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 Global 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)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 3/31/2015

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	11
Consolidated Statement of Investments	13
Consolidated Statement of Assets and Liabilities	67
Consolidated Statement of Operations	69
Consolidated Statements of Changes in Net Assets	71
Consolidated Financial Highlights	72
Notes to Consolidated Financial Statements	84
Board Approval of the Fund’s Investment Sub-Sub-Advisory Agreement	116
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	119
Trustees and Officers	120
Privacy Policy Notice	121

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/15

	6-Month	1-Year	5-Year	10-Year
Class A Shares of the Fund without sales charge	1.53%	3.12%	5.91%	5.79%
Class A Shares of the Fund with sales charge	-3.29	-1.78	4.89	5.27
Barclays U.S. Aggregate Bond Index	3.43	5.72	4.41	4.93
Citigroup World Government Bond Index	-3.97	-5.50	1.42	3.09
Citigroup Non-U.S. World Government Bond Index	-7.14	-9.82	0.38	2.51
J.P. Morgan Domestic High Yield Index	0.87	1.36	8.93	8.26
Reference Index	-1.62	-1.97	4.18	5.05

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

2      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund produced a return of 1.53% during the reporting period, outperforming the -1.62% return provided by its Reference Index (the “Index”), which currently is composed of the following broad-based securities indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

Over the first half of the reporting period, fixed-income markets experienced a certain degree of choppiness as participants digested the combination of solid U.S. economic data releases relative to the rest of the world, a precipitous fall in energy prices, and changes in Federal Reserve (“Fed”) language. Growth in the U.S. continued at a higher pace than any other developed economy and employment gains remained positive. Growth in the rest of the world remained subdued, however, with major developed economies like the Eurozone and Japan continuing to disappoint due to weak aggregate demand. The biggest surprise of the reporting period and possibly all of 2014 was the precipitous fall in the price of crude oil. Weak demand amid tepid global growth was responsible for part of the drop, but significantly, the U.S. energy revolution is increasingly helping to insulate global and domestic energy supplies from shocks in the Middle East and elsewhere.

The second half of the reporting period was marked by cooling U.S. growth after the strong fourth quarter of 2014. Nonfarm payroll employment grew at a three-month average of 197,000 jobs per month and

manufacturing surveys pointed towards a slowdown of the world’s largest economy. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners. Fed Chairwoman Janet Yellen reaffirmed that the Fed plans to raise U.S. rates during 2015 despite any near-term weakness in first quarter Gross Domestic Product and employment growth. The Fed has made it clear, however, that it will remain flexible on the timing and extent of rate hikes for the remainder of 2015.

3      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Other nations faced headwinds as well. Japan just exited its fourth recession in six years in late 2014, but growth remains lackluster. Brazil faced the triple threat of recession, inflation and a current account deficit. That country was also burdened by an inflation rate of roughly 8% at period end as well as a significant drought that has negatively impacted the agriculture sector and may cause shortfalls in hydroelectric power generation this year. Falling commodity prices—and especially the collapse in oil—continued to pressure natural resource exporters like Russia, Brazil, Australia, Canada and Norway. Russia was also under pressure due to increased sanctions related to Ukraine, an inflation rate of around 17% at period end, and a weak ruble. Even countries with positive economic fundamentals saw their currencies drop versus the dollar. Finally, both the Chinese government and the People’s Bank of China continued to stimulate the economy, and while fears of a steep economic slowdown have diminished, investors remain watchful as growth in that country continues to slow.

FUND PERFORMANCE

During the reporting period, the Fund received its strongest performance results from mortgages, European credit, the U.S. high grade portfolio and our underweight position in foreign currencies (as the dollar rallied).

Mortgages continued to benefit the Fund as U.S. rates rallied. This part of the portfolio is largely comprised of securitized credit that we

purchased several years ago. These positions have rolled down to become fairly short in maturity, and we have been harvesting profits in them over the last several quarters.

Regarding European credit, we maintained our exposure at approximately 11% of the portfolio. We believe that European growth is stabilizing and we see early evidence of positive economic momentum in the Eurozone. We favor European financials and own subordinated debt under the view that Basel III is good for bondholders, if not equity holders. Basel III, the third Basel Accord, is a global, voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk. More broadly, our rationale for owning European credit is simple. The U.S. economy has already stabilized. For the global economy to improve, we believe that Europe will need to improve. The ECB is easing monetary policy in an effort the stimulate growth and drive inflation higher. We believe the ECB’s efforts should benefit European credit. We also believe that a significant beneficiary of the improvement in Europe should be the emerging markets. Spreads have widened and valuations have fallen to the point where we are looking for opportunities in both emerging market credit and emerging market currencies. In fact, our position in emerging market bonds denominated in U.S. dollars benefited results.

The primary detractor from performance this reporting period was our high yield exposure, which underperformed primarily over the first

4      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

half of the reporting period. The sharp drop in oil hurt our positions in the energy sector. Although high yield detracted over the first half of the period and for the overall six-month period, it did perform positively over the second half of the reporting period. We believe the current macro environment favors credit, which continues to screen inexpensive in our view. We think high yield represents an attractive opportunity, especially after the recent widening in spreads and the collapse in the energy sector. An improving economy makes it more likely that debtors pay back their obligations on time and in full. In our view, the U.S. economy is strengthening, not weakening, and credit fundamentals remain intact. Market liquidity is adequate, and we are not seeing any uptick in default rates or other evidence that the credit cycle will end in the next 18-24 months. In fact, with interest rates and commodity prices where they are, we do not expect to see default rates increase (outside of the energy sector) in the near term. Finally, we believe high yield has the potential to outperform senior bank loans in 2015, partly because we do not expect rates to rise meaningfully this year. We see a better dollar price and more total return opportunity over the next 12 months in high yield, and our positioning at period end reflects that view.

STRATEGY & OUTLOOK

As we enter the second quarter, the U.S. economy has lost some momentum from the second half of 2014, although it continues to grow faster than many other developed markets. Geopolitical risk in other countries

remains elevated due to uncertainty over Greece’s ability to secure additional bailout funding, ongoing issues in the Middle East and sanctions related to Russia/Ukraine. In addition, commodity producers (including Russia, Brazil, Norway, Canada, OPEC members, etc.) remain under pressure from the sharp drop in oil and other commodities. We continue to expect more muted returns and higher sustained volatility across a number of asset classes this year.

We also believe the market will continue to react strongly to changes in expectations about the rate of growth in the U.S. and how aggressive the Fed is when it starts to tighten. We expect tightening to begin in the second half of 2015, and we believe the risks are tilted toward the Fed’s raising rates less, and doing so later, than the market expects. (We expect to see a greater rise in rates in 2016.) We also anticipate the dollar will continue strengthening, although we believe it may pause along the way against various currencies. This can be a good environment for credit and spread products. If our views prove correct, our long position in credit, our short duration posture and our minimal exposure to foreign currencies may help performance. Our highest conviction views are in credit, and they are expressed clearly in the portfolio. We continue to believe interest rates are headed higher over time, probably over a matter of years. While we do not expect them to spike meaningfully in the near term, we can reduce duration further if needed.

5      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Finally, we believe most key policy changes this year will likely originate elsewhere, not in the U.S. Just as the Fed tapered its asset purchases steadily in 2014, we expect it to deliver consistency in domestic monetary policy this year. We also anticipate positive changes coming from other regions. So far this year, at least 16 central banks have announced surprise interest rate cuts, with several of them announcing several such cuts (e.g., China, India and Russia). Japan has gone “all in” on Abenomics as that country struggles to grow after emerging from its

	Michael Mata Portfolio Manager
	Hemant Baijal1 Portfolio Manager

1. Hemant Baijal became a Portfolio Manager in March 2015.

fourth recession in six years in late 2014. China had surprise rate cuts in the both the fourth and first quarters, and we expect more monetary and fiscal stimulus in 2015. A number of emerging market countries have completed their tightening cycles and are now moving toward easing. The portfolio is positioned so that it may benefit in each of these scenarios. If the U.S. economy continues to strengthen and rates do move modestly higher over time, we believe the portfolio is positioned to benefit.

  Krishna Memani Portfolio Manager

6      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

United States	64.0%
Brazil	3.4
Mexico	2.8
United Kingdom	2.8
India	2.1
Turkey	1.8
Netherlands	1.6
Indonesia	1.6
Canada	1.3
Colombia	1.3

Portfolio holdings and allocation are subject to change. Percentages are as of March 31, 2015, and are based on total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	65.3%
Europe	12.6
Latin America	9.8
Asia	6.0
Middle East/Africa	4.3
Emerging Europe	1.1
Supranational	0.9

Portfolio holdings and allocation are subject to change. Percentages are as of March 31, 2015, and are based on total market value of investments.

7      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	54.8%
Foreign Government Obligations	12.9
Mortgage-Backed Obligations
Government Agency	6.3
Non-Agency	5.8
Investment Companies
Oppenheimer Institutional Money Market Fund	1.7
Oppenheimer Master Event-Linked Bond Fund, LLC	2.1
Oppenheimer Master Loan Fund, LLC	5.1
Oppenheimer Ultra-Short Duration Fund	2.1
Asset-Backed Securities	2.8
Corporate Loans	2.5
U.S. Government Obligations	2.0
Structured Securities	0.7
Short-Term Notes	0.4
Over-the-Counter Interest Rate Swaptions Purchased	0.2
Preferred Stocks	0.2
Common Stocks	0.2
Over-the-Counter Options Purchased	0.2
Rights, Warrants and Certificates	—*

* Represents a value less than 0.005%.

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2015, 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.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA	9.7%
AA	1.6
A	4.9
BBB	23.5
BB	21.5
B	21.3
CCC	4.9
CC	0.4
C	0.0
D	0.7
Unrated	11.5
Total	100.0%

The percentages above are based on the market value of the Fund’s securities as of March 31, 2015, and are subject to change. Except for securities labeled “Unrated,” and except for certain securities issued or guaranteed by a foreign sovereign, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Sub-Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

8      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/15

	Inception Date		6-Month		1-Year		5-Year			10-Year
Class A (OPSIX)		10/16/89		1.53%		3.12%		5.91%		5.79%
Class B (OPSGX)		11/30/92		1.15%		2.10%		4.93%		5.28%
Class C (OSICX)		5/26/95		1.15%		2.35%		5.07%		4.99%
Class I (0SIIX)		1/27/12		1.75%		3.32%		4.85%	*	N/A
Class R (OSINX)		3/1/01		1.41%		2.62%		5.47%		5.37%
Class Y (OSIYX)		1/26/98		1.65%		3.38%		6.14%		6.05%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/15

	Inception Date		6-Month		1-Year		5-Year			10-Year
Class A (OPSIX)		10/16/89		-3.29%		-1.78%		4.89%		5.27%
Class B (OPSGX)		11/30/92		-3.81%		-2.82%		4.60%		5.28%
Class C (OSICX)		5/26/95		0.16%		1.36%		5.07%		4.99%
Class I (0SIIX)		1/27/12		1.75%		3.32%		4.85%	*	N/A
Class R (OSINX)		3/1/01		0.41%		1.64%		5.47%		5.37%
Class Y (OSIYX)		1/26/98		1.65%		3.38%		6.14%		6.05%

 * Shows performance since inception.

STANDARDIZED YIELDS

For the 30 Days Ended 3/31/15
Class A	4.09	%
Class B	3.80
Class C	3.53
Class I	4.59
Class R	4.00
Class Y	4.47

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge (unless otherwise indicated): for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge (“CDSC”) of 5% (1-year) and 2% (5-year); and for Class C shares, the CDSC of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases

9      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

prior to 7/1/14). There is no sales charge for Class I and Class Y shares. 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.

Standardized yield is based on net investment income for the 30-day period ended 3/31/15 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class R and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index, the Citigroup World Government Bond Index, the Citigroup Non-U.S. World Government Bond Index, the J.P. Morgan Domestic High Yield Index and the Fund’s Reference Index. The Barclays U.S. Aggregate Bond Index is an index of U.S. Government and corporate bonds. The Citigroup World Government Bond Index is an index of debt securities of major foreign government bond markets. The Citigroup Non-U.S. World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The J.P. Morgan Domestic High Yield Index is an unmanaged index of high yield fixed income securities issued by U.S. companies. The Fund’s Reference Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

10      OPPENHEIMER GLOBAL 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 (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, 2015.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended March 31, 2015” to estimate the expenses you paid on your account during this period.

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

11      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value October 1, 2014		Ending Account Value March 31, 2015		Expenses Paid During 6 Months Ended March 31, 2015
Class A	$	1,000.00	$	1,015.30	$	5.09
Class B		1,000.00		1,011.50		8.92
Class C		1,000.00		1,011.50		8.92
Class I		1,000.00		1,017.50		2.87
Class R		1,000.00		1,014.10		6.35
Class Y		1,000.00		1,016.50		3.83
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.90		5.10
Class B		1,000.00		1,016.11		8.94
Class C		1,000.00		1,016.11		8.94
Class I		1,000.00		1,022.09		2.88
Class R		1,000.00		1,018.65		6.36
Class Y		1,000.00		1,021.14		3.84

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 funds, based on the 6-month period ended March 31, 2015 are as follows:

Class	Expense Ratios
Class A	1.01%
Class B	1.77
Class C	1.77
Class I	0.57
Class R	1.26
Class Y	0.76

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

12      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS March 31, 2015 Unaudited

		Principal Amount		Value
Asset-Backed Securities—2.8%
American Credit Acceptance Receivables Trust:
Series 2012-2, Cl. D, 5.91%, 7/15/191		$	1,235,000	$	1,235,932
Series 2014-3, Cl. B, 2.43%, 6/10/201			1,440,000		1,442,873
Series 2014-4, Cl. B, 2.60%, 10/12/201			645,000		645,565
Series 2015-1, Cl. B, 2.85%, 2/12/211			2,000,000		2,032,893
AmeriCredit Automobile Receivables Trust:
Series 2012-3, Cl. E, 4.46%, 11/8/191			1,260,000		1,301,605
Series 2012-4, Cl. D, 2.68%, 10/9/18			790,000		798,100
Series 2013-2, Cl. E, 3.41%, 10/8/201			1,715,000		1,741,504
Series 2013-3, Cl. D, 3.00%, 7/8/19			1,540,000		1,570,228
Series 2013-4, Cl. D, 3.31%, 10/8/19			1,505,000		1,546,114
Series 2013-5, Cl. D, 2.86%, 12/9/19			2,555,000		2,593,081
Series 2014-1, Cl. C, 2.15%, 3/9/20			1,905,000		1,903,786
Series 2014-1, Cl. E, 3.58%, 8/9/21			500,000		503,261
Series 2014-2, Cl. D, 2.57%, 7/8/20			910,000		909,729
Series 2014-2, Cl. E, 3.37%, 11/8/21			1,175,000		1,172,880
Series 2014-3, Cl. D, 3.13%, 10/8/20			775,000		783,025
Series 2014-4, Cl. D, 3.07%, 11/9/20			715,000		720,380
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.432%, 10/15/232	EUR		4,900,000		4,954,140
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.678%, 11/15/232	EUR		746,293		776,110
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.691%, 7/24/232	EUR		3,650,000		3,747,986
California Republic Auto Receivables Trust:
Series 2013-2, Cl. C, 3.32%, 8/17/20			1,170,000		1,183,547
Series 2014-2, Cl. C, 3.29%, 3/15/21			385,000		387,132
Series 2014-4, Cl. C, 3.56%, 9/15/21			445,000		449,508
Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21			990,000		992,598
Series 2014-1, Cl. D, 3.39%, 7/22/19			580,000		590,169
Series 2014-3, Cl. D, 3.14%, 2/20/20			775,000		781,080
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/211			1,205,271		1,207,333
CarMax Auto Owner Trust, Series 2014-2, Cl. D, 2.58%, 11/16/20			1,365,000		1,358,046
CLI Funding V LLC, Series 2014-2A, Cl. A, 3.38%, 10/18/291			1,509,375		1,532,697
CPS Auto Receivables Trust:
Series 2014-C, Cl. A, 1.31%, 2/15/191			1,223,979		1,219,681
Series 2014-D, Cl. A, 1.49%, 4/15/191			2,488,137		2,481,627
CPS Auto Trust, Series 2012-C, Cl. A, 1.82%, 12/16/191			279,547		280,428
Credit Acceptance Auto Loan Trust, Series 2014-1A, Cl. B, 2.29%, 4/15/221			2,245,000		2,253,797
Cronos Containers Program I Ltd., Series 2014-2A, Cl. A, 3.27%, 11/18/291			1,925,926		1,955,322
Drive Auto Receivables Trust, Series 2015-AA, Cl. C, 3.06%, 5/17/211			1,290,000		1,289,742
DT Auto Owner Trust:
Series 2012-1A, Cl. D, 4.94%, 7/16/181			3,569,787		3,600,298
Series 2012-2A, Cl. D, 4.35%, 3/15/191			1,742,278		1,755,653
Series 2013-1A, Cl. D, 3.74%, 5/15/201			935,000		942,782
Series 2013-2A, Cl. D, 4.18%, 6/15/201			2,210,000		2,242,974
Series 2014-1A, Cl. D, 3.98%, 1/15/211			1,785,000		1,804,722
Series 2014-3A, Cl. D, 4.47%, 11/15/211			900,000		913,890

13      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Asset-Backed Securities (Continued)
DT Auto Owner Trust: (Continued)
Series 2015-1A, Cl. C, 2.87%, 11/16/201		$	920,000	$	924,594
Exeter Automobile Receivables Trust:
Series 2012-2A, Cl. C, 3.06%, 7/16/181			210,000		210,417
Series 2013-2A, Cl. C, 4.35%, 1/15/191			1,640,000		1,668,891
Series 2014-1A, Cl. B, 2.42%, 1/15/191			1,145,000		1,149,388
Series 2014-1A, Cl. C, 3.57%, 7/15/191			2,655,000		2,675,836
Series 2014-2A, Cl. A, 1.06%, 8/15/181			306,307		305,593
Series 2014-2A, Cl. C, 3.26%, 12/16/191			540,000		534,429
First Investors Auto Owner Trust:
Series 2012-1A, Cl. D, 5.65%, 4/15/181			960,000		986,717
Series 2013-3A, Cl. C, 2.91%, 1/15/201			840,000		850,066
Series 2013-3A, Cl. D, 3.67%, 5/15/201			620,000		626,312
Series 2014-3A, Cl. D, 3.85%, 2/15/221			645,000		650,695
Flagship Credit Auto Trust, Series 2014-2, Cl. A, 1.43%, 12/16/191			1,191,069		1,190,409
GM Financial Automobile Leasing Trust, Series 2015-1, Cl. D, 3.01%, 3/20/20			1,245,000		1,250,093
Greenpoint Manufactured Housing, Series 2000-3, Cl. IM1, 9.01%, 6/20/312			62,853		2,309
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 3.991%, 1/25/232	EUR		4,470,382		4,527,985
Harvest CLO IA SA:
Series I-X, Cl. D, 2.989%, 3/29/172	EUR		518,818		558,985
Series I-X, Cl. E, 7.589%, 3/29/172	EUR		1,875,000		2,034,709
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.621%, 12/14/222	EUR		4,433,538		4,478,258
ICE EM CLO:
Series 2007-1A, Cl. B, 2.082%, 8/15/221,2			21,000,000		19,687,500
Series 2007-1A, Cl. C, 3.382%, 8/15/221,2			17,780,000		16,826,992
Series 2007-1A, Cl. D, 5.382%, 8/15/221,2			16,050,391		15,119,469
Navistar Financial Dealer Note Master Owner Trust II, Series 2014-1, Cl. D, 2.474%, 10/25/191,2			545,000		545,252
Santander Drive Auto Receivables Trust:
Series 2012-5, Cl. D, 3.30%, 9/17/18			1,830,000		1,873,613
Series 2012-AA, Cl. D, 2.46%, 12/17/181			2,990,000		3,003,051
Series 2013-1, Cl. D, 2.27%, 1/15/19			3,255,000		3,256,024
Series 2013-2, Cl. C, 1.95%, 3/15/19			1,691,000		1,701,248
Series 2013-2, Cl. D, 2.57%, 3/15/19			3,740,000		3,816,563
Series 2013-4, Cl. D, 3.92%, 1/15/20			2,615,000		2,722,385
Series 2013-4, Cl. E, 4.67%, 1/15/201			1,580,000		1,654,316
Series 2013-5, Cl. D, 2.73%, 10/15/19			1,655,000		1,669,283
Series 2013-A, Cl. C, 3.12%, 10/15/191			1,300,000		1,332,594
Series 2013-A, Cl. D, 3.78%, 10/15/191			970,000		1,004,369
Series 2013-A, Cl. E, 4.71%, 1/15/211			1,220,000		1,278,073
Series 2014-2, Cl. D, 2.76%, 2/18/20			1,875,000		1,889,321
Series 2014-3, Cl. C, 2.13%, 8/17/20			1,000,000		1,002,280
Series 2014-3, Cl. D, 2.65%, 8/17/20			1,865,000		1,862,893
Series 2014-4, Cl. D, 3.10%, 11/16/20			2,765,000		2,786,741
Series 2015-1, Cl. D, 3.24%, 4/15/21			1,335,000		1,345,904
SNAAC Auto Receivables Trust:
Series 2012-1A, Cl. C, 4.38%, 6/15/171			64,871		64,959
Series 2013-1A, Cl. C, 3.07%, 8/15/181			790,000		801,266

14      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount	Value
Asset-Backed Securities (Continued)
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 3.941%, 7/24/232	EUR	1,648,445	$	1,682,606
TAL Advantage V LLC, Series 2014-2A, Cl. A1, 1.70%, 5/20/391		499,934		496,821
Theseus European CLO SA, Series 2006-1X, Cl. E, 4.118%, 8/27/222	EUR	5,005,000		5,191,020
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/441		434,984		437,302
United Auto Credit Securitization Trust:
Series 2013-1, Cl. C, 2.22%, 12/15/171		686,433		687,169
Series 2014-1, Cl. D, 2.38%, 10/15/181		780,000		770,448
Series 2015-1, Cl. D, 2.92%, 6/17/191		1,150,000		1,151,101
Westlake Automobile Receivables Trust:
Series 2014-1A, Cl. D, 2.20%, 2/15/211		740,000		738,245
Series 2014-2A, Cl. D, 2.86%, 7/15/211		740,000		743,885
Total Asset-Backed Securities (Cost $188,163,747)				181,370,597
Mortgage-Backed Obligations—12.3%
Government Agency—6.4%
FHLMC/FNMA/FHLB/Sponsored—6.3%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		829,313		923,049
5.50%, 9/1/39		2,450,900		2,748,817
6.00%, 1/1/19-7/1/24		1,690,178		1,850,075
6.50%, 4/1/18-6/1/35		1,117,815		1,287,884
7.00%, 8/1/21-3/1/35		1,530,617		1,786,862
7.50%, 1/1/32-2/1/32		2,137,187		2,664,948
8.50%, 8/1/31		96,587		114,452
10.00%, 5/1/20		51,960		57,912
12.00%, 6/1/17		3		3
Federal Home Loan Mortgage Corp. Non Gold Pool:
10.00%, 4/1/20		17,757		18,423
10.50%, 5/1/20		37,495		42,049
11.50%, 10/1/16		299		299
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 8.668%, 4/1/273		213,888		42,673
Series 192, Cl. IO, 3.812%, 2/1/283		91,541		16,610
Series 205, Cl. IO, 9.487%, 9/1/293		556,909		127,082
Series 206, Cl. IO, 0.00%, 12/1/293,4		219,953		57,993
Series 207, Cl. IO, 0.00%, 4/1/303,4		213,654		37,168
Series 214, Cl. IO, 0.00%, 6/1/313,4		156,764		21,916
Series 243, Cl. 6, 0.00%, 12/15/323,4		496,018		94,847
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates:
Series K015, Cl. A1, 2.257%, 10/25/20		443,760		454,937
Series K042, Cl. A1, 2.267%, 6/25/24		2,872,902		2,907,256
Series K717, Cl. A1, 2.342%, 2/25/21		2,931,922		3,018,138
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		1,800,178		2,017,261
Series 151, Cl. F, 9.00%, 5/15/21		2,617		2,924
Series 1590, Cl. IA, 1.225%, 10/15/232		1,364,276		1,402,126
Series 1674, Cl. Z, 6.75%, 2/15/24		60,344		67,308
Series 2034, Cl. Z, 6.50%, 2/15/28		13,332		15,295

