N-CSR

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)

Cynthia Lo Bessette

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: 5/31/2016

Item 1. Reports to Stockholders.

Annual Report	5/31/2016
Oppenheimer Global High Yield Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	8
Fund Expenses	12
Consolidated Statement of Investments	14
Consolidated Statement of Assets and Liabilities	33
Consolidated Statement of Operations	35
Consolidated Statements of Changes in Net Assets	37
Consolidated Financial Highlights	38
Notes to Consolidated Financial Statements	43
Report of Independent Registered Public Accounting Firm	68
Federal Income Tax Information	69
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	70
Trustees and Officers	71
Privacy Policy Notice	77

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 5/31/16

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	J.P. Morgan Global   High Yield Index
1-Year	-2.22%	-6.86%	-1.31%
Since Inception (11/8/13)	1.07	-0.83	2.47

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

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Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of -2.22% during the reporting period. In comparison, the J.P. Morgan Global High Yield Index (the “Index”) returned -1.31%. Negative returns in the High Yield market were driven by continued weakness in commodity prices. However, the Fund performed positively over the second half of the reporting period. Over the final six months of the reporting period, the Fund’s Class A shares (without sales charge) returned 2.99%, versus the Index’s return of 4.72% during that same timeframe.

MARKET OVERVIEW

Continued volatility in oil, weak economic data in some emerging markets, and mixed data in much of the developed world helped contribute to a volatile close to 2015. Ironically, the strong November U.S. payrolls report and subsequent high expectations of a Federal Reserve (“Fed”) hike brought out sellers as equity markets approached their early summer highs. The Fed finally hiked interest rates 0.25% in December.

Markets began 2016 with price declines in almost every risk asset globally. Much of the volatility was driven by the twin fears of slowing global growth and the aggressive interest rate hike path indicated by the Fed in its December 2015 communication. March saw a relief rally, however, as communication from the Fed turned more accommodative in light of this weak start to the year. Oil prices

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

3      OPPENHEIMER GLOBAL HIGH YIELD FUND

also began to stabilize and commodities started to pick up, but continued to experience volatility through the close of the reporting period.

Market fears during this reporting period did not translate into a recession globally, however, and economic growth remained slow and steady.

FUND REVIEW

During the reporting period, the Fund’s largest allocation was to U.S. high yield bonds. This area detracted from performance for the overall one-year period, due largely to the performance of the industrials and financials sectors.

Early in the reporting period, we had an overweight to industrials relative to the Index that was supported by the overall macroeconomic outlook for domestic manufacturing at the time. However, the sector slowed and weak readings from key economic indicators emerged. Among those indicators, in November 2015, the Institute of Supply Management reported the first slowdown in the manufacturing sector in 36 months. As a result of weakness in the sector, we reduced our position. For the one-year reporting period, the largest detractor in the sector was our investment in a provider of maintenance, repair and overhaul (“MRO”) services for aircraft engines and industrial gas

turbines. Other detractors included a provider of helicopter transportation and MRO services and a manufacturer of plastic products primarily used in the automotive industry.

Within the financial sector, the Fund’s underperformance during the reporting period stemmed from security selection. Our exposure to financial institutions that trade and invest in high-yield debt detracted from performance as that market segment saw increased volatility and lower asset valuations in the fourth quarter of 2015 and first quarter of 2016. We reduced our position in this area. However, valuations of these securities recovered somewhat later in the reporting period, and our reduced position prevented earlier losses from being fully recouped. Further detracting from performance was an investment in a payday lender that has seen regulatory challenges in all three of its key markets and a mortgage servicer that experienced volatile results due to interest rate gyrations.

Positive contributors to performance in the U.S. high yield bond portion of the Fund included an underweight position and credit selection in the energy sector and our positioning in the paper & packaging sector. Relative to the Index, we maintained an underweight position in energy because of sustained volatility in commodity prices. In paper & packaging, we favored packaging

4      OPPENHEIMER GLOBAL HIGH YIELD FUND

over paper companies. We took a large underweight to paper companies versus the Index due to the ongoing secular decline in various segments such as coated paper, uncoated paper, and newsprint. This underweight benefited, as the top five worst performers for the fiscal year were led by paper companies. We were overweight versus the Index in the more defensive packaging segment, which proved beneficial as uncertain global economic conditions remained a theme throughout the year.

Our emerging market corporate bond sleeve produced a positive absolute return and outperformed the overall return of the J.P. Morgan Global High Index. Our investments in countries with positive macro trends, such as Argentina and Mexico, continued to contribute positively to the sleeve’s performance. We also benefited from our positioning in defensive sectors such as cable & satellite and paper & packaging as well as our overweight positioning in Russia versus the Index. A number of our Russian holdings performed well, in particular in the metal & mining sector, as local producers benefited significantly from a weak local currency. Performance detractors included Colombia, where one of our investments in a producer of natural gas and crude oil was negatively impacted by the volatility in oil prices.

Returns were also negatively impacted by underweight positions versus the Index in China, Philippines and Hong Kong.

STRATEGY & OUTLOOK

In the current market 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.

We continue to have our largest allocation to the U.S. high yield sleeve, where we have our most significant overweight positions versus the Index in telecommunications and transportation. The Fund’s overweight in the telecommunications sector grew during the reporting period due to our view that investment in communications infrastructure will remain strong. The growing consumption of data and video content on all platforms requires significant amounts of capital to be deployed in fiber optic cable, and upgrades to existing wireline communication networks. These capital expenditures are generally not speculative and are driven by demand from specific customers, although additional customers can be added to the infrastructure at little or no additional cost. Increasing demand for data and video has also driven the value of wireless spectrum higher, improving the asset value of companies with rights to spectrum.

5      OPPENHEIMER GLOBAL HIGH YIELD FUND

In the transportation sector, the Fund had its largest overweight positions versus the Index within the airlines, trucking and shipping areas. The overweight position was offset slightly by an underweight position versus the Index in rail, where the Fund had no exposure. We remain optimistic on the airlines space as it continues to perform well and is benefiting from low fuel prices. In addition, aircraft leasing issuers are benefiting from the strong performance of airline operators and our outlook on the sector remains positive. The Fund’s overweight position versus the Index in trucking was expressed through our position in a hauler of fuel from refineries to retail locations. Given the low fuel price environment, we believe the outlook for this issuer is favorable. The shippers owned in the Fund include a carrier of crude and a carrier of liquefied petroleum gas (LPG). Although they detracted from performance during the reporting period, we maintained our positions in both and continue to believe they offer value.

The Fund’s U.S. high yield sleeve maintained an underweight position in the energy and metals & mining sectors versus the Index at period end. We expect continuous volatility for the majority of commodity prices for the remainder of 2016. We continue to have concerns around the slowdown of economic activity in China and what it could mean for metals demand. Despite these concerns,

management teams appear to be focused on building liquidity: balance sheet repair, reduced capital expenditures and the shedding of underperforming/noncore assets. In addition, our underweight position in energy increased as a result of credit rating downgrades this reporting period: numerous energy companies were downgraded from investment grade to high yield, increasing the number of energy holdings in the Index. As a result, while outlook is still very cautious, we intend to narrow our increased underweight versus the Index by adding higher-quality, more stable credits in the near term.

Among emerging market corporate high yield bonds, we continue to favor export-oriented companies in countries where currency corrections have reduced their local costs significantly, including Brazilian pulp and paper and Russian metals and mining. We also have sizeable exposure in a quasi-sovereign energy company in Brazil, which we believe has positive trading catalysts and offers attractive yields. We offset this with underweights in financials in both Russia and Brazil, as we think current trading levels do not fully price-in the still ongoing deterioration in banks’ asset quality. Generally speaking, emerging market corporate bonds had very impressive returns year-to-date. We think prudence is warranted in the current market environment and hence hold a fair number of defensive and higher quality names

6      OPPENHEIMER GLOBAL HIGH YIELD FUND

in the portfolio. If market volatility ensues, our emerging market corporate portfolio is positioned so that we could become less

defensive and take advantages of potential market opportunities.

	Michael A. Mata		Chris Kelly, CFA
	Portfolio Manager		Portfolio Manager
	Ruta Ziverte Portfolio Manager

7      OPPENHEIMER GLOBAL HIGH YIELD FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION
Non-Convertible Corporate Bonds and Notes	91.3%
Investment Company
Oppenheimer Institutional Money Market Fund	7.6
Corporate Loans	0.5
U.S. Government Obligations	0.5
Common Stocks	0.1

Portfolio holdings and allocations are subject to change. Percentages are as of May 31, 2016, and are based on the total market value of investments.

TOP TEN GEOGRAPHICAL HOLDINGS
United States	77.7%
Brazil	2.9
Russia	2.9
Canada	2.7
Netherlands	1.6
Argentina	1.2
Luxembourg	1.1
Ireland	1.1
Mexico	1.0
India	0.8

Portfolio holdings and allocation are subject to change. Percentages are as of May 31, 2016, and are based on total market value of investments.

8      OPPENHEIMER GLOBAL HIGH YIELD FUND

REGIONAL ALLOCATION
U.S./Canada	80.4%
Latin America	7.8
Europe	6.5
Emerging Europe	2.9
Asia	1.7
Middle East/Africa	0.7

Portfolio holdings and allocation are subject to change. Percentages are as of May 31, 2016, and are based on total market value of investments.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA		8.1%
BBB		7.0
BB		47.7
B		32.0
CCC		4.0
C		0.1
Unrated		1.1
Total		100.0%

The percentages above are based on the market value of the Fund’s securities as of May 31, 2016, 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 S&P Global Ratings (“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.

