N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5724

Oppenheimer Strategic Income Fund

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: September 30

Date of reporting period: 03/31/2010

Item 1. Reports to Stockholders.

March 31, 2010 Oppenheimer Management Strategic Income Commentaries and Fund Semiannual Report MANAGEMENT COMMENTARIES An Interview with Your Fund’s Managers SEMI ANNUAL REPORT Listing of Top Holdings Listing of Investments Financial Statements In the Barron’s/Lipper Best Mutual-Fund Families Survey, based on 2009 performance, OppenheimerFunds was ranked 7 out of 61 mutual fund families. Source: “Best Mutual-Fund Families,” Barron’s, February 1, 2010. See page 2 for specific information on the methodology used to determine the rankings in the Barron’s/Lipper Best Mutual-Fund Families survey. Past performance does not guarantee future results.

TOP HOLDINGS AND ALLOCATIONS

Portfolio Allocation

Corporate Bonds and Notes	24.1	%
Mortgage-Backed Obligations:
Non-Agency	14.8
Government Agency	6.1
Foreign Government Obligations	18.9
Investment Companies	12.5
Asset-Backed Securities	8.2
Structured Securities	6.6
Cash Equivalents	3.4
Loan Participations	2.4
U.S. Government Obligations	1.7
Event-Linked Bonds	1.1
Common Stocks	0.2
Rights, Warrants and Certificates	0.0
Preferred Stocks	0.0

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2010, and are based on the total market value of investments. The Fund may invest without limit in below investment-grade securities, which carry a greater risk that the issue may default on principal or interest payments, and in foreign securities, which entail higher expenses and risks, such as currency fluctuation.

Corporate Bonds & Notes—Top Ten Industries

Oil, Gas & Consumable Fuels	4.6	%
Media	2.0
Commercial Banks	1.5
Diversified Telecommunication Services	1.4
Hotels, Restaurants & Leisure	1.3
Electric Utilities	1.2
Wireless Telecommunication Services	1.0
Paper & Forest Products	0.9
Energy Traders	0.9
Chemicals	0.9

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2010, and are based on net assets.

10 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES

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

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

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

Class A shares of the Fund were first publicly offered on 10/16/89. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 11/30/92. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 5/26/95. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

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

Class Y shares of the Fund were first publicly offered on 1/26/98. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

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

11 | OPPENHEIMER STRATEGIC INCOME FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); 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 March 31, 2010.

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

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

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

12 | OPPENHEIMER STRATEGIC INCOME FUND

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	October 1, 2009		March 31, 2010		March 31, 2010
Class A	$	1,000.00	$	1,071.00	$	6.27
Class B		1,000.00		1,065.80		11.13
Class C		1,000.00		1,066.90		10.25
Class N		1,000.00		1,068.40		8.65
Class Y		1,000.00		1,072.00		5.18
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.90		6.11
Class B		1,000.00		1,014.21		10.85
Class C		1,000.00		1,015.06		10.00
Class N		1,000.00		1,016.60		8.43
Class Y		1,000.00		1,019.95		5.05

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended March 31, 2010 are as follows:

Class	Expense Ratios
Class A		1.21	%
Class B		2.15
Class C		1.98
Class N		1.67
Class Y		1.00

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

13 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS March 31, 2010 / Unaudited

	Principal
	Amount		Value
Asset-Backed Securities—9.4%
Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 1.98%, 1/15/131,2,3	$	94,000,000	$	94,537,736
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14		3,495,000		3,425,048
AmeriCredit Prime Automobile Receivables Trust 2010-1, Automobile Receivables Nts., Series 2010-1, Cl. A2, 0.98%, 1/15/13		895,000		895,302
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/343		4,647,879		3,872,579
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.346%, 9/25/363		1,671,785		613,533
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13		2,580,000		2,653,122
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12		693,000		722,472
Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.26%, 5/15/133		2,711,137		2,692,205
Chase Funding Trust 2003-2, Mtg. Loan Asset-Backed Certificates, Series 2003-2, Cl. 2A2, 0.806%, 2/25/333		28,538		27,052
Citibank Omni Master Trust, Credit Card Receivables, Series 2009-A12, Cl. A12, 3.35%, 8/15/161,2		225,000,000		228,876,165
Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.346%, 10/25/363		739,415		732,444
CNH Equipment Trust, Asset-Backed Certificates:
Series 2009-B, Cl. A3, 2.97%, 3/15/13		2,856,988		2,895,984
Series 2010-A, Cl. A2, 0.81%, 3/25/15		2,550,000		2,550,000
Countrywide Home Loans, Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.382%, 5/1/363		1,933,047		1,451,548
Series 2005-17, Cl. 1AF2, 5.363%, 5/1/363		919,901		752,406
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/473		4,184,000		3,437,808
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.46%, 12/15/353		561,887		210,311
Series 2006-H, Cl. 2A1A, 0.38%, 11/15/363		200,901		62,486
Discover Card Master Trust, Credit Card Receivables, Series 2009-A1, Cl. A1, 1.53%, 12/15/142,3		65,000,000		65,684,502
DLJ Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 11.96%, 4/15/111,4,5		15,000,000		150
DVI Receivables Corp., Equipment Asset-Backed Certificates, Series 2001-2, Cl. C, 4.405%, 11/11/104,5		3,083,887		—
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/251,4,5		2,730,094		—

F1 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Asset-Backed Securities Continued
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.336%, 7/25/363	$	2,136,007	$	2,050,535
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.356%, 7/7/363		817,796		720,034
First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.366%, 9/25/363		2,337,705		354,885
Ford Credit Auto Lease Trust, Automobile Receivable Nts., Series 2010-A, Cl. A, 1.04%, 3/15/131		1,930,000		1,930,587
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11		1,682,255		1,689,342
Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 1.78%, 9/15/122,3		110,000,000		110,342,067
Ford Credit Floorplan Master Owner Trust 2010-1, Asset-Backed Nts., Series 2010-1, Cl. A, 1.88%, 12/15/142,3		69,000,000		69,365,624
Ford Credit Floorplan Master Owner Trust 2010-3, Asset-Backed Nts., Series 2010-3, Cl. A1, 4.20%, 2/15/171,2		30,000,000		30,114,030
GE Dealer Floorplan Master Note Trust, Asset-Backed Securities, Series 2009-2A, Cl. A, 1.79%, 10/20/141,2,3		100,000,000		100,068,190
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 6/13/114,5		8,132,136		—
Green Tree Financial Corp., Manufactured Housing Contract Sr. Sub. Pass-Through Certificates, Series 1997-5, Cl. M1, 6.95%, 5/15/29		5,000,000		3,799,550
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/20/31		2,636,410		625,672
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		2,774,000		684,960
Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37		1,091,858		113,588
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.50%, 1/20/353		1,347,651		1,194,610
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.35%, 3/20/363		1,254,418		1,239,841
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.:
Series 2007-1A, Cl. B, 2.088%, 8/15/221,3		21,000,000		13,020,000
Series 2007-1A, Cl. C, 3.388%, 8/15/221,3		17,780,000		8,890,000
Series 2007-1A, Cl. D, 5.388%, 8/15/221,3		17,780,000		8,001,000
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.687%, 3/24/141,3		4,190,176		83,804
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.346%, 8/25/363		5,694,579		2,103,948
Merrill Auto Trust Securitization 2007-1, Asset-Backed Nts., Series 2007-1, Cl. A4, 0.29%, 12/15/133		2,405,000		2,390,494

F2 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Asset-Backed Securities Continued
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.832%, 1/25/291,3	$	4,475,119	$	313,258
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.346%, 7/1/363		3,797,583		2,319,537
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/363		1,273,055		1,176,144
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/363		2,221,352		2,149,462
Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.476%, 2/25/373		1,677,241		740,378
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.657%, 6/15/393		6,586,000		2,774,062
SSB RV Trust 2001-1, Recreational Vehicles Mtg. Obligations, Series 2001-1, Cl. B, 6.64%, 4/1/18		1,043,363		1,046,924
Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 17.252%, 6/7/111,3		5,550,000		5,519,586
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37		510,611		136,708
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.346%, 7/25/363		120,765		120,237
Total Asset-Backed Securities (Cost $854,468,849)				791,171,910
Mortgage-Backed Obligations—24.1%
Government Agency—7.1%
FHLMC/FNMA/FHLB/Sponsored—6.5%
Federal Home Loan Mortgage Corp.:
5%, 8/15/33-12/15/34		6,723,386		6,989,712
5.50%, 9/1/39		7,700,730		8,141,232
6%, 1/15/19-7/15/24		7,184,961		7,775,761
6.50%, 4/15/18-6/15/35		5,753,830		6,298,295
7%, 8/15/21-10/1/31		4,472,968		5,031,708
7.50%, 2/15/32-4/25/36		5,328,490		6,086,201
8.50%, 8/15/31		290,447		342,813
10%, 5/15/20		135,788		153,481
10.50%, 6/14/20		134,152		153,260
11.50%, 11/14/16		33,488		34,652
12%, 7/15/15-6/15/17		200,598		209,078
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		5,049,018		5,611,930
Series 151, Cl. F, 9%, 5/15/21		10,348		11,491
Series 1590, Cl. IA, 1.30%, 10/15/233		4,636,018		4,696,331
Series 1674, Cl. Z, 6.75%, 2/15/24		233,371		259,226

F3 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Series 2006-11, Cl. PS, 23.664%, 3/25/363	$	2,384,989	$	2,993,575
Series 2034, Cl. Z, 6.50%, 2/15/28		45,007		49,523
Series 2042, Cl. N, 6.50%, 3/15/28		57,334		60,221
Series 2043, Cl. ZP, 6.50%, 4/15/28		3,566,776		3,801,833
Series 2053, Cl. Z, 6.50%, 4/15/28		39,960		43,744
Series 2116, Cl. ZA, 6%, 1/15/29		3,059,998		3,315,960
Series 2122, Cl. F, 0.68%, 2/15/293		126,349		126,491
Series 2279, Cl. PK, 6.50%, 1/15/31		69,036		75,328
Series 2326, Cl. ZP, 6.50%, 6/15/31		656,220		717,003
Series 2344, Cl. FP, 1.18%, 8/15/313		1,646,474		1,674,537
Series 2368, Cl. PR, 6.50%, 10/15/31		106,365		115,908
Series 2368, Cl. TG, 6%, 10/15/16		704,156		756,393
Series 2401, Cl. FA, 0.88%, 7/15/293		228,897		230,205
Series 2412, Cl. GF, 1.18%, 2/15/323		3,415,527		3,470,652
Series 2427, Cl. ZM, 6.50%, 3/15/32		3,151,537		3,444,091
Series 2435, Cl. EQ, 6%, 5/15/31		574,643		577,300
Series 2451, Cl. FD, 1.23%, 3/15/323		1,208,773		1,233,591
Series 2453, Cl. BD, 6%, 5/15/17		163,342		176,016
Series 2461, Cl. PZ, 6.50%, 6/15/32		451,368		494,506
Series 2464, Cl. FI, 1.23%, 2/15/323		1,267,852		1,288,837
Series 2470, Cl. AF, 1.23%, 3/15/323		1,950,246		2,004,776
Series 2470, Cl. LF, 1.23%, 2/15/323		1,296,657		1,322,393
Series 2471, Cl. FD, 1.23%, 3/15/323		2,210,267		2,251,606
Series 2475, Cl. FB, 1.23%, 2/15/323		1,775,854		1,813,180
Series 2500, Cl. FD, 0.73%, 3/15/323		447,572		448,767
Series 2517, Cl. GF, 1.23%, 2/15/323		1,072,104		1,092,598
Series 2526, Cl. FE, 0.63%, 6/15/293		552,105		553,214
Series 2551, Cl. FD, 0.63%, 1/15/333		401,038		401,262
Series 2551, Cl. LF, 0.73%, 1/15/333		202,352		202,490
Series 2676, Cl. KY, 5%, 9/15/23		2,635,000		2,804,872
Series 2676, Cl. TF, 0.83%, 1/15/323		3,507,081		3,507,309
Series 2750, Cl. XG, 5%, 2/1/34		740,000		752,151
Series 2754, Cl. PE, 5%, 2/15/34		5,000,000		5,084,796
Series 2857, Cl. MG, 5%, 9/1/34		5,300,000		5,381,297
Series 2890, Cl. PE, 5%, 11/1/34		750,000		760,576
Series 2907, Cl. GC, 5%, 6/1/27		2,103,845		2,180,873
Series 2929, Cl. PC, 5%, 1/1/28		1,803,343		1,869,857
Series 2936, Cl. PE, 5%, 2/1/35		2,807,000		2,841,571
Series 2947, Cl. HE, 5%, 3/1/35		4,260,000		4,331,307
Series 2952, Cl. GJ, 4.50%, 12/1/28		2,051,425		2,105,538
Series 3025, Cl. SJ, 23.907%, 8/15/353		2,402,342		2,978,350
Series 3035, Cl. DM, 5.50%, 11/15/25		1,036,806		1,041,155
Series 3057, Cl. LG, 5%, 10/15/35		5,000,000		5,067,152
Series 3061, Cl. MB, 5.50%, 5/1/30		1,575,000		1,666,463
Series 3094, Cl. HS, 23.54%, 6/15/343		1,358,975		1,633,207

F4 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 9.628%, 4/1/276	$	729,773	$	188,850
Series 192, Cl. IO, 8.562%, 2/1/286		314,991		64,563
Series 2035, Cl. PE, 1.813%, 3/15/286		82,094		16,353
Series 2049, Cl. PL, 18.334%, 4/15/286		504,678		100,551
Series 205, Cl. IO, 6.981%, 9/1/296		1,681,490		472,034
Series 206, Cl. IO, 15.404%, 12/1/296		518,963		104,361
Series 207, Cl. IO, 23.085%, 4/1/306		593,457		166,148
Series 2074, Cl. S, 50.788%, 7/17/286		411,642		72,976
Series 2079, Cl. S, 62.587%, 7/17/286		680,551		123,830
Series 214, Cl. IO, 17.989%, 6/1/316		575,683		105,432
Series 2177, Cl. SB, 99.999%, 8/15/296		435,121		80,223
Series 224, Cl. IO, 0.828%, 3/1/336		3,070,781		644,947
Series 243, Cl. 6, 2.842%, 12/15/326		1,955,988		356,957
Series 2526, Cl. SE, 37.129%, 6/15/296		997,655		145,000
Series 2802, Cl. AS, 98.444%, 4/15/336		2,505,961		243,546
Series 2819, Cl. S, 45.968%, 6/15/346		9,281,854		1,282,012
Series 2920, Cl. S, 70.065%, 1/15/356		5,628,039		732,754
Series 3000, Cl. SE, 98.13%, 7/15/256		6,585,582		700,599
Series 3004, Cl. SB, 7.442%, 7/15/356		10,483,245		1,346,925
Series 3045, Cl. DI, 23.097%, 10/15/356		11,225,890		1,410,471
Series 3110, Cl. SL, 21.682%, 2/15/266		2,169,940		221,415
Federal National Mortgage Assn.:
4.50%, 4/1/25-4/1/407		28,372,000		28,873,326
5%, 11/25/21-12/25/21		181,058		191,831
5%, 6/1/407		27,043,000		27,697,954
5.305%, 10/1/368		21,354,626		22,401,914
5.50%, 1/25/22-8/25/22		1,807,384		1,936,520
5.50%, 4/1/25-4/1/407		65,432,000		69,193,982
6%, 6/25/17-4/1/35		32,991,271		35,601,382
6%, 4/1/257		27,877,000		30,041,816
6.50%, 4/25/18-1/1/34		17,150,051		18,808,418
7%, 11/1/17-9/25/34		17,935,211		20,056,652
7%, 4/1/348		8,199,385		9,204,801
7.50%, 6/25/10-3/25/33		10,240,282		11,590,158
8.50%, 7/1/32		78,658		89,072
9.50%, 4/25/20-4/8/21		75,025		86,629
11%, 11/8/15-2/25/26		250,502		291,223
13%, 6/25/15		56,020		66,615
15%, 5/9/13		87,168		97,152
Federal National Mortgage Assn. Grantor Trust:
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T10, Cl. IO, 41.269%, 12/25/416		112,033,087		1,132,688
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T3, Cl. IO, 42.571%, 11/25/406		12,745,284		190,371

F5 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1996-35, Cl. Z, 7%, 7/25/26	$	246,884	$	273,744
Trust 1997-45, Cl. CD, 8%, 7/18/27		1,480,545		1,661,724
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		1,553,879		1,692,721
Trust 1999-14, Cl. MB, 6.50%, 4/25/29		68,574		74,717
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		2,865,747		3,107,158
Trust 2001-19, Cl. Z, 6%, 5/1/31		1,582,300		1,697,874
Trust 2001-44, Cl. QC, 6%, 9/25/16		346,965		373,240
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		412,462		450,751
Trust 2001-65, Cl. F, 0.846%, 11/25/313		2,627,228		2,631,571
Trust 2001-69, Cl. PF, 1.246%, 12/25/313		2,971,431		3,045,296
Trust 2001-80, Cl. ZB, 6%, 1/25/32		3,188,862		3,466,487
Trust 2002-12, Cl. PG, 6%, 3/25/17		1,955,297		2,108,078
Trust 2002-19, Cl. PE, 6%, 4/25/17		1,060,500		1,140,464
Trust 2002-21, Cl. PE, 6.50%, 4/25/32		3,111,402		3,401,452
Trust 2002-29, Cl. F, 1.246%, 4/25/323		1,463,597		1,500,141
Trust 2002-60, Cl. FH, 1.246%, 8/25/323		2,853,420		2,912,194
Trust 2002-64, Cl. FJ, 1.246%, 4/25/323		449,848		460,926
Trust 2002-68, Cl. FH, 0.736%, 10/18/323		925,261		928,082
Trust 2002-81, Cl. FM, 0.746%, 12/25/323		1,653,681		1,656,321
Trust 2002-84, Cl. FB, 1.246%, 12/25/323		274,676		281,172
Trust 2002-9, Cl. PC, 6%, 3/25/17		2,262,616		2,439,683
Trust 2003-11, Cl. FA, 1.246%, 9/25/323		374,827		383,690
Trust 2003-116, Cl. FA, 0.646%, 11/25/333		615,741		618,929
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		5,556,000		5,957,325
Trust 2003-3, Cl. FM, 0.746%, 4/25/333		2,061,379		2,062,929
Trust 2004-101, Cl. BG, 5%, 1/25/20		5,983,000		6,389,974
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44		1,498,543		1,669,858
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25		3,910,000		4,125,270
Trust 2005-12, Cl. JC, 5%, 6/1/28		3,563,719		3,709,006
Trust 2005-22, Cl. EC, 5%, 10/1/28		2,431,238		2,533,132
Trust 2005-25, Cl. PS, 27.077%, 4/25/353		885,683		1,186,092
Trust 2005-30, Cl. CU, 5%, 4/1/29		1,678,013		1,754,699
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		2,971,192
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		5,905,377		6,291,105
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		3,700,000		3,852,560
Trust 2006-46, Cl. SW, 23.297%, 6/25/363		3,499,924		4,305,180
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 48.924%, 11/18/316		2,982,097		527,194
Trust 2001-63, Cl. SD, 23.636%, 12/18/316		79,873		14,649
Trust 2001-68, Cl. SC, 18.542%, 11/25/316		55,087		8,694
Trust 2001-81, Cl. S, 37.248%, 1/25/326		760,552		124,640
Trust 2002-28, Cl. SA, 38.592%, 4/25/326		541,440		89,481
Trust 2002-38, Cl. SO, 56.962%, 4/25/326		511,753		72,181
Trust 2002-39, Cl. SD, 42.664%, 3/18/326		796,209		128,257
Trust 2002-48, Cl. S, 35.474%, 7/25/326		855,067		139,002
Trust 2002-52, Cl. SL, 36.27%, 9/25/326		516,168		86,222

F6 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 2002-53, Cl. SK, 40.597%, 4/25/326	$	496,320	$	65,210
Trust 2002-56, Cl. SN, 38.105%, 7/25/326		1,172,683		185,615
Trust 2002-65, Cl. SC, 68.248%, 6/25/266		1,561,805		245,215
Trust 2002-77, Cl. IS, 49.454%, 12/18/326		871,871		112,114
Trust 2002-77, Cl. SH, 44.649%, 12/18/326		944,224		138,371
Trust 2002-89, Cl. S, 72.742%, 1/25/336		5,464,775		738,047
Trust 2002-9, Cl. MS, 34.895%, 3/25/326		1,019,993		140,412
Trust 2003-13, Cl. IO, 12.41%, 3/25/336		4,000,675		863,726
Trust 2003-23, Cl. ES, 82.969%, 10/25/226		15,001,589		1,403,993
Trust 2003-26, Cl. DI, 11.784%, 4/25/336		2,530,022		527,417
Trust 2003-26, Cl. IK, 15.58%, 4/25/336		443,380		92,428
Trust 2003-33, Cl. SP, 56.914%, 5/25/336		3,458,584		482,156
Trust 2003-4, Cl. S, 48.109%, 2/25/336		1,793,308		250,749
Trust 2003-46, Cl. IH, 7.129%, 6/1/336		665,786		99,355
Trust 2005-14, Cl. SE, 44.285%, 3/25/356		1,268,378		116,635
Trust 2005-40, Cl. SA, 72.582%, 5/25/356		9,110,572		1,256,992
Trust 2005-40, Cl. SB, 84.673%, 5/25/356		4,048,788		581,692
Trust 2005-71, Cl. SA, 73.93%, 8/25/256		4,405,684		523,772
Trust 2005-85, Cl. SA, 99.999%, 10/25/356		1,417,889		179,331
Trust 2005-87, Cl. SE, 26.474%, 10/25/356		51,407,400		4,700,816
Trust 2005-87, Cl. SG, 39.687%, 10/25/356		1,790,101		190,798
Trust 2006-43, Cl. SJ, 99.999%, 6/25/366		1,273,870		141,905
Trust 2006-51, Cl. SA, 22.073%, 6/25/366		40,155,472		5,288,548
Trust 2006-60, Cl. DI, 42.149%, 4/25/356		2,055,004		261,695
Trust 2006-90, Cl. SX, 95.851%, 9/25/366		8,727,240		1,342,744
Trust 2007-88, Cl. XI, 24.889%, 6/25/376		22,115,345		2,044,796
Trust 2009-106, Cl. SA, 24.25%, 1/25/406		17,149,291		2,001,283
Trust 221, Cl. 2, 22.274%, 5/1/236		724,400		151,964
Trust 247, Cl. 2, 8.156%, 10/1/236		284,437		60,129
Trust 252, Cl. 2, 13.786%, 11/1/236		86,441		18,570
Trust 254, Cl. 2, 1.758%, 1/1/246		246,554		53,207
Trust 2682, Cl. TQ, 99.999%, 10/15/336		3,415,867		406,904
Trust 2981, Cl. BS, 99.999%, 5/15/356		6,092,631		703,455
Trust 301, Cl. 2, 0.651%, 4/1/296		1,079,996		220,494
Trust 303, Cl. IO, 20.378%, 11/1/296		655,321		172,026
Trust 313, Cl. 2, 20.708%, 6/1/316		9,949,340		1,916,569
Trust 319, Cl. 2, 15.342%, 2/1/326		758,940		138,137
Trust 321, Cl. 2, 3.455%, 4/1/326		4,834,402		1,132,190
Trust 324, Cl. 2, 1.429%, 7/1/326		2,136,689		485,738
Trust 328, Cl. 2, 6.147%, 12/1/326		7,492,371		1,624,028
Trust 331, Cl. 5, 3.929%, 2/1/336		4,268,967		753,846
Trust 332, Cl. 2, 1.934%, 3/1/336		12,418,293		2,515,822
Trust 334, Cl. 10, 4.19%, 2/1/336		3,485,920		613,736
Trust 334, Cl. 12, 0.96%, 2/1/336		5,329,952		931,756
Trust 338, Cl. 2, 3.21%, 7/1/336		13,549,869		2,911,152
Trust 339, Cl. 7, 1.372%, 7/1/336		12,507,353		2,245,667
Trust 345, Cl. 9, 2.919%, 1/1/346		4,771,744		927,408

