Subsidiary	$	—	$	371,541,408	$	—	$	371,541,408
Asset-Backed Securities		—		34,486		—		34,486
U.S. Government Obligations		—		230,926,910		—		230,926,910
Corporate Bonds and Notes		—		26,018		—		26,018
Hybrid Instruments		—		283,982,952		—		283,982,952
Short-Term Notes		—		59,990,123		—		59,990,123
Investment Companies		982,176,178		—		—		982,176,178

Total Assets	$	982,176,178	$	946,501,897	$	—	$	1,928,678,075

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

See accompanying Notes to Financial Statements.

16 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited


June 30, 2011
Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $595,411,150)	$	574,960,489
Affiliated companies (cost $982,176,178)		982,176,178
Wholly-owned subsidiary (cost $403,917,694)		371,541,408

		1,928,678,075
Cash		397,505
Receivables and other assets:
Shares of beneficial interest sold		7,117,043
Interest and dividends		973,946
Other		53,811

Total assets		1,937,220,380

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		5,719,426
Transfer and shareholder servicing agent fees		446,932
Distribution and service plan fees		382,815
Shareholder communications		131,686
Trustees’ compensation		25,995
Other		19,576

Total liabilities		6,726,430

Net Assets	$	1,930,493,950


Composition of Net Assets
Par value of shares of beneficial interest	$	517,834
Additional paid-in capital		2,713,481,722
Accumulated net investment loss		(265,772,208	)
Accumulated net realized loss on investments		(464,906,451	)
Net unrealized depreciation on investments		(52,826,947	)

Net Assets	$	1,930,493,950

17 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited/Continued


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $425,596,457 and 114,351,325 shares of beneficial interest outstanding)	$	3.72
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	3.95
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $23,198,194 and 6,301,202 shares of beneficial interest outstanding)	$	3.68
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $93,719,675 and 25,796,854 shares of beneficial interest outstanding)	$	3.63
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $18,812,542 and 5,126,477 shares of beneficial interest outstanding)	$	3.67
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,369,167,082 and 366,258,414 shares of beneficial interest outstanding)	$	3.74

See accompanying Notes to Financial Statements.

18 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2011

Investment Income
Interest	$	1,009,119
Dividends from affiliated companies		807,334

Total investment income		1,816,453

Expenses
Management fees		7,858,867
Distribution and service plan fees:
Class A		562,978
Class B		121,836
Class C		481,506
Class N		48,104
Transfer and shareholder servicing agent fees:
Class A		819,787
Class B		92,083
Class C		203,187
Class N		53,246
Class Y		1,578,313
Shareholder communications:
Class A		63,216
Class B		10,464
Class C		17,608
Class N		2,425
Class Y		96,832
Custodian fees and expenses		27,997
Trustees’ compensation		18,085
Administration service fees		750
Other		58,346

Total expenses		12,115,630
Less waivers and reimbursements of expenses		(2,682,062	)

Net expenses		9,433,568

Net Investment Loss		(7,617,115	)

Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies		131,596,166
Wholly-owned subsidiary		7,889,522

Net realized gain		139,485,688
Net change in unrealized appreciation/depreciation on investments		(106,732,326	)

Net Increase in Net Assets Resulting from Operations	$	25,136,247

See accompanying Notes to Financial Statements.

19 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010
Operations
Net investment loss	$	(7,617,115	)	$	(11,801,976	)
Net realized gain		139,485,688			104,577,830
Net change in unrealized appreciation/depreciation		(106,732,326	)		47,682,226

Net increase in net assets resulting from operations		25,136,247			140,458,080

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		—			(6,369,312	)
Class B		—			(154,790	)
Class C		—			(696,709	)
Class N		—			(234,778	)
Class Y		—			(21,844,543	)

		—			(29,300,132	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(20,882,311	)		(40,899,392	)
Class B		(625,076	)		(6,269,975	)
Class C		6,505,803			(8,557,886	)
Class N		385,996			619,637
Class Y		153,812,102			278,967,246

		139,196,514			223,859,630

Net Assets
Total increase		164,332,761			335,017,578
Beginning of period		1,766,161,189			1,431,143,611


End of period (including accumulated net investment loss of $265,772,208 and $258,155,093, respectively)	$	1,930,493,950		$	1,766,161,189

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class A	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.66		$	3.42		$	3.11		$	7.51		$	6.52		$	7.82		$	9.59

Income (loss) from investment operations:
Net investment income (loss)²		(.02	)		(.03	)		(.02	)		.17			.18			.07			.24
Net realized and unrealized gain (loss)		.08			.32			.33			(4.29	)		1.80			(1.14	)		(1.17	)

Total from investment operations		.06			.29			.31			(4.12	)		1.98			(1.07	)		(.93	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.05	)		—			(.28	)		(.99	)		(.23	)		(.08	)
Distributions from net realized gain		—			—			—			—			—			—			(.76	)

Total dividends and/or distributions to shareholders		—			(.05	)		—			(.28	)		(.99	)		(.23	)		(.84	)

Net asset value, end of period	$	3.72		$	3.66		$	3.42		$	3.11		$	7.51		$	6.52		$	7.82


Total Return, at Net Asset Value³		1.64	%		8.61	%		9.97	%		(54.57	)%		30.23	%		(13.79	)%		(9.98	)%

21 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class A Continued	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	425,596		$	439,204		$	457,757		$	320,191		$	805,066		$	729,959		$	1,017,895

Average net assets (in thousands)	$	460,601		$	410,353		$	385,924		$	788,007		$	729,503		$	835,927		$	1,140,904