15      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2042, Cl. N, 6.50%, 3/15/28	$	15,904	$	17,809
Series 2043, Cl. ZP, 6.50%, 4/15/28		1,387,869		1,559,733
Series 2053, Cl. Z, 6.50%, 4/15/28		11,479		13,175
Series 2116, Cl. ZA, 6.00%, 1/15/29		732,387		837,356
Series 2122, Cl. F, 0.625%, 2/15/292		34,679		35,091
Series 2279, Cl. PK, 6.50%, 1/15/31		21,625		25,231
Series 2326, Cl. ZP, 6.50%, 6/15/31		179,772		202,489
Series 2344, Cl. FP, 1.125%, 8/15/312		452,576		466,750
Series 2368, Cl. PR, 6.50%, 10/15/31		25,612		28,876
Series 2368, Cl. TG, 6.00%, 10/15/16		37,341		38,117
Series 2401, Cl. FA, 0.825%, 7/15/292		62,258		63,434
Series 2412, Cl. GF, 1.125%, 2/15/322		742,687		765,611
Series 2427, Cl. ZM, 6.50%, 3/15/32		871,098		1,021,193
Series 2451, Cl. FD, 1.175%, 3/15/322		297,468		307,191
Series 2453, Cl. BD, 6.00%, 5/15/17		17,537		18,250
Series 2461, Cl. PZ, 6.50%, 6/15/32		112,335		132,508
Series 2464, Cl. FI, 1.175%, 2/15/322		265,634		272,890
Series 2470, Cl. AF, 1.175%, 3/15/322		479,938		495,650
Series 2470, Cl. LF, 1.175%, 2/15/322		271,669		279,090
Series 2475, Cl. FB, 1.175%, 2/15/322		372,068		382,231
Series 2517, Cl. GF, 1.175%, 2/15/322		224,622		230,758
Series 2551, Cl. LF, 0.675%, 1/15/332		36,518		36,833
Series 2564, Cl. MP, 5.00%, 2/15/18		53,607		56,090
Series 2585, Cl. HJ, 4.50%, 3/15/18		29,645		31,070
Series 2635, Cl. AG, 3.50%, 5/15/32		379,630		399,392
Series 2668, Cl. AZ, 4.00%, 9/15/18		151,794		158,147
Series 2676, Cl. KY, 5.00%, 9/15/23		781,994		850,495
Series 2707, Cl. QE, 4.50%, 11/15/18		296,635		311,400
Series 2770, Cl. TW, 4.50%, 3/15/19		73,327		77,208
Series 3010, Cl. WB, 4.50%, 7/15/20		13,334		14,078
Series 3025, Cl. SJ, 24.11%, 8/15/352		591,343		895,087
Series 3465, Cl. HA, 4.00%, 7/15/17		23,563		23,673
Series 3741, Cl. PA, 2.15%, 2/15/35		1,062,902		1,082,795
Series 3815, Cl. BD, 3.00%, 10/15/20		47,118		48,357
Series 3840, Cl. CA, 2.00%, 9/15/18		32,205		32,636
Series 3848, Cl. WL, 4.00%, 4/15/40		1,364,929		1,406,760
Series 3857, Cl. GL, 3.00%, 5/15/40		29,769		30,638
Series 3917, Cl. BA, 4.00%, 6/15/38		761,532		800,166
Series 4221, Cl. HJ, 1.50%, 7/15/23		1,178,730		1,191,786
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 0.00%, 3/15/283,4		27,932		4,411
Series 2049, Cl. PL, 20.345%, 4/15/283		162,786		25,843
Series 2074, Cl. S, 52.835%, 7/17/283		141,229		31,159
Series 2079, Cl. S, 0.00%, 7/17/283,4		253,738		57,710
Series 2177, Cl. SB, 99.999%, 8/15/293		158,216		44,273
Series 2526, Cl. SE, 24.972%, 6/15/293		293,818		68,740
Series 2682, Cl. TQ, 99.999%, 10/15/333		1,078,844		237,739
Series 2795, Cl. SH, 9.637%, 3/15/243		2,083,269		287,308
Series 2920, Cl. S, 0.00%, 1/15/353,5		1,950,594		409,040

16      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2922, Cl. SE, 4.859%, 2/15/353	$	127,560	$	26,282
Series 2981, Cl. AS, 30.097%, 5/15/353		1,047,383		211,604
Series 2981, Cl. BS, 99.999%, 5/15/353		2,122,324		447,486
Series 3004, Cl. SB, 99.999%, 7/15/353		3,144,254		565,608
Series 3201, Cl. SG, 2.238%, 8/15/363		861,918		147,265
Series 3397, Cl. GS, 12.339%, 12/15/373		669,605		119,968
Series 3424, Cl. EI, 1.707%, 4/15/383		329,793		37,731
Series 3450, Cl. BI, 6.668%, 5/15/383		976,913		209,054
Series 3606, Cl. SN, 0.00%, 12/15/393,4		512,024		82,866
Series 3659, Cl. IE, 0.00%, 3/15/193,4		1,298,391		79,537
Series 3685, Cl. EI, 0.00%, 3/15/193,4		931,877		49,778
Federal Home Loan Mortgage Corp., Structured Agency Credit Risk Debt Nts.:
Series 2014-DN4, Cl. M3, 4.724%, 10/25/242		13,185,000		13,663,853
Series 2014-HQ2, Cl. M3, 3.924%, 9/25/242		16,320,000		15,994,098
Series 2015-DN1, Cl. M3, 4.324%, 1/25/252		4,505,000		4,639,760
Federal National Mortgage Assn.:
3.00%, 4/1/306		47,610,000		49,903,089
3.50%, 4/25/456		137,085,000		144,030,279
4.00%, 4/1/456		42,050,000		44,966,400
4.50%, 4/1/306		3,647,000		3,822,512
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 0.00%, 12/25/413,4		51,247,318		775,767
Series 2001-T3, Cl. IO, 0.00%, 11/25/403,4		7,429,283		144,442
Federal National Mortgage Assn. Pool:
3.50%, 12/1/20-2/1/22		2,142,528		2,273,878
4.50%, 12/1/20		790,383		834,547
5.00%, 2/1/18-12/1/21		4,334,176		4,555,385
5.50%, 1/1/22-5/1/36		1,025,640		1,146,117
6.00%, 6/1/17-1/1/19		30,995		32,126
6.50%, 4/1/18-1/1/34		4,810,156		5,631,629
7.00%, 11/1/17-4/1/34		7,348,470		8,741,235
7.50%, 2/1/27-3/1/33		3,176,534		3,838,950
8.50%, 7/1/32		23,902		27,711
9.50%, 3/15/21		12,481		12,661
11.00%, 7/1/16-2/1/26		114,314		125,784
Federal National Mortgage Assn., Connecticut Avenue Securities:
Series 2014-C03, Cl. 2M2, 3.074%, 7/25/242		9,390,000		8,788,674
Series 2015-C01, Cl. 1M2, 4.474%, 2/25/252		7,500,000		7,652,794
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 37.712%, 5/25/233		234,247		38,188
Series 247, Cl. 2, 23.487%, 10/25/233		112,398		25,748
Series 252, Cl. 2, 26.004%, 11/25/233		29,278		4,814
Series 254, Cl. 2, 10.469%, 1/25/243		82,297		12,367
Series 301, Cl. 2, 0.00%, 4/25/293,4		270,516		58,660
Series 303, Cl. IO, 31.773%, 11/25/293		250,239		61,556
Series 313, Cl. 2, 5.72%, 6/25/313		2,150,747		327,269
Series 319, Cl. 2, 0.992%, 2/25/323		723,059		164,851
Series 321, Cl. 2, 0.814%, 4/25/323		1,246,630		286,571
Series 324, Cl. 2, 0.00%, 7/25/323,4		546,830		97,598
Series 328, Cl. 2, 0.00%, 12/25/323,4		491,993		62,359
Series 331, Cl. 5, 2.738%, 2/25/333		1,113,042		231,576

17      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 332, Cl. 2, 0.00%, 3/25/333,4	$	2,148,557	$	465,653
Series 334, Cl. 10, 4.623%, 2/25/333		929,433		191,919
Series 334, Cl. 12, 0.00%, 3/25/333,4		1,317,850		276,249
Series 339, Cl. 7, 0.00%, 11/25/333,4		2,761,490		534,084
Series 345, Cl. 9, 0.00%, 1/25/343,4		753,527		146,068
Series 351, Cl. 10, 0.00%, 4/25/343,4		347,598		67,976
Series 351, Cl. 8, 0.00%, 4/25/343,4		596,745		116,490
Series 356, Cl. 10, 0.00%, 6/25/353,4		450,927		88,712
Series 356, Cl. 12, 0.00%, 2/25/353,4		215,050		44,165
Series 362, Cl. 13, 0.00%, 8/25/353,4		30,689		6,286
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		75,824		85,839
Series 1997-45, Cl. CD, 8.00%, 7/18/27		669,911		777,517
Series 1998-58, Cl. PC, 6.50%, 10/25/28		393,859		446,095
Series 1999-14, Cl. MB, 6.50%, 4/25/29		21,781		25,069
Series 1999-54, Cl. LH, 6.50%, 11/25/29		759,708		872,997
Series 2001-19, Cl. Z, 6.00%, 5/25/31		302,836		346,082
Series 2001-44, Cl. QC, 6.00%, 9/25/16		26,296		26,988
Series 2001-65, Cl. F, 0.774%, 11/25/312		516,078		525,466
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		700,682		804,179
Series 2002-12, Cl. PG, 6.00%, 3/25/17		189,770		196,350
Series 2002-19, Cl. PE, 6.00%, 4/25/17		76,863		78,899
Series 2002-21, Cl. PE, 6.50%, 4/25/32		729,922		825,624
Series 2002-29, Cl. F, 1.174%, 4/25/322		283,225		291,296
Series 2002-64, Cl. FJ, 1.174%, 4/25/322		87,052		89,532
Series 2002-68, Cl. FH, 0.677%, 10/18/322		181,753		184,323
Series 2002-81, Cl. FM, 0.674%, 12/25/322		356,491		361,564
Series 2002-84, Cl. FB, 1.174%, 12/25/322		59,213		60,934
Series 2002-9, Cl. PC, 6.00%, 3/25/17		209,213		216,555
Series 2003-100, Cl. PA, 5.00%, 10/25/18		866,142		912,190
Series 2003-11, Cl. FA, 1.174%, 9/25/322		80,803		83,151
Series 2003-112, Cl. AN, 4.00%, 11/25/18		298,338		310,389
Series 2003-116, Cl. FA, 0.574%, 11/25/332		185,310		186,575
Series 2003-84, Cl. GE, 4.50%, 9/25/18		61,298		64,248
Series 2004-101, Cl. BG, 5.00%, 1/25/20		680,976		700,897
Series 2004-25, Cl. PC, 5.50%, 1/25/34		160,966		170,220
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,444,601
Series 2005-71, Cl. DB, 4.50%, 8/25/25		1,613,060		1,734,223
Series 2006-11, Cl. PS, 23.93%, 3/25/362		595,620		878,620
Series 2006-46, Cl. SW, 23.562%, 6/25/362		839,219		1,223,491
Series 2008-75, Cl. DB, 4.50%, 9/25/23		629,232		656,842
Series 2009-113, Cl. DB, 3.00%, 12/25/20		1,238,058		1,271,815
Series 2009-36, Cl. FA, 1.114%, 6/25/372		663,081		680,458
Series 2009-70, Cl. TL, 4.00%, 8/25/19		1,220,205		1,261,105
Series 2010-43, Cl. KG, 3.00%, 1/25/21		299,898		308,674
Series 2011-122, Cl. EC, 1.50%, 1/25/20		976,025		983,304
Series 2011-15, Cl. DA, 4.00%, 3/25/41		747,008		789,064
Series 2011-3, Cl. EL, 3.00%, 5/25/20		2,051,947		2,108,022
Series 2011-3, Cl. KA, 5.00%, 4/25/40		1,563,862		1,721,457
Series 2011-38, Cl. AH, 2.75%, 5/25/20		34,632		35,426
Series 2011-6, Cl. BA, 2.75%, 6/25/20		806,348		826,592
Series 2011-69, Cl. EA, 3.00%, 11/25/29		726,996		739,132

18      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2011-82, Cl. AD, 4.00%, 8/25/26	$	675,527	$	703,314
Series 2011-88, Cl. AB, 2.50%, 9/25/26		506,399		517,738
Series 2012-20, Cl. FD, 0.574%, 3/25/422		2,799,634		2,813,618
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 20.778%, 11/18/313		585,782		132,878
Series 2001-63, Cl. SD, 13.231%, 12/18/313		18,535		4,254
Series 2001-68, Cl. SC, 5.774%, 11/25/313		11,834		2,735
Series 2001-81, Cl. S, 17.82%, 1/25/323		164,408		42,404
Series 2002-28, Cl. SA, 27.698%, 4/25/323		139,619		34,736
Series 2002-38, Cl. SO, 40.734%, 4/25/323		156,719		31,202
Series 2002-39, Cl. SD, 32.66%, 3/18/323		243,832		63,670
Series 2002-48, Cl. S, 23.347%, 7/25/323		218,832		44,056
Series 2002-52, Cl. SL, 24.999%, 9/25/323		133,102		34,146
Series 2002-53, Cl. SK, 31.849%, 4/25/323		151,993		40,509
Series 2002-56, Cl. SN, 24.883%, 7/25/323		300,118		69,707
Series 2002-65, Cl. SC, 54.788%, 6/25/263		534,437		118,497
Series 2002-77, Cl. IS, 36.324%, 12/18/323		267,002		70,799
Series 2002-77, Cl. SH, 28.173%, 12/18/323		236,509		47,392
Series 2002-89, Cl. S, 99.999%, 1/25/333		1,608,772		435,852
Series 2002-9, Cl. MS, 20.054%, 3/25/323		238,549		51,475
Series 2003-13, Cl. IO, 8.124%, 3/25/333		1,190,525		210,645
Series 2003-26, Cl. DI, 8.722%, 4/25/333		767,967		187,435
Series 2003-26, Cl. IK, 11.484%, 4/25/333		134,584		21,853
Series 2003-33, Cl. SP, 99.999%, 5/25/333		715,849		153,813
Series 2003-4, Cl. S, 24.723%, 2/25/333		354,674		86,821
Series 2003-46, Cl. IH, 0.00%, 6/25/233,4		123,367		15,814
Series 2004-56, Cl. SE, 8.805%, 10/25/333		797,065		138,665
Series 2005-12, Cl. SC, 8.359%, 3/25/353		61,988		13,418
Series 2005-14, Cl. SE, 28.502%, 3/25/353		459,490		71,669
Series 2005-40, Cl. SA, 99.999%, 5/25/353		2,720,016		471,011
Series 2005-40, Cl. SB, 99.999%, 5/25/353		1,231,532		204,629
Series 2005-52, Cl. JH, 2.653%, 5/25/353		1,382,635		242,053
Series 2006-90, Cl. SX, 99.999%, 9/25/363		2,609,651		500,234
Series 2007-88, Cl. XI, 26.928%, 6/25/373		5,044,638		874,213
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		351,967		48,173
Series 2009-8, Cl. BS, 0.00%, 2/25/243,4		543,565		33,650
Series 2010-95, Cl. DI, 0.00%, 11/25/203,4		1,698,409		102,824
Series 2012-134, Cl. SA, 10.46%, 12/25/423		1,715,880		442,829
Series 2012-40, Cl. PI, 0.312%, 4/25/413		5,095,920		946,816
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		2,586		474
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/223,4		4,702,522		42,610
Series 1995-2B, Cl. 2IO, 3.994%, 6/15/253		405,535		10,220
Series 1995-3, Cl. 1IO, 0.00%, 9/15/253,4		12,920,507		70,250
				401,927,509
GNMA/Guaranteed—0.1%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		629,508		694,802

19      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
GNMA/Guaranteed (Continued)
Government National Mortgage Assn. I Pool: (Continued)
8.00%, 1/15/28-9/15/28	$	362,235	$	393,300
12.50%, 11/15/15		1,497		1,497
13.00%, 10/15/15		35		35
Government National Mortgage Assn. II Pool:
1.625%, 7/20/272		3,824		3,969
7.00%, 1/20/30		101,215		123,145
11.00%, 10/20/19		1,609		1,635
12.00%, 9/20/15		880		887
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17, Cl. AI, 18.633%, 4/16/373		1,645,114		346,429
Series 2011-52, Cl. HS, 9.008%, 4/16/413		2,991,215		609,857
Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8.00%, 9/16/29		3,029,239		3,582,071
Series 2000-12, Cl. ZA, 8.00%, 2/16/30		1,468,125		1,709,548
Series 2000-7, Cl. Z, 8.00%, 1/16/30		1,256,723		1,452,448
				8,919,623
Non-Agency—5.9%
Commercial—5.1%
Banc of America Commercial Mortgage Trust, Series 2006-6, Cl. AM, 5.39%, 10/10/45		130,000		137,613
Banc of America Funding Trust, Series 2006-G, Cl. 2A4, 0.466%, 7/20/362		2,880,000		2,693,025
BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 2.27%, 9/26/351,2		423,358		430,987
Series 2012-RR2, Cl. 6A3, 2.693%, 9/26/351,2		1,452,642		1,456,267
Series 2012-RR6, Cl. RR6, 2.404%, 11/26/361		550,041		550,972
Series 2013-RR2, Cl. 5A2, 2.659%, 3/26/361,2		11,426,349		9,607,677
Bear Stearns ARM Trust, Series 2005-2, Cl. A1, 2.68%, 3/25/352		746,059		755,275
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,3,4		497,782		20,951
CHL Mortgage Pass-Through Trust, Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		3,731,156		3,683,945
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Cl. D, 4.458%, 4/10/461,2		865,000		861,035
Citigroup Mortgage Loan Trust, Inc.:
Series 2009-8, Cl. 7A2, 2.615%, 3/25/361,2		30,000,000		27,918,270
Series 2012-8, Cl. 1A1, 2.687%, 10/25/351,2		2,637,323		2,662,238
Series 2014-8, Cl. 1A2, 0.466%, 7/20/362,7		1,635,000		1,308,000
COMM Mortgage Trust:
Series 2012-CR4, Cl. D, 4.576%, 10/15/451,2		250,000		252,832
Series 2012-CR5, Cl. E, 4.336%, 12/10/451,2		1,880,000		1,888,287
Series 2013-CR6, Cl. D, 4.174%, 3/10/461,2		5,435,000		5,224,611
Series 2013-CR7, Cl. D, 4.354%, 3/10/461,2		8,505,000		8,228,957
Series 2013-CR9, Cl. D, 4.259%, 7/10/451,2		7,315,000		7,065,387
Series 2013-LC13, Cl. D, 5.048%, 8/10/461,2		11,354,000		11,669,511
Series 2014-UBS3, Cl. D, 4.815%, 6/10/471,2		20,455,000		19,914,364
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/453,4		9,641,448		888,189
Commercial Mortgage Trust, Series 2007-GG9, Cl. AM, 5.475%, 3/10/39		2,005,000		2,116,935
Credit Suisse Commercial Mortgage Trust, Series 2006-C1, Cl. AJ, 5.469%, 2/15/392		2,475,000		2,559,068

20      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Cl. AJ, 5.23%, 12/15/402	$	2,150,000	$	2,191,446
CSMC, Series 2009-13R, Cl. 4A1, 2.623%, 9/26/361,2		74,589		75,174
DBUBS Mortgage Trust, Series 2011-LC1A, Cl. E, 5.558%, 11/10/461,2		360,000		397,223
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 0.396%, 7/22/361,2		920,000		793,037
FREMF Mortgage Trust:
Series 2012-K501, Cl. C, 3.443%, 11/25/461,2		125,000		127,939
Series 2013-K25, Cl. C, 3.618%, 11/25/451,2		1,975,000		1,980,808
Series 2013-K26, Cl. C, 3.60%, 12/25/451,2		335,000		337,295
Series 2013-K27, Cl. C, 3.497%, 1/25/461,2		520,000		516,458
Series 2013-K28, Cl. C, 3.495%, 6/25/461,2		5,590,000		5,546,141
Series 2013-K502, Cl. C, 3.191%, 3/25/451,2		630,000		642,555
Series 2013-K712, Cl. C, 3.369%, 5/25/451,2		660,000		666,298
Series 2013-K713, Cl. C, 3.165%, 4/25/461,2		420,000		417,870
Series 2014-K715, Cl. C, 4.124%, 2/25/461,2		25,000		25,977
GS Mortgage Securities Trust, Series 2014-GC22, Cl. D, 4.647%, 6/10/471,2		4,577,000		4,422,224
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 5.201%, 7/25/352		728,520		721,865
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Cl. E, 4.422%, 12/15/471,2		1,500,000		1,512,551
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Cl. AJ, 5.623%, 5/12/45		7,123,000		7,280,340
Series 2006-LDP8, Cl. AJ, 5.48%, 5/15/452		1,310,000		1,370,199
Series 2013-C10, Cl. D, 4.159%, 12/15/472		8,197,000		7,999,690
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.556%, 7/25/352		417,512		418,877
JP Morgan Resecuritization Trust:
Series 2009-11, Cl. 5A1, 2.623%, 9/26/361,2		283,213		283,940
Series 2009-5, Cl. 1A2, 2.629%, 7/26/361,2		19,252,378		16,706,878
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Cl. D, 4.562%, 8/15/461,2		8,445,000		8,438,219
Series 2013-C15, Cl. D, 5.082%, 11/15/451,2		3,755,000		3,870,778
Series 2014-C21, Cl. D, 4.661%, 8/15/472		14,850,000		14,432,433
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		3,635,000		3,940,654
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Cl. AM, 5.842%, 6/15/382		750,000		789,849
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,2		108,985		94,627
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6, Cl. E, 4.662%, 11/15/451,2		2,240,000		2,301,219
Series 2013-C12, Cl. D, 4.768%, 10/15/461,2		7,630,000		7,674,536
Series 2013-C13, Cl. D, 4.895%, 11/15/461,2		430,000		436,261
Series 2013-C7, Cl. D, 4.302%, 2/15/461,2		1,720,000		1,715,723
Series 2013-C8, Cl. D, 4.171%, 12/15/481,2		655,000		646,021
Series 2014-C14, Cl. D, 4.834%, 2/15/471,2		9,810,000		9,920,461
Morgan Stanley Capital I Trust, Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		2,707,000		2,886,745
Morgan Stanley Re-Remic Trust:
Series 2012-R3, Cl. 1A, 1.959%, 11/26/361,2		2,510,632		2,450,526
Series 2012-R3, Cl. 1B, 1.959%, 11/26/361,2		13,193,810		9,847,856
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.364%, 6/26/461,2		426,028		430,478
RALI Trust, Series 2005-QA4, Cl. A32, 3.04%, 4/25/352		129,375		19,396

21      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial (Continued)
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 2.417%, 8/25/342	$	17,799,783	$	17,664,807
UBS-Barclays Commercial Mortgage Trust:
Series 2012-C2, Cl. E, 4.89%, 5/10/631,2		11,597,194		11,950,201
Series 2013-C5, Cl. D, 4.092%, 3/10/461,2		13,830,000		13,413,779
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA3, Cl. 5A, 1.942%, 4/25/472		1,400,278		1,073,290
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 2.617%, 2/25/352		5,615,328		5,656,786
Series 2005-AR10, Cl. 1A1, 2.619%, 6/25/352		3,001,115		3,074,904
Series 2005-AR15, Cl. 1A6, 2.613%, 9/25/352		13,072,405		12,470,709
Series 2006-AR7, Cl. 2A4, 2.619%, 5/25/362		5,023,656		4,771,820
WF-RBS Commercial Mortgage Trust:
Series 2012-C10, Cl. D, 4.458%, 12/15/451,2		385,000		382,341
Series 2012-C7, Cl. E, 4.845%, 6/15/451,2		660,000		679,246
Series 2012-C8, Cl. E, 4.876%, 8/15/451,2		2,025,000		2,115,718
Series 2013-C11, Cl. D, 4.182%, 3/15/451,2		379,000		373,438
Series 2013-C15, Cl. D, 4.482%, 8/15/461,2		12,358,996		12,209,186
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/441,3,4		23,309,323		1,198,845
				323,260,033
Multi-Family—0.1%
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A2, 2.613%, 9/25/352		1,290,537		1,263,576
Series 2006-AR2, Cl. 2A3, 2.615%, 3/25/362		7,931,582		7,858,422
				9,121,998
Residential—0.7%
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 2.36%, 2/25/362		32,744		32,724
CD Commercial Mortgage Trust, Series 2007-CD4, Cl. AMFX, 5.366%, 12/11/492		1,875,000		1,963,541
Chase Funding Trust, Series 2003-2, Cl. 2A2, 0.734%, 2/25/332		16,651		15,246
CHL Mortgage Pass-Through Trust, Series 2005-J4, Cl. A7, 5.50%, 11/25/35		3,229,165		3,402,354
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 2.69%, 5/25/352		4,197,042		4,191,947
Series 2005-3, Cl. 2A4, 0.124%, 8/25/352		7,185,421		6,114,333
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 0.405%, 12/15/352		222,125		192,154
Series 2006-H, Cl. 2A1A, 0.325%, 11/15/362		100,868		73,672
GSR Mortgage Loan Trust, Series 2005-AR6, Cl. 1A4, 2.67%, 9/25/352		8,661,493		8,660,261
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/352		1,875,956		1,911,296
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.274%, 8/25/362		4,426,542		2,208,758
Merrill Lynch Mortgage Investors Trust, Series 2005-A1, Cl. 2A1, 2.529%, 12/25/342		148,648		147,310
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/297,8		4,912,783		1,277,324
RALI Trust:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		2,670		2,688
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		105,818		86,606
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		8,146,802		7,771,910

22      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Residential (Continued)
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 2.419%, 10/25/332		$	226,792	$	232,131
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR14, Cl. 1A2, 5.765%, 10/25/362			4,537,811		4,410,711
					42,694,966
Total Mortgage-Backed Obligations (Cost $754,957,923)					785,924,129
U.S. Government Obligations—2.1%
Federal National Mortgage Assn. Nts., 1%, 9/27/17			2,260,000		2,269,727
United States Treasury Bonds, Strips, 0.905%, 8/15/169			11,000,000		10,941,502
United States Treasury Nts.:
0.625%, 4/30/18			9,750,000		9,660,875
1.375%, 9/30/1810			75,256,000		76,049,725
2.00%, 9/30/2011			29,428,000		30,228,088
2.50%, 8/15/23			2,703,000		2,844,908
Total U.S. Government Obligations (Cost $130,118,424)					131,994,825
Foreign Government Obligations—13.2%
Angola—0.0%
Republic of Angola Via Northern Lights III BV Sr. Unsec. Nts., 7%, 8/16/19			2,235,000		2,250,893
Brazil—2.6%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/281			3,030,000		2,908,800
Federative Republic of Brazil International Bonds, 4.25%, 1/7/25			7,785,000		7,639,031
Federative Republic of Brazil Nota Do Tesouro Nacional Sr. Unsec. Nts.:
4.875%, 1/22/21			6,090,000		6,424,950
9.762%, 1/1/17	BRL		255,530,000		75,956,880
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts., 13.288%, 8/15/50	BRL		14,150,000		10,771,661
Federative Republic of Brazil Unsec. Bonds, 12.959%, 10/1/159	BRL		214,500,000		63,107,848
					166,809,170
China—0.1%
Export-Import Bank of China (The) Sr. Unsec. Nts., 3.625%, 7/31/241			6,745,000		7,075,235
Colombia—1.0%
Republic of Colombia Sr. Unsec. Nts.:
4.00%, 2/26/24			5,685,000		5,875,447
4.375%, 7/12/21			6,820,000		7,253,070
5.00%, 6/15/45			3,820,000		3,944,150
5.625%, 2/26/44			1,395,000		1,565,888
7.375%, 9/18/37			1,340,000		1,798,950
8.125%, 5/21/24			3,140,000		4,184,050
Series B, 10.00%, 7/24/24	COP		86,150,000,000		39,881,353
					64,502,908
Croatia—0.2%
Republic of Croatia Sr. Unsec. Nts.:
5.50%, 4/4/231			8,765,000		9,345,681