F7 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 351, Cl. 10, 7.311%, 4/1/346	$	1,445,816	$	297,379
Trust 351, Cl. 8, 6.32%, 4/1/346		2,371,808		428,255
Trust 356, Cl. 10, 3.222%, 6/1/356		2,025,979		377,857
Trust 356, Cl. 12, 1.539%, 2/1/356		1,009,268		210,515
Trust 362, Cl. 12, 6.967%, 8/1/356		183,514		31,944
Trust 362, Cl. 13, 4.714%, 8/1/356		123,893		21,655
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 15.228%, 9/15/226		10,850,348		244,145
Series 1995-2B, Cl. 2IO, 26.949%, 6/15/256		761,017		15,016
Series 1995-3, Cl. 1IO, 8.517%, 9/15/256		24,814,671		152,049
				544,712,581
GNMA/Guaranteed—0.6%
Government National Mortgage Assn.:
3.625%, 7/1/273		6,602		6,803
4.50%, 4/1/407		24,930,000		25,229,933
7%, 1/29/28-2/8/30		1,670,822		1,876,901
8%, 1/29/28-9/29/28		656,715		756,502
11%, 11/8/19		12,736		14,134
12%, 12/9/13-9/1/15		22,563		25,210
12.50%, 12/29/13-11/29/15		572,467		610,345
13%, 10/30/15		851,486		953,844
13.50%, 6/30/15		1,243,659		1,394,893
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		6,389,886		7,233,420
Series 2000-12, Cl. ZA, 8%, 2/16/30		3,376,256		3,695,984
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2000-7, Cl. Z, 8%, 1/16/30		3,129,808		3,425,883
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 49.491%, 7/16/286		1,393,171		254,239
Series 1998-6, Cl. SA, 67.414%, 3/16/286		855,449		142,263
Series 2006-47, Cl. SA, 70.653%, 8/16/366		9,626,113		1,310,453
				46,930,807
Non-Agency—17.0%
Commercial—10.4%
Baer Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 2004-PWR4, Cl. A3, 5.468%, 6/1/412		39,120,000		40,684,921

F8 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Commercial Continued
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2005-1, Cl. A5, 5.135%, 11/1/422,3	$	23,457,000	$	24,534,617
Series 2005-6, Cl. A4, 5.179%, 9/1/472,3		21,852,000		22,774,294
Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		10,440,000		8,319,526
Series 2008-1, Cl. A4, 6.182%, 12/1/173		9,860,000		9,909,338
Series 2008-1, Cl. AM, 6.225%, 2/10/513		8,165,000		5,967,985
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/22/241,6,9		2,318,917		104,994
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		9,716,000		7,657,495
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.422%, 12/20/353		512,178		398,089
Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.729%, 3/1/493		7,470,000		7,846,197
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/492		69,103,000		70,857,587
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/393		4,210,000		3,802,094
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C1, Cl. A4, 5.014%, 2/1/382		45,225,000		46,262,968
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37		13,386,930		9,935,903
Deutsche Alt-A Securities, Inc., Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.747%, 1/27/371,3		3,994,671		1,169,689
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		2,926,921		1,561,817
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.126%, 10/15/301,3		36,400,000		5,460,000
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		2,553,324		1,791,055
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.102%, 11/1/373		12,096,840		9,216,448
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39		949,726		958,587
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 6.944%, 5/15/303		2,000,000		1,998,859
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17		19,960,000		19,441,126
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/392		69,976,000		72,061,320

F9 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Commercial Continued
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39	$	5,240,000	$	5,196,608
Impac CMB Trust Series 2005-4, Collateralized Asset-Backed Bonds, Series 2005-4, Cl. 1A1A, 0.786%, 5/25/353		4,017,907		2,876,375
Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2A2, 5.196%, 1/1/363		1,286,093		137,742
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2005-LDP4, Cl. AM, 4.999%, 10/1/42		3,350,000		3,140,064
Series 2005-LDP1, Cl. A4, 5.038%, 3/1/462,3		50,541,000		52,369,361
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		9,600,000		9,552,212
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		11,430,000		11,032,255
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47		14,935,000		14,623,923
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		16,776,000		13,428,901
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51		5,495,000		5,698,843
Series 2008-C2, Cl. A4, 6.068%, 2/1/51		18,630,000		16,739,873
Series 2008-C2, Cl. AM, 6.579%, 2/1/513		13,140,000		7,402,700
JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.677%, 4/1/363		6,138,131		1,861,440
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.75%, 1/1/373		2,102,839		1,781,841
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.155%, 4/11/413		6,930,000		5,715,251
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/241		315,650		229,945
Lehman Structured Securities Corp., Mtg.-Backed Securities, 6%, 5/1/29		2,491,317		605,918
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		2,976,840		2,569,993
ML-CFC Commercial Mortgage Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. A2, 5.112%, 12/1/492		21,166,000		21,576,582
Morgan Stanley Capital I Trust 2003-IQ4, Commercial Mtg. Pass-Through Certificates, Trust 2003-IQ4, Cl. A2, 4.07%, 5/1/402		30,410,000		31,221,324
Morgan Stanley Capital I Trust 2004-TOP13, Commercial Mtg. Pass-Through Certificates, Trust 2004-TOP13, Cl. A4, 4.66%, 9/1/452		25,000,000		25,580,140
Morgan Stanley Capital I Trust, Commercial Mtg. Pass Through Certificates, Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41		15,820,000		14,211,032
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49		8,890,000		8,760,446
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 4.421%, 4/25/353		362,255		75,350
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		2,496,036		1,604,746

F10 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Commercial Continued
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.829%, 2/1/373	$	24,322,782	$	18,365,994
Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 0.987%, 9/19/323		1,724,822		452,766
Wachovia Bank Commercial Mortgage Trust 2003-C9, Commercial Mtg. Pass-Through Certificates, Series 2003-C9, Cl. A4, 5.012%, 12/1/352		34,938,000		36,727,360
Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A4, 5.083%, 3/1/422		49,955,000		52,274,001
Wachovia Bank Commercial Mortgage Trust 2005-C19, Commercial Mtg. Pass-Through Certificates, Series 2005-C19, Cl. A5, 4.661%, 5/1/442		20,695,000		21,289,977
Wachovia Bank Commercial Mortgage Trust 2005-C22, Commercial Mtg. Pass-Through Certificates, Series 2005-C22, Cl. A4, 5.27%, 12/1/442,3		69,336,250		71,127,386
Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48		2,137,000		2,214,784
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/513		15,020,000		14,036,719
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.952%, 5/1/463		6,960,000		3,820,035
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.303%, 11/1/463		3,683,755		2,038,355
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 1.496%, 4/1/473		2,634,258		1,419,618
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.995%, 11/1/343		2,897,903		952,955
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.871%, 2/1/353		12,808,897		11,571,439
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 3.061%, 4/25/363		8,270,644		6,834,364
				873,833,527
Manufactured Housing—0.2%
Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.039%, 9/25/363		13,125,718		11,094,973
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 4.965%, 3/25/363		4,031,881		3,345,720
				14,440,693
Multifamily—0.2%
Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 2.801%, 2/1/353		2,879,964		2,634,740

F11 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Multifamily Continued
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR10, Cl. 5A1, 5.497%, 7/1/363	$	7,368,405	$	5,828,646
Series 2006-AR10, Cl. 2A1, 5.534%, 7/25/363		6,312,748		4,794,463
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.059%, 3/25/363		6,276,381		5,357,238
				18,615,087
Residential—6.2%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.811%, 8/1/173		17,290,000		13,575,724
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 3.274%, 5/1/343		10,563,296		8,847,696
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.968%, 11/1/343		4,354,981		3,903,143
Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36		11,100,000		8,578,932
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.554%, 2/1/373		6,176,445		6,164,034
CHL Mortgage Pass-Through Trust 2005-24, Mtg. Pass-Through Certificates, Series 2005-24, Cl. A35, 5.50%, 11/1/35		3,435,868		3,304,535
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		8,152,720		7,545,032
CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35		7,410,062		6,525,843
CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.397%, 1/1/363		3,259,222		937,980
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		5,551,000		4,003,841
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		2,709,783		2,377,534
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.149%, 6/1/473		6,770,913		4,420,574
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates:
Series 2007-HY4, Cl. 1A1, 5.981%, 9/1/473		32,653,359		23,361,698
Series 2007-HY4, Cl. 1A2, 5.981%, 9/1/473		8,337,915		1,438,015
Series 2007-HY4, Cl. 2A2, 6.207%, 11/1/373		1,866,986		380,468
Series 2007-HY4, Cl. 3A2, 6.267%, 11/1/373		2,034,028		359,498
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates:
Series 2007-HY5, Cl. 1A2, 5.846%, 9/1/373		9,512,112		2,331,525
Series 2007-HY5, Cl. 2A2, 5.942%, 9/1/373		2,502,308		423,738
Series 2007-HY5, Cl. 3A2, 6.10%, 9/1/373		6,304,400		1,385,696

F12 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Residential Continued
Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.699%, 8/1/123	$	2,930,000	$	3,081,165
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.951%, 5/1/353		8,779,113		7,237,004
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.203%, 8/1/353		17,478,400		12,179,704
Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Mtg. Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/363		9,616,646		1,959,291
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Mtg. Pass-Through Certificates:
Series 2006-AR2, Cl. 1A2, 5.517%, 3/1/363		20,195,231		16,431,490
Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36		8,438,559		2,214,586
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		14,965,000		11,313,181
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		6,609,380		5,755,347
CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37		32,546,440		21,254,915
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 3.725%, 5/1/343		7,472,057		6,129,261
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates:
Series 2005-AR6, Cl. 1A4, 3.001%, 9/1/353		21,634,737		20,276,908
Series 2005-AR6, Cl. 3A1, 3.597%, 9/25/353		9,520,772		8,617,703
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.338%, 11/1/353		6,898,055		5,776,414
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		4,419,235		3,918,814
GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.768%, 3/1/373		7,806,430		6,054,342
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.29%, 7/1/353		12,337,858		11,533,101
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 5.996%, 5/1/373		3,921,393		775,651
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/453		27,890,000		22,445,225
Lehman Mortgage Trust, Mtg. Pass-Through Certificates, Series 2006-1, Cl. 1A3, 5.50%, 2/1/36		2,695,778		2,401,360
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35		157,195		156,645
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 3.584%, 4/1/363		7,085,915		4,701,472

F13 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Residential Continued
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 6.074%, 10/25/363	$	11,246,427	$	9,905,487
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		34,989		34,997
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		9,051,040		5,495,474
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		620,314		582,314
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		3,844,968		2,475,961
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		9,819,000		7,208,597
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		14,465,667		10,762,761
RFMSI Series 2007-SA3, Mtg. Pass-Through Certificates, Series 2007-SA3, Cl. 2A2, 5.747%, 7/1/373		3,982,028		305,422
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 4.821%, 10/1/353		8,153,005		6,800,352
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.921%, 9/1/363		7,804,470		6,656,162
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 5.396%, 2/1/373		44,814,690		31,570,407
Series 2007-HY1, Cl. 5A1, 5.717%, 2/1/373		26,703,189		18,017,071
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A1, 5.558%, 12/1/363		31,273,536		21,904,288
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.314%, 3/1/373		27,116,583		23,265,003
WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.508%, 9/25/363		25,775,022		20,905,809
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.662%, 6/25/373		12,713,562		9,600,587
WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.79%, 7/1/373		7,221,901		4,951,917
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 3%, 10/1/353		4,927,768		4,307,638

F14 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR10, Cl. 3A2, 4.062%, 7/1/363	$	2,038,668		$	387,172
Series 2006-AR10, Cl. 5A3, 5.497%, 7/1/363		3,447,420			2,731,297
Series 2006-AR10, Cl. 5A6, 5.497%, 7/1/363		39,125,496			31,453,084
Series 2006-AR10, Cl. 4A2, 5.523%, 7/1/363		7,565,663			1,378,522
Series 2006-AR10, Cl. 2A2, 5.534%, 7/1/363		5,359,081			973,217
Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.631%, 9/1/363		30,310,000			20,708,832
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.132%, 4/1/363		5,736,588			4,931,910
					521,393,366
Total Mortgage-Backed Obligations (Cost $2,136,907,683)					2,019,926,061
U.S. Government Obligations—2.0%
Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13		23,035,000			24,348,962
Federal Home Loan Mortgage Corp. Nts.:
2.50%, 4/23/14		7,995,000			8,067,962
2.875%, 2/9/1510		36,195,000			36,458,319
5.25%, 4/18/16		3,050,000			3,377,765
Federal National Mortgage Assn. Nts.:
2.625%, 11/20/14		27,920,000			27,952,080
3%, 9/16/14		4,200,000			4,281,707
4.375%, 10/15/15		15,004,000			16,028,773
5.375%, 7/15/16		7,948,000			8,854,843
U.S. Treasury Bills, 0.165%, 4/15/108		25,300,000			25,299,508
U.S. Treasury Bonds, STRIPS, 4.989%, 2/15/168,11		11,271,000			9,449,178
Total U.S. Government Obligations (Cost $162,248,509)					164,119,097
Foreign Government Obligations—21.7%
Argentina—0.8%
Argentina (Republic of) Bonds:
0.389%, 8/3/123		10,197,751			9,192,176
2.50%, 12/31/383		15,710,000			5,718,440
Series GDP, 2.724%, 12/15/353		14,990,000			1,199,200
Series V, 7%, 3/28/11		8,102,000			7,939,060
Series VII, 7%, 9/12/13		2,970,000			2,649,158
Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15		47,030,000			39,143,330
					65,841,364
Australia—0.0%
New South Wales Treasury Corp. Bonds:
Series 12, 6%, 5/1/12	1,625,000		AUD		1,511,795
Series 14, 5.50%, 8/1/14	2,370,000		AUD		2,153,580
					3,665,375

F15 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Austria—0.2%
Austria (Republic of) Unsub. Bonds, 4.15%, 3/15/37		14,935,000	EUR	$	20,309,022
Belgium—0.1%
Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35		2,950,000	EUR		4,492,389
Belize—0.0%
Belize (Government of) Unsec. Unsub. Bonds, 6%, 2/20/291,3		3,010,000			2,091,950
Brazil—3.2%
Brazil (Federal Republic of) Bonds:
6%, 1/17/17		28,560,000			31,173,240
8%, 1/15/18		3,008,889			3,521,904
8.875%, 10/14/19		6,305,000			8,149,213
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
9.762%, 1/1/12		70,129,000	BRR		38,429,943
9.762%, 1/1/14		36,620,000	BRR		19,301,548
9.762%, 1/1/17		250,870,000	BRR		126,859,628
10%, 1/1/21		39,090,000	BRR		18,672,462
11.205%, 5/15/45		11,990,000	BRR		12,515,941
Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19		5,960,000			6,436,800
					265,060,679
Canada—0.2%
Canada Housing Trust Sec. Bonds, 4.10%, 12/15/18		6,385,000	CAD		6,430,452
Quebec (Province of) Nts., 4.50%, 12/1/18		6,430,000	CAD		6,484,193
					12,914,645
Colombia—0.5%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/281		9,872,000,000	COP		5,501,013
Colombia (Republic of) Bonds:
7.375%, 9/18/37		5,628,000			6,331,500
12%, 10/22/15		9,471,000,000	COP		6,021,527
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		6,330,000			7,311,150
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		11,700,000			11,232,000
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		5,320,000			6,144,600
					42,541,790
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/17		21,500,000	DKK		4,141,935
Egypt—0.8%
Egypt (The Arab Republic of) Treasury Bills:
Series 91, 9.318%, 4/6/1011		29,375,000	EGP		5,327,353
Series 182, 10.537%, 6/29/1011		29,600,000	EGP		5,257,521
Series 182, 10.221%, 7/6/1011		33,800,000	EGP		5,993,453
Series 182, 10.803%, 7/13/1011		73,800,000	EGP		12,963,789
Series 182, 10.198%, 8/3/1011		13,575,000	EGP		2,381,887
Series 182, 9.82%, 8/24/1011		23,300,000	EGP		4,122,991

F16 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Egypt Continued
Egypt (The Arab Republic of) Treasury Bills: Continued
Series 273, 9.665%, 6/8/1011		19,650,000	EGP	$	3,509,734
Series 273, 10.029%, 6/15/1011		39,650,000	EGP		7,061,387
Series 273, 10.216%, 7/20/1011		39,650,000	EGP		7,002,481
Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/121		65,090,000	EGP		11,939,866
					65,560,462
France—0.2%
France (Government of) Bonds:
3.75% 10/25/19		6,385,000	EUR		8,921,881
4%, 10/25/38		6,370,000	EUR		8,618,695
					17,540,576
Germany—0.5%
Germany (Federal Republic of) Bonds:
3.50%, 7/4/19		21,795,000	EUR		30,507,848
Series 08, 4.75%, 7/4/40		6,670,000	EUR		10,487,498
Series 156, 2.50%, 2/27/15		3,330,000	EUR		4,573,175
					45,568,521
Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/171		8,090,000			8,878,775
Hungary—0.3%
Hungary (Republic of) Bonds:
Series 15/A, 8%, 2/12/15		1,923,000,000	HUF		10,521,818
Series 17/B, 6.75%, 2/24/17		492,500,000	HUF		2,524,778
Series 19/A, 6.50%, 6/24/19		2,910,000,000	HUF		14,501,490
					27,548,086
Indonesia—1.0%
Indonesia (Republic of) Nts.:
6.875%, 1/17/181		22,020,000			24,717,450
7.25%, 4/20/151		7,895,000			9,039,775
Indonesia (Republic of) Sr. Unsec. Nts.:
7.75%, 1/17/381		11,695,000			13,683,150
10.375%, 5/4/141		5,990,000			7,472,525
11.625%, 3/4/191		4,791,000			6,911,018
Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 5.875%, 3/13/201		5,220,000			5,432,063
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/351		14,395,000			18,065,725
					85,321,706
Israel—0.7%
Israel (State of) Bonds:
5.50%, 2/28/17		47,900,000	ILS		13,831,066

F17 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Israel Continued
Israel (State of) Bonds: Continued
6%, 2/28/19		95,160,000	ILS	$	28,124,052
Series 2682, 7.50%, 3/31/14		49,350,000	ILS		15,187,097
					57,142,215
Italy—1.2%
Italy (Republic of) Bonds, 5%, 9/1/40		31,855,000	EUR		44,824,302
Italy (Republic of) Treasury Bonds:
3.75%, 12/15/13		32,267,000	EUR		45,945,806
5.25%, 8/1/11		4,995,000	EUR		7,113,669
					97,883,777
Japan—1.9%
Japan (Government of) Bonds, 20 yr., Series 112, 2.10%, 6/20/29		3,502,000,000	JPY		37,313,512
Japan (Government of) Sr. Unsec. Bonds:
2 yr., 0.20%, 1/15/12		3,822,000,000	JPY		40,905,784
5 yr., 0.50%, 12/20/14		5,593,000,000	JPY		59,763,320
20 yr., 2.10%, 12/20/29		2,198,000,000	JPY		23,299,317
					161,281,933
Korea, Republic of South—1.1%
Korea (Republic of) Sr. Unsec. Monetary Stabilization Bonds, 4.18%, 12/2/11		67,170,000,000	KRW		60,219,156
Korea (Republic of) Treasury Bonds, Series 0475-1112, 4.75%, 12/10/11		35,850,000,000	KRW		32,426,720
					92,645,876
Malaysia—0.1%
Malaysian (Government of) Bonds:
Series 0110, 3.835%, 8/12/15		16,460,000	MYR		5,063,615
Series 0902, 4.378%, 11/29/19		16,910,000	MYR		5,263,940
					10,327,555
Mexico—1.3%
United Mexican States Bonds:
5.625%, 1/15/17		3,940,000			4,235,500
Series M10, 7.75%, 12/14/17		427,840,000	MXN		35,331,080
Series M10, 8%, 12/17/15		196,800,000	MXN		16,626,625
Series M10, 8.50%, 12/13/18		178,060,000	MXN		15,311,079
Series M20, 10%, 12/5/24		393,440,000	MXN		37,556,396
					109,060,680
Norway—0.0%
Norway (Kingdom of) Bonds, 6.50%, 5/15/13		7,875,000	NOK		1,473,528

F18 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Panama—0.2%
Panama (Republic of) Bonds:
7.25%, 3/15/15	$	3,750,000		$	4,303,125
8.875%, 9/30/27		2,990,000			3,872,050
9.375%, 4/1/29		4,465,000			6,083,563
Panama (Republic of) Unsec. Bonds, 7.125%, 1/29/26		4,470,000			5,062,275
					19,321,013
Peru—0.4%
Peru (Republic of) Bonds:
7.84%, 8/12/20		34,565,000	PEN		13,796,324
Series 7, 8.60%, 8/12/17		24,265,000	PEN		10,353,223
Peru (Republic of) Sr. Nts., 4.54%, 2/28/1611		14,029,589			11,483,219
					35,632,766
Philippines—0.2%
Philippines (Republic of the) Bonds, 8%, 1/15/16		3,450,000			4,131,375
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		10,230,000			10,076,550
					14,207,925
Poland—0.8%
Poland (Republic of) Bonds:
Series 0414, 5.75%, 4/25/14		107,425,000	PLZ		38,727,115
Series 0415, 5.50%, 4/25/15		51,740,000	PLZ		18,464,022
Series 0511, 4.25%, 5/24/11		28,615,000	PLZ		10,060,477
					67,251,614
South Africa—1.5%
South Africa (Republic of) Bonds:
5.50%, 3/9/20		6,900,000			7,020,750
7.50%, 1/15/14		97,620,000	ZAR		13,233,781
Series R207, 7.25%, 1/15/207		237,130,000	ZAR		29,614,465
Series R157, 13.50%, 9/15/15		435,140,000	ZAR		74,190,810
					124,059,806
Sweden—0.0%
Sweden (Kingdom of) Bonds, Series 1050, 3%, 7/12/16		23,785,000	SEK		3,352,899
The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds, 4%, 1/15/37		4,925,000	EUR		6,732,252
Netherlands (Kingdom of the) Sr. Unsec. Unsub. Nts., 3.125%, 2/17/12		3,850,000	EUR		5,371,072
					12,103,324
Turkey—2.3%
Turkey (Republic of) Bonds:
6.75%, 4/3/18		13,150,000			14,415,030

F19 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Turkey Continued
Turkey (Republic of) Bonds: Continued
7%, 9/26/16	$	5,850,000		$	6,522,750
7%, 3/11/19		5,250,000			5,820,938
10.593%, 5/11/1111		49,200,000	TRY		29,752,004
10.622%, 8/6/14		62,430,000	TRY		42,190,381
12.047%, 2/2/1111		62,260,000	TRY		38,575,562
16%, 3/7/123		20,215,000	TRY		14,997,259
Series CPI, 13.909%, 8/14/133		16,255,000	TRY		15,756,673
Turkey (Republic of) Nts., 7.50%, 7/14/17		6,740,000			7,717,300
Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19		8,170,000			9,303,588
Turkey (Republic of) Unsec. Nts.:
6.75%, 5/30/40		4,300,000			4,246,250
7.25%, 3/5/38		4,290,000			4,515,225
					193,812,960
Ukraine—0.1%
Ukraine (Republic of) Sr. Unsec. Nts., 6.75%, 11/14/171		2,220,000			2,139,636
Ukraine (Republic of) Unsec. Bonds, 6.385%, 6/26/121		6,050,000			6,095,980
					8,235,616
United Arab Emirates—0.1%
Dubai DOF Sukuk Ltd. Sr. Unsec. Unsub. Nts., 6.396%, 11/3/14		5,810,000			5,570,047
United Kingdom—0.4%
United Kingdom Treasury Bonds:
2.25%, 3/7/14		11,406,000	GBP		17,293,267
4.25%, 3/7/11		6,205,000	GBP		9,731,393
4.75%, 12/7/38		3,230,000	GBP		5,099,653
					32,124,313
Uruguay—0.4%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36		7,305,000			8,309,438
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25		7,740,000			8,436,600
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		13,835,000			16,532,825
					33,278,863
Venezuela—0.9%
Venezuela (Republic of) Bonds:
9%, 5/7/23		11,495,000			8,592,513
9.25%, 9/15/27		5,060,000			3,984,750
Venezuela (Republic of) Nts.:
8.25%, 10/13/24		6,870,000			4,791,825
8.50%, 10/8/14		1,260,000			1,102,500
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 7.75%, 10/13/19		10,080,000			7,232,400

