N-CSRS

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 811-22609

Oppenheimer Global High Yield Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

225 Liberty Street, 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: May 31

Date of reporting period: 11/30/2015

Item 1. Reports to Stockholders.

Semiannual Report	11/30/2015
Oppenheimer Global High Yield Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	11
Consolidated Statement of Investments	13
Consolidated Statement of Assets and Liabilities	30
Consolidated Statement of Operations	32
Consolidated Statements of Changes in Net Assets	33
Consolidated Financial Highlights	34
Notes to Consolidated Financial Statements	39
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	60
Portfolio Proxy Voting Policies and Procedures; Updates to Consolidated Statement of Investments	63
Trustees and Officers	64
Privacy Policy Notice	65

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 11/30/15

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	J.P. Morgan Global   High Yield Index
6-Month	-5.06%	-9.57%	-5.76%
1-Year	-3.57	-8.15	-3.36
Since Inception (11/8/13)	-0.10	-2.44	0.79

Performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

2      OPPENHEIMER GLOBAL HIGH YIELD FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of -5.06% during the reporting period. In comparison, the J.P. Morgan Global High Yield Index (the “Index”) returned -5.76%. Although continued weakness in commodity prices drove declines in the high yield market this reporting period, the Fund managed to outperform the Index due partly to its exposure to emerging market corporate bonds, which outperformed U.S. corporate bonds. In addition, underweight positions in the energy and metals & mining sectors within the U.S. high yield sleeve resulted in outperformance for the Fund.

MARKET OVERVIEW

The reporting period covered a volatile time in financial markets. We saw negative returns in many markets driven by concerns about slower growth in China, lower commodity prices and fears of a global recession. Though U.S. Treasury yields were roughly unchanged during the period, credit spreads on the Index widened significantly, resulting in negative returns for the reporting period. U.S. high yield experienced the worst performance within credit markets, mainly due to its significant exposure to the energy sector.

FUND REVIEW

During the reporting period, the Fund’s largest allocation was to U.S. high yield bonds. The Fund benefited from its asset allocation decisions in this sleeve. The Fund’s underweight exposure to the energy and metals & mining sectors benefited performance relative to the Index. We maintained underweight positions in these sectors because of sustained volatility in commodity prices and in the case of metals & mining, weak demand in China. Also

contributing positively to performance was security selection in the retail and consumer products sectors. In these sectors, we favored higher-rated securities, which benefited this reporting period.

Detractors from performance in the U.S. high yield sleeve included an underweight position in the cable and satellite sector and security selection in financials and housing sectors. The cable and satellite sector outperformed the overall return of the Index this reporting period, and so our lack of exposure detracted from results. In financials, our investment in alternative financial companies hurt performance in the face of increased regulation. In addition, we held a mortgage investment company that experienced difficulty due to slowdown in mortgage refinance activity. Within housing, our position in a diversified manufacturer and distributor of building products detracted from performance. The market was anticipating an acquisition of the company, which was turned down by company management.

3      OPPENHEIMER GLOBAL HIGH YIELD FUND

Our emerging market corporate bond sleeve produced a negative absolute return. Although the Fund outperformed the overall return of the J.P. Morgan Global High Yield Index, it underperformed the emerging markets portion of the Index. Emerging markets corporate bonds consist of approximately 15% of the Index’s composition. Security selection in Colombia and India was the primary driver of the underperformance. In Colombia, our investment in a producer of natural gas and crude oil was the primary detractor from performance. The volatility in oil prices negatively impacted the security. The sleeve’s Indian exposure underperformed due largely to investments in a metals and mining company and a steel-making company, as commodities and metals did not fare well this reporting period.

Top positive contributors to the emerging market corporate bond sleeve’s performance included Brazil and Russia. In Brazil, an underweight position relative to the Index benefited the sleeve, as did the sleeve’s exposure to exporters of food, pulp & paper, and banks. The sleeve outperformed in Russia due to an overweight position and security selection. A number of our Russian holdings outperformed, including a banking and financial services company, a natural gas company and a gold mining company.

STRATEGY & OUTLOOK

Recent press reports concerning several distressed-debt funds liquidating or gating redemptions has caused significant volatility

within parts of the high yield sector. In our view, a large part of this selloff was due to a “sell first, ask later” mentality that has characterized the market since the global financial crisis.

Given investor skittishness, one should expect a potential rush for the exits when concerns arise about fund liquidity and failure to meet redemptions, even if such a rush is driven more by fear than by fact. Yet the bulk of this selloff has been confined to commodity-related issuers, such as energy companies, whereas the high yield bond market encompasses a far wider range of issuers overall. (High-yield spreads have widened overall and are back to their 2013 levels, since sectors such as energy, metals and mining are being priced for much higher credit risk. This means that most other high-yield sectors enjoy better risk pricing than they did in 2013.)

Our worry with the recent performance of distressed debt is that poor distressed-asset performance, particularly in important sectors like energy, could be a precursor to a default cycle of the kind witnessed during the early 2000s. And while we believe that such a default cycle is unlikely, it’s possible that many investors will shy away from the high yield market altogether, given the many companies involved in commodity extraction that have issued high yield bonds to fund unprofitable ventures. Such a scenario would be analogous to the indiscriminate pummeling of telecom bonds and stocks in 2002.

4      OPPENHEIMER GLOBAL HIGH YIELD FUND

Back in the late 1990s there was a massive investment boom by telecom companies, funded in large part by the issuance of debt securities (i.e., corporate bonds). After issuing significant amounts of debt to buy wireless bandwidth and hardware, some investment-grade issuers were downgraded to high yield and investors feared that others would follow. The amount of telecom companies below investment grade swelled and made up a quarter of the market in 2000. This large sector sent asset prices tumbling amid a risk-off environment. Telecom companies began to experience defaults and drop out of the high yield bond index. Their defaults had a lasting economic impact and the economy remained weak. Finally in late 2002, credit spreads rallied as the economy recovered, but the summer of 2002 saw the widest spreads. Eventually a few, like WorldCom, defaulted. The market swooned as a recession took hold and defaults mounted. Eventually in 2002, the U.S. default rate peaked at 10%.

Today’s energy and related sectors like metals and mining are seeing similar issues. Falling revenue, caused by weak commodity prices following a significant investment boom, has generated losses in some investor portfolios that held the debt of those issuers. However, the environment in the energy sector today differs from that observed in the telecom sector in the early 2000s telecom era. For one, the energy sector constitutes just over 15% of the Index. Also, high yield credit spreads at the end of the reporting period reached slightly over 600 basis points, the level at which credit spreads remained during

1999-2002. So, if the current situation were to rhyme with that of the 2000s, we could be observing a new equilibrium in credit spreads.

The current swoon in the energy sector is a concern. Yet, barring a recession, we do not expect contagion to spread to other sectors. Additionally, we believe declining valuations among high yield bonds could be creating investment opportunities in discounted assets. Defaults so far have been limited to commodity-related sectors and remain at relatively low levels.

In this environment, we have a higher-quality bias at period end. The Fund’s largest allocation at period end is to BB-rated bonds, followed by B-rated bonds, BBB-rated bonds, and CCC-rated bonds. We continue to have our largest allocation to the U.S. high yield sleeve, where we remain underweight in the energy and metals & mining sectors. Our largest overweight positions at period end were in industrials and services. Early in the reporting period, our overweight in industrials was supported by the overall macroeconomic outlook for domestic manufacturing at the time, with a particular focus on favorable fundamentals in the aerospace subsector. However, the sector has slowed, with the Institute of Supply Management reporting the first slowdown in the manufacturing sector in 36 months in November of 2015. As a result, we reduced our position during the reporting period. The services sector is a very diverse sector, including a wide variety of companies with different credit fundamentals and end markets. We believe security selection in this

5      OPPENHEIMER GLOBAL HIGH YIELD FUND

diverse sector is key to success in this sector. At period end, our focus in this sector was on companies we believe have good credit fundamentals and generate free cash flow.

	Michael A. Mata		Young-Sup Lee
	Portfolio Manager		Portfolio Manager
	Chris Kelly, CFA Portfolio Manager

6      OPPENHEIMER GLOBAL HIGH YIELD FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION
Non-Convertible Corporate Bonds and Notes	94.9%
Investment Company Oppenheimer Institutional Money Market Fund	3.2
Corporate Loans	1.7
Common Stocks	0.2

Portfolio holdings and allocations are subject to change. Percentages are as of November 30, 2015, and are based on the total market value of investments.