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Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 5/31/16

	Inception         Date		1-Year		Since    Inception
Class A (OGYAX)		11/8/13		-2.22%		1.07%
Class C (OGYCX)		11/8/13		-3.00		0.36
Class I (OGYIX)		11/8/13		-1.87		1.42
Class R (OGYNX)		11/8/13		-2.46		0.83
Class Y (OGYYX)		11/8/13		-1.92		1.37

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 5/31/16

	Inception         Date		1-Year		Since    Inception
Class A (OGYAX)		11/8/13		-6.86%		-0.83%
Class C (OGYCX)		11/8/13		-3.93		0.36
Class I (OGYIX)		11/8/13		-1.87		1.42
Class R (OGYNX)		11/8/13		-2.46		0.83
Class Y (OGYYX)		11/8/13		-1.92		1.37

STANDARDIZED YIELDS

For the 30 Days Ended 5/31/16
Class A	4.46%
Class C	3.99
Class I	5.04
Class R	4.44
Class Y	4.99

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. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Standardized yield is based on net investment income for the 30-day period ended 5/31/16 and the maximum offering price at the end of the period for Class A shares and the net asset 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.

10      OPPENHEIMER GLOBAL HIGH YIELD FUND

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.

11      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 May 31, 2016.

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 May 31, 2016” 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.

12      OPPENHEIMER GLOBAL HIGH YIELD FUND

Actual	Beginning  Account  Value  December 1, 2015		Ending     Account     Value     May 31, 2016		Expenses Paid During 6 Months Ended May 31, 2016
Class A	$	1,000.00	$	1,029.90	$	6.41
Class C		1,000.00		1,026.40		9.98
Class I		1,000.00		1,031.70		4.63
Class R		1,000.00		1,028.70		7.69
Class Y		1,000.00		1,031.50		4.94
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.70		6.38
Class C		1,000.00		1,015.20		9.92
Class I		1,000.00		1,020.45		4.61
Class R		1,000.00		1,017.45		7.64
Class Y		1,000.00		1,020.15		4.91

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 May 31, 2016 are as follows:

Class	Expense Ratios
Class A		1.26%
Class C		1.96
Class I		0.91
Class R		1.51
Class Y		0.97

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.

13      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS May 31, 2016

	Principal Amount		Value
U.S. Government Obligation—0.5%
United States Treasury Nts., 1.625%, 5/15/26 (Cost $294,222)	$	300,000	$	294,070
Corporate Loans—0.5%
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/201		46,179		44,428
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 8/6/211		54,450		50,774
Pharmaceutical Product Development LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 4.25%, 8/18/221		64,837		65,023
Prime Security Services Borrower LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/2/221		85,000		86,023
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/191,2		155,000		34,875
Total Corporate Loans (Cost $392,143)				281,123
Corporate Bonds and Notes—91.4%
Consumer Discretionary—18.3%
Auto Components—2.2%
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/263,4		110,000		109,862
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/223		125,000		110,281
Goodyear Tire & Rubber Co. (The):
5.00% Sr. Unsec. Nts., 5/31/26		60,000		60,825
5.125% Sr. Unsec. Nts., 11/15/23		140,000		143,850
7.00% Sr. Unsec. Nts., 5/15/22		130,000		139,913
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		250,000		230,625
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23		210,000		216,825
MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22		245,000		243,775
				1,255,956
Automobiles—0.4%
General Motors Co., 5% Sr. Unsec. Nts., 4/1/35		175,000		171,402
ZF North America Capital, Inc., 4.50% Sr. Unsec. Nts., 4/29/223		65,000		65,601
				237,003
Distributors—0.3%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		144,000		142,200
Hotels, Restaurants & Leisure—3.9%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/223		145,000		150,619
Aramark Services, Inc., 4.75% Sr. Unsec. Nts., 6/1/263		65,000		64,837
Boyd Gaming Corp.:
6.375% Sr. Unsec. Nts., 4/1/263		75,000		77,625
6.875% Sr. Unsec. Nts., 5/15/23		70,000		73,745
Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21		65,000		62,562

14      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/22	$	45,000	$	41,287
Carlson Wagonlit BV, 6.875% Sr. Sec. Nts., 6/15/193		140,000		145,260
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21		105,000		108,675
Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/193		150,000		157,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21		120,000		124,386
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/223		195,000		199,387
Isle of Capri Casinos, Inc., 5.875% Sr. Unsec. Nts., 3/15/21		50,000		52,438
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/203		205,000		215,506
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/213		90,000		88,668
MGM Growth Properties Operating Partnership LP/MGP Escrow Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/243		110,000		116,050
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		105,000		109,988
6.625% Sr. Unsec. Nts., 12/15/21		45,000		48,769
6.75% Sr. Unsec. Nts., 10/1/20		90,000		98,370
NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/193		50,000		51,250
Penn National Gaming, Inc., 5.875% Sr. Unsec. Nts., 11/1/21		45,000		46,463
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/203		50,000		46,750
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/223		130,000		116,350
				2,196,860
Household Durables—2.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.625% Sr. Sec. Nts., 5/15/233		70,000		70,000
7.25% Sr. Unsec. Nts., 5/15/243		110,000		112,200
Beazer Homes USA, Inc., 6.625% Sec. Nts., 4/15/18		85,000		86,829
KB Home:
7.00% Sr. Unsec. Nts., 12/15/21		45,000		45,675
7.625% Sr. Unsec. Nts., 5/15/23		100,000		102,000
Lennar Corp., 4.75% Sr. Unsec. Nts., 11/15/22		220,000		219,450
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		105,000		114,450
Newell Brands, Inc., 5% Sr. Unsec. Nts., 11/15/233		20,000		20,875
PulteGroup, Inc.:
4.25% Sr. Unsec. Nts., 3/1/21		40,000		41,050
5.50% Sr. Unsec. Nts., 3/1/26		65,000		66,585
6.00% Sr. Unsec. Nts., 2/15/35		10,000		9,900
Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/233		20,000		20,700
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
5.25% Sr. Unsec. Nts., 4/15/213		150,000		151,125
5.875% Sr. Unsec. Nts., 4/15/233		90,000		91,125
Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23		115,000		115,287
				1,267,251
Media—6.5%
Altice Financing SA, 6.50% Sec. Nts., 1/15/223		210,000		214,462

15      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Media (Continued)
Altice Finco SA, 8.125% Sec. Nts., 1/15/243	$	170,000	$	169,150
AMC Entertainment, Inc., 5.75% Sr. Sub. Nts., 6/15/25		70,000		69,825
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 2/15/263		90,000		92,475
Charter Communications Operating LLC/Charter Communications Operating Capital:
4.908% Sr. Sec. Nts., 7/23/253		115,000		123,079
6.484% Sr. Sec. Nts., 10/23/453		95,000		109,977
Clear Channel Worldwide Holdings, Inc., Series B, 6.50% Sr. Unsec. Nts., 11/15/22		75,000		75,656
Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/213		205,000		215,660
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 11/15/24		260,000		241,962
DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Nts., 8/15/203		105,000		111,563
Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19		40,000		42,308
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		115,000		120,750
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		75,000		59,156
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21		105,000		109,856
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/243		45,000		43,763
Mediacom LLC/Mediacom Capital Corp., 7.25% Sr. Unsec. Nts., 2/15/22		115,000		122,044
Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/223		70,000		70,525
6.875% Sr. Unsec. Nts., 11/15/20		140,000		146,650
Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/223		340,000		339,745
Sinclair Television Group, Inc.:
5.625% Sr. Unsec. Nts., 8/1/243		75,000		77,531
6.125% Sr. Unsec. Nts., 10/1/22		215,000		226,825
Sirius XM Radio, Inc.:
5.375% Sr. Unsec. Nts., 7/15/263		95,000		94,763
6.00% Sr. Unsec. Nts., 7/15/243		20,000		21,000
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/243		70,000		72,538
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		50,000		50,750
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/233		20,000		20,250
5.125% Sr. Sec. Nts., 2/15/253		80,000		79,600
8.50% Sr. Unsec. Nts., 5/15/213		30,000		31,463
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/213		198,000		209,138
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/223		112,500		119,109
Virgin Media Secured Finance plc, 5.50% Sr. Sec. Nts., 8/15/263		65,000		65,650
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/243		120,000		118,650
				3,665,873
Multiline Retail—0.4%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/233		215,000		228,169
Specialty Retail—1.5%
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23		65,000		65,325
GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/193		125,000		122,031