23      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Croatia (Continued)
Republic of Croatia Sr. Unsec. Nts.: (Continued)
6.375%, 3/24/211		$	1,430,000	$	1,582,867
6.75%, 11/5/191			865,000		963,394
					11,891,942
Dominican Republic—0.2%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/231			4,065,000		4,107,317
Dominican Republic Sr. Unsec. Bonds:
5.50%, 1/27/251			2,430,000		2,521,125
5.875%, 4/18/241			1,240,000		1,305,100
6.60%, 1/28/241			3,490,000		3,804,100
6.85%, 1/27/451			3,835,000		4,045,925
					15,783,567
Egypt—0.0%
Arab Republic of Egypt Bonds, 6.875%, 4/30/401			855,000		866,756
Gabon—0.1%
Gabonese Republic Unsec. Bonds, 6.375%, 12/12/241			3,285,000		3,112,537
Greece—0.4%
Athens Urban Transportation Organisation Sr. Unsec. Nts., 4.851%, 9/19/16	EUR		3,055,000		2,414,360
Hellenic Republic Sr. Unsec. Bonds:
5.20%, 7/17/34	EUR		17,505,000		10,249,092
6.14%, 4/14/28	EUR		19,480,000		13,902,381
					26,565,833
Hungary—0.3%
Hungary Bonds, 5.50%, 6/24/25	HUF		2,250,000,000		9,570,789
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		1,182,000,000		5,271,626
Series 23/A, 6.00%, 11/24/23	HUF		1,538,000,000		6,655,375
					21,497,790
India—1.2%
Indian Railway Finance Corp. Ltd. Sr. Unsec. Nts., 3.417%, 10/10/17			3,815,000		3,930,064
Republic of India Sr. Unsec. Bonds:
7.28%, 6/3/19	INR		2,592,000,000		40,863,153
8.83%, 11/25/23	INR		1,699,000,000		28,754,824
					73,548,041
Indonesia—1.1%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/181			2,800,000		2,951,900
Perusahaan Penerbit SBSN Indonesia III Unsec. Nts.:
4.35%, 9/10/241			1,830,000		1,890,939
6.125%, 3/15/191			6,355,000		7,191,127
Republic of Indonesia International Bonds:
4.125%, 1/15/251			5,105,000		5,264,531
5.125%, 1/15/451			2,550,000		2,690,250

24      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 4/15/231		$	3,130,000	$	3,083,050
4.625%, 4/15/431			1,625,000		1,594,531
4.875%, 5/5/211			7,805,000		8,536,719
5.375%, 10/17/231			2,655,000		2,983,556
5.875%, 1/15/241			3,715,000		4,304,756
6.75%, 1/15/441			1,070,000		1,370,938
11.625%, 3/4/191			1,690,000		2,260,375
Republic of Indonesia Treasury Bonds, Series FR70, 8.375%, 3/15/24	IDR		317,050,000,000		25,890,437
					70,013,109
Ivory Coast—0.2%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/322			12,175,000		11,672,696
Republic of Cote d’Ivorie Bonds, 6.375%, 3/3/281			2,730,000		2,743,650
					14,416,346
Kenya—0.1%
Republic of Kenya Sr. Unsec. Bonds:
5.875%, 6/24/191			1,685,000		1,738,499
6.875%, 6/24/241			3,530,000		3,703,852
					5,442,351
Mexico—1.8%
United Mexican States Bonds:
3.00%, 3/6/45	EUR		2,555,000		2,866,770
3.60%, 1/30/25			9,205,000		9,492,656
United Mexican States Unsec. Bonds:
4.60%, 1/23/46			5,100,000		5,253,000
5.625%, 1/15/17			8,135,000		8,745,125
Series M, 5.00%, 12/11/19	MXN		1,338,400,000		86,782,037
Series M20, 4.75%, 3/8/44			1,305,000		1,376,775
					114,516,363
Morocco—0.1%
Kingdom of Morocco Sr. Unsec. Bonds, 5.50%, 12/11/421			4,140,000		4,638,001
Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/221			3,435,000		3,572,400
					8,210,401
Panama—0.4%
Republic of Panama Sr. Unsec. Bonds:
3.75%, 3/16/25			3,845,000		3,960,350
4.00%, 9/22/24			1,840,000		1,936,600
5.20%, 1/30/20			10,175,000		11,370,562
6.70%, 1/26/36			1,970,000		2,590,550
9.375%, 4/1/29			1,750,000		2,686,250
					22,544,312
Peru—0.2%
Republic of Peru Sr. Unsec. Bonds:
5.625%, 11/18/50			4,500,000		5,512,500
7.35%, 7/21/25			3,345,000		4,565,925
					10,078,425

25      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Philippines—0.3%
Republic of the Philippines Sr. Unsec. Bonds:
6.375%, 1/15/32		$	5,995,000	$	8,168,187
6.375%, 10/23/34			7,395,000		10,399,219
					18,567,406
Poland—0.3%
Republic of Poland Sr. Unsec. Bonds:
3.00%, 3/17/23			13,250,000		13,634,250
5.125%, 4/21/21			5,715,000		6,579,679
					20,213,929
Portugal—0.3%
Portugal Obrigacoes do Tesouro OT Bonds, 2.875%, 10/15/251	EUR		13,490,000		16,163,348
Russia—0.1%
Russian Federation Sr. Unsec. Bonds, 4.875%, 9/16/231			5,360,000		5,184,192
Russian Federation Sr. Unsec. Nts., 5%, 4/29/201			4,260,000		4,286,625
					9,470,817
Senegal—0.0%
Republic of Senegal Unsec. Bonds, 6.25%, 7/30/241			1,205,000		1,180,257
Serbia—0.2%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/171			4,420,000		4,604,977
Republic of Serbia Unsec. Bonds, 5.875%, 12/3/181			4,685,000		4,989,525
					9,594,502
South Africa—0.8%
Republic of South Africa Sr. Unsec. Bonds:
5.375%, 7/24/44			3,670,000		3,952,957
5.875%, 9/16/25			6,620,000		7,601,084
Series R208, 6.75%, 3/31/21	ZAR		183,500,000		14,684,932
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		150,000,000		12,497,873
Series R186, 10.50%, 12/21/26	ZAR		107,600,000		10,739,064
					49,475,910
Sri Lanka—0.1%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/221			3,025,000		3,095,331
6.00%, 1/14/191			3,400,000		3,493,500
6.25%, 10/4/201			1,490,000		1,553,325
					8,142,156
Turkey—1.0%
Republic of Turkey Bonds:
4.875%, 4/16/43			4,760,000		4,718,350
10.50%, 1/15/20	TRY		115,070,000		48,365,752
Republic of Turkey Sr. Unsec. Bonds:
4.35%, 11/12/21	EUR		3,130,000		3,748,658
6.00%, 1/14/41			1,270,000		1,448,054
6.625%, 2/17/45			1,020,000		1,265,769
6.875%, 3/17/36			2,745,000		3,410,031
					62,956,614

26      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
United Arab Emirates—0.0%
Emirate of Dubai Sr. Unsec. International Bonds, 5.25%, 1/30/43	$	1,855,000	$	1,775,608
Uruguay—0.1%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50		4,295,000		4,477,538
Venezuela—0.0%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds, 7.75%, 10/13/19		1,060,000		386,900
Vietnam—0.0%
Socialist Republic of Vietnam Bonds, 4.80%, 11/19/241		2,475,000		2,589,469
Total Foreign Government Obligations (Cost $891,255,503)				844,120,433
Corporate Loans—2.6%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/30/182		2,445,507		2,324,760
Affinion Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 10/31/182		3,620,112		3,185,699
Amaya BV, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.00%, 7/29/222		2,600,000		2,603,250
Asurion LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 3/3/212		17,905,078		18,028,175
AZ Chem US, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.50%, 6/10/222		3,550,000		3,513,020
Blue Coat Systems, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.50%, 6/26/202		3,105,000		3,186,506
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 9.75%, 1/29/182		3,283,500		3,004,403
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/202		13,233,251		12,552,177
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/10/212		3,188,903		2,837,326
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 6.922%, 1/30/192		18,144,571		17,300,849
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 7.671%, 7/30/192		3,511,153		3,394,407
Del Monte Foods Co., Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 8/18/212		3,950,000		3,589,562
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.00%, 10/10/192		5,650,000		5,713,562
Deluxe Entertainment Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 2/26/202		1,113,861		1,083,230
Dialysis Newco, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.75%, 10/21/212		8,500,000		8,468,125
Entegra TC LLC, Sr. Sec. Credit Facilities Exit 3rd Lien Term Loan, 9.25%, 10/3/202,13		5,177,402		5,060,911
FairPoint Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.50%, 2/14/192		2,670,950		2,717,275
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.375%, 9/30/202,6		694,922		511,420

27      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Corporate Loans (Continued)
Flint Group GmbH, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 9/5/222		$	2,120,000	$	2,072,300
GYP Holdings III Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.75%, 3/27/222			5,630,000		5,517,400
IPC Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 8/6/212			4,310,000		4,345,019
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.00%, 3/19/172			2,946,834		3,020,505
Moxie Patriot LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 6.75%, 12/19/202			4,325,000		4,346,625
NewPage Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, 9.50%, 2/5/212,6			8,354,545		8,034,984
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/182,6			4,445,000		2,155,825
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/192			3,589,497		3,086,968
Orchard Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 2/8/192			1,067,074		1,042,176
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/192,8			12,760,000		7,209,400
Radnet Management, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 8.00%, 3/25/212			1,760,000		1,744,600
Revel Entertainment, Inc., Sr. Sec. Credit Facilities 2nd Lien Exit Term Loan, 14.50%, 5/20/182,8,13			5,285,760		26,434
RP Crown Parent LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.00%, 12/21/182			6,171,234		6,088,694
Sun Products Corp. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 3/23/202,6			5,306,653		5,132,531
Templar Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 11/25/202			9,164,000		6,265,885
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/26/202			7,155,000		6,367,950
Total Corporate Loans (Cost $182,759,336)					165,531,953
Corporate Bonds and Notes—55.9%
Consumer Discretionary—10.5%
Auto Components—1.2%
Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/21			8,735,000		9,084,400
BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45			574,000		598,559
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/221			11,470,000		10,882,162
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,410,000		4,169,952
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,430,000		7,825,067
Goodyear Tire & Rubber Co., 8.25% Sr. Unsec. Nts., 8/15/20			10,060,000		10,688,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22			12,140,000		12,549,725
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23			8,810,000		8,898,100
MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/221			11,075,000		11,891,781
					76,588,496

28      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Automobiles—0.5%
Daimler Finance North America LLC:
2.375% Sr. Unsec. Nts., 8/1/181		$	4,390,000	$	4,503,227
8.50% Sr. Unsec. Unsub. Nts., 1/18/31			965,000		1,531,628
Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24			4,078,000		4,215,943
General Motors Co.:
5.00% Sr. Unsec. Nts., 4/1/35			8,715,000		9,330,000
6.25% Sr. Unsec. Nts., 10/2/43			1,550,000		1,906,021
Jaguar Land Rover Automotive plc, 5.625% Sr. Unsec. Nts., 2/1/231			6,210,000		6,567,075
Volkswagen International Finance NV, 3.875% Jr. Sub. Perpetual Bonds2,12	EUR		6,335,000		7,269,932
					35,323,826
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23			5,694,000		5,608,590
Diversified Consumer Services—0.2%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20			9,050,000		8,902,938
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24			1,838,000		1,929,900
					10,832,838
Hotels, Restaurants & Leisure—1.9%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/221			6,895,000		7,179,419
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18			2,770,000		2,901,575
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope, 11% Sec. Nts., 10/1/21			5,175,000		4,554,000
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/221			5,690,000		4,395,525
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21			5,045,000		5,133,287
Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/191			9,480,000		10,048,800
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Nts., 3/15/19			9,245,000		9,643,691
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/201			12,985,000		13,958,875
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/211			7,415,000		6,970,100
Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/221	EUR		4,840,000		5,246,494
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23			3,750,000		3,871,875
6.625% Sr. Unsec. Nts., 12/15/21			6,385,000		6,851,903
6.75% Sr. Unsec. Nts., 10/1/20			5,060,000		5,420,525
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19			7,527,100		8,185,721
NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/191			4,255,000		4,382,650
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201			4,035,000		4,196,400
Pinnacle Entertainment, Inc., 6.375% Sr. Unsec. Nts., 8/1/21			5,655,000		6,036,712
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/087,8			14,750,000		—
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/211			4,285,000		4,102,888
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/221			6,380,000		7,129,650
					120,210,090
Household Durables—0.7%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/231			1,700,000		1,631,150
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22			3,295,000		3,447,394

29      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Household Durables (Continued)
K Hovnanian Enterprises, Inc.:
7.00% Sr. Unsec. Nts., 1/15/191		$	3,725,000	$	3,587,641
9.125% Sec. Nts., 11/15/207			5,740,000		6,084,400
KB Home:
7.00% Sr. Unsec. Nts., 12/15/21			5,900,000		6,018,000
7.625% Sr. Unsec. Nts., 5/15/23			8,415,000		8,667,450
Lennar Corp., 4.75% Sr. Unsec. Nts., 11/15/22			1,280,000		1,308,800
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20			9,805,000		10,613,912
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.625% Sr. Unsec. Nts., 3/1/241			834,000		815,235
Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23			833,000		845,495
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17			840,000		845,782
					43,865,259
Leisure Equipment & Products—0.0%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18			1,592,000		1,585,452
Media—3.8%
21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41			670,000		869,451
Altice Financing SA, 6.50% Sec. Nts., 1/15/221			13,855,000		14,279,309
Altice Finco SA, 8.125% Sec. Nts., 1/15/241			5,345,000		5,682,403
Altice SA, 7.25% Sr. Sec. Nts., 5/15/221	EUR		8,575,000		9,625,260
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27			10,973,000		12,399,490
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 9/1/23			6,025,000		6,318,719
CCOH Safari LLC, 5.75% Sr. Unsec. Nts., 12/1/24			12,510,000		12,916,575
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42			1,129,000		1,267,762
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Nts., 5/1/19			2,465,000		2,424,944
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42			1,105,000		1,160,917
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24			22,830,000		22,915,612
6.75% Sr. Unsec. Nts., 6/1/21			2,985,000		3,186,487
DreamWorks Animation SKG, Inc., 6.875% Sr. Unsec. Nts., 8/15/201			4,185,000		4,101,300
Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19			3,565,000		3,885,850
Gannett Co., Inc.:
5.125% Sr. Unsec. Nts., 7/15/20			5,225,000		5,466,656
5.50% Sr. Unsec. Nts., 9/15/241			5,115,000		5,364,356
6.375% Sr. Unsec. Nts., 10/15/23			2,250,000		2,449,688
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20			13,360,000		14,128,200
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19			2,625,000		2,615,156
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24			888,000		942,507
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23			1,885,000		1,936,838
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21			6,910,000		7,169,125
Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/221			3,860,000		3,966,150
6.875% Sr. Unsec. Nts., 11/15/20			6,950,000		7,367,000
Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/221			12,565,000		12,769,181
Sinclair Television Group, Inc.:
5.375% Sr. Unsec. Nts., 4/1/21			5,450,000		5,613,500

30      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Media (Continued)
Sinclair Television Group, Inc.: (Continued)
6.125% Sr. Unsec. Nts., 10/1/22		$	8,300,000	$	8,737,410
Sky plc, 3.75% Sr. Unsec. Nts., 9/16/241			963,000		997,570
Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42			1,443,000		1,498,066
Time Warner, Inc., 4.65% Sr. Unsec. Nts., 6/1/44			723,000		782,146
Univision Communications, Inc., 8.50% Sr. Unsec. Nts., 5/15/211			3,545,000		3,802,013
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/231	EUR		8,185,000		9,676,754
UPCB Finance IV Ltd., 5.375% Sr. Unsec. Nts., 1/15/251,6			3,440,000		3,440,000
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/211			9,975,000		10,785,469
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/221			9,860,000		10,574,850
Viacom, Inc., 2.75% Sr. Unsec. Nts., 12/15/19			683,000		694,507
Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/231	GBP		3,090,000		5,005,998
Virgin Media Secured Finance plc, 6% Sr. Sec. Nts., 4/15/21	GBP		7,955,000		12,425,080
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/241			1,610,000		1,674,400
					240,916,699
Multiline Retail—0.5%
99 Cents Only Stores LLC, 11% Sr. Unsec. Nts., 12/15/19			2,465,000		2,600,575
Family Tree Escrow LLC, 5.75% Sr. Sec. Nts., 3/1/231			19,415,000		20,482,825
Macy’s Retail Holdings, Inc., 4.50% Sr. Unsec. Nts., 12/15/34			450,000		477,880
Neiman Marcus Group Ltd., Inc., 8.75% Sr. Unsec. Nts., 10/15/211,13			4,010,000		4,270,650
SACI Falabella, 4.375% Sr. Unsec. Nts., 1/27/251			2,135,000		2,209,129
					30,041,059
Specialty Retail—1.2%
Apex Tool Group LLC, 7% Sr. Unsec. Nts., 2/1/211			12,155,000		11,486,475
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21			1,802,000		1,910,120
Claire’s Stores, Inc.:
8.875% Sr. Unsec. Nts., 3/15/19			4,907,000		2,821,525
9.00% Sr. Sec. Nts., 3/15/191			700,000		638,750
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23			3,795,000		3,889,875
GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/191			8,390,000		8,662,675
Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44			592,000		709,674
L Brands, Inc., 6.625% Sr. Unsec. Nts., 4/1/21			12,016,000		13,824,528
Men’s Wearhouse, Inc. (The), 7% Sr. Unsec. Nts., 7/1/221			1,749,000		1,849,567
Michaels Stores, Inc., 5.875% Sr. Sub. Nts., 12/15/201			15,195,000		15,688,838
Sally Holdings LLC/Sally Capital, Inc., 5.75% Sr. Unsec. Nts., 6/1/22			8,285,000		8,854,594
Stackpole International Intermediate Co., 7.75% Sr. Sec. Nts., 10/15/211			10,105,000		10,054,475
					80,391,096
Textiles, Apparel & Luxury Goods—0.4%
American Achievement Corp., 10.875% Sec. Nts., 4/15/161			3,970,000		3,900,525
Levi Strauss & Co., 6.875% Sr. Unsec. Nts., 5/1/22			1,405,000		1,541,987
Polymer Group, Inc., 6.875% Sr. Unsec. Nts., 6/1/191			2,125,000		2,037,344
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22			5,200,000		5,304,000
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21			9,240,000		9,170,700

31      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Textiles, Apparel & Luxury Goods (Continued)
William Carter Co., 5.25% Sr. Unsec. Nts., 8/15/21		$	2,475,000	$	2,574,000
					24,528,556
Consumer Staples—2.0%
Beverages—0.2%
Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24			6,855,000		7,266,300
Pernod Ricard SA:
4.25% Sr. Unsec. Nts., 7/15/221			1,162,000		1,254,346
4.45% Sr. Unsec. Nts., 1/15/221			2,240,000		2,431,377
5.75% Sr. Unsec. Nts., 4/7/211			1,865,000		2,167,072
					13,119,095
Food & Staples Retailing—0.5%
Cencosud SA, 5.15% Sr. Unsec. Nts., 2/12/251			3,820,000		3,780,749
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23			6,160,000		6,406,400
Kroger Co., 6.90% Sr. Unsec. Nts., 4/15/38			450,000		616,448
Kroger Co. (The), 6.40% Sr. Unsec. Nts., 8/15/17			1,063,000		1,185,695
Rite Aid Corp.:
6.125% Sr. Unsec. Nts., 4/1/231,6			6,300,000		6,465,375
6.75% Sr. Unsec. Nts., 6/15/21			5,685,000		6,075,844
Walgreens Boots Alliance, Inc., 2.125% Sr. Unsec. Nts., 11/20/26	EUR		4,325,000		4,928,786
Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44			900,000		1,007,020
					30,466,317
Food Products—0.9%
ASG Consolidated LLC/ASG Finance, Inc., 15% Sr. Unsec. Nts., 5/15/177,13			9,901,536		6,584,521
BRF SA, 4.75% Sr. Unsec. Nts., 5/22/241			2,160,000		2,106,000
Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875% Sr. Sec. Nts., 2/1/21			3,095,000		3,400,631
ConAgra Foods, Inc., 1.35% Sr. Unsec. Nts., 9/10/15			1,680,000		1,683,630
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231			4,255,000		4,286,913
Gruma SAB de CV, 4.875% Sr. Unsec. Nts., 12/1/241			1,555,000		1,646,356
HJ Heinz Co.:
4.25% Sec. Nts., 10/15/20			10,090,000		10,364,953
4.875% Sec. Nts., 2/15/251			6,325,000		6,870,531
JM Smucker Co.:
1.75% Sr. Unsec. Nts., 3/15/181			1,494,000		1,501,092
3.50% Sr. Unsec. Nts., 3/15/251			1,173,000		1,208,386
Kraft Foods Group, Inc., 5% Sr. Unsec. Nts., 6/4/42			441,000		492,238
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/231			1,650,000		1,629,375
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/251			2,735,000		2,803,375
Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/211			2,475,000		2,505,938
7.375% Sr. Unsec. Nts., 2/15/22			6,820,000		7,075,750
Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34			580,000		656,014
Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/201			3,125,000		3,187,500
					58,003,203
Household Products—0.1%
Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/241			1,030,000		1,104,675

32      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Household Products (Continued)
Spectrum Brands, Inc.: (Continued)
6.375% Sr. Unsec. Nts., 11/15/20	$	4,920,000	$	5,239,800
				6,344,475
Personal Products—0.2%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21		9,930,000		10,302,375
Tobacco—0.1%
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21		7,890,000		8,422,575
Energy—6.3%
Energy Equipment & Services—0.9%
Compressco Partners LP/Compressco Finance, Inc., 7.25% Sr. Unsec. Nts., 8/15/221		7,095,000		6,243,600
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/227		4,330,000		4,237,987
Ensco PLC, 5.20% Sr. Unsec. Nts., 3/15/25		383,000		385,780
Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/21		4,820,000		4,458,500
GNL Quintero SA, 4.634% Sr. Unsec. Nts., 7/31/291		2,095,000		2,181,825
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		4,215,000		3,645,975
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/431		12,505,000		12,208,006
6.45% Sr. Unsec. Nts., 5/30/441		2,550,000		2,747,625
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		4,250,000		4,026,875
Seadrill Ltd., 6.50% Sr. Unsec. Nts., 10/5/15		1,545,000		1,548,863
Sinopec Group Overseas Development 2013 Ltd., 4.375% Sr. Unsec. Nts., 10/17/231		4,325,000		4,698,619
Sinopec Group Overseas Development 2014 Ltd.:
1.75% Sr. Unsec. Nts., 4/10/171		1,908,000		1,911,610
2.75% Sr. Unsec. Nts., 4/10/191		5,310,000		5,383,512
US Shale Solutions, Inc., 12.50% Sr. Sec. Nts., 9/1/171		5,695,000		3,345,756
				57,024,533
Oil, Gas & Consumable Fuels—5.4%
Anadarko Petroleum Corp., 6.20% Sr. Unsec. Nts., 3/15/40		879,000		1,074,015
Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20		4,040,000		4,062,220
Baytex Energy Corp., 5.125% Sr. Unsec. Nts., 6/1/211		2,125,000		1,960,312
Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19		4,195,000		3,964,275
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/221		2,130,000		2,193,900
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		1,051,000		1,061,280
BreitBurn Energy Partners LP/BreitBurn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		1,406,000		1,047,470
California Resources Corp.:
5.00% Sr. Unsec. Nts., 1/15/201		6,040,000		5,481,300
5.50% Sr. Unsec. Nts., 9/15/211		8,655,000		7,757,044
6.00% Sr. Unsec. Nts., 11/15/241		705,000		621,281
Canadian Natural Resources Ltd.:
1.75% Sr. Unsec. Nts., 1/15/18		739,000		735,729
5.90% Sr. Unsec. Nts., 2/1/18		835,000		922,020
Chaparral Energy, Inc., 7.625% Sr. Unsec. Nts., 11/15/22		4,315,000		2,934,200

33      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Chesapeake Energy Corp.:
4.875% Sr. Unsec. Nts., 4/15/22	$	6,380,000	$	6,013,150
5.375% Sr. Unsec. Nts., 6/15/21		3,975,000		3,875,625
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Nts., 12/15/19		6,410,000		6,442,050
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/231		3,960,000		4,308,124
CNOOC Nexen Finance 2014 ULC, 4.25% Sr. Unsec. Nts., 4/30/24		2,540,000		2,705,308
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		8,280,000		8,383,500
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		4,785,000		4,354,350
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/231		3,085,000		2,745,650
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.00% Sr. Unsec. Nts., 12/15/20		1,700,000		1,717,000
6.125% Sr. Unsec. Nts., 3/1/22		2,585,000		2,617,312
Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/231		1,855,000		1,869,471
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		850,000		912,687
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		3,545,000		3,757,700
7.50% Sr. Sec. Nts., 10/15/20		5,895,000		6,631,875
Energy XXI Gulf Coast, Inc., 11% Sec. Nts., 3/15/201		3,505,000		3,342,894
Enterprise Products Operating LLC, 3.75% Sr. Unsec. Nts., 2/15/25		820,000		849,882
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22		8,205,000		8,410,125
EXCO Resources, Inc., 7.50% Sr. Unsec. Nts., 9/15/18		5,110,000		3,066,000
Gazprom OAO Via Gaz Capital SA:
4.30% Sr. Unsec. Nts., 11/12/151		4,015,000		4,023,030
4.95% Sr. Unsec. Nts., 7/19/221		3,185,000		2,862,678
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		5,155,000		5,000,350
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		4,460,000		5,029,292
Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22		3,595,000		3,379,300
KazMunayGas National Co. JSC, 5.75% Sr. Unsec. Nts., 4/30/431		3,325,000		2,627,415
Kinder Morgan, Inc., 5% Sr. Unsec. Nts., 2/15/211		2,010,000		2,150,995
Laredo Petroleum, Inc., 5.625% Sr. Unsec. Nts., 1/15/22		5,295,000		5,162,625
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/237		3,530,000		3,627,075
Linn Energy LLC/Linn Energy Finance Corp., 7.75% Sr. Unsec. Nts., 2/1/21		10,110,000		8,088,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50% Sr. Unsec. Nts., 7/15/23		6,695,000		6,661,525
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/211		7,765,000		7,221,450
Memorial Production Partners LP/Memorial Production Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21		3,970,000		3,632,550
Murray Energy Corp.:
8.625% Sec. Nts., 6/15/211		2,225,000		2,336,250
9.50% Sec. Nts., 12/5/201		8,840,000		9,945,000

