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)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end:  September 30

Date of reporting period:  3/31/2017

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	68
Consolidated Statement of Operations	70
Consolidated Statements of Changes in Nets Assets	72
Consolidated Financial Highlights	73
Notes to Consolidated Financial Statements	85
Portfolio Proxy Voting Policies and Procedures; Updates to Statements of Investments	119
Distribution Sources	120
Trustees and Officers	121
Privacy Policy Notice	122

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/17

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays          U.S. Aggregate Bond Index
6-Month	1.22%	-3.58%	-2.18%
1-Year	6.88	1.81	0.44
5-Year	3.23	2.23	2.34
10-Year	4.55	4.04	4.27

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

2      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 1.22% during the reporting period, outperforming the -2.18% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

MARKET OVERVIEW

Markets in general turned to “risk-on” mode after the surprise election of Donald Trump with equities climbing and credit spreads narrowing to the tight levels from early 2015, and U.S. Treasury yields climbing to levels not experienced since 2014. The U.S. dollar rallied over the fourth quarter of 2016, particularly immediately following Mr. Trump’s victory. While this resulted in a generally stronger dollar for the six-month reporting period, much of the move was reversed over the first quarter of 2017 when the greenback depreciated against most currencies during that time, especially against emerging market currencies. In addition, over the first quarter, emerging market local assets reversed most of the losses they had experienced in the months since the Presidential election.

Global economic data continued to improve during the reporting period. Growth expectations improved in several countries, including the Eurozone, Japan, UK, China and parts of Asia. U.S. GDP improved in the second half of 2016 but slowed in the first quarter of 2017. That being said, business and consumer confidence indicators (soft

data) were among the highest levels seen in the current expansion. Employment and wage gains, hence income growth, continued during the first quarter and the economy was close to full employment. While consumption growth slowed from a strong pace, the recovery in investment expenditures and receding headwinds from past dollar appreciation added to growth.

International economic and geopolitical concerns remained muted, the Brexit process started smoothly, the Dutch election resulted with mainstream parties securing a convincing majority, and there was progress in Greece program negotiations. In the U.S., the risk of protectionist policies did not materialize in the early days of the administration, though concerns on that front did not fully disappear. The key systemic risk on the market’s radar was the French election, where a Euro-skeptic candidate was polling well before the first round. While current polls suggest a victory by a mainstream candidate, occasional volatility, which was expected to prevail until the election is over.

3      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

As the economy neared the Federal Reserve’s (“Fed”) dual mandates of full employment and price stability, the Fed continued to reduce monetary accommodation and normalize rates. In addition to the 0.25% rate hike in March, the Fed signaled two more hikes in 2017, and the probability that it would start balance sheet normalization later in the year. Market expectations were not too far from the Fed’s projections and the reaction to monetary tightening has been orderly.

FUND REVIEW

For the six-month reporting period, the Fund’s outperformance relative to the Index was largely the result of its allocation to high yield and to leveraged loans as credit spreads tightened sharply over the full period. An underweight position in U.S. Treasuries, which sold off over the first half of the reporting period, benefited performance. In addition, the Fund’s allocation to mortgages benefited for the overall reporting period.

In emerging markets, our allocation to emerging market credit contributed positively to performance, whereas our exposure to emerging market local currency detracted. Emerging market credit spreads widened over the first half of the period on fears of potential protectionist U.S. policies, causing the Fund’s allocation to this sector to experience declines.

However, emerging market credit spreads tightened over the second half of the reporting period as fears of potential protectionist U.S. policies dissipated. This development made us more confident in our allocation to emerging market credit and local currency, and we’ve been opportunistically increasing our allocation to emerging market local currency as we feel the U.S. dollar rally is coming to an end.

STRATEGY & OUTLOOK

We believe global growth and market trends are likely to continue for the next two quarters of 2017. We are more confident on the prospects of global growth for this year on reduced tail risks. Specifically, we don’t expect disruptive trade-related friction as the U.S. Administration has scaled back hawkishness on trade policy. Also, we expect easy monetary conditions and stable fiscal policy in China ahead of the 19th National Party Congress in the fourth quarter of this year. Lastly, the recent outcome of the Dutch election suggests lower odds of success for nationalist, anti-European candidates, still, risk remains until the French elections in the second week of May. Given this backdrop, we expect global growth to be slightly higher than the 2.6% in 2016.

We expect the momentum behind the recent inflation uptick to ebb in the near term for three reasons. Firstly, the bases effect (the consequence of abnormally high or low

4      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

levels of inflation in a previous month distorting headline inflation numbers for the most recent month) from higher oil has peaked, in our view. Oil prices have failed to make new highs on the fears of expiration of last year’s OPEC deal and U.S. shale supply coming to market. Additionally, the recent uptick in the labor participation rate makes us skeptical that inflation will meaningfully overshoot the Fed’s target.

By year end, some of the yield depressing activities by central banks could lead to higher yields in core government bond markets. The European Central Bank (“ECB”) has already begun to pare back its bond purchase program and we believe will likely announce plans to further reduce and ultimately end the program in 2018. Likewise, the Fed is expected to make changes to its reinvestment program by year-end, slowly reducing the size of its balance sheet.

More immediately, the market pricing of 34 basis points of hikes in the next 12 months seems low to us. The recent rally in U.S. government bonds has been attributed to political risks in Europe and North Korea, which we expect to fade. This combined with more clarity regarding the run down of the Fed balance sheet should lead to higher interest rates later in the year, in our view. Therefore, we remain underweight duration generally.

We still like U.S. credit, though valuations in U.S. high yield are stretched in our view.

Therefore we’ve reduced our allocation to high yield debt and have minimal exposure to the retail sector due to the possibility of potential adverse tax policies from the U.S. Administration and continued transition to online retailers.

We’re positive on the energy sector, but remain cautious with respect to metals and mining, as we believe the price of metals has likely peaked. We think the health care sector offers value, but there are risks within the sector so we are selectively adding to it.

We have been increasing our allocation to floating-rate loans. We believe that defaults are likely to fall back below historic norms of 2% to 3%, thanks largely to the recovery and stabilization of energy prices. We believe floating rate loans have the potential to benefit as the Fed continues to slowly move front-end rates higher. We also expect securitized credit, especially non-agency mortgage-backed securities (“MBS”) to do well on the back of stable to higher home prices in the U.S.

Improving global growth and resilience of emerging market fixed income securities to rising rates in the first half of March makes us more confident in our allocation to emerging

5      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

market credit and local currency. We’ve been opportunistically increasing our allocation to emerging market local currency as we feel the U.S. dollar rally is coming to an end.

	Michael Mata Portfolio Manager
	Ruta Ziverte1 Portfolio Manager

	Krishna Memani Portfolio Manager
	Chris Kelly, CFA1 Portfolio Manager

1. Ruta Ziverte and Chris Kelly became Portfolio Managers in January 2017.

6      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

United States	79.3%
Brazil	1.8
Indonesia	1.7
Canada	1.6
Supranational	1.1
United Kingdom	1.0
Russia	0.9
Mexico	0.7
Netherlands	0.7
India	0.7

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2017, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	80.9%
Latin America	5.5
Europe	4.3
Asia	4.0
Emerging Europe	2.4
Middle East/Africa	1.8
Supranational	1.1

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2017, and are based on the total market value of investments.

7      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	45.7%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	2.9
Oppenheimer Master Event-Linked Bond Fund, LLC	2.2
Oppenheimer Master Loan Fund, LLC	13.5
Oppenheimer Ultra-Short Duration Fund	2.6
Mortgage-Backed Obligations
Government Agency	6.3
Non-Agency	10.1
Foreign Government Obligations	8.1
Asset-Backed Securities	5.2
U.S. Government Obligations	1.6
Preferred Stocks	0.7
Structured Securities	0.5
Common Stocks	0.3
Corporate Loans	0.2
Over-the-Counter Options
Purchased	0.1
Over-the-Counter Interest Rate
Swaptions Purchased	—*
Rights, Warrants and Certificates	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2017, 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		12.9%
AA		1.5
A		4.5
BBB		16.4
BB		19.7
B		19.1
CCC		4.4
C		0.0
D		0.3
Unrated		21.2
Total		100.0%

* Represents a value of less than 0.05%.

The percentages above are based on the market value of the Fund’s securities as of March 31, 2017, and are subject to change. Except for securities labeled “Treasury,” “Agency” and “Unrated,“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. 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 Government 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 3/31/17

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		1.22	%		6.88	%		3.23	%		4.55	%
Class B (OPSGX)		11/30/92		1.10			6.05			2.44			4.02
Class C (OSICX)		5/26/95		1.10			6.08			2.50			3.79
Class I (OSIIX)		1/27/12		1.69			7.35			3.65			3.87	*
Class R (OSINX)		3/1/01		1.35			6.61			2.97			4.20
Class Y (OSIYX)		1/26/98		1.35			7.14			3.52			4.80

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/17

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		-3.58	%		1.81	%		2.23	%		4.04	%
Class B (OPSGX)		11/30/92		-3.88			1.05			2.10			4.02
Class C (OSICX)		5/26/95		0.10			5.08			2.50			3.79
Class I (OSIIX)		1/27/12		1.69			7.35			3.65			3.87	*
Class R (OSINX)		3/1/01		1.35			6.61			2.97			4.20
Class Y (OSIYX)		1/26/98		1.35			7.14			3.52			4.80

*Shows performance since inception.

STANDARDIZED YIELDS

For the 30 Days Ended 3/31/17
Class A	3.61%
Class B	3.01
Class C	3.03
Class I	4.18
Class R	3.53
Class Y	4.04

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 of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge (“CDSC”) of

9      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1% for the 1-year period. There is no sales charge for Class I, Class R 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. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Standardized yield is based on net investment income for the 30-day period ended 3/31/17 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 Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the 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 and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2017.

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, 2017” 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, 2016		Ending Account Value March 31, 2017		Expenses Paid During 6 Months Ended March 31, 2017
Class A	$	1,000.00	$	1,012.20	$	5.08
Class B		1,000.00		1,011.00		8.96
Class C		1,000.00		1,011.00		8.91
Class I		1,000.00		1,016.90		2.92
Class R		1,000.00		1,013.50		6.40
Class Y		1,000.00		1,013.50		3.87
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.90		5.10
Class B		1,000.00		1,016.06		8.99
Class C		1,000.00		1,016.11		8.94
Class I		1,000.00		1,022.04		2.93
Class R		1,000.00		1,018.60		6.41
Class Y		1,000.00		1,021.09		3.89

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, 2017 are as follows:

Class	Expense Ratios
Class A	1.01%
Class B	1.78
Class C	1.77
Class I	0.58
Class R	1.27
Class Y	0.77

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

12      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS March 31, 2017 Unaudited

	Principal Amount		Value
Asset-Backed Securities—5.4%
American Credit Acceptance Receivables Trust:
Series 2013-1, Cl. D, 4.94%, 6/15/201	$	4,480,000	$	4,484,677
Series 2013-2, Cl. D, 5.92%, 8/17/201		3,625,000		3,667,146
Series 2014-2, Cl. D, 4.96%, 5/10/211		1,930,000		1,944,956
Series 2014-4, Cl. B, 2.60%, 10/10/171		152,057		152,237
Series 2015-1, Cl. B, 2.85%, 2/12/211		1,477,080		1,482,282
Series 2015-3, Cl. B, 3.56%, 10/12/211		1,610,000		1,627,000
Series 2015-3, Cl. D, 5.86%, 7/12/221		550,000		568,901
Series 2017-1, Cl. D, 3.54%, 3/13/231		2,632,000		2,614,740
American Express Credit Account Master Trust:
Series 2014-2, Cl. A, 1.26%, 1/15/20		385,000		385,080
Series 2014-3, Cl. A, 1.49%, 4/15/20		2,465,000		2,467,700
Series 2014-5, Cl. A, 1.202%, 5/15/202		2,890,000		2,893,888
Series 2015-1, Cl. A, 1.202%, 1/15/202		4,825,000		4,827,630
AmeriCredit Automobile Receivables Trust:
Series 2013-2, Cl. E, 3.41%, 10/8/201		3,650,000		3,673,334
Series 2013-3, Cl. D, 3.00%, 7/8/19		1,540,000		1,554,225
Series 2013-3, Cl. E, 3.74%, 12/8/201		1,320,000		1,336,858
Series 2013-4, Cl. D, 3.31%, 10/8/19		1,505,000		1,524,938
Series 2014-1, Cl. C, 2.15%, 3/9/20		1,905,000		1,914,694
Series 2014-1, Cl. E, 3.58%, 8/9/21		1,670,000		1,697,942
Series 2014-2, Cl. E, 3.37%, 11/8/21		1,415,000		1,432,424
Series 2014-3, Cl. D, 3.13%, 10/8/20		3,845,000		3,896,826
Series 2014-4, Cl. D, 3.07%, 11/9/20		975,000		986,308
Series 2017-1, Cl. D, 3.13%, 1/18/23		1,755,000		1,755,923
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 1.562%, 8/16/211,2		780,000		785,128
Series 2016-1, Cl. A1, 1.78%, 6/15/22		2,545,000		2,540,616
Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21		794,480		794,900
Series 2014-1, Cl. D, 3.39%, 7/22/19		580,000		588,056
Series 2015-4, Cl. D, 3.62%, 5/20/21		1,430,000		1,461,524
Series 2016-2, Cl. D, 3.16%, 11/20/23		675,000		679,074
Series 2016-3, Cl. D, 2.65%, 1/20/24		795,000		782,390
Capital One Multi-Asset Execution Trust, Series 2014-A5, Cl. A5, 1.48%, 7/15/20		3,175,000		3,178,190
CarFinance Capital Auto Trust:
Series 2013-2A, Cl. B, 3.15%, 8/15/191		49,372		49,481
Series 2015-1A, Cl. A, 1.75%, 6/15/211		354,902		355,069
CarMax Auto Owner Trust:
Series 2014-2, Cl. D, 2.58%, 11/16/20		1,365,000		1,368,774
Series 2015-2, Cl. D, 3.04%, 11/15/21		525,000		527,619
Series 2015-3, Cl. D, 3.27%, 3/15/22		1,805,000		1,818,273
Series 2016-1, Cl. D, 3.11%, 8/15/22		1,370,000		1,368,669
Series 2016-3, Cl. D, 2.94%, 1/17/23		915,000		902,904
Series 2016-4, Cl. D, 2.91%, 4/17/23		2,040,000		2,007,428
Series 2017-1, Cl. D, 3.43%, 7/17/23		1,775,000		1,776,121
Chase Issuance Trust, Series 2016-A6, Cl. A6, 1.10%, 1/15/20		4,775,000		4,764,873

13      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
CPS Auto Receivables Trust, Series 2014-C, Cl. A, 1.31%, 2/15/191	$	137,396	$	137,331
Credit Acceptance Auto Loan Trust, Series 2014-1A, Cl. B, 2.29%, 4/15/221		1,514,823		1,515,280
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.212%, 4/25/362		2,724,423		2,713,995
Discover Card Execution Note Trust, Series 2014-A5, Cl. A, 1.39%, 4/15/20		4,370,000		4,372,430
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/211		2,915,000		2,969,856
Series 2015-CA, Cl. D, 4.20%, 9/15/211		5,060,000		5,154,056
Series 2015-DA, Cl. C, 3.38%, 11/15/211		3,825,000		3,868,250
Series 2015-DA, Cl. D, 4.59%, 1/17/231		390,000		403,927
Series 2016-BA, Cl. C, 3.19%, 7/15/221		1,285,000		1,302,130
Series 2016-CA, Cl. C, 3.02%, 11/15/211		1,085,000		1,098,692
Series 2016-CA, Cl. D, 4.18%, 3/15/241		1,240,000		1,265,534
Series 2017-AA, Cl. C, 2.98%, 1/18/221		2,600,000		2,618,545
Series 2017-AA, Cl. D, 4.16%, 5/15/241		1,600,000		1,625,484
Series 2017-BA, Cl. D, 3.72%, 10/17/221		1,685,000		1,692,388
DT Auto Owner Trust:
Series 2014-1A, Cl. D, 3.98%, 1/15/211		2,088,544		2,107,956
Series 2014-2A, Cl. D, 3.68%, 4/15/211		7,155,000		7,228,635
Series 2014-3A, Cl. D, 4.47%, 11/15/211		7,835,000		7,997,830
Series 2015-1A, Cl. C, 2.87%, 11/16/201		677,575		681,312
Series 2015-1A, Cl. D, 4.26%, 2/15/221		8,075,000		8,252,124
Series 2015-2A, Cl. D, 4.25%, 2/15/221		2,770,000		2,825,819
Series 2015-3A, Cl. D, 4.53%, 10/17/221		7,470,000		7,647,752
Series 2016-1A, Cl. B, 2.79%, 5/15/201		1,855,000		1,862,373
Series 2016-4A, Cl. B, 2.02%, 8/17/201		1,900,000		1,894,845
Series 2016-4A, Cl. E, 6.49%, 9/15/231		555,000		573,727
Series 2017-1A, Cl. D, 3.55%, 11/15/221		1,120,000		1,123,866
Series 2017-1A, Cl. E, 5.79%, 2/15/241		1,160,000		1,167,694
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		849,875		829,819
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.412%, 11/16/201,2		3,480,000		3,494,783
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. C, 4.35%, 1/15/191		690,739		693,955
Series 2013-2A, Cl. D, 6.81%, 8/17/201		1,685,000		1,746,781
Series 2014-1A, Cl. B, 2.42%, 1/15/191		28,910		28,918
Series 2014-1A, Cl. C, 3.57%, 7/15/191		2,655,000		2,669,438
Series 2014-2A, Cl. C, 3.26%, 12/16/191		540,000		544,768
Series 2015-1A, Cl. C, 4.10%, 12/15/201		935,000		958,506
First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/201		2,730,000		2,753,479
Flagship Credit Auto Trust:
Series 2014-1, Cl. D, 4.83%, 6/15/201		130,000		133,436
Series 2014-2, Cl. A, 1.43%, 12/16/191		190,815		190,869
Series 2015-3, Cl. D, 7.12%, 11/15/221		1,945,000		2,045,069

14      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Asset-Backed Securities (Continued)
Flagship Credit Auto Trust: (Continued)
Series 2016-1, Cl. C, 6.22%, 6/15/221	$	2,725,000	$	2,918,224
Series 2016-4, Cl. A1, 1.47%, 3/16/201		1,819,592		1,817,893
Ford Credit Floorplan Master Owner Trust A, Series 2016-3, Cl. A1, 1.55%, 7/15/21		2,915,000		2,896,930
GM Financial Automobile Leasing Trust, Series 2015-1, Cl. D, 3.01%, 3/20/20		1,330,000		1,341,105
ICE EM CLO:
Series 2007-1A, Cl. B, 3.038%, 8/15/221,2		21,000,000		20,673,681
Series 2007-1A, Cl. C, 4.338%, 8/15/221,2		17,780,000		17,249,658
Series 2007-1A, Cl. D, 6.338%, 8/15/221,2		15,242,711		13,661,020
Navistar Financial Dealer Note Master Owner Trust II:
Series 2015-1, Cl. B, 2.682%, 6/25/201,2		520,000		520,229
Series 2015-1, Cl. D, 4.132%, 6/25/201,2		205,000		205,142
Series 2016-1, Cl. D, 4.282%, 9/27/211,2		595,000		595,902
Santander Drive Auto Receivables Trust:
Series 2013-1, Cl. D, 2.27%, 1/15/19		3,255,000		3,262,861
Series 2013-4, Cl. E, 4.67%, 1/15/201		1,580,000		1,599,474
Series 2013-A, Cl. E, 4.71%, 1/15/211		1,220,000		1,244,429
Series 2015-1, Cl. D, 3.24%, 4/15/21		3,125,000		3,168,428
Series 2015-5, Cl. D, 3.65%, 12/15/21		2,420,000		2,467,717
Series 2016-2, Cl. D, 3.39%, 4/15/22		880,000		892,205
Series 2017-1, Cl. D, 3.17%, 4/17/23		1,215,000		1,218,385
Series 2017-1, Cl. E, 5.05%, 7/15/241		1,385,000		1,399,691
SNAAC Auto Receivables Trust, Series 2014-1A, Cl. D, 2.88%, 1/15/201		2,735,000		2,741,385
Synchrony Credit Card Master Note Trust, Series 2012-6, Cl. A, 1.36%, 8/17/20		1,345,000		1,345,999
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		850,000		850,378
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/441		352,205		345,082
United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/191		927,182		929,269
Westlake Automobile Receivables Trust, Series 2015-2A, Cl. C, 2.45%, 1/15/211		1,110,000		1,115,524
World Financial Network Credit Card Master Trust:
Series 2014-C, Cl. A, 1.60%, 8/16/21		2,470,000		2,472,261
Series 2015-C, Cl. A, 1.26%, 3/15/21		1,800,000		1,799,989
Series 2016-B, Cl. A, 1.44%, 6/15/22		1,625,000		1,621,029
Total Asset-Backed Securities (Cost $253,519,311)				253,184,340
Mortgage-Backed Obligations—16.8%
Government Agency—6.4%
FHLMC/FNMA/FHLB/Sponsored—6.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		554,766		609,863
5.50%, 9/1/39		1,407,141		1,563,067
6.00%, 1/1/19-7/1/24		763,306		832,423

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. Gold Pool: (Continued)
6.50%, 4/1/18-6/1/35	$	574,506	$	641,766
7.00%, 8/1/21-3/1/35		864,201		972,751
7.50%, 1/1/32-2/1/32		1,486,497		1,793,188
8.50%, 8/1/31		59,530		68,594
10.00%, 5/1/20		2,093		2,117
Federal Home Loan Mortgage Corp. Non Gold Pool:
10.00%, 4/1/20		5,371		5,386
10.50%, 5/1/20		15,416		16,519
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 44.412%, 4/1/273		130,382		29,006
Series 192, Cl. IO, 82.554%, 2/1/283		59,990		11,565
Series 205, Cl. IO, 37.594%, 9/1/293		350,086		78,086
Series 206, Cl. IO, 0.00%, 12/15/293,4		151,603		43,330
Series 207, Cl. IO, 0.00%, 4/1/303,4		132,532		32,005
Series 214, Cl. IO, 0.00%, 6/1/313,4		100,825		23,237
Series 243, Cl. 6, 9.591%, 12/15/323		309,153		57,004
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		1,156,288		1,276,618
Series 151, Cl. F, 9.00%, 5/15/21		1,138		1,231
Series 1590, Cl. IA, 1.962%, 10/15/232		833,493		853,000
Series 1674, Cl. Z, 6.75%, 2/15/24		31,543		34,681
Series 2034, Cl. Z, 6.50%, 2/15/28		8,505		9,472
Series 2042, Cl. N, 6.50%, 3/15/28		9,434		10,486
Series 2043, Cl. ZP, 6.50%, 4/15/28		919,592		1,022,775
Series 2053, Cl. Z, 6.50%, 4/15/28		7,623		8,518
Series 2116, Cl. ZA, 6.00%, 1/15/29		448,986		496,853
Series 2122, Cl. F, 1.362%, 2/15/292		22,643		22,706
Series 2279, Cl. PK, 6.50%, 1/15/31		13,988		15,648
Series 2326, Cl. ZP, 6.50%, 6/15/31		132,755		147,738
Series 2344, Cl. FP, 1.862%, 8/15/312		296,769		305,365
Series 2368, Cl. PR, 6.50%, 10/15/31		15,960		17,544
Series 2401, Cl. FA, 1.562%, 7/15/292		37,781		38,437
Series 2412, Cl. GF, 1.862%, 2/15/322		422,663		434,825
Series 2427, Cl. ZM, 6.50%, 3/15/32		595,333		658,053
Series 2451, Cl. FD, 1.912%, 3/15/322		175,584		181,021
Series 2453, Cl. BD, 6.00%, 5/15/17		251		253
Series 2461, Cl. PZ, 6.50%, 6/15/32		69,109		80,741
Series 2464, Cl. FI, 1.912%, 2/15/322		167,050		171,238
Series 2470, Cl. AF, 1.912%, 3/15/322		283,289		292,060
Series 2470, Cl. LF, 1.912%, 2/15/322		170,845		175,129
Series 2475, Cl. FB, 1.912%, 2/15/322		233,984		238,226
Series 2517, Cl. GF, 1.912%, 2/15/322		141,259		144,800
Series 2551, Cl. LF, 1.412%, 1/15/332		21,671		21,770
Series 2564, Cl. MP, 5.00%, 2/15/18		9,716		9,818
Series 2585, Cl. HJ, 4.50%, 3/15/18		4,846		4,960
Series 2635, Cl. AG, 3.50%, 5/15/32		237,316		244,445
Series 2668, Cl. AZ, 4.00%, 9/15/18		38,155		39,151
Series 2676, Cl. KY, 5.00%, 9/15/23		438,408		467,670