16      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Specialty Retail (Continued)
L Brands, Inc.:
6.625% Sr. Unsec. Nts., 4/1/21	$	195,000	$	218,156
6.875% Sr. Unsec. Nts., 11/1/35		125,000		132,500
Sally Holdings LLC/Sally Capital, Inc.:
5.625% Sr. Unsec. Nts., 12/1/25		90,000		94,613
5.75% Sr. Unsec. Nts., 6/1/22		70,000		73,150
Toys R US Property Co. II LLC, 8.50% Sr. Sec. Nts., 12/1/17		115,000		112,125
				817,900
Textiles, Apparel & Luxury Goods—0.8%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/243		40,000		40,200
4.875% Sr. Unsec. Nts., 5/15/263		45,000		45,281
Levi Strauss & Co.:
5.00% Sr. Unsec. Nts., 5/1/25		110,000		110,688
6.875% Sr. Unsec. Nts., 5/1/22		25,000		26,802
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		90,000		92,025
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		130,000		132,275
				447,271
Consumer Staples—4.2%
Beverages—0.3%
Constellation Brands, Inc.:
4.25% Sr. Unsec. Nts., 5/1/23		100,000		103,500
4.75% Sr. Unsec. Nts., 11/15/24		75,000		79,219
				182,719
Food & Staples Retailing—0.9%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./ Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/243		65,000		66,950
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		45,000		45,900
New Albertsons, Inc., 7.45% Sr. Unsec. Nts., 8/1/29		65,000		63,050
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		30,000		32,899
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/233		110,000		116,737
SUPERVALU, Inc., 6.75% Sr. Unsec. Nts., 6/1/21		65,000		56,062
US Foods, Inc., 8.50% Sr. Unsec. Nts., 6/30/19		90,000		92,588
				474,186
Food Products—2.4%
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/233		140,000		146,300
JBS USA LLC/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/253		100,000		96,000
Land O’ Lakes, Inc., 6% Sr. Unsec. Nts., 11/15/223		55,000		58,300
Marfrig Holdings Europe BV, 8% Sr. Unsec. Nts., 6/8/233,4		200,000		201,000
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/233		250,000		253,750
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/253		115,000		116,510
Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/213		95,000		100,462
7.375% Sr. Unsec. Nts., 2/15/22		145,000		153,700
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/243		85,000		89,888

17      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Food Products (Continued)
WhiteWave Foods Co., 5.375% Sr. Unsec. Nts., 10/1/22	$	115,000	$	123,481
				1,339,391
Household Products—0.2%
Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/24		25,000		26,250
6.375% Sr. Unsec. Nts., 11/15/20		80,000		84,100
				110,350
Personal Products—0.2%
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22		10,000		10,488
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21		110,000		110,550
				121,038
Tobacco—0.2%
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		100,000		104,750
Energy—11.3%
Energy Equipment & Services—0.5%
Eletson Holdings, Inc., 9.625% Sr. Sec. Nts., 1/15/223		260,000		205,400
Endeavor Energy Resources LP/EER Finance, Inc., 7% Sr. Unsec. Nts., 8/15/213		50,000		49,000
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		45,000		27,563
				281,963
Oil, Gas & Consumable Fuels—10.8%
Anadarko Petroleum Corp., 5.55% Sr. Unsec. Nts., 3/15/26		65,000		69,413
Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20		195,000		195,000
Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19		60,000		48,300
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/223		50,000		45,250
California Resources Corp., 8% Sec. Nts., 12/15/223		107,000		77,976
Carrizo Oil & Gas, Inc., 7.50% Sr. Unsec. Nts., 9/15/20		150,000		151,125
Cheniere Corpus Christi Holdings LLC, 7% Sr. Sec. Nts., 6/30/243		90,000		92,362
Chesapeake Energy Corp., 8% Sec. Nts., 12/15/223		87,000		70,144
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		100,000		100,500
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		90,000		73,800
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		135,000		128,250
DCP Midstream LLC:
4.75% Sr. Unsec. Nts., 9/30/213		30,000		27,825
5.35% Sr. Unsec. Nts., 3/15/203		55,000		53,078
Encana Corp., 3.90% Sr. Unsec. Nts., 11/15/21		70,000		62,475
Energy Transfer Equity LP, 5.875% Sr. Sec. Nts., 1/15/24		250,000		230,625
EnLink Midstream Partners LP, 4.40% Sr. Unsec. Nts., 4/1/24		137,000		119,822
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.375% Sr. Unsec. Nts., 6/15/23		65,000		33,475
7.75% Sr. Unsec. Nts., 9/1/22		90,000		47,925
9.375% Sr. Unsec. Nts., 5/1/20		10,000		6,525

18      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Gazprom Neft OAO Via GPN Capital SA, 6% Sr. Unsec. Nts., 11/27/233	$	100,000	$	102,750
Gazprom OAO Via Gaz Capital SA, 7.288% Sr. Unsec. Nts., 8/16/373		265,000		297,197
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		115,000		107,525
Halcon Resources Corp., 12% Sec. Nts., 2/15/223		17,000		15,852
Laredo Petroleum, Inc., 6.25% Sr. Unsec. Nts., 3/15/23		130,000		123,825
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/235		175,000		169,750
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/213		100,000		79,250
MPLX LP:
4.875% Sr. Unsec. Nts., 12/1/243		115,000		108,844
4.875% Sr. Unsec. Nts., 6/1/253		60,000		56,854
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/213		245,000		203,350
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		95,000		95,000
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		105,000		95,287
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23		140,000		144,907
Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/252,3		300,000		47,250
Petrobras Argentina SA, 5.875% Sr. Unsec. Nts., 5/15/173		200,000		202,100
Petrobras Global Finance BV:
3.00% Sr. Unsec. Nts., 1/15/19		105,000		96,758
4.875% Sr. Unsec. Nts., 3/17/20		100,000		90,570
5.625% Sr. Unsec. Nts., 5/20/43		100,000		67,000
8.375% Sr. Unsec. Nts., 5/23/21		200,000		198,440
8.75% Sr. Unsec. Nts., 5/23/26		200,000		190,300
QEP Resources, Inc., 5.25% Sr. Unsec. Nts., 5/1/23		100,000		92,500
Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		110,000		103,813
5.00% Sr. Sub. Nts., 3/15/23		100,000		93,500
Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		175,000		173,250
Sabine Pass Liquefaction LLC:
5.625% Sr. Sec. Nts., 3/1/25		220,000		220,825
5.75% Sr. Sec. Nts., 5/15/24		25,000		25,250
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		45,000		32,625
7.75% Sr. Unsec. Nts., 6/15/21		50,000		38,500
SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23		80,000		73,217
Southwestern Energy Co., 4.05% Sr. Unsec. Nts., 1/23/20		105,000		94,500
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22		55,000		45,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/19		70,000		68,600
5.00% Sr. Unsec. Nts., 1/15/18		80,000		82,000
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20		39,000		40,365
6.25% Sr. Unsec. Nts., 10/15/22		160,000		166,000

19      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21	$	125,000	$	106,563
Williams Partners LP/ACMP Finance Corp., 6.125% Sr. Unsec. Nts., 7/15/22		65,000		63,750
WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24		40,000		35,000
6.00% Sr. Unsec. Nts., 1/15/22		65,000		58,825
YPF SA, 8.50% Sr. Unsec. Nts., 3/23/213		205,000		215,250
Zhaikmunai LLP, 6.375% Sr. Unsec. Nts., 2/14/193		100,000		82,505
				6,038,892
Financials—13.9%
Capital Markets—2.4%
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		105,000		51,844
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/213		125,000		116,875
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/243		150,000		150,468
5.75% Sec. Nts., 1/15/243		70,000		70,262
7.00% Sr. Unsec. Nts., 12/1/233		190,000		193,325
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/203		205,000		186,037
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/243,4		45,000		46,350
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/243		45,000		45,675
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/233		45,000		47,138
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/193		180,000		188,100
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.375% Sr. Unsec. Nts., 5/1/223		55,000		52,731
Springleaf Finance Corp.:
5.25% Sr. Unsec. Nts., 12/15/19		155,000		148,606
8.25% Sr. Unsec. Nts., 12/15/20		45,000		46,913
				1,344,324
Commercial Banks—4.6%
Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/203		200,000		206,000
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 11/30/203		235,000		251,450
BankAmerica Capital III, 1.198% Jr. Sub. Nts., 1/15/271		35,000		28,044
CIT Group, Inc., 5% Sr. Unsec. Nts., 8/15/22		230,000		236,038
Citigroup, Inc., 6.25% Jr. Sub. Perpetual Bonds1,6		500,000		516,875
Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sec. Nts., 5/15/203		110,000		102,850
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/233		215,000		201,294
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,3		205,000		210,087
Moon Wise Global Ltd., 9% Sub. Perpetual Bonds1,6		205,000		223,799
OPE KAG Finance Sub, Inc., 7.875% Sr. Unsec. Nts., 7/31/233		275,000		277,750
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,3		225,000		217,550
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,3		100,000		99,355
				2,571,092

20      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Consumer Finance—1.6%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/233	$	110,000	$	81,950
Ally Financial, Inc.:
4.25% Sr. Unsec. Nts., 4/15/21		65,000		65,325
4.625% Sr. Unsec. Nts., 5/19/22		115,000		116,869
5.125% Sr. Unsec. Nts., 9/30/24		150,000		155,250
5.75% Sub. Nts., 11/20/25		100,000		101,625
Cash America International, Inc., 5.75% Sr. Unsec. Nts., 5/15/18		30,000		30,600
Navient Corp., 5.875% Sr. Unsec. Nts., 10/25/24		315,000		270,112
TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/183		130,000		100,750
				922,481
Insurance—0.5%
CNO Financial Group, Inc., 4.50% Sr. Unsec. Nts., 5/30/20		115,000		119,025
National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/213		140,000		136,850
				255,875
Real Estate Investment Trusts (REITs)—3.1%
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		370,000		350,575
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		77,625
5.875% Sr. Unsec. Nts., 1/15/26		90,000		94,050
FelCor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/23		140,000		143,500
GLP Capital LP/GLP Financing II, Inc., 4.875% Sr. Unsec. Nts., 11/1/20		125,000		131,406
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/263		90,000		89,100
Iron Mountain, Inc., 6% Sr. Unsec. Nts., 10/1/203		50,000		52,875
iStar, Inc., 4.875% Sr. Unsec. Nts., 7/1/18		110,000		106,838
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/263		55,000		58,025
MPT Operating Partnership LP/MPT Finance Corp., 6.375% Sr. Unsec. Nts., 3/1/24		65,000		69,875
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		210,000		219,187
VEREIT Operating Partnership LP, 4.125% Sr. Unsec. Nts., 6/1/214		300,000		303,750
				1,768,031
Real Estate Management & Development—0.9%
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/203		165,000		168,300
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 1/10/233		150,000		157,359
Realogy Group LLC/Realogy Co.-Issuer Corp.:
4.875% Sr. Unsec. Nts., 6/1/233,4		110,000		109,313