34      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/211	$	3,990,000	$	4,029,900
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		4,575,000		4,780,875
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44		514,000		541,503
Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/221		2,860,000		2,266,539
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		7,750,000		7,556,250
Oil India Ltd., 5.375% Sr. Unsec. Nts., 4/17/24		5,080,000		5,605,369
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/181		6,395,000		6,592,401
5.45% Sr. Unsec. Nts., 10/14/211		4,043,000		4,452,010
Peabody Energy Corp., 6% Sr. Unsec. Nts., 11/15/18		3,505,000		2,751,425
Penn Virginia Corp., 8.50% Sr. Unsec. Nts., 5/1/20		3,660,000		3,422,100
Petroleos de Venezuela SA, 6% Sr. Unsec. Nts., 11/15/261		6,795,000		2,150,617
Petroleos Mexicanos:
3.50% Sr. Unsec. Nts., 7/23/201		10,170,000		10,424,250
4.50% Sr. Unsec. Nts., 1/23/261		10,175,000		10,393,763
5.50% Sr. Unsec. Nts., 6/27/441		1,665,000		1,687,894
5.625% Sr. Unsec. Nts., 1/23/461		8,900,000		9,076,220
Petroleum Co. of Trinidad & Tobago Ltd., 6% Sr. Unsec. Nts., 5/8/221		1,053,125		1,099,989
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		384,000		385,422
Plains All American Pipeline LP/PAA Finance Corp., 3.60% Sr. Unsec. Nts., 11/1/24		1,431,000		1,439,547
Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		3,395,000		3,395,000
5.00% Sr. Sub. Nts., 3/15/23		979,000		979,000
Reliance Holding USA, Inc., 5.40% Sr. Unsec. Nts., 2/14/221		1,270,000		1,397,584
Reliance Industries Ltd., 4.125% Sr. Unsec. Nts., 1/28/251		2,540,000		2,566,624
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds1,12		255,000		257,525
Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		4,705,000		4,610,900
Rosetta Resources, Inc., 5.625% Sr. Unsec. Nts., 5/1/21		4,820,000		4,554,900
Sabine Pass Liquefaction LLC, 5.75% Sr. Sec. Nts., 5/15/24		1,765,000		1,782,650
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		3,855,000		3,483,956
7.75% Sr. Unsec. Nts., 6/15/21		5,315,000		5,155,550
SandRidge Energy, Inc., 7.51% Sr. Unsec. Nts., 3/15/21		4,458,000		2,786,250
SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23		5,965,000		6,143,950
Southwestern Energy Co., 4.05% Sr. Unsec. Nts., 1/23/20		1,731,000		1,790,683
Spectra Energy Partners LP:
4.50% Sr. Unsec. Nts., 3/15/45		383,000		390,383
4.75% Sr. Unsec. Nts., 3/15/24		1,460,000		1,606,207
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22		4,260,000		4,057,650
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/191		6,675,000		6,675,000
5.00% Sr. Unsec. Nts., 1/15/181		4,985,000		5,147,013
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20		3,663,000		3,772,890
6.25% Sr. Unsec. Nts., 10/15/221		2,805,000		2,917,200
Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/431		585,000		573,491

35      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/201		$	3,933,000	$	3,441,375
Western Gas Partners LP, 4% Sr. Unsec. Nts., 7/1/22			1,226,000		1,248,129
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21			6,620,000		6,603,450
Williams Partners LP:
3.60% Sr. Unsec. Nts., 3/15/22			162,000		161,237
4.50% Sr. Unsec. Nts., 11/15/23			1,802,000		1,871,768
Williams Partners LP/ACMP:
4.875% Sr. Unsec. Nts., 3/15/24			2,060,000		2,074,022
6.125% Sr. Unsec. Nts., 7/15/22			4,205,000		4,457,065
WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24			2,845,000		2,516,403
6.00% Sr. Unsec. Nts., 1/15/22			4,125,000		3,856,875
					346,496,088
Financials—11.0%
Capital Markets—1.5%
American Capital Ltd., 6.50% Sr. Unsec. Nts., 9/15/181			4,300,000		4,498,875
Axalta Coating Systems Dutch Holding BV, 7.375% Sr. Unsec. Nts., 5/1/211			5,300,000		5,724,000
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp., 7.75% Sr. Unsec. Nts., 2/15/181			6,455,000		6,777,750
Credit Suisse, New York, 3.625% Sr. Unsec. Nts., 9/9/24			2,400,000		2,483,530
Deutsche Bank AG:
4.50% Sub. Nts., 4/1/25			1,960,000		1,961,225
7.50% Jr. Sub. Perpetual Bonds2,12			2,415,000		2,460,281
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/211			9,435,000		9,411,412
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 1/23/25			1,913,000		1,954,462
5.70% Jr. Sub. Perpetual Bonds, Series L2,12			1,836,000		1,895,095
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/21			3,125,000		3,304,687
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/201			11,915,000		11,652,870
KKR Group Finance Co. III LLC, 5.125% Sr. Unsec. Nts., 6/1/441			1,585,000		1,643,826
Lazard Group LLC, 3.75% Sr. Unsec. Nts., 2/13/25			1,415,000		1,398,368
Morgan Stanley:
4.30% Sr. Unsec. Nts., 1/27/45			1,125,000		1,170,855
5.00% Sub. Nts., 11/24/25			1,735,000		1,918,978
5.45% Jr. Sub. Perpetual Bonds, Series H2,12			1,885,000		1,901,494
Nationstar Mortgage LLC/Nationstar Capital Corp., 7.875% Sr. Unsec. Nts., 10/1/20			6,795,000		6,998,850
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/191			7,075,000		7,552,562
Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/251,6	EUR		2,020,000		2,172,005
4.75% Sr. Sec. Nts., 5/15/231,6			405,000		408,291
Springleaf Finance Corp., 5.25% Sr. Unsec. Nts., 12/15/19			3,375,000		3,345,469
UBS AG (Jersey Branch), 7.25% Sub. Nts., 2/22/222			10,650,000		11,485,610
Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21			6,115,000		5,503,500
					97,623,995

36      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Commercial Banks—5.1%
Akbank TAS, 4% Sr. Unsec. Nts., 1/24/201		$	2,795,000	$	2,733,510
Altice SA, 6.25% Sr. Unsec. Nts., 2/15/251	EUR		2,815,000		3,033,639
Banco ABC Brasil SA, 7.875% Sub. Nts., 4/8/201			685,000		679,006
Banco Bilbao Vizcaya Argentaria SA:
7.00% Jr. Sub. Perpetual Bonds2,12	EUR		11,090,000		12,312,069
9.00% Jr. Sub. Perpetual Bonds2,12			450,000		490,500
Banco Continental SA via Continental Senior Trustees Cayman Ltd., 5.50% Sr. Unsec. Nts., 11/18/201			3,050,000		3,351,950
Banco de Credito del Peru/Panama, 5.375% Sr. Unsec. Nts., 9/16/201			1,270,000		1,397,000
Banco del Estado de Chile, 4.125% Sr. Unsec. Nts., 10/7/201			6,205,000		6,578,740
Banco Santander SA:
6.25% Jr. Sub. Perpetual Bonds2,12	EUR		760,000		821,480
6.375% Jr. Sub. Perpetual Bonds2,12			4,405,000		4,352,351
Bank of America Corp.:
7.75% Jr. Sub. Nts., 5/14/38			1,365,000		1,972,140
8.00% Jr. Sub. Perpetual Bonds, Series K2,12			1,810,000		1,952,537
Bank of Baroda (London), 4.875% Sr. Unsec. Nts., 7/23/191			1,270,000		1,371,859
Barclays plc:
3.65% Sr. Unsec. Nts., 3/16/25			1,591,000		1,599,275
6.625% Jr. Sub. Perpetual Bonds2,12			1,340,000		1,331,614
7.00% Jr. Sub. Perpetual Bonds2,12	GBP		11,093,000		16,539,920
BNP Paribas SA, 5.945% Jr. Sub. Perpetual Bonds2,12	GBP		9,645,000		14,638,609
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/237			4,461,510		4,439,202
CIT Group, Inc.:
3.875% Sr. Unsec. Nts., 2/19/19			1,943,000		1,928,428
4.25% Sr. Unsec. Nts., 8/15/17			1,780,000		1,811,150
5.00% Sr. Unsec. Nts., 8/15/22			9,670,000		9,948,012
Citigroup, Inc.:
2.40% Sr. Unsec. Nts., 2/18/20			3,113,000		3,127,678
6.675% Sub. Nts., 9/13/43			888,000		1,188,592
5.95% Jr. Sub. Perpetual Bonds, Series D2,12			1,912,000		1,938,290
Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bond1,12			1,924,000		1,924,000
Cleopatra Finance Ltd., 6.25% Sr. Sec. Nts., 2/15/221			6,310,000		6,152,250
Commerzbank AG, 8.125% Sub. Nts., 9/19/231			6,435,000		7,681,781
Corp. Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/221			3,975,000		4,243,313
Corpbanca SA, 3.875% Sr. Unsec. Nts., 9/22/191			4,955,000		4,970,707
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/231			2,955,000		2,941,472
Credit Agricole SA:
6.637% Jr. Sub. Perpetual Bonds2,7,12			10,290,000		10,942,026
8.375% Jr. Sub. Perpetual Bonds2,7,12			7,146,000		8,483,017
Danske Bank:
5.684% Jr. Sub. Perpetual Bonds2,12	GBP		6,805,000		10,478,129
5.75% Jr. Sub. Perpetual Bonds2,12	EUR		445,000		493,267
Export-Import Bank of India:
4.00% Sr. Unsec. Nts., 1/14/23			3,340,000		3,473,967
9.50% Sr. Unsec. Nts., 10/9/18	INR		133,000,000		2,236,387
9.70% Sr. Unsec. Nts., 11/21/18	INR		150,000,000		2,541,248
Export-Import Bank of Korea, 2.875% Sr. Unsec. Nts., 1/21/25			5,085,000		5,113,339
Finansbank AS, 6.25% Sr. Unsec. Nts., 4/30/191			1,790,000		1,823,563
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/221			6,855,000		6,810,100

37      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds2,12	GBP	$	3,285,000	$	5,247,164
HSBC Holdings plc, 6.375% Jr. Sub. Perpetual Bonds2,12			8,085,000		8,266,913
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,2			2,880,000		3,009,600
ICICI Bank Ltd. (Dubai), 4.75% Sr. Unsec. Nts., 11/25/161			4,065,000		4,250,246
ICICI Bank Ltd. (Hong Kong), 5.75% Sr. Unsec. Nts., 11/16/201			3,445,000		3,920,913
Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/241			8,475,000		8,690,028
JPMorgan Chase & Co., 6.75% Jr. Sub. Perpetual Bonds, Series S2,12			1,560,000		1,700,400
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/242			1,270,000		1,326,769
Lloyds Banking Group plc, 7.625% Jr. Sub. Perpetual Bonds2,12	GBP		3,565,000		5,643,886
MFB Magyar Fejlesztesi Bank Zrt, 6.25% Sr. Unsec. Nts., 10/21/201			3,705,000		4,204,249
Mizuho Bank Ltd., 2.45% Sr. Unsec. Nts., 4/16/191			3,835,000		3,888,679
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		50,000,000		799,600
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds1,2,12	GBP		500,000		805,164
Royal Bank of Scotland Group plc:
6.00% Sub. Nts., 12/19/23			8,455,000		9,414,541
7.64% Jr. Sub. Perpetual Bonds, Series U2,12			6,885,000		7,573,500
Scottish Widows plc, 5.125% Jr. Sub. Perpetual Bonds2,12	GBP		1,710,000		2,558,302
Skandinaviska Enskilda Banken AB:
2.375% Sr. Unsec. Nts., 11/20/181			4,490,000		4,580,590
5.75% Jr. Sub. Perpetual Bonds2,12			7,660,000		7,736,378
Societe Generale SA, 5.922% Jr. Sub. Perpetual Bonds1,2,12			12,105,000		12,695,119
Standard Chartered plc, 6.50% Jr. Sub. Perpetual Bonds1,2,6,12			5,935,000		6,003,253
State Bank of India (London), 4.875% Sr. Unsec. Nts., 4/17/241			2,170,000		2,364,337
TC Ziraat Bankasi AS, 4.25% Sr. Unsec. Nts., 7/3/191			6,515,000		6,486,334
Toronto-Dominion Bank (The), 2.625% Sr. Unsec. Nts., 9/10/18			4,480,000		4,631,545
Turkiye Garanti Bankasi AS, 5.25% Sr. Unsec. Nts., 9/13/221			2,540,000		2,623,312
Turkiye Halk Bankasi AS:
3.875% Sr. Unsec. Nts., 2/5/201			2,550,000		2,441,625
4.75% Sr. Unsec. Nts., 6/4/191			2,665,000		2,668,091
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/201			2,195,000		2,140,125
Turkiye Vakiflar Bankasi TAO:
5.00% Sr. Unsec. Nts., 10/31/181			2,550,000		2,598,450
6.875% Sub. Nts., 2/3/251,2			3,825,000		3,753,090
UniCredit SpA, 8% Jr. Sub. Perpetual Bonds2,12			895,000		924,412
Wells Fargo & Co.:
5.875% Jr. Sub. Perpetual Bonds2,12			675,000		715,635
5.90% Jr. Sub. Perpetual Bonds, Series S2,12			1,455,000		1,518,656
Woori Bank, 4.75% Sub. Nts., 4/30/241			5,611,000		6,008,640
Yapi ve Kredi Bankasi AS, 5.125% Sr. Unsec. Nts., 10/22/191			2,540,000		2,574,328
					323,609,991
Consumer Finance—0.8%
Ahern Rentals, Inc., 9.50% Sec. Nts., 6/15/181			5,035,000		5,355,981
Ally Financial, Inc.:
5.125% Sr. Unsec. Nts., 9/30/24			6,605,000		6,819,662
7.50% Sr. Unsec. Nts., 9/15/20			2,835,000		3,327,581

38      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Consumer Finance (Continued)
Ally Financial, Inc.: (Continued)
8.00% Sr. Unsec. Nts., 11/1/31		$	1,492,000	$	1,870,595
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/128			27,100,000		1,558,250
Capital One Financial Corp., 3.20% Sr. Unsec. Nts., 2/5/25			2,287,000		2,272,766
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25			2,942,000		2,969,561
Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24			2,220,000		2,081,250
6.125% Sr. Unsec. Nts., 3/25/24			7,960,000		7,661,500
7.25% Sr. Unsec. Nts., 1/25/22			6,570,000		6,947,775
Speedy Cash Intermediate Holdings Corp., 10.75% Sec. Nts., 5/15/181			5,220,000		5,102,550
TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/181			6,905,000		4,937,075
					50,904,546
Diversified Financial Services—1.5%
ABN AMRO Bank NV, 4.31% Jr. Sub. Perpetual Bonds2,12	EUR		13,640,000		14,980,271
Baggot Securities Ltd., 10.24% Jr. Sub. Perpetual Bonds1,12	EUR		8,865,000		10,044,412
Banco BTG Pactual SA (Cayman Islands):
4.00% Sr. Unsec. Nts., 1/16/201			6,500,000		5,964,400
5.75% Sub. Nts., 9/28/221			1,140,000		1,034,778
Capsugel SA, 7% Sr. Unsec. Nts., 5/15/191,13			4,735,000		4,820,822
Corp. Financiera de Desarrollo SA, 5.25% Sub. Nts., 7/15/291,2			1,265,000		1,318,573
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/191			10,205,000		10,751,070
FTE Verwaltungs GmbH, 9% Sr. Sec. Nts., 7/15/201	EUR		4,670,000		5,332,118
Global Bank Corp., 5.125% Sr. Unsec. Nts., 10/30/191			3,000,000		3,127,200
InRetail Consumer, 5.25% Sr. Unsec. Nts., 10/10/211			930,000		953,250
Intercorp Peru Ltd., 5.875% Sr. Unsec. Nts., 2/12/251			1,180,000		1,174,100
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/201			3,755,000		3,661,125
Jefferies LoanCore LLC/JLC Finance Corp., 6.875% Sr. Unsec. Nts., 6/1/201			4,480,000		4,177,600
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/357,15	MXN		20,232,960		138,492
Magyar Export-Import Bank Zrt, 5.50% Sr. Unsec. Nts., 2/12/181			2,290,000		2,461,246
MSCI, Inc., 5.25% Sr. Unsec. Nts., 11/15/241			5,675,000		5,880,719
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/181			4,150,000		4,518,105
Odebrecht Finance Ltd., 5.25% Sr. Unsec. Nts., 6/27/291			2,125,000		1,737,187
Opal Acquisition, Inc., 8.875% Sr. Unsec. Nts., 12/15/211			1,920,000		1,960,800
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251			992,000		1,008,360
Power Finance Corp., 8.29% Sr. Unsec. Nts., 6/13/18	INR		130,000,000		2,085,569
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		190,000,000		3,115,719
SPCM SA, 5.50% Sr. Unsec. Nts., 6/15/201	EUR		810,000		927,564
State Grid Overseas Investment 2014 Ltd., 4.125% Sr. Unsec. Nts., 5/7/241			5,195,000		5,637,645
					96,811,125
Insurance—0.9%
AIA Group Ltd., 4.875% Sr. Unsec. Nts., 3/11/441			1,325,000		1,548,461
Aviva plc:
5.902% Jr. Sub. Perpetual Bonds2,12	GBP		1,850,000		2,959,031

39      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Insurance (Continued)
Aviva plc: (Continued)
6.125% Jr. Sub. Perpetual Bonds2,12	GBP		5,145,000	$	8,326,613
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/211			8,130,000		8,353,575
Liberty Mutual Group, Inc.:
4.25% Sr. Unsec. Nts., 6/15/231			1,650,000		1,760,519
4.85% Sr. Unsec. Nts., 8/1/441			1,077,000		1,172,725
Lincoln National Corp., 6.05% Jr. Unsec. Sub. Nts., 4/20/672			3,528,000		3,416,868
MetLife, Inc., 4.05% Sr. Unsec. Nts., 3/1/45			1,173,000		1,209,635
National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/211			7,546,000		7,753,515
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds2,7,12			6,450,000		6,788,625
Swiss Reinsurance Co. via ELM BV, 6.302% Sub. Perpetual Bonds2,12	GBP		4,690,000		7,715,510
TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/241			1,718,000		1,816,936
XLIT Ltd., 4.45% Sub. Nts., 3/31/25			977,000		985,293
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/372,7			1,805,000		1,908,787
					55,716,093
Real Estate Investment Trusts (REITs)—0.5%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/348,15	MXN		17,961,653		—
Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23			1,915,000		1,924,575
CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21			4,965,000		5,089,125
DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/21			2,320,000		2,407,000
HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17			555,000		602,467
Health Care REIT, Inc., 2.25% Sr. Unsec. Nts., 3/15/18			389,000		394,505
iStar Financial, Inc., 4.875% Sr. Unsec. Nts., 7/1/18			6,445,000		6,501,394
MPT Operating Partnership LP/MPT Finance Corp., 6.375% Sr. Unsec. Nts., 2/15/22			2,400,000		2,610,480
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			6,140,000		6,516,075
Prologis LP, 4% Sr. Unsec. Nts., 1/15/18			974,000		1,029,780
Sabra Health Care LP/Sabra Capital Corp., 5.50% Sr. Unsec. Nts., 2/1/21			2,705,000		2,890,969
TRUST F/1401, 5.25% Sr. Unsec. Nts., 12/15/241			3,925,000		4,229,187
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/171			1,304,000		1,311,264
					35,506,821
Real Estate Management & Development—0.6%
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/201			6,075,000		6,378,750
EMG SUKUK Ltd., 4.564% Sr. Unsec. Nts., 6/18/24			4,220,000		4,423,708
Fondo MIVIVIENDA SA, 3.50% Sr. Unsec. Nts., 1/31/231			6,145,000		6,006,737
Jafz Sukuk Ltd., 7% Sr. Unsec. Nts., 6/19/19			2,675,000		3,062,875
Realogy Group LLC:
7.625% Sr. Sec. Nts., 1/15/201			4,400,000		4,757,500
9.00% Sr. Sec. Nts., 1/15/207			2,890,000		3,164,550
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25% Sr. Unsec. Nts., 12/1/211			4,975,000		5,086,938
Sukuk Funding No. 3 Ltd., 4.348% Sr. Unsec. Nts., 12/3/18			2,520,000		2,649,896

40      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Real Estate Management & Development (Continued)
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/191	EUR		3,210,000	$	3,688,847
					39,219,801
Thrifts & Mortgage Finance—0.1%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		190,000,000		3,030,282
8.95% Sec. Nts., 10/19/20	INR		94,000,000		1,528,049
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 6.875% Sr. Unsec. Nts., 4/15/221			2,335,000		2,183,225
					6,741,556
Health Care—3.3%
Biotechnology—0.1%
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20			4,715,000		4,149,200
Health Care Equipment & Supplies—0.1%
DJO Finance LLC/DJO Finance Corp., 8.75% Sec. Nts., 3/15/18			3,605,000		3,794,263
Hologic, Inc., 6.25% Sr. Unsec. Nts., 8/1/20			665,000		693,263
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18			4,560,000		4,947,600
Zimmer Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25			580,000		592,273
					10,027,399
Health Care Providers & Services—2.4%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/231			2,810,000		2,873,225
6.125% Sr. Unsec. Nts., 3/15/21			1,560,000		1,626,300
Amsurg Corp.:
5.625% Sr. Unsec. Nts., 11/30/20			1,125,000		1,153,125
5.625% Sr. Unsec. Nts., 7/15/22			2,840,000		2,918,100
Centene Corp., 4.75% Sr. Unsec. Nts., 5/15/22			8,435,000		8,761,856
CHS/Community Health Systems, Inc.:
6.875% Sr. Unsec. Nts., 2/1/22			12,910,000		13,797,562
7.125% Sr. Unsec. Nts., 7/15/20			3,340,000		3,544,575
DaVita HealthCare Partners, Inc.:
5.125% Sr. Unsec. Nts., 7/15/24			10,355,000		10,600,931
5.75% Sr. Unsec. Nts., 8/15/22			3,205,000		3,413,325
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221			9,575,000		9,814,375
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20			11,885,000		10,191,387
Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/241			3,930,000		4,136,325
5.875% Sr. Unsec. Nts., 1/31/221			1,490,000		1,646,450
HCA, Inc.:
5.00% Sr. Sec. Nts., 3/15/24			4,730,000		5,031,538
5.375% Sr. Unsec. Nts., 2/1/25			2,110,000		2,219,456
5.875% Sr. Unsec. Nts., 5/1/23			4,520,000		4,892,900
7.50% Sr. Unsec. Nts., 2/15/22			8,510,000		9,946,063
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24			5,905,000		6,170,725
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22			4,220,000		4,278,025
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25			1,838,000		1,849,214
LifePoint Hospitals, Inc., 5.50% Sr. Unsec. Nts., 12/1/21			9,710,000		10,219,775

41      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Health Care Providers & Services (Continued)
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		$	5,295,000	$	5,493,563
Quest Diagnostics, Inc., 3.50% Sr. Unsec. Nts., 3/30/25			309,000		310,158
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21			5,825,000		5,792,234
Tenet Healthcare Corp.:
6.00% Sr. Sec. Nts., 10/1/20			13,960,000		14,815,050
8.125% Sr. Unsec. Nts., 4/1/22			4,355,000		4,812,275
Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/221			3,000,000		3,157,500
WellCare Health Plans, Inc., 5.75% Sr. Unsec. Nts., 11/15/20			750,000		791,250
					154,257,262
Pharmaceuticals—0.7%
Actavis Funding SCS:
1.85% Sr. Unsec. Nts., 3/1/17			1,935,000		1,949,580
3.80% Sr. Unsec. Nts., 3/15/25			757,000		782,195
4.75% Sr. Unsec. Nts., 3/15/45			814,000		867,370
Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR		1,245,000		1,429,797
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231			7,500,000		7,500,000
Endo Finance LLC/Endo Ltd./Endo Finco, Inc., 6% Sr. Unsec. Nts., 2/1/251			660,000		679,800
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75% Sr. Unsec. Nts., 8/1/221			5,010,000		5,179,087
Salix Pharmaceuticals Ltd., 6.50% Sr. Unsec. Nts., 1/15/211			3,680,000		4,089,400
Valeant Pharmaceuticals International, Inc.:
5.50% Sr. Unsec. Nts., 3/1/231			7,025,000		7,139,156
6.375% Sr. Unsec. Nts., 10/15/201			2,945,000		3,070,163
7.25% Sr. Unsec. Nts., 7/15/221			5,405,000		5,736,056
VRX Escrow Corp.:
5.375% Sr. Unsec. Nts., 3/15/201			2,805,000		2,840,063
5.875% Sr. Unsec. Nts., 5/15/231			1,645,000		1,690,238
					42,952,905
Industrials—7.5%
Aerospace & Defense—1.4%
BAE Systems Holdings, Inc., 3.80% Sr. Unsec. Nts., 10/7/241			1,394,000		1,466,248
BOC Aviation Pte Ltd., 3% Sr. Unsec. Nts., 3/30/201			3,840,000		3,837,439
CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/211			16,920,000		14,466,600
Erickson, Inc., 8.25% Sec. Nts., 5/1/20			9,804,000		7,960,848
GenCorp, Inc., 7.125% Sec. Nts., 3/15/21			12,010,000		12,910,750
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21			5,965,000		6,442,200
KLX, Inc., 5.875% Sr. Unsec. Nts., 12/1/221			9,520,000		9,520,000
Kratos Defense & Security Solutions, Inc., 7% Sr. Sec. Nts., 5/15/19			7,560,000		6,633,900
L-3 Communications Corp., 1.50% Sr. Unsec. Nts., 5/28/17			519,000		515,933
LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/191			3,155,000		3,194,438
Sequa Corp., 7% Sr. Unsec. Nts., 12/15/171			7,194,000		5,791,170
Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22			6,510,000		6,802,950
TransDigm, Inc., 6% Sr. Sub. Nts., 7/15/22			6,335,000		6,358,756
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22			7,700,000		7,603,750
					93,504,982