TOP TEN GEOGRAPHICAL HOLDINGS
United States	76.3%
Russia	3.7
Brazil	3.2
Canada	2.1
United Kingdom	1.8
Netherlands	1.4
Ireland	1.3
Luxembourg	1.2
India	0.9
France	0.8

Portfolio holdings and allocation are subject to change. Percentages are as of November 30, 2015, and are based on total market value of investments.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA		3.2%
BBB		7.2
BB		46.9
B		36.3
CCC		5.7
D		0.4
Unrated		0.3
Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of November 30, 2015, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Sub-Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

7      OPPENHEIMER GLOBAL HIGH YIELD FUND

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of November 30, 2015, and are based on the total market value of investments.

8      OPPENHEIMER GLOBAL HIGH YIELD FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 11/30/15

	Inception         Date		6-Month		1-Year		Since Inception
Class A (OGYAX)		11/8/13		-5.06%		-3.57%		-0.10%
Class C (OGYCX)		11/8/13		-5.49%		-4.34%		-0.81%
Class I (OGYIX)		11/8/13		-4.89%		-3.23%		0.24%
Class R (OGYNX)		11/8/13		-5.17%		-3.81%		-0.34%
Class Y (OGYYX)		11/8/13		-4.92%		-3.28%		0.19%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 11/30/15

	Inception         Date		6-Month		1-Year		Since Inception
Class A (OGYAX)		11/8/13		-9.57%		-8.15%		-2.44%
Class C (OGYCX)		11/8/13		-6.42%		-5.26%		-0.81%
Class I (OGYIX)		11/8/13		-4.89%		-3.23%		0.24%
Class R (OGYNX)		11/8/13		-5.17%		-3.81%		-0.34%
Class Y (OGYYX)		11/8/13		-4.92%		-3.28%		0.19%

STANDARDIZED YIELDS

For the 30 Days Ended 11/30/15
Class A	5.57%
Class C	5.16
Class I	6.21
Class R	5.60
Class Y	6.16

Performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75% and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14). There is no sales charge for Class I and Class Y shares. Returns for periods of less than one year are cumulative and not annualized.

Standardized yield is based on net investment income for the 30-day period ended 11/30/15 and the maximum offering price at the end of the period for Class A shares and the net asset

9      OPPENHEIMER GLOBAL HIGH YIELD FUND

value for Class C, Class R, Class I and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

The Fund’s performance is compared to the performance of the J.P. Morgan Global High Yield Index. The J.P. Morgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10      OPPENHEIMER GLOBAL HIGH YIELD 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 and/or 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 November 30, 2015.

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 6 Months Ended November 30, 2015” 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 Fund’s 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). 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 GLOBAL HIGH YIELD FUND

Actual	Beginning  Account  Value  June 1, 2015		Ending     Account     Value     November 30, 2015		Expenses Paid During 6 Months Ended November 30, 2015
Class A	$	1,000.00	$	949.40	$	5.92
Class C		1,000.00		945.10		9.33
Class I		1,000.00		951.10		4.20
Class R		1,000.00		948.30		7.14
Class Y		1,000.00		950.80		4.45
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.95		6.13
Class C		1,000.00		1,015.45		9.67
Class I		1,000.00		1,020.70		4.35
Class R		1,000.00		1,017.70		7.39
Class Y		1,000.00		1,020.45		4.61

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended November 30, 2015 are as follows:

Class	Expense Ratios
Class A		1.21%
Class C		1.91
Class I		0.86
Class R		1.46
Class Y		0.91

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated 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 GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS November 30, 2015 Unaudited

	Principal Amount		Value
Corporate Loans—1.7%
Asurion LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 3/3/211	$	217,413	$	192,003
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 1.50%, 1/29/181,2		44,775		38,395
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/201		141,415		133,048
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/10/211		41,475		36,913
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 6.982%, 1/30/191		205,000		149,650
Deluxe Entertainment Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 2/26/201		70,042		67,503
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 8/6/211		54,725		53,083
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/191,3		155,000		40,300
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/26/201		230,000		229,712
Total Corporate Loans (Cost $1,143,860)				940,607
Corporate Bonds and Notes—93.3%
Consumer Discretionary—17.8%
Auto Components—2.5%
Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/21		145,000		150,800
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/224		285,000		210,900
Goodyear Tire & Rubber Co.:
5.125% Sr. Unsec. Nts., 11/15/23		140,000		143,850
7.00% Sr. Unsec. Nts., 5/15/22		130,000		141,050
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		250,000		254,845
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23		210,000		214,725
MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22		245,000		258,475
				1,374,645
Automobiles—0.7%
General Motors Co., 5% Sr. Unsec. Nts., 4/1/35		175,000		167,806
Jaguar Land Rover Automotive plc, 5.625% Sr. Unsec. Nts., 2/1/234		130,000		135,443
ZF North America Capital, Inc., 4.50% Sr. Unsec. Nts., 4/29/224		65,000		64,025
				367,274
Distributors—0.2%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		144,000		140,033
Hotels, Restaurants & Leisure—3.9%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/224		145,000		150,438
Boyd Gaming Corp., 6.875% Sr. Unsec. Nts., 5/15/23		70,000		73,850
Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21		65,000		59,962
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/22		45,000		37,350
Carlson Wagonlit BV, 6.875% Sr. Sec. Nts., 6/15/194		140,000		146,125

13      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21	$	105,000	$	108,150
Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/194		150,000		154,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21		120,000		125,544
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/224		195,000		186,592
Isle of Capri Casinos, Inc., 5.875% Sr. Unsec. Nts., 3/15/21		50,000		52,375
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/204		205,000		218,581
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/214		90,000		83,194
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		105,000		104,278
6.625% Sr. Unsec. Nts., 12/15/21		45,000		47,137
6.75% Sr. Unsec. Nts., 10/1/20		90,000		94,472
NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/194		50,000		51,625
Penn National Gaming, Inc., 5.875% Sr. Unsec. Nts., 11/1/21		45,000		45,000
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/204		60,000		55,650
Pinnacle Entertainment, Inc., 6.375% Sr. Unsec. Nts., 8/1/21		95,000		101,175
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/224		130,000		138,450
Wynn Macau Ltd., 5.25% Sr. Unsec. Nts., 10/15/214		125,000		113,125
				2,147,948
Household Durables—1.5%
Jarden Corp.:
5.00% Sr. Unsec. Nts., 11/15/234		20,000		20,622
6.125% Sr. Unsec. Nts., 11/15/22		50,000		51,681
KB Home:
7.00% Sr. Unsec. Nts., 12/15/21		75,000		75,188
7.625% Sr. Unsec. Nts., 5/15/23		140,000		140,700
Lennar Corp., 4.75% Sr. Unsec. Nts., 11/15/22		220,000		220,550
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		130,000		139,425
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25% Sr. Unsec. Nts., 4/15/214		150,000		151,125
				799,291
Media—5.8%
Altice Financing SA, 6.50% Sec. Nts., 1/15/224		210,000		211,575
Altice Finco SA, 8.125% Sec. Nts., 1/15/244		70,000		66,850
CCO Safari II LLC:
4.908% Sr. Sec. Nts., 7/23/254		115,000		116,968
6.484% Sr. Sec. Nts., 10/23/454		95,000		99,220
CCOH Safari LLC, 5.75% Sr. Unsec. Nts., 2/15/264		90,000		90,675
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Nts., 5/1/19		40,000		12,900
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 11/15/24		425,000		381,038
DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Nts., 8/15/204		105,000		104,475
Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19		40,000		41,900
Gannett Co., Inc., 5.50% Sr. Unsec. Nts., 9/15/244		70,000		70,700
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		115,000		119,744
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		75,000		55,031
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21		220,000		231,275
Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/224		70,000		68,075

14      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Media (Continued)
Nexstar Broadcasting, Inc.: (Continued)
6.875% Sr. Unsec. Nts., 11/15/20	$	140,000	$	143,150
Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/224		420,000		415,800
Sinclair Television Group, Inc.:
5.625% Sr. Unsec. Nts., 8/1/244		75,000		73,594
6.125% Sr. Unsec. Nts., 10/1/22		215,000		221,987
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/224		50,000		50,125
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 2/15/254		80,000		77,500
8.50% Sr. Unsec. Nts., 5/15/214		60,000		62,625
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/214		198,000		211,612
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/224		112,500		119,813
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/244		120,000		116,400
				3,163,032
Multiline Retail—0.6%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/234		215,000		224,675
Neiman Marcus Group Ltd., Inc., 8.75% Sr. Unsec. Nts., 10/15/214,5		125,000		111,875
				336,550
Specialty Retail—2.0%
Apex Tool Group LLC, 7% Sr. Unsec. Nts., 2/1/214		280,000		232,400
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23		65,000		64,837
GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/194,6		125,000		124,844
L Brands, Inc.:
6.625% Sr. Unsec. Nts., 4/1/21		195,000		219,862
6.875% Sr. Unsec. Nts., 11/1/354		125,000		128,437
Michaels Stores, Inc., 5.875% Sr. Sub. Nts., 12/15/204		89,000		91,448
Sally Holdings LLC/Sally Capital, Inc.:
5.625% Sr. Unsec. Nts., 12/1/256		90,000		91,688
5.75% Sr. Unsec. Nts., 6/1/22		70,000		73,325
Toys R US Property Co. II LLC, 8.50% Sr. Sec. Nts., 12/1/17		50,000		47,125
				1,073,966
Textiles, Apparel & Luxury Goods—0.6%
Levi Strauss & Co.:
5.00% Sr. Unsec. Nts., 5/1/25		110,000		110,275
6.875% Sr. Unsec. Nts., 5/1/22		25,000		27,125
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		90,000		89,100
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		130,000		130,650
				357,150
Consumer Staples—3.7%
Beverages—0.3%
Constellation Brands, Inc.:
4.25% Sr. Unsec. Nts., 5/1/23		100,000		101,000
4.75% Sr. Unsec. Nts., 11/15/24		75,000		77,250
				178,250
Food & Staples Retailing—0.7%
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		45,000		45,000
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		30,000		32,459

