Oppenheimer Global Strategic Income Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5724

Oppenheimer Strategic Income Fund

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: September 30

Date of reporting period: 09/30/2009

TABLE OF CONTENTS


	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed Registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
SIGNATURES
EX-99.CODE ETH
EX-99.CERT
EX-99.906CERT

Item 1. Reports to Stockholders.

September 30, 2009 Oppenheimer Management Strategic Income Commentaries and Fund Annual Report M A N A G E M E N T C O M M E N TA R I E S Market Recap and Outlook A N N U A L R E P O RT Listing of Top Holdings Fund Performance Discussion Listing of Investments Financial Statements

TOP HOLDINGS AND ALLOCATIONS


Corporate Bonds & Notes—Top Ten Industries

Oil, Gas & Consumable Fuels	4.1	%
Commercial Banks	2.2
Diversified Financial Services	2.0
Media	1.5
Electric Utilities	1.3
Diversified Telecommunication Services	1.3
Health Care Providers & Services	1.1
Hotels, Restaurants & Leisure	1.0
Metals & Mining	0.9
Capital Markets	0.9

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2009, and are based on net assets.

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2009, 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.

10 | OPPENHEIMER STRATEGIC INCOME FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended September 30, 2009, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.

Management’s Discussion of Fund Performance. For the 12-month period ended September 30, 2009, Oppenheimer Strategic Income Fund’s Class A shares (without sales charge) returned 5.59%, compared to its benchmarks, the Barclays Capital Aggregate Bond Index and the Citigroup World Government Bond Index, which produced total returns of 10.56% and 13.78%, respectively.

The Fund was affected by heightened market volatility throughout the reporting period, including sharp declines among corporate bonds, commercial mortgage-backed securities (CMBS) and emerging markets securities over the reporting period’s first half, when a global financial crisis and severe recession intensified. Aggressive remedial measures by government and monetary officials worldwide helped stem the downturn, and market sectors that had been punished over the first half of the reporting period rallied strongly over the second half. Gains during the rally were particularly robust among sovereign bonds from the emerging markets. High quality sovereign bonds, including U.S. government securities, exhibited the opposite behavior, rallying amid a “flight to quality” during the worst of the crisis and later declining as other market sectors rallied.

The Fund’s performance during the first half of the reporting period was hurt by its exposure to CMBS, which we had regarded as attractively valued in the wake of steep declines. Unfortunately, despite investment-grade credit ratings and seniority in their issuers’ capital structures, these securities continued to decline in value early in 2009 amid recession-related concerns regarding business trends in the commercial real estate market. The unprecedented widening of CMBS credit spreads also had a negative impact on the Fund’s positions in total return swaps in the CMBS sector. We reduced the Fund’s exposure to CMBS, but we were unable to fully offset the adverse effects of these investments through better relative performance in other market sectors.

Throughout the reporting period, we maintained the Fund’s overweight position in local-currency denominated bonds from developing nations. This positioning reflected our view that the emerging markets had improved their economies and financial systems to the extent that they were less tied to conditions in Europe, Japan and the United States than had been the case just ten years ago. Indeed, the emerging markets showed great resilience in recovering from the credit crisis and recession. The Fund’s investments in the emerging markets were concentrated primarily in the sovereign debt of Brazil, Turkey, South Africa and Hungary, where local economies appear to be relatively sound, monetary policy has been attractive and financial reforms have bolstered investor confidence. In addition, we gradually increased the Fund’s exposure to “quasi-sovereign” bonds, which are

11 | OPPENHEIMER STRATEGIC INCOME FUND

FUND PERFORMANCE DISCUSSION

backed by government-supported corporations and constitute a small but growing segment of the emerging fixed-income markets. We invested primarily in bonds backed by energy and telecommunications companies in Latin America.

The Fund maintained an underweight exposure to high yield corporate bonds, which we regarded as vulnerable to economic weakness, and U.S. government securities, which we believed were richly valued. Instead, we established positions in investment-grade corporate bonds that, in our judgment, had been oversold during the bear market. While this strategy caused the Fund to miss participating fully in the rally among high yield bonds, it helped capture somewhat less robust gains among higher-quality corporate securities while sheltering the Fund from declines among U.S. government securities as investors rekindled their appetites for risk.

As of September 30, 2009, we remain cautiously optimistic regarding the prospects for fixed-income markets. On the positive side, certain international markets still offer relatively high yields, providing opportunities for competitive levels of income and the potential for price appreciation. In addition, we expect a weakening U.S. dollar to support higher foreign asset values for U.S. investors. However, we remain cautious regarding the likelihood of rising interest rates in the developed markets, including the United States, as an economic recovery gains momentum. Accordingly, we have maintained the Fund’s underweighted position in U.S. government securities and high yield bonds in favor of investment-grade corporate securities, but we are prepared to adjust our strategies as market conditions evolve.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until September 30, 2009. In the case of Class A, Class B, Class C and Class Y shares, performance is measured over a ten fiscal year period. In the case of Class N shares, performance is measured from inception of the Class on March 1, 2001. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions.