42      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Air Freight & Couriers—0.6%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211	$	23,940,000	$	23,341,500
Kazakhstan Temir Zholy Finance BV, 6.95% Sr. Unsec. Nts., 7/10/421		560,000		518,112
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/201		9,365,000		9,903,488
XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/191		5,625,000		5,969,531
				39,732,631
Airlines—0.3%
Air Canada, 6.75% Sr. Sec. Nts., 10/1/191		10,090,000		10,808,912
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/257		3,666,663		3,703,330
US Airways 2011-1 Class A Pass Through Trust, 7.125% Pass-Through Certificates, 10/22/23		4,015,195		4,747,968
				19,260,210
Building Products—0.4%
Building Materials Corp. of America, 5.375% Sr. Unsec. Nts., 11/15/241		5,665,000		5,778,300
Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21		11,515,000		12,378,625
USG Corp., 5.50% Sr. Unsec. Nts., 3/1/251		3,505,000		3,583,863
				21,740,788
Commercial Services & Supplies—1.5%
ADT Corp. (The), 5.25% Sr. Unsec. Nts., 3/15/20		12,410,000		12,906,400
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		9,880,000		6,224,400
Brand Energy & Infrastructure Services, Inc., 8.50% Sr. Unsec. Nts., 12/1/217		9,720,000		9,161,100
Cenveo Corp.:
6.00% Sr. Sec. Nts., 8/1/191		8,790,000		8,284,575
8.50% Sec. Nts., 9/15/221		7,655,000		6,487,612
First Data Corp., 6.75% Sr. Sec. Nts., 11/1/201		13,005,000		13,882,838
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		2,221,000		2,333,893
Quad Graphics, Inc., 7% Sr. Unsec. Nts., 5/1/221		8,255,000		7,976,394
R.R. Donnelley & Sons Co.:
7.625% Sr. Unsec. Nts., 6/15/20		1,685,000		1,933,537
7.875% Sr. Unsec. Nts., 3/15/21		6,665,000		7,658,085
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221		21,845,000		21,476,366
				98,325,200
Electrical Equipment—0.3%
General Cable Corp., 5.75% Sr. Unsec. Nts., 10/1/22		7,945,000		7,428,575
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/241		8,190,000		8,753,063
				16,181,638
Industrial Conglomerates—0.2%
Alfa SAB de CV, 5.25% Sr. Unsec. Nts., 3/25/241		2,615,000		2,790,205
CITIC Ltd.:
6.625% Sr. Unsec. Nts., 4/15/21		1,270,000		1,484,236
6.80% Sr. Unsec. Nts., 1/17/23		1,270,000		1,511,300
CITIC Ltd., 7.875% Sub. Perpetual Bonds2,12		1,270,000		1,333,500
General Electric Capital Corp., 6.25% Jr. Sub. Perpetual Bonds, Series B2,12		1,125,000		1,271,250

43      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Industrial Conglomerates (Continued)
KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/201		$	5,870,000	$	5,679,225
					14,069,716
Machinery—1.2%
Actuant Corp., 5.625% Sr. Unsec. Nts., 6/15/22			7,700,000		8,017,625
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/227			9,160,000		9,251,600
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/191			8,635,000		8,850,875
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/227			5,690,000		5,953,163
KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/201	EUR		4,990,000		5,809,127
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24			10,795,000		10,929,938
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21			6,225,000		6,077,156
Servus Luxembourg Holding SCA, 7.75% Sr. Sec. Nts., 6/15/181	EUR		5,504,611		6,236,970
SKF AB, 2.375% Sr. Unsec. Nts., 10/29/20	EUR		805,000		941,920
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21			8,130,000		8,373,900
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18			5,745,000		5,942,484
					76,384,758
Marine—0.1%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375% Sr. Nts., 1/15/221			4,220,000		3,956,250
Professional Services—0.1%
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22			8,420,000		8,893,793
Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251			6,300,000		6,284,250
CAR, Inc., 6.125% Sr. Unsec. Nts., 2/4/201			3,820,000		3,892,962
ERAC USA Finance LLC, 4.50% Sr. Unsec. Nts., 2/15/451			562,000		570,944
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/201			2,870,000		2,866,987
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/187			5,360,000		5,601,200
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/221			6,360,000		6,221,479
					25,437,822
Trading Companies & Distributors—0.9%
Air Lease Corp., 3.875% Sr. Unsec. Nts., 4/1/21			1,842,000		1,906,470
American Builders & Contractors Supply Co., Inc., 5.625% Sr. Unsec. Nts., 4/15/211			6,000,000		6,090,000
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21			5,555,000		5,513,338
6.75% Sr. Unsec. Nts., 12/15/20			9,130,000		9,346,837
HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/211			12,890,000		13,308,925
7.50% Sr. Unsec. Nts., 7/15/20			3,575,000		3,843,125
Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/211			11,305,000		9,891,875
United Rentals North America, Inc., 4.625% Sr. Sec. Nts., 7/15/23			6,310,000		6,396,763
					56,297,333

44      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Transportation Infrastructure—0.1%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371		$	5,280,000	$	6,003,835
Empresa de Transporte de Pasajeros Metro SA, 4.75% Unsec. Nts., 2/4/241			2,170,000		2,336,904
					8,340,739
Information Technology—3.8%
Communications Equipment—0.8%
Alcatel-Lucent USA, Inc., 6.75% Sr. Unsec. Nts., 11/15/201			13,420,000		14,359,400
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/191			13,815,000		13,780,462
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/221,6			6,300,000		6,441,750
Motorola Solutions, Inc., 3.50% Sr. Unsec. Nts., 3/1/23			1,355,000		1,362,026
Project Homestake Merger Corp., 8.875% Sr. Unsec. Nts., 3/1/231			4,900,000		4,924,500
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20			8,827,000		9,345,586
					50,213,724
Electronic Equipment, Instruments, & Components—0.4%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19			6,420,000		6,933,600
Arrow Electronics, Inc., 3.50% Sr. Unsec. Nts., 4/1/22			1,950,000		1,957,373
Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/221			6,360,000		6,550,800
CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23			2,105,000		2,141,838
Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/221			5,870,000		6,339,600
					23,923,211
Internet Software & Services—0.9%
Alibaba Group Holding Ltd.:
2.50% Sr. Unsec. Nts., 11/28/191			4,310,000		4,316,185
3.125% Sr. Unsec. Nts., 11/28/211			8,140,000		8,209,621
4.50% Sr. Unsec. Nts., 11/28/341			1,780,000		1,799,874
Baidu, Inc., 2.75% Sr. Unsec. Nts., 6/9/19			1,450,000		1,467,797
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/201	EUR		5,135,000		5,879,119
EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20			11,145,000		11,479,350
Equinix, Inc.:
4.875% Sr. Unsec. Nts., 4/1/20			2,335,000		2,422,562
5.375% Sr. Unsec. Nts., 1/1/22			6,820,000		7,143,950
IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/22			4,470,000		4,458,825
Tencent Holdings Ltd.:
3.375% Sr. Unsec. Nts., 5/2/191			3,615,000		3,744,977
3.80% Sr. Unsec. Nts., 2/11/25			3,815,000		3,905,221
VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/251			1,370,000		1,395,688
					56,223,169
IT Services—0.5%
First Data Corp.:
8.25% Sec. Nts., 1/15/211			11,525,000		12,475,812
10.625% Sr. Unsec. Nts., 6/15/21			12,040,000		13,755,700
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201			5,845,000		5,976,513
Sabre GLBL, Inc., 8.50% Sr. Sec. Nts., 5/15/191			2,321,000		2,488,576
Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17			667,000		687,096
6.75% Sr. Unsec. Nts., 2/1/17			332,000		363,210
					35,746,907

45      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Semiconductors & Semiconductor Equipment—0.5%
Freescale Semiconductor, Inc., 6% Sr. Sec. Nts., 1/15/221	$	13,415,000	$	14,588,812
Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/231		7,955,000		8,114,100
5.50% Sr. Unsec. Nts., 2/1/251		4,015,000		4,055,150
5.875% Sr. Unsec. Nts., 2/15/22		4,160,000		4,406,522
				31,164,584
Software—0.5%
Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/211		2,385,000		2,545,988
Blackboard, Inc., 7.75% Sr. Unsec. Nts., 11/15/197		5,170,000		4,989,050
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		5,471,000		5,033,320
Interactive Data Corp., 5.875% Sr. Unsec. Nts., 4/15/191		11,975,000		12,094,750
Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24		1,310,000		1,378,662
Sixsigma Networks Mexico SA de CV, 8.25% Sr. Unsec. Nts., 11/7/211		1,550,000		1,624,090
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		5,905,000		6,000,956
				33,666,816
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.45% Sr. Unsec. Nts., 5/6/44		931,000		1,041,762
Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts., 10/15/201		9,130,000		9,673,235
				10,714,997
Materials—4.6%
Chemicals—1.0%
ADS Waste Holdings, Inc., 8.25% Sr. Unsec. Nts., 10/1/20		3,460,000		3,633,000
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		774,000		775,326
4.125% Sr. Unsec. Nts., 3/15/35		388,000		386,016
Ashland, Inc., 4.75% Sr. Unsec. Nts., 8/15/22		3,560,000		3,631,200
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/221		3,450,000		3,165,375
6.45% Sr. Unsec. Nts., 2/3/24		1,150,000		1,112,625
Eagle Spinco, Inc., 4.625% Sr. Unsec. Nts., 2/15/21		2,550,000		2,530,875
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/20		8,275,000		7,613,000
Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/221		2,550,000		2,562,750
INEOS Group Holdings SA, 6.125% Sr. Unsec. Nts., 8/15/181		4,605,000		4,651,050
Mexichem SAB de CV:
4.875% Sr. Unsec. Nts., 9/19/221		5,075,000		5,351,587
5.875% Sr. Unsec. Nts., 9/17/441		3,110,000		3,078,900
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21		3,950,000		3,515,500
NOVA Chemicals Corp., 5% Sr. Unsec. Nts., 5/1/251		2,975,000		3,116,312
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/221		3,865,000		4,058,250
PQ Corp., 8.75% Sec. Nts., 11/1/181		3,870,000		4,029,638
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75% Sr. Sec. Nts., 2/1/19		4,104,000		4,350,240
Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20		3,520,000		3,458,400

46      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Chemicals (Continued)
WR Grace & Co., 5.125% Sr. Unsec. Nts., 10/1/211		$	2,480,000	$	2,579,200
					63,599,244
Construction Materials—0.5%
Building Materials Corp. of America, 6.75% Sr. Unsec. Nts., 5/1/211			7,285,000		7,758,525
Calcipar SA, 6.875% Sr. Sec. Nts., 5/1/187			280,000		284,900
Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/231	EUR		1,365,000		1,473,220
4.75% Sr. Sec. Nts., 1/11/221	EUR		755,000		832,515
5.70% Sr. Sec. Nts., 1/11/251			1,690,000		1,671,410
Elementia SAB de CV, 5.50% Sr. Unsec. Nts., 1/15/251			1,320,000		1,315,380
HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR		1,890,000		2,278,182
7.50% Sr. Unsec. Nts., 4/3/20	EUR		1,720,000		2,390,372
8.00% Sr. Unsec. Nts., 1/31/17	EUR		1,980,000		2,403,105
James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/231			1,747,000		1,808,145
Lafarge SA:
4.75% Sr. Unsec. Nts., 9/30/20	EUR		2,790,000		3,579,627
5.375% Sr. Unsec. Nts., 6/26/17	EUR		1,490,000		1,764,289
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/211			1,545,000		1,565,858
					29,125,528
Containers & Packaging—1.2%
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/201			1,714,412		1,725,127
Ball Corp., 5% Sr. Unsec. Nts., 3/15/22			3,675,000		3,858,750
Berry Plastics Corp., 5.50% Sec. Nts., 5/15/22			9,845,000		10,128,044
Cascades, Inc., 7.875% Sr. Unsec. Nts., 1/15/20			5,915,000		6,162,691
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/201			2,160,000		1,890,000
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191			4,270,000		4,387,425
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23			6,360,000		6,447,450
Graphic Packaging International, Inc., 4.875% Sr. Unsec. Nts., 11/15/22			1,415,000		1,471,600
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/241			4,060,000		3,948,350
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221			3,715,000		3,798,216
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19			2,817,000		2,936,722
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20			13,305,000		13,787,306
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221			3,550,000		3,629,875
5.125% Sr. Unsec. Nts., 12/1/241			3,550,000		3,683,125
6.50% Sr. Unsec. Nts., 12/1/201			6,780,000		7,576,650
Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/181			3,865,000		4,067,913
					79,499,244

47      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Metals & Mining—1.6%
ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD		500,000	$	354,115
5.95% Sr. Unsec. Nts., 7/31/24			1,140,000		1,181,930
Aleris International, Inc.:
7.625% Sr. Unsec. Nts., 2/15/18			8,520,000		8,722,350
7.875% Sr. Unsec. Nts., 11/1/20			8,850,000		9,049,125
ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR		4,030,000		4,392,159
5.25% Sr. Unsec. Nts., 2/25/17			4,525,000		4,717,313
Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/241			7,260,000		6,897,000
First Quantum Minerals Ltd., 7.25% Sr. Unsec. Nts., 5/15/221			6,185,000		5,721,125
FMG Resources August 2006 Pty Ltd.:
6.875% Sr. Unsec. Nts., 2/1/181			2,173,333		2,135,300
8.25% Sr. Unsec. Nts., 11/1/191			3,575,000		3,034,281
Freeport-McMoRan, Inc., 3.875% Sr. Unsec. Nts., 3/15/23			625,000		579,586
Gestamp Funding Luxembourg SA:
5.875% Sr. Sec. Nts., 5/31/201	EUR		5,550,000		6,337,118
5.875% Sr. Sec. Nts., 5/31/20	EUR		320,000		365,383
Glencore Canada Corp., 6% Sr. Unsec. Unsub. Nts., 10/15/15			551,000		565,128
Glencore Finance Canada Ltd.:
2.05% Sr. Unsec. Nts., 10/23/151			4,422,000		4,441,178
4.95% Sr. Unsec. Nts., 11/15/211			1,690,000		1,828,555
Glencore Funding LLC:
4.125% Sr. Unsec. Nts., 5/30/231			6,465,000		6,595,257
4.625% Sr. Unsec. Nts., 4/29/241			714,000		745,530
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44			518,000		542,100
GTL Trade Finance, Inc., 5.893% Sr. Unsec. Nts., 4/29/241			7,055,000		6,836,295
JMC Steel Group, Inc., 8.25% Sr. Nts., 3/15/181			5,050,000		4,260,938
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/201			995,000		897,490
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20			4,470,000		4,810,838
ONGC Videsh Ltd., 2.75% Sr. Unsec. Nts., 7/15/21	EUR		1,650,000		1,856,661
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/221			1,270,000		1,146,175
Steel Dynamics, Inc., 5.125% Sr. Unsec. Nts., 10/1/211			3,780,000		3,822,525
Thompson Creek Metals Co., Inc., 7.375% Sr. Unsec. Nts., 6/1/18			3,300,000		2,631,750
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/181			4,770,000		5,091,975
Yamana Gold, Inc., 4.95% Sr. Unsec. Nts., 7/15/24			915,000		901,292
					100,460,472
Paper & Forest Products—0.3%
Fibria Overseas Finance Ltd., 5.25% Sr. Unsec. Nts., 5/12/24			2,285,000		2,273,575
International Paper Co., 4.80% Sr. Unsec. Nts., 6/15/44			761,000		785,975
Inversiones CMPC SA:
4.75% Sr. Unsec. Nts., 9/15/241			2,960,000		3,085,927
6.125% Sr. Unsec. Nts., 11/5/191			765,000		851,445
PaperWorks Industries, Inc., 9.50% Sr. Sec. Nts., 8/15/191			5,695,000		5,858,731
Sappi Papier Holding GmbH, 6.625% Sr. Sec. Nts., 4/15/211			5,190,000		5,468,963
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/211			1,410,000		1,438,200
					19,762,816

48      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Telecommunication Services—3.4%
Diversified Telecommunication Services—2.5%
AT&T, Inc., 4.35% Sr. Unsec. Nts., 6/15/45		$	1,233,000	$	1,188,229
CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21			5,810,000		6,296,587
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/201			21,270,000		22,519,612
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/221			1,890,000		1,929,595
Colombia Telecomunicaciones SA ESP, 8.50% Sub. Perpetual Bonds1,2,12			1,080,000		1,088,316
Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/211			2,450,000		2,584,750
Cox Communications, Inc.:
3.85% Sr. Unsec. Nts., 2/1/251			1,117,000		1,150,846
5.875% Sr. Unsec. Nts., 12/1/161			1,778,000		1,909,576
Deutsche Telekom International Finance BV, 5.75% Sr. Unsec. Nts., 3/23/16			1,800,000		1,884,148
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/231			8,640,000		8,391,600
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/191			6,385,000		6,768,100
Frontier Communications Corp., 7.125% Sr. Unsec. Nts., 1/15/23			6,580,000		6,760,950
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21			8,845,000		8,192,681
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			8,660,000		12,503,169
Level 3 Financing, Inc.:
5.375% Sr. Unsec. Nts., 8/15/22			8,460,000		8,748,165
5.625% Sr. Unsec. Nts., 2/1/231			5,830,000		6,019,475
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			14,250,000		16,708,125
Telecom Italia SpA, 5.25% Sr. Unsec. Nts., 2/10/22	EUR		3,765,000		4,795,595
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36			680,000		942,329
T-Mobile USA, Inc.:
6.25% Sr. Unsec. Nts., 4/1/21			8,025,000		8,376,094
6.625% Sr. Unsec. Nts., 11/15/20			6,365,000		6,675,294
Turk Telekomunikasyon AS, 3.75% Sr. Unsec. Nts., 6/19/191			3,025,000		3,000,422
Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24			750,000		769,080
4.50% Sr. Unsec. Nts., 9/15/20			3,807,000		4,207,032
5.012% Sr. Unsec. Nts., 8/21/54			435,000		453,388
Windstream Corp.:
6.375% Sr. Unsec. Nts., 8/1/23			3,485,000		3,155,877
7.75% Sr. Unsec. Nts., 10/1/21			6,545,000		6,551,545
Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/231			6,320,000		6,378,334
					159,948,914
Wireless Telecommunication Services—0.9%
Bharti Airtel International Netherlands BV, 5.35% Sr. Unsec. Nts., 5/20/241			5,405,000		5,979,281
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/221			2,845,000		2,609,434
ENTEL Chile SA, 4.75% Sr. Unsec. Nts., 8/1/261			3,910,000		4,026,905
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/251			2,220,000		2,222,775
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/231			1,970,000		1,670,560
Sprint Corp., 7.875% Sr. Unsec. Nts., 9/15/23			12,560,000		12,874,000

49      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Wireless Telecommunication Services (Continued)
Telefonica Europe BV, 6.75% Jr. Sub. Perpetual Bonds2,12	GBP		9,295,000	$	15,077,344
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds2,12	EUR		4,250,000		4,940,013
Vodafone Group plc, 4.375% Sr. Unsec. Unsub. Nts., 2/19/43			474,000		468,884
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/201	EUR		4,635,000		5,028,832
					54,898,028
Utilities—3.5%
Electric Utilities—1.6%
E.CL SA, 4.50% Sr. Unsec. Nts., 1/29/251			2,135,000		2,213,946
EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/211			11,006,000		11,957,359
6.00% Sr. Unsec. Nts., 2/2/181			1,640,000		1,787,633
Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds1,2,12			3,970,000		4,152,620
5.625% Jr. Sub. Perpetual Bonds1,2,12			3,050,000		3,249,012
6.00% Jr. Sub. Perpetual Bonds2,12	GBP		2,100,000		3,414,785
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/191			5,305,000		6,273,162
EnBW Energie Baden-Wuerttemberg AG, 3.625% Jr. Sub. Nts., 4/2/762	EUR		6,300,000		6,996,556
Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/171			1,720,000		1,915,050
Enel SpA, 5% Sub. Nts., 1/15/752	EUR		8,345,000		9,836,384
Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/231			3,970,000		3,970,794
7.125% Unsec. Nts., 2/11/251			2,545,000		2,569,177
Iberdrola International BV, 5.75% Jr. Sub. Perpetual Bonds2,12	EUR		6,125,000		7,242,429
Israel Electric Corp. Ltd.:
6.875% Sr. Sec. Nts., 6/21/231			3,205,000		3,725,543
7.25% Sr. Sec. Nts., 1/15/191			9,365,000		10,559,038
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43			1,043,000		1,241,795
MMC Energy. Inc., 8.875% Sr. Unsec. Nts., 10/15/208,16			3,950,000		395
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		421,000,000		9,828,043
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/211			11,545,000		12,656,206
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		90,000,000		1,456,441
					105,046,368
Gas Utilities—0.3%
Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/211			5,150,000		5,536,250
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21			3,896,000		3,944,700
Gas Natural Capital Markets SA, 4.375% Sr. Unsec. Nts., 11/2/16	EUR		2,875,000		3,292,312
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/231			2,525,000		2,566,662
Perusahaan Gas Negara Persero Tbk PT, 5.125% Sr. Unsec. Nts., 5/16/241			4,845,000		5,159,441
					20,499,365
Independent Power and Renewable Electricity Producers—1.2%
AES Corp., 7.375% Sr. Unsec. Nts., 7/1/21			3,745,000		4,213,125
Atlantic Power Corp., 9% Sr. Unsec. Nts., 11/15/18			4,230,000		4,388,625

50      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Calpine Corp.:
5.375% Sr. Unsec. Nts., 1/15/23		$	7,095,000	$	7,130,475
7.875% Sr. Sec. Nts., 1/15/231			2,767,000		3,071,923
Colbun SA, 4.50% Sr. Unsec. Nts., 7/10/241			2,930,000		3,030,997
Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/241			5,365,000		5,727,137
Dynegy, Inc., 5.875% Sr. Unsec. Nts., 6/1/23			1,485,000		1,451,588
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18			10,710,000		10,977,750
Hero Asia Investment Ltd., 2.875% Sr. Unsec. Nts., 10/3/17			1,270,000		1,275,356
Infinis plc, 7% Sr. Sec. Nts., 2/15/197	GBP		3,895,000		6,138,958
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28			4,822,757		5,296,318
NRG Energy, Inc.:
6.25% Sr. Unsec. Nts., 7/15/22			4,960,000		5,127,400
6.25% Sr. Unsec. Nts., 5/1/24			2,225,000		2,252,813
6.625% Sr. Unsec. Nts., 3/15/23			5,210,000		5,418,400
NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/241			1,813,000		1,894,585
Power Sector Assets & Liabilities Management Corp., 7.39% Sr. Unsec. Nts., 12/2/241			5,365,000		7,222,631
					74,618,081
Multi-Utilities—0.4%
InterGen NV, 7% Sr. Sec. Nts., 6/30/231			10,570,000		10,279,325
National Grid North America, Inc., 1.75% Sr. Unsec. Nts., 2/20/18	EUR		3,170,000		3,542,702
NGG Finance plc, 4.25% Sub. Nts., 6/18/762	EUR		8,160,000		9,650,479
					23,472,506
Total Corporate Bonds and Notes (Cost $3,661,636,590)					3,572,301,150
		Shares
Preferred Stock—0.2%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg.1 (Cost $13,115,042)			13,604		13,963,231
Common Stocks—0.2%
Arco Capital Corp. Ltd.7,14			2,494,716		—
Entegra Etc., Series A14			16,217		4,735,364
Kaiser Aluminum Corp.			1,399		107,569
Nortek, Inc.14			86,282		7,614,386
Premier Holdings Ltd.14			1,088,661		—
Revel Entertainment, Inc.14			62,473		—
Wallace Theater Holdings, Inc.7,14			6,170		62
Total Common Stocks (Cost $16,905,135)					12,457,381
		Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $48.72, Exp. 3/19/1714			88,579		—
US Shale Solutions, Inc. Wts., Strike Price $0.01, Exp. 9/1/241,14			5,695		57
Total Rights, Warrants and Certificates (Cost $24,912,707)					57

51      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Structured Securities—0.7%
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/118	RUB		196,587,000	$	—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/108	RUB		335,100,000		—
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01%, 4/30/251,9			3,775,163		2,455,673
3.138%, 4/30/251,9			3,712,065		2,414,628
3.191%, 4/30/251,9			4,621,822		3,006,408
3.241%, 4/30/251,9			5,275,109		3,431,359
3.269%, 4/30/251,9			4,214,195		2,741,254
3.346%, 4/30/251,9			3,961,163		2,576,662
3.905%, 4/30/251,9			4,810,138		3,128,905
4.005%, 4/30/251,9			4,152,784		2,701,308
28.422%, 12/31/177,15	BRL		28,840,000		16,098,278
Deutsche Bank AG, Opic Reforma I Credit Linked Nts.:
Cl. 2A, 7.208%, 5/22/152,7	MXN		1,803,555		108,957
Cl. 2B, 7.208%, 5/22/152,7	MXN		3,155,364		190,623
Cl. 2C, 7.208%, 5/22/152,7	MXN		47,575,229		2,874,132
Cl. 2D, 7.208%, 5/22/152,7	MXN		3,467,217		209,463
Cl. 2E, 7.208%, 5/22/152,7	MXN		2,518,999		152,179
Cl. 2F, 7.208%, 5/22/152,7	MXN		1,608,758		97,189
Cl. 2G, 7.208%, 5/22/152,7	MXN		296,268		17,898
LB Peru Trust II Certificates, Series 1998-A, 99.999%, 2/28/168,9			115,443		—
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		130,805,615		992,235
Total Structured Securities (Cost $67,718,722)					43,197,151
Short-Term Note—0.4%
United States Treasury Bills, 0.06%, 5/14/159,11 (Cost $23,328,328)			23,330,000		23,328,328