21      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Real Estate Management & Development (Continued)
Realogy Group LLC/Realogy Co.-Issuer Corp.: (Continued)
5.25% Sr. Unsec. Nts., 12/1/213	$	50,000	$	52,000
				486,972
Thrifts & Mortgage Finance—0.8%
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/203		115,000		108,675
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/253		115,000		109,538
Radian Group, Inc., 5.25% Sr. Unsec. Nts., 6/15/20		180,000		184,050
Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21		70,000		40,600
				442,863
Health Care—7.3%
Health Care Equipment & Supplies—0.6%
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/213		70,000		63,175
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/233		45,000		46,237
Hologic, Inc., 5.25% Sr. Unsec. Nts., 7/15/223		135,000		141,750
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/233		45,000		46,058
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		45,000		45,113
				342,333
Health Care Providers & Services—5.1%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		150,000		153,187
6.50% Sr. Unsec. Nts., 3/1/243		20,000		20,806
Amsurg Corp., 5.625% Sr. Unsec. Nts., 7/15/22		35,000		35,656
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		140,000		144,550
5.625% Sr. Unsec. Nts., 2/15/213		20,000		20,850
6.125% Sr. Unsec. Nts., 2/15/243		20,000		21,113
CHS/Community Health Systems, Inc.:
5.125% Sr. Sec. Nts., 8/1/21		300,000		301,125
7.125% Sr. Unsec. Nts., 7/15/20		285,000		265,762
DaVita HealthCare Partners, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		60,000		59,625
5.125% Sr. Unsec. Nts., 7/15/24		30,000		30,461
5.75% Sr. Unsec. Nts., 8/15/22		145,000		152,431
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/223		55,000		55,481
ExamWorks Group, Inc., 5.625% Sr. Unsec. Nts., 4/15/23		60,000		64,575
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		75,000		54,750
Fresenius US Finance II, Inc., 4.50% Sr. Unsec. Nts., 1/15/233		150,000		155,250
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		160,000		162,600
7.50% Sr. Unsec. Nts., 2/15/22		135,000		153,394
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		135,000		137,531

22      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Health Care Providers & Services (Continued)
IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19	$	70,000	$	67,550
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		55,000		49,706
LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21		100,000		104,250
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		95,000		91,913
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		265,000		250,094
8.125% Sr. Unsec. Nts., 4/1/22		190,000		192,138
Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/223		85,000		86,700
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		40,000		37,550
				2,869,048
Life Sciences Tools & Services—0.2%
Quintiles Transnational Corp., 4.875% Sr. Unsec. Nts., 5/15/233		88,000		89,540
Pharmaceuticals—1.4%
Concordia Healthcare Corp., 7% Sr. Unsec. Nts., 4/15/233		85,000		79,369
DPx Holdings BV, 7.50% Sr. Unsec. Nts., 2/1/223		45,000		46,294
Endo Finance LLC/Endo Finco, Inc., 5.875% Sr. Unsec. Nts., 1/15/233		45,000		39,037
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/233		70,000		61,629
6.00% Sr. Unsec. Nts., 2/1/253		110,000		95,975
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/203		20,000		19,500
5.50% Sr. Unsec. Nts., 4/15/253		60,000		54,450
5.75% Sr. Unsec. Nts., 8/1/223		85,000		80,750
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/243		30,000		31,725
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/203		45,000		39,937
5.50% Sr. Unsec. Nts., 3/1/233		120,000		100,200
5.875% Sr. Unsec. Nts., 5/15/233		45,000		38,053
7.25% Sr. Unsec. Nts., 7/15/223		115,000		101,258
				788,177
Industrials—12.0%
Aerospace & Defense—1.6%
Aerojet Rocketdyne Holdings, Inc., 7.125% Sec. Nts., 3/15/21		210,000		222,075
CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/213		125,000		106,250
DigitalGlobe, Inc., 5.25% Sr. Unsec. Nts., 2/1/213		65,000		59,962
LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		110,000		112,750
Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22		125,000		132,344
TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/263,4		110,000		110,275
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		145,000		133,400
				877,056
Air Freight & Couriers—0.4%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/213		125,000		114,063

23      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Air Freight & Couriers (Continued)
XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/193	$	90,000	$	94,050
				208,113
Airlines—0.6%
Air Canada, 6.75% Sr. Sec. Nts., 10/1/193		200,000		209,250
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/203		30,000		29,212
5.50% Sr. Unsec. Nts., 10/1/193		115,000		116,366
				354,828
Building Products—1.7%
CPG Merger Sub LLC, 8% Sr. Unsec. Nts., 10/1/213		95,000		90,250
Elementia SAB de CV, 5.50% Sr. Unsec. Nts., 1/15/253		230,000		228,275
Masco Corp., 4.45% Sr. Unsec. Nts., 4/1/25		115,000		119,887
Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		135,000		141,413
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/243		125,000		128,437
USG Corp., 5.50% Sr. Unsec. Nts., 3/1/253		210,000		223,913
				932,175
Commercial Services & Supplies—2.4%
ACCO Brands Corp., 6.75% Sr. Unsec. Nts., 4/30/20		45,000		47,756
ADT Corp. (The), 5.25% Sr. Unsec. Nts., 3/15/20		215,000		227,631
Advanced Disposal Services, Inc., 8.25% Sr. Unsec. Nts., 10/1/20		210,000		217,350
Cenveo Corp., 6% Sr. Sec. Nts., 8/1/193		30,000		24,750
Clean Harbors, Inc.:
5.125% Sr. Unsec. Nts., 6/1/213		110,000		111,650
5.25% Sr. Unsec. Unsub. Nts., 8/1/20		200,000		204,750
Garda World Security Corp., 7.25% Sr. Unsec. Nts., 11/15/213		200,000		163,500
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		125,000		103,125
R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		110,000		114,538
West Corp., 5.375% Sr. Unsec. Nts., 7/15/223		120,000		109,050
				1,324,100
Electrical Equipment—0.4%
EnerSys, 5% Sr. Unsec. Nts., 4/30/233		145,000		144,819
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/243		105,000		110,381
				255,200
Machinery—1.9%
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/223		177,000		178,770
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/193		135,000		133,987
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		85,000		86,275
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		245,000		214,987
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		205,000		146,104
Terex Corp.:
6.00% Sr. Unsec. Nts., 5/15/21		125,000		124,219
6.50% Sr. Unsec. Nts., 4/1/20		110,000		110,000
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		95,000		90,250
				1,084,592

24      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Professional Services—0.5%
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22	$	145,000	$	153,519
Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/223		155,000		159,069
				312,588
Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/253		100,000		88,125
GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/213		45,000		48,150
Herc Spinoff Escrow Issuer LLC/Herc Spinoff Escrow Issuer Corp.:
7.50% Sec. Nts., 6/1/223,4		70,000		70,525
7.75% Sec. Nts., 6/1/243,4		40,000		40,200
				247,000
Trading Companies & Distributors—1.7%
Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23		25,000		25,625
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/233		25,000		26,062
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		155,000		152,675
6.75% Sr. Unsec. Nts., 12/15/20		75,000		76,125
HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/213		75,000		79,219
5.75% Sr. Unsec. Nts., 4/15/243		45,000		46,912
7.50% Sr. Unsec. Nts., 7/15/203		140,000		148,050
Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/213		145,000		100,050
Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/253		80,000		85,400
United Rentals North America, Inc.:
4.625% Sr. Sec. Nts., 7/15/23		110,000		109,588
5.875% Sr. Unsec. Nts., 9/15/26		115,000		113,850
				963,556
Transportation Infrastructure—0.4%
Global Ports Finance plc, 6.872% Unsec. Nts., 1/25/223		200,000		202,000
Information Technology—5.7%
Communications Equipment—1.4%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/193		160,000		116,800
Blue Coat Holdings, Inc., 8.375% Sr. Unsec. Nts., 6/1/233		85,000		91,693
CommScope Technologies Finance LLC, 6% Sr. Unsec. Nts., 6/15/253		50,000		51,125
Infor US, Inc.:
5.75% Sr. Sec. Nts., 8/15/203		20,000		21,023
6.50% Sr. Unsec. Nts., 5/15/22		90,000		83,025
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/233		40,000		39,900
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/233		70,000		72,275
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		290,000		299,425
				775,266
Electronic Equipment, Instruments, & Components—1.0%
Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/223		145,000		147,175
CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23		35,000		35,262