15      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Food & Staples Retailing (Continued)
Rite Aid Corp.:
6.125% Sr. Unsec. Nts., 4/1/234	$	110,000	$	116,738
6.75% Sr. Unsec. Nts., 6/15/21		170,000		181,475
				375,672
Food Products—2.1%
Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875% Sr. Sec. Nts., 2/1/21		58,000		61,552
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/234		140,000		144,550
JBS USA LLC/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/254		100,000		94,500
Marfrig Holdings Europe BV, 6.875% Sr. Unsec. Nts., 6/24/194		135,000		126,562
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/234		250,000		246,875
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/254		115,000		113,563
Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/214		95,000		97,138
7.375% Sr. Unsec. Nts., 2/15/22		145,000		151,480
WhiteWave Foods Co., 5.375% Sr. Unsec. Nts., 10/1/22		115,000		122,619
				1,158,839
Household Products—0.2%
Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/244		25,000		26,187
6.375% Sr. Unsec. Nts., 11/15/20		80,000		86,000
				112,187
Personal Products—0.2%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21		110,000		109,450
Tobacco—0.2%
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		105,000		111,956
Energy—12.1%
Energy Equipment & Services—0.8%
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/224		260,000		237,900
Endeavor Energy Resources LP/EER Finance, Inc., 7% Sr. Unsec. Nts., 8/15/214		85,000		82,450
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		85,000		68,000
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		45,000		39,150
				427,500
Oil, Gas & Consumable Fuels—11.3%
Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20		195,000		188,175
Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19		60,000		46,500
California Resources Corp., 5.50% Sr. Unsec. Nts., 9/15/21		345,000		208,725
Carrizo Oil & Gas, Inc., 7.50% Sr. Unsec. Nts., 9/15/20		150,000		147,750
Chaparral Energy, Inc., 7.625% Sr. Unsec. Nts., 11/15/22		35,000		7,525
Chesapeake Energy Corp.:
4.875% Sr. Unsec. Nts., 4/15/22		90,000		38,531
5.375% Sr. Unsec. Nts., 6/15/21		65,000		28,762
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Nts., 12/15/19		55,000		31,350
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		145,000		142,100

16      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal
	Amount		Value
Oil, Gas & Consumable Fuels (Continued)
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22	$	90,000	$	59,400
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/234		250,000		222,300
Denbury Resources, Inc., 5.50% Sr. Sub. Nts., 5/1/22		115,000		71,875
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		250,000		230,494
7.50% Sr. Sec. Nts., 10/15/20		75,000		79,078
Energy XXI Gulf Coast, Inc., 11% Sec. Nts., 3/15/204		60,000		26,962
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.375% Sr. Unsec. Nts., 6/15/23		65,000		50,050
7.75% Sr. Unsec. Nts., 9/1/22		90,000		71,100
9.375% Sr. Unsec. Nts., 5/1/20		100,000		85,500
Gazprom Neft OAO Via GPN Capital SA, 6% Sr. Unsec. Nts., 11/27/234		250,000		244,115
Gazprom OAO Via Gaz Capital SA, 7.288% Sr. Unsec. Nts., 8/16/374		250,000		256,880
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		115,000		105,225
Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/21		45,000		13,950
Laredo Petroleum, Inc.:
5.625% Sr. Unsec. Nts., 1/15/22		70,000		65,800
6.25% Sr. Unsec. Nts., 3/15/23		130,000		125,775
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/237		175,000		178,062
Linn Energy LLC/Linn Energy Finance Corp., 7.75% Sr. Unsec. Nts., 2/1/21		100,000		21,500
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
4.875% Sr. Unsec. Nts., 12/1/24		115,000		102,566
4.875% Sr. Unsec. Nts., 6/1/25		60,000		53,700
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/214		160,000		138,400
Memorial Production Partners LP/Memorial Production Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21		45,000		26,212
Murray Energy Corp., 11.25% Sec. Nts., 4/15/214		200,000		46,500
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/214		245,000		229,994
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		145,000		137,387
Noble Energy, Inc., 5.625% Sr. Unsec. Nts., 5/1/21		70,000		70,694
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		105,000		91,087
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23		140,000		134,750
Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/254		300,000		91,500
Peabody Energy Corp., 6% Sr. Unsec. Nts., 11/15/18		120,000		28,356
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23		175,000		122,500
4.875% Sr. Unsec. Nts., 3/17/20		415,000		334,988
5.625% Sr. Unsec. Nts., 5/20/43		200,000		128,478
Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		110,000		97,900
5.00% Sr. Sub. Nts., 3/15/23		100,000		89,000
Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		175,000		149,625
Sabine Pass Liquefaction LLC:
5.625% Sr. Sec. Nts., 3/1/254		220,000		201,575
5.75% Sr. Sec. Nts., 5/15/24		25,000		23,188

17      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23	$	45,000	$	31,163
7.75% Sr. Unsec. Nts., 6/15/21		50,000		38,250
SandRidge Energy, Inc., 8.75% Sec. Nts., 6/1/204		50,000		19,125
SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23		80,000		77,000
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22		55,000		47,575
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/19		185,000		174,363
5.00% Sr. Unsec. Nts., 1/15/184		85,000		83,938
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20		39,000		40,268
6.25% Sr. Unsec. Nts., 10/15/224		160,000		166,200
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21		270,000		247,050
Williams Partners LP/ACMP, 6.125% Sr. Unsec. Nts., 7/15/22		65,000		64,930
WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24		40,000		33,300
6.00% Sr. Unsec. Nts., 1/15/22		65,000		55,413
Zhaikmunai LLP, 6.375% Sr. Unsec. Nts., 2/14/194		100,000		85,287
				6,209,746
Financials—13.8%
Capital Markets—3.0%
Deutsche Bank AG, 7.50% Jr. Sub. Perpetual Bonds1,8		200,000		193,811
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/214		125,000		122,187
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/244		150,000		150,375
5.75% Sec. Nts., 1/15/244		70,000		70,175
6.75% Sr. Sec. Nts., 11/1/204		112,000		118,020
7.00% Sr. Unsec. Nts., 12/1/234		190,000		193,087
8.25% Sec. Nts., 1/15/214		200,000		209,250
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/204		205,000		193,213
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/194		180,000		189,450
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.375% Sr. Unsec. Nts., 5/1/224		55,000		50,600
Springleaf Finance Corp., 5.25% Sr. Unsec. Nts., 12/15/19		155,000		152,658
				1,642,826
Commercial Banks—4.0%
Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/204		200,000		189,000
CIT Group, Inc., 5% Sr. Unsec. Nts., 8/15/22		230,000		235,462
Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sr. Sec. Nts., 5/15/204		110,000		91,712
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/234		215,000		205,325
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,4		205,000		211,149
Lloyds Banking Group plc, 7.50% Jr. Sub. Perpetual Bonds1,8		200,000		215,250
Moon Wise Global Ltd., 9% Sub. Perpetual Bonds1,8		205,000		221,122
OPE KAG Finance Sub, Inc., 7.875% Sr. Unsec. Nts., 7/31/234		275,000		282,906
Royal Bank of Scotland Group plc, 8% Jr. Sub. Perpetual Bonds1,8		200,000		211,500
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,4		225,000		206,663