Ratios to average net assets:⁴
Net investment income (loss)		(0.99	)%		(0.97	)%		(0.65	)%		2.24	%		2.58	%		3.10	%		2.95	%
Total expenses⁵		1.45	%		1.57	%		1.68	%		1.35	%		1.37	%		1.47	%		1.30	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses⁶		1.18	%		1.19	%		1.23	%		1.08	%		1.13	%		1.23	%		1.29	%

Portfolio turnover rate		12	%		38	%		51	% ⁷		86	% ⁷		52	% ⁷		32	% ⁷		89	%^7,8


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	1.71	%
Year Ended December 31, 2010	1.84	%
Year Ended December 31, 2009	1.96	%
Year Ended December 31, 2008	1.61	%
Year Ended December 31, 2007	1.61	%
Four Months Ended December 31, 2006	1.71	%
Year Ended August 31, 2006	1.31	%



6.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	1.44	%
Year Ended December 31, 2010	1.46	%
Year Ended December 31, 2009	1.51	%
Year Ended December 31, 2008	1.34	%
Year Ended December 31, 2007	1.37	%
Four Months Ended December 31, 2006	1.47	%
Year Ended August 31, 2006	1.30	%



7.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2009	$	39,303,425	$	39,062,313
Year Ended December 31, 2008	$	1,144,572,727	$	1,165,957,394
Year Ended December 31, 2007	$	680,590,562	$	787,318,530
Four Months Ended December 31, 2006	$	642,777,532	$	686,348,366
Year Ended August 31, 2006	$	4,236,251,723	$	4,418,930,664



8.		The portfolio turnover rate including the transfer of securities to RAF Fund Ltd. would have been 119%.

See accompanying Notes to Financial Statements.

22 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class B	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.63		$	3.40		$	3.12		$	7.39		$	6.43		$	7.67		$	9.46

Income (loss) from investment operations:
Net investment income (loss) ²		(.03	)		(.06	)		(.04	)		.11			.12			.05			.17
Net realized and unrealized gain (loss)		.08			.31			.32			(4.17	)		1.75			(1.12	)		(1.15	)

Total from investment operations		.05			.25			.28			(4.06	)		1.87			(1.07	)		(.98	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.02	)		—			(.21	)		(.91	)		(.17	)		(.05	)
Distributions from net realized gain		—			—			—			—			—			—			(.76	)

Total dividends and/or distributions to shareholders		—			(.02	)		—			(.21	)		(.91	)		(.17	)		(.81	)

Net asset value, end of period	$	3.68		$	3.63		$	3.40		$	3.12		$	7.39		$	6.43		$	7.67


Total Return, at Net Asset Value³		1.38	%		7.48	%		8.97	%		(54.80	)%		29.00	%		(14.03	)%		(10.72	)%

23 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class B Continued	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,198		$	23,489		$	28,683		$	29,455		$	77,686		$	85,124		$	115,174

Average net assets (in thousands)	$	24,595		$	23,528		$	27,137		$	78,128		$	76,819		$	94,533		$	130,837

Ratios to average net assets:⁴
Net investment income (loss)		(1.80	)%		(1.75	)%		(1.40	)%		1.40	%		1.70	%		2.28	%		2.05	%
Total expenses⁵		2.66	%		2.95	%		3.01	%		2.22	%		2.34	%		2.42	%		2.19	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses⁶		1.99	%		2.00	%		2.01	%		1.92	%		2.03	%		2.05	%		2.18	%

Portfolio turnover rate		12	%		38	%		51	%⁷		86	%⁷		52	%⁷		32	% ⁷		89	%^7,8


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	2.92	%
Year Ended December 31, 2010	3.22	%
Year Ended December 31, 2009	3.29	%
Year Ended December 31, 2008	2.47	%
Year Ended December 31, 2007	2.58	%
Four Months Ended December 31, 2006	2.66	%
Year Ended August 31, 2006	2.20	%



6.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	2.25	%
Year Ended December 31, 2010	2.27	%
Year Ended December 31, 2009	2.29	%
Year Ended December 31, 2008	2.17	%
Year Ended December 31, 2007	2.27	%
Four Months Ended December 31, 2006	2.29	%
Year Ended August 31, 2006	2.19	%



7.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2009	$	39,303,425	$	39,062,313
Year Ended December 31, 2008	$	1,144,572,727	$	1,165,957,394
Year Ended December 31, 2007	$	680,590,562	$	787,318,530
Four Months Ended December 31, 2006	$	642,777,532	$	686,348,366
Year Ended August 31, 2006	$	4,236,251,723	$	4,418,930,664



8.		The portfolio turnover rate including the transfer of securities to RAF Fund Ltd. would have been 119%.

See accompanying Notes to Financial Statements.

24 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class C	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.58		$	3.35		$	3.08		$	7.34		$	6.40		$	7.64		$	9.42

Income (loss) from investment operations:
Net investment income (loss) ²		(.03	)		(.06	)		(.04	)		.11			.12			.05			.17
Net realized and unrealized gain (loss)		.08			.32			.31			(4.15	)		1.74			(1.12	)		(1.13	)

Total from investment operations		.05			.26			.27			(4.04	)		1.86			(1.07	)		(.96	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.03	)		—			(.22	)		(.92	)		(.17	)		(.06	)
Distributions from net realized gain		—			—			—			—			—			—			(.76	)

Total dividends and/or distributions to shareholders		—			(.03	)		—			(.22	)		(.92	)		(.17	)		(.82	)

Net asset value, end of period	$	3.63		$	3.58		$	3.35		$	3.08		$	7.34		$	6.40		$	7.64