25      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Electronic Equipment, Instruments, & Components (Continued)
Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/22	$	350,000	$	374,938
				557,375
Internet Software & Services—0.3%
EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20		150,000		158,250
IT Services—1.0%
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/203		160,000		149,600
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/233		120,000		123,150
WEX, Inc., 4.75% Sr. Unsec. Nts., 2/1/233		310,000		286,750
				559,500
Semiconductors & Semiconductor Equipment—1.1%
Freescale Semiconductor, Inc., 6% Sr. Sec. Nts., 1/15/223		130,000		138,216
Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/233		185,000		157,713
5.50% Sr. Unsec. Nts., 2/1/25		35,000		29,487
5.875% Sr. Unsec. Nts., 2/15/22		20,000		18,300
7.50% Sr. Sec. Nts., 9/15/233		25,000		26,313
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/233		230,000		231,727
				601,756
Software—0.1%
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/213		60,000		44,400
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/233		50,000		47,875
				92,275
Technology Hardware, Storage & Peripherals—0.8%
Denali International LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/203		110,000		115,940
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48% Sr. Sec. Nts., 6/1/193,4		40,000		40,560
6.02% Sr. Sec. Nts., 6/15/263,4		115,000		116,253
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		45,000		46,198
Western Digital Corp., 7.375% Sr. Sec. Nts., 4/1/233		115,000		120,175
				439,126
Materials—9.6%
Chemicals—2.0%
Blue Cube Spinco, Inc., 9.75% Sr. Unsec. Nts., 10/15/233		80,000		92,800
Chemours Co.:
6.625% Sr. Unsec. Nts., 5/15/23		65,000		58,662
7.00% Sr. Unsec. Nts., 5/15/25		50,000		44,188
Chemtura Corp., 5.75% Sr. Unsec. Nts., 7/15/21		65,000		66,138
Hexion, Inc., 6.625% Sr. Sec. Nts., 4/15/20		50,000		42,625
Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/22		70,000		70,875
INEOS Group Holdings SA, 6.125% Sr. Unsec. Nts., 8/15/183		200,000		203,125
NOVA Chemicals Corp.:
5.00% Sr. Unsec. Nts., 5/1/253		85,000		84,150
5.25% Sr. Unsec. Nts., 8/1/233		40,000		40,250
PQ Corp., 6.75% Sr. Sec. Nts., 11/15/223		225,000		235,125
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/203		120,000		84,600

26      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Chemicals (Continued)
Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20	$	125,000	$	96,875
				1,119,413
Construction Materials—1.1%
Cemex SAB de CV:
5.70% Sr. Sec. Nts., 1/11/253		200,000		189,500
7.75% Sr. Sec. Nts., 4/16/263		145,000		152,794
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/213		220,000		221,760
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/243,4		65,000		65,162
				629,216
Containers & Packaging—2.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
6.00% Sr. Unsec. Nts., 6/30/213		90,000		89,100
6.75% Sr. Unsec. Nts., 1/31/213		95,000		96,187
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/203		16,765		16,471
Berry Plastics Corp.:
5.125% Sec. Nts., 7/15/23		115,000		116,150
5.50% Sec. Nts., 5/15/22		70,000		72,100
BWAY Holding Co., 9.125% Sr. Unsec. Nts., 8/15/213		70,000		67,725
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/193		130,000		128,050
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		85,000		86,063
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/223		45,000		45,900
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.75% Sr. Sec. Nts., 10/15/20		215,000		222,256
8.25% Sr. Unsec. Nts., 2/15/21		55,000		57,231
9.875% Sr. Unsec. Nts., 8/15/19		35,000		36,400
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/223		55,000		56,444
5.125% Sr. Unsec. Nts., 12/1/243		55,000		56,788
6.50% Sr. Unsec. Nts., 12/1/203		80,000		91,600
				1,238,465
Metals & Mining—3.8%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		90,000		85,275
Alcoa, Inc.:
5.125% Sr. Unsec. Nts., 10/1/24		140,000		135,757
5.72% Sr. Unsec. Nts., 2/23/19		45,000		48,431
Aleris International, Inc., 7.875% Sr. Unsec. Nts., 11/1/20		86,000		75,680
AngloGold Ashanti Holdings plc, 5.125% Sr. Unsec. Nts., 8/1/22		100,000		97,645
ArcelorMittal:
6.125% Sr. Unsec. Nts., 6/1/25		40,000		39,200
6.50% Sr. Unsec. Nts., 3/1/21		95,000		98,800
Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/243		55,000		43,175
Evraz Group SA, 6.50% Sr. Unsec. Nts., 4/22/203		200,000		200,088

27      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Metals & Mining (Continued)
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.125% Sr. Unsec. Nts., 6/15/19	$	50,000	$	49,500
Freeport-McMoRan, Inc., 2.30% Sr. Unsec. Nts., 11/14/17		45,000		44,100
JMC Steel Group, Inc., 8.25% Sr. Nts., 3/15/183		60,000		61,237
Joseph T Ryerson & Son, Inc., 11% Sr. Sec. Nts., 5/15/223		25,000		25,750
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		110,000		97,473
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/203		155,000		158,220
MMC Norilsk Nickel OJSC via MMC Finance Ltd., 6.625% Sr. Unsec. Nts., 10/14/223		200,000		217,900
Nord Gold NV, 6.375% Sr. Unsec. Nts., 5/7/183		245,000		254,507
Novelis, Inc.:
8.375% Sr. Unsec. Nts., 12/15/17		93,000		95,209
8.75% Sr. Unsec. Nts., 12/15/20		85,000		88,612
Steel Dynamics, Inc., 5.125% Sr. Unsec. Nts., 10/1/21		125,000		128,047
Teck Resources Ltd.:
8.00% Sr. Unsec. Nts., 6/1/213,4		20,000		20,450
8.50% Sr. Unsec. Nts., 6/1/243,4		20,000		20,550
United States Steel Corp., 8.375% Sr. Sec. Nts., 7/1/213		45,000		46,575
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/183		15,000		13,838
				2,146,019
Paper & Forest Products—0.5%
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/213		250,000		260,000
Telecommunication Services—5.4%
Diversified Telecommunication Services—4.0%
CenturyLink, Inc.:
Series S, 6.45% Sr. Unsec. Nts., 6/15/21		100,000		102,000
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		110,000		109,106
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/203		215,000		219,678
Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/223		100,000		94,625
8.50% Sub. Perpetual Bonds1,3,6		60,000		53,700
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/193		300,000		289,875
Frontier Communications Corp.:
7.125% Sr. Unsec. Nts., 1/15/23		215,000		192,425
10.50% Sr. Unsec. Nts., 9/15/223		115,000		120,031
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		60,000		42,150
Level 3 Financing, Inc.:
5.375% Sr. Unsec. Nts., 8/15/22		305,000		310,719
5.625% Sr. Unsec. Nts., 2/1/23		100,000		102,500
T-Mobile USA, Inc.:
6.00% Sr. Unsec. Nts., 4/15/24		90,000		94,014
6.25% Sr. Unsec. Nts., 4/1/21		100,000		105,125
6.625% Sr. Unsec. Nts., 4/1/23		145,000		154,244
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		60,000		46,463
7.75% Sr. Unsec. Nts., 10/15/20		65,000		61,100

28      OPPENHEIMER GLOBAL HIGH YIELD FUND

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Windstream Services LLC: (Continued)
7.75% Sr. Unsec. Nts., 10/1/21	$	65,000	$	57,037
Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/23		115,000		118,738
				2,273,530
Wireless Telecommunication Services—1.4%
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/223		200,000		155,260
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/253		250,000		232,187
Sprint Communications, Inc., 7% Sr. Unsec. Nts., 3/1/203		110,000		114,069
Sprint Corp.:
7.25% Sr. Unsec. Nts., 9/15/21		125,000		101,719
7.875% Sr. Unsec. Nts., 9/15/23		220,000		173,800
				777,035
Utilities—3.7%
Electric Utilities—0.5%
Telesat Canada/Telesat LLC, 6% Sr. Unsec. Nts., 5/15/173		300,000		300,750
Gas Utilities—0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		70,000		72,712
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21		50,000		47,500
				120,212
Independent Power and Renewable Electricity Producers—2.9%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad It, 7.95% Sr. Unsec. Nts., 5/11/263		100,000		101,125
AES Corp.:
5.50% Sr. Unsec. Nts., 3/15/24		195,000		197,864
6.00% Sr. Unsec. Nts., 5/15/26		20,000		20,300
7.375% Sr. Unsec. Nts., 7/1/21		85,000		97,325
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/263		100,000		100,500
5.375% Sr. Unsec. Nts., 1/15/23		140,000		137,506
7.875% Sr. Sec. Nts., 1/15/233		97,000		103,669
Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		110,000		97,350
6.75% Sr. Unsec. Nts., 11/1/19		135,000		136,012
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.75% Sec. Nts., 3/1/222,3		79,343		91,542
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		60,000		47,550
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28		53,586		50,438
NRG Energy, Inc.:
6.25% Sr. Unsec. Nts., 7/15/22		175,000		172,758
6.625% Sr. Unsec. Nts., 3/15/23		145,000		144,637
7.25% Sr. Unsec. Nts., 5/15/263		25,000		25,000
NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/24		125,000		120,938
				1,644,514

29      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Multi-Utilities—0.1%
InterGen NV, 7% Sr. Sec. Nts., 6/30/233	$	55,000	$	39,188
Total Corporate Bonds and Notes (Cost $52,354,223)				51,285,606
	Shares
Common Stock—0.1%
Nortek, Inc.7 (Cost $111,463)		1,400		68,978
Investment Company—7.6%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%8,9 (Cost $4,257,128)		4,257,128		4,257,128
Total Investments, at Value (Cost $57,409,179)		100.1%		56,186,905
Net Other Assets (Liabilities)		(0.1)		(46,001)
Net Assets		100.0%	$	56,140,904

Footnotes to Consolidated Statement of Investments

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

2. 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.

3. 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 $24,819,676 or 44.21% of the Fund’s net assets at period end.

4. 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.