18      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal
	Amount		Value
Commercial Banks (Continued)
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,4	$	100,000	$	97,800
				2,167,889
Consumer Finance—2.0%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/234		110,000		92,950
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22		115,000		117,875
5.125% Sr. Unsec. Nts., 9/30/24		150,000		155,992
5.75% Sub. Nts., 11/20/25		55,000		55,516
Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/18		30,000		30,300
Navient Corp., 5.875% Sr. Unsec. Nts., 10/25/24		315,000		269,719
Speedy Cash Intermediate Holdings Corp., 10.75% Sec. Nts., 5/15/184		210,000		135,450
TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/184		280,000		217,000
				1,074,802
Insurance—0.7%
CNO Financial Group, Inc., 4.50% Sr. Unsec. Nts., 5/30/20		115,000		118,437
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/214		130,000		125,125
National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/214		140,000		134,925
				378,487
Real Estate Investment Trusts (REITs)—2.2%
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		370,000		331,150
CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21		70,000		71,225
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 1/1/22		75,000		76,875
5.875% Sr. Unsec. Nts., 1/15/266		90,000		91,575
FelCor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/23		140,000		145,250
GLP Capital LP/GLP Financing II, Inc., 4.875% Sr. Unsec. Nts., 11/1/20		125,000		128,750
Iron Mountain, Inc., 6% Sr. Unsec. Nts., 10/1/204		50,000		52,575
iStar, Inc., 4.875% Sr. Unsec. Nts., 7/1/18		110,000		107,113
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		210,000		216,825
				1,221,338
Real Estate Management & Development—1.0%
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/204		165,000		160,875
JAFZ Sukuk 2019 Ltd., 7% Sr. Unsec. Nts., 6/19/19		140,000		157,083
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25% Sr. Unsec. Nts., 12/1/214		50,000		51,937
Sukuk Funding No. 3 Ltd., 4.348% Sr. Unsec. Nts., 12/3/18		155,000		160,092
				529,987
Thrifts & Mortgage Finance—0.9%
Jefferies Finance LLC/JFIN Co.-Issuer Corp.:
6.875% Sr. Unsec. Nts., 4/15/224		20,000		18,300
7.375% Sr. Unsec. Nts., 4/1/204		115,000		111,981
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/254		115,000		111,550

19      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Thrifts & Mortgage Finance (Continued)
Radian Group, Inc., 5.25% Sr. Unsec. Nts., 6/15/20	$	225,000	$	221,063
Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21		70,000		55,650
				518,544
Health Care—7.1%
Biotechnology—0.1%
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		40,000		37,600
Health Care Equipment & Supplies—0.7%
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/214		70,000		63,175
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/234		45,000		46,069
Hologic, Inc., 5.25% Sr. Unsec. Nts., 7/15/224		135,000		140,906
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/234		145,000		139,562
				389,712
Health Care Providers & Services—4.7%
Acadia Healthcare Co., Inc., 5.625% Sr. Unsec. Nts., 2/15/23		150,000		147,750
Amsurg Corp., 5.625% Sr. Unsec. Nts., 7/15/22		35,000		34,562
Centene Corp., 4.75% Sr. Unsec. Nts., 5/15/22		140,000		137,375
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Nts., 7/15/20		285,000		286,425
DaVita HealthCare Partners, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		60,000		57,750
5.125% Sr. Unsec. Nts., 7/15/24		30,000		29,981
5.75% Sr. Unsec. Nts., 8/15/22		145,000		150,800
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/224		115,000		110,975
ExamWorks Group, Inc., 5.625% Sr. Unsec. Nts., 4/15/23		60,000		59,925
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		115,000		87,400
Fresenius US Finance II, Inc., 4.50% Sr. Unsec. Nts., 1/15/234		150,000		153,937
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		160,000		158,500
7.50% Sr. Unsec. Nts., 2/15/22		135,000		151,538
HealthSouth Corp.:
5.75% Sr. Unsec. Nts., 11/1/24		55,000		53,350
5.751% Sr. Unsec. Nts., 11/1/244		125,000		121,250
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		55,000		46,200
LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		100,000		100,250
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		175,000		142,188
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		265,000		248,769
8.125% Sr. Unsec. Nts., 4/1/22		190,000		190,713
Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/224		85,000		86,806
				2,556,444
Life Sciences Tools & Services—0.1%
Quintiles Transnational Corp., 4.875% Sr. Unsec. Nts., 5/15/234		88,000		88,660
Pharmaceuticals—1.5%
Concordia Healthcare Corp., 7% Sr. Unsec. Nts., 4/15/234		85,000		73,525

20      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Pharmaceuticals (Continued)
DPx Holdings BV, 7.50% Sr. Unsec. Nts., 2/1/224	$	45,000	$	45,619
Endo Finance LLC/Endo Finco, Inc., 5.875% Sr. Unsec. Nts., 1/15/234		110,000		104,500
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/234		70,000		68,337
6.00% Sr. Unsec. Nts., 2/1/254		110,000		105,050
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/204		20,000		18,200
5.50% Sr. Unsec. Nts., 4/15/254		60,000		51,150
5.75% Sr. Unsec. Nts., 8/1/224		85,000		75,650
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/204		45,000		40,500
5.50% Sr. Unsec. Nts., 3/1/234		120,000		102,900
5.875% Sr. Unsec. Nts., 5/15/234		45,000		39,150
7.25% Sr. Unsec. Nts., 7/15/224		115,000		104,650
				829,231
Industrials—13.9%
Aerospace & Defense—2.5%
Aerojet Rocketdyne Holdings, Inc., 7.125% Sec. Nts., 3/15/21		275,000		287,719
CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/214		215,000		189,200
DigitalGlobe, Inc., 5.25% Sr. Unsec. Nts., 2/1/214		65,000		55,575
Erickson, Inc., 8.25% Sec. Nts., 5/1/20		145,000		91,350
KLX, Inc., 5.875% Sr. Unsec. Nts., 12/1/224		185,000		180,375
Kratos Defense & Security Solutions, Inc., 7% Sr. Sec. Nts., 5/15/19		120,000		84,600
LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		110,000		108,350
Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22		125,000		129,062
TransDigm, Inc., 6% Sr. Sub. Nts., 7/15/22		105,000		103,688
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		145,000		120,425
				1,350,344
Air Freight & Couriers—0.6%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/214		240,000		208,800
XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/194		90,000		91,575
				300,375
Airlines—0.7%
Air Canada, 6.75% Sr. Sec. Nts., 10/1/194		200,000		211,000
Air Medical Merger Sub Corp., 6.375% Sr. Unsec. Nts., 5/15/234		60,000		54,075
American Airlines Group, Inc., 5.50% Sr. Unsec. Nts., 10/1/194		90,000		90,788
				355,863
Building Products—1.5%
Building Materials Corp. of America, 5.375% Sr. Unsec. Nts., 11/15/244		170,000		172,125
CPG Merger Sub LLC, 8% Sr. Unsec. Nts., 10/1/214		95,000		94,525
Elementia SAB de CV, 5.50% Sr. Unsec. Nts., 1/15/254		230,000		221,881
Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		135,000		140,400
USG Corp., 5.50% Sr. Unsec. Nts., 3/1/254		210,000		215,775
				844,706
Commercial Services & Supplies—2.4%
ADT Corp. (The), 5.25% Sr. Unsec. Nts., 3/15/20		215,000		226,287

21      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18	$	105,000	$	77,700
Cenveo Corp.:
6.00% Sr. Sec. Nts., 8/1/194		115,000		86,250
8.50% Sec. Nts., 9/15/224		35,000		21,525
Clean Harbors, Inc., 5.25% Sr. Unsec. Unsub. Nts., 8/1/20		200,000		203,780
Garda World Security Corp., 7.25% Sr. Unsec. Nts., 11/15/214		200,000		179,000
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		155,000		117,025
Quad/Graphics, Inc., 7% Sr. Unsec. Nts., 5/1/22		110,000		85,525
R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		110,000		114,812
West Corp., 5.375% Sr. Unsec. Nts., 7/15/224		250,000		227,813
				1,339,717
Electrical Equipment—0.9%
EnerSys, 5% Sr. Unsec. Nts., 4/30/234		145,000		145,363
General Cable Corp., 5.75% Sr. Unsec. Nts., 10/1/22		175,000		147,875
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/244		180,000		183,375
				476,613
Machinery—2.0%
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/224		177,000		179,876
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/194		215,000		209,625
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		140,000		139,664
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		245,000		226,625
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		205,000		147,088
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21		125,000		122,519
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		95,000		95,653
				1,121,050
Marine—0.4%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375% Sr. Nts., 1/15/224		285,000		214,819
Professional Services—0.6%
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		145,000		152,069
Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/224		155,000		154,612
				306,681
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/254		100,000		96,625
Trading Companies & Distributors—2.0%
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/234		25,000		25,500
Building Materials Corp. of America, 6% Sr. Unsec. Nts., 10/15/254		120,000		124,350
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		200,000		202,750
6.75% Sr. Unsec. Nts., 12/15/20		320,000		334,400
HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/214		75,000		78,375
7.50% Sr. Unsec. Nts., 7/15/204		140,000		148,750
Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/214		145,000		88,450