Total Return, at Net Asset Value³		1.40	%		7.74	%		8.77	%		(54.84	)%		29.03	%		(14.03	)%		(10.59	)%

25 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class C Continued	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	93,720		$	86,502		$	90,170		$	72,405		$	172,402		$	170,180		$	245,844

Average net assets (in thousands)	$	97,248		$	80,967		$	78,974		$	177,461		$	159,408		$	197,628		$	261,017

Ratios to average net assets:⁴
Net investment income (loss)		(1.75	)%		(1.73	)%		(1.41	)%		1.46	%		1.76	%		2.30	%		2.17	%
Total expenses⁵		2.27	%		2.45	%		2.59	%		2.15	%		2.20	%		2.28	%		2.09	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses⁶		1.94	%		1.96	%		1.99	%		1.87	%		1.96	%		2.03	%		2.08	%

Portfolio turnover rate		12	%		38	%		51	% ⁷		86	% ⁷		52	% ⁷		32	% ⁷		89	%^7,8


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	2.53	%
Year Ended December 31, 2010	2.72	%
Year Ended December 31, 2009	2.87	%
Year Ended December 31, 2008	2.39	%
Year Ended December 31, 2007	2.44	%
Four Months Ended December 31, 2006	2.52	%
Year Ended August 31, 2006	2.10	%



6.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	2.20	%
Year Ended December 31, 2010	2.23	%
Year Ended December 31, 2009	2.27	%
Year Ended December 31, 2008	2.11	%
Year Ended December 31, 2007	2.20	%
Four Months Ended December 31, 2006	2.27	%
Year Ended August 31, 2006	2.09	%



7.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2009	$	39,303,425	$	39,062,313
Year Ended December 31, 2008	$	1,144,572,727	$	1,165,957,394
Year Ended December 31, 2007	$	680,590,562	$	787,318,530
Four Months Ended December 31, 2006	$	642,777,532	$	686,348,366
Year Ended August 31, 2006	$	4,236,251,723	$	4,418,930,664



8.		The portfolio turnover rate including the transfer of securities to RAF Fund Ltd. would have been 119%.

See accompanying Notes to Financial Statements.

26 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class N	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.61		$	3.38		$	3.08		$	7.43		$	6.46		$	7.74		$	9.51

Income (loss) from investment operations:
Net investment income (loss) ²		(.02	)		(.04	)		(.03	)		.15			.15			.07			.21
Net realized and unrealized gain (loss)		.08			.32			.33			(4.23	)		1.78			(1.14	)		(1.15	)

Total from investment operations		.06			.28			.30			(4.08	)		1.93			(1.07	)		(.94	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.05	)		—			(.27	)		(.96	)		(.21	)		(.07	)
Distributions from net realized gain		—			—			—			—			—			—			(.76	)

Total dividends and/or distributions to shareholders		—			(.05	)		—			(.27	)		(.96	)		(.21	)		(.83	)

Net asset value, end of period	$	3.67		$	3.61		$	3.38		$	3.08		$	7.43		$	6.46		$	7.74



Total Return, at Net Asset Value³		1.66	%		8.21	%		9.74	%		(54.74	)%		29.77	%		(13.89	)%		(10.22	)%

27 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class N Continued	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,813		$	18,176		$	16,412		$	12,219		$	22,913		$	19,428		$	24,106

Average net assets (in thousands)	$	19,674		$	16,050		$	13,661		$	25,985		$	20,068		$	20,724		$	24,867

Ratios to average net assets:⁴
Net investment income (loss)		(1.24	)%		(1.23	)%		(0.89	)%		1.94	%		2.17	%		2.83	%		2.59	%
Total expenses⁵		1.88	%		2.06	%		2.25	%		1.72	%		1.91	%		1.85	%		1.71	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses⁶		1.42	%		1.45	%		1.47	%		1.39	%		1.53	%		1.49	%		1.66	%

Portfolio turnover rate		12	%		38	%		51	%⁷		86	%⁷		52	%⁷		32	% ⁷		89	%^7,8


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	2.14	%
Year Ended December 31, 2010	2.33	%
Year Ended December 31, 2009	2.53	%
Year Ended December 31, 2008	1.97	%
Year Ended December 31, 2007	2.15	%
Four Months Ended December 31, 2006	2.09	%
Year Ended August 31, 2006	1.72	%



6.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	1.68	%
Year Ended December 31, 2010	1.72	%
Year Ended December 31, 2009	1.75	%
Year Ended December 31, 2008	1.64	%
Year Ended December 31, 2007	1.77	%
Four Months Ended December 31, 2006	1.73	%
Year Ended August 31, 2006	1.67	%



7.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2009	$	39,303,425	$	39,062,313
Year Ended December 31, 2008	$	1,144,572,727	$	1,165,957,394
Year Ended December 31, 2007	$	680,590,562	$	787,318,530
Four Months Ended December 31, 2006	$	642,777,532	$	686,348,366
Year Ended August 31, 2006	$	4,236,251,723	$	4,418,930,664



8.		The portfolio turnover rate including the transfer of securities to RAF Fund Ltd. would have been 119%.

See accompanying Notes to Financial Statements.