The Fund’s performance is compared to the performance of the Barclays Capital Aggregate Bond Index, an unmanaged index of U.S. corporate and government bonds, and the Citigroup World Government Bond Index, an unmanaged index of debt securities of major foreign government bond markets. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund’s performance reflects the effects of Fund business and operating expenses. 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 securities in the indices.

12 | OPPENHEIMER STRATEGIC INCOME FUND

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

Oppenheimer Strategic Income Fund (Class A) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index

The 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. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for 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. See page 18 for further information.

13 | OPPENHEIMER STRATEGIC INCOME FUND

FUND PERFORMANCE DISCUSSION

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

Oppenheimer Strategic Income Fund (Class B) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index

14 | OPPENHEIMER STRATEGIC INCOME FUND

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

Oppenheimer Strategic Income Fund (Class C) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index

15 | OPPENHEIMER STRATEGIC INCOME FUND

FUND PERFORMANCE DISCUSSION

Class N Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

Oppenheimer Strategic Income Fund (Class N) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index

16 | OPPENHEIMER STRATEGIC INCOME FUND

Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

Oppenheimer Strategic Income Fund (Class Y) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index

The 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. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for 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. See page 18 for further information.

17 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES

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

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

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

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

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

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

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

18 | OPPENHEIMER STRATEGIC INCOME FUND

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

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

19 | OPPENHEIMER STRATEGIC INCOME FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2009.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in

20 | OPPENHEIMER STRATEGIC INCOME FUND

the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	April 1, 2009		September 30, 2009		September 30, 2009

Actual
Class A	$	1,000.00	$	1,241.60	$	5.35
Class B		1,000.00		1,238.40		10.65
Class C		1,000.00		1,240.80		9.64
Class N		1,000.00		1,242.20		7.78
Class Y		1,000.00		1,242.20		4.34

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.31		4.82
Class B		1,000.00		1,015.59		9.59
Class C		1,000.00		1,016.50		8.68
Class N		1,000.00		1,018.15		7.01
Class Y		1,000.00		1,021.21		3.91

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended September 30, 2009 are as follows:


Class		Expense Ratios

Class A		0.95%
Class B		1.89
Class C		1.71
Class N		1.38
Class Y		0.77

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

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STATEMENT OF INVESTMENTS September 30, 2009


	Principal
	Amount		Value

Asset-Backed Securities—5.9%
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14	$	3,354,000	$	2,568,289
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/34¹		4,482,726		3,069,000
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.346%, 9/25/36¹		1,944,586		1,118,846
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13		2,500,000		2,607,589
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12		665,000		652,729
Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.273%, 5/15/13¹		3,320,000		3,257,926
Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.346%, 5/16/36¹		364,570		358,133
Citibank Omni Master Trust, Credit Card Receivables, Series 2009-A12, Cl. A12, 3.35%, 8/15/16^2,3		225,000,000		224,921,250
CitiFinancial Mortgage Securities, Inc., Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2004-1, Cl. AF2, 2.645%, 4/25/34		331,557		328,788
Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.346%, 10/25/36¹		1,156,612		1,096,667
Citigroup Mortgage Loan Trust, Inc. 2006-WFH4, Asset-Backed Pass-Through Certificates, Series 2006-WFH4, Cl. AS, 0.346%, 11/25/36¹		2,820,440		2,552,202
CNH Equipment Trust, Asset-Backed Certificates, Series 2009-B, Cl. A3, 2.97%, 3/15/13		3,750,000		3,812,896
Countrywide Home Loans, Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/36¹		1,877,470		1,469,360
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/36¹		976,189		767,047
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/47¹		4,054,000		2,673,396
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.473%, 12/15/35¹		586,297		182,760
Series 2006-H, Cl. 2A1A, 0.393%, 11/15/36¹		200,917		39,298
Discover Card Master Trust, Credit Card Receivables, Series 2009-A1, Cl. A1, 1.543%, 12/15/14^1,3		65,000,000		65,310,531
DLJ Ltd., Collateralized Bond Obligations, Series1A, Cl. C2, 11.96%, 4/15/11^4,5,6		15,000,000		150
DVI Receivables Corp., Equipment Asset-Backed Certificates, Series 2001-2, Cl. C, 4.405%, 11/11/09^4,5,6		3,083,887		—
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/25^4,5,6		2,730,094		—
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.336%, 7/25/36¹		3,000,811		2,833,334