F20 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Venezuela Continued
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38	$	6,740,000	$	4,027,150
7.65%, 4/21/25		30,525,000		19,993,875
Venezuela (Republic of) Unsec. Nts.:
6%, 12/9/20		11,660,000		7,258,350
13.625%, 8/15/181		17,155,000		17,347,994
				74,331,357
Total Foreign Government Obligations (Cost $1,741,263,102)				1,824,575,342
Loan Participations—2.8%
American Capital, Sr. Sec. Credit Facilities Revolving Term Loan, 3.75%, 5/16/123,7		11,080,000		11,139,921
Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine Nts., 8.625%, 7/15/111		10,660,000		10,393,500
CIT Group, Inc., Sr. Sec. Credit Facilities Expansion Term Loan, Tranche 2A, 7.50%, 1/18/123,7		16,560,000		16,987,794
Credit Suisse First Boston International:
Export-Import Bank of Ukraine, 7.65% Sr. Sec. Bonds, 9/7/11		2,900,000		2,907,250
Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/16		8,910,000		8,464,500
Gaz Capital SA:
6.212% Sr. Unsec. Unsub. Nts., 11/22/161		7,230,000		7,483,050
7.288% Sr. Sec. Nts., 8/16/371		25,860,000		26,021,625
8.125% Nts., 7/31/141		5,860,000		6,585,175
8.146% Sr. Sec. Nts., 4/11/181		10,210,000		11,562,825
8.625% Sr. Sec. Nts., 4/28/341		6,450,000		7,546,500
9.25% Sr. Unsec. Unsub. Nts., 4/23/191		15,060,000		17,883,750
Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/101		2,920,000		3,022,930
Lyondell Chemical Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, Roll-Up Debtor in Possession, 3.69%, 4/6/103,7		9,505,000		10,158,469
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/157		16,445,000		17,596,150
RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/181		5,460,000		6,155,604
Six Flags, Inc., Sr. Sec. Credit Facilities Term Loan, 12%, 3/16/163,7		3,235,000		3,212,759
Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/131		16,470,000		18,261,113
TransCapitalInvest Ltd. for OJSC AK Transneft:
5.67% Sec. Bonds, 3/5/141		5,340,000		5,607,214
8.70% Sec. Nts., 8/7/181		2,900,000		3,484,014
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/181		17,250,000		19,557,188
VTB Capital SA:
6.25% Sr. Nts., 6/30/351		3,870,000		3,908,700
6.465% Sr. Sec. Unsub. Nts., 3/4/151		7,400,000		7,548,000

F21 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Loan Participations Continued
VTB Capital SA: Continued
6.875% Sr. Sec. Nts., 5/29/181	$	5,860,000	$	6,131,025
Total Loan Participations (Cost $217,122,594)				231,619,056
Corporate Bonds and Notes—27.7%
Consumer Discretionary—5.3%
Auto Components—0.4%
Allison Transmission, Inc., 11% Sr. Nts., 11/1/151		11,730,000		12,551,100
American Axle & Manufacturing Holdings, Inc., 9.25% Sr. Sec. Nts., 1/15/171		7,995,000		8,574,638
ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18		2,005,000		2,085,200
Goodyear Tire & Rubber Co. (The), 9% Sr. Unsec. Nts., 7/1/15		3,090,000		3,205,875
Visteon Corp.:
7% Sr. Unsec. Nts., 3/10/144,5		3,435,000		3,314,775
8.25% Sr. Unsec. Nts., 8/1/104,5		1,070,000		1,032,550
				30,764,138
Automobiles—0.2%
Ford Motor Co., 7.45% Bonds, 7/16/31		13,290,000		12,625,500
Ford Motor Credit Co. LLC, 8.125% Sr. Unsec. Nts., 1/15/20		4,645,000		4,880,711
				17,506,211
Diversified Consumer Services—0.0%
StoneMor Operating LLC/Cornerstone Family Service of West Virginia, Inc./Osiris Holdings of Maryland Subsidiary, Inc., 10.25% Sr. Nts., 12/1/171		3,625,000		3,751,875
Hotels, Restaurants & Leisure—1.3%
CCM Merger, Inc., 8% Unsec. Nts., 8/1/131		3,535,000		3,093,125
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/161		7,325,000		7,416,563
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/131,4		10,925,000		1,037,875
Grupo Posadas SAB de CV, 9.25% Sr. Unsec. Nts., 1/15/151		4,060,000		4,252,850
Harrah’s Operating Co., 10% Sr. Sec. Nts., 12/15/18		11,722,000		9,758,565
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14		5,763,000		4,956,180
Landry’s Restaurant, Inc., 11.625% Sr. Sec. Nts., 12/1/151		4,835,000		5,221,800
Las Vegas Sands Corp., 6.375% Sr. Unsec. Nts., 2/15/15		6,550,000		6,238,875
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/151,4		12,065,000		3,076,575
MGM Mirage, Inc.:
5.875% Sr. Nts., 2/27/14		5,645,000		4,784,138
6.75% Sr. Unsec. Nts., 4/1/13		12,585,000		11,452,350
9% Sr. Sec. Nts., 3/15/201		1,000,000		1,035,000
Mohegan Tribal Gaming Authority:
6.125% Sr. Unsec. Sub. Nts., 2/15/13		3,335,000		2,868,100

F22 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Hotels, Restaurants & Leisure Continued
Mohegan Tribal Gaming Authority: Continued
8% Sr. Sub. Nts., 4/1/12	$	6,996,000	$	6,488,790
11.50% Sr. Sec. Nts., 11/1/171		9,235,000		9,881,450
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/191		6,315,000		6,441,300
Pinnacle Entertainment, Inc.:
8.25% Sr. Unsec. Sub. Nts., 3/15/12		2,168,000		2,162,580
8.625% Sr. Nts., 8/1/171		935,000		918,638
Premier Cruise Ltd., 11% Sr. Nts., 3/15/081,4,5		10,850,000		—
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/144,5		22,435,000		140,219
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		7,165,000		7,890,456
Wendy’s/Arby’s Restaurants LLC, 10% Sr. Unsec. Unsub. Nts., 7/15/16		8,025,000		8,667,000
				107,782,429
Household Durables—0.3%
Beazer Homes USA, Inc.:
6.50% Sr. Unsec. Nts., 11/15/13		3,935,000		3,772,681
6.875% Sr. Unsec. Nts., 7/15/15		5,250,000		4,646,250
8.375% Sr. Nts., 4/15/12		1,655,000		1,659,138
K. Hovnanian Enterprises, Inc.:
7.75% Sr. Unsec. Sub. Nts., 5/15/13		2,450,000		2,143,750
8.875% Sr. Sub. Nts., 4/1/12		6,635,000		6,153,963
Libbey Glass, Inc., 10% Sr. Sec. Nts., 2/15/151		7,080,000		7,487,100
				25,862,882
Internet & Catalog Retail—0.0%
Netflix, Inc., 8.50% Sr. Unsec. Nts., 11/15/17		1,940,000		2,046,700
Leisure Equipment & Products—0.3%
Colt Defense LLC, 8.75% Sr. Unsec. Nts., 11/15/171		6,505,000		6,553,788
Eastman Kodak Co., 9.75% Sr. Sec. Nts., 3/1/181		15,025,000		14,949,875
Easton-Bell Sports, Inc., 9.75% Sr. Sec. Nts., 12/1/161		6,890,000		7,286,175
				28,789,838
Media—2.0%
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12		3,322,000		3,346,915
AMC Entertainment, Inc.:
8% Sr. Unsec. Sub. Nts., 3/1/14		4,085,000		4,130,956
11% Sr. Unsec. Unsub. Nts., 2/1/16		5,010,000		5,404,538
American Media Operations, Inc.:
9% Sr. Unsec. Nts., 5/1/131,12		2,164		1,417
12.02% Sr. Sub. Nts., 11/1/131,12		17,396,565		11,394,750
Belo Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		5,025,000		4,151,906
Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/171		10,740,000		11,089,050

F23 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Media Continued
Charter Communications, Inc., 13.50% Sr. Nts., 11/30/16	$	16,009,512		$	19,331,486
Clear Channel Communications, Inc.:
4.40% Sr. Unsec. Unsub. Nts., 5/15/11		920,000			871,700
6.25% Nts., 3/15/11		7,765,000			7,551,463
10.75% Sr. Unsec. Unsub. Nts., 8/1/16		11,465,000			9,028,688
Clear Channel Worldwide Holdings, Inc., 9.25% Sr. Nts., 12/15/171		1,485,000			1,559,250
Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14		1,435,000			1,417,063
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13		9,300,000			9,207,000
Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/143		3,180,000			2,679,150
Media General, Inc., 11.75% Sr. Sec. Nts., 2/15/171		8,835,000			8,779,781
MediaNews Group, Inc.:
6.375% Sr. Sub. Nts., 4/1/144		2,545,000			255
6.875% Sr. Unsec. Sub. Nts., 10/1/134		8,690,000			869
Radio One, Inc., 6.375% Sr. Unsec. Sub. Nts., 2/15/13		1,340,000			1,107,175
Reader’s Digest Association, Inc., 9.50% Sr. Sec. Nts., 2/15/171,3		8,165,000			8,369,125
Reynolds Group Escrow LLC, 7.75% Sr. Sec. Nts., 10/15/161		5,595,000			5,776,838
Salem Communications Corp., 9.625% Sr. Sec. Nts., 12/15/16		1,930,000			2,026,500
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12		11,930,000			11,870,350
Sirius Satellite Radio, Inc., 9.625% Sr. Unsec. Nts., 8/1/13		2,300,000			2,412,125
TL Acquisitions, Inc., 10.50% Sr. Nts., 1/15/151		20,805,000			20,076,825
Umbrella Acquisition, Inc., 9.75% Sr. Unsec. Unsub. Nts., 3/15/151,12		11,604,750			10,067,121
Valassis Communications, Inc., 8.25% Sr. Unsec. Unsub. Nts., 3/1/15		2,385,000			2,462,513
					164,114,809
Multiline Retail—0.2%
Bon-Ton Stores, Inc. (The), 10.25% Sr. Unsec. Unsub. Nts., 3/15/14		14,905,000			14,606,900
Specialty Retail—0.6%
Burlington Coat Factory Warehouse Corp., 11.125% Sr. Unsec. Nts., 4/15/14		13,432,000			14,271,500
Michaels Stores, Inc.:
10% Sr. Unsec. Unsub. Nts., 11/1/14		9,850,000			10,441,000
11.375% Sr. Unsec. Sub. Bonds, 11/1/16		6,335,000			6,873,475
Sally Holdings LLC, 10.50% Sr. Unsec. Sub. Nts., 11/15/16		2,466,000			2,700,270
Toys R Us, Inc., 7.375% Sr. Unsec. Unsub. Bonds, 10/15/18		13,850,000			13,365,250
					47,651,495
Consumer Staples—0.7%
Beverages—0.1%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/173		12,600,000	BRR		6,970,085
Cott Beverages, Inc., 8.375% Sr. Nts., 11/15/171		3,150,000			3,260,250
					10,230,335

F24 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Food & Staples Retailing—0.0%
Pantry, Inc. (The), 7.75% Sr. Unsec. Sub. Nts., 2/15/14	$	3,448,000	$	3,361,800
Real Time Data Co., 11% Nts., 5/31/091,4,5,12		8,836,185		—
				3,361,800
Food Products—0.5%
ASG Consolidated LLC/ASG Finance, Inc., 11.50% Sr. Unsec. Nts., 11/1/11		10,715,000		10,822,150
Chiquita Brands International, Inc., 8.875% Sr. Unsec. Unsub. Nts., 12/1/15		3,480,000		3,627,900
JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/141		5,965,000		6,829,925
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/111		2,910,000		2,950,013
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17		12,930,000		13,738,125
				37,968,113
Personal Products—0.1%
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14		5,170,000		5,208,775
Revlon Consumer Products Corp., 9.75% Sr. Sec. Nts., 11/15/151		4,510,000		4,679,125
				9,887,900
Energy—4.9%
Energy Equipment & Services—0.3%
Gibson Energy ULC/GEP Midstream Finance Corp., 10% Sr. Unsec. Nts., 1/15/181		8,470,000		8,364,125
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/161		7,605,000		7,871,175
North American Energy Alliance LLC, 10.875% Sr. Sec. Nts., 6/1/161		6,205,000		6,639,350
				22,874,650
Oil, Gas & Consumable Fuels—4.6%
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/151		5,500,000		5,678,750
Alon Refining Krotz Springs, Inc., 13.50% Sr. Sec. Nts., 10/15/14		6,950,000		6,724,125
Antero Resources Finance Corp., 9.375% Sr. Nts., 12/1/171		9,050,000		9,366,750
Arch Coal, Inc., 8.75% Sr. Nts., 8/1/161		9,135,000		9,705,938
Atlas Energy Resources LLC, 10.75% Sr. Unsec. Nts., 2/1/18		12,869,000		14,220,245
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15		5,275,000		5,116,750
Berry Petroleum Co.:
8.25% Sr. Sub. Nts., 11/1/16		4,475,000		4,553,313
10.25% Sr. Unsec. Nts., 6/1/14		5,120,000		5,670,400
Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16		4,875,000		5,277,188
Bumi Capital Pte. Ltd., 12% Sr. Sec. Nts., 11/10/161		3,700,000		4,060,750
Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16		3,410,000		3,384,425
Cloud Peak Energy Resources LLC, 8.25% Sr. Unsec. Nts., 12/15/171		6,695,000		6,862,375

F25 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Oil, Gas & Consumable Fuels Continued
CONSOL Energy, Inc., 8.25% Sr. Nts., 4/1/201,7	$	4,705,000	$	4,857,913
Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875% Sr. Unsec. Nts., 2/15/181		2,395,000		2,481,819
Denbury Resources, Inc., 8.25% Sr. Unsec. Sub. Nts., 2/15/20		3,350,000		3,567,750
Energy XXI Gulf Coast, Inc., 10% Sr. Unsec. Nts., 6/15/13		3,294,000		3,392,820
Enterprise Products Operating LLP:
6.50% Sr. Unsec. Unsub. Nts., 1/31/19		107,000		118,442
8.375% Jr. Sub. Nts., 8/1/663		10,750,000		10,924,516
Forest Oil Corp.:
7.25% Sr. Unsec. Nts., 6/15/19		3,825,000		3,863,250
8.50% Sr. Unsec. Sub. Nts., 2/15/14		6,252,000		6,627,120
Kazmunaigaz Finance Sub BV:
9.125% Nts., 7/2/181		12,000,000		14,595,000
11.75% Sr. Unsec. Nts., 1/23/151		37,100,000		47,859,000
Linn Energy LLC, 8.625% Sr. Unsec. Nts., 4/15/201,7		9,710,000		9,758,550
Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16		12,635,000		14,245,963
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/151		9,835,000		10,130,050
Nak Naftogaz Ukraine, 9.50% Unsec. Nts., 9/30/14		9,310,000		9,741,053
OPTI Canada, Inc., 9% Sr. Sec. Nts., 12/15/121		2,405,000		2,489,175
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38		11,540,000		11,245,834
Petrobras International Finance Co.:
5.75% Sr. Unsec. Unsub. Nts., 1/20/20		3,480,000		3,582,629
5.875% Sr. Unsec. Nts., 3/1/18		2,520,000		2,644,359
7.875% Sr. Unsec. Nts., 3/15/19		11,400,000		13,389,961
Petrohawk Energy Corp., 10.50% Sr. Unsec. Nts., 8/1/14		11,295,000		12,523,331
Petroleos Mexicanos:
6% Sr. Unsec. Nts., 3/5/201		2,750,000		2,832,500
8% Unsec. Unsub. Nts., 5/3/19		9,520,000		11,209,800
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/191		8,000,000		9,140,000
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/111		12,859,886		12,720,266
Plains Exploration & Production Co., 10% Sr. Unsec. Nts., 3/1/16		10,475,000		11,627,250
PT Adaro Indonesia, 7.625% Nts., 10/22/191		7,130,000		7,442,294
Quicksilver Resources, Inc.:
8.25% Sr. Unsec. Nts., 8/1/15		6,970,000		7,144,250
9.125% Sr. Unsec. Nts., 8/15/19		3,780,000		3,987,900
11.75% Sr. Nts., 1/1/16		4,740,000		5,451,000
Range Resources Corp.:
7.50% Sr. Unsec. Unsub. Nts., 10/1/17		1,935,000		2,002,725
8% Sr. Unsec. Sub. Nts., 5/15/19		4,695,000		5,035,388
SandRidge Energy, Inc.:
8.75% Sr. Nts., 1/15/201		8,135,000		7,972,300
9.875% Sr. Unsec. Nts., 5/15/161		7,640,000		7,888,300

F26 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Oil, Gas & Consumable Fuels Continued
Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18	$	4,090,000		$	4,458,100
Tengizchevroil LLP, 6.124% Nts., 11/15/141		14,612,455			15,661,629
Western Refining, Inc., 11.25% Sr. Sec. Nts., 6/15/171		4,630,000			4,190,150
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32		1,505,000			1,838,547
					389,261,943
Financials—3.8%
Capital Markets—0.6%
Banco de Credito del Peru, 9.75% Jr. Sub. Nts., 11/6/691		3,000,000			3,285,000
Berry Plastics Holding Corp., 10.25% Sr. Unsec. Sub. Nts., 3/1/16		3,484,000			3,292,380
E*TRADE Financial Corp., 12.50% Sr. Unsec. Unsub. Nts., 11/30/1712		4,251,000			5,101,200
Fox Acquisition Sub LLC, 13.375% Sr. Nts., 7/15/161		310,000			296,438
Graham Packaging Co. LP:
8.50% Sr. Nts., 1/1/171		4,350,000			4,404,375
9.875% Sr. Unsec. Sub. Nts., 10/15/14		9,385,000			9,783,863
MU Finance plc, 8.375% Sr. Sec. Nts., 2/1/171		4,550,000			4,510,188
Nationstar Mortgage LLC/Nationstar Capital Corp., 10.875% Sr. Nts., 4/1/151		19,515,000			18,831,975
					49,505,419
Commercial Banks—1.5%
Banco BMG SA:
9.15% Nts., 1/15/161		18,050,000			19,539,125
9.95% Unsec. Unsub. Nts., 11/5/191		3,800,000			4,180,000
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/211,3		2,920,000			2,971,976
Banco do Brasil SA:
4.50% Sr. Unsec. Nts., 1/22/151		6,300,000			6,500,844
8.50% Jr. Sub. Perpetual Bonds1,13		8,450,000			9,421,750
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		9,902,000	EUR		13,807,845
4.50% Sr. Sec. Nts., 7/13/21		6,780,000	EUR		9,072,213
Depfa ACS Bank, 4.375% Sr. Sec. Nts., 1/15/15		3,500,000	EUR		4,856,220
HSBK Europe BV:
7.25% Unsec. Unsub. Nts., 5/3/171		3,585,000			3,567,075
9.25% Sr. Nts., 10/16/131		22,290,000			24,240,375
ICICI Bank Ltd.:
5.50% Sr. Unsec. Nts., 3/25/151		11,665,000			11,848,420
6.375% Bonds, 4/30/221,3		11,895,000			11,230,652
Inter-American Development Bank, 5.942% Nts., 1/25/123		2,684,857,277	COP		1,383,486
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/041,4,5		5,010,000			—
Salisbury International Investments Ltd., 4.399% Sec. Nts., Series 2006-003, Tranche E, 7/20/113		5,200,000			4,495,920
					127,115,901

F27 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Consumer Finance—0.1%
JSC Astana Finance, 9.16% Nts., 3/14/124,5	$	27,100,000		$	8,246,530
Diversified Financial Services—0.9%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/261		10,508,362			8,196,523
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		2,025,000	EUR		2,751,826
Banco Invex SA, 28.588% Mtg.-Backed Certificates, Series 062U, 3/13/343,14		17,962,375	MXN		4,930,455
Capmark Financial Group, Inc.:
3.438% Sr. Unsec. Nts., 5/10/104,5		7,455,000			2,283,094
5.875% Sr. Unsec. Nts., 5/10/124,5		4,580,000			1,418,719
CIT Group, Inc., 7% Sr. Sec. Bonds, 5/1/17		16,130,000			14,920,250
Cloverie plc, 4.521% Sec. Nts., Series 2005-93, 12/20/103		6,900,000			6,449,430
GMAC, Inc., 8% Sr. Unsec. Nts., 11/1/31		13,840,000			13,286,400
JPMorgan Hipotecaria su Casita:
6.47% Sec. Nts., 8/26/351		20,232,960	MXN		1,457,807
25.80% Mtg.-Backed Certificates, Series 06U, 9/25/353		9,487,824	MXN		1,797,528
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/971,15		12,450,000			6,909,090
TNK-BP Finance SA, 7.25% Sr. Unsec. Unsub. Bonds, 2/2/201		1,700,000			1,780,750
Universal City Development Partners Ltd., 8.875% Sr. Nts., 11/15/151		5,515,000			5,583,938
					71,765,810
Insurance—0.4%
American General Finance, 6.90% Nts., Series J, 12/15/17		10,100,000			8,857,852
International Lease Finance Corp.:
5.875% Unsec. Unsub. Nts., 5/1/13		14,104,000			13,553,888
8.625% Sr. Nts., 9/15/151,7		6,140,000			6,291,468
Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/161		8,280,000			8,569,800
					37,273,008
Real Estate Management & Development—0.0%
Realogy Corp., 10.50% Sr. Unsec. Nts., 4/15/14		3,345,000			2,901,788
Wallace Theatre Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/131,3		1,250,000			1,290,625
					4,192,413
Thrifts & Mortgage Finance—0.3%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/161		2,715,000			2,507,981
WM Covered Bond Program:
3.875% Sec. Nts., Series 1, 9/27/11		2,088,000	EUR		2,904,725
4% Sec. Mtg. Nts., Series 2, 9/27/16		13,050,000	EUR		17,883,460
4.375% Sec. Nts., 5/19/14		1,410,000	EUR		2,000,062
					25,296,228

F28 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Health Care—1.3%
Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10.50% Sr. Unsec. Sub. Nts., 12/1/13	$	6,235,000	$	6,359,700
Biomet, Inc.:
10.375% Sr. Unsec. Nts., 10/15/1712		7,605,000		8,403,525
11.625% Sr. Unsec. Sub. Nts., 10/15/17		4,116,000		4,630,500
Inverness Medical Innovations, Inc., 7.875% Sr. Nts., 2/1/161		3,160,000		3,108,650
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/1512		4,815,000		4,815,000
				27,317,375
Health Care Providers & Services—0.8%
Apria Healthcare Group, Inc.:
11.25% Sr. Sec. Nts., 11/1/141		2,830,000		3,091,775
12.375% Sr. Sec. Nts., 11/1/141		5,740,000		6,314,000
BioScrip, Inc., 10.25% Sr. Unsec. Nts., 10/1/151		1,995,000		2,039,888
Catalent Pharma Solutions, Inc., 8.956% Sr. Unsec. Nts., 4/15/1512		4,855,012		4,794,324
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15		7,745,000		8,035,438
HCA, Inc., 6.375% Nts., 1/15/15		10,640,000		10,161,200
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16		9,945,000		10,802,756
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15		10,371,000		9,930,233
US Oncology Holdings, Inc., 6.643% Sr. Unsec. Nts., 3/15/123,12		4,055,262		3,862,637
US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/17		4,580,000		4,809,000
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/181		4,580,000		4,476,950
				68,318,201
Life Sciences Tools & Services—0.1%
Pharmanet Development Group, Inc., 10.875% Sr. Sec. Nts., 4/15/171,7		3,345,000		3,378,450
Pharmaceuticals—0.1%
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		6,075,000		6,629,344
Industrials—2.8%
Aerospace & Defense—0.2%
Hawker Beechcraft Acquisition Co. LLC, 8.50% Sr. Unsec. Nts., 4/1/15		13,600,000		10,574,000
Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11		9,380,000		9,473,800
				20,047,800
Airlines—0.6%
American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/121		16,225,000		17,360,750
Delta Air Lines, Inc.:
9.50% Sr. Sec. Nts., 9/15/141		2,005,000		2,117,781
12.25% Sr. Sec. Nts., 3/15/151		14,625,000		15,667,031
United Air Lines, Inc.:
9.875% Sr. Sec. Nts., 8/1/131		7,510,000		7,923,050