28 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class Y	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Per Share Operating Data
Net asset value, beginning of period	$	3.67		$	3.43		$	3.11		$	7.55		$	6.55		$	7.88		$	9.63

Income (loss) from investment operations:
Net investment income (loss) ²		(.01	)		(.02	)		(.01	)		.20			.22			.09			.29
Net realized and unrealized gain (loss)		.08			.33			.33			(4.32	)		1.80			(1.15	)		(1.18	)

Total from investment operations		.07			.31			.32			(4.12	)		2.02			(1.06	)		(.89	)

Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.07	)		—			(.32	)		(1.02	)		(.27	)		(.10	)
Distributions from net realized gain		—			—			—			—			—			—			(.76	)

Total dividends and/or distributions to shareholders		—			(.07	)		—			(.32	)		(1.02	)		(.27	)		(.86	)

Net asset value, end of period	$	3.74		$	3.67		$	3.43		$	3.11		$	7.55		$	6.55		$	7.88


Total Return, at Net Asset Value³		1.91	%		8.99	%		10.29	%		(54.24	)%		30.82	%		(13.61	)%		(9.54	)%

29 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended																		Year Ended
	June 30, 2011									Year Ended December 31,									August 31,
Class Y Continued	(Unaudited)			2010			2009			2008			2007			2006¹			2006

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,369,167		$	1,198,790		$	838,122		$	364,837		$	441,305		$	264,593		$	327,949

Average net assets (in thousands)	$	1,365,215		$	974,924		$	549,032		$	500,443		$	346,011		$	272,831		$	255,428

Ratios to average net assets:⁴
Net investment income (loss)		(0.62	)%		(0.60	)%		(0.21	)%		2.75	%		3.06	%		3.67	%		3.52	%
Total expenses⁵		1.06	%		1.08	%		1.01	%		0.87	%		0.86	%		0.89	%		0.84	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses⁶		0.80	%		0.81	%		0.73	%		0.62	%		0.62	%		0.65	%		0.83	%

Portfolio turnover rate		12	%		38	%		51	% ⁷		86	% ⁷		52	% ⁷		32	% ⁷		89	%^7,8


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		Per share amounts calculated based on the average shares outstanding during the period.

3.		Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	1.32	%
Year Ended December 31, 2010	1.35	%
Year Ended December 31, 2009	1.29	%
Year Ended December 31, 2008	1.13	%
Year Ended December 31, 2007	1.10	%
Four Months Ended December 31, 2006	1.13	%
Year Ended August 31, 2006	0.85	%



6.		Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows:


Six Months Ended June 30, 2011	1.06	%
Year Ended December 31, 2010	1.08	%
Year Ended December 31, 2009	1.01	%
Year Ended December 31, 2008	0.88	%
Year Ended December 31, 2007	0.86	%
Four Months Ended December 31, 2006	0.89	%
Year Ended August 31, 2006	0.84	%



7.		The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:


	Purchase Transactions		Sale Transactions

Year Ended December 31, 2009	$	39,303,425	$	39,062,313
Year Ended December 31, 2008	$	1,144,572,727	$	1,165,957,394
Year Ended December 31, 2007	$	680,590,562	$	787,318,530
Four Months Ended December 31, 2006	$	642,777,532	$	686,348,366
Year Ended August 31, 2006	$	4,236,251,723	$	4,418,930,664



8.		The portfolio turnover rate including the transfer of securities to RAF Fund Ltd. would have been 119%.

See accompanying Notes to Financial Statements.

30 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Commodity Strategy Total Return Fund (the “Fund”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”). The Sub-Adviser is Oppenheimer Real Asset Management, Inc. (the “Sub-Adviser”), a wholly-owned subsidiary of the Manager.

The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

Investment in RAF Fund Ltd. The Fund may invest up to 25% of its total assets in RAF Fund Ltd., a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”), which is expected to invest primarily in commodity and financial futures and option contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary’s derivatives positions. The Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by the Manager and the Sub-Adviser.

The Fund does not consolidate the assets, liabilities, capital or operations of the Subsidiary into its financial statements. Rather, the Subsidiary is separately presented as an investment in the Fund’s Statement of Investments. Shares of the Subsidiary are valued at their net asset value per share. Gains or losses on withdrawals of capital from the Subsidiary by the Fund are recognized on an average cost basis. Unrealized appreciation or depreciation on the Fund’s investment in the Subsidiary is recorded in the Fund’s Statement of Assets and Liabilities and the Fund’s Statement of Operations. Distributions received from the Subsidiary are recorded as income on the ex-dividend date.

For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through June of 2026.

31 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, the Subsidiary’s net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income. For the six months ended June 30, 2011, the Subsidiary has a surplus of $14,842,961 in its taxable earnings and profits. In addition, any in-kind capital contributions made by the Fund to the Subsidiary will result in the Fund recognizing taxable gain to the extent of unrealized gain, if any, on securities transferred to the Subsidiary while any unrealized losses on securities so transferred will not be recognized at the time of transfer.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” observable market inputs other than unadjusted quoted prices are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed

32 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

“Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

The net asset value per share of the Subsidiary is determined as of the close of the Exchange, on each day the Exchange is open for trading. The net asset value per share is determined by dividing the value of the Subsidiary’s net assets by the number of shares that are outstanding. The Subsidiary values its investments in the same manner as the Fund as described above.

Hybrid Instruments. The Fund invests in hybrid instruments 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 hybrid instruments 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 Statement of Operations. The Fund records a realized gain or loss when a hybrid instrument is sold or matures.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2011 is as follows:


Cost	$	7,327,213
Market Value	$	60,504
Market Value as a % of Net Assets	Less than 0.005%

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2010, the Fund utilized $116,771,746 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had available for federal income tax purposes post-October losses of $18,171 which will expire in 2019 if unutilized and unused capital loss carryforwards as follows:


Expiring

2014	$	18,442,411
2015		219,621,438
2017		374,871,458

Total	$	612,935,307

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As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $473,467,790 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2011, it is estimated that the Fund will utilize $139,485,688 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2011 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	1,981,505,022


Gross unrealized appreciation	$	14,194,306
Gross unrealized depreciation		(67,021,253	)

Net unrealized depreciation	$	(52,826,947	)

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability.