F1 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Asset-Backed Securities Continued
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.356%, 7/7/36¹	$	1,437,453	$	1,089,289
First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.366%, 9/25/36¹		2,365,307		260,658
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11		1,820,000		1,835,885
Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 9/15/12^3,7		110,000,000		110,000,000
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 6/13/11^4,5,6		7,366,648		—
Green Tree Financial Corp., Manufactured Housing Contract Sr. Sub. Pass-Through Certificates, Series 1997-5, Cl. M1, 6.95%, 5/15/29		4,814,000		3,628,167
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/20/31		2,907,105		412,437
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35		2,662,000		631,803
Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37		1,071,428		98,551
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.533%, 1/20/35¹		1,385,208		1,199,022
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.383%, 3/20/36¹		1,520,000		1,420,095
Ice Em CLO, Collateralized Loan Obligations:
Series 2007-1A, Cl. B, 2.551%, 8/15/22^1,5		20,040,000		11,022,000
Series 2007-1A, Cl. C, 3.851%, 8/15/22^1,5		16,980,000		5,943,000
Series 2007-1A, Cl. D, 5.851%, 8/15/22^1,5		16,980,000		4,245,000
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35		337,921		334,181
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.918%, 3/24/14^1,5		4,129,588		10,324
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.346%, 8/25/36¹		5,580,000		1,830,734
NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.55%, 1/25/29^1,5		4,475,119		671,268
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.346%, 7/1/36¹		4,199,805		3,410,628
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/36¹		1,407,048		1,245,141
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/36¹		3,200,678		3,047,549
Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.476%, 2/25/37¹		1,732,090		734,681
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.699%, 6/15/39¹		6,323,000		2,043,096

F2 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Asset-Backed Securities Continued
Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 17.322%, 6/7/11^1,5	$	5,430,000	$	3,882,450
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37		506,650		88,521
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.346%, 7/25/36¹		1,102,393		1,084,980

Total Asset-Backed Securities (Cost $559,415,928)				479,789,651

Mortgage-Backed Obligations—21.6%
Government Agency—9.0%
FHLMC/FNMA/FHLB/Sponsored—8.4%
Federal Home Loan Mortgage Corp.:
5%, 8/15/33-12/15/34		7,024,015		7,295,391
5.50%, 9/1/39⁷		8,090,000		8,479,753
6%, 1/15/19-7/15/24		7,911,885		8,462,291
6%, 6/15/24⁷		5,750,000		6,119,259
6.50%, 4/15/18-8/15/32		5,868,368		6,308,989
7%, 8/15/21-10/1/31		4,840,963		5,335,505
7.50%, 2/15/32-4/25/36		6,137,479		6,936,926
8.50%, 8/15/31		298,712		343,736
10%, 5/15/20		141,859		160,219
10.50%, 6/14/20		147,364		168,999
11.50%, 11/14/16		45,865		48,054
12%, 6/14/10-6/15/17		243,038		256,454
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		5,532,951		6,004,144
Series 151, Cl. F, 9%, 5/15/21		11,000		11,979
Series 1590, Cl. IA, 1.30%, 10/15/23¹		5,110,937		5,141,329
Series 1674, Cl. Z, 6.75%, 2/15/24		252,174		273,137
Series 2006-11, Cl. PS, 23.664%, 3/25/36¹		2,459,107		3,311,675
Series 2034, Cl. Z, 6.50%, 2/15/28		49,155		53,042
Series 2043, Cl. ZP, 6.50%, 4/15/28		3,682,374		3,943,226
Series 2053, Cl. Z, 6.50%, 4/15/28		45,724		49,090
Series 2116, Cl. ZA, 6%, 1/15/29		3,492,209		3,775,495
Series 2326, Cl. ZP, 6.50%, 6/15/31		715,422		766,482
Series 2344, Cl. FP, 1.193%, 8/15/31¹		1,795,011		1,802,811
Series 2368, Cl. TG, 6%, 10/15/16		816,329		877,963
Series 2412, Cl. GF, 1.193%, 2/15/32¹		3,741,770		3,750,641
Series 2427, Cl. ZM, 6.50%, 3/15/32		3,563,422		3,818,328
Series 2435, Cl. EQ, 6%, 5/15/31		1,726,507		1,754,324
Series 2451, Cl. FD, 1.243%, 3/15/32¹		1,337,009		1,343,990
Series 2453, Cl. BD, 6%, 5/15/17		105,480	��	113,724
Series 2461, Cl. PZ, 6.50%, 6/15/32		276,747		301,830
Series 2464, Cl. FI, 1.243%, 2/15/32¹		1,406,039		1,410,311