F29 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Airlines Continued
United Air Lines, Inc.: Continued
12% Sr. Sec. Nts., 11/1/131	$	9,765,000	$	10,155,600
				53,224,212
Building Products—0.4%
AMH Holdings, Inc., 11.25% Sr. Unsec. Nts., 3/1/14		14,670,000		15,165,113
Associated Materials LLC, 9.875% Sr. Sec. Nts., 11/15/16		3,170,000		3,439,450
Goodman Global Group, Inc., 11.843% Sr. Nts., 12/15/141,11		7,910,000		4,666,900
Ply Gem Industries, Inc., 13.125% Sr. Sub. Nts., 7/15/141		9,335,000		9,731,738
				33,003,201
Commercial Services & Supplies—0.3%
Acco Brands Corp., 10.625% Sr. Sec. Nts., 3/15/151		2,590,000		2,842,525
American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/054,5		3,462,000		—
Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15		4,550,000		4,675,125
West Corp., 9.50% Sr. Unsec. Nts., 10/15/14		16,170,000		16,695,525
				24,213,175
Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/241		15,880,800		17,468,880
Odebrecht Finance Ltd.:
7% Sr. Unsec. Nts., 4/21/201		3,020,000		3,159,675
9.625% Sr. Unsec. Nts., 4/9/141		2,970,000		3,489,750
				24,118,305
Machinery—0.3%
Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13		9,970,000		9,994,925
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		12,600,000		12,316,500
				22,311,425
Marine—0.1%
Marquette Transportation Co., 10.875% Sr. Sec. Nts., 1/15/171		8,170,000		8,343,613
Navios Maritime Holdings, Inc., 8.875% Nts., 11/1/171		2,435,000		2,532,400
				10,876,013
Professional Services—0.1%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/151		9,798,000		9,259,110
Road & Rail—0.3%
Avis Budget Car Rental LLC:
7.625% Sr. Unsec. Unsub. Nts., 5/15/14		12,070,000		12,009,650
9.625% Sr. Nts., 3/15/181		1,000,000		1,050,000
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16		7,505,000		8,096,019
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/261		5,706,880		4,679,642

F30 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Road & Rail Continued
Transnet Ltd., 10.80% Sr. Unsec. Nts., 11/6/23		18,000,000	ZAR	$	2,587,804
					28,423,115
Trading Companies & Distributors—0.2%
Ashtead Capital, Inc., 9% Nts., 8/15/161		2,995,000			3,047,413
Ashtead Holdings plc, 8.625% Sr. Sec. Nts., 8/1/151		2,385,000			2,396,925
RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/171		1,365,000			1,453,725
United Rentals North America, Inc.:
7% Sr. Unsec. Unsub. Nts., 2/15/14		3,310,000			3,078,300
9.25% Sr. Unsec. Unsub. Nts., 12/15/19		2,905,000			2,977,625
					12,953,988
Information Technology—1.2%
Electronic Equipment & Instruments—0.4%
RBS Global Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16		10,185,000			10,974,338
Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16		19,115,000			19,330,044
					30,304,382
IT Services—0.4%
First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15		18,065,000			15,671,388
SunGard Data Systems, Inc.:
9.125% Sr. Unsec. Nts., 8/15/13		6,775,000			6,978,250
10.25% Sr. Unsec. Sub. Nts., 8/15/15		11,710,000			12,368,688
					35,018,326
Semiconductors & Semiconductor Equipment—0.4%
Freescale Semiconductor, Inc., 8.875% Sr. Unsec. Nts., 12/15/14		21,280,000			20,428,800
NXP BV/NXP Funding LLC:
7.875% Sr. Sec. Nts., 10/18/14		9,580,000			9,388,400
9.50% Sr. Unsec. Unsub. Nts., 10/15/15		9,310,000			9,240,175
					39,057,375
Materials—3.2%
Chemicals—0.9%
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/181		11,215,000			11,831,825
Hexion Finance Escrow LLC/Hexion Escrow Corp., 8.875% Sr. Sec. Nts., 2/1/181		12,965,000			12,835,350
Hexion US Finance Corp./Hexion Nova Scota Finance ULC, 9.75% Sr. Sec. Nts., 11/15/14		7,675,000			7,866,875
Huntsman International LLC, 7.375% Sr. Unsub. Nts., 1/1/15		17,579,000			17,535,053
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16		26,360,000			24,646,600
					74,715,703

F31 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Construction Materials—0.2%
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.1,13	$	10,660,000	$	7,589,462
CEMEX Finance LLC, 9.50% Sr. Sec. Bonds, 12/14/161		4,340,000		4,513,600
Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/201		3,300,000		3,357,750
				15,460,812
Containers & Packaging—0.5%
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14		13,420,000		13,168,375
Cascades, Inc.:
7.75% Sr. Nts., 12/15/171		2,415,000		2,445,188
7.875% Sr. Nts., 1/15/201		1,625,000		1,641,250
Graphic Packing International, Inc., 9.50% Sr. Unsec. Unsub. Nts., 6/15/17		10,860,000		11,647,350
Jefferson Smurfit Corp., 7.50% Sr. Unsec. Unsub. Nts., 6/1/134,5		2,535,000		2,243,475
Smurfit-Stone Container Corp., 8% Sr. Unsec. Unsub. Nts., 3/15/174,5		5,365,000		4,815,088
Stone Container Corp., 8.375% Sr. Nts., 7/1/124,5		2,545,000		2,271,413
				38,232,139
Metals & Mining—0.7%
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/191		2,700,000		2,835,000
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/151		4,640,000		4,367,400
Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/153		11,500,000		11,155,000
United Maritime LLC, 11.75% Sr. Sec. Nts., 6/15/151		6,515,000		6,710,450
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/181		28,320,000		31,435,200
Voto-Votorantim Overseas Trading Operations, 6.625% Sr. Unsec. Nts., 9/25/191		2,500,000		2,518,750
				59,021,800
Paper & Forest Products—0.9%
Abitibi-Consolidated Co. of Canada, 8.375% Sr. Unsec. Sub. Nts., 4/1/154,5		4,925,000		1,243,563
Abitibi-Consolidated, Inc.:
6% Sr. Unsec. Unsub. Nts., 6/20/134,5		5,635,000		1,422,838
7.75% Sr. Unsec. Nts., 6/15/114,5		5,730,000		1,446,825
8.85% Unsec. Bonds, 8/1/304,5		2,600,000		656,500
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/151		9,035,000		9,035,000
Bowater Pulp & Paper Canada, Inc., 10.60% Sr. Unsec. Nts., 1/15/114,5		5,080,000		1,270,000
Bowater, Inc.:
6.50% Sr. Unsec. Nts., 6/15/134,5		8,780,000		3,292,500
9% Sr. Unsec. Nts., 8/1/094,5		2,545,000		973,463
Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/161		8,334,000		8,396,505
Celulosa Arauco y Constitucion SA, 7.25% Sr. Unsec. Unsub. Nts., 7/29/19		3,830,000		4,129,667

F32 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Paper & Forest Products Continued
Grupo Papelero Scribe SA, 8.875% Sr. Nts., 4/7/201,7	$	4,100,000		$	4,171,750
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/14		20,130,000			20,130,000
PE Paper Escrow GmbH, 12% Sr. Sec. Nts., 8/1/141		3,595,000			4,069,285
Verso Paper Holdings LLC:
9.125% Sr. Sec. Nts., 8/1/14		6,995,000			6,820,125
11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		11,755,000			10,315,013
					77,373,034
Telecommunication Services—2.4%
Diversified Telecommunication Services—1.4%
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/191		8,550,000			8,763,750
Cincinnati Bell, Inc., 8.25% Sr. Nts., 10/15/17		4,585,000			4,665,238
Global Crossing Ltd., 12% Sr. Sec. Nts., 9/15/151		6,480,000			7,225,200
Intelsat Bermuda Ltd., 11.25% Sr. Unsec. Nts., 2/4/17		9,320,000			9,902,500
Intelsat Jackson Holdings SA, 11.25% Sr. Unsec. Nts., 6/15/16		4,345,000			4,725,188
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/161,7		13,455,000			13,354,088
Level 3 Financing, Inc., 9.25% Sr. Unsec. Unsub. Nts., 11/1/14		14,639,000			14,346,220
New Communications Holdings, Inc., 8.50% Sr. Nts., 4/15/201,7		10,085,000			10,211,063
PAETEC Holding Corp.:
8.875% Sr. Sec. Nts., 6/30/171		5,650,000			5,833,625
9.50% Sr. Unsec. Unsub. Nts., 7/15/15		15,950,000			16,229,125
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/161		22,753,500	PEN		8,316,396
Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/191		6,195,000			7,387,538
tw telecom holdings, Inc., 8% Sr. Nts., 3/1/181		2,000,000			2,055,000
Windstream Corp., 8.625% Sr. Unsec. Unsub. Nts., 8/1/16		4,620,000			4,747,050
					117,761,981
Wireless Telecommunication Services—1.0%
America Movil SAB de CV:
6.125% Sr. Nts., 3/30/401		5,500,000			5,388,900
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		42,300,000	MXN		2,932,472
Clearwire Communications LLC, 12% Sr. Sec. Nts., 12/1/151		9,340,000			9,573,500
Cricket Communications, Inc., 9.375% Sr. Unsec. Nts., 11/1/14		18,580,000			18,998,050
MetroPCS Wireless, Inc., 9.25% Sr. Unsec. Nts., 11/1/14		18,475,000			18,983,063
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		10,755,000			10,271,025
Sprint Capital Corp.:
8.375% Nts., 3/15/12		4,525,000			4,728,625
8.75% Nts., 3/15/32		10,250,000			9,558,125
Teligent, Inc., 11.50% Sr. Nts., 12/1/084,5		5,135,000			—
					80,433,760

F33 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Utilities—2.1%
Electric Utilities—1.2%
Centrais Eletricas Brasileiras SA, 6.857% Sr. Unsec. Unsub. Nts., 7/30/191	$	5,600,000		$	6,132,000
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		22,075,000			15,507,688
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/101		9,005,000	BRR		5,139,638
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/191		5,140,000			5,705,400
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17		3,205,000			2,395,738
Eskom Holdings Ltd.:
9.25% Bonds, Series ES18, 4/20/18		38,000,000	ZAR		5,289,000
10% Nts., Series ES23, 1/25/23		46,000,000	ZAR		6,603,053
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/191		17,680,000			19,233,824
Majapahit Holding BV:
7.25% Nts., 10/17/111		3,910,000			4,159,263
7.75% Nts., 10/17/161		8,820,000			9,713,025
8% Sr. Unsec. Nts., 8/7/191		4,000,000			4,415,000
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		421,000,000	PHP		8,703,213
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15		3,795,000			2,656,500
TGI International Ltd., 9.50% Nts., 10/3/171		5,268,000			5,886,990
					101,540,332
Energy Traders—0.9%
AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17		2,295,000			2,340,900
Colbun SA, 6% Sr. Unsec. Nts., 1/21/201		5,760,000			5,813,280
Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16		18,430,000			15,389,050
Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/201		9,175,000			9,610,813
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13		5,597,000			5,610,993
NRG Energy, Inc.:
7.375% Sr. Nts., 1/15/17		6,765,000			6,714,263
7.375% Sr. Nts., 2/1/16		9,500,000			9,452,500
Power Sector Assets & Liabilities Management Corp.:
7.25% Sr. Gtd. Unsec. Nts., 5/27/191		4,920,000			5,350,500
7.39% Sr. Gtd. Unsec. Nts., 12/2/241		4,370,000			4,621,275
PT Cikarang Listindo/Listindo Capital BV, 9.25% Sr. Nts., 1/29/151		3,700,000			4,013,446
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14		8,205,000			7,712,700
					76,629,720
Total Corporate Bonds and Notes (Cost $2,223,203,193)					2,329,480,405

F34 | OPPENHEIMER STRATEGIC INCOME FUND

	Shares		Value
Preferred Stocks—0.0%
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.5,12		338,141	$	—
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.5		44,000		—
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.5,12		5,816		—
Total Preferred Stocks (Cost $15,761,480)				—
Common Stocks—0.2%
American Media, Inc.1,5		10,986		1
Arco Capital Corp. Ltd.1,5,16		2,494,716		6,236,790
Charter Communications, Inc., Cl. A5		284,272		9,807,384
Global Aviation Holdings, Inc.5		32		32,000
MHP SA, GDR1,5		243,656		3,311,285
Orbcomm, Inc.5		30,391		65,341
Premier Holdings Ltd.5		799,833		—
Total Common Stocks (Cost $44,205,414)				19,452,801

	Units
Rights, Warrants and Certificates—0.0%
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/115 (Cost $30,592)		4,020	40

	Principal
	Amount
Structured Securities—7.6%
Barclays Bank plc:
Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24		13,030,000,000	IDR	1,469,893
Indonesia (Republic of) Total Return Linked Nts., 10%, 9/18/24		29,460,000,000	IDR	3,323,335
Citigroup Funding, Inc.:
Ghana (Republic of) Credit Linked Bonds, Series 1, 13.95%, 12/15/101,3		4,920,000	GHS	3,442,875
Ghana (Republic of) Credit Linked Bonds, Series 10, 13.95%, 12/15/101,3		2,080,000	GHS	1,455,524
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/101		2,370,000	GHS	1,658,291
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/101		2,370,000	GHS	1,658,291
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/101		2,370,000	GHS	1,658,291
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19		64,200,000,000	IDR	8,201,824
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19		64,260,000,000	IDR	8,209,490
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19		30,890,000,000	IDR	3,946,329
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15		32,110,000,000	IDR	3,712,261
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15		31,620,000,000	IDR	3,655,612
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15		66,860,000,000	IDR	7,729,735
Citigroup Global Markets Holdings, Inc.:
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/181		8,155,000,000	COP	4,795,736
Colombia (Republic of) Credit Linked Nts., 11%, 5/19/11		14,950,000,000	COP	8,309,807
Colombia (Republic of) Credit Linked Nts., 13.244%, 2/26/151,14		5,870,000,000	COP	6,445,077

F35 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Structured Securities Continued
Citigroup Global Markets Holdings, Inc.: Continued
Colombia (Republic of) Credit Linked Nts., Series 01, 13.244%, 2/26/151,14		2,175,000,000	COP	$	2,388,082
Colombia (Republic of) Credit Linked Nts., Series 02, 13.244% 2/26/151,14		3,317,000,000	COP		3,641,963
Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/121		4,498,269,508	COP		2,721,119
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/121		8,514,000,000	COP		5,150,338
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/121		10,490,000,000	COP		6,345,671
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/121		7,206,900,000	COP		4,359,639
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/121		182,600,000	DOP		5,174,795
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/6/101		10,800,000	GHS		7,599,338
Credit Suisse First Boston International:
Moitk Total Return Linked Nts., 21%, 3/30/114		196,587,000	RUR		668
Oreniz Total Return Linked Nts., 9.24%, 2/24/123		392,355,000	RUR		10,661,640
Pemex Project Funding Master Total Return Linked Nts., 1.499%, 5/12/11		50,000,000			50,020,000
Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17		55,679,000,000	VND		1,457,565
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 5/20/104,5		335,100,000	RUR		113,823
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/27/12		385,100,000	RUR		12,164,977
Credit Suisse International:
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/123		85,510,000	RUR		3,277,731
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/123		79,950,000	RUR		3,064,607
OAO Gazprom Total Return Linked Nts., 13.12%, 6/28/123		59,420,000	RUR		2,277,661
Deutsche Bank AG:
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11		18,902,425	MXN		1,469,080
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11		12,444,890	MXN		967,206
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.241%, 4/30/251,11		7,535,870			4,406,197
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.269%, 4/30/251,11		6,020,278			3,520,035
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.342%, 4/30/251,11		5,658,804			3,308,683
Coriolanus Ltd. Sec. Credit Linked Nts., 10.002%, 12/31/171,14		57,680,000	BRR		20,433,773
Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/101		9,600,000			4,108,800
Coriolanus Ltd. Sec. Credit Linked Nts., 3.138%, 4/30/251,7,11		5,302,950			3,100,616
Coriolanus Ltd. Sec. Credit Linked Nts., 3.191%, 4/30/251,11		6,602,603			3,860,519
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/111,3		6,050,000			6,923,015
Indonesia (Republic of) Credit Linked Nts., 10.50%, 8/23/30		57,330,000,000	IDR		6,410,476
Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/22/21		23,160,000,000	IDR		3,194,321
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15		6,360,000			6,869,150
Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21		79,300,000,000	IDR		10,893,377
JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/123		88,460,000	RUR		3,390,809
JSC Gazprom Total Return Linked Nts., 13.12%, 6/28/123		74,280,000	RUR		2,847,268
Opic Reforma I Credit Linked Nts., Cl. 1A, 6.93%, 9/24/141,3,17		38,400,000	MXN		3,105,854
Opic Reforma I Credit Linked Nts., Cl. 1B, 6.93%, 9/24/141,3,17		7,680,000	MXN		621,171

F36 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Structured Securities Continued
Deutsche Bank AG: Continued
Opic Reforma I Credit Linked Nts., Cl. 1C, 6.93%, 9/24/141,3,17		12,800,000	MXN	$	1,035,285
Opic Reforma I Credit Linked Nts., Cl. 1D, 6.93%, 9/24/141,3,17		6,400,000	MXN		517,642
Opic Reforma I Credit Linked Nts., Cl. 1E, 6.93%, 9/24/141,3,17		8,960,000	MXN		724,699
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/151,3,17		3,664,197	MXN		296,366
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/151,3,17		6,410,601	MXN		518,500
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/151,3,17		96,656,316	MXN		7,817,718
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/151,3,17		7,044,180	MXN		569,745
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/151,3,17		5,117,729	MXN		413,930
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/151,3,17		3,268,436	MXN		264,356
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/151,3,17		601,913	MXN		48,684
Ukraine (Republic of) 5 yr. Total Return Linked Nts., 4.05%, 8/27/10		6,110,000			3,055,000
Ukraine (Republic of) 5.5 yr. Total Return Linked Nts., 4.05%, 3/1/11		6,160,000			3,080,000
Ukraine (Republic of) 6 yr. Total Return Linked Nts., 4.05%, 8/30/11		6,160,000			3,080,000
Ukraine (Republic of) 6.5 yr. Total Return Linked Nts., 4.05%, 2/29/12		6,160,000			3,080,000
Ukraine (Republic of) 7 yr. Total Return Linked Nts., 4.05%, 8/30/12		6,160,000			3,080,000
United Mexican States Credit Linked Nts., 9.52%, 1/5/11		12,400,798	MXN		963,779
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/111,3		139,390,000	RUR		4,739,137
Eirles Two Ltd. Sec. Nts.:
Series 324, 3.791%, 4/30/121,3		15,000,000			11,316,000
Series 335, 2.241%, 4/30/121,3		17,500,000			15,400,000
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.798%, 3/29/171,11		81,020,000	TRY		21,768,183
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.479%, 2/8/371,11		245,971,200,000	COP		5,744,510
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.494%, 12/20/171,3		24,000,000			20,940,000
Series 2008-01, 9.878%, 8/2/101,4,5,11		37,994,727	BRR		2,136,516
Series 2008-2A, 6.704%, 9/17/131,3		45,578,750			46,011,748
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Bonds, 10.242%, 10/31/161,11		54,113,000,000	COP		15,221,612
Colombia (Republic of) Credit Linked Bonds, Series A, 10.242%, 10/31/161,11		53,883,000,000	COP		15,156,915
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19		47,880,000,000	IDR		6,106,351
Peru (Republic of) Credit Linked Nts., 8.188%, 9/2/151,11		26,360,000	PEN		6,368,055
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/101		9,525,000			9,582,150
JPMorgan Chase & Co. London Branch, Indonesia
(Republic of) Credit Linked Nts., 12.80%, 6/17/21		68,130,000,000	IDR		9,332,818
JPMorgan Chase Bank NA:
Indonesia (Republic of) Credit Linked Nts., Series 2, 10.50%, 8/19/301		57,330,000,000	IDR		6,401,152
Indonesia (Republic of) Credit Linked Nts., Series 2, 11%, 9/17/251		22,150,000,000	IDR		2,686,626
Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/251		44,300,000,000	IDR		5,373,252
Indonesia (Republic of) Credit Linked Nts., Series 5, 10.50%, 8/19/301		54,415,000,000	IDR		6,075,679
Russian Federation Credit Linked Bonds, 10%, 9/30/111,3		244,200,000	RUR		8,829,704
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/121		17,568,765			17,458,082

F37 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Structured Securities Continued
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/161		7,928,000,000	COP	$	3,750,496
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/171		15,932,000	PEN		4,515,287
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		277,500,899	RUR		4,624,402
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/10/12		71,528,711	RUR		2,425,798
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.561%, 1/5/221,11		113,353,000	BRR		6,837,130
Ukraine (Republic of) Credit Linked Nts., 2.396%, 10/15/171,3		12,720,000			9,349,200
Ukraine (Republic of) Credit Linked Nts., Series 2, 3.266%, 10/15/171,3		5,400,000			3,942,000
United Mexican States Credit Linked Nts., 5.64%, 11/20/151		300,000			255,660
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12		21,775,092			20,917,153
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12		32,582,381			31,308,384
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/111		4,821,752	GHS		3,190,179
Total Structured Securities (Cost $714,850,245)					635,832,221
Event-Linked Bonds—1.3%
Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.201%, 5/22/121,3		5,112,000			5,042,988
Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 11.751%, 2/24/121,3		2,180,000			2,411,080
East Lane Re II Ltd. Catastrophe Linked Nts., 14.751%, 4/7/111,3		5,160,000			5,121,945
East Lane Re III Ltd. Catastrophe Linked Nts., 10.501%, 3/16/121,3		7,898,000			8,501,802
Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.149%, 8/10/111,3		7,260,000			7,172,880
Foundation RE III Ltd. Catastrophe Linked Nts., Series 1-A, 5.806%, 2/3/141,3		2,343,000			2,373,986
Longpoint RE Ltd. Catastrophe Linked Nts.:
5.40%, 12/18/131,3		3,659,000			3,724,716
5.40%, 12/24/121,3		1,975,000			2,008,595
Medquake Ltd. Catastrophe Linked Nts., 5.35%, 5/31/101,3		4,250,000			4,239,800
Merna Reinsurance II Ltd. Catastrophe Linked Nts., 4/8/131,3		3,538,000			3,538,000
Midori Ltd. Catastrophe Linked Nts., 3.001%, 10/24/121,3		5,986,000			5,921,351
Multicat Mexico 2009 Ltd. Catastrophe Linked Nts.:
10.25%, 10/19/121,3		1,151,000			1,160,208
11.50%, 10/19/121,3		3,693,000			3,897,223
Muteki Ltd. Catastrophe Linked Nts., 4.65%, 5/24/111,3		5,550,000			5,479,376
Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 12.15%, 6/21/101,3		9,030,000			9,179,221
Redwood Capital XI Ltd. Catastrophe Linked Nts., 6.25%, 1/10/111,3		2,569,000			2,586,816