22      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Trading Companies & Distributors (Continued)
United Rentals North America, Inc., 4.625% Sr. Sec. Nts., 7/15/23	$	110,000	$	109,725
				1,112,300
Transportation Infrastructure—0.1%
Aeropuertos Argentina 2000 SA, 10.75% Sr. Sec. Nts., 12/1/204		73,500		77,542
Information Technology—6.3%
Communications Equipment—2.1%
Alcatel-Lucent USA, Inc., 6.75% Sr. Unsec. Nts., 11/15/204		325,000		345,147
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/194		160,000		126,800
Blue Coat Holdings, Inc., 8.375% Sr. Unsec. Nts., 6/1/234		85,000		87,125
CommScope Technologies Finance LLC, 6% Sr. Unsec. Nts., 6/15/254		50,000		48,000
Infor US, Inc.:
5.75% Sr. Sec. Nts., 8/15/204		20,000		20,100
6.50% Sr. Unsec. Nts., 5/15/224		90,000		80,100
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/234		40,000		40,800
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/234		80,000		76,400
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		290,000		301,269
				1,125,741
Electronic Equipment, Instruments, & Components—1.2%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		100,000		106,250
Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/224		145,000		142,100
CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23		35,000		35,569
Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/22		350,000		375,375
				659,294
Internet Software & Services—0.3%
EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20		150,000		154,875
IT Services—1.0%
Ceridian HCM Holding, Inc., 11% Sr. Unsec. Nts., 3/15/214		10,000		7,888
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/204		160,000		142,400
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/234		120,000		118,800
WEX, Inc., 4.75% Sr. Unsec. Nts., 2/1/234		310,000		288,300
				557,388
Semiconductors & Semiconductor Equipment—0.7%
Freescale Semiconductor, Inc., 6% Sr. Sec. Nts., 1/15/224		130,000		139,034
Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/234		215,000		202,637
5.50% Sr. Unsec. Nts., 2/1/25		35,000		32,550
5.875% Sr. Unsec. Nts., 2/15/22		20,000		20,190
				394,411
Software—0.6%
Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/214		40,000		42,225
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/214		80,000		62,200
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/234		70,000		67,550
Interactive Data Corp., 5.875% Sr. Unsec. Nts., 4/15/194		145,000		148,081

23      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Software (Continued)
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/214		$	40,000	$	37,350
					357,406
Technology Hardware, Storage & Peripherals—0.4%
Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/204			200,000		212,516
Materials—8.9%
Chemicals—2.0%
ADS Waste Holdings, Inc., 8.25% Sr. Unsec. Nts., 10/1/20			210,000		218,400
Blue Cube Spinco, Inc., 9.75% Sr. Unsec. Nts., 10/15/234			80,000		87,600
Chemours Co.:
6.625% Sr. Unsec. Nts., 5/15/234			65,000		49,075
7.00% Sr. Unsec. Nts., 5/15/254			50,000		37,500
Hexion, Inc., 6.625% Sr. Sec. Nts., 4/15/20			50,000		36,375
Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/224			70,000		64,750
INEOS Group Holdings SA:
5.875% Sec. Nts., 2/15/194			40,000		39,950
6.125% Sr. Unsec. Nts., 8/15/184			200,000		202,250
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21			100,000		64,500
NOVA Chemicals Corp., 5% Sr. Unsec. Nts., 5/1/254			85,000		83,512
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/224			65,000		56,875
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/204			125,000		90,000
Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20			125,000		84,063
					1,114,850
Construction Materials—0.7%
Cemex SAB de CV:
4.75% Sr. Sec. Nts., 1/11/224	EUR		15,000		15,516
5.70% Sr. Sec. Nts., 1/11/254			200,000		177,500
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/214			220,000		216,975
					409,991
Containers & Packaging—2.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
6.00% Sr. Unsec. Nts., 6/30/214			90,000		89,100
6.75% Sr. Unsec. Nts., 1/31/214			95,000		96,187
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/204			16,765		16,786
Berry Plastics Corp.:
5.125% Sec. Nts., 7/15/23			115,000		112,125
5.50% Sec. Nts., 5/15/22			70,000		70,787
BWAY Holding Co., 9.125% Sr. Unsec. Nts., 8/15/214			70,000		66,325
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/194			130,000		120,900
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23			85,000		84,469
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/224			45,000		44,775
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.75% Sr. Sec. Nts., 10/15/20			215,000		221,181
8.25% Sr. Unsec. Nts., 2/15/21			55,000		55,206
9.875% Sr. Unsec. Nts., 8/15/19			25,000		25,969

24      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Containers & Packaging (Continued)
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/224	$	55,000	$	55,962
5.125% Sr. Unsec. Nts., 12/1/244		55,000		56,513
6.50% Sr. Unsec. Nts., 12/1/204		80,000		89,200
				1,205,485
Metals & Mining—3.4%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		200,000		175,503
Alcoa, Inc., 5.125% Sr. Unsec. Nts., 10/1/24		140,000		133,175
Aleris International, Inc., 7.875% Sr. Unsec. Nts., 11/1/20		86,000		72,025
ArcelorMittal:
6.125% Sr. Unsec. Nts., 6/1/25		40,000		31,602
6.50% Sr. Unsec. Nts., 3/1/21		95,000		83,362
Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/244		55,000		41,525
Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/204		200,000		194,109
JMC Steel Group, Inc., 8.25% Sr. Nts., 3/15/184		90,000		61,596
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/204		155,000		151,512
MMC Norilsk Nickel OJSC via MMC Finance Ltd., 6.625% Sr. Unsec. Nts., 10/14/224		200,000		206,000
Nord Gold NV, 6.375% Sr. Unsec. Nts., 5/7/184		245,000		253,969
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		85,000		83,088
OJSC Novolipetsk Steel via Steel Funding Ltd., 4.45% Sr. Unsec. Nts., 2/19/184		150,000		150,094
Steel Dynamics, Inc., 5.125% Sr. Unsec. Nts., 10/1/21		125,000		122,188
Thompson Creek Metals Co., Inc., 7.375% Sr. Unsec. Nts., 6/1/18		55,000		14,300
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/184		80,000		63,600
				1,837,648
Paper & Forest Products—0.6%
PaperWorks Industries, Inc., 9.50% Sr. Sec. Nts., 8/15/194		50,000		49,250
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/214		250,000		251,875
				301,125
Telecommunication Services—6.8%
Diversified Telecommunication Services—4.8%
CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21		100,000		98,052
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/204		420,000		412,387
Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/224		100,000		91,750
8.50% Sub. Perpetual Bonds1,4,8		60,000		53,310
Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/214		205,000		214,994
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/194		300,000		306,750
Frontier Communications Corp.:
7.125% Sr. Unsec. Nts., 1/15/23		215,000		182,213
10.50% Sr. Unsec. Nts., 9/15/224		115,000		114,425
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		105,000		40,950
Level 3 Financing, Inc.:
5.375% Sr. Unsec. Nts., 8/15/22		305,000		308,204
5.625% Sr. Unsec. Nts., 2/1/23		100,000		101,125

25      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
T-Mobile USA, Inc.:
6.25% Sr. Unsec. Nts., 4/1/21	$	100,000	$	102,750
6.625% Sr. Unsec. Nts., 4/1/23		145,000		149,082
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		60,000		44,625
7.75% Sr. Unsec. Nts., 10/15/20		65,000		54,844
7.75% Sr. Unsec. Nts., 10/1/21		65,000		52,162
Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/234		310,000		299,150
				2,626,773
Wireless Telecommunication Services—2.0%
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/224		230,000		186,463
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/234		35,000		31,052
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/254		250,000		218,125
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/234		150,000		140,625
Sistema JSFC via Sistema International Funding SA, 6.95% Sr. Unsec. Nts., 5/17/194		100,000		102,125
Sprint Corp.:
7.25% Sr. Unsec. Nts., 9/15/21		125,000		101,563
7.875% Sr. Unsec. Nts., 9/15/23		260,000		209,950
VimpelCom Holdings BV, 5.95% Sr. Unsec. Unsub. Nts., 2/13/234		100,000		94,125
				1,084,028
Utilities—2.9%
Electric Utilities—0.0%
MMC Energy. Inc., 8.875% Sr. Unsec. Nts., 10/15/203,9		90,000		—
Gas Utilities—0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		70,000		72,199
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21		95,000		85,975
				158,174
Independent Power and Renewable Electricity Producers—2.5%
AES Corp.:
5.50% Sr. Unsec. Nts., 3/15/24		195,000		178,657
7.375% Sr. Unsec. Nts., 7/1/21		85,000		87,975
Calpine Corp.:
5.375% Sr. Unsec. Nts., 1/15/23		140,000		131,250
7.875% Sr. Sec. Nts., 1/15/234		118,000		125,817
Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		110,000		99,413
6.75% Sr. Unsec. Nts., 11/1/19		135,000		132,554
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.75% Sec. Nts., 3/1/223,4		79,343		84,797
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		60,000		53,400
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28		53,586		55,261
NRG Energy, Inc.:
6.25% Sr. Unsec. Nts., 7/15/22		175,000		162,750
6.625% Sr. Unsec. Nts., 3/15/23		145,000		134,125

26      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/24	$	125,000	$	113,938
				1,359,937
Multi-Utilities—0.1%
InterGen NV, 7% Sr. Sec. Nts., 6/30/234		55,000		45,925
Total Corporate Bonds and Notes (Cost $54,234,043)				51,081,211
	Shares
Common Stock—0.2%
Nortek, Inc.10 (Cost $167,239)		2,100		101,094
Investment Company—3.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.20%11,12 (Cost $1,700,388)		1,700,388		1,700,388
Total Investments, at Value (Cost $57,245,530)		98.3%		53,823,300
Net Other Assets (Liabilities)		1.7		954,567
Net Assets		100.0%	$	54,777,867

Footnotes to Consolidated Statement of Investments

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

2. Subject to a forbearance agreement. Rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

3. 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 contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $25,589,544 or 46.72% of the Fund’s net assets at period end.