	Counterparty			Exercise Price		Expiration Date			Contracts
Over-the-Counter Options Purchased—0.2%
BRL Currency Call14		GSG	BRL		3.250		3/14/16	BRL		91,425,000	882,708
CAD Currency Put14		DEU	CAD		1.260		4/29/15	CAD		165,000,000	1,838,430
CAD Currency Put14		GSG	CAD		1.260		5/8/15	CAD		95,000,000	1,173,345
EUR Currency Put14,17		BOA	USD		1.000		9/16/15	EUR		7,500,000	1,556,481
EUR Currency Call14		DEU	USD		1.100		4/23/15	EUR		7,500,000	3,097,425

52      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

ILS Currency Put14

GSG

ILS

4.160

6/1/15

ILS

70,000,000

$

62,930

ILS Currency Put14

GSG

ILS

4.000

6/25/15

ILS

524,648,000

1,980,022

INR Currency Call14

BOA

INR

62.500

8/27/15

INR

4,686,000,000

524,832

KRW Currency Put14

GSG

KRW

1140.000

6/19/15

KRW

149,580,000,000

1,196,640

MXN Currency Call14

CITNA-B

MXN

14.755

3/16/16

MXN

737,720,000

1,084,449

MXN Currency Call14

BOA

MXN

14.161

4/16/15

MXN

1,595,750,000

1,596

MXN Currency Call14

JPM

MXN

14.723

3/16/16

MXN

368,060,000

522,645

ZAR Currency Call14

CITNA-B

ZAR

11.565

3/29/16

ZAR

433,710,000

581,605

ZAR Currency Call14

GSG

ZAR

11.805

3/14/16

ZAR

332,077,400

593,090

ZAR Currency Call14

BOA

ZAR

11.834

3/14/16

ZAR

332,893,000

615,186

Total Over-the-Counter Options Purchased (Cost $15,313,803)

15,711,384

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.2%

Interest Rate Swap maturing 12/17/25 Call14

UBS

Receive

Six-Month GBP BBA LIBOR

2.311%

12/17/15

GBP

278,000

5,703,527

Interest Rate Swap maturing 12/18/25 Call14

BOA

Receive

Three- Month USD BBA LIBOR

2.798

12/16/15

USD

555,000

6,024,053

53      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 3/31/46 Call14

JPM

Receive

Three- Month USD BBA LIBOR

2.485%

3/29/16

USD

37,525

$

2,744,441

Interest Rate Swap maturing 5/30/33 Call14

BAC

Receive

Six-Month GBP BBA LIBOR

3.990

5/30/23

GBP

4,350

273,589

Interest Rate Swap maturing 6/29/20 Call14

BAC

Receive

Three- Month USD BBA LIBOR

1.860

6/25/15

USD

187,000

765,703

Interest Rate Swap maturing 6/29/25 Call14

BOA

Receive

Three- Month USD BBA LIBOR

2.290

6/25/15

USD

94,000

778,356

Interest Rate Swap maturing 7/21/25 Call14

UBS

Receive

Six-Month EUR EURIBOR

1.821

7/17/15

EUR

57,110

6,410

Interest Rate Swap maturing 7/21/25 Call14

GSG

Receive

Six-Month EUR EURIBOR

2.750

7/17/15

EUR

130,220

10,219

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $20,457,784)

16,306,298

Shares

Investment Companies—11.2%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.12%18,19

113,514,391

113,514,391

Oppenheimer Master Event-Linked Bond Fund, LLC18

9,242,083

135,527,701

Oppenheimer Master Loan Fund, LLC18

22,306,015

327,340,950

Oppenheimer Ultra-Short Duration Fund, Cl. Y18

13,761,704

137,892,278

Total Investment Companies (Cost $723,673,611)

714,275,320

Total Investments, at Value (Cost $6,714,316,655)

102.0%

6,520,482,237

Net Other Assets (Liabilities)

(2.0)

(130,173,524)

Net Assets

100.0%

$

6,390,308,713

54      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Statement of Investments

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 $2,198,838,334 or 34.43% of the Fund’s net assets as of March 31, 2015.

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

3. 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 $16,949,287 or 0.27% of the Fund’s net assets as of March 31, 2015.

4. Interest rate is less than 0.0005%.

5. 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.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 31, 2015. See Note 4 of the accompanying Consolidated Notes.

7. Restricted security. The aggregate value of restricted securities as of March 31, 2015 was $123,816,088, which represents 1.94% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/22		3/3/14 - 12/30/14	$	9,154,145	$	9,251,600	$	97,455
Arco Capital Corp. Ltd.		6/28/13		—		—		—
ASG Consolidated LLC/ASG Finance, Inc., 15% Sr. Unsec. Nts., 5/15/17		11/15/10 - 11/15/14		9,579,632		6,584,521		(2,995,111	)
Blackboard, Inc., 7.75% Sr. Unsec. Nts., 11/15/19		12/2/13 - 10/16/14		5,257,788		4,989,050		(268,738	)
Brand Energy & Infrastructure Services, Inc., 8.50% Sr. Unsec. Nts., 12/1/21		11/22/13 - 11/25/13		9,806,554		9,161,100		(645,454	)
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23		7/25/13 - 12/4/14		4,598,365		4,439,202		(159,163	)
Calcipar SA, 6.875% Sr. Sec. Nts., 5/1/18		11/21/13		290,215		284,900		(5,315	)
Citigroup Mortgage Loan Trust, Inc., Collateralized Mtg. Obligations, Series 2014-8, Cl. 1A2, 0.466%, 7/20/36		7/11/14		1,373,989		1,308,000		(65,989	)
Credit Agricole SA, 6.637% Jr. Sub. Perpetual Bonds		10/22/13 - 12/18/13		10,291,460		10,942,026		650,566
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		7/17/13 - 3/19/15		7,803,656		8,483,017		679,361
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 28.422%, 12/31/17		9/19/07		13,957,702		16,098,278		2,140,576

55      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.208%, 5/22/15		5/21/08	$	173,764	$	108,957	$	(64,807	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.208%, 5/22/15		6/12/08		296,602		190,623		(105,979	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.208%, 5/22/15		6/18/08		4,612,209		2,874,132		(1,738,077	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.208%, 5/22/15		7/8/08		335,832		209,463		(126,369	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.208%, 5/22/15		7/15/08		244,395		152,179		(92,216	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.208%, 5/22/15		8/8/08		158,261		97,189		(61,072	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.208%, 5/22/15		8/22/08		27,890		17,898		(9,992	)
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/22		12/12/13 - 10/28/14		4,276,746		4,237,987		(38,759	)
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/25		8/27/13 - 12/4/14		3,371,590		3,703,330		331,740
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		9/11/14		5,645,333		5,953,163		307,830
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13 - 5/12/14		6,656,610		6,138,958		(517,652	)
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		1,842,518		138,492		(1,704,026	)
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/20		9/19/12 - 12/6/13		6,119,256		6,084,400		(34,856	)
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/18		12/7/12 - 3/15/13		5,408,848		5,601,200		192,352
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		5/8/13 - 4/17/14		3,607,965		3,627,075		19,110
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29		8/10/10		4,811,624		1,277,324		(3,534,300	)
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/08		3/6/98		14,317,825		—		(14,317,825	)
Realogy Group LLC, 9% Sr. Sec. Nts., 1/15/20		1/25/12 - 2/1/12		2,880,475		3,164,550		284,075
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds		11/14/13 - 3/13/15		6,737,163		6,788,625		51,462

56      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized   Appreciation/   (Depreciation)
Wallace Theater Holdings, Inc.		3/28/13	$	62	$	62	$	—
ZFS Finance USA Trust V, 6.50% Jr. Sub. Nts., 5/9/37		3/11/15		1,915,559		1,908,787		(6,772)
			$	145,554,033	$	123,816,088	$	(21,737,945)

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

9. Zero coupon bond reflects effective yield on the date of purchase.

10. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $6,891,931. See Note 5 of the accompanying Consolidated Notes.

11. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $8,051,641. See Note 5 of the accompanying Consolidated Notes.

12. 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.

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

14. Non-income producing security.

15. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

16. Security received as the result of issuer reorganization.

17. Knock-in option becomes eligible for exercise if at any time spot rates are equal to or greater than 1.08 EUR per 1 USD.

18. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended March 31, 2015, 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 September 30, 2014		Gross Additions		Gross Reductions		Shares March 31, 2015
American Media Operations, Inc.		801,816		—		801,816		—
Oppenheimer Institutional Money Market Fund, Cl. E		63,281,949		1,133,310,985		1,083,078,543		113,514,391
Oppenheimer Master Event-Linked Bond Fund, LLC		11,333,398		—		2,091,315		9,242,083
Oppenheimer Master Loan Fund, LLC		25,326,303		—		3,020,288		22,306,015
Oppenheimer Ultra-Short Duration Fund, Cl. Y		16,857,724		24,080		3,120,100		13,761,704

	Value		Income		Realized Gain (Loss)
American Media Operations, Inc.	$	—	$	—	$	(23,257,098)
Oppenheimer Institutional Money Market Fund, Cl. E		113,514,391		78,110		—
Oppenheimer Master Event-Linked Bond Fund, LLC		135,527,701		4,129,420 a		3,216,812 a
Oppenheimer Master Loan Fund, LLC		327,340,950		9,581,464 b		(4,354,881) b
Oppenheimer Ultra-Short Duration Fund, Cl. Y		137,892,278		221,836		58,455
Total	$	714,275,320	$	14,010,830	$	(24,336,712)

a. Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.

b. Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

19. Rate shown is the 7-day yield as of March 31, 2015.

57      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

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

Geographic Holdings	Value		Percent
United States	$	4,175,220,590		64.0	%
Brazil		224,046,351		3.4
Mexico		181,236,099		2.8
United Kingdom		172,836,856		2.7
India		138,296,309		2.1
Turkey		113,860,908		1.8
Netherlands		103,141,038		1.6
Indonesia		102,784,387		1.6
Canada		87,107,044		1.3
Colombia		86,140,332		1.3
France		82,468,645		1.3
China		71,631,183		1.1
South Africa		69,496,204		1.1
Germany		64,741,752		1.0
Peru		55,112,066		0.8
Italy		53,777,545		0.8
Spain		52,663,113		0.8
Supranational		51,633,961		0.8
Luxembourg		48,104,053		0.7
Israel		47,783,975		0.7
Chile		39,883,147		0.6
Switzerland		37,722,848		0.6
Philippines		35,618,080		0.6
Ireland		34,911,933		0.5
Greece		30,803,821		0.5
Portugal		29,908,339		0.5
Hungary		28,163,285		0.4
Panama		25,671,512		0.4
Russia		22,183,348		0.3
United Arab Emirates		21,619,251		0.3
Poland		20,213,930		0.3
Australia		19,333,402		0.3
Dominican Republic		15,783,567		0.2
Ivory Coast		14,416,346		0.2
Sweden		13,258,888		0.2
Sri Lanka		12,660,261		0.2
South Korea		12,318,619		0.2
Croatia		11,891,942		0.2
Jamaica		11,001,034		0.2
Denmark		10,971,396		0.2
Jersey, Channel Islands		10,630,508		0.2
Serbia		9,594,502		0.2
Morocco		8,210,401		0.1
Kazakhstan		7,570,763		0.1
Kenya		5,442,351		0.1
Austria		4,940,013		0.1
Eurozone		4,670,535		0.1
Uruguay		4,477,538		0.1
Japan		3,888,678		0.1
Singapore		3,837,439		0.1
Belgium		3,627,075		0.1
Gabon		3,112,537		0.1

58      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Continued)	Value		Percent
Vietnam	$	2,589,469		0.0	%
Barbados		2,584,750		0.0
Venezuela		2,537,517		0.0
Angola		2,250,893		0.0
Bermuda		1,955,322		0.0
Thailand		1,900,260		0.0
Norway		1,548,863		0.0
Hong Kong		1,548,461		0.0
Senegal		1,180,257		0.0
Trinidad		1,099,989		0.0
Egypt		866,756		0.0
Total	$	6,520,482,237		100.0	%

Forward Currency Exchange Contracts as of March 31, 2015
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		05/2015	IDR		454,070,000	USD		36,353	$	14,035	$	2,160,857
BAC		05/2015	INR		787,000	USD		12,371		148,343		—
BAC		05/2015	MYR		112,840	USD		30,911		—		642,594
BAC		04/2015	SEK		498,800	USD		69,793		—		11,863,845
BAC		04/2015	USD		15,425	BRL		37,320		3,731,297		—
BAC		04/2015	USD		69,824	EUR		54,980		10,696,002		—
BAC		05/2015	USD		34,017	IDR		423,158,000		2,138,300		—
BAC		05/2015	USD		12,371	INR		787,000		—		148,343
BAC		07/2015	USD		671	RUB		47,500		—		113,393
BAC		04/2015	USD		69,236	SEK		498,800		11,307,332		—
BNP		06/2015	NOK		15,300	USD		2,066		—		170,286
BNP		06/2015	USD		2,168	NOK		15,320		269,589		—
BOA		04/2015	BRL		42,190	USD		13,970		—		751,148
BOA		06/2015	EUR		15,340	USD		17,367		—		857,317
BOA		05/2015	IDR		423,158,000	USD		34,030		—		2,150,884
BOA		05/2015	INR		4,691,000	USD		74,265		387,104		28,372
BOA		06/2015	MXN		268,500	USD		17,796		—		272,134
BOA		04/2015	PHP		453,000	USD		10,115		21,531		—
BOA		05/2015	TWD		2,245,096	USD		72,027		—		151,424
BOA		04/2015	USD		7,708	BRL		24,110		153,477		—
BOA		04/2015 - 05/2015	USD		90,988	INR		5,742,780		28,372		485,421
BOA		06/2015	USD		69,227	MXN		1,055,580		613,990		281,039
BOA		05/2015	USD		33,426	MYR		113,530		2,972,259		—
BOA		04/2015 - 09/2015	USD		19,977	PHP		900,000		—		85,699
BOA		06/2015	USD		358	SGD		490		1,262		—
BOA		05/2015	USD		72,004	TWD		2,245,096		128,323		—
CITNA-B		06/2015	EUR		6,840	USD		7,632		7,439		277,591
CITNA-B		05/2015	IDR		838,688,000	USD		65,151		—		1,977,707
CITNA-B		06/2015	JPY		686,000	USD		5,826		—		101,609
CITNA-B		06/2015	MXN		1,000	USD		67		—		1,449
CITNA-B		05/2015	TRY		91,150	USD		35,387		42,416		861,502
CITNA-B		10/2015	USD		67,368	BRL		214,500		3,885,422		—
CITNA-B		06/2015	USD		160,166	EUR		129,100		21,232,290		—
CITNA-B		06/2015	USD		9,892	GBP		6,365		454,418		—
CITNA-B		05/2015	USD		65,552	IDR		843,851,000		1,989,929		—

59      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		06/2015	USD		109,634	MXN		1,643,300	$	2,380,666	$	—
CITNA-B		07/2015	USD		17,367	TRY		42,820		1,370,350		—
CITNA-B		05/2015	USD		52,388	ZAR		654,980		—		1,114,931
DEU		06/2015	EUR		11,170	USD		13,035		—		1,013,250
DEU		06/2015	MXN		3,098,700	USD		208,835		—		6,592,004
DEU		05/2015	TRY		49,670	USD		19,736		—		898,987
DEU		06/2015	USD		2,801	EUR		2,435		180,119		—
DEU		06/2015	USD		111,725	GBP		71,315		5,982,735		—
DEU		06/2015	USD		212,236	MXN		3,149,800		6,657,926		—
DEU		05/2015	USD		90,328	TRY		228,140		3,808,273		—
GSCO-OT		04/2015	BRL		50,660	USD		19,512		27,783		3,666,338
GSCO-OT		04/2015	EUR		54,980	USD		62,744		—		3,616,611
GSCO-OT		04/2015 - 07/2015	USD		153,301	BRL		455,785		12,614,669		633,359
GSCO-OT		04/2015	USD		43,187	INR		2,709,100		—		137,981
JPM		01/2016	CNH		171,900	USD		27,953		—		1,056,247
JPM		05/2015	COP		2,024,000	USD		748		24,988		—
JPM		06/2015	EUR		7,190	USD		8,630		18,244		910,187
JPM		05/2015	IDR		778,048,000	USD		60,930		—		2,369,519
JPM		04/2015	USD		8,099	BRL		25,310		168,884		—
JPM		01/2016	USD		27,286	CNH		171,900		388,469		—
JPM		06/2015	USD		178,500	EUR		144,850		22,602,829		—
JPM		06/2015	USD		9,393	GBP		6,145		281,788		—
JPM		05/2015	USD		121,659	IDR		1,582,431,000		2,499,047		—
MSCO		06/2015	EUR		2,110	USD		2,275		27,292		31,551
MSCO		06/2015	MXN		1,001,400	USD		67,816		—		2,457,976
MSCO		05/2015	MYR		113,530	USD		31,310		—		856,398
MSCO		05/2015	TRY		2,740	USD		1,025		13,714		—
MSCO		05/2015	USD		44,986	COP		111,163,000		2,518,369		—
MSCO		06/2015	USD		41,730	EUR		37,025		1,970,011		88,009
MSCO		06/2015	USD		7,251	GBP		4,815		111,888		—
MSCO		06/2015	USD		16,744	MXN		253,000		231,066		—
MSCO		05/2015	USD		31,119	MYR		112,840		851,193		—
MSCO		05/2015	USD		1,025	TRY		2,740		—		13,714
MSCO		05/2015	USD		26,908	ZAR		334,320		—		395,061
MSCO		05/2015	ZAR		2,590	USD		207		4,991		—
NOM		06/2015	USD		780	EUR		720		4,884		—
RBS		06/2015	EUR		5,910	USD		6,348		11,891		—
TDB		04/2015	BRL		302,420	USD		94,178		578,585		—
TDB		06/2015	CAD		94,700	USD		76,012		—		1,312,325
TDB		06/2015	JPY		1,421,000	USD		12,129		—		270,202
TDB		04/2015 - 05/2015	USD		118,991	BRL		382,260		668,340		523,514
TDB		06/2015	USD		74,927	CAD		94,700		226,777		—
TDB		05/2015	USD		21,323	HUF		6,104,000		—		494,264
TDB		06/2015	USD		20,818	JPY		2,476,000		155,411		—
TDB		05/2015	USD		5,182	ZAR		65,530		—		169,780
Total Unrealized Appreciation and Depreciation									$	126,604,312	$	52,004,822

60      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Futures Contracts as of March 31, 2015
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
United States Treasury Long Bonds		CBT		Sell		6/19/15		381	$	62,436,375	$	(1,180,218)
United States Treasury Nts., 2 yr.		CBT		Buy		6/30/15		896		196,364,000		632,481
United States Treasury Nts., 2 yr.		CBT		Sell		6/30/15		444		97,305,375		(115,326)
United States Treasury Nts., 5 yr.		CBT		Buy		6/30/15		1		120,211		218
United States Treasury Nts., 10 yr.		CBT		Sell		6/20/15		473		60,972,656		(757,126)
United States Treasury Ultra Bonds		CBT		Buy		6/19/15		806		136,919,250		2,057,167
											$	637,196

Over-the-Counter Options Written at March 31, 2015
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value
BRL Currency Put1		GSG	BRL		3.230		2/1/17		BRL	(90,970,000)	$	1,625,319	$	(5,095,139)
BRL Currency Put		GSG	BRL		4.010		3/14/16		BRL	(112,805,000)		974,737		(1,006,333)
CAD Currency Call		DEU	CAD		1.210		4/29/15		CAD	(159,000,000)		633,372		(87,768)
CAD Currency Put		DEU	CAD		1.300		4/29/15		CAD	(171,000,000)		1,054,938		(484,785)
CAD Currency Put2		GSG	CAD		1.300		5/8/15		CAD	(97,500,000)		623,250		(271,732)
ILS Currency Call		GSG	ILS		3.825		6/25/15		ILS	(501,695,000)		810,582		(626,617)
ILS Currency Put		GSG	ILS		4.110		6/25/15		ILS	(539,076,000)		734,507		(956,860)
ILS Currency Put		GSG	ILS		4.260		6/1/15		ILS	(72,000,000)		62,535		(25,272)
INR Currency Put		BOA	INR		66.500		8/27/15		INR	(4,986,000,000)		764,020		(772,830)
INR Currency Call		BOA	INR		60.100		8/27/15		INR	(4,506,000,000)		290,229		(72,096)
KRW Currency Put		GSG	KRW		1,180.000		6/19/15		KRW	(154,830,000,000)		780,710		(464,490)
KRW Currency Call		GSG	KRW		1,100.000		6/19/15		KRW	(144,330,000,000)		1,062,794		(1,731,960)
MXN Currency Put		BOA	MXN		15.202		4/16/15		MXN	(1,713,000,000)		996,452		(1,416,651)
MXN Currency Put		CITNA-B	MXN		17.690		3/16/16		MXN	(884,470,000)		1,218,709		(1,009,180)
MXN Currency Put3		CITNA-B	MXN		15.690		2/2/17		MXN	(294,630,000)		685,404		(934,861)
MXN Currency Put		CITNA-B	MXN		15.145		4/23/15		MXN	(1,985,287,500)		1,330,560		(2,195,728)
MXN Currency Put		JPM	MXN		17.657		3/16/16		MXN	(441,410,000)		587,995		(510,712)
ZAR Currency Put		BOA	ZAR		15.030		3/14/16		ZAR	(422,797,000)		978,931		(877,727)
ZAR Currency Put		CITNA-B	ZAR		14.750		3/29/16		ZAR	(553,160,000)		1,276,018		(1,329,243)
ZAR Currency Put		GSG	ZAR		15.025		3/14/16		ZAR	(422,657,000)		969,369		(878,704)
Total Over-the-Counter Options Written											$	17,460,431	$	(20,748,688)

1. Knock-out option becomes eligible for exercise if at any time spot rates are less than or equal to 2.56 BRL per 1 USD.

2. Knock-in option becomes eligible for exercise if at any time spot rates are greater than or equal to 1.34 CAD per 1 USD.

3. Knock-out option becomes eligible for exercise if at any time spot rates are equal to or less than to 14.4 MXN per 1 USD.

61      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaps at March 31, 2015
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received/(Paid)		Value
Alpha Bank AE		BAC		Buy		5.000%		3/20/17		EUR	3,500	$	(410,800)	$	606,395
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17		EUR	470		(223)		32,986
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17		EUR	470		(223)		32,986
Banco Santander SA		UBS		Sell		3.000		9/20/17		EUR	900		(3,420)		56,779
Federative Republic of Brazil		GSG		Sell		1.000		3/20/20		USD	6,375		430,919		(544,300)
Hellenic Republic		BAC		Sell		1.000		3/20/20		USD	1,435		545,380		(748,539)
Hellenic Republic		BAC		Sell		1.000		3/20/20		USD	1,435		509,505		(748,539)
Malaysia		BOA		Sell		1.000		3/20/20		USD	3,820		82,986		(62,414)
Malaysia		JPM		Sell		1.000		3/20/20		USD	6,360		141,157		(103,915)
Malaysia		JPM		Sell		1.000		3/20/20		USD	5,085		111,989		(83,083)
Republic of Ireland		GSG		Buy		1.000		3/20/18		USD	2,365		(99,348)		(47,345)
Republic of Ireland		GSG		Buy		1.000		3/20/18		EUR	2,080		(77,551)		(44,667)
Republic of Italy		GSG		Sell		1.000		3/20/23		USD	2,340		374,113		(67,771)
Republic of Turkey		GSG		Buy		1.000		3/20/20		USD	17,305		(832,340)		965,830
Republic of Turkey		HSBC		Buy		1.000		3/20/20		USD	7,655		(361,356)		427,243
State Bank of India		BNP		Sell		1.000		9/20/19		USD	5,225		215,578		(94,662)
Total Over-the-Counter Credit Default Swaps												$	626,366	$	(423,016)

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

Type of Reference Asset   on which the Fund Sold   Protection	Total Maximum   Potential Payments   for Selling Credit   Protection   (Undiscounted)			Amount   Recoverable*			Reference   Asset Rating   Range**
Investment Grade Single Name Corporate Debt	$	5,225,000		$	—			BBB-
Investment Grade Single Name Corporate Debt		1,840,000	EUR		—	EUR		BBB- to BBB
Investment Grade Sovereign Debt	$	23,980,000		$	—			BBB- to A-
Non-Investment Grade Sovereign Debt	$	2,870,000		$	—			B-
Total USD	$	32,075,000		$	—
Total EUR		1,840,000	EUR		—	EUR

*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.