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NOTES TO FINANCIAL STATEMENTS Unaudited/ Continued

1. Significant Accounting Policies Continued

Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold (except for the investments in the Subsidiary) are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

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Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount

Class A
Sold		31,979,879		$	125,013,941			49,753,091		$	164,102,495
Dividends and/or distributions reinvested		—			—			1,527,251			5,559,193
Redeemed		(37,745,853	)		(145,896,252	)		(65,007,099	)		(210,561,080	)

Net decrease		(5,765,974	)	$	(20,882,311	)		(13,726,757	)	$	(40,899,392	)


Class B
Sold		1,699,344		$	6,588,757			1,923,851		$	6,351,831
Dividends and/or distributions reinvested		—			—			39,268			141,759
Redeemed		(1,866,130	)		(7,213,833	)		(3,941,785	)		(12,763,565	)

Net decrease		(166,786	)	$	(625,076	)		(1,978,666	)	$	(6,269,975	)


Class C
Sold		6,048,446		$	23,068,100			6,830,561		$	22,128,897
Dividends and/or distributions reinvested		—			—			163,767			583,012
Redeemed		(4,396,772	)		(16,562,297	)		(9,730,678	)		(31,269,795	)

Net increase (decrease)		1,651,674		$	6,505,803			(2,736,350	)	$	(8,557,886	)


Class N
Sold		1,301,261		$	4,980,057			2,155,915		$	6,982,940
Dividends and/or distributions reinvested		—			—			56,627			203,291
Redeemed		(1,210,224	)		(4,594,061	)		(2,032,911	)		(6,566,594	)

Net increase		91,037		$	385,996			179,631		$	619,637


Class Y
Sold		82,541,976		$	321,692,942			155,299,139		$	510,492,938
Dividends and/or distributions reinvested		—			—			5,559,337			20,291,580
Redeemed		(43,300,606	)		(167,880,840	)		(78,282,118	)		(251,817,272	)

Net increase		39,241,370		$	153,812,102			82,576,358		$	278,967,246

37 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in the Subsidiary and IMMF, for the six months ended June 30, 2011, were as follows:


	Purchases		Sales

Investment securities	$	—	$	148,468,218
U.S. government and government agency obligations		80,261,133		35,000,000

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	1.00	%
Next $200 million	0.90
Next $200 million	0.85
Next $200 million	0.80
Over $800 million	0.75

Sub-Adviser Fees. The Manager retains the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser a fee in monthly installments, based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.500	%
Next $200 million	0.450
Next $200 million	0.425
Next $200 million	0.400
Over $800 million	0.375

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended June 30, 2011, the Fund paid $2,549,104 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

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Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2011 were as follows:


Class B	$	3,301,706
Class C		5,196,268
Class N		608,014

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class N

Class A

Contingent

Front-End

Deferred

Sales Charges

Six Months

Retained by

Ended

Distributor

June 30, 2011

$183,658

$5,116

$27,415

$12,508

$187

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Manager by the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary, and may not be terminated by the Manager unless the Manager first obtains the prior approval of the Fund’s Board of Trustees for such termination. During the six months ended June 30, 2011, the Manager waived $2,123,004.

OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

During the six months ended June 30, 2011, OFS waived transfer and shareholder servicing agent fees as follows:


Class A	$	21,164
Class B		49,260
Class C		34,811
Class N		19,087

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended June 30, 2011, the Manager waived fees and/or reimbursed the Fund $434,736 for IMMF management fees.

Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

5. Restricted Securities

As of June 30, 2011, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

6. Pending Litigation

40 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against the Manager and a subsidiary (but not against the Fund) on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Pending Litigation Continued

Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

The Manager believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

43 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


OPPENHEIMER		COMMODITY STRATEGY TOTAL RETURN FUND ^®


Trustees and Officers		William L. Armstrong, Chairman of the Board of Trustees and Trustee
		George C. Bowen, Trustee
		Edward L. Cameron, Trustee
		Jon S. Fossel, Trustee
		Sam Freedman, Trustee
		Beverly L. Hamilton, Trustee
		Robert J. Malone, Trustee
		F. William Marshall, Jr., Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Kevin Baum, Vice President and Portfolio Manager
		Robert Baker, Vice President and Portfolio Manager
		Carol Wolf, Vice President and Portfolio Manager
		Arthur S. Gabinet, Secretary
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
		Robert G. Zack, Vice President

Manager		OppenheimerFunds, Inc.

Sub-Adviser		Oppenheimer Real Asset Management, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG llp

Counsel		K&L Gates LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

		^©2011 OppenheimerFunds, Inc. All rights reserved.