5. Interest or dividend is paid-in-kind, when applicable.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

7. Restricted security. The aggregate value of restricted securities at period end was $178,062, which represents 0.33% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition    Dates		Cost		Value		Unrealized       Depreciation
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		4/17/14-3/11/15	$	181,389	$	178,062	$	3,327

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

9. Security received as the result of issuer reorganization.

10. Non-income producing security.

11. Rate shown is the 7-day yield at period end.

27      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

12. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, 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 reporting period in which the issuer was an affiliate are as follows:

	Shares May 29, 2015a		Gross Additions		Gross Reductions		Shares November 30, 2015
Oppenheimer Institutional Money Market Fund, Cl. E		—		13,229,587		11,529,199		1,700,388
					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	1,700,388	$	2,000

a. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

Forward Currency Exchange Contracts as of November 30, 2015
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized             Appreciation
BOA		05/2016	USD	16	EUR	15	$	262

Glossary:
Counterparty abbreviations
BOA	Bank of America NA
Currency abbreviations indicate amounts reporting in currencies
EUR	Euro

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent
United States	$	41,061,971		76.3	%
Russia		2,000,217		3.7
Brazil		1,717,078		3.2
Canada		1,140,550		2.1
United Kingdom		973,243		1.8
Netherlands		748,375		1.4
Ireland		722,437		1.3
Luxembourg		663,225		1.2
India		469,739		0.9
France		415,800		0.8
Mexico		414,897		0.8
Germany		411,773		0.8
Chile		321,725		0.6
United Arab Emirates		317,175		0.6
China		304,316		0.6
Israel		278,425		0.5
Greece		237,900		0.4
Colombia		236,560		0.4
Jamaica		217,515		0.4
Peru		216,975		0.4
Barbados		214,994		0.4

28      OPPENHEIMER GLOBAL HIGH YIELD FUND

Geographic Holdings (Continued)	Value		Percent
Jersey, Channel Islands	$	186,592		0.4	%
Belgium		178,063		0.3
Macau		113,125		0.2
Turkey		97,800		0.2
Kazakhstan		85,288		0.2
Argentina		77,542		0.1
Total	$	53,823,300		100.0	%

See accompanying Notes to Consolidated Financial Statements.

29      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES November 30, 2015 Unaudited

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $55,545,142)	$	52,122,912
Affiliated companies (cost $1,700,388)		1,700,388
		53,823,300
Cash		551,923
Unrealized appreciation on forward currency exchange contracts		262
Receivables and other assets:
Interest, dividends and principal paydowns		837,160
Shares of beneficial interest sold		104,961
Investments sold on a when-issued or delayed delivery basis		20,200
Other		397
Total assets		55,338,203
Liabilities
Payables and other liabilities:
Investments purchased (including $325,313 purchased on a when-issued or delayed delivery basis)		420,994
Dividends		79,320
Legal, auditing and other professional fees		20,930
Shares of beneficial interest redeemed		8,913
Distribution and service plan fees		6,631
Trustees’ compensation		2,074
Shareholder communications		999
Other		20,475
Total liabilities		560,336
Net Assets	$	54,777,867
Composition of Net Assets
Par value of shares of beneficial interest	$	6,069
Additional paid-in capital		59,924,339
Accumulated net investment loss		(6,992)
Accumulated net realized loss on investments and foreign currency transactions		(1,723,567)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(3,421,982)
Net Assets	$	54,777,867

30      OPPENHEIMER GLOBAL HIGH YIELD FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $27,158,371 and 3,008,291 shares of beneficial interest outstanding)	$	9.03
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.48
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $4,670,677 and 517,657 shares of beneficial interest outstanding)	$	9.02
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $21,943,720 and 2,431,232 shares of beneficial interest outstanding)	$	9.03
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $446,332 and 49,435 shares of beneficial interest outstanding)	$	9.03
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $558,767 and 61,904 shares of beneficial interest outstanding)	$	9.03

See accompanying Notes to Consolidated Financial Statements.

31      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended November 30, 2015 Unaudited

Investment Income
Interest	$	1,647,792
Dividends affiliated companies		2,000
Total investment income		1,649,792
Expenses
Management fees		202,628
Distribution and service plan fees:
Class A		9,239
Class C		20,503
Class R		1,077
Transfer and shareholder servicing agent fees:
Class A		32,997
Class C		4,515
Class I		2,786
Class R		480
Class Y		950
Shareholder communications:
Class A		5,165
Class C		2,663
Class I		16
Class R		783
Class Y		405
Custodian fees and expenses		25,195
Legal, auditing and other professional fees		18,014
Trustees’ compensation		12,838
Registration fees		4,840
Borrowing fees		314
Other		13,782
Total expenses		359,190
Less reduction to custodian expenses		(261)
Less waivers and reimbursements of expenses		(50,427)
Net expenses		308,502
Net Investment Income		1,341,290
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies		(607,449)
Foreign currency transactions		2,509
Swap contracts		19,636
Net realized loss		(585,304)
Net change in unrealized appreciation/depreciation on:
Investments		(3,552,510)
Translation of assets and liabilities denominated in foreign currencies		(2,488)
Net change in unrealized appreciation/depreciation		(3,554,998)
Net Decrease in Net Assets Resulting from Operations	$	(2,799,012)

See accompanying Notes to Consolidated Financial Statements.

32      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2015 (Unaudited)		Year Ended May 29, 20151
Operations
Net investment income	$	1,341,290	$	2,080,800
Net realized loss		(585,304)		(1,087,919)
Net change in unrealized appreciation/depreciation		(3,554,998)		(605,641)
Net increase (decrease) in net assets resulting from operations		(2,799,012)		387,240
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(739,235)		(1,540,850)
Class C		(87,351)		(112,159)
Class I		(494,999)		(379,423)
Class R2		(10,245)		(10,968)
Class Y		(22,453)		(37,964)
		(1,354,283)		(2,081,364)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(2,449,311)		1,573,146
Class C		1,123,192		2,409,154
Class I		8,027,217		15,256,867
Class R2		101,056		273,871
Class Y		(502,649)		569,953
		6,299,505		20,082,991
Net Assets
Total increase		2,146,210		18,388,867
Beginning of period		52,631,657		34,242,790
End of period (including accumulated net investment income (loss) of $(6,992) and $6,001, respectively)	$	54,777,867	$	52,631,657

1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

2. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

33      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 29, 2015 1		Period Ended May 30, 20141,2
Per Share Operating Data
Net asset value, beginning of period	$	9.75		$	10.25	$	10.00
Income (loss) from investment operations:
Net investment income3		0.23			0.49		0.26
Net realized and unrealized gain (loss)		(0.72)			(0.50)		0.25
Total from investment operations		(0.49)			(0.01)		0.51
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)			(0.49)		(0.26)
Net asset value, end of period	$	9.03		$	9.75	$	10.25
Total Return, at Net Asset Value4		(5.06)%			(0.07)%		5.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27,158		$	31,973	$	31,950
Average net assets (in thousands)	$	29,919		$	31,185	$	27,035
Ratios to average net assets:5
Net investment income		4.89%			4.94%		4.64%
Expenses excluding interest and fees from borrowings		1.34%			1.40%		1.49%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%
Total expenses		1.34%	7		1.40%		1.49%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.21%			1.15%		1.15%
Portfolio turnover rate		20%			67%		103%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Consolidated Notes.

2. For the period from November 8, 2013 (commencement of operations) to May 30, 2014.

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

4. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended November 30, 2015 1 .34 % 

See accompanying Notes to Consolidated Financial Statements.