62      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Currency Swap at March 31, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Value

BAC

Pay

Three- Month USD BBA LIBOR

7.650%

5/5/20

TRY

45,440

USD

18,278

$

(1,577,621)

BOA

Pay

Six-Month USD BBA LIBOR

6.250

3/25/20

INR

435,530

USD

6,991

(23,613)

BOA

Pay

Six-Month USD BBA LIBOR

6.330

3/31/20

INR

438,690

USD

7,009

2,117

GSG

Pay

Three- Month USD BBA LIBOR

7.120

5/5/17

TRY

101,121

USD

42,064

(4,304,885)

GSG

Pay

Six-Month USD BBA LIBOR

6.450

3/27/18

INR

2,709,100

USD

43,471

(67,831)

JPM

Pay

Three- Month USD BBA LIBOR

7.270

5/3/17

TRY

100,300

USD

41,501

(3,930,377)

Total Over-the-Counter Currency Swap

$

(9,902,210)

Centrally Cleared Interest Rate Swaps at March 31, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

DEU

Receive

Six-Month PLN WIBOR WIBO

2.320%

3/18/25

PLN

32,620

$

(173,267)

DEU

Pay

Six-Month PLN WIBOR WIBO

2.050

3/18/20

PLN

61,500

153,083

JPM

Pay

Six-Month PLN WIBOR WIBO

2.050

3/18/20

PLN

67,500

168,018

JPM

Receive

Six-Month PLN WIBOR WIBO

2.320

3/18/25

PLN

35,620

(189,202)

JPM

Pay

Six-Month SGD SOR VWAP

1.645

1/16/20

SGD

53,500

(592,313)

Total Centrally Cleared Interest Rate Swaps

$

(633,681)

63      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps at March 31, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BOA

Receive

Six-Month INR MIBOR OIS

6.660%

3/24/20

INR

449,845

$

118,342

BOA

Receive

Six-Month INR MIBOR OIS

6.740

3/30/20

INR

544,160

111,451

GSG

Pay

Three-Month MYR KLIBOR BNM

4.440

3/16/25

MYR

90,000

(33,511)

GSG

Pay

BZDI

13.455

1/2/17

BRL

470,000

193,004

GSG

Receive

Three-Month COP IBR OIS

4.380

3/5/18

COP

66,770,000

(643,445)

GSG

Pay

Three-Month MYR KLIBOR BNM

4.515

3/12/25

MYR

35,600

14,033

JPM

Pay

Three-Month COP IBR OIS

4.380

2/26/18

COP

67,500,000

(647,581)

JPM

Pay

One-Week CNY CNREPOFIX

3.310

3/9/20

CNY

127,500

(371,645)

Total Over-the-Counter Interest Rate Swaps

$

(1,259,352)

Over-the-Counter Credit Default Swaptions Written at March 31, 2015

Description

Counterparty

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap maturing 6/20/20

JPM

Sell

iTraxx Europe Crossover Series 23 Version 1

3.250

%

4/15/15

EUR 44,000

$

85,492

$

(29,688)

Credit Default Swap maturing 6/20/20

JPM

Buy

iTraxx Europe Crossover Series 23 Version 1

2.500

4/15/15

EUR 44,000

118,740

(112,212)

Total Over-the-Counter Credit Default Swaptions Written

$

204,232

$

(141,900)

Over-the-Counter Currency Swaptions Written at March 31, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Premiums Received

Value

JPM

Pay

Three- Month USD BBA LIBOR

8.820

%

6/17/15

TRY

24,370

USD

24,370

$

178,272

$

(196,025

)

64      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written at March 31, 2015

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 6/29/20 Call

BAC

Receive

Three- Month USD BBA LIBOR

1.360

%

6/25/15

USD

187,000

$

673,200

$

(438,620)

Interest Rate Swap maturing 6/1/20 Call

BOA

Pay

MXN TIIE BANXICO

5.760

6/5/15

MXN

525,100

355,770

(54,734)

Interest Rate Swap maturing 12/18/25 Call

BOA

Pay

Three- Month USD BBA LIBOR

2.398

12/16/15

USD

278,000

7,691,333

(5,626,395)

Interest Rate Swap maturing 6/29/25 Call

BOA

Receive

Three- Month USD BBA LIBOR

1.790

6/25/15

USD

94,000

686,200

(402,358)

Interest Rate Swap maturing 4/2/25 Call

BOA

Pay

MXN TIIE BANXICO

5.723

4/14/15

MXN

376,000

449,477

(726,941)

Interest Rate Swap maturing 10/6/20 Call

BOA

Receive

Six-Month EUR EURIBOR

0.655

10/2/15

EUR

139,000

1,213,597

(2,842,331)

Interest Rate Swap maturing 4/13/20 Call

GSG

Pay

MXN TIIE BANXICO

4.970

4/17/15

MXN

480,600

292,288

(571,046)

Interest Rate Swap maturing 3/31/21 Call

JPM

Pay

Three- Month USD BBA LIBOR

1.970

3/29/16

USD

172,615

2,889,425

(2,799,996)

Interest Rate Swap maturing 1/2/17 Call

JPM

Pay

BZDI

13.630

7/1/15

BRL

262,500

382,139

(132,626)

Interest Rate Swap maturing 4/13/20 Call

JPM

Pay

MXN TIIE BANXICO

4.980

4/17/15

MXN

480,600

295,572

(557,203)

Interest Rate Swap maturing 12/17/25 Call

UBS

Pay

Six-Month GBP BBA LIBOR

1.911

12/17/15

GBP

92,000

3,710,640

(3,268,233)

Total Over-the-Counter Interest Rate Swaptions Written

$

18,639,641

$

(17,420,483)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.

65      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty Abbreviations (Continued)
NOM	Nomura Global Financial Products, Inc.
RBS	Royal Bank of Scotland plc (The)
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Offshore Chinese Renminbi
CNY	Chinese Renminbi
COP	Colombian Peso
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesia Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PHP	Philippines Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CNREPOFIX	Repurchase Fixing Rates
EURIBOR	Euro Interbank Offered Rate
IBR	Indicador Bancario de Referencia
iTraxx Europe Crossover Series 23 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
KLIBOR BNM	Kuala Lumpur Interbank Offered Rate Bank Negara Malaysia
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
SOR VWAP	Swap Offered Rate Singapore Dollar Index
TIIE	Interbank Equilibrium Interest Rate
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
CBT	Chicago Board of Trade

See accompanying Notes to Consolidated Financial Statements.

66      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES March 31, 2015 Unaudited

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $5,990,643,044)	$	5,806,206,917
Affiliated companies (cost $723,673,611)		714,275,320
		6,520,482,237
Cash		22,208,753
Cash—foreign currencies (cost $17,739,514)		17,741,002
Cash used for collateral on centrally cleared swaps		1,780,164
Unrealized appreciation on forward currency exchange contracts		126,604,312
Swaps, at value (premiums paid $1,608,362)		2,561,166
Centrally cleared swaps, at value		321,101
Receivables and other assets:
Investments sold (including $164,531,533 sold on a when-issued or delayed delivery basis)		178,133,171
Interest, dividends and principal paydowns		79,741,475
Shares of beneficial interest sold		3,289,790
Variation margin receivable		288,462
Other		1,468,806
Total assets		6,954,620,439
Liabilities
Unrealized depreciation on forward currency exchange contracts		52,004,822
Options written, at value (premiums received $17,460,431)		20,748,688
Swaps, at value (net premiums received $2,234,728)		14,145,744
Centrally cleared swaps, at value		954,782
Swaptions written, at value (premiums received $19,022,145)		17,758,408
Payables and other liabilities:
Investments purchased (including $422,679,461 purchased on a when-issued or delayed delivery basis)		439,723,135
Shares of beneficial interest redeemed		11,328,379
Dividends		4,526,661
Distribution and service plan fees		1,244,624
Shareholder communications		831,497
Trustees’ compensation		326,363
Variation margin payable		306,727
Other		411,896
Total liabilities		564,311,726
Net Assets	$	6,390,308,713
Composition of Net Assets
Par value of shares of beneficial interest	$	1,559,995
Additional paid-in capital		7,237,124,788
Accumulated net investment loss		(45,438,736)
Accumulated net realized loss on investments and foreign currency transactions		(676,443,530)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(126,493,804)
Net Assets	$	6,390,308,713

67       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,461,584,761 and 1,088,719,481 shares of beneficial interest outstanding)	$	4.10
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.30
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $98,897,857 and 24,049,234 shares of beneficial interest outstanding)	$	4.11
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,097,142,283 and 268,265,743 shares of beneficial interest outstanding)	$	4.09
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $121,916,974 and 29,870,997 shares of beneficial interest outstanding)	$	4.08
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $174,592,590 and 42,576,080 shares of beneficial interest outstanding)	$	4.10
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $436,174,248 and 106,513,220 shares of beneficial interest outstanding)	$	4.09

See accompanying Notes to Consolidated Financial Statements.

68      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended March 31, 2015 Unaudited

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	4,127,709
Dividends		1,711
Net expenses		(296,666)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		3,832,754
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		9,491,870
Dividends		89,594
Net expenses		(602,492)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		8,978,972
Total allocation of net investment income from master funds		12,811,726
Investment Income
Interest (net of foreign withholding taxes of $1,159,823)		164,154,967
Fee income on when-issued securities		3,324,829
Dividends:
Unaffiliated companies		481,990
Affiliated companies		299,946
Total investment income		168,261,732
Expenses
Management fees		17,220,290
Distribution and service plan fees:
Class A		5,546,086
Class B		542,011
Class C		5,605,482
Class R		447,216
Transfer and shareholder servicing agent fees:
Class A		5,030,630
Class B		119,490
Class C		1,234,688
Class I		17,937
Class R		197,414
Class Y		527,515
Shareholder communications:
Class A		594,099
Class B		38,427
Class C		142,828
Class I		288
Class R		18,304
Class Y		35,883
Custodian fees and expenses		447,161
Trustees’ compensation		74,849
Other		165,712
Total expenses		38,006,310

69     OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF OPERATIONS Unaudited / Continued

Expenses (Continued)
Less reduction to custodian expenses	$	(8,990)
Less waivers and reimbursements of expenses		(1,847,261)
Net expenses		36,150,059
Net Investment Income		144,923,399
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies (includes premiums on options and swaptions exercised)(net of foreign capital gains tax of $46,559)		(40,374,615)
Affiliated companies		(23,198,643)
Closing and expiration of option contracts written		502,427
Closing and expiration of futures contracts		10,874,128
Foreign currency transactions		29,229,543
Swap contracts		(2,475,448)
Closing and expiration of swaption contracts written		839,650
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		3,216,812
Oppenheimer Master Loan Fund, LLC		(4,354,881)
Net realized loss		(25,741,027)
Net change in unrealized appreciation/depreciation on:
Investments		(300,952)
Translation of assets and liabilities denominated in foreign currencies		(10,342,921)
Futures contracts		4,043,276
Option contracts written		(2,975,129)
Swap contracts		(12,825,495)
Swaption contracts written		1,038,401
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(4,340,118)
Oppenheimer Master Loan Fund, LLC		(1,251,681)
Net change in unrealized appreciation/depreciation		(26,954,619)
Net Increase in Net Assets Resulting from Operations	$	92,227,753

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 4 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

70     OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014
Operations
Net investment income	$	144,923,399	$	326,464,792
Net realized loss		(25,741,027)		(87,499,091)
Net change in unrealized appreciation/depreciation		(26,954,619)		99,674,354
Net increase in net assets resulting from operations		92,227,753		338,640,055
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(103,519,838)		(176,707,269)
Class B		(2,046,558)		(4,488,345)
Class C		(21,171,592)		(35,243,684)
Class I		(2,966,155)		(4,077,684)
Class R1		(3,832,378)		(6,273,422)
Class Y		(11,442,181)		(19,216,593)
		(144,978,702)		(246,006,997)
Tax return of capital distribution:
Class A		—		(57,344,030)
Class B		—		(1,456,532)
Class C		—		(1,437,078)
Class I		—		(1,323,267)
Class R1		—		(2,035,815)
Class Y		—		(16,236,058)
		—		(79,832,780)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(277,017,910)		(834,953,045)
Class B		(22,554,176)		(83,663,145)
Class C		(50,277,617)		(183,247,959)
Class I		3,719,063		31,512,160
Class R1		(9,991,439)		(22,838,150)
Class Y		(117,301,822)		(14,482,089)
		(473,423,901)		(1,107,672,228)
Net Assets
Total decrease		(526,174,850)		(1,094,871,950)
Beginning of period		6,916,483,563		8,011,355,513
End of period (including accumulated net investment loss of $45,438,736 and $45,383,433, respectively)	$	6,390,308,713	$	6,916,483,563

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

See accompanying Notes to Consolidated Financial Statements.

71      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011		Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	4.13	$	4.13	$	4.30	$	4.05	$	4.32	$	3.91
Income (loss) from investment operations:
Net investment income2		0.09		0.19		0.23		0.25		0.27		0.28
Net realized and unrealized gain (loss)		(0.03)		0.003		(0.17)		0.25		(0.28)		0.40
Total from investment operations		0.06		0.19		0.06		0.50		(0.01)		0.68
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.14)		(0.18)		(0.24)		(0.26)		(0.27)
Tax return of capital distribution		0.00		(0.05)		(0.05)		(0.01)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.09)		(0.19)		(0.23)		(0.25)		(0.26)		(0.27)
Net asset value, end of period	$	4.10	$	4.13	$	4.13	$	4.30	$	4.05	$	4.32
Total Return, at Net Asset Value4		1.53%		4.62%		1.30%		12.61%		(0.31)%		18.17%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,461,585	$	4,774,652	$	5,599,883	$	6,276,192	$	5,857,280	$	6,368,118
Average net assets (in thousands)	$	4,583,733	$	5,171,641	$	6,198,248	$	5,865,852	$	6,278,335	$	6,047,257
Ratios to average net assets:5,6
Net investment income		4.53%		4.53%		5.39%		5.99%		6.23%		6.91%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.06%		1.00%		0.96%		0.98%		0.97%		0.99%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%		0.00%7		0.28%
Total expenses8		1.06%		1.00%		0.96%		0.98%		0.97%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		0.97%		0.93%		0.93%		0.92%		1.23%
Portfolio turnover rate9		43%		93%		95%		74%		53%		94%

72      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

7. Less than 0.005%.

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

Six Months Ended March 31, 2015	1.07%
Year Ended September 30, 2014	1.01%
Year Ended September 30, 2013	0.96%
Year Ended September 28, 2012	0.98%
Year Ended September 30, 2011	0.97%
Year Ended September 30, 2010	1.27%

9. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826
Year Ended September 30, 2010		$2,754,184,019		$2,975,421,694

See accompanying Notes to Consolidated Financial Statements.

73      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class B	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011		Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	4.14	$	4.14	$	4.32	$	4.06	$	4.33	$	3.93
Income (loss) from investment operations:
Net investment income2		0.08		0.16		0.19		0.21		0.23		0.24
Net realized and unrealized gain (loss)		(0.03)		(0.01)		(0.18)		0.26		(0.28)		0.40
Total from investment operations		0.05		0.15		0.01		0.47		(0.05)		0.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.12)		(0.15)		(0.20)		(0.22)		(0.24)
Tax return of capital distribution		0.00		(0.03)		(0.04)		(0.01)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.08)		(0.15)		(0.19)		(0.21)		(0.22)		(0.24)
Net asset value, end of period	$	4.11	$	4.14	$	4.14	$	4.32	$	4.06	$	4.33
Total Return, at Net Asset Value3		1.15%		3.76%		0.15%		11.84%		(1.21)%		16.74%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	98,898	$	122,339	$	205,204	$	282,504	$	284,757	$	342,069
Average net assets (in thousands)	$	108,789	$	160,934	$	252,333	$	272,336	$	320,622	$	331,317
Ratios to average net assets:4,5
Net investment income		3.77%		3.71%		4.50%		5.08%		5.31%		5.96%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.86%		1.83%		1.87%		1.89%		1.89%		1.93%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%		0.00%6		0.28%
Total expenses7		1.86%		1.83%		1.87%		1.89%		1.89%		2.21%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.80%		1.84%		1.84%		1.84%		2.17%
Portfolio turnover rate8		43%		93%		95%		74%		53%		94%

74      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

6. Less than 0.005%.

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

Six Months Ended March 31, 2015	1.87%
Year Ended September 30, 2014	1.84%
Year Ended September 30, 2013	1.87%
Year Ended September 28, 2012	1.89%
Year Ended September 30, 2011	1.89%
Year Ended September 30, 2010	2.21%

8. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826
Year Ended September 30, 2010		$2,754,184,019		$2,975,421,694

See accompanying Notes to Consolidated Financial Statements.

75      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011		Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	4.12	$	4.12	$	4.30	$	4.04	$	4.31	$	3.91
Income (loss) from investment operations:
Net investment income2		0.08		0.16		0.20		0.22		0.24		0.25
Net realized and unrealized gain (loss)		(0.03)		0.003		(0.18)		0.26		(0.28)		0.39
Total from investment operations		0.05		0.16		0.02		0.48		(0.04)		0.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.12)		(0.15)		(0.21)		(0.23)		(0.24)
Tax return of capital distribution		0.00		(0.04)		(0.05)		(0.01)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.08)		(0.16)		(0.20)		(0.22)		(0.23)		(0.24)
Net asset value, end of period	$	4.09	$	4.12	$	4.12	$	4.30	$	4.04	$	4.31
Total Return, at Net Asset Value4		1.15%		3.84%		0.30%		12.05%		(1.08)%		17.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,097,142	$	1,156,140	$	1,337,248	$	1,522,039	$	1,384,378	$	1,448,886
Average net assets (in thousands)	$	1,125,186	$	1,236,681	$	1,510,477	$	1,411,513	$	1,453,972	$	1,330,764
Ratios to average net assets:5,6
Net investment income		3.77%		3.78%		4.65%		5.24%		5.48%		6.15%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.82%		1.76%		1.71%		1.73%		1.73%		1.75%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%		0.00%7		0.28%
Total expenses8		1.82%		1.76%		1.71%		1.73%		1.73%		2.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.73%		1.68%		1.68%		1.68%		1.99%
Portfolio turnover rate9		43%		93%		95%		74%		53%		94%

76      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

7. Less than 0.005%.

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

Six Months Ended March 31, 2015	1.83	%
Year Ended September 30, 2014	1.77	%
Year Ended September 30, 2013	1.71	%
Year Ended September 28, 2012	1.73	%
Year Ended September 30, 2011	1.73	%
Year Ended September 30, 2010	2.03	%

9. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826
Year Ended September 30, 2010		$2,754,184,019		$2,975,421,694

See accompanying Notes to Consolidated Financial Statements.

77      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Period Ended September 28, 20121,2
Per Share Operating Data
Net asset value, beginning of period	$	4.11	$	4.11	$	4.29	$	4.17
Income (loss) from investment operations:
Net investment income3		0.10		0.20		0.24		0.18
Net realized and unrealized gain (loss)		(0.03)		0.004		(0.18)		0.11
Total from investment operations		0.07		0.20		0.06		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.15)		(0.19)		(0.16)
Tax return of capital distribution		0.00		(0.05)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.10)		(0.20)		(0.24)		(0.17)
Net asset value, end of period	$	4.08	$	4.11	$	4.11	$	4.29
Total Return, at Net Asset Value5		1.75%		5.05%		1.43%		7.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	121,917	$	119,074	$	87,639	$	51,011
Average net assets (in thousands)	$	119,939	$	109,381	$	76,202	$	17,870
Ratios to average net assets:6,7
Net investment income		4.96%		4.93%		5.69%		6.37%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.60%		0.59%		0.60%		0.64%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%
Total expenses8		0.60%		0.59%		0.60%		0.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.57%		0.56%		0.57%		0.60%
Portfolio turnover rate9		43%		93%		95%		74%

78      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

2. For the period from January 27, 2012 (inception of offering) to September 28, 2012.

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

4. Less than $0.005.

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

6. Annualized for periods less than one full year.

7. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

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

Six Months Ended March 31, 2015	0.61	%
Year Ended September 30, 2014	0.60	%
Year Ended September 30, 2013	0.60	%
Period Ended September 28, 2012	0.64	%

9. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Period Ended September 28, 2012		$9,325,024,559		$7,885,278,752

See accompanying Notes to Consolidated Financial Statements.

79      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011		Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	4.13	$	4.13	$	4.31	$	4.05	$	4.32	$	3.92
Income (loss) from investment operations:
Net investment income2		0.09		0.18		0.22		0.23		0.25		0.26
Net realized and unrealized gain (loss)		(0.03)		0.003		(0.19)		0.26		(0.28)		0.40
Total from investment operations		0.06		0.18		0.03		0.49		(0.03)		0.66
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.14)		(0.16)		(0.22)		(0.24)		(0.26)
Tax return of capital distribution		0.00		(0.04)		(0.05)		(0.01)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.09)		(0.18)		(0.21)		(0.23)		(0.24)		(0.26)
Net asset value, end of period	$	4.10	$	4.13	$	4.13	$	4.31	$	4.05	$	4.32
Total Return, at Net Asset Value4		1.41%		4.31%		0.68%		12.42%		(0.73)%		17.34%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	174,593	$	185,991	$	208,523	$	238,666	$	225,889	$	230,532
Average net assets (in thousands)	$	179,899	$	196,503	$	233,104	$	229,983	$	237,655	$	202,619
Ratios to average net assets:5,6
Net investment income		4.27%		4.24%		5.01%		5.59%		5.81%		6.45%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.31%		1.30%		1.34%		1.38%		1.39%		1.44%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%		0.00%7		0.28%
Total expenses8		1.31%		1.30%		1.34%		1.38%		1.39%		1.72%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.26%		1.27%		1.31%		1.33%		1.34%		1.68%
Portfolio turnover rate9		43%		93%		95%		74%		53%		94%

80      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

7. Less than 0.005%.

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

Six Months Ended March 31, 2015	1.32%
Year Ended September 30, 2014	1.31%
Year Ended September 30, 2013	1.34%
Year Ended September 28, 2012	1.38%
Year Ended September 30, 2011	1.39%
Year Ended September 30, 2010	1.72%

9. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826
Year Ended September 30, 2010		$2,754,184,019		$2,975,421,694

See accompanying Notes to Consolidated Financial Statements.

81      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended March 31, 2015 (Unaudited)		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011		Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	4.13	$	4.12	$	4.30	$	4.05	$	4.31	$	3.91
Income (loss) from investment operations:
Net investment income2		0.10		0.20		0.24		0.26		0.28		0.29
Net realized and unrealized gain (loss)		(0.04)		0.01		(0.18)		0.25		(0.27)		0.39
Total from investment operations		0.06		0.21		0.06		0.51		0.01		0.68
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.15)		(0.18)		(0.25)		(0.27)		(0.28)
Tax return of capital distribution		0.00		(0.05)		(0.06)		(0.01)		0.00		0.00
Total dividends and/or distributions to shareholders		(0.10)		(0.20)		(0.24)		(0.26)		(0.27)		(0.28)
Net asset value, end of period	$	4.09	$	4.13	$	4.12	$	4.30	$	4.05	$	4.31
Total Return, at Net Asset Value3		1.65%		5 .13%		1.30%		12.82%		0 .13%		18.10%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	436,174	$	558,288	$	572,859	$	729,210	$	706,842	$	666,015
Average net assets (in thousands)	$	480,263	$	533,576	$	678,607	$	729,460	$	718,536	$	545,045
Ratios to average net assets:4,5
Net investment income		4.78%		4.78%		5.64%		6.17%		6.44%		7.08%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.81%		0.76%		0.72%		0.79%		0.77%		0.85%
Interest and fees from borrowings		0.00%		0.00%		0.00%		0.00%		0.00%6		0.28%
Total expenses7		0.81%		0.76%		0.72%		0.79%		0.77%		1.13%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.73%		0.69%		0.74%		0.72%		1.05%
Portfolio turnover rate8		43%		93%		95%		74%		53%		94%

82      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from master funds.

6. Less than 0.005%.

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

Six Months Ended March 31, 2015	0 .82%
Year Ended September 30, 2014	0 .77%
Year Ended September 30, 2013	0 .72%
Year Ended September 28, 2012	0 .79%
Year Ended September 30, 2011	0 .77%
Year Ended September 30, 2010	1 .13%

8. 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, 2015		$2,174,339,642		$2,184,770,550
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826
Year Ended September 30, 2010		$2,754,184,019		$2,975,421,694

See accompanying Notes to Consolidated Financial Statements.

83      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS March 31, 2015 Unaudited

1. Organization

Oppenheimer Global Strategic Income Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

    The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, will continue to be subject to a CDSC after the shares are renamed. Purchases of Class R shares occurring on or after July 1, 2014, will not be subject to a CDSC upon redemption. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. 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.

2. Significant Accounting Policies

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange-traded funds related to gold and

84      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

other special minerals (“Gold ETFs”). The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

    The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At March 31, 2015, the Fund owned 15,000 shares with net assets of $1,339,070.

Other financial information at March 31, 2015:

Total market value of investments	$	—
Net assets	$	1,339,070
Net income (loss)	$	(14,376	)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	—

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

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

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

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, if any, are declared and paid annually from the Fund’s tax basis earnings and profits. Distributions are recorded on ex-dividend date.

85      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

    The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

    Subchapter M requires, among other things, that at least 90% of the Fund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically referred to as “qualifying income”). Income from commodity-linked derivatives may not be treated as “qualifying income” for purposes of the 90% gross income requirement.

86      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

The Internal Revenue Service (IRS) has previously issued a number of private letter rulings which conclude that income derived from commodity index-linked notes and investments in a wholly-owned subsidiary will be “qualifying income.” As a result, the Fund will gain exposure to commodities through commodity-linked notes and its wholly-owned subsidiary.

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

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

    During the fiscal year ended September 30, 2014, the Fund utilized $40,772,584 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had straddle losses of $307,939 which were deferred. Details of the fiscal year ended September 30, 2014 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
2016	$	20,567,236
2017		114,107,166
2018		240,345,967
No expiration		237,182,129
Total	$	612,202,498

Of these losses, $29,916,437 are subject to Sec. 382 loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $12,593,017 per year and have expiration dates ranging from September 30, 2016 to September 30, 2017.

Of these losses, $7,862,614 are subject to Sec. 382 loss limitation rules resulting from merger activity. These losses will become available at September 30, 2015 and do not have expiration dates associated with them.

As of March 31, 2015, it is estimated that the capital loss carryforwards would be $375,020,369 expiring by 2018 and $262,923,156, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, 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, 2015, it is estimated that the Fund will not utilize any 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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. Also, due to

87      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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, 2015 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	$	6,718,693,249
Federal tax cost of other investments		92,682,431
Total federal tax cost	$	6,811,375,680
Gross unrealized appreciation	$	175,947,906
Gross unrealized depreciation		(387,136,647	)
Net unrealized depreciation	$	(211,188,741	)

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

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

    Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when

88      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

3. Securities Valuation (Continued)

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

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

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

    Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

    Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

    Futures contracts and futures options 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.