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: (Continued)
Series 2707, Cl. QE, 4.50%, 11/15/18	$	93,227	$	94,808
Series 2770, Cl. TW, 4.50%, 3/15/19		24,075		24,715
Series 3010, Cl. WB, 4.50%, 7/15/20		5,174		5,307
Series 3025, Cl. SJ, 21.405%, 8/15/352		358,240		529,663
Series 3741, Cl. PA, 2.15%, 2/15/35		410,005		411,815
Series 3815, Cl. BD, 3.00%, 10/15/20		11,756		11,850
Series 3840, Cl. CA, 2.00%, 9/15/18		8,140		8,152
Series 3848, Cl. WL, 4.00%, 4/15/40		663,884		687,869
Series 3857, Cl. GL, 3.00%, 5/15/40		15,087		15,428
Series 3917, Cl. BA, 4.00%, 6/15/38		345,832		355,709
Series 4221, Cl. HJ, 1.50%, 7/15/23		648,755		645,161
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 32.523%, 3/15/283		18,573		2,239
Series 2049, Cl. PL, 76.544%, 4/15/283		105,030		12,776
Series 2074, Cl. S, 99.999%, 7/17/283		91,339		13,030
Series 2079, Cl. S, 99.999%, 7/17/283		160,788		25,441
Series 2177, Cl. SB, 99.999%, 8/15/293		104,361		20,639
Series 2526, Cl. SE, 51.951%, 6/15/293		183,957		36,210
Series 2682, Cl. TQ, 99.999%, 10/15/333		735,748		153,756
Series 2795, Cl. SH, 99.999%, 3/15/243		1,290,113		118,185
Series 2920, Cl. S, 99.999%, 1/15/353		1,313,631		195,672
Series 2922, Cl. SE, 24.564%, 2/15/353		87,980		13,782
Series 2981, Cl. AS, 10.329%, 5/15/353		664,955		103,371
Series 2981, Cl. BS, 99.999%, 5/15/353		1,557,225		264,121
Series 3004, Cl. SB, 99.999%, 7/15/353		1,950,622		237,335
Series 3397, Cl. GS, 0.00%, 12/15/373,4		411,933		74,762
Series 3424, Cl. EI, 0.00%, 4/15/383,4		154,591		16,924
Series 3450, Cl. BI, 22.431%, 5/15/383		644,655		87,900
Series 3606, Cl. SN, 22.911%, 12/15/393		336,374		50,326
Series 3659, Cl. IE, 34.60%, 3/15/193		377,033		11,941
Series 3685, Cl. EI, 0.00%, 3/15/193,4		154,820		2,767
Federal National Mortgage Assn.:
3.00%, 4/1/325		138,655,000		142,153,866
4.00%, 4/1/475		59,550,000		62,467,017
4.50%, 4/1/475		18,800,000		20,162,266
5.00%, 4/1/475		6,190,000		6,764,151
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 99.999%, 12/25/413		36,808,711		561,060
Series 2001-T3, Cl. IO, 99.999%, 11/25/403		5,859,387		209,593
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		308,957		318,182
5.00%, 2/1/18-12/1/21		762,724		784,232
5.50%, 1/1/22-5/1/36		609,396		670,448
6.00%, 6/1/17-1/1/19		1,066		1,069
6.50%, 4/1/18-1/1/34		3,076,148		3,510,392
7.00%, 11/1/17-4/1/34		4,907,709		5,703,198

17      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn. Pool: (Continued)
7.50%, 2/1/27-3/1/33	$	2,261,355	$	2,678,599
8.50%, 7/1/32		16,895		18,314
9.50%, 3/15/21		7,177		7,296
11.00%, 2/1/26		91,690		98,140
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/233		139,342		22,787
Series 247, Cl. 2, 99.999%, 10/25/233		67,361		10,105
Series 252, Cl. 2, 99.999%, 11/25/233		17,106		2,828
Series 254, Cl. 2, 99.999%, 1/25/243		49,785		8,845
Series 301, Cl. 2, 1.699%, 4/25/293		167,558		40,856
Series 303, Cl. IO, 66.138%, 11/25/293		171,326		43,747
Series 313, Cl. 2, 99.999%, 6/25/313		1,468,337		399,296
Series 319, Cl. 2, 3.049%, 2/25/323		460,809		111,574
Series 321, Cl. 2, 6.805%, 4/25/323		802,813		184,355
Series 324, Cl. 2, 0.00%, 7/25/323,4		350,989		82,874
Series 328, Cl. 2, 0.00%, 12/25/323,4		305,531		68,799
Series 331, Cl. 5, 99.999%, 2/25/333		710,179		135,829
Series 332, Cl. 2, 0.00%, 3/25/333,4		1,339,059		301,204
Series 334, Cl. 10, 0.00%, 2/25/333,4		580,331		105,650
Series 334, Cl. 12, 0.00%, 3/25/333,4		834,265		187,666
Series 339, Cl. 7, 0.00%, 11/25/333,4		1,675,156		335,692
Series 345, Cl. 9, 0.00%, 1/25/343,4		485,169		100,394
Series 351, Cl. 10, 0.00%, 4/25/343,4		210,969		43,012
Series 351, Cl. 8, 0.00%, 4/25/343,4		380,108		77,549
Series 356, Cl. 10, 0.00%, 6/25/353,4		273,158		55,192
Series 356, Cl. 12, 0.00%, 2/25/353,4		130,832		29,521
Series 362, Cl. 13, 0.00%, 8/25/353,4		19,475		4,000
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		43,178		48,465
Series 1997-45, Cl. CD, 8.00%, 7/18/27		446,464		520,930
Series 1998-58, Cl. PC, 6.50%, 10/25/28		258,351		289,073
Series 1999-14, Cl. MB, 6.50%, 4/25/29		14,512		16,163
Series 1999-54, Cl. LH, 6.50%, 11/25/29		493,838		566,134
Series 2001-19, Cl. Z, 6.00%, 5/25/31		203,728		230,516
Series 2001-65, Cl. F, 1.582%, 11/25/312		345,329		350,957
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		406,805		457,193
Series 2002-21, Cl. PE, 6.50%, 4/25/32		484,200		546,196
Series 2002-29, Cl. F, 1.982%, 4/25/322		185,674		190,464
Series 2002-64, Cl. FJ, 1.982%, 4/25/322		57,068		58,541
Series 2002-68, Cl. FH, 1.478%, 10/18/322		121,618		122,203
Series 2002-81, Cl. FM, 1.482%, 12/25/322		230,375		231,339
Series 2002-84, Cl. FB, 1.982%, 12/25/322		38,265		39,207
Series 2003-100, Cl. PA, 5.00%, 10/25/18		209,263		212,751
Series 2003-11, Cl. FA, 1.982%, 9/25/322		52,217		53,503
Series 2003-112, Cl. AN, 4.00%, 11/25/18		75,335		76,206
Series 2003-116, Cl. FA, 1.382%, 11/25/332		126,384		126,513
Series 2003-84, Cl. GE, 4.50%, 9/25/18		14,558		14,778
Series 2004-101, Cl. BG, 5.00%, 1/25/20		529		529

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 2004-25, Cl. PC, 5.50%, 1/25/34	$	56,275	$	57,744
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,239,565
Series 2005-71, Cl. DB, 4.50%, 8/25/25		942,253		985,242
Series 2006-11, Cl. PS, 20.967%, 3/25/362		364,059		532,608
Series 2006-46, Cl. SW, 20.60%, 6/25/362		509,338		679,307
Series 2008-75, Cl. DB, 4.50%, 9/25/23		167,528		170,043
Series 2009-113, Cl. DB, 3.00%, 12/25/20		330,815		333,895
Series 2009-36, Cl. FA, 1.922%, 6/25/372		350,310		358,196
Series 2009-70, Cl. TL, 4.00%, 8/25/19		265,719		268,135
Series 2010-43, Cl. KG, 3.00%, 1/25/21		96,956		98,128
Series 2011-122, Cl. EC, 1.50%, 1/25/20		266,630		266,234
Series 2011-15, Cl. DA, 4.00%, 3/25/41		342,799		353,466
Series 2011-3, Cl. EL, 3.00%, 5/25/20		537,129		541,825
Series 2011-3, Cl. KA, 5.00%, 4/25/40		923,406		993,070
Series 2011-38, Cl. AH, 2.75%, 5/25/20		8,268		8,318
Series 2011-6, Cl. BA, 2.75%, 6/25/20		230,609		232,773
Series 2011-69, Cl. EA, 3.00%, 11/25/29		84,728		84,895
Series 2011-82, Cl. AD, 4.00%, 8/25/26		218,274		221,965
Series 2011-88, Cl. AB, 2.50%, 9/25/26		133,153		133,788
Series 2012-20, Cl. FD, 1.382%, 3/25/422		1,272,636		1,266,946
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 31.912%, 11/18/313		391,969		90,845
Series 2001-63, Cl. SD, 36.706%, 12/18/313		11,561		2,267
Series 2001-68, Cl. SC, 11.281%, 11/25/313		7,877		1,583
Series 2001-81, Cl. S, 39.461%, 1/25/323		112,243		30,404
Series 2002-28, Cl. SA, 24.697%, 4/25/323		89,913		17,541
Series 2002-38, Cl. SO, 50.055%, 4/25/323		109,861		19,835
Series 2002-39, Cl. SD, 42.485%, 3/18/323		170,926		32,187
Series 2002-48, Cl. S, 34.631%, 7/25/323		140,460		29,069
Series 2002-52, Cl. SL, 23.638%, 9/25/323		85,716		17,297
Series 2002-53, Cl. SK, 52.224%, 4/25/323		106,548		21,003
Series 2002-56, Cl. SN, 36.233%, 7/25/323		192,634		39,867
Series 2002-65, Cl. SC, 56.838%, 6/25/263		351,230		49,281
Series 2002-77, Cl. IS, 44.333%, 12/18/323		187,169		34,831
Series 2002-77, Cl. SH, 40.264%, 12/18/323		146,494		29,911
Series 2002-89, Cl. S, 99.999%, 1/25/333		1,090,513		251,811
Series 2002-9, Cl. MS, 24.846%, 3/25/323		152,028		30,241
Series 2003-13, Cl. IO, 36.227%, 3/25/333		800,562		129,841
Series 2003-26, Cl. DI, 30.356%, 4/25/333		516,979		119,736
Series 2003-26, Cl. IK, 36.298%, 4/25/333		90,599		11,424
Series 2003-33, Cl. SP, 99.999%, 5/25/333		461,581		90,866
Series 2003-4, Cl. S, 19.94%, 2/25/333		220,255		48,368
Series 2003-46, Cl. IH, 0.00%, 6/25/233,4		69,911		7,981
Series 2004-56, Cl. SE, 14.201%, 10/25/333		498,372		98,330
Series 2005-12, Cl. SC, 37.10%, 3/25/353		40,970		6,585
Series 2005-14, Cl. SE, 59.424%, 3/25/353		321,587		51,712

19      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-40, Cl. SA, 99.999%, 5/25/353	$	1,869,796	$	289,626
Series 2005-40, Cl. SB, 99.999%, 5/25/353		790,995		116,091
Series 2005-52, Cl. JH, 43.525%, 5/25/353		1,036,044		151,515
Series 2006-90, Cl. SX, 99.999%, 9/25/363		1,947,204		285,435
Series 2007-88, Cl. XI, 2.776%, 6/25/373		3,229,831		566,470
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		194,848		21,508
Series 2009-8, Cl. BS, 51.478%, 2/25/243		36,975		1,303
Series 2010-95, Cl. DI, 57.241%, 11/25/203		577,411		23,037
Series 2011-96, Cl. SA, 13.653%, 10/25/413		348,544		57,062
Series 2012-134, Cl. SA, 8.268%, 12/25/423		1,321,189		252,549
Series 2012-40, Cl. PI, 3.39%, 4/25/413		3,711,298		494,434
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		2,586		500
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/223,4		2,957,853		23,866
Series 1995-2B, Cl. 2IO, 0.00%, 6/15/253,4		293,110		6,038
Series 1995-3, Cl. 1IO, 0.00%, 9/15/253,4		9,112,774		32,478
				285,458,923
GNMA/Guaranteed—0.3%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		436,773		468,128
8.00%, 1/15/28-9/15/28		278,930		298,722
Government National Mortgage Assn. II Pool:
2.125%, 7/20/272		2,853		2,949
4.00%, 4/1/475		14,095,000		14,888,945
7.00%, 1/20/30		70,304		83,464
11.00%, 10/20/19		705		708
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17, Cl. AI, 49.968%, 4/16/373		1,207,436		213,586
Series 2011-52, Cl. HS, 28.514%, 4/16/413		2,170,186		338,844
				16,295,346
Non-Agency—10.4%
Commercial—3.9%
BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 2.69%, 9/26/351,2		180,800		180,977
Series 2012-RR2, Cl. 6A3, 3.226%, 9/26/351,2		271,647		271,544
Series 2012-RR6, Cl. RR6, 2.054%, 11/26/361		290,003		273,269
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,2,3,4		98,751		2,770
CD Commercial Mortgage Trust:
Series 2016-CD2, Cl. AM, 3.668%, 11/10/492		1,000,000		1,027,556
Series 2017-CD3, Cl. AS, 3.833%, 2/10/50		1,270,000		1,321,031
COMM Mortgage Trust:
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461		2,825,000		2,832,666
Series 2013-CR7, Cl. D, 4.354%, 3/10/461,2		8,505,000		7,478,799

20      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
COMM Mortgage Trust: (Continued)
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47	$	70,000	$	72,932
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		665,000		700,955
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		4,876,748
Series 2015-CR23, Cl. AM, 3.801%, 5/10/48		3,210,000		3,310,143
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 24.179%, 12/10/452,3		8,711,589		560,281
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		1,775,000		1,794,283
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.198%, 7/22/361,2		920,000		827,522
FREMF Mortgage Trust:
Series 2012-K20, Cl. C, 3.87%, 5/25/451,2		12,875,000		12,646,125
Series 2013-K25, Cl. C, 3.619%, 11/25/451,2		1,975,000		1,938,709
Series 2013-K26, Cl. C, 3.599%, 12/25/451,2		335,000		326,335
Series 2013-K27, Cl. C, 3.497%, 1/25/461,2		4,187,000		4,041,392
Series 2013-K28, Cl. C, 3.494%, 6/25/461,2		7,865,000		7,580,351
Series 2013-K29, Cl. C, 3.481%, 5/25/461,2		4,700,000		4,523,929
Series 2013-K502, Cl. C, 2.902%, 3/25/451,2		630,000		629,869
Series 2013-K712, Cl. C, 3.365%, 5/25/451,2		660,000		661,365
Series 2013-K713, Cl. C, 3.166%, 4/25/461,2		420,000		421,396
Series 2014-K41, Cl. B, 3.832%, 11/25/471,2		7,635,000		7,736,268
Series 2014-K714, Cl. C, 3.849%, 1/25/471,2		200,000		202,530
Series 2014-K715, Cl. C, 4.127%, 2/25/461,2		25,000		25,469
Series 2015-K44, Cl. B, 3.685%, 1/25/481,2		7,345,000		7,263,228
Series 2015-K45, Cl. B, 3.591%, 4/25/481,2		13,050,000		12,709,891
Series 2015-K721, Cl. B, 3.565%, 11/25/471,2		3,970,000		3,976,461
Series 2017-K62, Cl. B, 3.875%, 1/25/271,2		6,522,000		6,168,946
Series 2017-K724, Cl. B, 3.504%, 11/25/231,2		4,465,000		4,234,097
GS Mortgage Securities Trust, Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		421,603
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		2,345,000		2,365,773
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		2,395,000		2,567,070
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		310,000		309,972
Series 2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,754,329
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.42%, 7/25/352		280,594		281,487
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.093%, 7/26/361,2		14,469,308		13,161,508
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24, Cl. B, 4.116%, 11/15/472		1,655,000		1,700,934
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		6,680,000		6,962,874
Series 2014-C26, Cl. AS, 3.80%, 1/15/48		3,770,000		3,857,844
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		1,755,000		1,745,290
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,2		69,273		55,769
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,588,714
Series 2014-C14, Cl. B, 4.64%, 2/15/472		680,000		724,224

21      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust: (Continued)
Series 2016-C30, Cl. AS, 3.175%, 9/15/49	$	2,865,000	$	2,775,575
Morgan Stanley Re-Remic Trust:
Series 2012-R3, Cl. 1A, 2.662%, 11/26/361,2		1,301,033		1,289,777
Series 2012-R3, Cl. 1B, 2.662%, 11/26/361,2		12,544,926		10,260,537
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.897%, 6/26/461,2		209,180		208,832
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.24%, 8/25/342		10,177,947		10,175,901
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 4.885%, 5/10/631,2		7,532,194		7,216,987
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007- OA3, Cl. 5A, 1.866%, 4/25/472		1,079,866		901,214
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29, Cl. AS, 4.013%, 6/15/482		2,090,000		2,172,002
Series 2016-C37, Cl. AS, 4.018%, 12/15/49		2,465,000		2,571,219
WF-RBS Commercial Mortgage Trust:
Series 2012-C7, Cl. E, 4.836%, 6/15/451,2		660,000		625,345
Series 2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,839,225
Series 2014-C20, Cl. AS, 4.176%, 5/15/47		1,455,000		1,535,859
Series 2014-LC14, Cl. AS, 4.351%, 3/15/472		1,135,000		1,205,019
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2011-C3, Cl. XA, 28.186%, 3/15/441,2,3		16,164,309		648,341
				181,541,061
Residential—6.5%
Bear Stearns ARM Trust:
Series 2005-2, Cl. A1, 3.26%, 3/25/352		465,110		469,172
Series 2006-1, Cl. A1, 2.91%, 2/25/362		88,284		87,943
Chase Funding Trust, Series 2003-2, Cl. 2A2, 1.542%, 2/25/332		15,989		13,995
CHL Mortgage Pass-Through Trust:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		1,983,099		1,975,496
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		1,756,065		1,762,345
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 3.175%, 5/25/352		2,527,376		2,502,575
Series 2006-AR1, Cl. 1A1, 3.21%, 10/25/352		678,816		676,694
Series 2009-8, Cl. 7A2, 3.089%, 3/25/361,2		29,541,941		28,113,716
Series 2012-8, Cl. 1A1, 3.113%, 10/25/351,2		853,803		854,381
Series 2014-8, Cl. 1A2, 1.268%, 7/20/361,2		1,635,000		1,458,590
Connecticut Avenue Securities:
Series 2014-C01, Cl. M1, 2.582%, 1/25/242		345,475		349,037
Series 2014-C02, Cl. 1M1, 1.932%, 5/25/242		1,223,718		1,228,626
Series 2014-C02, Cl. 1M2, 3.582%, 5/25/242		8,940,000		9,129,111
Series 2014-C02, Cl. 2M1, 1.932%, 5/25/242		536,053		536,564
Series 2014-C03, Cl. 1M1, 2.182%, 7/25/242		1,639,776		1,644,010
Series 2014-C03, Cl. 2M1, 2.182%, 7/25/242		653,508		654,757
Series 2014-C03, Cl. 2M2, 3.882%, 7/25/242		13,865,000		14,270,795
Series 2015-C03, Cl. 1M2, 5.982%, 7/25/252		4,540,000		4,998,336
Series 2015-C03, Cl. 2M1, 2.482%, 7/25/252		96,838		97,041

22      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Residential (Continued)
Connecticut Avenue Securities: (Continued)
Series 2015-C04, Cl. 1M1, 2.582%, 4/25/282	$	1,603,996	$	1,608,018
Series 2016-C03, Cl. 1M1, 2.982%, 10/25/282		31,386		31,901
Series 2016-C03, Cl. 2M1, 3.182%, 10/25/282		2,035,719		2,061,105
Series 2016-C06, Cl. 1M1, 2.282%, 4/25/292		2,562,469		2,586,176
Series 2016-C06, Cl. 1M2, 5.232%, 4/25/292		10,705,000		11,351,269
Series 2016-C07, Cl. 2M1, 2.282%, 4/25/292		1,489,985		1,497,841
Series 2016-C07, Cl. 2M2, 5.332%, 4/25/292		13,370,000		14,145,269
Series 2017-C01, Cl. 1M2, 4.532%, 7/25/292		14,350,000		14,541,247
Series 2017-C02, Cl. 2M1, 2.127%, 9/25/292		2,700,000		2,704,240
Series 2017-C02, Cl. 2M2, 4.627%, 9/25/292		4,500,000		4,540,262
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 1.142%, 12/15/352		110,884		99,108
Series 2006-H, Cl. 2A1A, 0.92%, 11/15/362		71,270		53,366
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.217%, 7/25/352		429,447		424,093
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/352		632,147		648,402
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.292%, 7/25/352		91,435		90,761
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.082%, 8/25/362		4,060,109		1,968,389
Merrill Lynch Mortgage Investors Trust, Series 2005-A1, Cl. 2A1, 3.046%, 12/25/342		94,851		94,870
RALI Trust:
Series 2005-QA4, Cl. A32, 3.677%, 4/25/352		12,547		342
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		72,706		61,336
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		5,763,243		5,303,708
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN1, Cl. M1, 4.382%, 7/25/232		1,442,888		1,463,594
Series 2014-DN1, Cl. M1, 1.982%, 2/25/242		58,686		58,731
Series 2014-DN4, Cl. M3, 5.532%, 10/25/242		15,265,000		16,469,982
Series 2014-HQ2, Cl. M1, 2.432%, 9/25/242		270,274		271,140
Series 2014-HQ2, Cl. M2, 3.182%, 9/25/242		1,680,000		1,729,243
Series 2014-HQ2, Cl. M3, 4.732%, 9/25/242		16,320,000		17,368,491
Series 2015-HQA2, Cl. M2, 3.782%, 5/25/282		1,544,955		1,593,323
Series 2016-DNA2, Cl. M1, 2.232%, 10/25/282		4,000,120		4,010,786
Series 2016-DNA2, Cl. M3, 5.632%, 10/25/282		10,693,000		11,604,322
Series 2016-DNA3, Cl. M1, 2.082%, 12/25/282		2,136,080		2,144,290
Series 2016-DNA3, Cl. M3, 5.982%, 12/25/282		7,155,000		7,908,213
Series 2016-DNA4, Cl. M1, 1.782%, 3/25/292		1,273,617		1,276,457
Series 2016-DNA4, Cl. M3, 4.782%, 3/25/292		13,920,000		14,392,629
Series 2016-HQA2, Cl. M1, 2.182%, 11/25/282		1,424,055		1,429,578
Series 2016-HQA3, Cl. M1, 1.782%, 3/25/292		3,328,774		3,334,823
Series 2016-HQA3, Cl. M3, 4.832%, 3/25/292		15,820,000		16,388,539
Series 2016-HQA4, Cl. M1, 1.782%, 4/25/292		2,831,369		2,835,427
Series 2016-HQA4, Cl. M3, 4.882%, 4/25/292		9,480,000		9,769,652
Series 2017-DNA1, Cl. M1, 2.182%, 7/25/292		2,363,292		2,373,001
Series 2017-DNA1, Cl. M2, 4.232%, 7/25/292		14,545,000		14,537,710
Series 2017-HQA1, Cl. M1, 2.182%, 8/25/292		2,444,196		2,453,451
Series 2017-HQA1, Cl. M2, 4.532%, 8/25/292		14,170,000		14,195,203