F3 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Series 2470, Cl. AF, 1.243%, 3/15/32¹	$	2,250,484	$	2,265,730
Series 2470, Cl. LF, 1.243%, 2/15/32¹		1,439,261		1,443,682
Series 2471, Cl. FD, 1.243%, 3/15/32¹		2,531,330		2,539,363
Series 2475, Cl. FB, 1.243%, 2/15/32¹		2,032,855		2,040,220
Series 2500, Cl. FD, 0.743%, 3/15/32¹		514,562		506,388
Series 2517, Cl. GF, 1.243%, 2/15/32¹		1,175,983		1,179,874
Series 2526, Cl. FE, 0.643%, 6/15/29¹		623,996		610,064
Series 2551, Cl. FD, 0.643%, 1/15/33¹		465,140		458,459
Series 2641, Cl. CE, 3.50%, 9/15/25		583,268		585,640
Series 2676, Cl. KY, 5%, 9/15/23		2,516,000		2,613,922
Series 2676, Cl. TF, 0.843%, 1/15/32¹		3,589,494		3,555,954
Series 2754, Cl. PE, 5%, 2/15/34		5,000,000		5,145,123
Series 2857, Cl. MG, 5%, 9/1/34		5,125,000		5,236,848
Series 2934, Cl. NA, 5%, 4/15/24		847,231		854,364
Series 2936, Cl. PE, 5%, 2/1/35		2,807,000		2,858,033
Series 2947, Cl. HE, 5%, 3/1/35		4,120,000		4,200,489
Series 3025, Cl. SJ, 23.858%, 8/15/35¹		2,587,474		3,437,984
Series 3035, Cl. DM, 5.50%, 11/15/25		3,002,621		3,053,713
Series 3057, Cl. LG, 5%, 10/15/35		5,000,000		5,093,087
Series 3094, Cl. HS, 23.491%, 6/15/34¹		1,399,003		1,763,581
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 177, Cl. IO, 13.241%, 7/1/26⁸		2,017,154		375,458
Series 183, Cl. IO, 8.417%, 4/1/27⁸		787,852		147,508
Series 192, Cl. IO, 7.398%, 2/1/28⁸		351,181		85,364
Series 205, Cl. IO, 8.168%, 9/1/29⁸		1,913,940		379,305
Series 206, Cl. IO, 0.00%, 12/1/29^8,22		604,449		109,071
Series 207, Cl. IO, 0.00%, 4/1/30^8,22		696,249		132,831
Series 2074, Cl. S, 47.665%, 7/17/28⁸		451,002		66,258
Series 2079, Cl. S, 58.858%, 7/17/28⁸		742,012		110,586
Series 214, Cl. IO, 0.00%, 6/1/31^8,22		650,822		126,385
Series 224, Cl. IO, 0.009%, 3/1/33⁸		3,490,829		635,679
Series 243, Cl. 6, 0.00%, 12/15/32^8,22		2,135,322		383,880
Series 2526, Cl. SE, 37.056%, 6/15/29⁸		1,127,562		184,682
Series 2802, Cl. AS, 99.999%, 4/15/33⁸		2,884,738		290,659
Series 2819, Cl. S, 50.701%, 6/15/34⁸		10,235,844		1,302,781
Series 2920, Cl. S, 75.717%, 1/15/35⁸		6,173,450		737,542
Series 3000, Cl. SE, 98.035%, 7/15/25⁸		7,338,656		706,186
Series 3004, Cl. SB, 99.999%, 7/15/35⁸		11,282,484		1,309,208
Series 3110, Cl. SL, 97.521%, 2/15/26⁸		2,207,763		205,421
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 7.468%, 2/1/28⁹		351,181		312,044
Federal National Mortgage Assn.:
4.50%, 10/1/24-10/1/39⁷		26,575,000		27,181,872
5%, 11/25/21-12/25/21		203,992		215,100
5%, 11/1/39⁷		67,395,000		69,364,215