34      OPPENHEIMER GLOBAL HIGH YIELD FUND

Class C	Six Months Ended November 30, 2015 (Unaudited)		Year Ended May 29, 2015 1		Period Ended  May 30,  20141,2
Per Share Operating Data
Net asset value, beginning of period	$	9.75	$	10.25	$	10.00
Income (loss) from investment operations:
Net investment income3		0.20		0.42		0.24
Net realized and unrealized gain (loss)		(0.73)		(0.50)		0.24
Total from investment operations		(0.53)		(0.08)		0.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.20)		(0.42)		(0.23)
Net asset value, end of period	$	9.02	$	9.75	$	10.25
Total Return, at Net Asset Value4		(5.49)%		(0.76)%		4.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,671	$	3,876	$	1,576
Average net assets (in thousands)	$	4,109	$	2,632	$	543
Ratios to average net assets:5
Net investment income		4.20%		4.24%		4.22%
Expenses excluding interest and fees from borrowings		2.38%		2.56%		3.42%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		2.38%7		2.56%		3.42%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.91%		1.85%		1.85%
Portfolio turnover rate		20%		67%		103%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Consolidated Notes.

2. For the period from November 8, 2013 (commencement of operations) to May 30, 2014.

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

4. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended November 30, 2015 2.38 % 

See accompanying Notes to Consolidated Financial Statements.

35      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended November 30, 2015 (Unaudited)		Year Ended May 29, 2015 1		Period Ended May 30, 20141,2
Per Share Operating Data
Net asset value, beginning of period	$	9.75	$	10.25	$	10.00
Income (loss) from investment operations:
Net investment income3		0.24		0.49		0.28
Net realized and unrealized gain (loss)		(0.71)		(0.47)		0.25
Total from investment operations		(0.47)		0.02		0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.52)		(0.28)
Net asset value, end of period	$	9.03	$	9.75	$	10.25
Total Return, at Net Asset Value4		(4.89)%		0.28%		5.36%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,944	$	15,272	$	10
Average net assets (in thousands)	$	18,691	$	7,400	$	10
Ratios to average net assets:5
Net investment income		5.25%		5.13%		4.89%
Expenses excluding interest and fees from borrowings		1.06%		1.07%		1.16%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		1.06%7		1.07%		1.16%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		0.80%		0.80%
Portfolio turnover rate		20%		67%		103%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Consolidated Notes.

2. For the period from November 8, 2013 (commencement of operations) to May 30, 2014.

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

4. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended November 30, 2015 1.06 % 

See accompanying Notes to Consolidated Financial Statements.

36      OPPENHEIMER GLOBAL HIGH YIELD FUND

Class R	Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 29, 2015 1		Period Ended May 30, 20141,2
Per Share Operating Data
Net asset value, beginning of period	$	9.75		$	10.25	$	10.00
Income (loss) from investment operations:
Net investment income3		0.22			0.46		0.26
Net realized and unrealized gain (loss)		(0.72)			(0.50)		0.24
Total from investment operations		(0.50)			(0.04)		0.50
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)			(0.46)		(0.25)
Net asset value, end of period	$	9.03		$	9.75	$	10.25
Total Return, at Net Asset Value4		(5.17)%			(0.31)%		5.04%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	446		$	379	$	116
Average net assets (in thousands)	$	436		$	234	$	47
Ratios to average net assets:5
Net investment income		4.65%			4.68%		4.60%
Expenses excluding interest and fees from borrowings		2.10%			2.45%		1.86%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%
Total expenses		2.10%	7		2.45%		1.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.46%			1.39%		1.40%
Portfolio turnover rate		20%			67%		103%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Consolidated Notes.

2. For the period from November 8, 2013 (commencement of operations) to May 30, 2014.

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

4. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended November 30, 2015 2.10 % 

See accompanying Notes to Consolidated Financial Statements.

37      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 29, 2015 1		Period Ended  May 30,  20141,2
Per Share Operating Data
Net asset value, beginning of period	$	9.75		$	10.25	$	10.00
Income (loss) from investment operations:
Net investment income3		0.24			0.52		0.29
Net realized and unrealized gain (loss)		(0.72)			(0.50)		0.24
Total from investment operations		(0.48)			0.02		0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)			(0.52)		(0.28)
Net asset value, end of period	$	9.03		$	9.75	$	10.25
Total Return, at Net Asset Value4		(4.92)%			0.23%		5.35%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	559		$	1,132	$	591
Average net assets (in thousands)	$	858		$	724	$	219
Ratios to average net assets:5
Net investment income		5.18%			5.25%		5.20%
Expenses excluding interest and fees from borrowings		1.35%			1.50%		1.62%
Interest and fees from borrowings		0.00%	6		0.00%		0.00%
Total expenses		1.35%	7		1.50%		1.62%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.91%			0.84%		0.84%
Portfolio turnover rate		20%			67%		103%

1. May 29, 2015 and May 30, 2014 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Consolidated Notes.

2. For the period from November 8, 2013 (commencement of operations) to May 30, 2014.

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

4. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended November 30, 2015 1 .35 % 

See accompanying Notes to Consolidated Financial Statements.

38      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS November 30, 2015 Unaudited

1. Organization

Oppenheimer Global High Yield Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. At period end, approximately 33.6% of the shares of the Fund were owned by the Manager, other funds advised or sub-advised by the Manager or an affiliate of the Manager.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not subject to a CDSC upon redemption. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and 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 I and 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, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global High Yield Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The

39      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. Regulation S securities are securities of U.S. and non U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 1,000 shares with net assets of $83,287 in the Subsidiary.

Other financial information at period end:

Total market value of investments*	$	—
Net assets	$	83,287
Net income (loss)	$	(16,713	)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	—

* At period end, the Subsidiary only held cash.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Consolidated Statement of Operations.

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.

40      OPPENHEIMER GLOBAL HIGH YIELD FUND

2. Significant Accounting Policies (Continued)

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

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 Consolidated Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Consolidated 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 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.

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 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 remains open for the three preceding fiscal reporting period ends.

41      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement. The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The IRS has suspended the granting of private letter rulings pending further review. As a result, there can be no assurance that the IRS will not change its position with respect to commodity-linked notes and wholly-owned subsidiaries. In addition, future legislation and guidance from the Treasury and the IRS may adversely affect the fund’s ability to gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

The Fund is required to include in income for federal income tax purposes all of the subsidiary’s net income and gains whether or not such income is distributed by the subsidiary. Net income and gains from the subsidiary are generally treated as ordinary income by the Fund, regardless of the character of the subsidiary’s underlying income. Net losses from the subsidiary do not pass through to the Fund for federal income tax purposes.

 During the fiscal year ended May 29, 2015, the Fund utilized $21,353 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $1,133,878.

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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. 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 at period end 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	$	57,249,916
Gross unrealized appreciation	$	464,160
Gross unrealized depreciation		(3,890,776)
Net unrealized depreciation	$	(3,426,616)

Use of Estimates. 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

42      OPPENHEIMER GLOBAL HIGH YIELD FUND

2. Significant Accounting Policies (Continued)

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.

3. 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, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the

43      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or

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3. Securities Valuation (Continued)

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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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 inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities at period end based on valuation input level:

	Level 1— Unadjusted             Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Assets Table
Investments, at Value:
Corporate Loans	$	—	$	940,607	$	—	$	940,607
Corporate Bonds and Notes		—		51,081,211		—		51,081,211
Common Stock		101,094		—		—		101,094

45      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant         Unobservable Inputs		Value
Investments, at Value: (Continued)
Investment Company	$	1,700,388	$	—	$	—	$	1,700,388
Total Investments, at Value		1,801,482		52,021,818		—		53,823,300
Other Financial Instruments:
Forward currency exchange contracts		—		262		—		262
Total Assets	$	1,801,482	$	52,022,080	$	—	$	53,823,562

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued

46      OPPENHEIMER GLOBAL HIGH YIELD FUND

4. Investments and Risks (Continued)

at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their 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 the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated 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 or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$325,313
Sold securities		20,200

Restricted Securities. At period end, 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

47      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

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 at period end is as follows:

Cost	$	233,940
Market Value	$	125,097
Market Value as % of Net Assets		0.23%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. At period end, securities with an aggregate market value of $38,395, representing 0.07% of the Fund’s net assets, were subject to these forbearance agreements.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the fund to various 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 of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

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5. Market Risk Factors (Continued)

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 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.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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

49      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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.

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

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities as a receivable (or payable) and in the Consolidated Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Consolidated Statement of Operations.