23      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Residential (Continued)
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 2.839%, 10/25/332			$            149,625		$            152,854
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 3.116%, 2/25/352			3,449,033		3,514,185
Series 2005-AR13, Cl. 1A5, 3.058%, 5/25/352			306,719		308,035
Series 2005-AR15, Cl. 1A2, 2.983%, 9/25/352			774,902		751,574
Series 2005-AR15, Cl. 1A6, 2.983%, 9/25/352			7,742,684		7,383,060
Series 2005-AR4, Cl. 2A2, 3.304%, 4/25/352			220,193		220,555
Series 2006-AR10, Cl. 1A1, 3.106%, 7/25/362			604,997		584,090
Series 2006-AR10, Cl. 5A5, 3.093%, 7/25/362			1,251,045		1,235,663
Series 2006-AR14, Cl. 1A2, 3.066%, 10/25/362			2,488,213		2,338,672
Series 2006-AR2, Cl. 2A3, 3.089%, 3/25/362			4,444,725		4,371,697
Series 2006-AR7, Cl. 2A4, 3.101%, 5/25/362			2,998,597		2,866,975
Series 2006-AR8, Cl. 2A1, 3.096%, 4/25/362			2,430,770		2,433,982
					308,404,814
Total Mortgage-Backed Obligations (Cost $772,943,958)					791,700,144
U.S. Government Obligations—1.6%
Federal Home Loan Mortgage Corp. Nts., 1.50%, 1/17/20			11,574,000		11,559,000
United States Treasury Nts.:
1.625%, 4/30/196,7,8			31,242,000		31,459,226
1.75%, 10/31/206,7,8			29,428,000		29,497,538
2.50%, 8/15/23			2,703,000		2,757,641
Total U.S. Government Obligations (Cost $75,528,937)					75,273,405
Foreign Government Obligations—8.3%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/221			3,005,000		3,130,834
8.50% Sr. Unsec. Nts., 1/31/471			3,005,000		3,237,888
Argentine Republic:
6.875% Sr. Unsec. Nts., 1/26/271			4,515,000		4,574,824
7.50% Sr. Unsec. Nts., 4/22/261			8,680,000		9,231,180
16.00% Bonds, 10/17/23	ARS		25,715,000		1,746,804
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		1,799,941
Commonwealth of Jamaica:
7.625% Sr. Unsec. Nts., 7/9/25			6,795,000		7,889,131
8.00% Sr. Unsec. Nts., 3/15/39			1,340,000		1,541,844
Democratic Socialist Republic of Sri Lanka:
5.125% Sr. Unsec. Nts., 4/11/191			1,505,000		1,544,041
5.875% Sr. Unsec. Nts., 7/25/221			3,210,000		3,301,607
6.00% Sr. Unsec. Nts., 1/14/191			4,380,000		4,544,105
6.25% Sr. Unsec. Nts., 10/4/201			1,445,000		1,524,205
6.85% Sr. Unsec. Nts., 11/3/251			1,315,000		1,363,095
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/271			6,010,000		6,167,534
6.85% Sr. Unsec. Nts., 1/27/451			3,025,000		3,146,000
Federal Republic of Nigeria, 7.875% Sr. Unsec. Nts., 2/16/321			1,400,000		1,463,840

24      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Foreign Government Obligations (Continued)
Federative Republic of Brazil:
5.00% Sr. Unsec. Nts., 1/27/45		$	7,335,000	$	6,564,825
5.625% Sr. Unsec. Nts., 1/7/41			1,500,000		1,466,250
6.00% Unsec. Nts., 5/15/21	BRL		17,900,000		17,561,414
Gabonese Republic:
6.375% Bonds, 12/12/241			3,335,000		3,237,035
6.95% Sr. Unsec. Nts., 6/16/251			1,480,000		1,450,829
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			6,491,000		7,347,786
Series 20/B, 3.50% Bonds, 6/24/20	HUF		1,565,000,000		5,857,254
Series 25/B, 5.50% Bonds, 6/24/25	HUF		1,211,000,000		4,922,002
Oriental Republic of Uruguay, 5.10% Sr. Unsec. Nts., 6/18/50			8,895,000		8,583,675
Perusahaan Penerbit SBSN Indonesia III:
4.00% Sr. Unsec. Nts., 11/21/181			2,525,000		2,604,032
4.35% Sr. Unsec. Nts., 9/10/241			1,655,000		1,719,131
4.55% Sr. Unsec. Nts., 3/29/261			2,755,000		2,861,756
6.125% Sr. Unsec. Nts., 3/15/191			5,900,000		6,335,420
Province de Cordoba, 7.45% Sr. Unsec. Nts., 9/1/241			3,000,000		3,048,876
Province of Buenos Aires:
6.50% Sr. Unsec. Nts., 2/15/231			3,295,000		3,310,486
7.875% Sr. Unsec. Nts., 6/15/271			4,775,000		4,847,580
9.125% Sr. Unsec. Nts., 3/16/241			3,275,000		3,639,344
Republic of Colombia:
4.00% Sr. Unsec. Nts., 2/26/24			1,060,000		1,093,390
6.125% Sr. Unsec. Nts., 1/18/41			10,735,000		12,291,575
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000		6,209,816
Republic of Costa Rica, 7.158% Sr. Unsec. Nts., 3/12/451			2,615,000		2,670,569
Republic of Cote d’Ivoire, 5.75% Sr. Unsec. Nts., 12/31/322			4,718,700		4,400,490
Republic of Croatia:
3.875% Sr. Unsec. Nts., 5/30/22	EUR		4,065,000		4,725,872
6.75% Sr. Unsec. Nts., 11/5/191			3,475,000		3,788,310
Republic of Ecuador:
9.65% Sr. Unsec. Nts., 12/13/261			3,260,000		3,382,250
10.75% Sr. Unsec. Nts., 3/28/221			7,430,000		7,875,800
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/271			2,110,000		2,146,123
8.75% Sr. Unsec. Nts., 12/16/201			3,350,000		3,811,731
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/251	EUR		845,000		965,331
3.70% Sr. Unsec. Nts., 1/8/221			2,065,000		2,109,635
3.75% Sr. Unsec. Nts., 6/14/281	EUR		1,380,000		1,579,982
4.125% Sr. Unsec. Nts., 1/15/251			1,010,000		1,039,280
5.875% Sr. Unsec. Nts., 3/13/201			1,055,000		1,155,164
6.75% Sr. Unsec. Nts., 1/15/441			5,560,000		7,161,080
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		151,045,000,000		11,920,546
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		247,405,000,000		20,202,900
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR		55,290,000,000		4,217,927
Republic of Iraq, 5.80% Unsec. Nts., 1/15/281			1,570,000		1,389,488
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/441			6,100,000		6,010,269

25      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Foreign Government Obligations (Continued)
Republic of Namibia, 5.25% Sr. Unsec. Nts., 10/29/251		$	3,650,000	$	3,691,792
Republic of Peru:
2.75% Sr. Unsec. Nts., 1/30/26	EUR		3,795,000		4,454,875
3.75% Sr. Unsec. Nts., 3/1/30	EUR		995,000		1,224,666
4.125% Sr. Unsec. Nts., 8/25/27			2,495,000		2,694,600
5.625% Sr. Unsec. Nts., 11/18/50			1,795,000		2,142,781
Republic of Poland, 2.50% Bonds, 7/25/27	PLN		18,350,000		4,255,791
Republic of Senegal, 6.25% Bonds, 7/30/241			1,570,000		1,590,567
Republic of Serbia:
5.25% Sr. Unsec. Nts., 11/21/171			2,970,000		3,032,673
5.875% Unsec. Nts., 12/3/181			6,100,000		6,424,825
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		62,500,000		4,538,596
Series 2037, 8.50% Bonds, 1/31/37	ZAR		71,000,000		4,747,952
Series 2048, 8.75% Bonds, 2/28/48	ZAR		25,700,000		1,731,555
Series R186, 10.50% Bonds, 12/21/26	ZAR		193,525,000		15,961,562
Republic of Turkey:
8.80% Bonds, 11/14/18	TRY		30,930,000		8,240,454
10.60% Bonds, 2/11/26	TRY		14,000,000		3,843,892
11.00% Bonds, 2/24/27	TRY		11,000,000		3,100,502
Romania:
2.75% Sr. Unsec. Nts., 10/29/251	EUR		3,100,000		3,510,783
3.875% Sr. Unsec. Nts., 10/29/351	EUR		985,000		1,113,149
4.875% Sr. Unsec. Nts., 1/22/241			3,575,000		3,887,276
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		480,415,000		8,490,782
Series 6217, 7.50% Bonds, 8/18/21	RUB		674,770,000		11,858,159
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/241			3,120,000		3,183,324
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/19			19,115,000		19,534,383
7.75% Sr. Unsec. Nts., 9/1/21			1,630,000		1,609,136
7.75% Sr. Unsec. Nts., 9/1/22			3,700,000		3,563,563
7.75% Sr. Unsec. Nts., 9/1/23			2,960,000		2,804,363
United Mexican States, Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		8,440,345
Total Foreign Government Obligations (Cost $383,360,323)					391,384,442
Corporate Loans—0.2%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/30/182			2,396,103		2,390,647
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/202			2,988,627		3,016,335
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.25%, 10/25/202			3,600,000		2,905,877
Pharmaceutical Product Development LLC, Sr. Sec. Credit
Facilities 1st Lien Term Loan, Tranche D, 4.25%, 8/18/222			2,236,545		2,246,609
Total Corporate Loans (Cost $10,527,226)					10,559,468

26      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Corporate Bonds and Notes—47.0%
Consumer Discretionary—8.7%
Auto Components—0.4%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/251	$	3,605,000	$	3,614,012
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		3,645,000		3,809,025
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/221		3,190,000		3,261,775
Goodyear Tire & Rubber Co. (The):
5.00% Sr. Unsec. Nts., 5/31/26		1,940,000		1,993,350
5.125% Sr. Unsec. Nts., 11/15/23		1,525,000		1,590,766
Grinding Media, Inc./MC Grinding Media Canada, Inc., 7.375% Sr. Sec. Nts., 12/15/231		1,455,000		1,531,388
MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22		2,130,000		2,316,375
Tenneco, Inc., 5% Sr. Unsec. Nts., 7/15/26		1,460,000		1,433,530
				19,550,221
Automobiles—0.5%
Aston Martin Capital Holdings Ltd., 6.50% Sec. Nts., 4/15/221,5		2,160,000		2,172,150
Daimler Finance North America LLC:
1.50% Sr. Unsec. Nts., 7/5/191		2,517,000		2,482,039
8.50% Sr. Unsec. Unsub. Nts., 1/18/31		1,421,000		2,148,244
Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24		3,287,000		3,237,557
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		1,250,000		1,381,828
General Motors Financial Co., Inc., 3% Sr. Unsec. Nts., 9/25/17		1,855,000		1,866,328
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45		760,000		769,872
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191		2,678,000		2,633,012
Nissan Motor Acceptance Corp., 1.55% Sr. Unsec. Nts., 9/13/191		676,000		666,650
Volkswagen Group of America Finance LLC, 1.60% Sr. Unsec. Nts., 11/20/171		2,855,000		2,851,914
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/251		2,475,000		2,570,906
				22,780,500
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		5,694,000		5,694,000
Diversified Consumer Services—0.0%
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		2,407,000		2,513,149
Hotels, Restaurants & Leisure—2.1%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/221		3,590,000		3,733,600
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		2,190,000		2,209,162
5.00% Sr. Unsec. Nts., 4/1/251		1,283,000		1,323,896

27      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Boyd Gaming Corp.:
6.375% Sr. Unsec. Nts., 4/1/26	$	690,000	$	740,025
6.875% Sr. Unsec. Nts., 5/15/23		4,200,000		4,541,250
Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21		2,465,000		2,693,012
CEC Entertainment, Inc., 8% Sr. Unsec. Nts., 2/15/22		2,580,000		2,699,325
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21		5,410,000		5,653,450
Eagle II Acquisition Co. LLC, 6% Sr. Unsec. Nts., 4/1/251		1,800,000		1,856,250
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241		720,000		730,800
Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sec. Nts., 3/15/191		5,925,000		6,224,212
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/241		1,455,000		1,444,087
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/241		3,630,000		3,829,650
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		6,310,000		6,767,475
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25% Sr. Unsec. Nts., 6/1/261		2,915,000		2,973,300
Landry’s, Inc., 6.75% Sr. Unsec. Nts., 10/15/241		7,090,000		7,373,600
Marriott International, Inc.:
3.25% Sr. Unsec. Nts., 9/15/22		1,171,000		1,182,586
6.375% Sr. Unsec. Nts., 6/15/17		1,689,000		1,705,181
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/211		3,200,000		3,254,400
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24		3,510,000		3,720,600
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		3,630,000		3,915,862
6.625% Sr. Unsec. Nts., 12/15/21		3,430,000		3,807,300
Mohegan Tribal Gaming Authority, 7.875% Sr. Unsec. Nts., 10/15/241		2,255,000		2,294,462
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		3,600,000		3,582,000
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201		1,635,000		1,639,088
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/081,9		14,750,000		—
Raizen Fuels Finance SA, 5.30% Sr. Unsec. Nts., 1/20/271		1,510,000		1,534,537
Scientific Games International, Inc., 10% Sr. Unsec. Nts., 12/1/22		4,828,000		5,165,960
Silversea Cruise Finance Ltd., 7.25% Sr. Sec. Nts., 2/1/251		1,445,000		1,528,088
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241		1,455,000		1,439,541
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 6.375% Sr. Sec. Nts., 6/1/211		1,675,000		1,695,938
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/221		6,475,000		6,742,094
Wyndham Worldwide Corp., 4.15% Sr. Unsec. Nts., 4/1/24		1,759,000		1,776,819
				99,777,550

28      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Household Durables—1.2%
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/251	$	2,890,000	$	3,041,725
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25% Sr. Unsec. Nts., 5/15/241		3,655,000		3,924,556
Beazer Homes USA, Inc.:
6.75% Sr. Unsec. Nts., 3/15/251		3,570,000		3,603,469
7.25% Sr. Unsec. Nts., 2/1/23		2,410,000		2,500,375
8.75% Sr. Unsec. Nts., 3/15/221		2,270,000		2,491,325
KB Home:
7.00% Sr. Unsec. Nts., 12/15/21		3,245,000		3,600,944
7.625% Sr. Unsec. Nts., 5/15/23		3,085,000		3,354,938
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		7,244,000		7,298,330
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		2,530,000		2,779,534
Newell Brands, Inc.:
2.15% Sr. Unsec. Nts., 10/15/18		1,170,000		1,175,305
5.00% Sr. Unsec. Nts., 11/15/23		1,900,000		2,036,870
5.50% Sr. Unsec. Nts., 4/1/46		856,000		974,840
PulteGroup, Inc.:
5.00% Sr. Unsec. Nts., 1/15/27		2,095,000		2,102,856
5.50% Sr. Unsec. Nts., 3/1/26		2,195,000		2,280,056
6.00% Sr. Unsec. Nts., 2/15/35		245,000		241,325
Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/231		735,000		753,375
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875% Sr. Unsec. Nts., 4/15/231		3,050,000		3,217,750
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		4,197,000		4,262,599
4.875% Sr. Unsec. Nts., 11/15/25		410,000		414,100
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		840,000		840,297
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/251		2,891,000		2,927,138
				53,821,707
Internet & Catalog Retail—0.1%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		771,000		874,956
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		2,105,000		2,044,418
				2,919,374
Leisure Equipment & Products—0.1%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		1,942,000		1,939,132
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26		2,595,000		2,609,789
				4,548,921
Media—3.1%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/461		1,081,000		1,087,476
Altice Financing SA, 6.50% Sec. Nts., 1/15/221		3,800,000		3,991,862
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		3,740,000		4,020,500
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		2,185,000		2,245,087
5.875% Sr. Sub. Nts., 11/15/261		2,175,000		2,204,906
6.125% Sr. Sub. Nts., 5/15/271		1,440,000		1,455,300

29      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Media (Continued)
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27	$	3,538,000	$	3,847,575
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251		725,000		770,312
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% Sr. Unsec. Nts., 5/1/271,5		2,881,000		2,908,009
5.75% Sr. Unsec. Nts., 2/15/261		3,250,000		3,420,625
Cequel Communications Holdings I LLC/Cequel Capital Corp.,
6.375% Sr. Unsec. Nts., 9/15/201		7,340,000		7,569,375
Charter Communications Operating LLC/Charter Communications Operating Capital:
5.375% Sr. Sec. Nts., 5/1/471,5		677,000		684,407
6.484% Sr. Sec. Nts., 10/23/45		1,753,000		2,029,511
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		1,460,000		1,482,630
Clear Channel Worldwide Holdings, Inc.:
Series B, 6.50% Sr. Unsec. Nts., 11/15/22		7,040,000		7,343,565
Series B, 7.625% Sr. Sub. Nts., 3/15/20		4,865,000		4,925,812
Comcast Corp., 2.35% Sr. Unsec. Nts., 1/15/27		796,000		729,961
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		3,305,000		3,300,869
5.50% Sr. Unsec. Nts., 4/15/271		2,180,000		2,220,875
10.875% Sr. Unsec. Nts., 10/15/251		2,465,000		2,970,325
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		8,445,000		8,898,919
7.75% Sr. Unsec. Nts., 7/1/26		715,000		832,975
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		2,170,000		2,148,300
5.875% Sr. Unsec. Nts., 7/15/261		6,705,000		6,839,100
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		4,005,000		3,419,269
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		842,000		869,944
Lions Gate Entertainment Corp., 5.875% Sr. Unsec. Nts., 11/1/241		5,665,000		5,905,763
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		1,465,000		1,404,569
Nexstar Broadcasting, Inc.:
5.625% Sr. Unsec. Nts., 8/1/241		3,515,000		3,576,513
6.125% Sr. Unsec. Nts., 2/15/221		2,385,000		2,492,325
SFR Group SA, 6% Sr. Sec. Nts., 5/15/221		7,535,000		7,836,400
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		4,590,000		4,658,850
Sirius XM Radio, Inc., 5.375% Sr. Unsec. Nts., 7/15/261		2,910,000		2,982,750
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		1,253,000		1,267,550
6.10% Sr. Unsec. Nts., 2/15/181		936,000		969,802
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		4,955,000		5,091,262
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17		1,880,000		1,880,761
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		1,379,000		1,256,996
Time Warner, Inc., 3.875% Sr. Unsec. Nts., 1/15/26		600,000		602,382
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		2,750,000		2,880,625
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		735,000		735,000
5.125% Sr. Sec. Nts., 2/15/251		5,925,000		5,850,938

30      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Media (Continued)
Viacom, Inc.:
2.25% Sr. Unsec. Nts., 2/4/22	$	550,000	$	529,367
3.45% Sr. Unsec. Nts., 10/4/26		665,000		632,367
4.375% Sr. Unsec. Nts., 3/15/43		1,647,000		1,432,401
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/261		1,694,000		1,710,940
5.50% Sr. Sec. Nts., 8/15/261		2,095,000		2,131,663
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/271		7,260,000		7,277,424
				145,324,137
Multiline Retail—0.1%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23		5,981,000		6,399,670
Specialty Retail—0.7%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		515,000		510,088
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		1,610,000		1,737,082
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23		3,795,000		3,937,312
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/191		3,600,000		3,676,500
6.75% Sr. Unsec. Nts., 3/15/211		3,860,000		3,956,500
Guitar Center, Inc., 6.50% Sr. Sec. Nts., 4/15/191		1,735,000		1,466,075
L Brands, Inc.:
5.625% Sr. Unsec. Nts., 2/15/22		946,000		996,848
6.875% Sr. Unsec. Nts., 11/1/35		4,590,000		4,452,300
Lowe’s Cos., Inc., 3.70% Sr. Unsec. Nts., 4/15/46		1,211,000		1,126,849
PetSmart, Inc., 7.125% Sr. Unsec. Nts., 3/15/231		3,790,000		3,609,975
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		1,660,000		1,663,552
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		1,320,000		1,324,950
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		1,421,000		1,377,515
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/271		1,800,000		1,804,500
				31,640,046
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		1,250,000		1,239,062
4.875% Sr. Unsec. Nts., 5/15/261		3,348,000		3,306,150
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25		1,110,000		1,143,522
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		1,182,000		1,199,730
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		6,995,000		7,222,338
				14,110,802
Consumer Staples—2.9%
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		2,878,000		2,883,244
3.65% Sr. Unsec. Nts., 2/1/26		1,366,000		1,383,691
4.90% Sr. Unsec. Nts., 2/1/46		1,015,000		1,100,261

31      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Beverages (Continued)
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39	$	1,198,000	$	1,825,947
Beam Suntory, Inc., 1.875% Sr. Unsec. Nts., 5/15/17		922,000		922,621
Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19		1,018,000		1,005,293
2.10% Sr. Unsec. Nts., 7/15/21		2,432,000		2,379,498
4.20% Sr. Unsec. Nts., 7/15/46		691,000		649,512
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		2,089,000		2,209,115
				14,359,182
Food & Staples Retailing—0.9%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./ Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/241		2,190,000		2,244,750
CVS Health Corp., 2.875% Sr. Unsec. Nts., 6/1/26		2,678,000		2,558,762
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231		1,840,000		1,490,400
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		4,205,000		4,257,562
Koninklijke Ahold Delhaize NV, 6.50% Sr. Unsec. Nts., 6/15/17		1,626,000		1,640,358
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		114,000		114,259
6.40% Sr. Unsec. Nts., 8/15/17		1,673,000		1,702,801
6.80% Sr. Unsec. Nts., 12/15/18		812,000		878,653
6.90% Sr. Unsec. Nts., 4/15/38		614,000		802,494
New Albertsons, Inc., 7.45% Sr. Unsec. Nts., 8/1/29		2,195,000		2,090,737
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		5,295,000		5,638,889
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/241		1,460,000		1,496,500
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/231		6,150,000		6,119,250
Simmons Foods, Inc., 7.875% Sec. Nts., 10/1/211		2,575,000		2,710,188
SUPERVALU, Inc.:
6.75% Sr. Unsec. Nts., 6/1/21		2,195,000		2,195,000
7.75% Sr. Unsec. Nts., 11/15/22		1,620,000		1,597,725
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241		365,000		380,513
Walgreens Boots Alliance, Inc.:
1.75% Sr. Unsec. Nts., 5/30/18		1,959,000		1,961,850
3.10% Sr. Unsec. Nts., 6/1/23		2,945,000		2,944,614
Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		1,444,000		1,511,478
				44,336,783
Food Products—1.0%
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		720,000		727,650
Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		1,860,000		1,866,346
3.25% Sr. Unsec. Nts., 8/15/26		1,712,000		1,657,776
8.50% Sr. Unsec. Nts., 6/15/19		1,200,000		1,361,779
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		5,955,000		6,222,975
Dole Food Co., Inc., 7.25% Sr. Sec. Nts., 6/15/251,5		2,160,000		2,165,400
ESAL GmbH, 6.25% Sr. Unsec. Nts., 2/5/231		1,525,000		1,532,625
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		1,905,000		1,906,124
JBS USA LUX SA/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/251		3,775,000		3,831,625