F4 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn.: Continued
5.303%, 10/1/36¹⁰	$	23,555,525	$	24,627,799
5.50%, 1/25/22-8/25/22		1,847,769		1,957,532
5.50%, 10/1/24-10/1/39⁷		129,128,000		135,246,172
6%, 10/1/24-10/1/39⁷		77,781,000		82,289,429
6.50%, 11/25/31-1/1/34		7,890,763		8,529,989
6.50%, 12/25/29		10,156,298		10,967,638
6.50%, 10/1/39⁷		7,350,000		7,856,459
7%, 11/1/17-9/25/34		18,620,432		20,506,257
7%, 12/25/32		8,815,495		9,733,963
7.50%, 6/25/10-1/1/33		10,371,911		11,618,099
8.50%, 7/1/32		80,242		89,163
9.50%, 4/25/20-4/8/21		82,505		92,505
11%, 11/8/15-2/25/26		267,998		312,228
13%, 6/25/15		64,023		76,308
15%, 5/9/13		119,440		135,526
Federal National Mortgage Assn. Grantor Trust:
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T10, Cl. IO, 37.958%, 12/25/41⁸		113,689,296		1,682,454
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T3, Cl. IO, 37.525%, 11/25/40⁸		13,277,417		312,853
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T4, Cl. IO, 30.278%, 7/25/41⁸		21,721,005		569,618
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1996-35, Cl. Z, 7%, 7/25/26		266,163		295,178
Trust 1997-45, Cl. CD, 8%, 7/18/27		1,555,580		1,715,627
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		1,725,394		1,871,931
Trust 1999-14, Cl. MB, 6.50%, 4/25/29		75,831		81,502
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		3,083,669		3,333,693
Trust 2001-19, Cl. Z, 6%, 5/1/31		1,750,158		1,893,818
Trust 2001-44, Cl. QC, 6%, 9/25/16		225,590		243,010
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		336,683		360,795
Trust 2001-65, Cl. F, 0.846%, 11/25/31¹		2,963,948		2,950,575
Trust 2001-69, Cl. PF, 1.246%, 12/25/31¹		3,212,517		3,228,270
Trust 2001-80, Cl. ZB, 6%, 1/25/32		3,446,688		3,739,219
Trust 2002-12, Cl. PG, 6%, 3/25/17		2,266,822		2,445,663
Trust 2002-19, Cl. PE, 6%, 4/25/17		1,239,503		1,334,722
Trust 2002-21, Cl. PE, 6.50%, 4/25/32		3,428,444		3,729,073
Trust 2002-29, Cl. F, 1.246%, 4/25/32¹		1,580,624		1,588,460
Trust 2002-60, Cl. FH, 1.246%, 8/25/32¹		3,094,558		3,104,697
Trust 2002-64, Cl. FJ, 1.246%, 4/25/32¹		485,452		485,232
Trust 2002-68, Cl. FH, 0.744%, 10/18/32¹		999,131		987,780
Trust 2002-81, Cl. FM, 0.746%, 12/25/32¹		1,852,551		1,831,661
Trust 2002-84, Cl. FB, 1.246%, 12/25/32¹		307,709		309,037
Trust 2002-9, Cl. PC, 6%, 3/25/17		2,540,008		2,741,243
Trust 2003-11, Cl. FA, 1.246%, 9/25/32¹		419,903		421,715
Trust 2003-116, Cl. FA, 0.646%, 11/25/33¹		648,164		635,302
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		5,556,000		5,857,431

F5 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Trust 2003-3, Cl. FM, 0.746%, 4/25/33¹	$	2,332,962	$	2,301,198
Trust 2003-81, Cl. PW, 4%, 3/25/25		131,948		131,913
Trust 2004-101, Cl. BG, 5%, 1/25/20		5,778,000		6,162,221
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44		1,530,003		1,676,418
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25		3,800,000		3,984,088
Trust 2005-25, Cl. PS, 27.077%, 4/25/35¹		943,963		1,299,194
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,048,061
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		6,477,571		6,800,716
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		3,510,000		3,620,941
Trust 2006-24, Cl. DB, 5.50%, 4/25/26		960,000		1,008,859
Trust 2006-46, Cl. SW, 23.296%, 6/25/36¹		3,613,748		4,745,261
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 49.855%, 11/18/31⁸		3,364,300		430,785
Trust 2001-63, Cl. SD, 23.067%, 12/18/31⁸		89,227		12,967
Trust 2001-68, Cl. SC, 17.719%, 11/25/31⁸		61,272		7,920
Trust 2001-81, Cl. S, 35.089%, 1/25/32⁸		827,848		109,549
Trust 2002-28, Cl. SA, 37.932%, 4/25/32⁸		601,092		78,636
Trust 2002-38, Cl. SO, 56.274%, 4/25/32⁸		558,003		64,188
Trust 2002-39, Cl. SD, 40.74%, 3/18/32⁸		868,167		115,561
Trust 2002-48, Cl. S, 34.361%, 7/25/32⁸		944,167		128,897
Trust 2002-52, Cl. SL, 35.525%, 9/25/32⁸		573,035		78,238
Trust 2002-53, Cl. SK, 38.894%, 4/25/32⁸		541,175		80,659
Trust 2002-56, Cl. SN, 37.06%, 7/25/32⁸		1,294,881		177,855
Trust 2002-65, Cl. SC, 67.232%, 6/25/26⁸		1,691,849		268,216
Trust 2002-77, Cl. IS, 47.822%, 12/18/32⁸		950,666		138,477
Trust 2002-77, Cl. SH, 42.957%, 12/18/32⁸		1,040,236		169,001
Trust 2002-89, Cl. S, 72.508%, 1/25/33⁸		5,816,567		878,150
Trust 2002-9, Cl. MS, 33.823%, 3/25/32⁸		1,127,472		163,648
Trust 2003-13, Cl. IO, 10.77%, 3/25/33⁸		4,221,341		772,833
Trust 2003-23, Cl. ES, 81.189%, 10/25/22⁸		17,665,889		1,630,694
Trust 2003-26, Cl. DI, 11.758%, 4/25/33⁸		2,783,200		470,797
Trust 2003-26, Cl. IK, 15.588%, 4/25/33⁸		487,749		82,509
Trust 2003-33, Cl. SP, 55.165%, 5/25/33⁸		3,745,696		515,548
Trust 2003-4, Cl. S, 46.818%, 2/25/33⁸		1,918,995		266,361
Trust 2003-46, Cl. IH, 0.00%, 6/1/33^8,22		754,667		85,479
Trust 2005-14, Cl. SE, 42.486%, 3/25/35⁸		1,382,555		121,711
Trust 2005-40, Cl. SA, 72.862%, 5/25/35⁸		9,408,385		1,196,634
Trust 2005-40, Cl. SB, 85.479%, 5/25/35⁸		4,207,134		675,325
Trust 2005-71, Cl. SA, 71.947%, 8/25/25⁸		4,733,365		549,113
Trust 2005-87, Cl. SE, 90.624%, 10/25/35⁸		46,114,491		3,958,897
Trust 2005-87, Cl. SG, 37.683%, 10/25/35⁸		1,873,044		180,364
Trust 2006-60, Cl. DI, 40.563%, 4/25/35⁸		2,273,235		331,529
Trust 2006-90, Cl. SX, 99.999%, 9/25/36⁸		8,886,939		1,709,345
Trust 2007-88, Cl. XI, 13.776%, 6/25/37⁸		24,896,956		2,465,692
Trust 221, Cl. 2, 19.665%, 5/1/23⁸		793,716		142,394