The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $1,241 and $18,059, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

Swap contracts are reported on a schedule following the Consolidated Statement of Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by

50      OPPENHEIMER GLOBAL HIGH YIELD FUND

6. Use of Derivatives (Continued)

positive and negative values and disclosed separately on the Consolidated Statement of Assets and Liabilities. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund, if any, at termination or settlement. The net change in this amount during the period is included on the Consolidated Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Consolidated Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference rate or asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

Credit Default Swap Contracts. A credit default swap is a contract that enables an investor to buy or sell protection against a defined-issuer credit event, such as the issuer’s failure to make timely payments of interest or principal on a debt security, bankruptcy or restructuring. The Fund may enter into credit default swaps either by buying or selling protection on a corporate issuer, sovereign issuer, or a basket or index of issuers (the “reference asset”).

The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of the swap contract. The seller of protection agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

51      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

For the reporting period, the Fund had ending monthly average notional amounts of $426,429 on credit default swaps to sell protection.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

52      OPPENHEIMER GLOBAL HIGH YIELD FUND

6. Use of Derivatives (Continued)

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

53      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end:

			Gross Amounts Not Offset in the Consolidated
			Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	262	$	—	$	—	$	—	$	262

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities at period end:

	Asset Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	262

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency transactions		Swap contracts		Total
Credit contracts	$	—	$	19,636	$	19,636
Forward currency exchange contracts		2,515		—		2,515
Total	$	2,515	$	19,636	$	22,151

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Translation of assets and liabilities denominated in foreign currencies		Total
Forward currency exchange contracts	$	262	$	262

7. 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:

54      OPPENHEIMER GLOBAL HIGH YIELD FUND

7. Shares of Beneficial Interest (Continued)

	Six Months Ended November 30, 2015					Year Ended May 29, 20151
	Shares			Amount		Shares			Amount
Class A
Sold		348,871		$	3,275,698		684,359		$	6,750,668
Dividends and/or distributions reinvested		20,713			192,179		29,250			288,784
Redeemed		(640,062	)		(5,917,188)		(552,560	)		(5,466,306)
Net increase (decrease)		(270,478	)	$	(2,449,311)		161,049		$	1,573,146
Class C
Sold		226,412		$	2,111,902		311,548		$	3,070,976
Dividends and/or distributions reinvested		9,089			84,292		10,912			107,463
Redeemed		(115,470	)		(1,073,002)		(78,630	)		(769,285)
Net increase		120,031		$	1,123,192		243,830		$	2,409,154
Class I
Sold		811,688		$	7,532,465		1,526,067		$	14,879,219
Dividends and/or distributions reinvested		53,481			494,752		39,126			378,897
Redeemed		—			—		(130	)		(1,249)
Net increase		865,169		$	8,027,217		1,565,063		$	15,256,867
Class R2
Sold		14,514		$	137,335		34,239		$	338,161
Dividends and/or distributions reinvested		1,073			9,954		1,065			10,471
Redeemed		(4,979	)		(46,233)		(7,754	)		(74,761)
Net increase		10,608		$	101,056		27,550		$	273,871
Class Y
Sold		12,189		$	116,609		130,256		$	1,283,159
Dividends and/or distributions reinvested		2,372			22,139		3,784			37,446
Redeemed		(68,764	)		(641,397)		(75,618	)		(750,652)
Net increase (decrease)		(54,203	)	$	(502,649)		58,422		$	569,953

1. May 29, 2015 represents the last business day of the Fund’s reporting period. See Consolidated Note 2.

2. Effective July 1, 2014, Class N shares were renamed Class R. See Consolidated Note 1.

8. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	15,029,552	$	9,918,525

55      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. 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 $500 million	0.75%
Next $500 million	0.70
Next $3 billion	0.65
Over $4 billion	0.60

The Manager also provides investment management related services to the Subsidiary. The Subsidiary pays the Manager a monthly management fee at an annual rate according to the above schedule. The Subsidiary also pays certain other expenses including custody and directors’ fees.

The Fund’s effective management fee for the reporting period was 0.75% of average annual net assets before any Subsidiary management fees or any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund and the Subsidiary. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund and the Subsidiary, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Consolidated Statement of Operations and Consolidated Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) 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 Trustees 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 Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment,

56      OPPENHEIMER GLOBAL HIGH YIELD FUND

9. Fees and Other Transactions with Affiliates (Continued)

resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated 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.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. 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 Consolidated Statement of Operations.

Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Consolidated Statement of Operations.

Sales Charges. Front-end sales charges and 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.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class C   Contingent Deferred Sales   Charges Retained by   Distributor
November 30, 2015		$2,408		$726

57      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive a portion of its management fees and/or reimburse the Fund for certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, extraordinary expenses and certain other Fund expenses) will not exceed 1.15% of average annual net assets for Class A shares, 1.85% for Class C shares, 0.80% for Class I shares, 1.40% for Class R shares and 0.85% for Class Y shares. During the reporting period, the Manager reimbursed the Fund $18,566, $9,443, $17,909, $1,380 and $1,810 for Class A, Class C, Class I, Class R and Class Y shares, respectively.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in underlying funds managed by the Manager or its affiliates. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,319 for management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the

58      OPPENHEIMER GLOBAL HIGH YIELD FUND

11. Pending Litigation (Continued)

district court for further proceedings. In October 2015, the district court reaffirmed its order granting plaintiffs’ motion for class certification. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

59      OPPENHEIMER GLOBAL HIGH YIELD FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited

 The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

 The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

 Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

 Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

 The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that

60      OPPENHEIMER GLOBAL HIGH YIELD FUND

the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Michael Mata, Young-Sup Lee, and Christopher Kelly, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

 Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Managers and the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail high yield bond funds. The Board noted that the Fund, which was launched on November 8, 2013, underperformed its category median for the one-year period. The Board considered that the Fund’s underperformance versus its category median during this period was mostly due to the fact that, unlike other competitors in its category, the Fund included developed and emerging market high yield corporate bonds, which ultimately detracted from the Fund’s performance relative to its more domestic-centric peers as those markets generally underperformed the U.S. market. The Board took into consideration the Adviser’s assertion that over the long-term, exposure to the foreign high yield bond markets in combination with appropriately allocating across the U.S. developed and emerging market sectors can provide value to investors. The Board also took into account recent changes to the Fund, including that Christopher Kelly and Michael Mata were appointed as new portfolio managers for the Fund effective March 31, 2015.

 Fees and Expenses of the Fund. The Board reviewed the fees paid to the Managers and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail high yield bond funds with comparative asset levels and distribution features. The Board noted that the Fund’s contractual management fee was higher than its peer group median and its category median. The Board also noted that the Fund’s total expenses were equal to its peer group median and higher than its category median. The Board considered that the Fund’s contractual management fees rank in the fourth quintile and that its total expenses rank in the fourth quintile. The Board considered that within the total asset range of $0 to $50 million, the Fund’s effective management fee rate was higher than its peer group median

61      OPPENHEIMER GLOBAL HIGH YIELD FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited / Continued

and category median. The Board noted that the Adviser has contractually agreed to waive fees and/or reimburse the Fund so that total expenses, as a percentage of average daily net assets, will not exceed the following annual rates: 1.15% for Class A shares, 1.85% for Class C shares, 1.40% for Class R shares, 0.85% for Class Y shares and 0.80% for Class I shares. The Board noted that this fee waiver may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

 Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

 Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

 Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2016. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

62      OPPENHEIMER GLOBAL HIGH YIELD FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO CONSOLIDATED 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.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), 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.

63      OPPENHEIMER GLOBAL HIGH YIELD FUND

OPPENHEIMER GLOBAL HIGH YIELD FUND

Trustees and Officers	Sam Freedman, Chairman of the Board of Trustees and Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	Robert J. Malone, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Chris Kelly, Vice President
	Young-Sup Lee, Vice President
	Michael A. Mata, Vice President
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Jennifer Sexton, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Counsel	Ropes & Gray 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.

© 2016 OppenheimerFunds, Inc. All rights reserved.

64      OPPENHEIMER GLOBAL HIGH YIELD 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

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). 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.

65      OPPENHEIMER GLOBAL HIGH YIELD FUND

PRIVACY POLICY NOTICE Continued

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 256-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, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. 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 March 2015. 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 this privacy policy, 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.CALL OPP (225.5677).

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	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am–8pm ET.
Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2016 OppenheimerFunds Distributor, Inc. All rights reserved. RS1350.001.1115    January 21, 2016

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

None

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 11/30/2015, 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 Global High Yield Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	1/15/2016

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/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	1/15/2016

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	1/15/2016

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global High Yield Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 1/15/2016

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global High Yield Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 1/15/2016

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Global High Yield Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 11/30/2015 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer Global High Yield Fund	Oppenheimer Global High Yield Fund
/s/ Arthur P. Steinmetz	/s/ Brian W. Wixted
Arthur P. Steinmetz	Brian W. Wixted
Date: 1/15/2016	Date: 1/15/2016