32      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Food Products (Continued)
JM Smucker Co. (The), 1.75% Sr. Unsec. Nts., 3/15/18	$	1,494,000	$	1,495,933
Kernel Holding SA, 8.75% Sr. Unsec. Nts., 1/31/221		1,880,000		1,951,478
Kraft Heinz Foods Co.:
2.80% Sr. Unsec. Nts., 7/2/20		2,530,000		2,565,754
4.375% Sr. Unsec. Nts., 6/1/46		1,675,000		1,571,488
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		1,432,000		1,464,220
Mondelez International Holdings Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		2,771,000		2,730,632
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/251		2,735,000		2,769,188
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201		2,628,000		2,629,445
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/241		4,255,000		4,478,388
WhiteWave Foods Co. (The), 5.375% Sr. Unsec. Nts., 10/1/22		2,030,000		2,212,700
				45,141,526
Household Products—0.1%
Kronos Acquisition Holdings, Inc., 9% Sr. Unsec. Nts., 8/15/231		1,800,000		1,836,000
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		1,115,000		1,184,687
				3,020,687
Personal Products—0.4%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		8,670,000		9,190,200
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22		255,000		266,475
Revlon Consumer Products Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		6,320,000		6,343,700
6.25% Sr. Unsec. Nts., 8/1/24		1,455,000		1,455,000
				17,255,375
Tobacco—0.2%
Altria Group, Inc., 3.875% Sr. Unsec. Nts., 9/16/46		1,700,000		1,579,353
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181		2,769,000		2,771,617
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		881,000		1,039,221
Vector Group Ltd., 6.125% Sr. Sec. Nts., 2/1/251		6,505,000		6,659,494
				12,049,685
Energy—8.3%
Energy Equipment & Services—1.3%
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		1,960,000		1,710,100
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/251,5		720,000		733,950
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		766,000		807,627
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		743,000		773,617
McDermott International, Inc., 8% Sec. Nts., 5/1/211		5,190,000		5,319,750
Noble Holding International Ltd., 7.75% Sr. Unsec. Nts., 1/15/24		2,175,000		2,098,875
Parker Drilling Co., 6.75% Sr. Unsec. Nts., 7/15/22		4,500,000		4,027,500

33      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Energy Equipment & Services (Continued)
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/431	$	2,960,000	$	3,046,047
6.45% Sr. Unsec. Nts., 5/30/441		8,030,000		9,085,407
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22		4,200,000		3,843,000
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		5,080,000		5,143,500
Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/171		2,332,000		2,336,356
4.00% Sr. Unsec. Nts., 12/21/251		1,524,000		1,589,832
Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/171		1,908,000		1,908,080
Transocean, Inc., 9% Sr. Unsec. Nts., 7/15/231		5,875,000		6,300,937
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/251		1,085,000		1,086,356
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21		5,535,000		5,479,650
Weatherford International Ltd., 9.875% Sr. Unsec. Nts., 2/15/241		3,571,000		4,151,288
				59,441,872
Oil, Gas & Consumable Fuels—7.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875% Sr. Unsec. Nts., 12/15/241		2,905,000		3,035,725
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		496,000		469,530
6.20% Sr. Unsec. Nts., 3/15/40		504,000		570,824
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		936,000		940,513
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6% Sr. Unsec. Nts., 2/15/251		7,160,000		7,236,075
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241		4,725,000		4,181,625
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25		5,730,000		5,813,171
Bill Barrett Corp.:
7.00% Sr. Unsec. Nts., 10/15/22		3,755,000		3,567,250
7.625% Sr. Unsec. Nts., 10/1/19		5,725,000		5,667,750
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/221		1,680,000		1,709,400
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		1,386,000		1,461,755
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		2,832,000		2,818,658
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		663,000		650,557
Bukit Makmur Mandiri Utama PT, 7.75% Sr. Unsec. Nts., 2/13/221		1,275,000		1,322,679
California Resources Corp., 8% Sec. Nts., 12/15/221		4,683,000		3,834,206
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50% Sr. Unsec. Nts., 4/15/21		5,310,000		4,520,137
Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		7,245,000		7,299,337
Cheniere Corpus Christi Holdings LLC, 7% Sr. Sec. Nts., 6/30/241		6,065,000		6,709,406
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		1,435,000		1,399,125
8.00% Sec. Nts., 12/15/221		4,968,000		5,222,610
8.00% Sr. Unsec. Nts., 1/15/251		2,175,000		2,183,156

34      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19	$	2,853,000	$	2,844,247
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		198,412
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12% Sec. Nts., 11/1/21		4,135,000		4,476,137
CNOOC Finance 2011 Ltd., 4.25% Sr. Unsec. Nts., 1/26/211		1,915,000		2,007,908
CNOOC Nexen Finance 2014 ULC, 1.625% Sr. Unsec. Nts., 4/30/17		1,654,000		1,654,397
Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/25		1,322,000		1,387,227
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		322,000		358,000
5.95% Sr. Unsec. Nts., 3/15/46		684,000		851,726
CONSOL Energy, Inc.:
5.875% Sr. Unsec. Nts., 4/15/22		7,850,000		7,800,937
8.00% Sr. Unsec. Nts., 4/1/23		3,770,000		3,982,063
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		1,535,000		1,556,106
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		3,980,000		4,029,750
Denbury Resources, Inc.:
5.50% Sr. Sub. Nts., 5/1/22		1,822,000		1,430,270
6.375% Sr. Sub. Nts., 8/15/21		4,384,000		3,616,800
9.00% Sec. Nts., 5/15/211		2,975,000		3,153,500
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		865,000		835,924
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		10,000		10,675
7.50% Sr. Sec. Nts., 10/15/20		5,720,000		6,406,400
Energy Transfer Partners LP, 5.30% Sr. Unsec. Nts., 4/15/47		723,000		696,561
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		681,000		703,925
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		532,000		537,773
4.90% Sr. Unsec. Nts., 5/15/46		505,000		517,750
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Unsec. Nts., 9/1/22		1,785,000		1,503,863
8.00% Sr. Sec. Nts., 11/29/241		3,625,000		3,824,375
8.00% Sec. Nts., 2/15/251		2,890,000		2,702,150
9.375% Sr. Unsec. Nts., 5/1/20		1,810,000		1,714,975
EQT Midstream Partners LP, 4.125% Sr. Unsec. Nts., 12/1/26		968,000		960,426
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50% Sec. Nts., 4/1/231		3,600,000		3,370,500
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/221		7,735,000		8,035,319
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		1,525,000		1,551,688
6.00% Sr. Unsec. Nts., 5/15/23		2,345,000		2,368,450
Gulfport Energy Corp., 6% Sr. Unsec. Nts., 10/15/241		5,085,000		4,957,875
Halcon Resources Corp.:
6.75% Sr. Unsec. Nts., 2/15/251		2,880,000		2,842,560
12.00% Sec. Nts., 2/15/221		844,000		989,590
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23		4,010,000		4,496,581

35      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22		$	5,412,000	$	4,627,260
KazMunayGas National Co. JSC: 4.40% Sr. Unsec. Nts., 4/30/231			795,000		802,700
6.375% Sr. Unsec. Nts., 4/9/211			5,205,000		5,729,638
7.00% Sr. Unsec. Nts., 5/5/201			5,425,000		5,995,374
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45			2,175,000		2,237,829
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/231			2,910,000		3,034,024
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251			1,435,000		1,440,381
7.00% Sr. Unsec. Nts., 3/31/241			3,925,000		3,532,500
Murphy Oil Corp.:
4.70% Sr. Unsec. Nts., 12/1/22			2,250,000		2,188,125
6.875% Sr. Unsec. Nts., 8/15/24			2,120,000		2,252,500
Murray Energy Corp., 11.25% Sec. Nts., 4/15/211			6,540,000		5,084,850
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24			1,485,000		1,572,244
NGL Energy Partners LP/NGL Energy Finance Corp.: 6.125% Sr. Unsec. Nts., 3/1/251			3,595,000		3,505,125
6.875% Sr. Unsec. Nts., 10/15/21			1,770,000		1,814,250
7.50% Sr. Unsec. Nts., 11/1/231			2,540,000		2,635,250
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44			711,000		727,792
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/221			2,085,000		2,125,378
Oasis Petroleum, Inc.:
6.875% Sr. Unsec. Nts., 3/15/22			3,195,000		3,282,863
6.875% Sr. Unsec. Nts., 1/15/23			4,440,000		4,539,900
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25			1,228,000		1,301,873
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23			4,070,000		4,762,551
PBF Holding Co. LLC/PBF Finance Corp., 7% Sr. Sec. Nts., 11/15/23			7,835,000		7,893,763
Peabody Energy Corp.:
6.00% Sr. Unsec. Nts., 11/15/18			3,195,000		1,405,800
10.00% Sec. Nts., 3/15/221			5,950,000		4,343,500
Peabody Securities Finance Corp.:
6.00% Sr. Sec. Nts., 3/31/221			1,445,000		1,443,194
6.375% Sr. Sec. Nts., 3/31/251			1,440,000		1,431,000
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			4,960,000		4,712,000
6.125% Sr. Unsec. Nts., 1/17/22			1,395,000		1,466,145
7.375% Sr. Unsec. Nts., 1/17/27			3,017,000		3,197,115
8.375% Sr. Unsec. Nts., 5/23/21			10,675,000		12,102,781
8.75% Sr. Unsec. Nts., 5/23/26			5,235,000		6,072,600
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/2410	EUR		620,000		674,265
3.75% Sr. Unsec. Nts., 4/16/26	EUR		2,990,000		3,155,816
4.625% Sr. Unsec. Nts., 9/21/23			7,405,000		7,466,091
5.375% Sr. Unsec. Nts., 3/13/221			1,460,000		1,536,212
6.375% Sr. Unsec. Nts., 2/4/21			2,450,000		2,663,714

36      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petroleos Mexicanos: (Continued)
6.875% Sr. Unsec. Nts., 8/4/26	$	3,155,000	$	3,509,938
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		2,385,000		2,326,262
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/2710		870,000		862,829
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251		5,040,000		4,980,150
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20		3,800,000		3,847,500
Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625% Sr. Unsec. Nts., 11/15/23		1,610,000		1,585,850
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/281		1,293,000		1,274,413
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		3,360,000		3,133,200
7.75% Sr. Unsec. Nts., 6/15/21		1,245,000		1,235,663
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46		1,050,000		1,011,944
Southwestern Energy Co., 5.80% Sr. Unsec. Nts., 1/23/20		2,315,000		2,348,278
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25		1,440,000		1,440,000
Sunoco LP/Sunoco Finance Corp., 6.375% Sr. Unsec. Nts., 4/1/23		2,145,000		2,187,900
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50% Sr. Unsec. Nts., 9/15/241		1,455,000		1,469,550
Tesoro Corp., 5.125% Sr. Unsec. Nts., 12/15/261		2,592,000		2,731,968
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.25% Sr. Unsec. Nts., 1/15/25		1,884,000		1,973,490
TransCanada PipeLines Ltd., 1.625% Sr. Unsec. Nts., 11/9/17		2,825,000		2,825,418
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/261		1,430,000		1,430,000
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/251		3,610,000		3,456,575
WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24		1,745,000		1,697,013
8.25% Sr. Unsec. Nts., 8/1/23		3,260,000		3,643,050
				330,715,723
Financials—7.7%
Capital Markets—1.9%
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		6,205,000		5,499,181
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241		2,260,000		2,268,100
Bank of New York Mellon Corp. (The), 3% Sub. Nts., 10/30/28		1,150,000		1,095,651
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		2,590,000		2,611,391
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/201		6,075,000		6,310,406
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		1,524,000		1,548,401
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		1,075,000		1,113,013
Diamond Resorts International, Inc.: 7.75% Sr. Sec. Nts., 9/1/231		3,800,000		3,990,000
10.75% Sr. Unsec. Nts., 9/1/241		2,280,000		2,382,600

37      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Capital Markets (Continued)
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/211	$	9,435,000	$	9,290,418
E*TRADE Financial Corp., 5.875% Jr. Sub. Perpetual Bonds2,11		5,423,000		5,600,603
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/211		3,560,000		3,786,950
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/261		2,900,000		2,907,308
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251		4,335,000		4,432,537
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		1,601,000		1,570,533
3.75% Sr. Unsec. Nts., 2/25/26		1,601,000		1,614,067
3.85% Sr. Unsec. Nts., 1/26/27		3,151,000		3,171,277
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/201		3,695,000		3,805,850
Macquarie Bank Ltd. (London), 6.125% Jr. Sub. Perpetual Bonds1,2,11		2,501,000		2,519,758
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		2,141,000		2,135,926
5.00% Sub. Nts., 11/24/25		2,404,000		2,585,675
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241		1,460,000		1,573,333
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		2,579,000		2,611,238
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231		1,460,000		1,604,175
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		1,584,000		1,562,351
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211		1,090,000		1,111,800
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		2,748,000		2,770,462
Springleaf Finance Corp., 8.25% Sr. Unsec. Nts., 12/15/20		1,465,000		1,604,175
UBS Group AG, 7.125% Jr. Sub. Perpetual Bonds2,11		2,510,000		2,642,977
UBS Group Funding Jersey Ltd., 4.125% Sr. Unsec. Nts., 4/15/261		1,731,000		1,762,788
UBS Group Funding Switzerland AG, 4.253% Sr. Unsec. Nts., 3/23/281		1,044,000		1,058,963
				88,541,907
Commercial Banks—2.6%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/129		1,186,225		—
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% Jr. Sub. Perpetual Bonds1,2,11		305,000		335,814
Banco Bilbao Vizcaya Argentaria SA, 9% Jr. Sub. Perpetual Bonds2,11		2,660,000		2,795,620
Banco Macro SA, 6.75% Sub. Nts., 11/4/261,2		765,000		769,743
Banco Santander SA, 6.375% Jr. Sub. Perpetual Bonds2,11		1,750,000		1,739,614
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		2,304,000		2,197,790
3.824% Sr. Unsec. Nts., 1/20/282		1,593,000		1,599,479
7.75% Jr. Sub. Nts., 5/14/38		1,865,000		2,569,026
8.00% Jr. Sub. Perpetual Bonds, Series K2,11		2,807,000		2,894,719
Bank of China Ltd., 5% Sub. Nts., 11/13/241		1,625,000		1,729,562

38      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial Banks (Continued)
BankAmerica Capital III, 1.593% Jr. Sub. Nts., 1/15/272	$	1,245,000	$	1,122,056
BB&T Corp., 2.05% Sr. Unsec. Nts., 5/10/21		2,935,000		2,891,183
BNP Paribas SA, 6.75% Jr. Sub. Perpetual Bonds1,2,11		2,585,000		2,620,544
China Construction Bank Corp., 3.875% Sub. Nts., 5/13/252		2,995,000		3,047,556
Citigroup, Inc., 4.75% Sub. Nts., 5/18/46		1,221,000		1,209,265
Citizens Bank NA (Providence RI), 2.55% Sr. Unsec. Nts., 5/13/21		2,279,000		2,268,038
Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sec. Nts., 5/15/201		4,275,000		4,595,625
Credit Agricole SA, 7.875% Jr. Sub. Perpetual Bonds1,2,11		2,640,000		2,691,810
Credit Agricole SA (London), 4.125% Sr. Unsec. Nts., 1/10/271		2,749,000		2,732,250
Credit Bank of Moscow Via CBOM Finance plc, 7.50% Sub. Nts., 10/5/271,2,5		1,910,000		1,942,321
Danske Bank AS, 2.80% Sr. Unsec. Nts., 3/10/211		1,561,000		1,574,909
Fifth Third Bancorp, 5.10% Jr. Sub. Perpetual Bonds2,11		695,000		689,788
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		1,456,000		1,470,219
First Republic Bank, 4.375% Sub. Nts., 8/1/46		1,179,000		1,138,643
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/251		1,509,000		1,504,269
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/211		1,735,000		1,722,855
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/221		2,570,000		2,576,425
HSBC Holdings plc, 4.041% Sr. Unsec. Nts., 3/13/282		1,220,000		1,234,573
Huntington Bancshares, Inc.:
3.15% Sr. Unsec. Nts., 3/14/21		1,568,000		1,596,414
4.35% Sub. Nts., 2/4/23		1,991,000		2,075,946
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,2		3,105,000		3,108,881
ING Bank NV, 2.75% Sr. Unsec. Nts., 3/22/211		2,092,000		2,102,987
ING Groep NV, 3.95% Sr. Unsec. Nts., 3/29/27		1,112,000		1,112,807
JPMorgan Chase & Co.:
3.782% Sr. Unsec. Nts., 2/1/282		4,570,000		4,617,948
4.26% Sr. Unsec. Nts., 2/22/482		1,056,000		1,056,827
7.90% Jr. Sub. Perpetual Bonds, Series 12,11		3,065,000		3,179,938
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		3,770,000		3,873,675
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		2,444,000		2,381,123
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/242		1,305,000		1,354,471
Lloyds Banking Group plc:
3.75% Sr. Unsec. Nts., 1/11/27		2,966,000		2,921,377
6.413% Jr. Sub. Perpetual Bonds1,2,11		1,702,000		1,842,415
7.50% Jr. Sub. Perpetual Bonds2,11		2,565,000		2,719,157
PNC Bank NA:
2.55% Sr. Unsec. Nts., 12/9/21		1,141,000		1,139,157
2.625% Sr. Unsec. Nts., 2/17/22		539,000		539,640
Pontis IV Ltd., 5.125% Sr. Sec. Nts., 3/31/271		1,010,000		1,012,895
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		1,472,000		1,476,946
Royal Bank of Scotland Group plc, 7.64% Jr. Sub. Perpetual Bonds2,11		3,983,000		3,734,063

39      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Commercial Banks (Continued)
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/241,2	$	3,240,000	$	3,342,967
Skandinaviska Enskilda Banken AB, 2.80% Sr. Unsec. Nts., 3/11/22		2,620,000		2,628,106
Standard Chartered plc, 2.549% Jr. Sub. Perpetual Bonds1,2,11		3,300,000		2,763,750
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		1,225,000		1,191,629
Swedbank AB:
2.65% Sr. Unsec. Nts., 3/10/211		1,657,000		1,666,142
2.80% Sr. Unsec. Nts., 3/14/221		1,050,000		1,052,415
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/211		720,000		709,261
Turkiye Halk Bankasi AS, 5% Sr. Unsec. Nts., 7/13/211		1,495,000		1,437,428
Turkiye Is Bankasi, 5.375% Sr. Unsec. Nts., 10/6/211		860,000		851,675
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,2		1,865,000		1,865,451
US Bancorp, 3.10% Sub. Nts., 4/27/26		1,733,000		1,703,437
Wells Fargo & Co.:
4.75% Sub. Nts., 12/7/46		1,598,000		1,637,443
7.98% Jr. Sub. Perpetual Bonds, Series K2,11		2,659,000		2,772,008
5.90% Jr. Sub. Perpetual Bonds, Series S2,11		2,034,000		2,126,242
				121,258,317
Consumer Finance—0.9%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231		6,085,000		5,263,525
Ally Financial, Inc.:
4.25% Sr. Unsec. Nts., 4/15/21		2,195,000		2,244,388
4.625% Sr. Unsec. Nts., 5/19/22		3,065,000		3,133,962
4.625% Sr. Unsec. Nts., 3/30/25		2,509,000		2,505,864
5.75% Sub. Nts., 11/20/25		3,370,000		3,462,675
American Express Co., 4.90% Jr. Sub. Perpetual Bonds2,11		2,142,000		2,142,000
American Express Credit Corp., 2.70% Sr. Unsec. Nts., 3/3/22		4,200,000		4,198,593
Capital One Financial Corp.:
3.20% Sr. Unsec. Nts., 2/5/25		487,000		472,322
3.75% Sr. Unsec. Nts., 3/9/27		2,685,000		2,663,064
Discover Financial Services: 3.75% Sr. Unsec. Nts., 3/4/25		1,818,000		1,786,345
4.10% Sr. Unsec. Nts., 2/9/27		1,056,000		1,058,365
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191		1,589,000		1,711,453
Navient Corp.:
6.50% Sr. Unsec. Nts., 6/15/22		1,425,000		1,439,250
6.625% Sr. Unsec. Nts., 7/26/21		1,475,000		1,530,313
7.25% Sr. Unsec. Nts., 1/25/22		6,570,000		6,847,254
Synchrony Financial, 4.50% Sr. Unsec. Nts., 7/23/25		541,000		556,079
				41,015,452
Diversified Financial Services—0.2%
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		790,000		792,723
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/351,12 MXN		20,232,960		108,188
Park Aerospace Holdings Ltd., 5.50% Sr. Unsec. Nts., 2/15/241		2,895,000		3,028,894
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251		1,300,000		1,307,375

40      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Diversified Financial Services (Continued)
Suntory Holdings Ltd., 1.65% Sr. Unsec. Nts., 9/29/171		$	991,000	$	991,277
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/532			2,390,000		2,437,800
					8,666,257
Insurance—0.5%
Arch Capital Finance LLC, 4.011% Sr. Unsec. Nts., 12/15/26			1,600,000		1,643,664
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45			1,737,000		1,770,031
Manulife Financial Corp., 4.061% Sub. Nts., 2/24/322			1,570,000		1,575,867
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47			1,144,000		1,157,567
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds2,11			2,721,000		2,813,740
NFP Corp., 9% Sr. Unsec. Nts., 7/15/211			4,441,000		4,710,124
Prudential Financial, Inc.:
5.20% Jr. Sub. Nts., 3/15/442			1,981,000		2,036,468
5.375% Jr. Sub. Nts., 5/15/452			1,827,000		1,916,523
TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/241			2,669,000		2,723,915
XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds2,11			2,150,000		1,811,375
					22,159,274
Real Estate Investment Trusts (REITs)—1.2%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20			1,822,000		1,836,248
5.90% Sr. Unsec. Nts., 11/1/21			841,000		941,833
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/349,12	MXN		17,961,653		—
Boston Properties LP, 3.70% Sr. Unsec. Nts., 11/15/18			1,798,000		1,843,283
CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21			2,250,000		2,317,500
DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/21			2,320,000		2,414,250
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27			2,165,000		2,232,656
5.875% Sr. Unsec. Nts., 1/15/26			3,425,000		3,651,906
FelCor Lodging LP, 6% Sr. Unsec. Nts., 6/1/25			3,065,000		3,218,250
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			2,390,000		2,545,350
HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17			1,006,000		1,009,004
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			2,915,000		2,922,288
iStar, Inc.:
4.875% Sr. Unsec. Nts., 7/1/18			3,100,000		3,131,000
5.00% Sr. Unsec. Nts., 7/1/19			2,615,000		2,647,688
6.00% Sr. Unsec. Nts., 4/1/22			4,325,000		4,395,281
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			1,825,000		1,959,594
MPT Operating Partnership LP/MPT Finance Corp., 6.375% Sr. Unsec. Nts., 3/1/24			2,195,000		2,370,600
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			5,950,000		6,254,937
Starwood Property Trust, Inc., 5% Sr. Unsec. Nts., 12/15/211			2,175,000		2,262,000