F38 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Event-Linked Bonds Continued
Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.:
Series CL2, 11.752%, 6/6/111,3	$	6,960,000	$	7,033,080
Series CL3, 12.502%, 6/7/101,3		3,000,000		3,039,000
Successor X Ltd. Catastrophe Linked Nts.:
12.941%, 12/9/101,11		1,317,000		1,196,363
23.131%, 12/9/101,11		1,811,000		1,555,468
16.75%, 4/4/131,3		3,232,000		3,230,384
Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/111,11		11,144,000		16,813,510
Willow Re Ltd. Catastrophe Linked Nts., 6.382%, 6/16/101,4		5,512,000		4,464,720
Total Event-Linked Bonds (Cost $103,639,270)				109,692,512

	Shares
Investment Companies—18.0%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%18,19		5,703,705			5,703,705
Oppenheimer Institutional Money Market Fund, Cl. E, 0.15%16,18		286,106,058			286,106,058
Oppenheimer Master Event-Linked Bond Fund, LLC16		3,118,743			33,029,075
Oppenheimer Master Loan Fund, LLC16		109,556,206			1,182,381,776
Total Investment Companies (Cost $1,480,309,697)					1,507,220,614
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $9,694,010,628)					9,633,090,059
Investments Purchased with Cash Collateral from Securities Loaned—0.4%
OFI Liquid Assets Fund, LLC, 0.18%16,18 (Cost $35,108,400)		35,108,400			35,108,400
Total Investments, at Value (Cost $9,729,119,028)		115.2	%		9,668,198,459
Liabilities in Excess of Other Assets		(15.2	)		(1,275,144,936	)
Net Assets		100.0	%	$	8,393,053,523

Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies:

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
DKK	Danish Krone
DOP	Dominican Republic Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
GHS	Ghana Cedi
HUF	Hungarian Forint
IDR	Indonesia Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira
VND	Vietnam Dong
ZAR	South African Rand

F39 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

1.	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 $2,314,929,777 or 27.58% of the Fund’s net assets as of March 31, 2010.
2.	All or a portion of the security position was acquired, and has been pledged as collateral, in connection with the Fund’s participation in the Term Asset-Back Securities Loan Facility program (the “TALF Program”) operated by the Federal Reserve Bank of New York. In the aggregate, the period end value of assets purchased in connection with the TALF Program constitute 15% of the Fund’s net assets. Of the assets purchased, 8.33% of Fund’s net assets are asset-backed securities while 6.67% of the Fund’s net assets are commercial mortgage-backed securities. See accompanying Notes.
3.	Represents the current interest rate for a variable or increasing rate security.
4.	Issue is in default. See Note 1 of accompanying Notes.
5.	Non-income producing security.
6.	Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $56,642,703 or 0.67% of the Fund’s net assets as of March 31, 2010.
7.	When-issued security or delayed delivery to be delivered and settled after March 31, 2010. See Note 1 of accompanying Notes.
8.	All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $44,713,466. See Note 5 of accompanying Notes.
9.	The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.
10.	Partial or fully-loaned security. See Note 7 of accompanying Notes.
11.	Zero coupon bond reflects effective yield on the date of purchase.
12.	Interest or dividend is paid-in-kind, when applicable.
13.	This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.
14.	Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index.
15.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
16.	Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares		Gross			Gross		Shares
	September 30, 2009		Additions			Reductions		March 31, 2010
Arco Capital Corp. Ltd.		2,383,674		111,042			—		2,494,716
OFI Liquid Assets Fund, LLC		23,441,250		121,997,800			110,330,650		35,108,400
Oppenheimer Institutional Money Market Fund, Cl. E		218,406,057		2,245,486,556			2,177,786,555		286,106,058
Oppenheimer Master Event-Linked Bond Fund, LLC		3,242,904		—			124,161		3,118,743
Oppenheimer Master Loan Fund, LLC		65,013,938		47,456,051	a		2,913,783		109,556,206

F40 | OPPENHEIMER STRATEGIC INCOME FUND

	Value		Income			Realized Gain
Arco Capital Corp. Ltd.	$	6,236,790	$	—		$	—
OFI Liquid Assets Fund, LLC		35,108,400		41,140	b		—
Oppenheimer Institutional Money Market Fund, Cl. E		286,106,058		258,697			—
Oppenheimer Master Event-Linked Bond Fund, LLC		33,029,075		1,432,599	c		180,205	c
Oppenheimer Master Loan Fund, LLC		1,182,381,776		35,986,779	d		3,314,750	d
	$	1,542,862,099	$	37,719,215		$	3,494,955

a.	All or a portion is the result of a corporate action.
b.	Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.
c.	Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.
d.	Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.
17.	Restricted security. The aggregate value of restricted securities as of March 31, 2010 was $15,933,950, which represents 0.19% of the Fund’s net assets. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation
Security	Date		Cost		Value		(Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1A, 6.93%, 9/24/14		12/28/07	$	3,529,276	$	3,105,854	$	(423,422	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1B, 6.93%, 9/24/14		6/13/08		740,364		621,171		(119,193	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1C, 6.93%, 9/24/14		8/13/08		1,259,502		1,035,285		(224,217	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1D, 6.93%, 9/24/14		8/7/09		491,201		517,642		26,441
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 1E, 6.93%, 9/24/14		9/10/09		669,726		724,699		54,973
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.42%, 5/22/15		5/22/08		353,295		296,366		(56,929	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.42%, 5/22/15		6/13/08		617,992		518,500		(99,492	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.42%, 5/22/15		6/19/08		9,377,660		7,817,718		(1,559,942	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.42%, 5/22/15		7/9/08		682,820		569,745		(113,075	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.42%, 5/22/15		7/16/08		496,911		413,930		(82,981	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.42%, 5/22/15		8/11/08		321,793		264,356		(57,437	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.42%, 5/22/15		8/25/08		59,373		48,684		(10,689	)
			$	18,599,913	$	15,933,950	$	(2,665,963	)

18.	Rate shown is the 7-day yield as of March 31, 2010.
19.	Interest rate is less than 0.0005%.

F41 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

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

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset (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).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 31, 2010 based on valuation input level:

				Level 2—
				Other			Level 3—
	Level 1—			Significant			Significant
	Unadjusted			Observable			Unobservable
	Quoted Prices			Inputs			Inputs			Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	791,171,910		$	—		$	791,171,910
Mortgage-Backed Obligations		—			2,019,926,061			—			2,019,926,061
U.S. Government Obligations		—			164,119,097			—			164,119,097
Foreign Government Obligations		—			1,813,092,123			11,483,219			1,824,575,342
Loan Participations		—			231,619,056			—			231,619,056
Corporate Bonds and Notes		—			2,328,209,281			1,271,124			2,329,480,405
Preferred Stocks		—			—			—			—
Common Stocks		13,184,010			6,236,791			32,000			19,452,801
Rights, Warrants and Certificates		—			—			40			40
Structured Securities		—			601,192,651			34,639,570			635,832,221
Event-Linked Bonds		—			109,692,512			—			109,692,512
Investment Companies		1,507,220,614			—			—			1,507,220,614
Investments Purchased with Cash
Collateral from Securities Loaned		—			35,108,400			—			35,108,400
Total Investments, at Value		1,520,404,624			8,100,367,882			47,425,953			9,668,198,459
Other Financial Instruments:
Appreciated swaps, at value		—			31,519,659			—			31,519,659
Depreciated swaps, at value		—			301,726			—			301,726
Futures margins		7,388,629			—			—			7,388,629
Swaps, at value		—			25,719			—			25,719
Foreign currency exchange contracts		—			24,445,121			—			24,445,121
Total Assets	$	1,527,793,253		$	8,156,660,107		$	47,425,953		$	9,731,879,313
Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value	$	—		$	(1,705,949	)	$	—		$	(1,705,949	)
Depreciated swaps, at value		—			(14,281,986	)		—			(14,281,986	)
Futures margins		(2,809,609	)		—			—			(2,809,609	)
Unfunded purchase agreements		—			(794,588	)		—			(794,588	)
Foreign currency exchange contracts		—			(10,988,536	)		—			(10,988,536	)
TALF loans, at value		—			—			(1,062,584,904	)		(1,062,584,904	)
Total Liabilities	$	(2,809,609	)	$	(27,771,059	)	$	(1,062,584,904	)	$	(1,093,165,572	)

F42 | OPPENHEIMER STRATEGIC INCOME FUND

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

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

					Change in			Accretion/						Transfers
	Value as of				unrealized			(amortization)			Net			in and/			Value as of
	September 30,		Realized		appreciation			of premium/			purchases			or out of			March 31,
	2009		gain		(depreciation)			discount1			(sales)			Level 3			2010
Investments in Securities
Foreign Government Obligations	$	10,905,200	$	—	$	339,849		$	238,170		$	—		$	—		$	11,483,219
Corporate Bonds and Notes		2,219,306		—		(577,960	)		—			1,821,185			(2,191,407	)		1,271,124
Common Stocks		32,791		791		(791	)		—			(791	)		—			32,000
Rights, Warrants and Certificates		40		—		—			—			—			—			40
Structured Securities		22,704,591		205,745		(753,318	)		(69,387	)		(3,725,709	)		16,277,648			34,639,570
TALF loans, at value		—		—		1,232,066			—			(627,574,443	)		(436,242,527	)		(1,062,584,904	)
Total Assets	$	35,861,928	$	206,536	$	239,846		$	168,783		$	(629,479,758	)	$	(422,156,286	)	$	(1,015,158,951	)

1. Included in net investment income.

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

Foreign Currency Exchange Contracts as of March 31, 2010 are as follows:

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Banc of America:
Argentine Peso (ARP)	Sell	18,140	ARP		6/9/10	$	4,642,119	$	—	$	2,733
Colombian Peso (COP)	Buy	83,123,000	COP		4/8/10		43,227,451		—		65,778
Colombian Peso (COP)	Sell	83,123,000	COP		5/10/10		43,177,411		68,518		—
Indian Rupee (INR)	Buy	2,116,000	INR		6/21/10		46,779,379		558,322		—
Japanese Yen (JPY)	Buy	3,112,000	JPY		5/10/10		33,294,273		—		1,139,222
Kazakhstan Tenge (KZT)	Buy	682,200	KZT		2/28/11-3/10/11		4,647,584		—		4,304
Malaysian Ringgit (MYR)	Buy	42,060	MYR		4/9/10		12,887,596		219,965		—
New Taiwan Dollar (TWD)	Sell	537,000	TWD		5/28/10		17,018,095		—		61,986
South Korean Won (KRW)	Buy	8,540,000	KRW		4/9/10		7,545,141		10,128		2,353
Swiss Franc (CHF)	Buy	170	CHF		4/12/10		161,244		3,036		—
Swiss Franc (CHF)	Sell	62,260	CHF		4/12/10		59,053,401		—		893,870
									859,969		2,170,246
Bank Paribas Asia - FGN:
Norwegian Krone (NOK)	Buy	101,900	NOK		4/12/10		17,136,242		45,809		—
Norwegian Krone (NOK)	Sell	97,240	NOK		4/12/10		16,352,583		—		44,020
Polish Zloty (PLZ)	Buy	181,410	PLZ		4/7/10-4/12/10		63,463,581		188,341		169,492
Polish Zloty (PLZ)	Sell	29,420	PLZ		5/10/10		10,264,807		3,078		81,742
									237,228		295,254
Barclay’s Capital:
British Pound Sterling (GBP)	Buy	5,670	GBP		4/12/10		8,603,580		—		162,183
British Pound Sterling (GBP)	Sell	15,680	GBP		4/12/10		23,792,616		401,970		171,140

F43 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Barclay’s Capital: Continued
Euro (EUR)	Buy	25,640	EUR		4/12/10	$	34,631,239	$	—	$	191,034
Euro (EUR)	Sell	40,230	EUR		4/12/10-5/10/10		54,338,202		476,259		—
Hungarian Forint (HUF)	Buy	13,966,000	HUF		4/8/10		71,015,043		972,813		—
Japanese Yen (JPY)	Buy	1,374,000	JPY		4/5/10		14,697,167		—		88,394
Japanese Yen (JPY)	Sell	11,428,000	JPY		4/23/10-6/18/10		122,281,675		1,987,788		—
Norwegian Krone (NOK)	Buy	8,100	NOK		4/12/10		1,362,155		8,178		—
Norwegian Krone (NOK)	Sell	86,700	NOK		4/12/10		14,580,100		—		87,540
Polish Zloty (PLZ)	Buy	24,930	PLZ		4/12/10		8,718,151		—		65,029
									3,847,008		765,320
Citigroup:
Chilean Peso (CLP)	Buy	8,428,000	CLP		4/8/10		16,063,515		2,534		—
Chilean Peso (CLP)	Sell	8,428,000	CLP		6/7/10		16,083,667		303		—
Chinese Renminbi (Yuan) (CNY)	Sell	114,100	CNY		5/4/10		16,715,042		74,245		—
Colombian Peso (COP)	Sell	62,839,000	COP		4/8/10-5/10/10		32,673,595		51,036		740,414
Euro (EUR)	Sell	35,900	EUR		6/18/10		48,490,579		766,555		—
Hong Kong Dollar (HKD)	Sell	129,900	HKD		6/7/10		16,739,087		—		1,553
Japanese Yen (JPY)	Sell	1,509,000	JPY		4/30/10		16,143,449		604,609		—
Norwegian Krone (NOK)	Buy	124,540	NOK		4/12/10		20,943,548		—		64,574
Norwegian Krone (NOK)	Sell	66,400	NOK		4/12/10		11,166,305		10,459		—
Peruvian New Sol (PEN)	Sell	26,410	PEN		4/15/10		9,291,281		—		16,106
Singapore Dollar (SGD)	Buy	2,450	SGD		5/10/10		1,750,976		53		6,539
Swedish Krona (SEK)	Sell	44,560	SEK		4/12/10		6,171,386		81,824		—
									1,591,618		829,186
Credit Suisse:
Australian Dollar (AUD)	Buy	18,250	AUD		4/23/10		16,705,423		—		8,748
British Pound Sterling (GBP)	Buy	4,350	GBP		4/12/10		6,600,630		79,636		—
Euro (EUR)	Sell	37,425	EUR		4/23/10		50,549,414		—		184,720
New Turkish Lira (TRY)	Buy	25,718	TRY		4/1/10		16,945,014		53,976		—
New Turkish Lira (TRY)	Sell	26,454	TRY		4/1/10		17,429,432		—		55,519
Russian Ruble (RUR)	Buy	397,335	RUR		10/7/10		13,237,247		478,503		—
South African Rand (ZAR)	Buy	255,272	ZAR		4/7/10-4/30/10		34,915,651		1,578,817		—
Swedish Krona (SEK)	Buy	41,700	SEK		4/12/10		5,775,287		304		12,225
Swedish Krona (SEK)	Sell	297,740	SEK		4/12/10		41,235,829		15,694		436,180
									2,206,930		697,392
Deutsche Bank Capital Corp.:
Australian Dollar (AUD)	Buy	28,680	AUD		4/12/10		26,284,021		360,743		—
Australian Dollar (AUD)	Sell	2,313	AUD		4/23/10		2,117,241		—		7,530
British Pound Sterling (GBP)	Sell	5,615	GBP		4/23/10		8,519,555		—		105,927
Canadian Dollar (CAD)	Sell	8,590	CAD		4/23/10		8,457,574		—		51,910
Euro (EUR)	Sell	16,560	EUR		5/10/10		22,367,598		1,398,115		—
Japanese Yen (JPY)	Sell	5,667,000	JPY		4/12/10-5/10/10		60,621,503		2,040,043		—
Kazakhstan Tenge (KZT)	Buy	341,700	KZT		2/28/11		2,327,922		—		4,501

F44 | OPPENHEIMER STRATEGIC INCOME FUND

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Deutsche Bank Capital Corp.: Continued
Russian Ruble (RUR)	Sell	273,200	RUR		10/7/10	$	9,101,680	$	—	$	263,116
Swiss Franc (CHF)	Sell	2,228	CHF		4/23/10		2,113,434		—		18,071
									3,798,901		451,055
Goldman, Sachs & Co.:
Brazilian Real (BRR)	Buy	130,240	BRR		5/4/10		72,718,189		1,181,334		—
Brazilian Real (BRR)	Sell	34,480	BRR		5/4/10		19,251,560		—		312,749
Mexican Nuevo Peso (MXN)	Sell	106,900	MXN		8/2/10		8,526,258		—		512,765
									1,181,334		825,514
Hong Kong & Shanghai Bank Corp.:
Israeli Shekel (ILS)	Sell	56,430	ILS		5/28/10		15,259,944		—		40,676
New Turkish Lira (TRY)	Buy	25,050	TRY		5/17/10		16,372,517		138,961		—
New Turkish Lira (TRY)	Sell	8,790	TRY		5/17/10		5,745,087		—		48,761
									138,961		89,437
JP Morgan Chase:
Argentine Peso (ARP)	Buy	18,140	ARP		6/9/10		4,642,119		—		15,732
Chilean Peso (CLP)	Sell	8,428,000	CLP		4/8/10		16,063,515		—		314,660
Euro (EUR)	Sell	9,370	EUR		11/8/10		12,655,142		666,131		—
Indonesia Rupiah (IDR)	Buy	42,094,000	IDR		5/25/10		4,577,765		76,695		—
Japanese Yen (JPY)	Sell	1,374,000	JPY		4/5/10		14,697,167		203,926		—
Malaysian Ringgit (MYR)	Buy	8,770	MYR		5/10/10		2,682,656		109,028		—
Mexican Nuevo Peso (MXN)	Buy	849,600	MXN		4/6/10-4/8/10		68,664,550		1,836,483		10,516
Philippines Peso (PHP)	Buy	320,000	PHP		4/12/10		7,071,842		110,780		—
Polish Zloty (PLZ)	Sell	24,910	PLZ		4/12/10		8,711,157		—		181,328
Russian Ruble (RUR)	Buy	402,920	RUR		11/8/10		13,378,278		699,864		—
									3,702,907		522,236
Morgan Stanley & Co., Inc.:
Kazakhstan Tenge (KZT)	Buy	341,400	KZT		2/28/11		2,325,879		—		6,885
Philippines Peso (PHP)	Buy	266,245	PHP		6/16/10		5,840,727		50,274		—
									50,274		6,885
Nomura Securities:
British Pound Sterling (GBP)	Buy	130	GBP		4/12/10		197,260		—		2
British Pound Sterling (GBP)	Sell	6,330	GBP		4/12/10		9,605,055		—		22,100
Japanese Yen (JPY)	Buy	3,586,000	JPY		4/12/10		38,359,596		—		1,149,925
Japanese Yen (JPY)	Sell	1,566,000	JPY		4/12/10		16,751,569		341,888		—
Swedish Krona (SEK)	Buy	148,300	SEK		4/12/10		20,538,971		—		399,948
Swiss Franc (CHF)	Buy	17,220	CHF		4/12/10		16,333,112		286,146		—
Swiss Franc (CHF)	Sell	50	CHF		4/12/10		47,425		—		830
									628,034		1,572,805
RBS Greenwich Capital:
Polish Zloty (PLZ)	Buy	105,550	PLZ		5/10/10		36,827,002		177,696		—
Swiss Franc (CHF)	Buy	37,070	CHF		4/12/10-5/10/10		35,161,454		514,760		112,796
Swiss Franc (CHF)	Sell	41,570	CHF		4/12/10		39,429,006		—		617,603
									692,456		730,399

F45 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Santander Investments:
Colombian Peso (COP)	Sell	29,129,000	COP		4/8/10	$	15,148,303	$	—	$	388,232
Mexican Nuevo Peso (MXN)	Sell	10,813	MXN		4/6/10		874,060		75		—
									75		388,232
State Street:
Canadian Dollar (CAD)	Buy	27,500	CAD		4/12/10		27,076,150		855,439		—
Canadian Dollar (CAD)	Sell	14,110	CAD		4/12/10		13,892,526		—		414,100
Euro (EUR)	Buy	12,290	EUR		4/12/10		16,599,763		—		158,382
Euro (EUR)	Sell	44,030	EUR		4/12/10		59,470,104		346,453		171,394
									1,201,892		743,876
UBS Investment Bank
Brazilian Real (BRR)	Sell	2,033	BRR		4/6/10		1,141,783		—		2,847
Westpac:
Australian Dollar (AUD)	Buy	90,980	AUD		4/12/10		83,379,368		3,748,009		—
Australian Dollar (AUD)	Sell	17,050	AUD		4/12/10		15,625,612		—		897,852
New Zealand Dollar (NZD)	Buy	43,310	NZD		4/12/10		30,740,585		559,525		—
									4,307,534		897,852
Total unrealized appreciation and depreciation								$	24,445,121	$	10,988,536

Futures Contracts as of March 31, 2010 are as follows:

								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)
Canada (Government of)
Bonds, 10 yr.	Sell		155		6/21/10	$	17,930,340	$	175,558
DAX Index	Buy		71		6/18/10		14,723,740		373,912
Euro-Bundesobligation	Buy		188		6/8/10		31,321,484		193,323
Euro-Bundesobligation	Buy		177		6/8/10		27,989,897		(16,433	)
Euro-Bundesobligation	Sell		808		6/8/10		127,773,089		(468,264	)
FTSE 100 Index	Buy		34		6/18/10		2,894,731		19,280
FTSE 100 Index	Sell		251		6/18/10		21,369,928		(142,534	)
Japan (Government of) Bonds, 10 yr.	Sell		24		6/10/10		35,482,725		272,160
Japan (Government of)
Mini Bonds, 10 yr.	Sell		156		6/9/10		23,042,079		33,719
NASDAQ 100 E-Mini Index	Buy		751		6/18/10		29,375,365		578,721
NIKKEI 225 Index	Sell		204		6/10/10		24,220,772		(1,289,312	)
NIKKEI 225 Index	Sell		47		6/10/10		2,787,624		(92,446	)
Standard & Poor’s 500 E-Mini Index	Sell		1,953		6/18/10		113,781,780		(1,911,792	)
United Kingdom Long Gilt	Buy		26		6/28/10		4,527,452		(2,428	)
United Kingdom Long Gilt	Sell		93		6/28/10		16,194,346		(259,389	)
U.S. Long Bonds	Buy		3,844		6/21/10		446,384,500		2,948,130
U.S. Long Bonds	Sell		1,410		6/21/10		163,736,250		105,936
U.S. Treasury Bonds, 10 yr.	Buy		2,918		6/21/10		339,217,500		(349,307	)
U.S. Treasury Bonds, 10 yr.	Sell		3,348		6/21/10		389,205,000		179,080

F46 | OPPENHEIMER STRATEGIC INCOME FUND

Futures Contracts: Continued

								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)
U.S. Treasury Nts., 2 yr.	Buy		242		6/30/10	$	52,502,656	$	15,801
U.S. Treasury Nts., 2 yr.	Sell		2,541		6/30/10		551,277,893		(73,222	)
U.S. Treasury Nts., 5 yr.	Buy		15,680		6/30/10		1,800,750,000		(4,165,218	)
U.S. Treasury Nts., 5 yr.	Sell		2,324		6/30/10		266,896,875		220,228
								$	(3,654,497	)

Credit Default Swap Contracts as of March 31, 2010 are as follows:

				Pay/					Upfront
Reference	Buy/Sell	Notional		Receive					Payment						Unrealized
Entity/Swap	Credit	Amount		Fixed			Termination		Received/						Appreciation
Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)
Amgen Inc.
Goldman Sachs International	Buy	$	13,530		1.00	%		3/20/15	$	417,097		$	(398,565	)	$	18,532
	Total		13,530							417,097			(398,565	)		18,532
Baxter International, Inc.
Deutsche Bank AG	Buy		13,450		1.00			3/20/15		447,972			(428,783	)		19,189
	Total		13,450							447,972			(428,783	)		19,189
CBS Corp.
Credit Suisse International	Sell		13,530		1.00			3/20/15		56,991			(241,746	)		(184,755	)
	Total		13,530							56,991			(241,746	)		(184,755	)
CDX North America
High Yield Index, Series 13:
Barclays Bank plc	Sell		31,982		5.00			12/20/14		3,035,324			183,810			3,219,134
Barclays Bank plc	Sell		13,068		5.00			12/20/14		(9,075	)		74,332			65,257
Barclays Bank plc	Sell		13,068		5.00			12/20/14		(96,195	)		(182,856	)		(279,051	)
Citibank NA, New York	Sell		9,207		5.00			12/20/14		(67,774	)		52,370			(15,404	)
Citibank NA, New York	Sell		12,375		5.00			12/20/14		(165,000	)		70,390			(94,610	)
Citibank NA, New York	Sell		12,375		5.00			12/20/14		36,953			70,390			107,343
Goldman Sachs International	Sell		19,191		5.00			12/20/14		1,663,879			110,297			1,774,176
Goldman Sachs International	Sell		31,982		5.00			12/20/14		3,015,133			183,810			3,198,943
JPMorgan Chase Bank NA, NY Branch	Sell		6,930		5.00			12/20/14		363,825			39,350			403,175
JPMorgan Chase Bank NA, NY Branch	Sell		13,068		5.00			12/20/14		(132,495	)		74,332			(58,163	)
Morgan Stanley & Co. International Ltd.	Sell		12,375		5.00			12/20/14		(53,281	)		70,390			17,109
Morgan Stanley & Co. International Ltd.	Sell		13,068		5.00			12/20/14		(13,612	)		74,332			60,720
Morgan Stanley & Co. International Ltd.	Sell		12,900		5.00			12/20/14		(25,719	)		25,719			—
UBS AG	Sell		12,375		5.00			12/20/14		(106,563	)		70,390			(36,173	)
	Total		213,964							7,445,400			917,056			8,362,456
CVS Caremark Corp.
Citibank NA, New York	Buy		13,380		1.00			3/20/15		307,950			(274,261	)		33,689
	Total		13,380							307,950			(274,261	)		33,689

F47 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts: Continued

				Pay/					Upfront
Reference	Buy/Sell	Notional		Receive					Payment					Unrealized
Entity/Swap	Credit	Amount		Fixed			Termination		Received/					Appreciation
Counterparty	Protection	(000’s)		Rate			Date		(Paid)		Value			(Depreciation)
Development Bank of Kazakhstan JSC
Credit Suisse International	Sell		11,730		3.75	%		2/20/13	$	—	$	281,473		$	281,473
	Total		11,730							—		281,473			281,473
Federative Republic of Brazil
Credit Suisse International	Sell		5,050		1.00			3/20/15		68,570		(71,562	)		(2,992	)
	Total		5,050							68,570		(71,562	)		(2,992	)
Government of Hungary
Credit Suisse International	Sell		9,600		2.70			9/20/10		—		46,013			46,013
	Total		9,600							—		46,013			46,013
International Lease Finance Corp.:
Barclays Bank plc	Sell		7,310		5.00			3/20/15		530,990		377,364			908,354
Goldman Sachs International	Sell		6,220		5.00			3/20/15		451,814		321,095			772,909
	Total		13,530							982,804		698,459			1,681,263
Islamic Republic of Pakistan
Citibank NA, New York	Sell		5,090		5.10			3/20/13		—		(453,516	)		(453,516	)
	Total		5,090							—		(453,516	)		(453,516	)
Istanbul Bond Co. SA for Finansbank AS
Morgan Stanley & Co. International Ltd.	Sell		15,590		1.30			3/24/13		—		(1,202,080	)		(1,202,080	)
	Total		15,590							—		(1,202,080	)		(1,202,080	)
Republic of Indonesia:
Citibank NA, New York	Sell		4,800		1.00			3/20/15		200,771		(143,396	)		57,375
JPMorgan Chase Bank NA, London Branch	Sell		4,800		1.00			3/20/15		190,236		(143,396	)		46,840
	Total		9,600							391,007		(286,792	)		104,215
Republic of Peru
Deutsche Bank AG	Buy		7,680		1.71			12/20/16		—		(238,217	)		(238,217	)
	Total		7,680							—		(238,217	)		(238,217	)
Republic of the Philippines:
Barclays Bank plc	Buy		6,390		1.76			12/20/14		—		(24,592	)		(24,592	)
JPMorgan Chase Bank NA, London Branch	Buy		9,590		1.74			12/20/14		—		(28,647	)		(28,647	)
	Total		15,980							—		(53,239	)		(53,239	)
The Dow Chemical Co.
UBS AG	Sell		13,380		1.00			3/20/15		128,420		(161,238	)		(32,818	)
	Total		13,380							128,420		(161,238	)		(32,818	)
Troy Capital SA for Yasar Holdings SA
Morgan Stanley & Co. International Ltd.	Sell		3,530		8.75			6/20/10		—		(4,397	)		(4,397	)
	Total		3,530							—		(4,397	)		(4,397	)

F48 | OPPENHEIMER STRATEGIC INCOME FUND

Credit Default Swap Contracts: Continued

				Pay/					Upfront
Reference	Buy/Sell	Notional		Receive					Payment						Unrealized
Entity/Swap	Credit	Amount		Fixed			Termination		Received/						Appreciation
Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)
Verizon Communications, Inc.
Morgan Stanley & Co. International Ltd.	Buy		13,450		1.00	%		3/20/15	$	210,315		$	(140,308	)	$	70,007
	Total		13,450							210,315			(140,308	)		70,007
Whirlpool Corp.
Barclays Bank plc	Sell		13,380		1.00			3/20/15		(2,128	)		(9,251	)		(11,379	)
	Total		13,380							(2,128	)		(9,251	)		(11,379	)
XL Capital Ltd.
Deutsche Bank AG	Sell		13,530		1.00			3/20/15		(52,354	)		34,244			(18,110	)
	Total		13,530							(52,354	)		34,244			(18,110	)
Yum! Brands
Credit Suisse International	Buy		13,380		1.00			3/20/15		216,939			(177,240	)		39,699
	Total		13,380							216,939			(177,240	)		39,699
Grand Total Buys										1,600,273			(1,710,613	)		(110,340	)
Grand Total Sells										9,018,710			(453,337	)		8,565,373
Total Credit Default Swaps									$	10,618,983		$	(2,163,950	)	$	8,455,033

The table that follows shows the undiscounted maximum potential payment by the Fund related to selling credit protection in credit default swaps:

	Total Maximum
Type of Reference	Potential Payments
Asset on which	for Selling Credit				Reference
the Fund Sold	Protection		Amount		Asset Rating
Protection	(Undiscounted)		Recoverable*		Range**
Non-Investment Grade
Corporate Debt Indexes	$	213,964,050	$	—	B+ to B
Investment Grade Single
Name Corporate Debt		53,820,000		—	BBB+ to BBB–
Non-Investment Grade Single
Name Corporate Debt		13,530,000		—	BB+
Investment Grade Sovereign Debt		41,970,000		—	BBB–
Non-Investment Grade
Sovereign Debt		18,220,000		—	BB to B–
Total	$	341,504,050	$	—

*	The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.
**	The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

F49 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts as of March 31, 2010 are as follows:

	Notional
Interest Rate/	Amount			Paid by			Received by			Termination
Swap Counterparty	(000’s)			the Fund			the Fund			Date		Value
BZDI:
Banco Santander SA, Inc.	22,500		BRR	BZDI				12.320	%		1/2/17	$	18,409
Credit Suisse International	23,540		BRR	BZDI				11.480			1/2/12		(11,325	)
Goldman Sachs Group, Inc. (The)	47,000		BRR	BZDI				12.800			1/2/17		749,870
Goldman Sachs Group, Inc. (The)	35,170		BRR	BZDI				12.920			1/2/14		893,356
Goldman Sachs Group, Inc. (The)	17,520		BRR	BZDI				12.870			1/2/14		445,027
Goldman Sachs Group, Inc. (The)	65,280		BRR	BZDI				11.460			1/2/12		(31,344	)
Goldman Sachs Group, Inc. (The)	2,160		BRR	BZDI				12.260			1/2/15		21,233
Goldman Sachs Group, Inc. (The)		990	BRR	BZDI				12.290			1/2/15		9,732
JPMorgan Chase Bank NA	41,300		BRR	BZDI				13.900			1/2/17		1,332,464
Morgan Stanley	64,970		BRR	BZDI				12.300			1/2/17		53,047
Morgan Stanley	56,660		BRR	BZDI				11.490			1/2/12		(27,287	)
Total	377,090		BRR										3,453,182
MXN TIIE BANXICO:
Banco Santander SA, Inc.	236,700		MXN	MXN TIIE BANXICO				8.540			9/27/13		1,040,705
Credit Suisse International	93,600		MXN	MXN TIIE BANXICO				8.560			9/27/13		419,369
Goldman Sachs Group, Inc. (The)	143,100		MXN	MXN TIIE BANXICO				8.540			9/27/13		629,171
Goldman Sachs Group, Inc. (The)	539,500		MXN	MXN TIIE BANXICO				9.270			11/21/11		2,306,797
Goldman Sachs Group, Inc. (The)	534,600		MXN	MXN TIIE BANXICO				9.080			11/22/11		2,492,487
Goldman Sachs Group, Inc. (The)	294,000		MXN	MXN TIIE BANXICO				6.080			1/24/12		(33,388	)
JPMorgan Chase Bank NA	617,000		MXN	MXN TIIE BANXICO				6.080			1/24/12		(70,070	)
Total	2,458,500		MXN										6,785,071
Six-Month AUD BBR BBSW
Westpac Banking Corp.	46,900		AUD		6.215	%	Six-Month AUD BBR BBSW				11/4/19		(577,566	)
Six-Month HUF BUBOR Reuters:
Barclays Bank plc	3,820,000		HUF	Six-Month HUF BUBOR Reuters				7.820			9/19/13		1,644,890
Barclays Bank plc	2,261,000		HUF	Six-Month HUF BUBOR Reuters				7.180			10/8/18		419,778
Citibank NA	2,226,000		HUF	Six-Month HUF BUBOR Reuters				7.200			10/8/18		417,177
Citibank NA	433,000		HUF	Six-Month HUF BUBOR Reuters				7.180			10/3/18		114,870
JPMorgan Chase Bank NA	2,261,000		HUF	Six-Month HUF BUBOR Reuters				7.200			10/6/18		605,343
JPMorgan Chase Bank NA	1,778,000		HUF	Six-Month HUF BUBOR Reuters				7.890			9/12/13		782,819
JPMorgan Chase Bank NA	2,025,000		HUF	Six-Month HUF BUBOR Reuters				7.880			8/12/13		936,880
Total	14,804,000		HUF										4,921,757

F50 | OPPENHEIMER STRATEGIC INCOME FUND

Interest Rate Swap Contracts: Continued

	Notional
Interest Rate/	Amount			Paid by			Received by		Termination
Swap Counterparty	(000’s)			the Fund			the Fund		Date		Value
Six-Month JPY BBA LIBOR:
Citibank NA	1,172,000		JPY		1.391	%	Six-Month JPY BBA LIBOR			10/6/19	$	(69,376	)
JPMorgan Chase Bank NA	1,318,800		JPY		1.484		Six-Month JPY BBA LIBOR			8/7/19		(167,305	)
JPMorgan Chase Bank NA	1,337,000		JPY		1.563		Six-Month JPY BBA LIBOR			11/9/19		(279,718	)
Total	3,827,800		JPY									(516,399	)
Three-Month CAD BA CDOR
JPMorgan Chase Bank NA	43,470		CAD	Three-Month CAD BA CDOR				3.820		1/4/20		574,464
Three-Month USD BBA LIBOR
Goldman Sachs Group, Inc. (The)		42,200		Three-Month USD BBA LIBOR				3.600		11/3/19		64,607
Total Interest Rate Swaps											$	14,705,116

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
HUF	Hungarian Forint
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
Abbreviations/Definitions are as follows:
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANIXCO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
TIIE	Interbank Equilibrium Interest Rate

Total Return Swap Contracts as of March 31, 2010 are as follows:

	Notional
Reference Entity/	Amount		Paid by	Received by	Termination
Swap Counterparty	(000’s)		the Fund	the Fund	Date	Value
AMEX Indu Select Index
UBS AG	$	6,970	One-Month BBA LIBOR plus 17 basis points and if negative, the absolute value of the Total Return of the AMEX Indu Select Index	If positive, the Total Return of the AMEX Indu Select Index	3/4/11	$	516,792
AMEX Materials Select Index
UBS AG		7,016	One-Month BBA LIBOR minus 10 basis points and if negative, the absolute value of the Total Return of the AMEX Materials Select Index	If positive, the Total Return of the AMEX Materials Select Index	3/4/11		441,869

F51 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by	Received by	Termination
Swap Counterparty	(000’s)			the Fund	the Fund	Date	Value
Consumer Staples Select Sector Index
Morgan Stanley	$	6,984		One-Month BBA LIBOR plus 15 basis points and if negative, the absolute value of the Total Return of the Consumer Staples Select Sector Index	If positive, the Total Return of the Consumer Staples Select Sector Index	3/9/11	$	232,876
Custom basket of securities:
Citibank NA		3,628	CHF	One-Month CHF BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	1/12/11		28,268
Citibank NA		12,921	EUR	One-Month EURIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	1/12/11		982,227
Citibank NA		8,548	GBP	One-Month GBP BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	1/12/11		591,669
Citibank NA, New York		2,277,358	JPY	One-Month JPY BBA LIBOR plus 80 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	4/14/10		1,888,392
Morgan Stanley		16,807	GBP	One-Month GBP BBA LIBOR plus 50 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	1/14/11		999,265
UBS AG		83,786		One-Month BBA LIBOR plus 25 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities	12/6/10		3,919,657
Reference Entity Total								8,409,478

F52 | OPPENHEIMER STRATEGIC INCOME FUND

Total Return Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by	Received by	Termination
Swap Counterparty	(000’s)			the Fund	the Fund	Date	Value
MSCI Daily TR Gross EAFE Index:
Citibank NA	$	16,474		If positive, the Total Return of the MSCI Daily Gross EAFE Index	One-Month LIBOR plus 15 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index	10/7/10	$	(1,040,547	)
Goldman Sachs Group, Inc. (The)		2,673		If positive, the Total Return of the MSCI Daily Gross EAFE Index	One-Month BBA LIBOR minus 5 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index	10/7/10		(133,349	)
Morgan Stanley		9,886		If positive, the Total Return of the MSCI Daily Gross EAFE Index	One-Month BBA LIBOR minus 35 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross EAFE Index	10/7/10		(490,543	)
				If positive, the Total Return of the MSCI Daily	One-Month LIBOR minus 10 basis points and if negative, the absolute value of the Total Return of the MSCI
UBS AG		12,849		Gross EAFE Index	Daily Gross EAFE Index	10/11/10		(799,934	)
Reference Entity Total								(2,464,373	)
MSCI Daily TR Gross EAFE USD Index
Goldman Sachs Group,				If positive, the Total Return of the MSCI Daily	One-Month BBA LIBOR plus 4 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross
Inc. (The)		20,468		Gross EAFE USD Index	EAFE USD Index	2/7/11		(988,867	)
MSCI Daily TR Gross Europe Euro Index:
Citibank NA		4,846	EUR	If positive, the Total Return of the MSCI Daily Gross Europe Euro Index	One-Month EURIBOR minus 60 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index	1/12/11		(177,297	)

F53 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by	Received by	Termination
Swap Counterparty	(000’s)			the Fund	the Fund	Date	Value
MSCI Daily TR Gross Europe Euro Index: Continued
Goldman Sachs Group, Inc. (The)		9,697	EUR	If positive, the Total Return of the MSCI Daily Gross Europe Euro Index	One-Month EURIBOR minus 3 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index	1/12/11	$	(348,679	)
Morgan Stanley		7,266	EUR	If positive, the Total Return of the MSCI Daily Gross Europe Euro Index	One-Month EURIBOR minus 30 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index	1/12/11		(514,317	)
UBS AG		2,423	EUR	If positive, the Total Return of the MSCI Daily Gross Europe Euro Index	One-Month EURIBOR minus 70 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Europe Euro Index	1/12/11		(88,794	)
Reference Entity Total								(1,129,087	)
MSCI Daily TR Italy USD Index
Goldman Sachs Group, Inc. (The)		8,349		One-Month BBA LIBOR minus 25 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Italy USD Index	If positive, the Total Return of the MSCI Daily Italy USD Index	3/4/11		614,877
MSCI Daily TR Net Emerging Markets Korea Index
Goldman Sachs Group, Inc. (The)		8,545		One-Month BBA LIBOR plus 90 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Emerging Markets Korea Index	If positive, the Total Return of the MSCI Daily Net Emerging Markets Korea Index	3/9/11		573,472
MSCI Daily TR Net France USD Index
Morgan Stanley		8,390		One-Month BBA LIBOR minus 35 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net France USD Index	If positive, the Total Return of the MSCI Daily TR Net France USD Index	3/9/11		480,046

F54 | OPPENHEIMER STRATEGIC INCOME FUND

Total Return Swap Contracts: Continued

	Notional
Reference Entity/	Amount		Paid by	Received by	Termination
Swap Counterparty	(000’s)		the Fund	the Fund	Date	Value
MSCI Daily TR Net Germany USD Index
Goldman Sachs Group, Inc. (The)	$	8,418	One-Month BBA LIBOR minus 45 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Germany USD Index	If positive, the Total Return of the MSCI Daily Net Germany USD Index	3/4/11	$	693,324
MSCI Daily TR Net Japan USD Index
UBS AG		8,426	One-Month BBA LIBOR plus 18 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Japan USD Index	If positive, the Total Return of the MSCI Daily Net Japan USD Index	3/7/11		348,294
S&P 500/Citigroup Value Index
Deutsche Bank AG		21,085	One-Month BBA LIBOR plus 10 basis points and if negative, the absolute value of the Total Return of the S&P 500/Citigroup Value Index	If positive, the Total Return of the S&P 500/Citigroup Value Index	2/7/11		1,110,052
Total of Total Return Swaps						$	8,838,753

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
CHF	Swiss Franc
EUR	Euro
GBP	British Pounds Sterling
JPY	Japanese Yen
Abbreviations/Definitions are as follows:
AMEX	American Stock Exchange
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
EAFE	Europe, Australasia, Far East
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s
TR	Total Return

F55 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Currency Swaps as of March 31, 2010 are as follows:

Reference Entity/	Notional		Paid by	Received by	Termination
Swap Counterparty	Amount (000’s)		the Fund	the Fund	Date	Value
Each of JSC “Rushydro” (Open Joint Stock Company, Federal Hydrogeneration Company) and OJSC Saratovskaya HPP and any Successor(s) to these Reference Entities
Morgan Stanley Capital Services, Inc.	980,430	RUR	Three-Month USD BBA LIBOR	7.75% from debt obligations of JSC Rushydro and OJSC Saratovskaya HPP	12/26/13	$	(5,524,539	)

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency:
RUR	Russian Ruble
Abbreviation is as follows:
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate

Volatility Swaps as of March 31, 2010 are as follows:

Reference Entity/	Notional		Paid by			Received by			Termination
Swap Counterparty	Amount (000’s)		the Fund			the Fund			Date	Value
AUD/JPY Exchange Rate:
Credit Suisse International	$	47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period				14.550	%	4/29/10	$	1,268
Credit Suisse International		47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period				14.100		4/27/10		(18,227	)
Credit Suisse International		47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period				15.200		4/29/10		9,623
Deutsche Bank AG		47		14.500	%	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period			4/30/10		4,072
Merrill Lynch International		47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period				14.900		4/27/10		21,370

F56 | OPPENHEIMER STRATEGIC INCOME FUND

Volatility Swaps: Continued

Reference Entity/	Notional		Paid by	Received by			Termination
Swap Counterparty	Amount (000’s)		the Fund	the Fund			Date	Value
AUD/JPY Exchange Rate: Continued
Merrill Lynch International	$	47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period		14.600	%	4/27/10	$	(8,768	)
Merrill Lynch International		47	The Historic Volatility of the mid AUD/JPY spot exchange rate during the Observation Period		15.300		4/27/10		45,288
Reference Entity Total									54,626
AUD/USD Exchange Rate:
Deutsche Bank AG		47	The Historic Volatility of the mid AUD/USD spot exchange rate during the Observation Period		10.050		4/19/10		(21,200	)
Deutsche Bank AG		47	The Historic Volatility of the mid AUD/USD spot exchange rate during the Observation Period		10.800		4/19/10		6,091
Reference Entity Total									(15,109	)
CAD/JPY Exchange Rate:
Deutsche Bank AG		47	The Historic Volatility of the mid CAD/JPY spot exchange rate during the Observation Period		14.650		5/6/10		23,170
Deutsche Bank AG		47	The Historic Volatility of the mid CAD/JPY spot exchange rate during the Observation Period		14.500		5/6/10		14,193
Reference Entity Total									37,363
GBP/CAD Exchange Rate
Credit Suisse International		47	The Historic Volatility of the mid GBP/CAD spot exchange rate during the Observation Period		12.450		4/8/10		(88,543	)
USD/JPY Exchange Rate
Deutsche Bank AG		47	The Historic Volatility of the mid USD/JPY spot exchange rate during the Observation Period		9.900		4/23/10		(68,893	)
USD/NOK Exchange Rate
Credit Suisse International		47	The Historic Volatility of the mid USD/NOK spot exchange rate during the Observation Period		10.900		4/19/10		(61,182	)

F57 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Volatility Swaps: Continued

Reference Entity/	Notional		Paid by	Received by			Termination
Swap Counterparty	Amount (000’s)		the Fund	the Fund			Date	Value
USD/SEK Exchange Rate:
Credit Suisse International	$	47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		12.050	%	4/12/10	$	45,303
Credit Suisse International		47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		11.650		4/16/10		4,281
Deutsche Bank AG		47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		12.700		4/9/10		54,918
Deutsche Bank AG		47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		11.850		4/15/10		(22,826	)
Merrill Lynch International		47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		11.800		4/12/10		21,161
Merrill Lynch International		47	The Historic Volatility of the mid USD/SEK spot exchange rate during the Observation Period		12.150		4/12/10		42,690
				Reference Entity Total					145,527
				Total Volatility Swaps				$	3,789

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
AUD	Australian Dollar
CAD	Canadian Dollar
GBP	British Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
USD	U.S. Dollar

F58 | OPPENHEIMER STRATEGIC INCOME FUND

The following table aggregates, as of period end, the amount receivable from/(payable to) each counterparty with whom the Fund has entered into a swap agreement. Swaps are individually disclosed in the preceding tables.