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

89      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

90      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

3. Securities Valuation (Continued)

methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts that are included in the Fund’s Consolidated Statement of Assets and Liabilities as of March 31, 2015 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	129,736,636	$	51,633,961	$	181,370,597
Mortgage-Backed Obligations		—		783,223,227		2,700,902		785,924,129
U.S. Government Obligations		—		131,994,825		—		131,994,825
Foreign Government Obligations		—		844,120,433		—		844,120,433
Corporate Loans		—		165,505,519		26,434		165,531,953
Corporate Bonds and Notes		—		3,560,775,970		11,525,180		3,572,301,150
Preferred Stock		—		13,963,231		—		13,963,231
Common Stocks		7,721,955		4,735,364		62		12,457,381
Rights, Warrants and Certificates		—		57		—		57
Structured Securities		—		22,456,197		20,740,954		43,197,151
Short-Term Note		—		23,328,328		—		23,328,328
Over-the-Counter Options Purchased		—		15,711,384		—		15,711,384
Over-the-Counter Interest Rate Swaptions Purchased		—		16,306,298		—		16,306,298
Investment Companies		251,406,669		462,868,651		—		714,275,320
Total Investments, at Value		259,128,624		6,174,726,120		86,627,493		6,520,482,237
Other Financial Instruments:
Swaps, at value		—		2,561,166		—		2,561,166
Centrally cleared swaps, at value		—		321,101		—		321,101
Futures contracts		2,689,866		—		—		2,689,866

91      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments: (Continued)
Forward currency exchange contracts	$	—		$	126,604,312	$	—	$	126,604,312
Total Assets	$	261,818,490		$	6,304,212,699	$	86,627,493	$	6,652,658,682
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(14,145,744)	$	—	$	(14,145,744)
Centrally cleared swaps, at value		—			(954,782)		—		(954,782)
Options written, at value		—			(20,748,688)		—		(20,748,688)
Futures contracts		(2,052,670	)		—		—		(2,052,670)
Forward currency exchange contracts		—			(52,004,822)		—		(52,004,822)
Swaptions written, at value		—			(17,758,408)		—		(17,758,408)
Total Liabilities	$	(2,052,670	)	$	(105,612,444)	$	—	$	(107,665,114)

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

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**			Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Asset-Backed Securities	$	5,377,469	$	—		$	—	$	(5,377,469)
Mortgage-Backed Obligations		—		(1,362,159	)		1,362,159		—
Corporate Bonds and Notes		—		(151,784	)		151,784		—
Total Assets	$	5,377,469	$	(1,513,943	)	$	1,513,943	$	(5,377,469)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

** Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

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

92      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

3. Securities Valuation (Continued)

	Value as of September 30, 2014		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Asset-Backed Securities	$	57,539,985	$	—	$	(710,012)	$	181,457
Mortgage-Backed Obligations		15,758,048		3,940,826		(3,357,756)		19,883
Corporate Loans		1,189,296		—		(1,162,862)		—
Corporate Bonds and Notes		11,469,375		—		(96,624)		645
Common Stocks		2,341		—		(2,279)		—
Structured Securities		25,082,620		(112,929)		(4,299,896)		165,807
Total Assets	$	111,041,665	$	3,827,897	$	(9,629,429)	$	367,792

a. Included in net investment income.

	Sales		Transfers into Level 3		Transfers out of Level 3		Value as of March 31, 2015
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	—	$	(5,377,469)	$	51,633,961
Mortgage-Backed Obligations		(15,022,258)		1,362,159		—		2,700,902
Corporate Loans		—		—		—		26,434
Corporate Bonds and Notes		—		151,784		—		11,525,180
Common Stocks		—		—		—		62
Structured Securities		(94,648)		—		—		20,740,954
Total Assets	$	(15,116,906)	$	1,513,943	$	(5,377,469)	$	86,627,493

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at March 31, 2015:

	Change in unrealized appreciation/depreciation
Assets Table
Investments, at Value:
Asset-Backed Securities	$	(710,012)
Mortgage-Backed Obligations		663,334
Corporate Loans		(1,162,862)
Corporate Bonds and Notes		(96,624)
Structured Securities		(4,299,896)
Total	$	(5,606,060)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of March 31, 2015:

93      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

	Value as of September 30, 2014		Valuation Technique	Unobservable input	Range of Unobservable Inputs	Unobservable Input Used
Assets Table
Investments, at Value:
Asset-Backed Securities	$	51,633,961	Pricing service	N/A	N/A		N/A (a)
Mortgage-Backed Obligations		2,585,324	Broker quotes	N/A	N/A		N/A (a)
Mortgage-Backed Obligations		115,578	Pricing service	N/A	N/A		N/A (a)
Corporate Loans		26,434	Pricing service	N/A	N/A		N/A (a)
Corporate Bonds and Notes		9,966,535	Broker quotes	N/A	N/A		N/A (a)
Corporate Bonds and Notes		1,558,250	Pricing service	N/A	N/A		N/A (a)
Corporate Bonds and Notes		395	Estimated Recovery proceeds	Nominal value	N/A		$0.01/ share (b)
Common Stock		62	Estimated Recovery proceeds	Nominal value	N/A		$0.01/ share (c)
Structured Securities		20,740,954	Broker quotes	N/A	N/A		N/A (a)
Total	$	86,627,493

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service or broker-dealer for which such inputs are unobservable. The Manager periodically reviews pricing vendor and broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

(b) The Fund fair values certain corporate bonds and notes received from a bond restructuring using a nominal value per share to reflect the low probability of future value. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the future distribution amount, or a significant increase (decrease) to the probability of payment rate, will result in a significant increase (decrease) to the fair value of the investment.

(c) The Fund fair values certain common stocks held at a nominal value to reflect the low probability of receipt of future payments to be received as a result of a merger. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. A significant increase (decrease) in the future distribution amount, or a significant increase (decrease) to the probability of payment rate, will result in a significant increase (decrease) to the fair value of the investment.

4. Investments and Risks

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 or for defensive purposes. IMMF is a registered open-end management investment company, regulated as a money market fund under the 1940 Act. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Consolidated 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.

94      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

4. Investments and Risks (Continued)

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 income. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated 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.

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 Consolidated Statement of Operations. The Fund records a realized gain or loss when a structured security is sold or matures.

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

95      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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, 2015, 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		$422,679,461
Sold securities		164,531,533

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 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.

    At the six months ended March 31, 2015, the counterparty pledged $815,603 of collateral to the Fund for forward roll transactions.

Restricted Securities. As of March 31, 2015, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different

96      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

4. Investments and Risks (Continued)

markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2015 is as follows:

Cost	$	87,661,393
Market Value	$	10,071,803
Market Value as % of Net Assets		0.16%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

97      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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

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

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

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

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

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

    Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

    Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

98      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

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

Forward Currency Exchange Contracts

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

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

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

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

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

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

    During the six months ended March 31, 2015, the Fund had daily average contract amounts on forward contracts to buy and sell of $1,179,181,144 and $1,868,885,848, respectively.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures

99      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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

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

    The Fund has 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.

    During the six months ended March 31, 2015, the Fund had an ending monthly average market value of $605,959,513 and $431,011,895 on futures contracts purchased and sold, respectively.

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

Option Activity

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

    Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). 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 Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted

100      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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 Consolidated Statement of Operations.

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

    The Fund has purchased call options on treasury and/or euro futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

    The Fund has purchased call options on individual equity securities and/or equity indexes to increase exposure to equity risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

    During the six months ended March 31, 2015, the Fund had an ending monthly average market value of $3,463,067 and $4,273,714 on purchased call options and purchased put options, respectively.

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

    The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. 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.

    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 written call options on treasury and/or euro futures to decrease exposure to interest 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 written put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

    During the six months ended March 31, 2015, the Fund had an ending monthly average market value of $897,805 and $5,647,737 on written call options and written put options, respectively.

101      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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

Written option activity for the six months ended March 31, 2015 was as follows:

	Number of Contracts		Amount of   Premiums
Options outstanding as of September 30, 2014		415,464,865,714	$	2,286,604
Options written		688,601,120,178		39,169,225
Options closed or expired		(163,680,000)		(502,427)
Options exercised		(786,788,848,392)		(23,492,971)
Options outstanding as of March 31, 2015		317,113,457,500	$	17,460,431

Swap Contracts

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

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

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

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

102      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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

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

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

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

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

    The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

    For the six months ended March 31, 2015, the Fund had ending monthly average notional amounts of $33,125,422 and $37,298,218 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at

103      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

    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 the 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 increase exposure to foreign exchange rate risk.

    For the six months ended March 31, 2015, the Fund had ending monthly average notional amounts of $47,215,720 on currency swaps which receive a fixed rate.

    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 floating 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.

    For the six months ended March 31, 2015, the Fund had ending monthly average notional amounts of $99,177,788 and $132,153,122 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

Swaption Transactions

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

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

104      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

    The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

    The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

    The Fund has purchased swaptions which gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

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

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

    The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/or indexes of issuers. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

    The Fund has written swaptions which give it the obligation, if exercised by the purchaser, to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or, indexes of issuers. A written swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

    The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an currency swap contracts with the obligation to receive an interest rate on the dollar notional amount and pay an interest rate on the various foreign currency notional amounts in order to take a positive investment perspective on the related currencies for which

105      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

the Fund receives a payment. These currency swap contracts increase exposure to foreign exchange rate risk.

    During the six months ended March 31, 2015, the Fund had an ending monthly average market value of $5,765,374 and $8,479,285 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended March 31, 2015 was as follows:

	Number of Contracts		Amount of   Premiums
Swaptions outstanding as of September 30, 2014		1,432,400,000	$	3,415,478
Swaptions written		7,069,429,000		32,511,087
Swaptions closed or expired		(535,600,000)		(839,650)
Swaptions exercised		(4,766,444,000)		(16,064,770)
Swaptions outstanding as of March 31, 2015		3,199,785,000	$	19,022,145

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

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

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

    As of March 31, 2015, the Fund has required certain counterparties to post collateral of $65,441,239.

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

106      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

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

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

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

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

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

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

    For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Statement of Investments. Generally, the amount of collateral due

107      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at March 31, 2015:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	14,038,732	$	(14,038,732)	$	—	$	—	$	—
Barclays Bank plc		29,680,996		(18,442,351)		—		(11,238,645)		—
BNP Paribas		269,589		(264,948)		—		—		4,641
Citibank NA		33,028,984		(9,803,801)		(22,802,339)		—		422,844
Deutsche Bank AG		21,564,908		(9,076,794)		—		(11,762,598)		725,516
Goldman Sachs Bank USA		12,642,452		(8,054,289)		(1,269,603)		—		3,318,560
Goldman Sachs Group, Inc. (The)		7,071,821		(7,071,821)		—		—		—
HSBC Bank USA NA		427,243		—		(427,243)		—		—
JPMorgan Chase Bank NA		29,251,335		(13,811,016)		(15,440,319)		—		—
Morgan Stanley Capital Services, Inc.		5,728,524		(3,842,709)		—		(780,000)		1,105,815
Nomura Global Financial Products, Inc.		4,884		—		—		—		4,884
Royal Bank of Scotland plc (The)		11,891		—		—		—		11,891
Toronto Dominion Bank		1,629,113		(1,629,113)		—		—		—
UBS AG		5,832,688		(3,268,233)		(604,774)		—		1,959,681
	$	161,183,160	$	(89,303,807)	$	(40,544,278)	$	(23,781,243)	$	7,553,832

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

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

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at March 31, 2015:

108      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(17,941,528)		$	14,038,732	$	3,902,796	$	—	$	—
Barclays Bank plc		(18,442,351)			18,442,351		—		—		—
BNP Paribas		(264,948)			264,948		—		—		—
Citibank NA		(9,803,801)			9,803,801		—		—		—
Deutsche Bank AG		(9,076,794)			9,076,794		—		—		—
Goldman Sachs Bank USA		(8,054,289)			8,054,289		—		—		—
Goldman Sachs Group, Inc. (The)		(17,381,908)			7,071,821		2,407,046		—		(7,903,041)
JPMorgan Chase Bank NA		(13,811,016)			13,811,016		—		—		—
Morgan Stanley Capital Services, Inc.		(3,842,709)			3,842,709		—		—		—
Toronto Dominion Bank		(2,770,085)			1,629,113		1,140,972		—		—
UBS AG		(3,268,233)			3,268,233		—		—		—
	$	(104,657,662	)	$	89,303,807	$	7,450,814	$	—	$	(7,903,041)

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

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Statement of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Consolidated Statement of Assets and Liabilities as of March 31, 2015:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	2,122,219	Swaps, at value	$	2,545,235
Forward currency exchange contracts	Swaps, at value		2,117	Swaps, at value		9,904,327
Interest rate contracts	Swaps, at value		436,830	Swaps, at value		1,696,182
Interest rate contracts	Centrally cleared swaps, at value		321,101	Centrally cleared swaps, at value		954,782
Interest rate contracts	Variation margin receivable		288,462 *	Variation margin payable		306,727 *
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		126,604,312	Unrealized depreciation on forward currency exchange contracts		52,004,822

109      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

5. Risk Exposures and the Use of Derivative Instruments (Continued)

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments (Continued)	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Forward currency exchange contracts				Options written, at value	$	20,748,688
Credit contracts				Swaptions written, at value		141,900
Forward currency exchange contracts	Investments, at value	$	15,711,384 **	Swaptions written, at value		196,025
Interest rate contracts	Investments, at value		16,306,298 **	Swaptions written, at value		17,420,483
Total		$	161,792,723		$	105,919,171

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

**Amounts relate to purchased option contracts and purchased swaption contracts.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (including premiums on options and swaptions exercised)*		Closing and expiration of swaption contracts written		Closing and expiration of option contracts written		Closing and expiration of futures contracts
Credit contracts	$	911,767	$	348,607	$	—	$	—
Equity contracts		5,157,631		—		—		—
Forward currency exchange contracts		21,384,631		—		502,427		—
Interest rate contracts		(14,655,732)		491,043		—		10,874,128
Total	$	12,798,297	$	839,650	$	502,427	$	10,874,128

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Foreign currency transactions		Swap contracts		Total
Credit contracts	$	—	$	3,324,184	$	4,584,558
Equity contracts		—		—		5,157,631
Forward currency exchange contracts		137,725,273		964,140		160,576,471
Interest rate contracts		—		(6,763,772)		(10,054,333)
Total	$	137,725,273	$	(2,475,448)	$	160,264,327

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

110      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Risk Exposures and the Use of Derivative Instruments (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written		Swaption contracts written		Futures contracts		Translation of assets and liabilities denominated in foreign currencies
Credit contracts	$	—	$	—	$	(21,061)	$	—	$	—
Forward currency exchange contracts		322,239		(2,959,698)		(17,753)		—		19,731,044
Interest rate contracts		(1,288,195)		(15,431)		1,077,215		4,043,276		—
Total	$	(965,956)	$	(2,975,129)	$	1,038,401	$	4,043,276	$	19,731,044

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts		Total
Credit contracts	$	(1,094,428)	$	(1,115,489)
Forward currency exchange contracts		(11,165,048)		5,910,784
Interest rate contracts		(566,019)		3,250,846
Total	$	(12,825,495)	$	8,046,141

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

6. 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, 2015				Year Ended September 30, 2014
	Shares		Amount		Shares		Amount
Class A
Sold		37,045,419	$	151,739,610		101,533,983	$	422,869,930
Dividends and/or distributions reinvested		22,130,495		90,743,382		49,317,520		205,575,811
Redeemed		(126,917,296)		(519,500,902)		(351,720,358)		(1,463,398,786)
Net decrease		(67,741,382)	$	(277,017,910)		(200,868,855)	$	(834,953,045)
Class B
Sold		241,290	$	992,824		774,596	$	3,236,817
Dividends and/or distributions reinvested		458,934		1,888,266		1,304,079		5,451,626
Redeemed		(6,178,933)		(25,435,266)		(22,118,140)		(92,351,588)
Net decrease		(5,478,709)	$	(22,554,176)		(20,039,465)	$	(83,663,145)

111      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Shares of Beneficial Interest (Continued)

	Six Months Ended March 31, 2015					Year Ended September 30, 2014
	Shares		Amount			Shares			Amount
Class C
Sold		11,672,823	$	47,664,600			25,235,204		$	104,865,059
Dividends and/or distributions reinvested		4,646,643		19,005,710			10,042,702			41,761,277
Redeemed		(28,643,968)		(116,947,927	)		(79,469,750	)		(329,874,295)
Net decrease		(12,324,502)	$	(50,277,617	)		(44,191,844	)	$	(183,247,959)
Class I
Sold		3,178,998	$	12,968,769			11,798,207		$	48,755,740
Dividends and/or distributions reinvested		721,525		2,945,327			1,294,892			5,376,246
Redeemed		(2,988,020)		(12,195,033	)		(5,459,391	)		(22,619,826)
Net increase		912,503	$	3,719,063			7,633,708		$	31,512,160
Class R1
Sold		3,201,242	$	13,103,893			8,186,332		$	34,072,516
Dividends and/or distributions reinvested		871,460		3,573,232			1,848,046			7,705,911
Redeemed		(6,514,633)		(26,668,564	)		(15,526,169	)		(64,616,577)
Net decrease		(2,441,931)	$	(9,991,439	)		(5,491,791	)	$	(22,838,150)
Class Y
Sold		12,963,185	$	53,020,241			49,696,662		$	206,924,123
Dividends and/or distributions reinvested		2,527,843		10,370,385			5,549,578			23,106,367
Redeemed		(44,292,291)		(180,692,448	)		(58,883,446	)		(244,512,579)
Net decrease		(28,801,263)	$	(117,301,822	)		(3,637,206	)	$	(14,482,089)

1. Effective July 1, 2014 Class N shares were renamed Class R.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 31, 2015 were as follows:

	Purchases		Sales
Investment securities		$2,602,837,611		$2,489,007,747
U.S. government and government agency obligations		52,456,786		166,928,429
To Be Announced (TBA) mortgage-related securities		2,174,339,642		2,184,770,550

8. 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:

112      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Fees and Other Transactions with Affiliates (Continued)

Fee Schedule
Up to $200 million in assets	0.75	%
Next $200 million in assets	0.72
Next $200 million in assets	0.69
Next $200 million in assets	0.66
Next $200 million in assets	0.60
Next $4 billion in assets	0.50
Next $5 billion in assets	0.48
Over $10 billion in assets	0.46

The Fund’s management fee for the fiscal six months ended March 31, 2015 was 0.52% of average annual net assets before any Subsidiary management fees or any applicable waivers.

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

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

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

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the 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 Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the

113      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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

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

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

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

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
March 31, 2015		$311,452		$5,987		$88,159		$17,052		$1,900

114      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Fees and Other Transactions with Affiliates (Continued)

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary and may not be terminated unless approved by the Fund’s Board of Trustees. During the six months ended March 31, 2015, the Manager waived $5,035.

    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 underlying funds managed by the Manager or its affiliates. During the six months ended March 31, 2015, the Manager waived fees and/or reimbursed the Fund $1,092,226 for management fees.

    During the six months ended March 31, 2015, the Manager also voluntarily reimbursed $750,000 of additional Fund expenses.

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

9. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer funds.

115      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

BOARD APPROVAL OF THE FUND’S SUB-SUB-ADVISORY AGREEMENT Unaudited

The Fund has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”). OFI Global has entered into a sub-advisory agreement (the “Sub-Advisory Agreement”) with OFI whereby OFI provides investment sub-advisory services to the Fund. (The renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement was previously approved at a meeting held on August 19 and 20, 2014.) The Managers proposed that the Board consider the engagement of Apollo Capital Management LLC (“Apollo” or the “Sub-Sub-Adviser”) as a sub-sub-adviser for the Fund pursuant to a sub-sub-advisory agreement (the “Sub-Sub-Advisory Agreement”) with Apollo and the Fund. At a meeting held on January 22, 2015, the Board approved the Sub-Sub-Advisory Agreement, subject to the approval of the Fund’s shareholders. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers and the Sub-Sub-Adviser provide, such information as may be reasonably necessary to evaluate the terms of the Sub-Sub-Advisory Agreement. The Board requested and received such information, including information regarding the proposed services, fees, and expenses of the Sub-Sub-Adviser for the Fund.

The Adviser and Sub-Sub-Adviser provided information to the Board on the following factors: (i) the nature, quality and extent of the Sub-Sub-Adviser’s proposed services; (ii) the performance of the Fund; (iii) the costs of services and profits expected to be realized by the Sub-Sub-Adviser from its services to the Fund; (iv) the existence of economies of scale with respect to the services to be provided by the Sub-Sub-Adviser; and (v) other benefits that are expected to accrue to the Sub-Sub-Adviser from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Sub-Sub-Adviser.

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

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services to be provided to the Fund by the Sub-Sub-Adviser and information regarding the Sub-Sub-Adviser’s key personnel who will provide such services. The Board reviewed information set forth in the Sub-Sub-Adviser’s Form ADV, which provides information about the firm, its management, and its business activities and affiliations. The Board also considered Sub-Sub-Adviser’s responsibilities under the Sub-Sub-Advisory Agreement to perform investment management services, investment research, analysis and securities selection, and securities trading services, adherence to the Fund’s investment restrictions and similar matters. In addition, the Board observed that the Fund’s Chief Compliance Officer reviewed the Sub-Sub-Adviser’s compliance program and determined that it was reasonably designed to prevent violation of the federal securities laws as applicable to the Fund.

The Board also considered the quality of the services to be provided and the quality of the Sub-Sub-Adviser’s resources that will be available to the Fund. The Board noted that the Sub-Sub-Adviser is a global alternatives investment manager founded in 1990 and managed approximately $167.5 billion in assets as of June 30, 2014. The Board considered the professional experience and qualifications of the Sub-Sub-Adviser’s senior management and key professional personnel, including those individuals responsible for portfolio management.

116       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The Board also considered the Sub-Sub-Adviser’s operational capabilities and resources, and its depth and breadth of experience in managing investment portfolios. Based on its review, the Board determined that the Sub-Sub-Adviser and its personnel are qualified to provide all required services to the Fund and services that are of high quality, and that the Sub-Sub-Adviser has appropriate resources to provide such services.

Performance of the Fund and the Sub-Sub-Adviser. In connection with the assessment of the Sub-Sub-Adviser’s ability to perform its duties under the Sub-Sub-Advisory Agreement, the Board considered the sufficiency of the Sub-Sub-Adviser’s resources. The Board concluded that the Sub-Sub-Adviser has the financial resources necessary to perform its obligations under the Sub-Sub-Advisory Agreement. The Board considered the Sub-Sub-Adviser’s investment philosophy, the proposed portfolio construction with respect to the assets to be managed, and the specific investment techniques to be employed.

The Board also reviewed the Sub-Sub-Adviser’s overall investment performance. The Board considered the Sub-Sub-Adviser’s track record in managing the types of strategies that will be used for the Fund and its track record for other similar accounts. The Board also considered how the Sub-Sub-Adviser’s total return strategy performed against its benchmark indices.

Costs of Services and Profits to be Realized by the Sub-Sub-Adviser. The Board considered the proposed fee payable to the Sub-Sub-Adviser for managing a portion of the Fund. The Board noted that OFI, not the Fund, will pay the Sub-Sub-Adviser’s fee under the Sub-Sub-Advisory Agreement and that the fee is consistent with the Sub-Sub-Adviser’s fee schedule for similar accounts managed in this strategy and with the fee schedule for another fund managed by the Sub-Sub-Adviser. The Board considered that the proposed fee is higher than the advisory fee paid by the Fund to OFI Global but that OFI Global is not proposing a fee increase to cover this additional cost. The Board concluded that the proposed sub-sub-advisory fee is reasonable in light of the services to be provided.

The Board also considered the Sub-Sub-Adviser’s anticipated costs for serving as the Fund’s sub-sub adviser. In this regard, the Board reviewed information about fees and costs with respect to other mutual funds and certain other accounts advised by the Sub-Sub-Adviser.

Economies of Scale to be Realized by the Sub-Adviser. The Board considered whether the Sub-Sub-Adviser may realize economies of scale in managing a portion of the Fund’s assets. The Board reviewed the Fund’s fee arrangements, which include breakpoints that decrease the fee rate as the Fund’s assets grow, and considered that the breakpoints are intended to share such economies of scale as may exist when the Fund grows.

Other Benefits to the Sub-Sub-Adviser. The Board evaluated other benefits that may accrue to the Sub-Sub-Adviser from its relationship with the Fund. The Board also considered that the Sub-Sub-Adviser must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board took into account the direct and indirect benefits that may accrue to the Sub-Sub-Adviser from its relationship with the Fund and OFI, and it also considered the Sub-Sub-Adviser’s use of the Fund’s portfolio brokerage where applicable to obtain research benefiting the Fund and its other clients.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the

117      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

BOARD APPROVAL OF THE FUND’S SUB-SUB-ADVISORY AGREEMENT Unaudited / Continued

independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, concluded that sufficient information had been provided to allow them to evaluate the terms of the Sub-Sub-Advisory Agreement and the reasonableness of the proposed sub-sub-advisory fee. The Board, including a majority of the independent Trustees, decided to approve the Sub-Sub-Advisory Agreement, subject to shareholder approval. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Sub-Sub-Advisory Agreement, including the advisory fees, in light of all the surrounding circumstances.

118      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

Householding—Delivery of Shareholder Documents

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

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

119      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Trustees and Officers	Sam Freedman, Chairman of the Board of Trustees and Trustee
(As of May 2015)	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	Robert J. Malone, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Michael Mata, Vice President
	Krishna Memani, Vice President
	Hemant Baijal, Vice President
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Jennifer Sexton, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Ropes & Gray LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

© 2015 OppenheimerFunds, Inc. All rights reserved.

120      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

— Applications or other forms

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

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

— Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

121      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE Continued

Internet Security and Encryption

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

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

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

— All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

122      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

123      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

124      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

125      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

126      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK

127      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	OppenheimerFunds® The Right Way to Invest
	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RS0230.001.0315     May 27, 2015

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/31/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

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

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Global Strategic Income Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/12/2015

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/12/2015
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/12/2015

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global 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: 5/12/2015

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global 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: 5/12/2015

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Global 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 3/31/2015 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer	Principal Financial Officer
Oppenheimer Global Strategic Income Fund	Oppenheimer Global Strategic Income Fund
/s/ Arthur P. Steinmetz	/s/ Brian W. Wixted
Arthur P. Steinmetz	Brian W. Wixted
Date: 5/12/2015	Date: 5/12/2015