44 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
STATEMENT OF INVESTMENTS June 30, 2011 / Unaudited


	Principal
	Amount		Value

Asset-Backed Securities—0.0%
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29^1,2(Cost $82,949)	$	239,840	$	20,386

U.S. Government Obligations—49.6%
U.S. Treasury Bills:
0.105%, 9/22/11		6,000,000		5,999,790
0.185%, 7/28/11		1,000,000		999,861
U.S. Treasury Nts.:
0.375%, 8/31/12-10/31/12³		9,700,000		9,710,801
0.50%, 10/15/13-11/15/13³		20,150,000		20,112,445
0.625%, 7/31/12		3,500,000		3,514,760
0.625%, 1/31/13-2/28/13³		10,900,000		10,943,283
0.75%, 5/31/12-8/15/13		6,550,000		6,584,699
0.75%, 11/30/11³		5,700,000		5,716,256
1%, 7/31/11-1/15/14		12,500,000		12,601,376
1%, 9/30/11-4/30/12³		18,950,000		19,038,319
1.125%, 1/15/12³		10,500,000		10,558,244
1.375%, 3/15/12-5/15/13		27,375,000		27,796,817
1.375%, 2/15/12-11/15/12³		30,000,000		30,323,267
1.75%, 11/15/11-4/15/13		10,000,000		10,192,401
1.75%, 8/15/12³		9,800,000		9,965,375


Total U.S. Government Obligations (Cost $183,355,519)				184,057,694

Short-Term Notes—43.2%
Federal Home Loan Bank:
0.001%, 7/1/11		79,000,000		79,000,000
0.001%, 7/6/11		1,000,000		999,988
0.01%, 7/20/11		6,075,000		6,074,359
0.06%, 8/17/11		2,000,000		1,999,843
0.08%, 10/14/11		3,500,000		3,499,692
0.11%, 11/16/11		4,000,000		3,999,080
0.11%, 11/18/11		700,000		699,837
0.12%, 11/23/11		2,500,000		2,499,395
0.12%, 9/9/11		6,100,000		6,099,762
0.13%, 12/2/11		4,500,000		4,498,461
0.13%, 11/30/11		5,000,000		4,998,735
0.14%, 9/23/11		8,925,000		8,924,581
0.16%, 9/14/11		4,950,000		4,949,792
0.17%, 8/24/11		7,300,000		7,298,139
0.17%, 9/2/11		5,000,000		4,999,825
0.18%, 7/29/11		9,000,000		8,998,728
0.09%, 11/25/11		11,000,000		10,997,303


Total Short-Term Notes (Cost $160,524,714)				160,537,520

46 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND


	Expiration		Strike
	Date		Price		Contracts			Value

Options Purchased—0.1%
Corn Futures, 12/14/11 Call⁴		11/25/11	$	660		145		$	168,563
Crude Oil Futures, 7/20/11 Put⁴		7/15/11		93		154			192,500

Total Options Purchased (Cost $896,725)									361,063
Total Investments, at Value (Cost $344,859,907)						92.9	%		344,976,663
Other Assets Net of Liabilities						7.1			26,564,745

Net Assets						100.0	%	$	371,541,408

Footnotes to Statement of Investments



1.		This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

2.		Restricted security. The aggregate value of restricted securities as of June 30, 2011 was $20,386, which represents 0.01% of the Fund’s net assets. See Note 5 of the accompanying Notes. Information concerning restricted securities is as follows:

Acquisition

Unrealized

Security

Date

Cost

Value

Depreciation

NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29

8/10/10

82,949

20,386

$62,563


3.		All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $83,244,854. See Note 4 of the accompanying Notes.

4.		Non-income producing security.

Valuation Inputs

	1)		Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

	2)		Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

	3)		Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 based on valuation input level:


					Level 3-
	Level 1-		Level 2-		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	20,386	$	—	$	20,386
U.S. Government Obligations		—		184,057,694		—		184,057,694
Short-Term Notes		—		160,537,520		—		160,537,520
Options Purchased		361,063		—		—		361,063

Total Investments, at Value		361,063		344,615,600		—		344,976,663

47 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
STATEMENT OF INVESTMENTS Unaudited / Continued


						Level 3-
	Level 1-			Level 2-		Significant
	Unadjusted			Other Significant		Unobservable
	Quoted Prices			Observable Inputs		Inputs		Value

Assets Table Continued
Other Financial Instruments:
Futures margins	$	4,642,881		$	—	$	—	$	4,642,881

Total Assets	$	5,003,944		$	344,615,600	$	—	$	349,619,544


Liabilities Table
Other Financial Instruments:
Appreciated options written, at value	$	(116,515	)	$	—	$	—	$	(116,515	)
Futures margins		(13,214,052	)		—		—		(13,214,052	)

Total Liabilities	$	(13,330,567	)	$	—	$	—	$	(13,330,567	)

Futures Contracts as of June 30, 2011 are as follows:


		Unrealized
		Appreciation			Percentage of
Contract Description	Buy/Sell	(Depreciation)			Fund Net Assets

Agriculture	Buy	$	(15,698,949	)		(4.23	)%
Agriculture	Sell		953,916			0.26
Crude Oil	Buy		(14,936,121	)		(4.02	)
Energy	Buy		(9,660,304	)		(2.60	)
Energy	Sell		336,777			0.09
Industrial Metals	Sell		(1,106,311	)		(0.30	)
Livestock	Buy		630,058			0.17
Precious Metals	Buy		(328,435	)		(0.09	)
Softs	Buy		2,669,979			0.72

		$	(37,139,390	)		(10.00	)%

Written Options as of June 30, 2011 are as follows:


		Number of		Exercise		Expiration		Premiums					Unrealized
Description	Type	Contracts		Price		Date		Received		Value			Appreciation

Coffee Futures, Cl. C	Put		102	$	220		7/8/11	$	30,226	$	(1,530	)	$	28,696
Corn Futures	Call		145		760		11/25/11		260,590		(61,625	)		198,965
Crude Oil Futures	Put		256		85		7/15/11		218,316		(46,080	)		172,236
WTI Crude Oil Futures	Put		52		84		7/15/11		40,975		(7,280	)		33,695

								$	550,107	$	(116,515	)	$	433,592

See accompanying Notes to Financial Statements.