F6 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 240, Cl. 2, 24.055%, 9/1/23⁸	$	1,296,208	$	232,170
Trust 247, Cl. 2, 7.771%, 10/1/23⁸		312,595		60,277
Trust 252, Cl. 2, 11.62%, 11/1/23⁸		93,269		17,175
Trust 2682, Cl. TQ, 99.999%, 10/15/33⁸		4,005,559		651,293
Trust 2981, Cl. BS, 99.999%, 5/15/35⁸		7,181,973		883,652
Trust 301, Cl. 2, 0.00%, 4/1/29^8,22		1,189,814		276,840
Trust 303, Cl. IO, 18.907%, 11/1/29⁸		705,612		130,274
Trust 313, Cl. 2, 14.439%, 6/1/31⁸		10,829,688		2,211,081
Trust 319, Cl. 2, 0.00%, 2/1/32^8,22		69,272		13,839
Trust 321, Cl. 2, 3.295%, 4/1/32⁸		5,171,250		1,072,880
Trust 324, Cl. 2, 0.00%, 7/1/32^8,22		2,279,035		461,541
Trust 328, Cl. 2, 0.00%, 12/1/32^8,22		7,811,828		1,429,184
Trust 331, Cl. 5, 0.00%, 2/1/33^8,22		4,590,881		799,828
Trust 334, Cl. 10, 4.448%, 2/1/33⁸		3,887,159		664,567
Trust 334, Cl. 12, 0.00%, 2/1/33^8,22		5,745,769		967,258
Trust 339, Cl. 7, 0.00%, 7/1/33^8,22		13,518,609		1,834,606
Trust 345, Cl. 9, 0.00%, 1/1/34^8,22		5,170,447		754,464
Trust 351, Cl. 10, 0.00%, 4/1/34^8,22		1,498,082		201,346
Trust 351, Cl. 8, 0.643%, 4/1/34⁸		2,457,128		326,749
Trust 356, Cl. 10, 0.00%, 6/1/35^8,22		2,122,162		303,640
Trust 356, Cl. 12, 0.00%, 2/1/35^8,22		1,063,559		141,598
Trust 362, Cl. 12, 0.00%, 8/1/35^8,22		130,229		22,510
Trust 362, Cl. 13, 0.00%, 8/1/35^8,22		136,471		22,877
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security:
Trust 322, Cl. 1, 8.139%, 4/1/32⁹		11,878,850		10,381,878
Trust 324, Cl. 1, 7.912%, 7/1/32⁹		1,014,573		890,609
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 20.561%, 9/15/22⁸		11,713,420		240,776
Series 1995-2B, Cl. 2IO, 19.564%, 6/15/25⁸		784,569		22,976
Series 1995-3, Cl. 1IO, 8.81%, 9/15/25⁸		26,695,162		194,821

				682,060,827

GNMA/Guaranteed—0.6%
Government National Mortgage Assn.:
4.50%, 10/1/39⁷		27,530,000		27,942,950
4.625%, 7/1/27¹		6,987		7,161
7%, 1/29/28-2/8/30		1,826,859		2,012,608
8%, 1/29/28-9/29/28		706,307		802,763
11%, 11/8/19		14,612		16,225
12%, 12/9/13-9/1/15		24,721		27,725
12.50%, 12/29/13-11/29/15		713,597		766,477
13%, 10/30/15		1,042,003		1,168,228
13.50%, 6/30/15		1,459,563		1,647,873