41      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261	$	3,460,000	$	3,494,600
Uniti Group, Inc./CSL Capital LLC: 7.125% Sr. Unsec. Nts., 12/15/241		2,175,000		2,213,063
8.25% Sr. Unsec. Nts., 10/15/23		3,360,000		3,561,600
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/171		1,304,000		1,304,477
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		389,000		390,775
				58,918,183
Real Estate Management & Development—0.3%
Jababeka International BV, 6.50% Sr. Unsec. Nts., 10/5/231		1,950,000		2,015,393
Mattamy Group Corp.:
6.50% Sr. Unsec. Nts., 11/15/201		2,905,000		2,999,412
6.875% Sr. Unsec. Nts., 12/15/231		1,455,000		1,516,838
O1 Properties Finance plc, 8.25% Sr. Unsec. Nts., 9/27/211		420,000		418,790
Realogy Group LLC/Realogy Co.-Issuer Corp.:
4.875% Sr. Unsec. Nts., 6/1/231		3,650,000		3,595,250
5.25% Sr. Unsec. Nts., 12/1/211		2,845,000		2,973,025
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr.
Unsec. Nts., 4/1/251		3,045,000		3,060,225
				16,578,933
Thrifts & Mortgage Finance—0.1%
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/251		6,145,000		6,068,187
Health Care—3.5%
Biotechnology—0.3%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		1,268,000		1,270,335
4.70% Sr. Unsec. Nts., 5/14/45		436,000		436,409
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		699,000		758,353
Celgene Corp.:
2.125% Sr. Unsec. Nts., 8/15/18		2,765,000		2,778,902
3.875% Sr. Unsec. Nts., 8/15/25		1,233,000		1,262,321
5.00% Sr. Unsec. Nts., 8/15/45		299,000		314,076
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		1,156,000		1,181,541
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		2,780,000		2,759,481
3.20% Sr. Unsec. Nts., 9/23/26		2,137,000		2,044,654
				12,806,072
Health Care Equipment & Supplies—0.3%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19		2,663,000		2,675,367
4.90% Sr. Unsec. Nts., 11/30/46		1,095,000		1,139,787
Baxter International, Inc., 2.60% Sr. Unsec. Nts., 8/15/26		1,328,000		1,246,770
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		2,184,000		2,221,025
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/211		1,720,000		1,492,100

42      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Health Care Equipment & Supplies (Continued)
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231	$	2,080,000	$	2,165,800
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/231		1,505,000		1,576,488
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		1,217,000		1,310,329
				13,827,666
Health Care Providers & Services—1.8%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		2,305,000		2,398,629
6.50% Sr. Unsec. Nts., 3/1/24		730,000		770,150
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		5,515,000		5,694,237
6.125% Sr. Unsec. Nts., 2/15/24		735,000		791,044
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		4,325,000		4,414,203
6.875% Sr. Unsec. Nts., 2/1/22		10,445,000		8,982,700
7.125% Sr. Unsec. Nts., 7/15/20		995,000		915,400
8.00% Sr. Unsec. Nts., 11/15/19		2,620,000		2,577,425
DaVita, Inc., 5.125% Sr. Unsec. Nts., 7/15/24		3,875,000		3,921,016
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221		1,740,000		1,779,689
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		3,054,000		2,153,070
Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/241		2,335,000		2,381,700
5.875% Sr. Unsec. Nts., 1/31/221		1,065,000		1,158,188
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		2,110,000		2,199,675
7.50% Sr. Unsec. Nts., 2/15/22		8,210,000		9,410,713
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		4,380,000		4,434,750
IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19		7,280,000		7,007,000
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		1,585,000		1,483,956
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		1,575,000		1,559,930
McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44		1,046,000		1,083,548
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		3,295,000		3,258,343
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		2,675,000		2,715,125
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		4,700,000		4,629,500
7.50% Sec. Nts., 1/1/221		1,450,000		1,569,625
8.125% Sr. Unsec. Nts., 4/1/22		2,880,000		3,016,800
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		2,035,000		2,035,000
				82,341,416
Life Sciences Tools & Services—0.1%
Quintiles IMS, Inc.:
4.875% Sr. Unsec. Nts., 5/15/231		3,465,000		3,529,969
5.00% Sr. Unsec. Nts., 10/15/261		982,000		988,137

43      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Life Sciences Tools & Services (Continued)
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24	$	340,000	$	357,255
5.30% Sr. Unsec. Nts., 2/1/44		806,000		917,769
				5,793,130
Pharmaceuticals—1.0%
Actavis Funding SCS:
2.35% Sr. Unsec. Nts., 3/12/18		2,318,000		2,328,554
3.80% Sr. Unsec. Nts., 3/15/25		1,680,000		1,694,814
4.75% Sr. Unsec. Nts., 3/15/45		720,000		727,564
Concordia International Corp., 7% Sr. Unsec. Nts., 4/15/231		1,745,000		344,637
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231		4,610,000		4,002,033
Endo Ltd./Endo Finance LLC/Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/231		3,430,000		3,018,400
6.00% Sr. Unsec. Nts., 2/1/251		660,000		565,950
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		870,000		875,437
5.50% Sr. Unsec. Nts., 4/15/251		3,345,000		3,094,125
5.75% Sr. Unsec. Nts., 8/1/221		2,810,000		2,783,305
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		1,100,000		1,160,500
Teva Pharmaceutical Finance Netherlands III BV, 1.70% Sr. Unsec. Nts., 7/19/19		2,565,000		2,536,939
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/201		2,105,000		1,891,869
5.50% Sr. Unsec. Nts., 3/1/231		6,765,000		5,242,875
5.875% Sr. Unsec. Nts., 5/15/231		3,990,000		3,117,187
6.125% Sr. Unsec. Nts., 4/15/251		5,910,000		4,572,863
6.375% Sr. Unsec. Nts., 10/15/201		1,440,000		1,310,400
6.75% Sr. Unsec. Nts., 8/15/211		3,090,000		2,680,575
7.00% Sr. Sec. Nts., 3/15/241		2,160,000		2,219,400
7.25% Sr. Unsec. Nts., 7/15/221		3,355,000		2,876,913
7.50% Sr. Unsec. Nts., 7/15/211		2,160,000		1,900,800
				48,945,140
Industrials—4.5%
Aerospace & Defense—0.7%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		1,994,000		2,049,684
Bombardier, Inc., 8.75% Sr. Unsec. Nts., 12/1/211		7,100,000		7,792,250
CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/211		1,154,000		1,154,000
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27		3,005,000		3,103,354
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		972,000		981,268
L3 Technologies, Inc., 3.85% Sr. Unsec. Nts., 12/15/26		686,000		696,839
LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		4,530,000		4,722,525
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		1,480,000		1,606,170
Rockwell Collins, Inc., 4.35% Sr. Unsec. Nts., 4/15/475		938,000		936,279

44      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Aerospace & Defense (Continued)
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27	$	645,000	$	641,775
4.30% Sr. Unsec. Nts., 3/1/24		894,000		939,722
TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/26		3,545,000		3,555,954
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		5,780,000		5,577,700
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/182		506,000		505,969
				34,263,489
Air Freight & Couriers—0.3%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211		4,360,000		3,913,100
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		498,000		486,640
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875%
Sr. Sec. Nts., 8/1/201		9,365,000		8,264,612
XPO Logistics, Inc., 6.125% Sr. Unsec. Nts., 9/1/231		1,110,000		1,158,563
				13,822,915
Airlines—0.1%
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/201		2,450,000		2,489,812
5.50% Sr. Unsec. Nts., 10/1/191		2,625,000		2,726,719
				5,216,531
Building Products—0.1%
Johnson Controls International plc, 4.50% Sr. Unsec. Nts.,
2/15/47		652,000		665,493
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		1,914,000		1,857,016
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/241		4,035,000		4,108,114
				6,630,623
Commercial Services & Supplies—0.8%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,400,000		1,410,500
Advanced Disposal Services, Inc., 5.625% Sr. Unsec. Nts.,
11/15/241		365,000		369,562
APX Group, Inc., 8.75% Sr. Unsec. Nts., 12/1/20		3,125,000		3,250,000
ARD Finance SA, 7.125% Sr. Sec. Nts., 9/15/231,13		2,210,000		2,281,825
Cenveo Corp., 6% Sr. Sec. Nts., 8/1/191		1,195,000		991,850
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		3,660,000		3,737,775
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		4,495,000		4,573,663
5.875% Sr. Unsec. Nts., 7/1/25		1,430,000		1,436,256
Monitronics International, Inc., 9.125% Sr. Unsec. Nts.,
4/1/20		4,165,000		4,047,880
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		2,126,000		2,102,100
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18		2,331,000		2,382,434
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		3,540,000		3,823,200
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		643,000		647,189
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221		4,065,000		4,009,106
				35,063,340

45      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Construction & Engineering—0.2%
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/351	$	1,105,000	$	1,232,075
Globe Luxembourg SCA, 9.625% Sr. Sec. Nts., 5/1/181		4,690,000		4,944,432
Sinopec Group Overseas Development 2016 Ltd., 2% Sr.
Unsec. Nts., 9/29/211		3,465,000		3,330,891
				9,507,398
Electrical Equipment—0.1%
Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/231		2,727,000		2,742,326
5.625% Sr. Unsec. Nts., 11/1/241		3,550,000		3,714,187
				6,456,513
Industrial Conglomerates—0.2%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201		1,485,000		1,603,800
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%
Sr. Unsec. Nts., 2/1/22		3,930,000		4,008,600
Roper Technologies, Inc.:
3.80% Sr. Unsec. Nts., 12/15/26		500,000		503,131
3.85% Sr. Unsec. Nts., 12/15/25		918,000		933,083
				7,048,614
Machinery—0.8%
Allison Transmission, Inc., 5% Sr. Unsec. Nts., 10/1/241		1,455,000		1,473,187
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/221		5,155,000		5,206,550
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%
Sec. Nts., 3/15/241		3,610,000		3,704,763
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22		3,015,000		3,135,600
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/191		2,880,000		2,863,057
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75%
Sr. Unsec. Nts., 2/1/241		3,570,000		3,690,488
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		4,740,000		4,882,200
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		4,545,000		4,567,680
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		1,954,000		1,975,009
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251		725,000		736,781
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/261		1,102,000		1,073,683
Xerium Technologies, Inc., 9.50% Sr. Sec. Nts., 8/15/21		2,980,000		3,035,875
				36,344,873
Professional Services—0.2%
Equifax, Inc., 6.30% Sr. Unsec. Nts., 7/1/17		2,368,000		2,394,315
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		8,145,000		8,460,619
				10,854,934
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%
Sr. Unsec. Nts., 3/15/251		6,130,000		5,693,238
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		341,000		371,314
ERAC USA Finance LLC, 6.375% Sr. Unsec. Nts., 10/15/171		2,352,000		2,408,083
GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/211		1,465,000		1,593,188

46      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Road & Rail (Continued)
Hertz Corp. (The), 5.50% Sr. Unsec. Nts., 10/15/241	$	1,820,000	$	1,590,225
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		597,000		640,714
Penske Truck Leasing Co. LP/PTL Finance Corp.:
3.40% Sr. Unsec. Nts., 11/15/261		2,206,000		2,124,680
3.75% Sr. Unsec. Nts., 5/11/171		1,073,000		1,075,468
				15,496,910
Trading Companies & Distributors—0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.95% Sr. Unsec. Nts., 2/1/22		2,859,000		2,938,998
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		1,170,000		1,144,829
3.625% Sr. Unsec. Nts., 4/1/27		1,121,000		1,091,689
Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23		730,000		770,150
American Builders & Contractors Supply Co., Inc., 5.75% Sr.
Unsec. Nts., 12/15/231		1,030,000		1,073,775
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21		3,905,000		4,031,912
6.75% Sr. Unsec. Nts., 12/15/20		2,590,000		2,722,737
HD Supply, Inc., 5.75% Sr. Unsec. Nts., 4/15/241		1,465,000		1,544,549
Herc Rentals, Inc.:
7.50% Sec. Nts., 6/1/221		1,967,000		2,099,773
7.75% Sec. Nts., 6/1/241		1,313,000		1,404,910
Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/251		3,720,000		3,859,500
United Rentals North America, Inc.:
4.625% Sr. Sec. Nts., 7/15/23		3,565,000		3,685,319
5.875% Sr. Unsec. Nts., 9/15/26		3,650,000		3,818,813
				30,186,954
Transportation Infrastructure—0.1%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371		2,400,000		2,780,343
Information Technology—2.6%
Communications Equipment—0.3%
CommScope Technologies LLC, 6% Sr. Unsec. Nts., 6/15/251		2,740,000		2,883,850
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		1,200,000		1,194,240
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		5,025,000		5,188,815
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231		2,055,000		2,078,119
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231		1,605,000		1,649,137
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20		1,537,000		1,572,543
				14,566,704
Electronic Equipment, Instruments, & Components—0.1%
CDW LLC/CDW Finance Corp.:
5.00% Sr. Unsec. Nts., 9/1/23		2,105,000		2,133,944
5.50% Sr. Unsec. Nts., 12/1/24		417,000		438,892
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		2,030,000		2,052,874
				4,625,710

47      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Internet Software & Services—0.1%
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241	$	3,990,000	$	4,214,238
VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		759,000		790,309
				5,004,547
IT Services—0.9%
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		1,383,000		1,350,659
Conduent Finance, Inc./Xerox Business Services LLC, 10.50% Sr. Unsec. Nts., 12/15/241		4,950,000		5,717,250
Everett Spinco, Inc.:
2.875% Sr. Unsec. Nts., 3/27/201		1,864,000		1,879,700
4.75% Sr. Unsec. Nts., 4/15/271		1,997,000		2,037,947
Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18		1,895,000		1,921,763
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/241		3,840,000		3,921,600
5.75% Sec. Nts., 1/15/241		2,745,000		2,841,761
7.00% Sr. Unsec. Nts., 12/1/231		7,180,000		7,718,500
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251		2,160,000		2,207,250
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201		5,540,000		5,636,950
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		4,690,000		4,818,975
Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18		1,548,000		1,554,813
				41,607,168
Semiconductors & Semiconductor Equipment—0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.375% Sr. Unsec. Nts., 1/15/201		2,647,000		2,648,159
3.875% Sr. Unsec. Nts., 1/15/271		1,977,000		1,993,403
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		612,000		686,502
Micron Technology, Inc., 5.25% Sr. Unsec. Nts., 8/1/231		1,675,000		1,725,250
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231		3,735,000		3,963,769
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241		725,000		751,281
				11,768,364
Software—0.7%
Autodesk, Inc.:
1.95% Sr. Unsec. Nts., 12/15/17		1,948,000		1,951,510
4.375% Sr. Unsec. Nts., 6/15/25		560,000		577,978
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		3,491,000		3,534,638
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48% Sr. Sec. Nts., 6/1/191		2,847,000		2,920,148
5.875% Sr. Unsec. Nts., 6/15/211		2,085,000		2,192,594
6.02% Sr. Sec. Nts., 6/15/261		1,666,000		1,822,822
7.125% Sr. Unsec. Nts., 6/15/241		2,190,000		2,422,164
Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% Sr. Unsec. Nts., 5/1/211,13		4,335,000		4,454,213
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231		1,775,000		1,735,063
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		1,211,000		1,265,495
Oracle Corp., 2.40% Sr. Unsec. Nts., 9/15/23		1,663,000		1,617,424

48      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Software (Continued)
Symantec Corp., 5% Sr. Unsec. Nts., 4/15/251		$	1,385,000	$	1,418,877
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211			2,330,000		2,586,300
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231			3,270,000		3,458,025
					31,957,251
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45			1,362,000		1,398,368
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221			1,085,000		1,114,838
Hewlett Packard Enterprise Co.:
2.45% Sr. Unsec. Nts., 10/5/17			2,070,000		2,076,318
6.35% Sr. Unsec. Nts., 10/15/45			1,170,000		1,211,317
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23			1,535,000		1,619,425
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24			2,540,000		2,997,200
					10,417,466
Materials—4.3%
Chemicals—1.3%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25			1,068,000		1,055,736
4.125% Sr. Unsec. Nts., 3/15/35			388,000		372,861
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261			1,249,000		1,271,732
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23			2,380,000		2,534,700
Eastman Chemical Co., 4.65% Sr. Unsec. Nts., 10/15/44			603,000		609,034
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19			2,387,000		2,403,998
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20			7,165,000		6,609,712
10.375% Sr. Sec. Nts., 2/1/221			4,340,000		4,340,000
13.75% Sec. Nts., 2/1/221			1,800,000		1,732,500
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/261			1,065,000		1,099,612
Koppers, Inc., 6% Sr. Unsec. Nts., 2/15/251			1,445,000		1,490,156
Kraton Polymers LLC/Kraton Polymers Capital Corp.:
7.00% Sr. Unsec. Nts., 4/15/251			720,000		729,900
10.50% Sr. Unsec. Nts., 4/15/231			3,475,000		4,004,938
NOVA Chemicals Corp., 5.25% Sr. Unsec. Nts., 8/1/231			1,465,000		1,503,456
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		3,340,000		3,788,525
4.625% Sr. Unsec. Nts., 7/15/24			3,725,000		3,924,939
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts.,
2/1/221			3,950,000		4,117,875
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23			2,696,000		2,729,700
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22			2,047,000		2,075,390
3.75% Sr. Unsec. Nts., 3/15/27			649,000		650,047
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/201			4,130,000		3,975,125
Tronox Finance LLC:
6.375% Sr. Unsec. Nts., 8/15/20			5,625,000		5,674,219
7.50% Sr. Unsec. Nts., 3/15/221			1,780,000		1,842,300
Valspar Corp. (The), 3.95% Sr. Unsec. Nts., 1/15/26			1,287,000		1,306,188

49      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Chemicals (Continued)
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261	$	1,720,000	$	1,696,770
				61,539,413
Construction Materials—0.3%
Cemex SAB de CV, 5.70% Sr. Sec. Nts., 1/11/251		2,145,000		2,225,437
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451		932,000		1,024,328
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/251,2		2,020,000		2,064,440
James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/231		1,237,000		1,283,387
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261		669,000		647,976
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/271		1,445,000		1,445,434
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24		2,190,000		2,277,600
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27		1,719,000		1,732,826
				12,701,428
Containers & Packaging—0.8%
Ball Corp.:
5.00% Sr. Unsec. Nts., 3/15/22		3,675,000		3,890,906
5.25% Sr. Unsec. Nts., 7/1/25		118,000		125,375
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191		5,265,000		5,212,350
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		2,880,000		2,952,000
Graphic Packaging International, Inc., 4.125% Sr. Unsec. Nts., 8/15/24		2,165,000		2,151,469
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		1,220,000		1,142,667
4.80% Sr. Unsec. Nts., 6/15/44		1,011,000		1,010,195
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/241		2,505,000		2,525,791
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221		3,555,000		3,670,537
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23		1,991,000		2,130,221
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231		2,185,000		2,247,819
7.00% Sr. Unsec. Nts., 7/15/241		4,065,000		4,359,713
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221		3,450,000		3,607,389
5.125% Sr. Unsec. Nts., 12/1/241		1,915,000		1,998,781
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		2,105,000		2,118,156
				39,143,369
Metals & Mining—1.6%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		3,185,000		3,300,456
AK Steel Corp., 7% Sr. Unsec. Nts., 3/15/27		5,760,000		5,752,800
Alcoa Nederland Holding BV:
6.75% Sr. Unsec. Nts., 9/30/241		710,000		765,025
7.00% Sr. Unsec. Nts., 9/30/261		690,000		753,825

50      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Metals & Mining (Continued)
Aleris International, Inc.:
7.875% Sr. Unsec. Nts., 11/1/20	$	4,010,000	$	3,979,925
9.50% Sr. Sec. Nts., 4/1/211		1,440,000		1,555,200
Constellium NV:
5.75% Sr. Unsec. Nts., 5/15/241		3,730,000		3,468,900
6.625% Sr. Unsec. Nts., 3/1/251		1,445,000		1,398,037
8.00% Sr. Unsec. Nts., 1/15/231		660,000		679,800
Evraz Group SA, 5.375% Sr. Unsec. Nts., 3/20/231		1,860,000		1,866,975
First Quantum Minerals Ltd.:
7.25% Sr. Unsec. Nts., 5/15/221		6,185,000		6,393,744
7.25% Sr. Unsec. Nts., 4/1/231		2,160,000		2,187,000
Freeport-McMoRan, Inc.:
2.30% Sr. Unsec. Nts., 11/14/17		6,855,000		6,837,863
5.40% Sr. Unsec. Nts., 11/14/34		2,605,000		2,279,375
6.125% Sr. Unsec. Nts., 6/15/191		1,450,000		1,478,094
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		762,000		808,142
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		1,455,000		1,585,950
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		2,995,000		3,032,078
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/201		725,000		766,885
Novelis Corp., 5.875% Sr. Unsec. Nts., 9/30/261		3,640,000		3,721,900
Polyus Gold International Ltd., 5.25% Sr. Unsec. Nts., 2/7/231		3,020,000		3,091,121
Rio Tinto Finance USA Ltd., 3.75% Sr. Unsec. Nts., 6/15/25		1,153,000		1,199,770
Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45		4,020,000		4,208,657
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.:
7.375% Sr. Unsec. Nts., 2/1/201		2,825,000		2,867,375
7.375% Sr. Unsec. Nts., 2/1/20		1,965,000		1,994,475
Teck Resources Ltd.:
5.20% Sr. Unsec. Nts., 3/1/42		3,570,000		3,373,650
6.125% Sr. Unsec. Nts., 10/1/35		1,605,000		1,665,188
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/231		2,135,000		2,391,200
				73,403,410
Paper & Forest Products—0.3%
Fibria Overseas Finance Ltd., 5.50% Sr. Unsec. Nts., 1/17/27		2,790,000		2,799,486
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		2,804,000		2,825,030
Mercer International, Inc.:
6.50% Sr. Unsec. Nts., 2/1/241		1,445,000		1,452,225
7.75% Sr. Unsec. Nts., 12/1/22		1,445,000		1,553,809
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/261		3,270,000		3,338,670
Tembec Industries, Inc., 9% Sr. Sec. Nts., 12/15/191		4,190,000		4,315,700
				16,284,920
Telecommunication Services—2.1%
Diversified Telecommunication Services—1.5%
AT&T, Inc.:
3.80% Sr. Unsec. Nts., 3/15/22		2,249,000		2,328,642
4.35% Sr. Unsec. Nts., 6/15/45		2,210,000		1,949,525
British Telecommunications plc, 9.375% Sr. Unsec. Nts., 12/15/30		2,132,000		3,205,935

51      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
CenturyLink, Inc.:
Series S, 6.45% Sr. Unsec. Nts., 6/15/21	$	2,900,000	$	3,095,431
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		3,515,000		3,724,810
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/271		1,275,000		1,271,884
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/191		6,385,000		6,587,085
Frontier Communications Corp.:
8.75% Sr. Unsec. Nts., 4/15/22		1,565,000		1,521,962
10.50% Sr. Unsec. Nts., 9/15/22		8,280,000		8,424,900
11.00% Sr. Unsec. Nts., 9/15/25		4,515,000		4,399,303
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/221		1,020,000		1,065,900
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26		3,490,000		3,520,538
5.625% Sr. Unsec. Nts., 2/1/23		3,055,000		3,169,562
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		1,787,000		1,810,617
4.103% Sr. Unsec. Nts., 3/8/27		701,000		706,975
5.213% Sr. Unsec. Nts., 3/8/47		1,171,000		1,193,947
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		846,000		1,049,714
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		2,165,000		2,212,359
5.125% Sr. Unsec. Nts., 4/15/25		2,165,000		2,246,188
5.375% Sr. Unsec. Nts., 4/15/27		1,080,000		1,115,775
6.00% Sr. Unsec. Nts., 4/15/24		2,925,000		3,126,094
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		1,942,000		1,860,867
4.125% Sr. Unsec. Nts., 8/15/46		1,129,000		977,773
4.522% Sr. Unsec. Nts., 9/15/48		1,417,000		1,294,925
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		3,310,000		2,954,175
7.75% Sr. Unsec. Nts., 10/1/21		1,495,000		1,480,050
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/271		715,000		755,970
6.00% Sr. Unsec. Nts., 4/1/23		3,920,000		4,160,100
				71,211,006
Wireless Telecommunication Services—0.6%
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/231		3,000,000		3,151,578
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/231		4,265,000		3,827,838
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		5,555,000		5,693,875
7.00% Sr. Unsec. Nts., 3/1/201		2,100,000		2,294,250
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		7,085,000		7,580,950
7.875% Sr. Unsec. Nts., 9/15/23		5,445,000		6,043,950
				28,592,441