5. Restricted security. The aggregate value of restricted securities at period end was $169,750, which represents 0.30% 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	$	180,879	$	169,750	$	11,129

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

7. Non-income producing security.

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

9. 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 May 31, 2016
Oppenheimer Institutional Money Market Fund, Cl. E		—		25,243,188		20,986,060		4,257,128

30      OPPENHEIMER GLOBAL HIGH YIELD FUND

Footnotes to Consolidated Statement of Investments (Continued)

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E		$                4,257,128		$                10,009

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

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value		Percent
United States	$	43,648,988		77.7	%
Brazil		1,659,817		2.9
Russia		1,650,212		2.9
Canada		1,528,320		2.7
Netherlands		897,978		1.6
Argentina		668,800		1.2
Luxembourg		606,521		1.1
Ireland		596,287		1.1
Mexico		570,569		1.0
India		481,448		0.8
China		469,827		0.8
Colombia		427,763		0.8
United Kingdom		382,837		0.7
France		339,745		0.6
Chile		319,944		0.6
Peru		221,760		0.4
Germany		220,851		0.4
Barbados		215,660		0.4
Greece		205,400		0.4
Jersey, Channel Islands		199,388		0.3
Belgium		169,750		0.3
Israel		169,150		0.3
Jamaica		155,260		0.3
Dominican Republic		101,125		0.2
Turkey		99,355		0.2
South Africa		97,645		0.2
Kazakhstan		82,505		0.1
Total	$	56,186,905		100.0	%

Forward Currency Exchange Contracts as of May 31, 2016
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		06/2016		USD        218		EUR            190	$	6,355	$	—
HSBC		06/2016		EUR        190		USD            213		—		1,826
Total Unrealized Appreciation and Depreciation							$	6,355	$	1,826

31      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Centrally Cleared Credit Default Swaps at May 31, 2016

Reference Asset

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/(Paid)

Value

CDX.HY.25

Buy

5.000%

12/20/20

USD

495

$

1,111

$

(22,364)

Glossary:
Counterparty Abbreviations
BOA	Bank of America NA
HSBC	HSBC Bank USA NA
Currency abbreviations indicate amounts reporting in currencies
EUR	Euro
Definitions
CDX.HY.25	Markit CDX High Yield Index

See accompanying Notes to Consolidated Financial Statements.

32      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES May 31, 2016

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $53,152,051)	$	51,929,777
Affiliated companies (cost $4,257,128)		4,257,128
		56,186,905
Cash		449,535
Cash used for collateral on futures		42,000
Cash used for collateral on centrally cleared swaps		42,082
Unrealized appreciation on forward currency exchange contracts		6,355
Receivables and other assets:
Interest, dividends and principal paydowns		764,800
Investments sold on a when-issued or delayed delivery basis		113,258
Shares of beneficial interest sold		34,241
Other		9,964
Total assets		57,649,140
Liabilities
Unrealized depreciation on forward currency exchange contracts		1,826
Centrally cleared swaps, at value (premiums received $1,111)		22,364
Payables and other liabilities:
Investments purchased (including $1,176,543 purchased on a when-issued or delayed delivery basis)		1,241,543
Dividends		68,656
Legal, auditing and other professional fees		64,677
Shares of beneficial interest redeemed		57,537
Trustees’ compensation		19,610
Distribution and service plan fees		6,987
Shareholder communications		6,021
Other		19,015
Total liabilities		1,508,236
Net Assets	$	56,140,904
Composition of Net Assets
Par value of shares of beneficial interest	$	6,192
Additional paid-in capital		61,024,406
Accumulated net investment loss		(35,232)
Accumulated net realized loss on investments and foreign currency transactions		(3,615,465)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(1,238,997)
Net Assets	$	56,140,904

33      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $28,286,019 and 3,119,168 shares of beneficial interest outstanding)	$	9.07
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.52
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $4,457,906 and 491,873 shares of beneficial interest outstanding)	$	9.06
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $22,185,793 and 2,447,154 shares of beneficial interest outstanding)	$	9.07
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $554,213 and 61,108 shares of beneficial interest outstanding)	$	9.07
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $656,973 and 72,440 shares of beneficial interest outstanding)	$	9.07

See accompanying Notes to Consolidated Financial Statements.

34      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended May 31, 2016

Investment Income
Interest	$	3,280,363
Dividends		10,009
Total investment income		3,290,372
Expenses
Management fees		402,170
Distribution and service plan fees:
Class A		20,506
Class C		40,791
Class R		2,207
Transfer and shareholder servicing agent fees:
Class A		62,364
Class C		8,980
Class I		5,993
Class R		982
Class Y		1,560
Shareholder communications:
Class A		11,364
Class C		5,777
Class I		16
Class R		1,866
Class Y		642
Legal, auditing and other professional fees		153,543
Custodian fees and expenses		58,367
Trustees’ compensation		26,077
Borrowing fees		766
Other		18,116
Total expenses		822,087
Less reduction to custodian expenses		(480)
Less waivers and reimbursements of expenses		(200,508)
Net expenses		621,099
Net Investment Income		2,669,273

35      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies	$	(2,548,757)
Closing and expiration of futures contracts		25,579
Foreign currency transactions		(4,499)
Swap contracts		30,632
Net realized loss		(2,497,045)
Net change in unrealized appreciation/depreciation on:
Investments		(1,355,673)
Translation of assets and liabilities denominated in foreign currencies		4,913
Swap contracts		(21,253)
Net change in unrealized appreciation/depreciation		(1,372,013)
Net Decrease in Net Assets Resulting from Operations	$	(1,199,785)

See accompanying Notes to Consolidated Financial Statements.

36      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended May 31, 2016		Year Ended May 29, 20151
Operations
Net investment income	$	2,669,273	$	2,080,800
Net realized loss		(2,497,045)		(1,087,919)
Net change in unrealized appreciation/depreciation		(1,372,013)		(605,641)
Net increase (decrease) in net assets resulting from operations		(1,199,785)		387,240
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(1,410,621)		(1,540,850)
Class C		(175,323)		(112,159)
Class I		(1,071,553)		(379,423)
Class R2		(21,159)		(10,968)
Class Y		(37,276)		(37,964)
		(2,715,932)		(2,081,364)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(1,463,803)		1,573,146
Class C		897,609		2,409,154
Class I		8,189,842		15,256,867
Class R2		205,747		273,871
Class Y		(404,431)		569,953
		7,424,964		20,082,991
Net Assets
Total increase		3,509,247		18,388,867
Beginning of period		52,631,657		34,242,790
End of period (including accumulated net investment income (loss) of $(35,232) and $6,001, respectively)	$	56,140,904	$	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.

37      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended May 31, 2016		Year Ended May 29, 20151		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		0.44		0.49		0.26
Net realized and unrealized gain (loss)		(0.67)		(0.50)		0.25
Total from investment operations		(0.23)		(0.01)		0.51
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.45)		(0.49)		(0.26)
Net asset value, end of period		$9.07		$9.75		$10.25
Total Return, at Net Asset Value4		(2.22)%		(0.07)%		5.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$28,286		$31,973		$31,950
Average net assets (in thousands)		$28,307		$31,185		$27,035
Ratios to average net assets:5
Net investment income		4.90%		4.94%		4.64%
Expenses excluding specific expenses listed below		1.56%		1.40%		1.49%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		1.56%7		1.40%		1.49%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.24%		1.15%		1.15%
Portfolio turnover rate		54%		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.

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:

Year Ended May 31, 2016 1.57 % 

See accompanying Notes to Consolidated Financial Statements.

38      OPPENHEIMER GLOBAL HIGH YIELD FUND

Class C	Year Ended May 31, 2016		Year Ended May 29, 20151		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		0.38		0.42		0.24
Net realized and unrealized gain (loss)		(0.68)		(0.50)		0.24
Total from investment operations		(0.30)		(0.08)		0.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.39)		(0.42)		(0.23)
Net asset value, end of period		$9.06		$9.75		$10.25
Total Return, at Net Asset Value4		(3.00)%		(0.76)%		4.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$4,458		$3,876		$1,576
Average net assets (in thousands)		$4,083		$2,632		$543
Ratios to average net assets:5
Net investment income		4.21%		4.24%		4.22%
Expenses excluding specific expenses listed below		2.59%		2.56%		3.42%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		2.59%7		2.56%		3.42%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.94%		1.85%		1.85%
Portfolio turnover rate		54%		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.

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:

Year Ended May 31, 2016 2.60 % 

See accompanying Notes to Consolidated Financial Statements.

39      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Year Ended May 31, 2016		Year Ended May 29, 20151		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		0.47		0.49		0.28
Net realized and unrealized gain (loss)		(0.67)		(0.47)		0.25
Total from investment operations		(0.20)		0.02		0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.48)		(0.52)		(0.28)
Net asset value, end of period		$9.07		$9.75		$10.25
Total Return, at Net Asset Value4		(1.87)%		0.28%		5.36%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$22,186		$15,272		$10
Average net assets (in thousands)		$20,034		$7,400		$10
Ratios to average net assets:5
Net investment income		5.26%		5.13%		4.89%
Expenses excluding specific expenses listed below		1.27%		1.07%		1.16%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		1.27%7		1.07%		1.16%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.89%		0.80%		0.80%
Portfolio turnover rate		54%		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.

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:

Year Ended May 31, 2016 1.28 % 

See accompanying Notes to Consolidated Financial Statements.