48 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011


Assets
Investments, at value (cost $344,859,907)—see accompanying statement of investments	$	344,976,663
Cash		34,760,223
Receivables and other assets:
Futures margins		4,642,881
Interest and dividends		539,974
Other		8,953

Total assets		384,928,694

Liabilities
Appreciated options written, at value (premiums received $550,107)		116,515
Payables and other liabilities:
Futures margins		13,214,052
Other		56,719

Total liabilities		13,387,286

Net Assets	$	371,541,408


Composition of Net Assets
Par value of shares of beneficial interest	$	40,000
Additional paid-in capital		387,240,539
Accumulated net investment income		33,337,848
Accumulated net realized loss on investments		(12,487,937	)
Net unrealized depreciation on investments		(36,589,042	)

Net Assets—applicable to 4,000,000 shares of beneficial interest outstanding	$	371,541,408


Net Asset Value, Redemption Price Per Share and Offering Price Per Share	$	92.89

See accompanying Notes to Financial Statements.

49 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011


Investment Income
Interest	$	662,966

Expenses
Management fees		2,118,045
Directors’ compensation		6,494
Custodian fees and expenses		2,170
Other		14,729

Total expenses		2,141,438

Net Investment Loss		(1,478,472	)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (including premiums on options exercised)		(994,462	)
Closing and expiration of option contracts written		1,410,868
Closing and expiration of futures contracts		87,947,906

Net realized gain		88,364,312
Net change in unrealized appreciation/depreciation on:
Investments		(137,475	)
Futures contracts		(72,642,730	)
Option contracts written		88,380

Net change in unrealized appreciation/depreciation		(72,691,825	)

Net Increase in Net Assets Resulting from Operations	$	14,194,015

See accompanying Notes to Financial Statements.

50 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010

Operations
Net investment loss	$	(1,478,472	)	$	(2,153,707	)
Net realized gain		88,364,312			93,015,291
Net change in unrealized appreciation/depreciation		(72,691,825	)		2,246,096

Net increase in net assets resulting from operations		14,194,015			93,107,680

Capital Transactions
Net decrease in net assets resulting from capital transactions		(70,000,000	)		(17,000,000	)

Net Assets
Total increase (decrease)		(55,805,985	)		76,107,680
Beginning of period		427,347,393			351,239,713


End of period (including accumulated net investment income of $33,337,848 and $34,816,320, respectively)	$	371,541,408		$	427,347,393

See accompanying Notes to Financial Statements.

51 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

RAF Fund Ltd. (the “Fund”) is organized as a Cayman Islands Company Limited by Shares. The Fund intends to carry on the business of an investment company and to acquire, invest in and hold by way of investment, sell and deal in commodities and interests therein including futures contracts, options and forward contracts, shares, stocks, call options, put options, debenture stock, bonds, obligations, certificates of deposit, bills of exchange and securities of all kinds. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”). The Sub-Adviser is Oppenheimer Real Asset Management, Inc. (“ORAMI” or the “Sub-Adviser”), a wholly-owned subsidiary of the Manager. As of June 30, 2011, 100% of the Fund was owned by Oppenheimer Commodity Strategy Total Return Fund (“OCSTRF”). The Manager is also the investment adviser of OCSTRF and ORAMI is also the Sub-Adviser of OCSTRF.

The beneficial interest of each investor in the Fund is represented by units of participating shares. The Fund’s directors may further designate classes of participating shares and series within each class. As of June 30, 2011, the directors have not designated classes or series of outstanding participating shares. During the six months ended June 30, 2011, all income, profits, losses and expenses, if any, of the Fund were allocated pro rata to all participating shares of the Fund. Issuance of additional participating shares is at the discretion of the Fund’s directors.

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Directors or dealers.

52 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Directors (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

53 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2011 is as follows:


Cost	$	82,949
Market Value	$	20,386
Market Value as a % of Net Assets		0.01	%

Income Taxes. The Fund has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through June of 2026. No such taxes are levied in the Cayman Islands at the present time. The Fund is a Controlled Foreign Corporation under U.S. tax laws and as such is not subject to U.S. income tax. Therefore, the Fund is not required to record a tax provision.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are declared and paid annually from the Fund’s tax basis earnings and profits. Distributions are recorded on ex-dividend date. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

54 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

2. Capital Transactions

The Fund has authorized 5,000,000 participating shares of $0.01 par value per share. The Fund issued 4,000,000 participating shares for $500,000 on August 15, 2006 in conjunction with OCSTRF’s initial capitalization of the Fund. All subsequent capital contributions and withdrawals did not have participating shares associated with the transaction.

Capital transactions were as follows:


	Six Months Ended			Year Ended
	June 30, 2011			December 31, 2010

Contributions	$	—		$	60,000,000
Withdrawals		(70,000,000	)		(77,000,000	)

Net decrease	$	(70,000,000	)	$	(17,000,000	)

3. Expenses

Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
\|
Up to $200 million	1.00	%
Next $200 million	0.90
Next $200 million	0.85
Next $200 million	0.80
Over $800 million	0.75

Sub-Adviser Fees. The Manager retains the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser a fee in monthly installments, based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $200 million	0.500	%
Next $200 million	0.450
Next $200 million	0.425
Next $200 million	0.400
Over $800 million	0.375

55 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Expenses Continued

The Fund shall bear all fees and expenses related to the business and affairs of the Fund, including among others, directors’ fees, audit fees, custodian fees and expenses in connection with the purchase and sale of securities and other Fund assets.

4. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to

56 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

Credit Related Contingent Features. The Fund’s agreements with derivative counter-parties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a

57 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Risk Exposures and the Use of Derivative Instruments Continued

percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

Valuations of derivative instruments as of June 30, 2011 are as follows:

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted

Statement of Assets

for as Hedging Instruments

and Liabilities Location

Value

and Liabilities Location

Value

Commodity contracts

Futures margins

4,642,881

Futures margins

13,214,052

Commodity contracts

Investments, at value

361,063

Appreciated options
written, at value

116,515

Total

5,003,944

13,330,567


*		Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

**		Amounts relate to purchased options.

The effect of derivative instruments on the Statement of Operations is as follows:

Amount of Realized Gain or (Loss) Recognized on Derivatives

Closing and

Investments from

expiration of

Closing and

Derivatives Not

unaffiliated companies

option

expiration of

Accounted for as

(including premiums

contracts

future

Hedging Instruments

on options exercised)*

written

contracts

Total

Commodity contracts

$(1,164,391

)

$1,410,868

$87,947,906

$88,194,383


*		Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any.

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not

Accounted for as

Option contracts

Futures

Hedging Instruments

Investments*

written

contracts

Total

Commodity contracts

$(531,411

)

$88,380

$(72,642,730

)

$(73,085,761

)


*		Includes purchased option contracts and purchased swaption contracts, if any.

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. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures), debt securities (interest rate futures) and various commodities (commodity index futures). The Fund may also buy or write put or call options on these futures contracts.

Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by

58 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses.

Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related commodities, in order to increase exposure to commodity risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related commodities, in order to decrease exposure to commodity risk.

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $1,202,160,642 and $97,951,176 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. 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. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

59 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Risk Exposures and the Use of Derivative Instruments Continued

The Fund has purchased put options on individual commodities to decrease exposure to commodity risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has purchased call options on individual commodities to increase exposure to commodity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the six months ended June 30, 2011, the Fund had an average market value of $646,137 and $85,683 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security or commodity 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 or commodity 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 that there may be an illiquid market where the Fund is unable to close the contract.

The Fund has written put options on individual commodities to increase exposure to commodity risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on individual commodities to decrease exposure to commodity risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the six months ended June 30, 2011, the Fund had an ending monthly average market value of $299,628 and $46,106 on written call options and written put options, respectively.

Additional associated risks to the Fund include counterparty credit risk for over-the-counter options and liquidity risk.

Written option activity for the six months ended June 30, 2011 was as follows:


	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums

Options outstanding as of December 31, 2010		—		$	—			287		$	436,693
Options written		3,221			2,165,327			3,037			1,152,830
Options closed or expired		(3,076	)		(1,904,737	)		(2,654	)		(1,258,492	)
Options exercised		—			—			(260	)		(41,514	)

Options outstanding as of June 30, 2011		145		$	260,590			410		$	289,517

60 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

5. Restricted Securities

As of June 30, 2011, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Directors as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

6. Financial Highlights

The following represents the total return of the Fund for the six months ended June 30, 2011. Total return was calculated based upon the daily returns of the Fund during this period. The calculation has not been annualized for reporting purposes:


Six Months Ended June 30, 2011	0.31	%
Year Ended December 31, 2010	15.38	%
Year Ended December 31, 2009	9.42	%
Year Ended December 31, 2008	(75.33	)%
Year Ended December 31, 2007	80.70	%
Four Months Ended December 31, 2006¹	(15.18	)%
Period Ended August 31, 2006²	(2.47	)%

The following represents certain financial ratios of the Fund for the periods noted. The computation of the net investment income and total expense ratios was based upon the daily net assets of the Fund during these periods. The calculations have been annualized for reporting purposes:


																Four
	Six Months			Year			Year			Year			Year			Months			Period
	Ended			Ended			Ended			Ended			Ended			Ended			Ended
	June 30, 2011			Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,			August 31,
	(Unaudited)			2010			2009			2008			2007			2006¹			2006²

Ratios to average net assets:
Net investment income (loss)		(0.65	)%		(0.62	)%		(0.11	)%		4.22	%		4.41	%		4.47	%		4.45	%
Total expenses		0.95	%		0.97	%³		0.99	%³		0.96	%		0.97	%		0.99	%		0.84	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95	%		0.94	%		0.93	%		0.96	%		0.97	%		0.99	%		0.84	%


1.		The Fund changed its fiscal year end from August 31 to December 31.

2.		For the period from August 15, 2006 (commencement of operations) through August 31, 2006.

3.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended December 31, 2010	1.00	%
Year Ended December 31, 2009	1.05	%

61 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

RAF FUND LTD. (the “SUBSIDIARY”)
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

62 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

63 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

•		Applications or other forms

•		When you create a user ID and password for online account access

•		When you enroll in eDocs Direct, our electronic document delivery service

•		Your transactions with us, our affiliates or others

•		A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

•		When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

64 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

•		All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

•		Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

•		You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.525.7048.

65 | OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1.		The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

		The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its

		subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2011, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)		(1) Not applicable to semiannual reports.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Commodity Strategy Total Return Fund


By:		/s/ William F. Glavin, Jr. William F. Glavin, Jr.
		Principal Executive Officer

Date:		08/10/2011

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/ William F. Glavin, Jr. William F. Glavin, Jr.
		Principal Executive Officer

Date:		08/10/2011

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		08/10/2011


	46			Statement of Investments

	49			Statement of Assets and Liabilities

	50			Statement of Operations

	51			Statements of Changes in Net Assets

	52			Notes to Financial Statements