F7 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

GNMA/Guaranteed Continued
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29	$	6,953,442	$	7,591,249
Series 2000-12, Cl. ZA, 8%, 2/16/30		3,016,774		3,263,763
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2000-7, Cl. Z, 8%, 1/16/30		3,340,514		3,613,561
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 45.651%, 7/16/28⁸		1,511,266		226,230
Series 1998-6, Cl. SA, 63.965%, 3/16/28⁸		918,861		180,034
Series 2006-47, Cl. SA, 70.584%, 8/16/36⁸		10,695,126		1,200,464

				50,467,311

Non-Agency—12.6%
Commercial—6.1%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		10,030,000		6,856,558
Series 2008-1, Cl. A4, 6.354%, 12/1/17¹		9,480,000		8,617,653
Series 2008-1, Cl. AM, 6.397%, 2/10/51¹		7,805,000		5,325,736
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0.00%, 6/22/24^8,22		2,603,089		107,514
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.366%, 9/25/36¹		16,147		16,097
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		9,286,000		7,041,539
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.497%, 12/20/35¹		509,256		345,416
Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.916%, 3/1/49¹		7,470,000		7,027,596
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49³		68,053,000		67,798,298
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/39¹		3,960,000		3,137,389
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37		14,119,085		10,375,511
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		3,545,694		2,360,697
Deutsche Alt-A Securities, Inc. Mortgage, Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.746%, 1/27/37^1,5		3,959,909		1,205,297
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.097%, 10/15/30^1,5		36,400,000		4,732,000

F8 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Commercial Continued
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37	$	2,890,170	$	2,008,539
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.115%, 11/1/37¹		12,721,663		8,698,945
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39		2,263,403		2,290,509
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 4.69%, 5/15/30^1,5		2,000,000		1,999,015
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17		19,185,000		17,322,678
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/39³		69,976,000		69,566,151
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39		4,950,000		4,362,552
Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.233%, 1/1/36¹		1,425,458		336,849
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		9,220,000		8,827,906
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		11,190,000		9,461,316
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47		14,355,000		12,369,959
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		16,086,000		11,046,330
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51		5,275,000		5,250,571
Series 2008-C2, Cl. A4, 6.068%, 2/1/51		21,180,000		15,262,552
Series 2008-C2, Cl. AM, 6.798%, 2/1/51¹		12,600,000		6,411,690
JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32		84,424		84,372
JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.676%, 4/1/36¹		6,476,129		1,891,963
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.774%, 1/1/37¹		2,555,012		1,801,381
LB Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 1999-C2, Cl. C, 7.47%, 10/15/32		351,894		351,725
LB-UBS Commercial Mortgage Trust 2000-C3, Commercial Mtg. Pass-Through Certificates, Series 2000-C3, Cl. A2, 7.95%, 5/15/25		5,224,344		5,265,970
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.318%, 4/11/41¹		6,640,000		4,950,893
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24²		342,378		256,254
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		3,065,806		2,624,464

F9 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Commercial Continued
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates:
Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41	$	15,740,000	$	11,985,264
Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49		8,700,000		7,469,261
Morgan Stanley Capital I Trust 2003-IQ4, Commercial Mtg. Pass-Through Certificates, Trust 2003-IQ4, Cl. A2, 4.07%, 5/1/40³		30,410,000		29,938,989
Morgan Stanley Capital I Trust 2004-TOP13, Commercial Mtg. Pass-Through Certificates, Trust 2004-TOP13, Cl. A4, 4.66%, 9/1/45³		25,000,000		24,878,368
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.372%, 4/25/35¹		378,080		84,219
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		2,599,726		1,710,268
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.83%, 2/1/37¹		29,361,780		19,415,521
Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 0.996%, 9/19/32^1,5		1,701,173		774,034
Wachovia Bank Commercial Mortgage Trust 2003-C9, Commercial Mtg. Pass-Through Certificates, Series 2003-C9, Cl. A4, 5.012%, 12/1/35³		34,938,000		35,122,396
Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48		2,083,000		2,071,098
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/51¹		14,700,000		12,145,216
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.956%, 5/1/46¹		6,690,000		3,584,664
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.741%, 11/1/46^1,5		3,719,162		1,751,806
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.151%, 4/1/47^1,5		2,677,574		1,132,792
Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.412%, 10/1/34¹		7,688,904		7,251,740
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.256%, 11/1/34¹		2,816,257		1,262,190
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.526%, 2/1/35¹		13,796,168		12,389,413
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 3.818%, 4/25/36¹		8,525,517		6,092,015

				496,449,139

Manufactured Housing—0.2%
Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/36¹		13,854,893		10,954,971

F10 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Manufactured Housing Continued
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.031%, 3/25/36¹	$	4,221,413	$	3,457,359

				14,412,330

Multifamily—0.1%
Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.479%, 2/1/35¹		3,196,478		2,870,847
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.60%, 7/25/36¹		6,475,929		4,837,682
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/36¹		6,913,524		5,721,400