40    OPPENHEIMER GLOBAL HIGH YIELD FUND

Class R	Year Ended May 31, 2016		Year Ended May 29, 20151		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		0.42		0.46		0.26
Net realized and unrealized gain (loss)		(0.67)		(0.50)		0.24
Total from investment operations		(0.25)		(0.04)		0.50
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.46)		(0.25)
Net asset value, end of period		$9.07		$9.75		$10.25
Total Return, at Net Asset Value4		(2.46)%		(0.31)%		5.04%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$554		$379		$116
Average net assets (in thousands)		$447		$234		$47
Ratios to average net assets:5
Net investment income		4.65%		4.68%		4.60%
Expenses excluding specific expenses listed below		2.37%		2.45%		1.86%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		2.37%7		2.45%		1.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.49%		1.39%		1.40%
Portfolio turnover rate		54%		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.

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:

Year Ended May 31, 2016 2.38 % 

See accompanying Notes to Consolidated Financial Statements.

41      OPPENHEIMER GLOBAL HIGH YIELD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended May 31, 2016		Year Ended May 29, 20151		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		0.47		0.52		0.29
Net realized and unrealized gain (loss)		(0.67)		(0.50)		0.24
Total from investment operations		(0.20)		0.02		0.53
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.48)		(0.52)		(0.28)
Net asset value, end of period		$9.07		$9.75		$10.25
Total Return, at Net Asset Value4		(1.92)%		0.23%		5.35%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$657		$1,132		$591
Average net assets (in thousands)		$707		$724		$219
Ratios to average net assets:5
Net investment income		5.18%		5.25%		5.20%
Expenses excluding specific expenses listed below		1.50%		1.50%		1.62%
Interest and fees from borrowings		0.00%6		0.00%		0.00%
Total expenses		1.50%7		1.50%		1.62%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.94%		0.84%		0.84%
Portfolio turnover rate		54%		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.

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:

Year Ended May 31, 2016 1.51 % 

See accompanying Notes to Consolidated Financial Statements.

42      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS May 31, 2016

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 30.1% 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 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 ine 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

43      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 $53,274 in the Subsidiary.

Other financial information at period end:

Total market value of investments*	$	—
Net assets	$	53,274
Net income (loss)	$	(46,726	)
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

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2. Significant Accounting Policies (Continued)

expenses directly attributable to a specific class are charged against the operations of that class.

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. GAAP, 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 or at other times as deemed necessary by the Manager.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open

45      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended May 31, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain	Accumulated Loss Carryforward1,2,3,4	Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—	$—	$3,615,130	$1,224,727

1. At period end, the Fund had $3,615,130 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
No expiration	$                    3,613,027

2. The Fund had $2,103 of post-October foreign currency losses which were deferred.

3. During the reporting period, the Fund did not utilize any capital loss carryforward.

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2. Significant Accounting Policies (Continued)

4. During the previous reporting period, the Fund utilized $21,353 of capital loss carryforward to offset capital gains realized in that fiscal year.

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 U.S. 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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Loss on Investments
$25,269		$5,426		$19,843

The tax character of distributions paid during the reporting periods:

	Year Ended May 31, 2016		Year Ended May 31, 2015
Distributions paid from:
Ordinary income	$	2,715,932	$	2,081,364

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	$	57,411,632
Federal tax cost of other investments		(17,835	)
Total federal tax cost	$	57,393,797
Gross unrealized appreciation	$	1,046,626
Gross unrealized depreciation		(2,271,353	)
Net unrealized depreciation	$	(1,224,727	)

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 4:00 P.M. Eastern time, on each day the New York Stock Exchange (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 exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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3. Securities Valuation (Continued)

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.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued 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.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 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 Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net

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3. Securities Valuation (Continued)

asset value as a practical expedient, and are not classified in the fair value hierarchy.

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:
U.S. Government Obligation	$	—	$	294,070	$	—	$	294,070
Corporate Loans		—		281,123		—		281,123
Corporate Bonds and Notes		—		51,285,606		—		51,285,606
Common Stock		68,978		—		—		68,978
Investment Company		4,257,128		—		—		4,257,128
Total Investments, at Value		4,326,106		51,860,799		—		56,186,905
Other Financial Instruments:
Forward currency exchange contracts		—		6,355		—		6,355
Total Assets	$	4,326,106	$	51,867,154	$	—	$	56,193,260
Liabilities Table
Other Financial Instruments:
Centrally cleared swaps, at value	$	—	$	(22,364)	$	—	$	(22,364)
Forward currency exchange contracts		—		(1,826)		—		(1,826)
Total Liabilities	$	—	$	(24,190)	$	—	$	(24,190)

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

51      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 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

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4. Investments and Risks (Continued)

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		$1,176,543
Sold securities		113,258

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 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	$	473,476
Market Value	$	173,667
Market Value as % of Net Assets		0.31%

Shareholder Concentration. At period end, 2 shareholders each owned 20% or more of the Fund’s total outstanding shares comprising 56% of the Fund.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

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.

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.

54      OPPENHEIMER GLOBAL HIGH YIELD FUND

6. Use of Derivatives (Continued)

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 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 $8,855 and $37,837, 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.

55      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

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

The Fund has sold futures contracts on various equity indexes to decrease exposure to equity risk.

During the reporting period, the Fund had an ending monthly average market value of $55,437 on futures contracts sold.

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

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

56      OPPENHEIMER GLOBAL HIGH YIELD FUND

6. Use of Derivatives (Continued)

Investments. The values of centrally cleared swap and OTC swap contracts are aggregated by 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.

The Fund has sold credit protection through credit default swaps to increase exposure to

57      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

The Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

For the reporting period, the Fund had ending monthly average notional amounts of $115,000 and $329,615 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Swaption Transactions

The Fund may enter into a swaption contract which grants the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time. The purchaser pays a premium to the swaption writer who bears the risk of unfavorable changes in the preset terms on the underlying swap.

Purchased swaptions are reported as a component of investments in the Consolidated Statement of Investments and the Consolidated Statement of Assets and Liabilities. Written swaptions are reported on a schedule following the Consolidated Statement of Investments and their value is reported as a separate asset or liability line item in the Consolidated Statement of Assets and Liabilities. The net change in unrealized appreciation or depreciation on written swaptions is separately reported in the Consolidated Statement of Operations. When a swaption is exercised, the cost of the swap is adjusted by the amount of premium paid or received. Upon the expiration or closing of an unexercised swaption contract, a gain or loss is reported in the Consolidated Statement of Operations for the amount of the premium paid or received.

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract. The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

During the reporting period, the Fund had an ending monthly average market value of

58      OPPENHEIMER GLOBAL HIGH YIELD FUND

6. Use of Derivatives (Continued)

$9,440 and $4,180 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

	Notional Amount		Amount of Premiums
Swaptions outstanding as of May 29, 2015		—		$                —
Swaptions written		10,000,000		30,000
Swaptions exercised		(10,000,000)		(30,000)
Swaptions outstanding as of May 31, 2016		—		$                —

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.

59      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

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.

60      OPPENHEIMER GLOBAL HIGH YIELD FUND

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	$	6,355	$	–	$	–	$	–	$	6,355

*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 by counterparty the Fund’s OTC derivative liabilities 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 Pledged**		Cash Collateral Pledged**		Net Amount
HSBC	$	(1,826)	$	–	$	–	$	–	$	(1,826)

*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 pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statements of Investments 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			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Interest rate contracts				Centrally cleared swaps, at value	$	22,364
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	6,355	Unrealized depreciation on foreign currency exchange contracts		1,826
Total		$	6,355		$	24,190

61      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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	Investment from unaffiliated companies*		Closing and expiration of futures contracts		Foreign currency transactions		Swap contracts		Total
Credit contracts	$	—	$	—	$	—	$	30,632	$	30,632
Equity contracts		—		12,396		—		—		12,396
Forward currency exchange contracts		—		—		1,428		—		1,428
Interest rate contracts		1,050		13,183		—		—		14,233
Total	$	1,050	$	25,579	$	1,428	$	30,632	$	58,689

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

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		Swap contracts		Total
Credit contracts	$	—	$	(21,253)	$	(21,253)
Forward currency exchange contracts		2,410		—		2,410
Total	$	2,410	$	(21,253)	$	(18,843)

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:

	Year Ended May 31, 2016					Year Ended May 29, 20151
	Shares			Amount		Shares			Amount
Class A
Sold		776,125		$	7,058,898		684,359		$	6,750,668
Dividends and/or distributions reinvested		44,673			403,951		29,250			288,784
Redeemed		(980,399	)		(8,926,652)		(552,560	)		(5,466,306)
Net increase (decrease)		(159,601)		$	(1,463,803)		161,049		$	1,573,146
Class C
Sold		375,695		$	3,426,184		311,548		$	3,070,976
Dividends and/or distributions reinvested		18,584			168,045		10,912			107,463
Redeemed		(300,032	)		(2,696,620)		(78,630	)		(769,285)
Net increase		94,247		$	897,609		243,830		$	2,409,154

62      OPPENHEIMER GLOBAL HIGH YIELD FUND

7. Shares of Beneficial Interest (Continued)

	Year Ended May 31, 2016						Year Ended May 29, 20151
	Shares			Amount			Shares			Amount
Class I
Sold		811,688		$	7,532,465			1,526,067		$	14,879,219
Dividends and/or distributions reinvested		118,829			1,071,068			39,126			378,897
Redeemed		(49,426	)		(413,691	)		(130	)		(1,249	)
Net increase		881,091		$	8,189,842			1,565,063		$	15,256,867
Class R2
Sold		37,607		$	342,257			34,239		$	338,161
Dividends and/or distributions reinvested		2,243			20,293			1,065			10,471
Redeemed		(17,569	)		(156,803	)		(7,754	)		(74,761	)
Net increase		22,281		$	205,747			27,550		$	273,871
Class Y
Sold		62,985		$	564,390			130,256		$	1,283,159
Dividends and/or distributions reinvested		3,978			36,342			3,784			37,446
Redeemed		(110,630	)		(1,005,163	)		(75,618	)		(750,652	)
Net increase (decrease)		(43,667	)	$	(404,431	)		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	$	31,114,881	$	26,988,281
U.S. government and government agency obligations		294,223		—

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.