52      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Utilities—2.4%
Electric Utilities—0.7%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251	$	995,000	$	1,031,226
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/261		1,416,000		1,402,518
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		1,292,000		1,169,276
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		1,602,000		1,602,197
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		1,244,000		1,244,178
Enel Americas SA, 4% Sr. Unsec. Nts., 10/25/26		1,160,000		1,150,430
Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/171		2,157,000		2,200,464
Entergy Texas, Inc., 7.125% Sec. Nts., 2/1/19		768,000		834,970
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		623,000		619,560
Great Plains Energy, Inc.:
2.50% Sr. Unsec. Nts., 3/9/20		1,168,000		1,175,017
4.85% Sr. Unsec. Nts., 4/1/47		1,021,000		1,045,662
Greenko Investment Co., 4.875% Sr. Sec. Nts., 8/16/23		1,520,000		1,494,573
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		602,000		638,277
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		694,000		774,798
NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17		2,348,000		2,348,716
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		3,755,000		4,061,476
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		1,570,000		1,673,238
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		2,388,000		2,371,719
TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17		1,940,000		1,992,704
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		1,638,000		1,680,506
				30,511,505
Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp.:
6.50% Sr. Unsec. Nts., 5/1/21		1,966,000		1,877,530
6.75% Sr. Unsec. Nts., 6/15/23		2,500,000		2,362,500
Suburban Propane Partners LP/Suburban Energy Finance
Corp., 5.875% Sr. Unsec. Nts., 3/1/27		1,800,000		1,782,000
				6,022,030
Independent Power and Renewable Electricity Producers—1.4%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		2,470,000		2,656,164
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/241		1,275,000		1,288,349
AES Corp., 6% Sr. Unsec. Nts., 5/15/26		5,920,000		6,156,800
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		2,135,000		2,177,700
5.75% Sr. Unsec. Nts., 1/15/25		3,265,000		3,256,446
Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23		1,335,000		1,229,869

53      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Dynegy, Inc.: (Continued)
6.75% Sr. Unsec. Nts., 11/1/19	$	3,150,000	$	3,252,375
7.375% Sr. Unsec. Nts., 11/1/22		4,420,000		4,397,900
8.00% Sr. Unsec. Nts., 1/15/251		3,990,000		3,840,375
Energy Future Intermediate Holding Co. LLC/EFIH Finance,
Inc., 12.25% Sec. Nts., 3/1/221,9		4,185,323		5,168,874
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		4,665,000		3,090,562
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/261		2,325,000		2,278,500
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through
Certificates, Series C, 12/30/28		2,128,833		1,929,255
Neerg Energy Ltd., 6% Sr. Sec. Nts., 2/13/221		2,040,000		2,073,058
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 3/15/23		2,260,000		2,323,562
6.625% Sr. Unsec. Nts., 1/15/271		3,225,000		3,233,063
7.25% Sr. Unsec. Nts., 5/15/26		7,105,000		7,353,675
Talen Energy Supply LLC:
4.625% Sr. Unsec. Nts., 7/15/191		1,665,000		1,706,625
6.50% Sr. Unsec. Nts., 6/1/25		5,505,000		4,693,013
Trinidad Generation UnLtd, 5.25% Sr. Unsec. Nts., 11/4/271		1,450,000		1,448,550
				63,554,715
Multi-Utilities—0.2%
Dominion Resources, Inc.:
1.875% Sr. Unsec. Nts., 1/15/19		1,193,000		1,192,092
4.90% Sr. Unsec. Nts., 8/1/41		1,045,000		1,107,787
Enable Midstream Partners LP, 4.40% Sr. Unsec. Nts., 3/15/27		350,000		348,043
InterGen NV, 7% Sr. Sec. Nts., 6/30/231		3,100,000		2,790,000
NiSource Finance Corp.:
4.80% Sr. Unsec. Nts., 2/15/44		1,202,000		1,267,978
6.80% Sr. Unsec. Nts., 1/15/19		2,462,000		2,664,376
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		2,250,000		2,227,289
				11,597,565
Total Corporate Bonds and Notes (Cost $2,205,573,469)				2,210,503,293
	Shares
Preferred Stocks—0.7%
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		27,175		729,377
Arch Capital Group Ltd., 5.25% Non-Cum., Non-Vtg.		32,600		738,064
BB&T Corp., 5.625% Non-Cv.		28,675		722,897
Capital One Financial Corp., 6.70% Non-Cum.		36,825		1,010,478
Citigroup Capital XIII, 7.404% Cum., Non-Vtg.2		114,000		3,038,100
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.		30,225		725,400
Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg.2		44,200		1,255,722
First Republic Bank, 7% Non-Cum.		25,975		699,507
GMAC Capital Trust I, 6.901% Jr. Sub., Non-Vtg.2		110,775		2,817,008
Goldman Sachs Group, Inc. (The), 6.30% Non-Cum., Series N, Non-Vtg.		90,275		2,400,412
Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg.2		47,125		1,465,587

54      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Shares		Value
Preferred Stocks (Continued)
Huntington Bancshares, Inc., 6.25% Non-Cum., Non-Vtg.		27,300	$	707,616
KeyCorp, 6.125% Non-Cum., Non-Vtg.2		78,200		2,116,092
Morgan Stanley, 5.85% Non-Cum., Non-Vtg.2		57,175		1,477,974
Morgan Stanley, 6.375% Non-Cum., Non-Vtg.2		54,200		1,499,172
NextEra Energy Capital Holding, Inc., 5.25% Jr. Sub., Non-Vtg.		30,950		743,728
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.		27,175		736,171
Peabody Energy Corp., Cv. Preferred14		6,188		154,700
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg.2		50,625		1,436,231
Prudential Financial, Inc., 5.75% Jr. Sub.		28,600		731,016
Qwest Corp., 7% Sr. Unsec.		41,375		1,093,127
Regions Financial Corp., 6.375% Non-Cum., Series A		26,600		690,536
SCE Trust III, 5.75% Jr. Sub., Non-Vtg.2		38,425		1,045,160
SL Green Realty Corp., 6.50% Cum., Non-Vtg.		42,675		1,088,213
Southern Co., 5.25% Jr. Sub.		31,150		746,043
State Street Corp., 6% Non-Cum., Non-Vtg.		51,650		1,355,318
US Bancorp, 6.50% Non-Cum., Non-Vtg.2		54,000		1,547,640
Zions Bancorporation, 6.30% Non-Cum.2		30,162		843,330
Total Preferred Stocks (Cost $33,608,285)				33,614,619
Common Stocks—0.3%
Arco Capital Corp. Ltd.1,14,15		2,494,716		—
Carrizo Oil & Gas, Inc.14		30,616		877,455
Dynegy, Inc.14		272,001		2,137,928
EP Energy Corp., Cl. A14		514,297		2,442,911
Frontier Communications Corp.		603,395		1,291,265
JSC Astana Finance, GDR1,14		1,681,847		—
Peabody Energy Corp.14		90,305		1,241,694
Premier Holdings Ltd.14		1,088,661		—
Quicksilver Resources, Inc.14		12,760,000		269,236
Range Resources Corp.		52,103		1,516,197
Sabine Oil14		2,465		87,507
SM Energy Co.		35,520		853,190
Valeant Pharmaceuticals International, Inc.14		316,868		3,495,054
Total Common Stocks (Cost $33,004,088)				14,212,437
	Units
Rights, Warrants and Certificates—0.0%
Peabody Energy Corp. Wts., Strike Price $56, Exp. 12/31/4914		5,086		—
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2614		7,816		42,988
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2614		1,392		6,264
Total Rights, Warrants and Certificates (Cost $1,051,289)				49,252
	Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/251,16	$	3,056,084		1,594,603
3.054%, 4/30/251,16		3,893,922		2,031,769
3.098%, 4/30/251,16		3,361,778		1,754,107
3.131%, 4/30/251,16		3,005,005		1,567,951

55      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Structured Securities (Continued)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds: (Continued)
3.179%, 4/30/251,16		$	3,741,475	$	1,952,226
3.231%, 4/30/251,16			4,270,326		2,228,170
3.265%, 4/30/251,16			3,411,491		1,780,047
3.346%, 4/30/251,16			3,206,655		1,673,168
73.528%, 12/31/171,12	BRL		14,420,000		7,617,030
LB Peru Trust II Certificates, Series 1998-A, 99.999%, 2/28/169,16			115,443		—
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		107,019,369		839,534
Total Structured Securities (Cost $33,264,290)					23,038,605

	Counterparty			Exercise Price		Expiration Date			Contracts
Over-the-Counter Options Purchased—0.1%
BRL Currency Call14		HSBC	BRL		3.110		5/12/17	BRL		115,070,000	357,177
EUR Currency Call14		BNP	USD		1.114		6/16/17	EUR		36,735,000	135,773
GBP Currency Put14		BNP	USD		1.236		6/26/17	GBP		75,000,000	1,010,475
GBP Currency Call14,19		UBS	USD		1.216		5/4/17	GBP		4,415,137	154,110
JPY Currency Call14		CITNA-B	JPY		110.500		4/20/17	JPY		5,273,060,000	253,107
KRW Currency Put14		BAC	KRW		1200.000		6/15/17	KRW		58,178,240,000	116,356
MXN Currency Call14,20		GSCO-OT	MXN		19.500		7/20/17	MXN		1,130,000	735,370
MXN Currency Call14,20		GSCO-OT	MXN		19.500		7/13/17	MXN		1,493,525	984,965
Total Over-the-Counter Options Purchased (Cost $4,642,451)											3,747,333

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate Swap maturing 5/17/27 Call14

BAC

Receive

Three- Month USD LIBOR

2.600

%

5/15/17

USD

148,000

425,425

56      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	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 7/6/27 Call14		BAC		Receive		Three- Month USD LIBOR		2.532	%		6/30/17	USD		225,000	$	2,066,951
Total Over-the-Counter Interest Rate Swaptions Purchased
(Cost $3,363,023)																2,492,376
													Shares
Investment Companies—21.8%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.66%17,18														140,088,024		140,088,024
Oppenheimer Master Event-Linked Bond Fund, LLC17														6,517,674		105,648,744
Oppenheimer Master Loan Fund, LLC17														39,957,356		653,207,071
Oppenheimer Ultra-Short Duration Fund, Cl. Y17														24,786,028		124,178,002
Total Investment Companies (Cost $1,016,736,841)																1,023,121,841
Total Investments, at Value (Cost $4,827,123,491)														102.8%		4,832,881,555
Net Other Assets (Liabilities)														(2.8)		(133,015,865)
Net Assets														100.0%	$	4,699,865,690

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 $1,520,749,377 or 32.36% of the Fund’s net assets at period end.

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 $10,185,888 or 0.22% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

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

6. 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 $8,482,168. See Note 6 of the accompanying Consolidated Notes.

7. 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 $12,540,712. See Note 6 of the accompanying Consolidated Notes.

8. All or a portion of the security position has been pledged for collateral in association with forward roll transactions.

See Note 4 of the Consolidated accompanying Notes.

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

10. All or a portion of this security is owned by the subsidiary. See Note 2 of the accompanying Consolidated Notes.

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

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

57      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

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

14. Non-income producing security.

15. Security received as the result of issuer reorganization.

16. Zero coupon bond reflects effective yield on the original acquisition date.

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

	Shares September 30, 2016		Gross Additions		Gross Reductions			Shares March 31, 2017
Oppenheimer Institutional
Government Money Market Fund, Cl. E		391,270,487		587,450,021		838,632,484			140,088,024
Oppenheimer Master Event-Linked Bond Fund, LLC		6,701,817		—		184,143			6,517,674
Oppenheimer Master Loan Fund, LLC		30,338,936		10,569,649		951,229			39,957,356
Oppenheimer Ultra-Short Duration Fund, Cl. Y		24,645,140		140,888		—			24,786,028
			Value		Income			Realized Gain
Oppenheimer Institutional Government Money Market Fund, Cl. E			$	140,088,024	$	483,450		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC				105,648,744		3,194,061	a		551,586	a
Oppenheimer Master Loan Fund, LLC				653,207,071		18,077,955	b		2,046,408	b
Oppenheimer Ultra-Short Duration Fund, Cl. Y				124,178,002		705,527			—
Total			$	1,023,121,841	$	22,460,993		$	2,597,994

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.

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

19. Dual Digital Option becomes eligible for exercise when spot rate A is at or below JPY 110.5500 per 1 USD and spot rate B is at or below USD 1.2160 per 1 GBP at expiration.

20. One-Touch Binary option becomes eligible for exercise if at any time spot rates are less than or equal to 19.500 MXN per 1 USD.

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

Geographic Holdings	Value		Percent
United States	$	3,833,071,476	79.3%
Brazil		85,736,195	1.8
Indonesia		81,620,210	1.7
Canada		76,136,029	1.6
Supranational		51,584,360	1.1
United Kingdom		47,479,985	1.0
Russia		42,778,233	0.9
Mexico		34,994,940	0.7
Netherlands		34,841,537	0.7
India		34,183,842	0.7
Argentina		34,034,678	0.7

58      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Continued)	Value		Percent
Peru	$	30,407,232	0.6%
Ukraine		29,462,922	0.6
Ireland		28,584,012	0.6
South Africa		26,979,665	0.6
Colombia		23,403,281	0.5
China		20,405,412	0.4
Turkey		20,048,663	0.4
France		19,801,573	0.4
Kazakhstan		18,537,980	0.4
Hungary		18,127,042	0.4
Luxembourg		17,554,224	0.4
Germany		14,864,874	0.3
Jamaica		13,258,813	0.3
Sri Lanka		12,277,053	0.3
Dominican Republic		11,969,698	0.3
Ecuador		11,258,050	0.2
Belgium		10,227,167	0.2
Serbia		9,457,498	0.2
Spain		9,296,487	0.2
Switzerland		9,165,374	0.2
Uruguay		8,583,675	0.2
Croatia		8,514,182	0.2
Romania		8,511,208	0.2
New Zealand		6,607,531	0.1
Israel		6,557,439	0.1
Egypt		6,368,722	0.1
Honduras		5,957,854	0.1
Australia		5,443,437	0.1
Sweden		5,346,663	0.1
Gabon		4,687,864	0.1
Ivory Coast		4,400,490	0.1
Poland		4,255,791	0.1
Namibia		3,691,792	0.1
Morocco		3,258,343	0.1
Vietnam		3,183,324	0.1
Kuwait		2,907,308	0.1
United Arab Emirates		2,780,342	0.1
Costa Rica		2,670,569	0.1
Singapore		2,648,159	0.1
Hong Kong		2,629,445	0.1
Italy		2,200,464	0.0
Japan		1,911,035	0.0
Panama		1,722,855	0.0
Norway		1,696,770	0.0
Senegal		1,590,567	0.0
Denmark		1,574,909	0.0
Bahamas		1,528,087	0.0
Nigeria		1,463,840	0.0
Trinidad		1,448,550	0.0
Iraq		1,389,488	0.0

59      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Geographic Holdings (Continued)	Value		Percent
Thailand	$	1,354,471		0.0	%
Mauritius		1,194,240		0.0
Chile		1,150,430		0.0
Guernsey		1,113,013		0.0
Bermuda		738,064		0.0
Eurozone		135,773		0.0
South Korea		116,356		0.0
Total	$	4,832,881,555		100.0	%

Forward Currency Exchange Contracts as of March 31, 2017
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		06/2017	AUD		30,825	USD		23,514	$	4,734	$	—
BAC		04/2017	KRW		34,058,000	USD		30,000		483,277		—
BAC		06/2017	MXN		233,200	USD		11,622		692,316		—
BAC		06/2017	TRY		44,980	USD		12,175		—		60,415
BAC		06/2017	TWD		584,000	USD		18,930		370,585		—
BAC		06/2017	USD		24,126	EUR		22,130		437,079		—
BAC		06/2017	USD		8,682	MXN		174,212		—		517,194
BNP		04/2017	ARS		61,000	USD		3,697		257,521		—
BNP		06/2017	COP		10,833,000	USD		3,600		130,117		—
BOA		06/2017	CAD		29,365	USD		22,049		54,552		—
BOA		04/2017	EUR		22,665	USD		24,010		194,658		—
BOA		06/2017	HUF		1,058,000	USD		3,603		63,823		—
BOA		04/2017	IDR		321,820,000	USD		24,161		—		4,016
BOA		04/2017	KRW		26,048,000	USD		22,839		475,055		—
BOA		05/2017	MXN		133,100	USD		7,054		8,433		—
BOA		04/2017	MYR		61,785	USD		13,912		48,727		—
BOA		06/2017	TRY		41,130	USD		11,066		11,498		—
BOA		06/2017	TWD		200,000	USD		6,621		—		12,108
BOA		06/2017	USD		23,318	EUR		21,615		180,496		—
BOA		04/2017 - 06/2017	USD		49,602	IDR		665,668,500		—		226,219
BOA		04/2017	USD		23,036	KRW		26,048,000		—		278,123
BOA		04/2017	USD		13,978	MYR		61,785		16,740		—
BOA		06/2017	USD		12,759	RUB		766,700		—		617,811
BOA		09/2017	USD		4,912	TRY		19,130		—		102,855
BOA		06/2017	USD		4,575	TWD		139,000		—		18,530
BOA		06/2017	USD		13,954	ZAR		184,682		381,753		—
BOA		06/2017	ZAR		197,170	USD		14,893		—		402,236
CITNA-B		04/2017	ARS		61,000	USD		3,697		257,521		—
CITNA-B		05/2017	BRL		9,700	USD		3,112		—		33,480
CITNA-B		06/2017	COP		21,273,000	USD		6,986		338,628		—
CITNA-B		06/2017	EUR		22,130	USD		24,199		—		509,873
CITNA-B		04/2017 - 06/2017	MYR		123,570	USD		27,836		4,042		16,740
CITNA-B		06/2017	PEN		27,590	USD		8,287		146,706		—
CITNA-B		04/2017	RUB		1,469,600	USD		24,722		1,268,901		—
CITNA-B		04/2017	TRY		19,880	USD		5,280		154,246		—
CITNA-B		06/2017	TWD		266,809	USD		8,808		8,636		—
CITNA-B		04/2017	USD		3,856	ARS		61,000		—		98,612

60      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		06/2017	USD		5,095	HUF		1,453,000	$	59,505	$	—
CITNA-B		04/2017	USD		22,370	KRW		25,719,000		—		649,687
CITNA-B		04/2017	USD		13,952	MYR		61,785		—		9,458
CITNA-B		05/2017	USD		9,429	PEN		31,250		—		152,455
CITNA-B		04/2017	USD		28,504	RUB		1,694,300		—		1,461,650
DEU		04/2017	BRL		64,517	USD		20,363		245,866		—
DEU		04/2017	USD		19,950	BRL		64,517		—		658,294
DEU		09/2017	USD		25,972	EUR		24,290		—		165,670
DEU		04/2017	USD		6,646	TRY		25,380		—		290,957
GSCO-OT		04/2017	BRL		11,550	USD		3,645		44,016		—
GSCO-OT		09/2017	EUR		400	USD		430		34		—
GSCO-OT		06/2017	RON		22,045	USD		5,171		1,870		—
GSCO-OT		06/2017	TRY		17,710	USD		4,641		128,789		—
GSCO-OT		04/2017 - 05/2017	USD		6,542	BRL		20,750		5,717		72,894
GSCO-OT		06/2017	USD		2,619	COP		7,744,000		—		47,492
GSCO-OT		05/2017	USD		12,055	MXN		233,200		—		318,809
HSBC		06/2017	COP		66,169,000	USD		22,001		788,677		—
HSBC		06/2017	THB		208,000	USD		5,878		171,404		—
HSBC		06/2017	USD		46,869	AUD		61,475		2,740		37,661
HSBC		06/2017	USD		4,279	PLN		16,960		5,099		—
HSBC		06/2017	USD		38,170	TWD		1,157,506		—		81,570
JPM		04/2017 - 05/2017	BRL		173,765	USD		54,733		621,283		—
JPM		05/2017	CLP		15,452,000	USD		23,301		68,430		—
JPM		05/2017	IDR		294,217,000	USD		21,973		81,696		—
JPM		04/2017	KRW		26,184,000	USD		22,861		575,534		—
JPM		05/2017	PEN		78,770	USD		23,783		368,496		—
JPM		04/2017	RUB		401,200	USD		6,839		257,009		—
JPM		06/2017	TRY		85,770	USD		23,171		—		58,830
JPM		06/2017	TWD		263,000	USD		8,514		177,164		—
JPM		04/2017 - 05/2017	USD		64,878	BRL		206,205		103,931		874,604
JPM		05/2017	USD		23,690	CLP		15,452,000		320,960		—
JPM		04/2017	USD		24,108	EUR		22,665		—		97,176
JPM		04/2017	USD		29,939	KRW		34,523,000		—		960,508
JPM		05/2017	USD		2,830	MXN		54,900		—		83,368
JPM		05/2017	USD		14,340	PEN		47,520		—		230,098
JPM		06/2017	USD		9,140	RUB		556,200		—		564,192
SCB		06/2017	THB		260,300	USD		7,359		211,570		—
TDB		04/2017 - 05/2017	BRL		233,606	USD		74,729		—		302,608
TDB		05/2017	MXN		891,200	USD		43,337		3,950,552		—
TDB		09/2017	PLN		75,680	USD		18,579		484,217		—
TDB		04/2017 - 06/2017	USD		102,294	BRL		323,534		198,745		539,970
TDB		06/2017	USD		12,219	JPY		1,353,000		31,675		—
TDB		05/2017	USD		41,003	MXN		789,300		—		877,514
Total Unrealized Appreciation and Depreciation									$	14,895,023	$	11,433,677

61      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Futures Contracts as of March 31, 2017
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
United States Treasury Long Bonds		CBT		Buy		6/21/17		32	$	4,827,000	$	24,433
United States Treasury Long Bonds		CBT		Sell		6/21/17		101		15,235,219		(94,106)
United States Treasury Nts., 2 yr.		CBT		Buy		6/30/17		942		203,898,845		152,385
United States Treasury Nts., 2 yr.		CBT		Sell		6/30/17		841		182,037,079		(114,136)
United States Treasury Nts., 5 yr.		CBT		Buy		6/30/17		46		5,415,422		8,100
United States Treasury Nts., 10 yr.		CBT		Buy		6/21/17		701		87,318,313		20,825
United States Treasury Nts., 10 yr.		CBT		Sell		6/21/17		67		8,345,688		(6,924)
United States Ultra Bonds		CBT		Buy		6/21/17		1,329		213,470,625		766,606
											$	757,183

Over-the-Counter Options Written at March 31, 2017
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value
BRL Currency Call		HSBC	BRL		3.040		5/12/17		BRL	(112,480,000)	$	370,370	$	(136,551)
BRL Currency Put		HSBC	BRL		3.350		5/12/17		BRL	(123,950,000)		378,549		(127,172)
EUR Currency Put		BNP	USD		1.040		6/16/17		EUR	(36,735,000)		229,961		(310,080)
GBP Currency Call		BNP	USD		1.300		6/26/17		GBP	(75,000,000)		475,125		(451,200)
GBP Currency Put		BNP	USD		1.199		6/26/17		GBP	(75,000,000)		520,500		(402,150)
IDR Currency Put		NOM	IDR		13700.000		4/28/17		IDR	(506,900,000,000)		570,519		—
JPY Currency Call		CITNA-B	JPY		108.500		4/20/17		JPY	(5,177,620,000)		98,857		(82,842)
KRW Currency Put		BAC	KRW		1250.000		6/15/17		KRW	(60,602,335,000)		705,896		—
KRW Currency Call		BAC	KRW		1130.000		6/15/17		KRW	(54,784,510,000)		708,323		(1,260,044)
RUB Currency Put		GSCO-OT	RUB		61.000		6/5/17		RUB	(2,242,835,000)		717,965		(208,584)
Total Over-the-Counter Options Written											$	4,776,065	$	(2,978,623)

Centrally Cleared Credit Default Swaps at March 31, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.HY.28		Sell		5.000	%		6/20/22	USD		24,260	$	(1,535,591	)	$	1,739,953
Federative Republic of Brazil		Sell		1.000			6/20/22	USD		7,500		464,303			(455,291	)
People’s Republic of China		Buy		1.000			6/20/22	USD		12,600		82,135			(90,700	)
Republic of Korea		Buy		1.000			6/20/22	USD		18,800		463,947			(447,623	)
Republic Of South Africa		Buy		1.000			6/20/22	USD		4,000		(191,518	)		224,481
Republic Of South Africa		Buy		1.000			6/20/22	USD		7,000		(336,584	)		391,675
Republic of Turkey		Buy		1.000			12/20/21	USD		18,396		(1,265,818	)		970,397
Republic of Turkey		Buy		1.000			6/20/22	USD		17,000		(1,134,766	)		1,091,244
Total Centrally Cleared Credit Default Swaps											$	(3,453,892)		$	3,424,136

62      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Credit Default Swaps at March 31, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)	Premiums Received/(Paid)		Value
CMBX.NA.BBB-.8		FIB		Sell		3.000%		10/17/57	USD	14,785	$	1,993,284	$	(2,404,004)
CMBX.NA.BBB-.9		FIB		Sell		3.000		9/17/58	USD	10,385		1,555,717		(1,214,930)
CMBX.NA.BBB-.9		FIB		Sell		3.000		9/17/58	USD	6,675		1,030,092		(780,901)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD	11,125		1,695,871		(1,301,502)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD	7,420		1,065,715		(868,058)
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD	11,120		1,697,201		(1,300,917)
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18	USD	3,545		280,477		11,313
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD	7,501		135,567		35,033
State Bank of India		BNP		Sell		1.000		9/20/19	USD	5,225		215,578		63,415
Total Over-the-Counter Credit Default Swaps											$	9,669,502	$	(7,760,551)

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
CMBS Indexes	$	61,510,000	$	—		BBB+ to BBB-
Non-Investment Grade
Corporate Debt Indexes		24,260,000		—		BB
Investment Grade Single
Name Corporate
Debt		5,225,000		—		BBB-
Investment Grade
Sovereign Debt		7,501,000		—		BBB
Non-Investment Grade
Sovereign Debt		11,045,000		—		BB
Total USD	$	109,541,000	$	—

*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.