Swap Summary as of March 31, 2010 is as follows:

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Banco Santander SA, Inc.:
	Interest Rate	22,500		BRR	$	18,409
	Interest Rate	236,700		MXN		1,040,705
						1,059,114
Barclays Bank plc:
	Credit Default Buy Protection		6,390			(24,592	)
	Credit Default Sell Protection		78,808			443,399
	Interest Rate	6,081,000		HUF		2,064,668
						2,483,475
Citibank NA:
	Interest Rate	2,659,000		HUF		532,047
	Interest Rate	1,172,000		JPY		(69,376	)
	Total Return	3,628		CHF		28,268
	Total Return	17,767		EUR		804,930
	Total Return	8,548		GBP		591,669
	Total Return		16,474			(1,040,547	)
						846,991
Citibank NA, New York:
	Credit Default Buy Protection		13,380			(274,261	)
	Credit Default Sell Protection		43,847			(403,762	)
	Total Return		2,277,358	JPY		1,888,392
						1,210,369
Credit Suisse International:
	Credit Default Buy Protection		13,380			(177,240	)
	Credit Default Sell Protection		39,910			14,178
	Interest Rate	23,540		BRR		(11,325	)
	Interest Rate	93,600		MXN		419,369
	Volatility		329			(107,477	)
						137,505
Deutsche Bank AG:
	Credit Default Buy Protection		21,130			(667,000	)
	Credit Default Sell Protection		13,530			34,244
	Total Return		21,085			1,110,052
	Volatility		376			(10,475	)
						466,821
Goldman Sachs Group, Inc. (The):
	Interest Rate	168,120		BRR		2,087,874
	Interest Rate	1,511,200		MXN		5,395,067
	Interest Rate		42,200			64,607
	Total Return	9,697		EUR		(348,679	)
	Total Return		48,453			759,457
						7,958,326

F59 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary: Continued

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Goldman Sachs International:
	Credit Default Buy Protection	$	13,530		$	(398,565	)
	Credit Default Sell Protection		57,393			615,202
						216,637
JPMorgan Chase Bank NA:
	Interest Rate	41,300		BRR		1,332,464
	Interest Rate	43,470		CAD		574,464
	Interest Rate	6,064,000		HUF		2,325,042
	Interest Rate	2,655,800		JPY		(447,023	)
	Interest Rate	617,000		MXN		(70,070	)
						3,714,877
JPMorgan Chase Bank NA, London Branch:
	Credit Default Buy Protection		9,590			(28,647	)
	Credit Default Sell Protection		4,800			(143,396	)
						(172,043	)
JPMorgan Chase Bank NA, NY Branch	Credit Default Sell Protection		19,998			113,682
Merrill Lynch International	Volatility		235			121,741
Morgan Stanley:
	Interest Rate	121,630		BRR		25,760
	Total Return	7,266		EUR		(514,317	)
	Total Return	16,807		GBP		999,265
	Total Return		25,260			222,379
						733,087
Morgan Stanley & Co. International Ltd.:
	Credit Default Buy Protection		13,450			(140,308	)
	Credit Default Sell Protection		57,463			(1,036,036	)
						(1,176,344	)
Morgan Stanley Capital Services, Inc.	Currency	980,430		RUR		(5,524,539	)
UBS AG:
	Credit Default Sell Protection		25,755			(90,848	)
	Total Return	2,423		EUR		(88,794	)
	Total Return		119,047			4,426,678
						4,247,036
Westpac Banking Corp.	Interest Rate	46,900		AUD		(577,566	)
		Total Swaps			$	15,859,169

F60 | OPPENHEIMER STRATEGIC INCOME FUND

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:
AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pounds Sterling
HUF	Hungarian Forint
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
RUR	Russian Ruble

See accompanying Notes to Financial Statements.

F61 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 31, 2010
Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $8,181,983,896)	$	8,125,336,360
Affiliated companies (cost $1,547,135,132)		1,542,862,099
		9,668,198,459
Cash		2,154,000
Cash—foreign currencies (cost $4,183,673)		4,020,471
Unrealized appreciation on foreign currency exchange contracts		24,445,121
Swaps, at value (upfront payments paid $25,719)		25,719
Appreciated swaps, at value (net upfront payments received $9,021,950)		31,519,659
Depreciated swaps, at value (upfront payments paid $524,186)		301,726
Receivables and other assets:
Interest, dividends and principal paydowns		112,512,345
Investments sold (including $54,574,835 sold on a when-issued or delayed delivery basis)		103,125,379
Closed foreign currency contracts		10,807,377
Futures margins		7,388,629
Shares of beneficial interest sold		3,743,709
Other		1,111,413
Total assets		9,969,354,007
Liabilities
Return of collateral for securities loaned		35,108,400
Unrealized depreciation on foreign currency exchange contracts		10,988,536
Appreciated swaps, at value (upfront payments received $1,991,280)		1,705,949
Depreciated swaps, at value (net upfront payments received $155,658)		14,281,986
Unrealized depreciation on unfunded purchase agreements		794,588
Payables and other liabilities:
TALF loans, at value		1,062,584,904
Investments purchased (including $338,646,543 purchased on a when-issued or delayed delivery basis)		399,694,234
Shares of beneficial interest redeemed		23,052,340
Dividends		9,667,089
Closed foreign currency contracts		7,318,933
Distribution and service plan fees		4,775,173
Futures margins		2,809,609
Interest expense on borrowings		1,676,234
Transfer and shareholder servicing agent fees		873,032
Shareholder communications		481,499
Trustees’ compensation		107,362
Other		380,616
Total liabilities		1,576,300,484
Net Assets	$	8,393,053,523

F62 | OPPENHEIMER STRATEGIC INCOME FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	2,069,884
Additional paid-in capital		9,800,065,337
Accumulated net investment loss		(54,989,599	)
Accumulated net realized loss on investments and foreign currency transactions		(1,329,745,344	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(24,346,755	)
Net Assets	$	8,393,053,523
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $5,990,529,440 and 1,477,041,393 shares of beneficial interest outstanding)	$	4.05
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.25
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $329,538,981 and 80,974,389 shares of beneficial interest outstanding)	$	4.07
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,322,458,236 and 326,733,038 shares of beneficial interest outstanding)	$	4.05
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $201,895,775 and 49,749,614 shares of beneficial interest outstanding)	$	4.06
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $548,631,091 and 135,385,884 shares of beneficial interest outstanding)	$	4.05

See accompanying Notes to Financial Statements.

F63 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2010
Allocation of Income and Expenses from master funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund:
Interest	$	1,430,875
Dividends (net of foreign withholding taxes of $432)		1,724
Expenses2		(104,089	)
Net investment income from Oppenheimer Master Event-Linked Bond Fund, LLC		1,328,510
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		35,915,525
Dividends		71,254
Expenses3		(1,383,130	)
Net investment income from Oppenheimer Master Loan Fund, LLC		34,603,649
Total allocation of net investment income from master funds		35,932,159
Investment Income
Interest (net of foreign withholding taxes of $678,670)		294,042,200
Fee income on when-issued securities		4,284,279
Dividends:
Affiliated companies		258,697
Unaffiliated companies		407
Income from investment of securities lending cash collateral, net affiliated companies		41,140
Total investment income		298,626,723
Expenses
Management fees		21,426,195
Distribution and service plan fees:
Class A		7,382,898
Class B		1,681,877
Class C		6,498,748
Class N		484,106
Transfer and shareholder servicing agent fees:
Class A		4,180,217
Class B		520,499
Class C		955,552
Class N		329,720
Class Y		622,001
Shareholder communications:
Class A		320,481
Class B		47,733
Class C		67,041
Class N		9,508
Class Y		36,605
Interest expense on borrowings		10,997,823
Custodian fees and expenses		513,539
Trustees’ compensation		88,982
Other		888,523
Total expenses		57,052,048
Less waivers and reimbursements of expenses		(1,545,386	)
Net expenses		55,506,662
Net Investment Income		279,052,220

F64 | OPPENHEIMER STRATEGIC INCOME FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies	$	162,205,402
Closing and expiration of option contracts written		533,768
Closing and expiration of futures contracts		(61,709,919	)
Foreign currency transactions		28,450,926
Swap contracts		58,102,480
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		180,205
Allocated from Oppenheimer Master Loan Fund, LLC		3,314,750
Net realized gain		191,077,612
Net change in unrealized appreciation/depreciation on:
Investments		126,290,124
Translation of assets and liabilities denominated in foreign currencies		(42,397,086	)
Futures contracts		(3,645,629	)
Swap contracts		(5,001,021	)
Unfunded purchase agreements		359,681
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		(1,204,366	)
Allocated from Oppenheimer Master Loan Fund, LLC		26,020,517
Net change in unrealized appreciation/depreciation		100,422,220
Net Increase in Net Assets Resulting from Operations	$	570,552,052

1.	The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of accompanying Notes.
2.	Net of expense waivers and/or reimbursements of $1,029.
3.	Net of expense waivers and/or reimbursements of $32,678.

See accompanying Notes to Financial Statements.

F65 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 31, 2010			September 30,
	(Unaudited)			2009
Operations
Net investment income	$	279,052,220		$	522,061,268
Net realized gain (loss)		191,077,612			(1,255,892,769	)
Net change in unrealized appreciation/depreciation		100,422,220			887,209,982
Net increase in net assets resulting from operations		570,552,052			153,378,481
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(201,859,297	)		(297,722,981	)
Class B		(9,714,339	)		(15,400,453	)
Class C		(38,739,786	)		(53,488,830	)
Class N		(6,067,536	)		(7,720,213	)
Class Y		(17,369,805	)		(13,523,528	)
		(273,750,763	)		(387,856,005	)
Tax return of capital distribution from net investment income:
Class A		—			(100,758,873	)
Class B		—			(5,212,001	)
Class C		—			(18,102,311	)
Class N		—			(2,612,764	)
Class Y		—			(4,576,789	)
		—			(131,262,738	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(243,798,151	)		(1,406,122,517	)
Class B		(35,618,707	)		(110,645,842	)
Class C		(16,791,512	)		(161,338,625	)
Class N		8,071,429			2,474,713
Class Y		241,114,648			(12,139,401	)
		(47,022,293	)		(1,687,771,672	)
Net Assets
Total increase (decrease)		249,778,996			(2,053,511,934	)
Beginning of period		8,143,274,527			10,196,786,461
End of period (including accumulated net investment loss of $54,989,599 and $60,291,056, respectively)	$	8,393,053,523		$	8,143,274,527

See accompanying Notes to Financial Statements.

F66 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF CASH FLOWS

For the Six Months Ended March 31, 2010 (Unaudited)
Cash Flows from Operating Activities
Net increase in net assets from operations	$	570,552,052
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(3,568,501,566	)
Proceeds from disposition of investment securities		3,499,174,669
Short-term investment securities, net		(329,888,913	)
Premium amortization		13,391,362
Discount accretion		(41,064,921	)
Allocation of net investment income from master funds		(35,932,159	)
Net realized gain on investments		(191,077,612	)
Net change in unrealized appreciation/depreciation on investments		(126,290,124	)
Net change in unrealized depreciation allocated from Master Event-Linked Bond Fund, LLC		1,204,366
Net change in unrealized appreciation allocated from Master Loan Fund, LLC		(26,020,517	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		42,397,086
Change in assets:
Decrease in receivable for securities sold		61,217,765
Decrease in unrealized appreciation on foreign currency exchange contracts		32,619,009
Decrease in swaps, at value		25,487,891
Decrease in other assets		11,573,443
Increase in interest, dividends and principal paydowns receivable		(206,704	)
Increase in receivable for futures margins		(5,151,092	)
Change in liabilities:
Increase in return of securities lending collateral		11,667,150
Increase in payable for futures margins		458,551
Decrease in unrealized depreciation on unfunded purchase agreements		(359,681	)
Decrease in unrealized depreciation on foreign currency exchange contracts		(18,548,182	)
Decrease in swaps, at value		(28,873,720	)
Decrease in other liabilities		(37,499,983	)
Decrease in payable for securities purchased		(207,871,443	)
Net cash used in operating activities		(347,543,273	)

F67 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF CASH FLOWS Unaudited / Continued

Cash Flows from Financing Activities
Proceeds from TALF loan	$	628,227,432
Payments on TALF loan		(652,989	)
Proceeds from shares sold		1,006,683,280
Payments on shares redeemed		(1,265,339,305	)
Cash distributions paid		(51,954,961	)
Net cash provided by financing activities		316,963,457
Net decrease in cash		(30,579,816	)
Cash, beginning balance		36,754,287
Cash, ending balance	$	6,174,471	1

1.	Includes “Cash-foreign currencies”
	Supplemental disclosure of cash flow information:
	Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $216,788,887.
	Cash paid for interest on TALF loans—$9,762,421.

See accompanying Notes to Financial Statements.

F68 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 31, 2010			Year Ended September 30,
Class A	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	3.91		$	3.96		$	4.41		$	4.18		$	4.34		$	4.23
Income (loss) from investment operations:
Net investment income1		.14			.24			.24			.23			.21			.21
Net realized and unrealized gain (loss)		.13			(.05	)		(.40	)		.23			(.05	)		.19
Total from investment operations		.27			.19			(.16	)		.46			.16			.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.18	)		(.29	)		(.23	)		(.32	)		(.29	)
Tax return of capital distribution from net investment income		—			(.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(.13	)		(.24	)		(.29	)		(.23	)		(.32	)		(.29	)
Net asset value, end of period	$	4.05		$	3.91		$	3.96		$	4.41		$	4.18		$	4.34
Total Return, at Net Asset Value2		7.10	%		5.59	%		(4.01	)%		11.14	%		3.77	%		9.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,990,530		$	6,019,723		$	7,719,384		$	6,430,790		$	5,077,400		$	4,766,576
Average net assets (in thousands)	$	6,024,343		$	5,942,116		$	7,560,427		$	5,655,265		$	4,888,392		$	4,392,321
Ratios to average net assets:3,4
Net investment income		6.85	%		6.74	%		5.44	%		5.25	%		5.03	%		4.82	%
Total expenses		1.24	%5		0.98	%5		0.91	%5		0.90	%5		0.93	%		0.94	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.21	%		0.96	%		0.89	%		0.89	%		0.92	%		0.94	%
Portfolio turnover rate6		54	%		96	%		71	%		72	%		96	%		103	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	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.
3.	Annualized for periods less than one full year.
4.	Includes the Fund’s share of the allocated expenses and/or net investment from the master funds.
5.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds,were as follows:

Six Months Ended March 31, 2010	1.24	%
Year Ended September 30, 2009	0.99	%
Year Ended September 30, 2008	0.92	%
Year Ended September 30, 2007	0.91	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2010	$	1,619,022,635	$	1,796,204,046
Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F69 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2010			Year Ended September 30,
Class B	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	3.93		$	3.98		$	4.42		$	4.20		$	4.35		$	4.24
Income (loss) from investment operations:
Net investment income1		.12			.20			.20			.19			.18			.17
Net realized and unrealized gain (loss)		.13			(.04	)		(.39	)		.22			(.05	)		.20
Total from investment operations		.25			.16			(.19	)		.41			.13			.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.16	)		(.25	)		(.19	)		(.28	)		(.26	)
Tax return of capital distribution from net investment income		—			(.05	)		—			—			—			—
Total dividends and/or distributions to shareholders		(.11	)		(.21	)		(.25	)		(.19	)		(.28	)		(.26	)
Net asset value, end of period	$	4.07		$	3.93		$	3.98		$	4.42		$	4.20		$	4.35
Total Return, at Net Asset Value2		6.58	%		4.64	%		(4.54	)%		9.99	%		3.23	%		8.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	329,539		$	353,248		$	483,485		$	569,523		$	718,742		$	918,651
Average net assets (in thousands)	$	337,409		$	355,973		$	540,865		$	635,237		$	802,936		$	1,021,022
Ratios to average net assets:3,4
Net investment income		5.90	%		5.83	%		4.61	%		4.43	%		4.25	%		4.05	%
Total expenses		2.19	%5		1.90	%5		1.73	%5		1.71	%5		1.71	%		1.70	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.15	%		1.88	%		1.71	%		1.70	%		1.71	%		1.69	%
Portfolio turnover rate6		54	%		96	%		71	%		72	%		96	%		103	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	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.
3.	Annualized for periods less than one full year.
4.	Includes the Fund’s share of the allocated expenses and/or net investment from the master funds.
5.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds,were as follows:

Six Months Ended March 31, 2010	2.19	%
Year Ended September 30, 2009	1.91	%
Year Ended September 30, 2008	1.74	%
Year Ended September 30, 2007	1.72	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2010	$	1,619,022,635	$	1,796,204,046
Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F70 | OPPENHEIMER STRATEGIC INCOME FUND

	Six Months
	Ended
	March 31, 2010			Year Ended September 30,
Class C	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	3.91		$	3.96		$	4.40		$	4.18		$	4.33		$	4.22
Income (loss) from investment operations:
Net investment income1		.12			.21			.20			.19			.18			.17
Net realized and unrealized gain (loss)		.14			(.05	)		(.38	)		.22			(.05	)		.20
Total from investment operations		.26			.16			(.18	)		.41			.13			.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.16	)		(.26	)		(.19	)		(.28	)		(.26	)
Tax return of capital distribution from net investment income		—			(.05	)		—			—			—			—
Total dividends and/or distributions to shareholders		(.12	)		(.21	)		(.26	)		(.19	)		(.28	)		(.26	)
Net asset value, end of period	$	4.05		$	3.91		$	3.96		$	4.40		$	4.18		$	4.33
Total Return, at Net Asset Value2		6.69	%		4.79	%		(4.52	)%		10.06	%		3.22	%		8.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,322,458		$	1,292,721		$	1,493,804		$	1,086,918		$	857,843		$	788,217
Average net assets (in thousands)	$	1,303,576		$	1,201,421		$	1,381,340		$	959,439		$	814,425		$	748,199
Ratios to average net assets:3,4
Net investment income		6.09	%		6.00	%		4.68	%		4.49	%		4.27	%		4.07	%
Total expenses		2.01	%5		1.74	%5		1.66	%5		1.66	%5		1.68	%		1.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.98	%		1.72	%		1.64	%		1.65	%		1.68	%		1.69	%
Portfolio turnover rate6		54	%		96	%		71	%		72	%		96	%		103	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	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.
3.	Annualized for periods less than one full year.
4.	Includes the Fund’s share of the allocated expenses and/or net investment from the master funds.
5.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds,were as follows:

Six Months Ended March 31, 2010	2.01	%
Year Ended September 30, 2009	1.75	%
Year Ended September 30, 2008	1.67	%
Year Ended September 30, 2007	1.67	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2010	$	1,619,022,635	$	1,796,204,046
Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F71 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2010			Year Ended September 30,
Class N	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	3.92		$	3.97		$	4.41		$	4.19		$	4.34		$	4.23
Income (loss) from investment operations:
Net investment income1		.13			.22			.22			.21			.19			.19
Net realized and unrealized gain (loss)		.13			(.05	)		(.39	)		.22			(.04	)		.19
Total from investment operations		.26			.17			(.17	)		.43			.15			.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.16	)		(.27	)		(.21	)		(.30	)		(.27	)
Tax return of capital distribution from net investment income		—			(.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(.12	)		(.22	)		(.27	)		(.21	)		(.30	)		(.27	)
Net asset value, end of period	$	4.06		$	3.92		$	3.97		$	4.41		$	4.19		$	4.34
Total Return, at Net Asset Value2		6.84	%		5.14	%		(4.17	)%		10.42	%		3.60	%		9.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	201,896		$	186,857		$	186,353		$	145,685		$	108,324		$	83,287
Average net assets (in thousands)	$	194,251		$	164,067		$	175,884		$	126,935		$	94,281		$	69,480
Ratios to average net assets:3,4
Net investment income		6.39	%		6.34	%		5.03	%		4.84	%		4.62	%		4.37	%
Total expenses		1.70	%5		1.48	%5		1.32	%5		1.32	%5		1.33	%		1.40	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.67	%		1.39	%		1.30	%		1.31	%		1.33	%		1.40	%
Portfolio turnover rate6		54	%		96	%		71	%		72	%		96	%		103	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	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.
3.	Annualized for periods less than one full year.
4.	Includes the Fund’s share of the allocated expenses and/or net investment from the master funds.
5.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds,were as follows:

Six Months Ended March 31, 2010	1.70	%
Year Ended September 30, 2009	1.49	%
Year Ended September 30, 2008	1.33	%
Year Ended September 30, 2007	1.33	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2010	$	1,619,022,635	$	1,796,204,046
Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F72 | OPPENHEIMER STRATEGIC INCOME FUND

	Six Months
	Ended
	March 31, 2010			Year Ended September 30,
Class Y	(Unaudited)			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	3.91		$	3.96		$	4.39		$	4.17		$	4.32		$	4.22
Income (loss) from investment operations:
Net investment income1		.14			.24			.25			.24			.22			.21
Net realized and unrealized gain (loss)		.13			(.05	)		(.38	)		.22			(.04	)		.19
Total from investment operations		.27			.19			(.13	)		.46			.18			.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.18	)		(.30	)		(.24	)		(.33	)		(.30	)
Tax return of capital distribution from net investment income		—			(.06	)		—			—			—			—
Total dividends and/or distributions to shareholders		(.13	)		(.24	)		(.30	)		(.24	)		(.33	)		(.30	)
Net asset value, end of period	$	4.05		$	3.91		$	3.96		$	4.39		$	4.17		$	4.32
Total Return, at Net Asset Value2		7.20	%		5.67	%		(3.33	)%		11.28	%		4.35	%		9.73	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	548,631		$	290,726		$	313,760		$	347,689		$	179,309		$	62,824
Average net assets (in thousands)	$	502,250		$	266,712		$	220,416		$	260,589		$	118,239		$	68,656
Ratios to average net assets:3,4
Net investment income		7.06	%		6.82	%		5.68	%		5.61	%		5.38	%		4.84	%
Total expenses		1.11	%5		0.80	%5		0.66	%5		0.56	%5		0.58	%		1.16	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00	%		0.78	%		0.64	%		0.55	%		0.58	%		0.80	%
Portfolio turnover rate6		54	%		96	%		71	%		72	%		96	%		103	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	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.
3.	Annualized for periods less than one full year.
4.	Includes the Fund’s share of the allocated expenses and/or net investment from the master funds.
5.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds,were as follows:

Six Months Ended March 31, 2010	1.11	%
Year Ended September 30, 2009	0.81	%
Year Ended September 30, 2008	0.67	%
Year Ended September 30, 2007	0.57	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2010	$	1,619,022,635	$	1,796,204,046
Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F73 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Strategic Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek high current income by investing mainly in debt securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

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

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

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

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

F74 | OPPENHEIMER STRATEGIC INCOME FUND

on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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

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

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

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

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

Structured Securities. The Fund invests in structured securities whose market values, interest rates and/or redemption prices are linked to the performance of underlying foreign currencies, interest rate spreads, stock market indices, prices of individual securities, commodities or other financial instruments or the occurrence of other specific events. The structured securities are often leveraged, increasing the volatility of each note’s market value relative to the change in the underlying linked financial element or event. Fluctuations in value of these securities are recorded as unrealized gains and losses in the accompanying Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

F75 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations upon the sale or maturity of such securities.

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

As of March 31, 2010, 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	$	338,646,543
Sold securities		54,574,835

The Fund may enter into “forward roll” transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments

F76 | OPPENHEIMER STRATEGIC INCOME FUND

on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

     Forward roll transactions may be deemed to entail embedded leverage since the Fund purchases mortgage-related securities with extended settlement dates rather than paying for the securities under a normal settlement cycle. This embedded leverage increases the Fund’s market value of investments relative to its net assets which can incrementally increase the volatility of the Fund’s performance. Forward roll transactions can be replicated over multiple settlement periods.

     Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk.

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 in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of March 31, 2010 is as follows:

Cost	$	178,538,289
Market Value	$	46,903,003
Market Value as a % of Net Assets		0.56	%

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 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 Statement of Operations.

F77 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

Investment in Oppenheimer master funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the “master funds”). Each master fund 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 master fund than in another, the Fund will have greater exposure to the risks of that master fund.

     The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the master funds. As a shareholder, the Fund is subject to its proportional share of the master 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 master funds.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF.

F78 | OPPENHEIMER STRATEGIC INCOME FUND

LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. Shares of LAF are valued at their net asset value per share. As of March 31, 2010, there were no restrictions on the Fund’s ability to withdraw investments from LAF at will. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

Participation in TALF Program. The Fund may invest a portion of its assets through participation in the Term Asset-Backed Securities Loan Facility program (the “TALF Program”), a program created by the Board of Governors of the Federal Reserve System and the U.S. Department of the Treasury and operated by the Federal Reserve Bank of New York (the “New York Fed”). Under the TALF Program, the New York Fed may provide loans to the Fund to purchase certain investment-grade, asset-backed securities backed by, among other assets, automobile loans, student loans, credit card loans, and Small Business Administration-guaranteed small business loans or certain commercial mortgage-backed securities (“TALF Eligible Securities”). The Fund has limited its TALF borrowings to 15% of its total assets. Loans under the TALF Program are not subject to the Fund’s limitations on borrowings.