63      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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, 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.

64      OPPENHEIMER GLOBAL HIGH YIELD FUND

9. Fees and Other Transactions with Affiliates (Continued)

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
May 31, 2016		$21,270		$1,020		$—

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,

65      OPPENHEIMER GLOBAL HIGH YIELD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

the Manager reimbursed the Fund $87,120, $26,317, $75,867, $3,904 and $3,936 for Class A, Class C, Class I, Class R and Class Y shares, respectively.

The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $469.

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 $2,895 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 district court for further proceedings. In October 2015, the district court reaffirmed its order and determined that the suit will proceed as a class action. 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

66      OPPENHEIMER GLOBAL HIGH YIELD FUND

11. Pending Litigation (Continued)

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.

67      OPPENHEIMER GLOBAL HIGH YIELD FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Global High Yield Fund:

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer Global High Yield Fund and subsidiary, including the consolidated statement of investments, as of May 31, 2016, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years or periods in the three-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2016, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global High Yield Fund and subsidiary as of May 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG _LLP

Denver, Colorado

July 25, 2016

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FEDERAL INCOME TAX INFORMATION Unaudited

In early 2016, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2015.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation.

In early 2016, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $2,680,225 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

69      OPPENHEIMER GLOBAL HIGH YIELD FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines 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 Guidelines 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.

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Funds, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Funds Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Sam Freedman, Chairman of the Board of Trustees (since 2013) and Trustee (since 2011) Year of Birth: 1940	Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Sub-Adviser and with subsidiary or affiliated companies of the Sub-Adviser (until October 1994). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 2011) Year of Birth: 1942	Director of Jack Creek Preserve Foundation (non-profit organization) (since March 2005); Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (March 2005-December 2014); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUM Provident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2011) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2011) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Chairman (since 2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002- 2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman

71      OPPENHEIMER GLOBAL HIGH YIELD FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Beverly L. Hamilton, Continued	(2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996- June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985- 1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Robert J. Malone, Trustee (since 2011) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-March 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2015); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Board of Directors of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004); Chairman of the Board (1991-1994) and Trustee (1985-1994) of Regis University; and Chairman of the Board (1990-1991) and Trustee (1984-1999) of Young Presidents Organization. Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
F. William Marshall, Jr., Trustee (since 2011) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS

72      OPPENHEIMER GLOBAL HIGH YIELD FUND

F. William Marshall, Jr., Continued	Fund (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006), member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 47 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth:1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 47 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, 16th Floor, New York, New York 10281-1008.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012);

73      OPPENHEIMER GLOBAL HIGH YIELD FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Arthur P. Steinmetz, Continued Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 102 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Mata, Kelly, Ms. Ziverte, and Mss. Lo Bessette, Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Michael Mata, Vice President (since 2015) Year of Birth: 1963	Senior Vice President of the Sub-Adviser and the Head of Multi-Sector Fixed Income (since July 2014). Portfolio manager with ING Investment Management and Head of Multi-Sector Fixed-Income (August 2004-December 2013), managing the Global Bond and Core Plus strategies and the macro and quantitative research teams, along with the emerging markets sovereign team. Senior Vice President and Senior Risk Manager at Putnam Investments (March 2000-August 2004) and a Vice President and Risk Manager for Fixed Income Trading at Lehman Brothers (September 1994-March 2000). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Chris Kelly, Vice President (since 2015) Year of Birth: 1967	Vice President and Portfolio Manager of the Sub-Adviser since March 2015 and Co-Head of the Global Debt Team since March 2015. Prior to joining the Sub- Adviser, Mr. Kelly was at BlackRock Inc., where he was Deputy Head of Emerging Markets Fixed Income from June 2012 to January 2015. Mr. Kelly was also a portfolio manager and Deputy Chief Investment Officer of Emerging Markets at Fisher Francis Trees and Watts, a BNP Paribas Investment Partner, from February 2008 to April 2012. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Ruta Ziverte, Vice President (since 2016) Year of Birth: 1973	Senior Portfolio Manager for the Sub-Adviser’s Multi-Sector Fixed Income Team and a Vice President of the Sub-Adviser (since July 2015). Prior to joining the Sub-Adviser, she was Senior Vice President and high yield portfolio manager at GE Asset Management from June 2009 to June 2016. A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Senior Vice President and Deputy General Counsel (March 2015-February 2016) and Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Vice President, Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 102 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 102 portfolios in the OppenheimerFunds complex.

74      OPPENHEIMER GLOBAL HIGH YIELD FUND

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973

Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 102 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970

Vice President of the Manager (since January 2013); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub- Adviser (August 2002-2007). An officer of 102 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request by calling 1.800.CALL OPP (225.5677).

75      OPPENHEIMER GLOBAL HIGH YIELD FUND

OPPENHEIMER GLOBAL HIGH YIELD FUND

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
Legal Counsel	Ropes & Gray LLP

© 2016 OppenheimerFunds, Inc. All rights reserved.

76      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.

77      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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79      OPPENHEIMER GLOBAL HIGH YIELD FUND

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	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2016 OppenheimerFunds Distributor, Inc. All rights reserved. RA1350.001.0516    July 25, 2016

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that F. William Marshall, Jr., the Chairman of the Board’s Audit Committee, is the audit committee financial expert and that Mr. Marshall is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $62,500 in fiscal 2016 and $28,800 in fiscal 2015.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $5,921 in fiscal 2016 and no such fees in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed $471,890 in fiscal 2016 and $1,061,442 in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, system conversion testing, and additional audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $525 in fiscal 2016 and no such fees in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed $371,191 in fiscal 2016 and $559,556 in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2016 and no such fees in fiscal 2015.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2016 and no such fees in fiscal 2015 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $849,527 in fiscal 2016 and $1,620,998 in fiscal 2015 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

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 5/31/2016, 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) Exhibit attached hereto.

(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:	7/13/2016

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:	7/13/2016
By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	7/13/2016

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS, OPPENHEIMERFUNDS, INC., OFI GLOBAL ASSET MANAGEMENT, INC. AND OFI STEELPATH, INC.

This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. (“OFI”), OFI Global Asset Management, Inc. (“OFI Global”) , OFI SteelPath, Inc. (“OFI SteelPath”) or one of OFI’s other subsidiaries (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.¹

INTRODUCTION / DEFINITION / POLICY STATEMENT:

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers may, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.

¹  The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

POLICY DETAILS:

1. Prohibitions

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

(i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

(ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public;

(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

(iv) engage in any manipulative practice with respect to any Fund;

(v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders;

(vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund;

(vii) intentionally mislead or omit to provide material information to the Fund’s independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters;

(viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws;

(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or

(x) fail to acknowledge or certify compliance with this Code if requested to do so.

2. Reports of Conflicts of Interests

If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer’s reasonable belief, the appearance of one, he or she must immediately report the matter to the Code’s Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the Chief Executive Officer of OFI Global.

Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund’s Board of Trustees/Directors.

3. Waivers

Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI Global or to the Fund.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

(i) is prohibited by this Code;

(ii) is consistent with honest and ethical conduct; and

(iii) will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.

In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund’s Board of Trustees/Directors.

4. Reporting Requirements

(a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.

(b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.

(c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser.

(d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; and (iv) any other significant information arising under the Code including any proposed amendments.

(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.

(f) Any changes to or waivers of this Code, including “implicit” waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.²

5. Annual Review

At least annually, the Board of Trustees/Directors of each Fund shall review the Code and consider whether any amendments are necessary or desirable.

6. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI.

7. Administration and Construction

(a) The administration of this Code of Ethics shall be the responsibility of OFI Global’s General Counsel or his or her designee as the “Code Administrator” of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds.

(b) The duties of such Code Administrator will include:

²  An “implicit waiver” is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI.

(i) Continuous maintenance of a current list of the names of all Covered Officers;

(ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder;

(iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; and

(v) Conducting reviews as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI Global and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

(c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.

8. Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred):

(a) A copy of any Code which has been in effect during the period;

(b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period;

(c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period;

(d) A copy of each report made by the Code Administrator pursuant to this Code during the period;

(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;

(f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and

(g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision.

9. Amendments and Modifications

Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund.

10. Confidentiality.

This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process.

Approved by the Denver Board of the Oppenheimer Funds on August 24, 2014

Approved by the New York of the Oppenheimer Funds on September 15, 2014

Approved by OFI Legal and Compliance on May 27, 2014

Exhibit A

Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

OppenheimerFunds, Inc., OFI Global Asset Management, Inc., and OFI SteelPath, Inc.

President (Principal Executive Officer)

Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer Principal Financial Officer)

Treasurer (Principal Financial Officer)

* There are no other positions with the Funds, OFI, OFI Global or OFI SteelPath, Inc. held by persons who perform similar functions to those listed above.

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: 7/13/2016

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, 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: 7/13/2016

/s/ Brian S. Petersen

Brian S. Petersen

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 S. Petersen, 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 5/31/2016 (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 S. Petersen
Arthur P. Steinmetz	Brian S. Petersen
Date: 7/13/2016	Date: 7/13/2016