Centrally Cleared Interest Rate Swaps at March 31, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received / (Paid)

Value

Three-Month USD

BAC

Pay

BBA LIBOR

1.511

%

6/8/18  USD

257,325

$

—

$

26,896

Three-Month USD

BAC

Receive

BBA LIBOR

2.616

11/15/43  USD

24,375

—

270,793

63      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value
BAC		Receive		Three-Month USD BBA LIBOR		2.675%		11/15/43	USD	24,100	$	—	$	(96,264)
BAC		Receive		Three-Month USD BBA LIBOR		2.688		11/15/43	USD	24,000		—		(154,620)
BAC		Pay		Six-Month PLN WIBOR WIBO		1.745		9/12/18	PLN	72,800		—		111,624
BAC		Pay		Three-Month USD BBA LIBOR		2.060		4/4/22	USD	250,725		—		(28,081)
BAC		Pay		Six-Month PLN WIBOR WIBO		1.745		9/15/18	PLN	72,805		—		130,257
BAC		Receive		Three-Month USD BBA LIBOR		2.672		4/4/47	USD	54,825		—		154,058
BNP		Pay		MXN TIIE BANXICO		7.403		2/28/22	MXN	1,000,085		—		473,131
CITNA-B		Receive		Three-Month HUF BUBOR		1.025		3/5/19	HUF	10,849,250		—		(169,776)
CITNA-B		Pay		Three-Month PLN WIBOR WIBO		2.125		3/5/19	PLN	155,200		—		54,264
CITNA-B		Pay		Six-Month HUF BUBOR		1.390		1/25/22	HUF	2,216,000		—		70,714
CITNA-B		Pay		BZDI		11.710		1/4/21	BRL	48,250		—		579,927
DEU		Receive		Three-Month ZAR JIBAR SAFEX		8.310		6/29/26	ZAR	81,950		—		(84,711)
DEU		Pay		BZDI		10.570		1/4/21	BRL	44,500		—		164,761
DEU		Pay		MXN TIIE BANXICO		7.430		2/28/22	MXN	165,455		—		88,428
DEU		Pay		Three-Month ZAR JIBAR SAFEX		7.675		2/21/22	ZAR	73,535		—		362
DEU		Pay		MXN TIIE BANXICO		7.380		2/18/22	MXN	507,300		—		202,242
GSCOI		Receive		Three-Month ZAR JIBAR SAFEX		7.880		3/30/27	ZAR	65,330		—		93,218
GSCOI		Receive		MXN TIIE BANXICO		7.400		11/4/26	MXN	189,165		(1,905)		8,137
GSCOI		Pay		MXN TIIE BANXICO		7.470		2/28/22	MXN	338,300		—		211,560
JPM		Receive		Three-Month ZAR JIBAR SAFEX		7.490		3/27/22	ZAR	110,080		—		68,702
JPM		Pay		MXN TIIE BANXICO		7.490		2/28/22	MXN	404,500		—		271,346
JPM		Pay		Three-Month ZAR JIBAR SAFEX		7.200		3/27/19	ZAR	249,520		—		(61,333)
Total Centrally Cleared Interest Rate Swaps											$	(1,905)	$	2,385,635

Over-the-Counter Interest Rate Swaps at March 31, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Three-Month KRW

BNP

Receive

CD KSDA

1.850%

3/6/24 KRW

18,678,000

$

(47,376

)

64      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BOA

Pay

Six-Month INR FBIL MIBOR OIS Compound

6.330%

1/31/22

INR

590,000

$

(68,769)

BOA

Pay

Six-Month THB THBFIX

2.200

3/20/22

THB

275,500

(16,279)

BOA

Receive

Three-Month KRW CD KSDA

1.860

3/6/24

KRW

12,427,500

(38,866)

CITNA-B

Receive

1 Time COP IBR OIS Compound

5.870

3/24/18

COP

110,839,890

26,804

CITNA-B

Pay

Three-Month COP IBR OIS Compound

5.700

2/7/20

COP

39,135,000

168,224

CITNA-B

Pay

Three-Month COP IBR OIS Compound

5.370

3/24/20

COP

35,967,910

71,022

DEU

Pay

Three-Month KRW CD KSDA

1.480

4/20/18

KRW

303,370,000

(61,545)

GSCOI

Pay

Three-Month COP IBR OIS Compound

5.530

1/17/19

COP

59,128,230

26,001

JPM

Pay

Six-Month THB THBFIX

2.603

3/24/27

THB

146,800

(29,361)

JPM

Receive

Three-Month MYR KLIBOR BNM

4.005

2/21/22

MYR

36,770

(52,182)

SCB

Pay

Three-Month MYR KLIBOR BNM

3.310

8/19/21

MYR

130,000

(614,016)

Total Over-the-Counter Interest Rate Swaps

$

(636,343)

Over-the-Counter Total Return Swaps at March 31, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR plus 20 basis points

7/12/17

USD

48,053

$

(186,397)

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

65      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaptions Written at March 31, 2017

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 7/6/27 Call

BAC

Pay

Three- Month USD LIBOR

2.632

6/30/17

USD

225,000

1,344,750

(1,416,976)

Interest Rate Swap maturing 5/17/27 Call

BAC

Pay

Three- Month USD LIBOR

2.800

5/15/17

USD

296,000

1,278,515

(192,705)

Total Over-the-Counter Interest Rate Swaptions Written

$

2,623,265

$

(1,609,681)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
FIB	Credit Suisse International
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
PLN	Polish Zloty
RON	New Romanian Leu

66      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
RUB	Russian Ruble
THB	Thailand Baht
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
BNM	Bank Negara Malaysia
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CDX.HY.28	Markit CDX High Yield Index
CMBX.NA.BBB-.8	Markit CMBX North American Index
CMBX.NA.BBB-.9	Markit CMBX North American Index
FBIL	Financial Benchmarks India Private Ltd.
IBR	Indicador Bancario de Referencia
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
THBFIX	Thai Baht Interest Rate Fixing
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.

67      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES March 31, 2017 Unaudited

Assets
Investments, at value—see accompanying Consolidated statement of investments:
Unaffiliated companies (cost $3,810,386,650)	$	3,809,759,714
Affiliated companies (cost $1,016,736,841)		1,023,121,841
		4,832,881,555
Cash		62,563,576
Cash used for collateral on centrally cleared swaps		36,441,647
Unrealized appreciation on forward currency exchange contracts		14,895,023
Swaps, at value (premiums received $631,622)		401,812
Centrally cleared swaps, at value (premiums paid $4,466,182)		7,398,170
Receivables and other assets:
Interest, dividends and principal paydowns		42,775,411
Investments sold (including $13,656,241 sold on a when-issued or delayed delivery basis)		29,666,841
Shares of beneficial interest sold		1,414,985
Variation margin receivable		569,008
Other		455,522
Total assets		5,029,463,550
Liabilities
Unrealized depreciation on forward currency exchange contracts		11,433,677
Options written, at value (premiums received $4,776,065)		2,978,623
Swaps, at value (premiums received $9,037,880)		8,985,103
Centrally cleared swaps, at value (premiums received $1,010,385)		1,588,399
Swaptions written, at value (premiums received $2,623,265)		1,609,681
Payables and other liabilities:
Investments purchased (including $269,042,658 purchased on a when-issued or delayed delivery basis)		292,299,489
Shares of beneficial interest redeemed		6,390,315
Dividends		2,872,974
Distribution and service plan fees		911,561
Trustees’ compensation		367,740
Shareholder communications		22,450
Variation margin payable		21,563
Foreign capital gains tax		5,739
Other		110,546
Total liabilities		329,597,860
Net Assets	$	4,699,865,690
Composition of Net Assets
Par value of shares of beneficial interest	$	1,198,366
Additional paid-in capital		5,789,939,182
Accumulated net investment loss		(53,995,947)
Accumulated net realized loss on investments and foreign currency transactions		(1,053,406,165)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		16,130,254
Net Assets	$	4,699,865,690

68      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,338,148,569 and 850,819,129 shares of beneficial interest outstanding)	$	3.92
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.12
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $28,009,462 and 7,113,302 shares of beneficial interest outstanding)	$	3.94
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $775,510,831 and 198,059,602 shares of beneficial interest outstanding)	$	3.92
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $46,380,726 and 11,875,476 shares of beneficial interest outstanding)	$	3.91
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $133,828,208 and 34,087,535 shares of beneficial interest outstanding)	$	3.93
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $377,987,894 and 96,410,634 shares of beneficial interest outstanding)	$	3.92

See accompanying Notes to Consolidated Financial Statements.

69      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended March 31, 2017 Unaudited

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	3,188,835
Dividends		5,226
Net expenses		(236,138)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		2,957,923
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		17,330,538
Dividends		747,417
Net expenses		(981,010)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		17,096,945
Total allocation of net investment income from master funds		20,054,868
Investment Income
Interest (net of foreign withholding taxes of $464,817)		95,955,394
Fee income on when-issued securities		2,438,579
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $518)		358,667
Affiliated companies		1,188,977
Total investment income		99,941,617
Expenses
Management fees		13,019,042
Distribution and service plan fees:
Class A		4,121,189
Class B		170,565
Class C		4,011,511
Class R		348,392
Transfer and shareholder servicing agent fees:
Class A		3,776,916
Class B		37,613
Class C		884,783
Class I		6,852
Class R		154,453
Class Y		398,755
Shareholder communications:
Class A		58,815
Class B		1,669
Class C		13,684
Class I		17
Class R		1,669
Class Y		3,958
Custodian fees and expenses		128,429
Trustees’ compensation		76,144
Borrowing fees		45,159
Other		252,805
Total expenses		27,512,420

70      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Expenses (Continued)
Less reduction to custodian expenses	$	(19,326)
Less waivers and reimbursements of expenses		(1,545,082)
Net expenses		25,948,012
Net Investment Income		94,048,473
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (includes premiums on options exercised)
(net of foreign capital gains tax of $73,220)		(64,891,808)
Closing and expiration of option contracts written		2,532,697
Closing and expiration of futures contracts		(22,639,349)
Foreign currency transactions		14,893,803
Swap contracts		(3,185,602)
Closing and expiration of swaption contracts written		274,894
Net realized gain allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		551,586
Oppenheimer Master Loan Fund, LLC		2,046,408
Net realized loss		(70,417,371)
Net change in unrealized appreciation/depreciation on:
Investment transactions		30,989,366
Translation of assets and liabilities denominated in foreign currencies		(10,037,364)
Futures contracts		3,759,941
Option contracts written		1,179,146
Swap contracts		4,673,522
Swaption contracts written		863,204
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(1,676,968)
Oppenheimer Master Loan Fund, LLC		5,846,760
Net change in unrealized appreciation/depreciation		35,597,607
Net Increase in Net Assets Resulting from Operations	$	59,228,709

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.

71      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016
Operations
Net investment income	$	94,048,473	$	197,593,530
Net realized loss		(70,417,371)		(245,328,300)
Net change in unrealized appreciation/depreciation		35,597,607		334,214,044
Net increase in net assets resulting from operations		59,228,709		286,479,274
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(68,111,512)		(132,168,320)
Class B		(543,756)		(1,646,042)
Class C		(12,910,182)		(25,477,649)
Class I		(1,004,254)		(1,841,877)
Class R		(2,604,557)		(5,032,996)
Class Y		(7,642,425)		(13,989,926)
		(92,816,686)		(180,156,810)
Tax return of capital distribution:
Class A		—		(12,329,956)
Class B		—		(153,559)
Class C		—		(2,376,804)
Class I		—		(171,828)
Class R		—		(469,527)
Class Y		—		(1,305,117)
		—		(16,806,791)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(245,204,566)		(465,767,802)
Class B		(15,023,959)		(33,500,290)
Class C		(69,102,882)		(141,661,382)
Class I		828,723		(3,499,434)
Class R		(14,265,759)		(16,269,790)
Class Y		11,126,912		(40,212,960)
		(331,641,531)		(700,911,658)
Net Assets
Total decrease		(365,229,508)		(611,395,985)
Beginning of period		5,065,095,198		5,676,491,183
End of period (including accumulated net investment loss of $53,995,947 and $55,227,734,respectively)	$	4,699,865,690	$	5,065,095,198

See accompanying Notes to Consolidated Financial Statements.

72      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.87		$4.13		$4.13		$4.30		$4.05
Income (loss) from investment operations:
Net investment income2		0.08		0.15		0.18		0.19		0.23		0.25
Net realized and unrealized gain (loss)		(0.03)		0.08		(0.26)		0.003		(0.17)		0.25
Total from investment operations		0.05		0.23		(0.08)		0.19		0.06		0.50
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.14)		(0.17)		(0.14)		(0.18)		(0.24)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.05)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.08)		(0.15)		(0.18)		(0.19)		(0.23)		(0.25)
Net asset value, end of period		$3.92		$3.95		$3.87		$4.13		$4.13		$4.30
Total Return, at Net Asset Value4		1.22%		6.07%		(2.06)%		4.62%		1.30%		12.61%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,338,149		$3,607,387		$4,008,783		$4,774,652		$5,599,883		$6,276,192
Average net assets (in thousands)		$3,440,959		$3,745,267		$4,432,764		$5,171,641		$6,198,248		$5,865,852
Ratios to average net assets:5,6
Net investment income		4.02%		3.87%		4.43%		4.53%		5.39%		5.99%
Expenses excluding specific expenses listed below		1.07%		1.06%		1.05%		1.00%		0.96%		0.98%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%		0.00%		0.00%
Total expenses8		1.07%		1.06%		1.05%		1.00%		0.96%		0.98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.02%		1.00%		0.97%		0.93%		0.93%
Portfolio turnover rate9		39%		78%		79%		93%		95%		74%

73      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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 per share.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from the 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, 2017	1.08%
Year Ended September 30, 2016	1.07%
Year Ended September 30, 2015	1.06%
Year Ended September 30, 2014	1.01%
Year Ended September 30, 2013	0.96%
Year Ended September 28, 2012	0.98%

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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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

See accompanying Notes to Consolidated Financial Statements.

74      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class B	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$3.96		$3.89		$4.14		$4.14		$4.32		$4.06
Income (loss) from investment operations:
Net investment income2		0.06		0.12		0.15		0.16		0.19		0.21
Net realized and unrealized gain (loss)		(0.02)		0.07		(0.25)		(0.01)		(0.18)		0.26
Total from investment operations		0.04		0.19		(0.10)		0.15		0.01		0.47
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.11)		(0.14)		(0.12)		(0.15)		(0.20)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.03)		(0.04)		(0.01)
Total dividends and/or distributions to shareholders		(0.06)		(0.12)		(0.15)		(0.15)		(0.19)		(0.21)
Net asset value, end of period		$3.94		$3.96		$3.89		$4.14		$4.14		$4.32
Total Return, at Net Asset Value3		1.10%		4.99%		(2.54)%		3.76%		0.15%		11.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$28,009		$43,363		$76,276		$122,339		$205,204		$282,504
Average net assets (in thousands)		$34,174		$57,748		$97,858		$160,934		$252,333		$272,336
Ratios to average net assets:4,5
Net investment income		3.23%		3.15%		3.66%		3.71%		4.50%		5.08%
Expenses excluding specific expenses listed below		1.84%		1.82%		1.83%		1.83%		1.87%		1.89%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		1.84%		1.82%		1.83%		1.83%		1.87%		1.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78%		1.78%		1.77%		1.80%		1.84%		1.84%
Portfolio turnover rate8		39%		78%		79%		93%		95%		74%

75      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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.

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 the 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, 2017	1.85%
Year Ended September 30, 2016	1.83%
Year Ended September 30, 2015	1.84%
Year Ended September 30, 2014	1.84%
Year Ended September 30, 2013	1.87%
Year Ended September 28, 2012	1.89%

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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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

See accompanying Notes to Consolidated Financial Statements.

76      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class C	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$3.94		$3.87		$4.12		$4.12		$4.30		$4.04
Income (loss) from investment operations:
Net investment income2		0.06		0.12		0.15		0.16		0.20		0.22
Net realized and unrealized gain (loss)		(0.02)		0.07		(0.25)		0.003		(0.18)		0.26
Total from investment operations		0.04		0.19		(0.10)		0.16		0.02		0.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.11)		(0.14)		(0.12)		(0.15)		(0.21)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.04)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.06)		(0.12)		(0.15)		(0.16)		(0.20)		(0.22)
Net asset value, end of period		$3.92		$3.94		$3.87		$4.12		$4.12		$4.30
Total Return, at Net Asset Value4		1.10%		5.01%		(2.56)%		3.84%		0.30%		12.05%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$775,511		$850,319		$977,069		$1,156,140		$1,337,248		$1,522,039
Average net assets (in thousands)		$806,006		$897,334		$1,087,495		$1,236,681		$1,510,477		$1,411,513
Ratios to average net assets:5,6
Net investment income		3.26%		3.12%		3.67%		3.78%		4.65%		5.24%
Expenses excluding specific expenses listed below		1.83%		1.81%		1.80%		1.76%		1.71%		1.73%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%		0.00%		0.00%
Total expenses8		1.83%		1.81%		1.80%		1.76%		1.71%		1.73%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.77%		1.76%		1.73%		1.68%		1.68%
Portfolio turnover rate9		39%		78%		79%		93%		95%		74%

77      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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 per share.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from the 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, 2017	1.84%
Year Ended September 30, 2016	1.82%
Year Ended September 30, 2015	1.81%
Year Ended September 30, 2014	1.77%
Year Ended September 30, 2013	1.71%
Year Ended September 28, 2012	1.73%

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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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

See accompanying Notes to Consolidated Financial Statements.

78      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class I	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		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		$3.93		$3.86		$4.11		$4.11		$4.29		$4.17
Income (loss) from investment operations:
Net investment income3		0.09		0.16		0.20		0.20		0.24		0.18
Net realized and unrealized gain (loss)		(0.03)		0.07		(0.25)		0.004		(0.18)		0.11
Total from investment operations		0.06		0.23		(0.05)		0.20		0.06		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.15)		(0.19)		(0.15)		(0.19)		(0.16)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.05)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.08)		(0.16)		(0.20)		(0.20)		(0.24)		(0.17)
Net asset value, end of period		$3.91		$3.93		$3.86		$4.11		$4.11		$4.29
Total Return, at Net Asset Value5		1.69%		6.27%		(1.41)%		5.05%		1.43%		7.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$46,381		$45,840		$48,488		$119,074		$87,639		$51,011
Average net assets (in thousands)		$45,810		$46,967		$121,467		$109,381		$76,202		$17,870
Ratios to average net assets:6,7
Net investment income		4.45%		4.30%		4.87%		4.93%		5.69%		6.37%
Expenses excluding specific expenses listed below		0.64%		0.62%		0.60%		0.59%		0.60%		0.64%
Interest and fees from borrowings		0.00%8		0.00%8		0.00%8		0.00%		0.00%		0.00%
Total expenses9		0.64%		0.62%		0.60%		0.59%		0.60%		0.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.58%		0.58%		0.57%		0.56%		0.57%		0.60%
Portfolio turnover rate10		39%		78%		79%		93%		95%		74%

79      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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 per share.

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.

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 the master funds.

8. Less than 0.005%.

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

Six Months Ended March 31, 2017	0.65%
Year Ended September 30, 2016	0.63%
Year Ended September 30, 2015	0.61%
Year Ended September 30, 2014	0.60%
Year Ended September 30, 2013	0.60%
Period Ended September 28, 2012	0.64%

10. 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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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.

80      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.88		$4.13		$4.13		$4.31		$4.05
Income (loss) from investment operations:
Net investment income2		0.07		0.14		0.17		0.18		0.22		0.23
Net realized and unrealized gain (loss)		(0.02)		0.07		(0.25)		0.003		(0.19)		0.26
Total from investment operations		0.05		0.21		(0.08)		0.18		0.03		0.49
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.13)		(0.16)		(0.14)		(0.16)		(0.22)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.04)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.07)		(0.14)		(0.17)		(0.18)		(0.21)		(0.23)
Net asset value, end of period		$3.93		$3.95		$3.88		$4.13		$4.13		$4.31
Total Return, at Net Asset Value4		1.35%		5.53%		(2.06)%		4.31%		0.68%		12.42%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$133,828		$149,098		$162,623		$185,991		$208,523		$238,666
Average net assets (in thousands)		$140,685		$152,830		$175,389		$196,503		$233,104		$229,983
Ratios to average net assets:5,6
Net investment income		3.76%		3.61%		4.17%		4.24%		5.01%		5.59%
Expenses excluding specific expenses listed below		1.33%		1.31%		1.30%		1.30%		1.34%		1.38%
Interest and fees from borrowings		0.00%7		0.00%7		0.00%7		0.00%		0.00%		0.00%
Total expenses8		1.33%		1.31%		1.30%		1.30%		1.34%		1.38%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.27%		1.27%		1.26%		1.27%		1.31%		1.33%
Portfolio turnover rate9		39%		78%		79%		93%		95%		74%

81      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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 per share.