     The Fund will pledge TALF Eligible Securities as collateral for a TALF Program loan, which will consist of securities that the Fund currently owns or securities that the Fund purchases with the loan proceeds. Securities held in collateralized accounts to cover these loan obligations are noted in the Statement of Investments. The Fund is required to post an amount of TALF Eligible Securities, determined under the terms of the TALF Program, in excess of the amount borrowed. TALF Program loans are prepayable at the option of the Fund without penalty, and the Fund may satisfy its loan obligation in full at any time by surrendering the TALF Eligible Securities pledged by the Fund to the New York Fed. Except in certain limited circumstances, TALF Program loans are nonrecourse, and if the Fund does not repay the loan, or if the TALF Eligible Securities pledged by the Fund default and lose some or all of their value, under the current terms of the TALF Program, the New York Fed may enforce its rights only against the TALF Eligible Securities pledged by the Fund and not against any other assets of the Fund. If the Fund were to surrender its TALF Eligible Securities under the terms of the TALF Program, the Fund would generally not be liable to the New York Fed for any shortfall between the value of the securities surrendered and the outstanding amount borrowed, however, it would lose any excess in the value of the TALF Eligible Securities pledged as collateral by the Fund over the amount borrowed. The Fund has elected to record its outstanding TALF Program loans at fair value. As of period end, TALF Program Loans were priced using valuations supplied by a portfolio pricing service. The methodologies used by the portfolio pricing service to value the TALF Program Loans consider, among other factors, the nonrecourse nature of the loans, the value of the

F79 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

underlying collateral, including prepayments and defaults on identical or similar securities, market interest rates, and the historical volatility of credit spreads on identical or similar asset-backed and commercial mortgage-backed securities.

     Interest is charged to the Fund at rates based primarily on the term of each loan and the nature of the TALF Eligible Securities pledged by the Fund. The Fund also pays administrative fees on the settlement date to the New York Fed.

     The Fund’s participation in the TALF Program involves certain risks: TALF Eligible Securities are subject to risks of fixed-income securities and may be at greater risk than other fixed-income securities held outside of the TALF Program. As with other borrowings for investment purposes, a TALF Program loan will involve the risk of leverage. The TALF Program is currently scheduled to discontinue new borrowings on June 30, 2010 for certain commercial mortgage-backed securities and on March 31, 2010 for all other TALF Eligible Securities. There can be no guarantee that the TALF Program will be extended beyond those dates. Failure to extend the TALF Program may adversely impact the values of the securities pledged under the program. The Federal Reserve may change the terms of the TALF Program at its discretion. While the current terms of the TALF Program state that amendments will only apply to future participations, there is no guarantee that retroactive changes to the TALF Program will not occur. Such changes may adversely affect the value of the Fund’s assets and the ability of the Fund to achieve its investment objectives.

     Under the terms of the TALF Program, principal and interest payments on TALF Eligible Securities pledged by the Fund are generally required to be used immediately to make principal and interest payments on the TALF Program loan. If the periodic interest and principal payments due on a TALF Program loan exceed the amounts received on TALF Eligible Securities pledged by the Fund, the Fund may be required to pay such additional amounts from other portfolio holdings, which could reduce the Fund’s returns. As of March 31, 2010, the Fund’s combined net unrealized appreciation/(depreciation) on securities acquired and loans executed in connection with the Fund’s participation in the TALF Program was $24,364,131.

As of March 31, 2010, the Fund had the following loans outstanding:

Loan

Loan

Loan

Principal

Collateral

Interest

Maturity

Loan

Collateral

Amount

Loan Type

Description

Rate

Date

Value

Value

$

80,840,000

Asset-Backed Securities

Ally Master Owner Trust 2010-1, Asset-Backed Certificates, Series 2010-1, Cl. A, 1.98%, 1/15/13

1.230

%1

2/12/13

$

80,730,317

$

94,537,736

206,660,520

Asset-Backed Securities

Citibank Omni Master Trust, Credit Card Receivables, Series 2009-A12, Cl. A12, 3.35%, 8/15/16

2.854

9/11/12

206,660,520

228,876,165

F80 | OPPENHEIMER STRATEGIC INCOME FUND

Loan				Loan			Loan
Principal			Collateral	Interest			Maturity		Loan		Collateral
Amount		Loan Type	Description	Rate			Date		Value		Value
$	61,170,714	Asset-Backed Securities	Discover Card Master Trust, Credit Card Receivables, Series 2009-A1, Cl. A1, 1.53%, 12/15/14		1.230	%1		9/11/12	$	61,044,220	$	65,684,502
	94,600,000	Asset-Backed Securities	Ford Credit Floorplan Master Owner Trust 2009-2, Asset- Backed Nts., Series 2009-2, Cl. A, 1.78%, 9/15/12		1.230	1		10/9/12		94,418,772		110,342,067
	59,340,000	Asset-Backed Securities	Ford Credit Floorplan Master Owner Trust 2010-1, Asset- Backed Nts., Series 2010-1, Cl. A, 1.88%, 12/15/14		1.230	1		1/14/13		59,217,108		69,365,624
	25,191,089	Asset-Backed Securities	Ford Credit Floorplan Master Owner Trust 2010-3, Asset- Backed Nts., Series 2010-3, Cl. A1, 4.20%, 2/15/17		2.640			3/11/13		25,191,089		30,114,030
	87,000,000	Asset-Backed Securities	GE Dealer Floorplan Master Note Trust, Asset-Backed Securities, Series 2009-2A, Cl. A, 1.79%, 10/20/14		1.230	1		11/13/12		86,820,176		100,068,190
	33,205,778	Commerical Mortgage-Backed Securities	Baer Stearns Commercial Mortgage Securities, Inc., Commercial Mtg. Pass- Through Certificates, Series 2004-PWR4, Cl. A3, 5.468%, 6/1/41		3.640			10/29/14		33,205,778		40,684,921
	19,683,138	Commerical Mortgage-Backed Securities	Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-1, Cl. A5, 5.135%, 11/1/42		3.640			10/29/14		19,683,138		24,534,617
	18,344,905	Commerical Mortgage-Backed Securities	Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2005-6, Cl. A4, 5.179%, 9/1/47		3.543			11/25/14		18,152,491		22,774,294
	33,936,553	Commerical Mortgage-Backed Securities	Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass- Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/4		2.946			9/25/12		33,936,553		41,477,062

F81 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Loan				Loan			Loan
Principal			Collateral	Interest			Maturity		Loan		Collateral
Amount		Loan Type	Description	Rate			Date		Value		Value
$	37,803,826	Commercial Mortgage-Backed Securities	Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C1, Cl. A4, 5.014%, 2/1/38		3.640	%		10/29/14	$	37,803,826	$	46,262,968
	58,929,108	Commercial Mortgage-Backed Securities	Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/39		2.946			9/25/12		58,929,108		72,061,320
	41,909,651	Commercial Mortgage-Backed Securities	JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-LDP1, Cl. A4, 5.038%, 3/1/46		3.543			11/25/14		41,847,016		52,369,361
	17,946,802	Commercial Mortgage-Backed Securities	ML-CFC Commercial Mortgage Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. A2, 5.112%, 12/1/49		2.862			10/29/12		17,946,802		21,576,582
	25,330,037	Commercial Mortgage-Backed Securities	Morgan Stanley Capital I Trust 2003-IQ4, Commercial Mtg. Pass-Through Certificates, Trust 2003-IQ4, Cl. A2, 4.07%, 5/1/40		2.946			9/25/12		25,330,037		31,221,324
	20,755,235	Commercial Mortgage-Backed Securities	Morgan Stanley Capital I Trust 2004-TOP13, Commercial Mtg. Pass-Through Certificates, Trust 2004-TOP13, Cl. A4, 4.66%, 9/1/45		3.796			9/25/14		20,755,235		25,580,140
	29,290,382	Commercial Mortgage-Backed Securities	Wachovia Bank Commercial Mortgage Trust 2003-C9, Commercial Mtg. Pass-Through Certificates, Series 2003-C9, Cl. A4, 5.012%, 12/1/35		2.946			9/25/12		29,290,382		36,727,360
	41,453,028	Commercial Mortgage-Backed Securities	Wachovia Bank Commercial Mortgage Trust 2005-C17, Commercial Mtg. Pass-Through Certificates, Series 2005-C17, Cl. A4, 5.083%, 3/1/42		3.640			10/29/14		41,453,028		52,274,001

F82 | OPPENHEIMER STRATEGIC INCOME FUND

Loan				Loan			Loan
Principal			Collateral	Interest			Maturity		Loan		Collateral
Amount		Loan Type	Description	Rate			Date		Value		Value
$	17,575,933	Commercial Mortgage-Backed Securities	Wachovia Bank Commercial Mortgage Trust 2005-C19, Commercial Mtg. Pass-Through Certificates, Series 2005-C19, Cl. A5, 4.661%, 5/1/44		2.720	%		11/26/12	$	17,575,933	$	21,289,977
	52,850,271	Commercial Mortgage-Backed Securities	Wachovia Bank Commercial Mortgage Trust 2005-C22, Commercial Mtg. Pass-Through Certificates, Series 2005-C22, Cl. A4, 5.27%, 12/1/44		3.543			11/25/14		52,593,375		71,127,386
$	1,063,816,970								$	1,062,584,904	$	1,258,949,627

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

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

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

During the fiscal year ended September 30, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2009, the Fund had available for federal income tax purposes post-October losses of $705,864,407, post-October foreign currency losses of $119,832,080, straddle losses of $1,087,602 and unused capital loss carryforwards as follows:

Expiring
2010	$	185,647,798
2011		298,761,186
2012		122,914,725
2017		77,427,636
Total	$	684,751,345

As of March 31, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $1,320,457,822 expiring by 2019. This estimated capital

F83 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 31, 2010, it is estimated that the Fund will utilize $191,077,612 of capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2010 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	$	9,737,093,001
Federal tax cost of other investments		993,143,367
Total federal tax cost	$	10,730,236,368
Gross unrealized appreciation	$	607,710,275
Gross unrealized depreciation		(654,738,953	)
Net unrealized depreciation	$	(47,028,678	)

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan.

F84 | OPPENHEIMER STRATEGIC INCOME FUND

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

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

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold 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.

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

F85 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest

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

	Six Months Ended March 31, 2010						Year Ended September 30, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		109,977,406		$	436,790,739			301,768,574		$	1,059,983,335
Dividends and/or distributions reinvested		39,889,688			158,629,730			91,403,674			319,350,656
Acquisition—Note 9		8,863,443			35,010,600			—			—
Redeemed		(219,830,240	)		(874,229,220	)		(802,163,197	)		(2,785,456,508	)
Net decrease		(61,099,703	)	$	(243,798,151	)		(408,990,949	)	$	(1,406,122,517	)
Class B
Sold		8,264,891		$	32,957,102			19,505,967		$	68,444,514
Dividends and/or distributions reinvested		1,955,891			7,809,896			4,763,834			16,691,602
Redeemed		(19,202,089	)		(76,385,705	)		(55,869,284	)		(195,781,958	)
Net decrease		(8,981,307	)	$	(35,618,707	)		(31,599,483	)	$	(110,645,842	)
Class C
Sold		29,339,983		$	116,384,803			74,636,576		$	261,000,485
Dividends and/or distributions reinvested		7,352,185			29,190,452			15,457,950			54,023,070
Redeemed		(40,941,865	)		(162,366,767	)		(136,671,844	)		(476,362,180	)
Net decrease		(4,249,697	)	$	(16,791,512	)		(46,577,318	)	$	(161,338,625	)
Class N
Sold		8,266,149		$	32,854,617			20,125,973		$	70,519,105
Dividends and/or distributions reinvested		1,259,090			5,013,990			2,417,291			8,483,946
Acquisition—Note 9		217,203			857,952			—			—
Redeemed		(7,707,551	)		(30,655,130	)		(21,803,466	)		(76,528,338	)
Net increase		2,034,891		$	8,071,429			739,798		$	2,474,713
Class Y
Sold		28,475,455		$	113,140,236			52,215,363		$	185,556,789
Dividends and/or distributions reinvested		4,062,025			16,144,819			4,726,808			16,558,886
Acquisition—Note 9		59,510,245			235,065,467			—			—
Redeemed		(31,009,158	)		(123,235,874	)		(61,786,767	)		(214,255,076	)
Net increase (decrease)		61,038,567		$	241,114,648			(4,844,596	)	$	(12,139,401	)

F86 | OPPENHEIMER STRATEGIC INCOME FUND

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the six months ended March 31, 2010, were as follows:

	Purchases		Sales
Investment securities	$	3,487,291,361	$	3,415,267,933
U.S. government and government agency obligations		81,210,205		83,906,736
To Be Announced (TBA) mortgage-related securities		1,619,022,635		1,796,204,046

4. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Over $5 billion	0.48

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 31, 2010, the Fund paid $6,899,880 to OFS for services to the Fund.

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

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

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

F87 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2010 were as follows:

Class B	$	115,107,927
Class C		41,324,933
Class N		3,406,210

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

			Class A		Class B		Class C		Class N
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor		Distributor
March 31, 2010	$	770,019	$	9,086	$	325,845	$	35,446	$	1,807

Waivers and Reimbursements of Expenses. Effective October 27, 2009 through February 28, 2010, the Manager voluntarily waived and/or reimbursed Fund expenses so that the total annual operating expenses for Class Y shares did not exceed 0.71% for that time period. Furthermore, effective March 1, 2010 through October 27, 2010, the Manager has agreed to voluntarily waive and/or reimburse 0.02% of Fund expenses with respect to Class Y shares. During the six months ended March 31, 2010 the Manager waived $159,895 for Class Y shares.

F88 | OPPENHEIMER STRATEGIC INCOME FUND

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

During the six months ended March 31, 2010, OFS waived transfer and shareholder servicing agent fees as follows:

Class B	$	4,174
Class N		2,383
Class Y		37,448

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 IMMF and the master funds. During the six months ended March 31, 2010, the Manager waived fees and/or reimbursed the Fund $1,341,486 for management fees.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. Risk Exposures and the Use of Derivative Instruments

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

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

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

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

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

F89 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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.

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

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the

F90 | OPPENHEIMER STRATEGIC INCOME FUND

Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be credit-worthy at the time of the transaction. As of March 31, 2010, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $56,166,496, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk 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 net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $31,705,413 as of March 31, 2010. 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.

     As of March 31, 2010 the Fund has required certain counterparties to post collateral of $1,053,075.

Credit Related Contingent Features. The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s ISDA master agreements which govern certain positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

     As of March 31, 2010, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $7,252,689 for which collateral was not posted by the Fund. Securities held in collateralized accounts to cover these liabilities are noted in the Statement of Investments, if applicable. If a contingent feature would have been triggered as of March 31, 2010, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities; securities posted as collateral, if any, are reported on the Statement of Investments.

F91 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

Valuations of derivative instruments as of March 31, 2010 are as follows:

	Asset Derivatives				Liability Derivatives
Derivatives not	Statement of				Statement of
Accounted for as	Assets and				Assets and
Hedging Instruments	Liabilities Location	Value			Liabilities Location	Value
Credit contracts	Swaps, at value	$	25,719
Credit contracts	Appreciated swaps, at value		1,832,656		Appreciated swaps, at value	$	1,705,949
Credit contracts	Depreciated swaps, at value		301,726		Depreciated swaps, at value		2,618,102
Equity contracts	Appreciated swaps, at value		13,421,080		Depreciated swaps, at value		4,582,327
Foreign exchange contracts					Depreciated swaps, at value		5,524,539
Interest rate contracts	Appreciated swaps, at value		15,972,495		Depreciated swaps, at value		1,267,379
Volatility contracts	Appreciated swaps, at value		293,428		Depreciated swaps, at value		289,639
Equity contracts	Futures margins		527,968	*	Futures margins		196,230	*
Interest rate contracts	Futures margins		6,860,661	*	Futures margins		2,613,379	*
Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts		24,319,392		Unrealized depreciation on foreign currency exchange contracts		10,919,654
Total		$	63,555,125			$	29,717,198

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

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

	Amount of Realized Gain or Loss Recognized on Derivatives
				Closing and
Derivatives Not	Investments			expiration of		Closing and
Accounted	from			option		expiration of			Foreign
for as Hedging	unaffiliated			contracts		futures			currency		Swap
Instruments	companies*			written		contracts			transactions		contracts			Total
Credit contracts	$	—		$	—	$	—		$	—	$	5,102,923		$	5,102,923
Equity contracts		—			—		(16,615,224	)		—		13,627,553			(2,987,671	)
Foreign exchange contracts		(16,053,286	)		533,768		—			55,133,169		2,065,081			41,678,732
Interest rate contracts		—			—		(45,094,695	)		—		37,827,196			(7,267,499	)
Volatility contracts		—			—		—			—		(520,273	)		(520,273	)
Total	$	(16,053,286	)	$	533,768	$	(61,709,919	)	$	55,133,169	$	58,102,480		$	36,006,212

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

F92 | OPENHEIMER STRATEGIC INCOME FUND

Amount of Change in Unrealized Gain or Loss Recognized on Derivatives
				Translation of
Derivatives Not				assets and
Accounted				liabilities
for as Hedging	Futures			denominated in			Swap
Instruments	contracts			foreign currencies			contracts			Total
Credit contracts	$	—		$	—		$	21,276,507		$	21,276,507
Equity contracts		(2,618,753	)		—			1,888,670			(730,083	)
Foreign exchange contracts		—			(14,137,224	)		(2,139,922	)		(16,277,146	)
Interest rate contracts		(1,026,876	)		—			(26,030,065	)		(27,056,941	)
Volatility contracts		—			—			3,789			3,789
Total	$	(3,645,629	)	$	(14,137,224	)	$	(5,001,021	)	$	(22,783,874	)

Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

     Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the 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 Statement of Operations.

     The Fund has entered into forward foreign currency exchange contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

     The Fund has entered into forward foreign currency exchange 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 portfolio.

     The Fund has entered into forward foreign currency exchange contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative investment perspective on the related currency. These forward foreign currency exchange contracts seek to increase exposure to foreign exchange rate risk.

     The Fund has entered into forward foreign currency exchange 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 portfolio.

F93 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

     Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a financial instrument 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 traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

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

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

     The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

     The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

     The Fund has purchased futures contracts on various equity indexes to increase exposure to equity risk.

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

     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.

F94 | OPPENHEIMER STRATEGIC INCOME FUND

Option Activity

The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

     Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

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

     The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

     The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

     The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

     The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

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

Written option activity for the six months ended March 31, 2010 was as follows:

	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums
Options outstanding as of September 30, 2009	$	—		$	—		$	—		$	—
Options written		48,240,000			331,547			206,800,000			202,221
Options closed or expired		(48,240,000	)		(331,547	)		(206,800,000	)		(202,221	)
Options outstanding as of March 31, 2010	$	—		$	—		$	—		$	—

F95 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps.

     Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. The values of swap contracts are aggregated by positive and negative values and disclosed separately on the Statement of Assets and Liabilities by contracts in unrealized appreciation and depreciation positions. Upfront payments paid or received, if any, affect the value of the respective swap. Therefore, to determine the unrealized appreciation (depreciation) on swaps, upfront payments paid should be subtracted from, while upfront payments received should be added to, the value of contracts reported as an asset on the Statement of Assets and Liabilities. Conversely, upfront payments paid should be added to, while upfront payments received should be subtracted from the value of contracts reported as a liability. 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 at termination or settlement. The net change in this amount during the period is included on the 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 Statement of Operations.

     Swap contract agreements are exposed to the market risk factor of the specific underlying reference 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 require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

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

     The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying 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.

F96 | OPPENHEIMER STRATEGIC INCOME FUND

     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 reference asset less the market value of the reference asset. Upon exercise of the contract the difference between the value of the underlying reference asset and the notional amount is recorded as realized gain (loss) and is included on the Statement of Operations.

     The Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes 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 securities and, or, indexes.

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

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

     The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

     The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

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

Total Return Swap Contracts. A total return swap is an agreement between counter-parties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

F97 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

     Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and, or, include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

     The Fund has entered into total return swaps on various equity indexes to increase exposure to equity risk. These equity risk related total return swaps require the Fund to pay a floating reference interest rate, or an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

     The Fund has entered into total return swaps on various equity indexes to decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay an amount equal to the positive price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments of a floating reference interest rate or an amount equal to the negative price movement of the same index multiplied by the notional amount of the contract.

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

Currency Swaps. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate.

     The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to increase exposure to foreign exchange rate risk.

     The Fund has entered into currency swap contracts with the obligation to pay an interest rate various foreign currency notional amounts and receive an interest rate on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts seek to decrease exposure to foreign exchange rate risk.

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

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate

F98 | OPPENHEIMER STRATEGIC INCOME FUND

or the measured volatility of a different reference investment. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movement, rather than general directional increases or decreases in its price.

     Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

     The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

     The Fund has entered into volatility swaps to decrease exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay a fixed interest payment and receive the measured volatility over the period of the contract. If the measured volatility of the related reference investment increases over the period, the swaps will appreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will depreciate in value.

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

6. Restricted Securities

As of March 31, 2010, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Securities Lending

The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on

F99 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Securities Lending Continued

its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2010, the Fund had on loan securities valued at $34,440,572. Collateral of $35,108,400 was received for the loans, all of which was received in cash and subsequently invested in approved instruments.

8. Unfunded Purchase Agreements

Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase agreements of $35,327,378 at March 31, 2010. The following agreements are subject to funding based on the borrower’s discretion. The Fund is obligated to fund these agreements at the time of the request by the borrower. These agreements have been excluded from the Statement of Investments.

As of March 31, 2010, the Fund had unfunded purchase agreements as follows:

	Commitment
	Termination		Unfunded
	Date		Amount
Deutsche Bank AG, Opic
Reforma I Credit Linked Nts.		10/23/13	$	22,423,213

				Commitment
	Interest			Termination		Unfunded		Unrealized
	Rate			Date		Amount		Depreciation
Deutsche Bank AG; An unfunded agreement that Oppenheimer receives 0.125% quarterly; and will pay out, upon request, up to 12,904,165 USD to a Peruvian Trust through Deutsche Bank’s Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the Fund to maintain a consistent exposure level.		0.50	%		9/20/10	$	12,904,165	$	794,588

9. Acquisition of MassMutual Premier Strategic Income Fund

On October 26, 2009, the Fund acquired all of the net assets of MassMutual Premier Strategic Income Fund, pursuant to an Agreement and Plan of Reorganization approved by the MassMutual Premier Strategic Income Fund shareholders on September 22, 2009. The exchange qualified as a tax-free reorganization for federal income tax purposes.

F100 | OPPENHEIMER STRATEGIC INCOME FUND

Details of the merger are shown in the following table:

	Exchange
	Ratio to One
	Share of the
	MassMutual		Shares of		Value of Issued
	Premier		Beneficial		Shares of		Combined Net
	Strategic		Interest Issued		Beneficial		Assets on
	Income Fund		by the Fund		Interest		October 26, 20091
Class A		2.355509		8,863,443	$	35,010,600	$	6,097,055,173
Class B		—		—	$	—	$	—
Class C		—		—	$	—	$	—
Class N		2.371623		217,203	$	857,952	$	191,170,636
Class L2		2.379824		49,229,917	$	194,458,173	Combined in Class Y
Class Y		2.379555		1,549,864	$	6,121,961	$	535,597,320
Class S2		2.376329		8,730,464	$	34,485,333	Combined in Class Y

1.	The net assets acquired included net unrealized depreciation of $6,342,309 and an unused capital loss carryforward of $33,950,898 potential utilization subject to tax limitations.
2.	The Fund issued Class Y shares in exchange for Class L and Class S shares of MassMutual Premier Strategic Income Fund.

10. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

11. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not including the Fund). The lawsuits naming the Defendant Funds also name as defendants certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

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

F101 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

11. Pending Litigation Continued

     Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

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

F102 | OPPENHEIMER STRATEGIC INCOME FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at 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 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

Householding—Delivery of Shareholder Documents

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

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

15 | OPPENHEIMER STRATEGIC INCOME FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as

defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2010, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.
	(2) Exhibits attached hereto.
	(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Strategic Income Fund
By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	05/11/2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	05/11/2010
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	05/11/2010

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Strategic Income 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: 05/11/2010

/s/ William F. Glavin, Jr. William F. Glavin, Jr.

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Strategic Income 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: 05/11/2010

/s/ Brian W. Wixted Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Strategic Income 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 03/31/2010 (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 Strategic Income Fund	Oppenheimer Strategic Income Fund
/s/ William F. Glavin, Jr. William F. Glavin, Jr.	/s/ Brian W. Wixted Brian W. Wixted
Date: 05/11/2010	Date: 05/11/2010