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

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from the 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, 2017	1.34%
Year Ended September 30, 2016	1.32%
Year Ended September 30, 2015	1.31%
Year Ended September 30, 2014	1.31%
Year Ended September 30, 2013	1.34%
Year Ended September 28, 2012	1.38%

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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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

See accompanying Notes to Consolidated Financial Statements.

82      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class Y	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.87		$4.13		$4.12		$4.30		$4.05
Income (loss) from investment operations:
Net investment income2		0.08		0.16		0.19		0.20		0.24		0.26
Net realized and unrealized gain (loss)		(0.03)		0.08		(0.26)		0.01		(0.18)		0.25
Total from investment operations		0.05		0.24		(0.07)		0.21		0.06		0.51
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.15)		(0.18)		(0.15)		(0.18)		(0.25)
Tax return of capital distribution		0.00		(0.01)		(0.01)		(0.05)		(0.06)		(0.01)
Total dividends and/or distributions to shareholders		(0.08)		(0.16)		(0.19)		(0.20)		(0.24)		(0.26)
Net asset value, end of period		$3.92		$3.95		$3.87		$4.13		$4.12		$4.30
Total Return, at Net Asset Value3		1.35%		6.33%		(1.83)%		5.13%		1.30%		12.82%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$377,988		$369,088		$403,252		$558,288		$572,859		$729,210
Average net assets (in thousands)		$363,668		$372,918		$453,869		$533,576		$678,607		$729,460
Ratios to average net assets:4,5
Net investment income		4.27%		4.11%		4.68%		4.78%		5.64%		6.17%
Expenses excluding specific expenses listed below		0.83%		0.81%		0.80%		0.76%		0.72%		0.79%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%		0.00%
Total expenses7		0.83%		0.81%		0.80%		0.76%		0.72%		0.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.77%		0.76%		0.73%		0.69%		0.74%
Portfolio turnover rate8		39%		78%		79%		93%		95%		74%

83      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. 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.

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 the 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, 2017	0.84%
Year Ended September 30, 2016	0.82%
Year Ended September 30, 2015	0.81%
Year Ended September 30, 2014	0.77%
Year Ended September 30, 2013	0.72%
Year Ended September 28, 2012	0.79%

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, 2017		$2,112,716,555		$2,199,150,847
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
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

See accompanying Notes to Consolidated Financial Statements.

84      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS March 31, 2017 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. Effective January 26, 2017 sub-sub-advisory agreement with Apollo Credit Management, LLC (the “Sub-Sub-Adviser”) terminated.

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 are 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, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not subject to a CDSC upon redemption. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a CDSC. Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

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

85      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds related to gold or other special minerals (“Gold ETFs”) and Regulation S securities. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 155,194 shares with net assets of $13,467,305 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	1,537,094
Net assets	$	13,467,305
Net income (loss)	$	(41,420	)
Net realized gain (loss)	$	59,320
Net change in unrealized appreciation/depreciation	$	(25,444	)

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Consolidated Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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.

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2. Significant Accounting Policies (Continued)

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

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%. This rate increased to 2.00% effective January 1, 2017. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also

87      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2016, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

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

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

During the fiscal year ended September 30, 2016, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October foreign currency losses of $62,138,853 and straddle losses of $874,472 which were deferred. Details of the fiscal year ended September 30, 2016 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.

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2. Significant Accounting Policies (Continued)

Expiring
2017	$	114,107,166
2018		240,345,967
No expiration		606,778,580
Total	$	961,231,713

At period end, it is estimated that the capital loss carryforwards would be $354,453,133 expiring by 2018 and $740,209,276, 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 reporting period, 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 U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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

Federal tax cost of securities	$	4,827,574,763
Federal tax cost of other investments		294,941,676
Total federal tax cost	$	5,122,516,439
Gross unrealized appreciation	$	136,946,456
Gross unrealized depreciation		(121,267,474	)
Net unrealized appreciation	$	15,678,982

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

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

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Recent Accounting Pronouncement. In October 2016, the Securities and Exchange Commission (“SEC”) adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in, and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. OFI Global is currently evaluating the amendments and their impact, if any, on the Fund’s financial statements.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

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

Valuation Methods and Inputs

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

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

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

Shares of a registered investment company that are not traded on an exchange are valued

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3. Securities Valuation (Continued)

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 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.

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

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

Classifications

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

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

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

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

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

The Fund classifies each of its investments in investment companies which are publicly

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3. Securities Valuation (Continued)

offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	201,599,981	$	51,584,359	$	253,184,340
Mortgage-Backed Obligations		—		791,641,605		58,539		791,700,144
U.S. Government Obligations		—		75,273,405		—		75,273,405
Foreign Government Obligations		—		391,384,442		—		391,384,442
Corporate Loans		—		10,559,468		—		10,559,468
Corporate Bonds and Notes		—		2,204,645,805		5,857,488		2,210,503,293
Preferred Stocks		33,459,919		—		154,700		33,614,619
Common Stocks		12,614,000		87,507		1,510,930		14,212,437
Rights, Warrants and Certificates		—		49,252		—		49,252
Structured Securities		—		14,582,041		8,456,564		23,038,605
Over-the-Counter Options Purchased		—		3,747,333		—		3,747,333
Over-the-Counter Interest Rate
Swaptions Purchased		—		2,492,376		—		2,492,376
Investment Companies		264,266,026		—		—		264,266,026
Total Investments, at Value		310,339,945		3,696,063,215		67,622,580		4,074,025,740
Other Financial Instruments:
Swaps, at value		—		401,812		—		401,812
Centrally cleared swaps, at value		—		7,398,170		—		7,398,170
Futures contracts		972,349		—		—		972,349
Forward currency exchange contracts		—		14,895,023		—		14,895,023
Total Assets excluding investment companies valued using practical expedient	$	311,312,294	$	3,718,758,220	$	67,622,580		4,097,693,094
Investment companies valued using practical expedient								758,855,815
Total Assets							$	4,856,548,909
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(8,985,103)	$	—	$	(8,985,103)
Centrally cleared swaps, at value		—		(1,588,399)		—		(1,588,399)
Options written, at value		—		(2,978,623)		—		(2,978,623)
Futures contracts		(215,166)		—		—		(215,166)
Forward currency exchange contracts		—		(11,433,677)		—		(11,433,677)
Swaptions written, at value		—		(1,609,681)		—		(1,609,681)
Total Liabilities	$	(215,166)	$	(26,595,483)	$	—	$	(26,810,649)

Forward currency exchange contracts and futures contracts, if any, are reported at their

93      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers out of Level 1*		Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**
Assets Table
Investments, at Value:
Common Stocks	$	(119,552)	$	119,552	$	(458,087)	$	458,087
Rights, Warrants and Certificates		(67,668)		67,668		—		—
Total Assets	$	(187,220)	$	187,220	$	(458,087)	$	458,087

* Transfers from Level 1 to Level 2 are a result of a change from the use of an exchange traded price to a valuation received from a third-party pricing service or a fair valuation determined based on observable market information other than quoted prices from an active market.

** 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:

	Value as of September 30, 2016		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Asset-Backed Securities	$	51,533,265	$	—	$	(93,155)	$	144,249
Mortgage-Backed Obligations		66,757		159		(8,377)		—
Corporate Loans		39,523,431		(996,181)		736,595		29,532
Corporate Bonds and Notes		101,740		—		(789,175)		352,523
Common Stocks		62		3,777		(188,851)		—
Rights, Warrants and Certificates		—		(24,912,707)		24,912,707		—
Structured Securities		8,059,810		(17,651,524)		17,979,230		69,048
Total Assets	$	99,285,065	$	(43,556,476)	$	42,548,974	$	595,352

a. Included in net investment income.

						Transfers into Transfers out of				Value as of
	Purchases		Sales			Level 3		Level 3		March 31, 2017
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	—		$	—	$	—	$	51,584,359
Mortgage-Backed
Obligations		—		—			—		—		58,539
Corporate Loans		—		(39,293,377	)		—		—		—
Corporate Bonds and Notes		6,192,400		—			—		—		5,857,488

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3. Securities Valuation (Continued)

						Transfers into Transfers out of				Value as of
	Purchases		Sales			Level 3		Level 3		March 31, 2017
Investments, at Value: (Continued)
Common Stocks	$	1,396,394	$	(3,839	)	$	458,087	$	—	$	1,665,630
Rights, Warrants and Certificates		—		—			—		—		—
Structured Securities		—		—			—		—		8,456,564
Total Assets	$	7,588,794	$	(39,297,216	)	$	458,087	$	—	$	67,622,580

The total change in unrealized appreciation/depreciation included in the Consolidated Statement of Operations attributable to Level 3 investments still held at period end:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value
Asset-Backed Securities	$	(93,155)
Mortgaged-Backed Obligations		(8,377)
Corporate Bonds and Notes		(789,175)
Common Stocks		(188,851)
Structured Securities		422,088
Total	$	(657,470)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

	Value as of September 30, 2016		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Weighted Average of Unobservable Inputs Used
Assets Table
Investments, at Value:
Asset-Backed Securities	$	51,584,359		Pricing service		N/A		N/A		N/A (a)
Mortgage-Backed Obligations		55,769		Pricing service		N/A		N/A		N/A (a)
Mortgage-Backed Obligations		2,770		Discounted Cash Flows		Spread		N/A		350 (b)
Corporate Bonds and Notes		108,188		Broker quotes		N/A		N/A		N/A (a)
Corporate Bonds and Notes		5,749,300		Estimated Entitlement Proceeds		N/A		44%-73% of par		65.91% of par (c)
Preferred Stocks		154,700		Recent Transaction Price		N/A		N/A		$25/share (d)
Common Stocks		269,236		Estimated Recovery proceeds		Nominal value		N/A		$0.01/share (c)
Common Stocks		1,241,694		Recent Transaction Price		N/A		N/A		$13.75/share (f)
Structured Securities		8,456,564		Broker quotes		N/A		N/A		N/A (a)
Total		$67,622,580

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

(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 seasoned mortgage-backed obligations using a discounted cash flow model as pricing services and broker-dealers are unable to provide valuations. 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 pre-payment rate, will result in a significant decrease (increase) to the fair value of the investment.

(c) The Fund fair values certain corporate bonds using the estimated value of the entitlement to be received upon completion of restructuring. A significant increase (decrease) in the expected entitlement will result in a significant increase (decrease) to the fair value of the investment.

(d) The Fund fair values certain preferred stocks at a recent transaction price, based on a transaction within the past six months. The Manager periodically 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.

(e) 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.

(f) The Fund fair values certain common stocks held based on a transaction within the past six months. The Manager periodically 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.

4. Investments and Risks

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

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4. Investments and Risks (Continued)

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

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

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), formerly known as Oppenheimer Institutional Money Market Fund, which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (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 Master Loan is to seek income. The investment objective of Master Event-Linked Bond 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. The Fund owns 41.9% of Master Loan and 38.3% of

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Master Event-Linked Bond at period end.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

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.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

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

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4. Investments and Risks (Continued)

purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

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

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$269,042,658
Sold securities		13,656,241

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 period end, the counterparty pledged $498,000 of collateral to the Fund for forward roll transactions.

    At period end, the Fund pledged $888,516 of collateral to the counterparty for forward roll transactions.

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

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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

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

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

Information concerning securities not accruing interest at period end is as follows:

Cost	$25,613,082
Market Value	$5,168,874
Market Value as % of Net Assets	0.11%

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. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

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

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

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

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5. Market Risk Factors (Continued)

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

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

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

6. Use of Derivatives

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

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

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

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

Forward Currency Exchange Contracts

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

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

    The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to 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 reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $964,333,196 and $993,924,669, 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

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6. Use of Derivatives (Continued)

and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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

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

    The Fund has 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 reporting period, the Fund had an ending monthly average market value of $472,251,408 and $163,522,559 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

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the 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 put options on treasury and/or euro futures to decrease exposure to interest 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 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 reporting period, the Fund had an ending monthly average market value of $2,213,810 and $1,876,654 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 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 reporting period, the Fund had an ending monthly average market value of $1,853,881 and $1,562,531 on written call options and written put options, respectively.

    Additional associated risks to the Fund include counterparty credit risk and liquidity risk. Written option activity for the reporting period was as follows:

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6. Use of Derivatives (Continued)

	Number of Contracts		Amount of   Premiums
Options outstanding as of
September 30, 2016		574,912,130,370	$	3,449,186
Options written		921,847,250,284		15,256,948
Options closed or expired		(111,047,465,165)		(2,532,697)
Options exercised		(755,581,450,489)		(11,397,372)
Options outstanding as of March 31, 2017		630,130,465,000	$	4,776,065

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”).

    The buyer of protection pays a periodic fee to the seller of protection based on the

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 reporting period, the Fund had ending monthly average notional amounts of $172,480,870 and $96,609,778 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.

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

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6. Use of Derivatives (Continued)

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 reporting period, the Fund had ending monthly average notional amounts of $148,831,586 and $561,137,582 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.

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

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

    The Fund has entered into total return swaps to increase exposure to the credit risk of various indexes or basket of securities. These credit risk related total return swaps require the Fund to pay to, or receive payments from, the counterparty based on the movement of credit spreads of the related indexes or securities.

    For the reporting period, the Fund had ending monthly average notional amounts of $27,473,355 on total return swaps which are long the reference asset.

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

Swaption Transactions

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

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

    The Fund generally will incur a greater risk when it writes a swaption than when it

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CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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 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 purchased 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 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 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.

    During the reporting period, the Fund had an ending monthly average market value of $3,041,161 and $2,346,613 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

	Number of Contracts			Amount of Premiums
Swaptions outstanding as of September 30, 2016		51,480,000		$	274,895
Swaptions written		1,744,000,000			10,630,145
Swaptions closed or expired		(51,480,000	)		(274,894	)
Swaptions exercised		(1,223,000,000	)		(8,006,881	)
Swaptions outstanding as of March 31, 2017		521,000,000		$	2,623,265

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

108      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

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.

    At period end, the Fund has required certain counterparties to post collateral of $5,957,650.

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

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

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

    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

109      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

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

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

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

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

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	1,470,768	$	(1,470,768)	$	–	$	–	$	–

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6. Use of Derivatives (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 Received**		Cash Collateral Received**		Net Amount
Barclays Bank plc	$	4,596,723	$	(3,447,334)	$	–	$	(270,000)	$	879,389
BNP Paribas		1,608,614		(1,210,806)		(334,939)		–		62,869
Citibank NA		2,757,342		(2,757,342)		–		–		–
Deutsche Bank AG		245,866		(245,866)		–		–		–
Goldman Sachs Bank USA		1,900,761		(647,779)		(300,639)		(952,343)		–
Goldman Sachs
International		26,001		–		–		–		26,001
HSBC Bank USA NA		1,325,097		(382,954)		–		(380,000)		562,143
JPMorgan Chase Bank NA		2,574,503		(2,574,503)		–		–		–
Standard Chartered Bank		211,570		(211,570)		–		–		–
Toronto Dominion Bank		4,665,189		(1,720,092)		(1,951,998)		(990,000)		3,099
UBS AG		154,110		—		(154,110)		–		–
	$	21,536,544	$	(14,669,014)	$	(2,741,686)	$	(2,592,343)	$	1,533,501

*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, if any, are excluded from these reported amounts.

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

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

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,785,812	)	$	1,470,768	$	315,044	$	–	$	–
Barclays Bank plc		(3,447,334	)		3,447,334		–		–		–
BNP Paribas		(1,210,806	)		1,210,806		–		–		–
Citibank NA		(3,201,194	)		2,757,342		427,955		–		(15,897	)
Credit Suisse International		(4,399,835	)		–		4,399,835		–		–
Deutsche Bank AG		(1,176,466	)		245,866		930,600		–		–
Goldman Sachs Bank USA		(647,779	)		647,779		–		–		–
HSBC Bank USA NA		(382,954	)		382,954		–		–		–

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (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
JPMorgan Chase Bank NA	$	(2,950,319	)	$	2,574,503	$	375,816	$	–	$	—
Morgan Stanley Capital Services, Inc.		(3,470,477	)		–		3,470,477		–		—
Standard Chartered Bank		(614,016	)		211,570		402,446		–		—
Toronto Dominion Bank		(1,720,092	)		1,720,092		–		–		—
	$	(25,007,084	)	$	14,669,014	$	10,322,173	$	–	$	(15,897)

*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, if any, are excluded from these reported amounts.

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

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

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	109,761	Swaps, at value	$	8,056,709
Interest rate contracts	Swaps, at value		292,051	Swaps, at value		928,394
Credit contracts	Centrally cleared swaps, at value		4,417,750	Centrally cleared swaps, at value		993,614
Interest rate contracts	Centrally cleared swaps, at value		2,980,420	Centrally cleared swaps, at value		594,785
Interest rate contracts	Variation margin receivable		569,008*	Variation margin payable		21,563*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		14,895,023	Unrealized depreciation on forward currency exchange contracts		11,433,677
Forward currency exchange contracts				Options written, at value		2,978,623
Interest rate contracts				Swaptions written, at value		1,609,681
Forward currency exchange contracts	Investments, at value		3,747,333**
Interest rate contracts	Investments, at value		2,492,376**
Total		$	29,503,722		$	26,617,046

*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.

112      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

**Amounts relate to purchased option contracts and purchased swaption contracts, if any.

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 transactions in unaffiliated companies (including premiums on options exercised)*			Closing and expiration of swaption contracts written			Closing and expiration of option contracts written			Closing and expiration of futures contracts
Credit contracts	$	(820,081)		$	274,894		$	—		$	—
Equity contracts		(250,750)			—			—			—
Forward currency exchange contracts		73,620			—			2,532,697			—
Interest rate contracts		(3,211,348)			—			—			(22,639,349)
Total	$	(4,208,559)		$	274,894		$	2,532,697		$	(22,639,349)
Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments				Foreign currency transactions			Swap contracts			Total
Credit contracts				$	—		$	(5,923,150)		$	(6,468,337)
Equity contracts					—			134,283			(116,467)
Forward currency exchange contracts					14,685,734			—			17,292,051
Interest rate contracts					—			2,603,265			(23,247,432)
Total				$	14,685,734		$	(3,185,602)		$	(12,540,185)
*Includes purchased options contracts, purchased swaption contracts, written options contracts exercised and written swaption contracts exercised, if any.
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions*			Option contracts written			Swaption contracts written			Futures contracts
Credit contracts	$	396,128		$	—		$	(150,380	)	$	—
Equity contracts		875,377			—			–			—
Forward currency exchange contracts		534,337			1,217,863			–			—
Interest rate contracts		(419,763	)		(38,717	)		1,013,584			3,759,941
Total	$	1,386,079		$	1,179,146		$	863,204		$	3,759,941

113      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Translation of assets and liabilities denominated in foreign currencies		Swap contracts		Total
Credit contracts	$	—	$	4,453,245	$	4,698,993
Equity contracts		—		—		875,377
Forward currency exchange contracts		(10,007,905)		—		(8,255,705)
Interest rate contracts		—		220,277		4,535,322
Total	$	(10,007,905)	$	4,673,522	$	1,853,987

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

7. Shares of Beneficial Interest

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

	Six Months Ended March 31, 2017				Year Ended September 30, 2016
	Shares		Amount		Shares		Amount
Class A
Sold		24,243,007	$	94,669,071		49,594,876	$	190,847,491
Dividends and/or distributions reinvested		15,491,659		60,419,601		33,139,619		127,427,433
Redeemed		(102,607,122)		(400,293,238)		(203,845,428)		(784,042,726)
Net decrease		(62,872,456)	$	(245,204,566)		(121,110,933)	$	(465,767,802)
Class B
Sold		35,513	$	138,952		136,749	$	530,027
Dividends and/or distributions reinvested		129,562		507,353		433,444		1,669,645
Redeemed		(3,996,510)		(15,670,264)		(9,245,651)		(35,699,962)
Net decrease		(3,831,435)	$	(15,023,959)		(8,675,458)	$	(33,500,290)
Class C
Sold		5,597,981	$	21,787,395		15,087,056	$	57,785,579
Dividends and/or distributions reinvested		3,030,060		11,795,747		6,577,937		25,237,910
Redeemed		(26,376,125)		(102,686,024)		(58,582,619)		(224,684,871)
Net decrease		(17,748,084)	$	(69,102,882)		(36,917,626)	$	(141,661,382)

114      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

7. Shares of Beneficial Interest (Continued)

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
	Shares		Amount			Shares			Amount
Class I
Sold		1,127,747	$	4,379,961			1,610,491		$	6,191,607
Dividends and/or distributions reinvested		257,334		999,400			523,820			2,005,298
Redeemed		(1,173,118)		(4,550,638	)		(3,045,914	)		(11,696,339)
Net increase (decrease)		211,963	$	828,723			(911,603	)	$	(3,499,434)
Class R
Sold		2,649,866	$	10,343,633			6,009,296		$	23,174,414
Dividends and/or distributions reinvested		619,875		2,419,555			1,333,790			5,131,759
Redeemed		(6,921,365)		(27,028,947	)		(11,555,117	)		(44,575,963)
Net decrease		(3,651,624)	$	(14,265,759)			(4,212,031)		$	(16,269,790)
Class Y
Sold		20,329,902	$	79,301,713			23,220,479		$	89,437,668
Dividends and/or distributions reinvested		1,818,285		7,089,149			3,653,084			14,040,449
Redeemed		(19,289,412)		(75,263,950	)		(37,490,600	)		(143,691,077)
Net increase (decrease)		2,858,775	$	11,126,912			(10,617,037)		$	(40,212,960)

8. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities		$1,621,562,737		$1,831,239,679
U.S. government and government agency obligations		101,080,277		152,043,746
To Be Announced (TBA) mortgage-related securities		2,112,716,555		2,199,150,847

9. Fees and Other Transactions with Affiliates

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

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

115      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

directors’ fees.

    The Fund’s effective management fee for the reporting period was 0.53% 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.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Adviser under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.

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

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

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

116      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

9. Fees and Other Transactions with Affiliates (Continued)

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 votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Consolidated Statement of Operations.

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

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class 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, 2017		$223,311		$2,152		$23,146		$14,882		$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to

117      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

9. Fees and Other Transactions with Affiliates (Continued)

waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $50,334. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $1,320,315 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Effective January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:

Class A	$	125,299
Class B		1,139
Class C		29,266
Class R		5,081
Class Y		13,648

This fee waiver and/or reimbursement may be terminated at any time.

10. Borrowing and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.3 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

118      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

119      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ’Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name	Pay Date		Net Income			Net Profit from Sale			Other Capital Sources
Oppenheimer Global Strategic Income Fund		10/25/16		99.4	%		0.0	%		0.6	%

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OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Trustees and Officers	Robert J. Malone, Chairman of the Board of Trustees and Trustee
	Jon S. Fossel, Trustee
	Richard F. Grabish, Trustee
	Beverly L. Hamilton, Trustee
	Victoria J. Herget, Trustee
	F. William Marshall, Jr., Trustee
	Karen L. Stuckey, Trustee
	James D. Vaughn, Trustee
	Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
	Michael A. Mata, Vice President
	Krishna Memani, Vice President
	Christopher Kelly, Vice President
	Ruta Ziverte, Vice President
	Cynthia Lo Bessette, Secretary and Chief Legal Officer
	Jennifer Foxson, Vice President and Chief Business Officer
	Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
	Laundering Officer
	Brian S. Petersen, 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.

©2017 OppenheimerFunds, Inc. All rights reserved.

121      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,^SM our electronic document delivery service

● Your transactions with us, our affiliates or others

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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 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.

122      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

● 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, safeguard that information. 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 November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RS0230.001.0317     May 25, 2017

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 3/31/2017, 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:	5/15/2017

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:	5/15/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	5/15/2017