				13,429,929

Residential—6.2%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 6.002%, 8/1/17¹		16,580,000		11,951,325
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 3.94%, 5/1/34^1,5		11,328,169		9,145,500
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.983%, 11/1/34¹		5,477,010		5,228,725
Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36		10,650,000		8,020,788
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.566%, 2/1/37¹		7,579,733		7,066,253
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		8,168,499		7,493,852
CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35		7,492,400		5,981,283
CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.445%, 1/1/36¹		3,416,054		896,423
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		5,301,000		3,825,668
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.724%, 6/1/47^1,5		6,731,554		3,635,039
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates:
Series 2007-HY4, Cl. 1A1, 6.073%, 9/1/47¹		35,827,003		22,799,735
Series 2007-HY4, Cl. 1A2, 6.073%, 9/1/47^1,5		8,768,310		1,402,930
Series 2007-HY4, Cl. 2A2, 6.207%, 11/1/37^1,5		1,924,932		307,989
Series 2007-HY4, Cl. 3A2, 6.395%, 11/1/37^1,5		2,072,131		290,098
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates:
Series 2007-HY5, Cl. 1A2, 5.922%, 9/1/37^1,5		9,599,419		1,919,884

F11 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Residential Continued
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Continued
Series 2007-HY5, Cl. 2A2, 5.955%, 9/1/37^1,5	$	2,530,756	$	480,844
Series 2007-HY5, Cl. 3A2, 6.157%, 9/1/37^1,5		6,479,455		1,360,685
Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.888%, 8/1/12¹		2,810,000		2,832,488
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.954%, 5/1/35^1,5		9,014,386		7,277,314
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.189%, 8/1/35¹		18,309,590		11,429,027
Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/36¹		9,933,431		2,343,444
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates:
Series 2006-AR2, Cl. 1A2, 5.528%, 3/1/36¹		21,185,783		14,499,204
Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36		8,705,869		2,328,768
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		14,345,000		9,788,677
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		6,645,098		5,708,437
CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37		33,460,338		22,661,830
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 3.837%, 5/1/34¹		8,173,513		6,481,468
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates:
Series 2005-AR6, Cl. 1A4, 3.716%, 9/1/35¹		23,220,761		17,814,801
Series 2005-AR6, Cl. 3A1, 4.558%, 9/25/35¹		10,272,415		9,144,440
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.338%, 11/1/35¹		7,498,249		5,940,969
GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.799%, 3/1/37^1,5		8,278,797		6,340,611
JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 4.439%, 11/1/33¹		4,062,342		3,899,562
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.294%, 7/1/35^1,5		13,843,475		11,213,215
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 5.996%, 5/1/37^1,5		4,009,364		568,127
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.374%, 9/11/45¹		26,810,000		19,454,357
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 4.337%, 4/1/36¹		7,489,781		5,149,501

F12 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Residential Continued
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.08%, 10/25/36¹	$	12,888,273	$	11,085,429
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		1,236,893		1,167,706
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		9,859,030		7,731,610
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		4,016,884		2,477,395
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		9,429,000		6,994,560
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		14,431,590		10,629,080
Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.756%, 7/1/37^1,5		7,316,129		525,298
Salomon Brothers Mortgage Securities VII, Inc., CMO:
Series 2001-UP2, Cl. AF2, 7.25%, 10/25/31		88,072		93,674
Series 2000-UP1, Cl. A2, 8%, 9/25/30		316,639		285,956
Salomon Smith Barney RV Trust, Recreational Vehicles Mtg. Obligations, Series 2001-1, Cl. B, 6.64%, 4/15/18		1,628,447		1,633,986
WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 2.881%, 9/25/33¹		3,885,817		3,615,919
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 4.822%, 10/1/35¹		8,644,681		7,016,588
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.922%, 9/1/36¹		9,141,126		7,565,816
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 5.392%, 2/1/37¹		44,951,912		28,962,274
Series 2007-HY1, Cl. 5A1, 5.737%, 2/1/37¹		26,912,598		19,527,111
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A1, 5.564%, 12/1/36¹		30,759,743		19,812,637
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.32%, 3/1/37¹		28,242,236		22,215,020
WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.499%, 9/25/36¹		25,870,852		19,438,398
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.667%, 6/25/37¹		13,492,400		8,859,734
WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.79%, 7/1/37¹		7,333,936		4,606,241
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.418%, 10/1/35¹		5,061,158		4,391,006

F13 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount			Value

Residential Continued
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR10, Cl. 3A2, 4.393%, 7/1/36^1,5	$	2,085,808		$	396,304
Series 2006-AR10, Cl. 4A2, 5.557%, 7/1/36^1,5		7,768,750			1,476,063
Series 2006-AR10, Cl. 5A3, 5.592%, 7/1/36¹		3,732,628			2,760,442
Series 2006-AR10, Cl. 5A6, 5.592%, 7/1/36¹		39,912,077			29,885,381
Series 2006-AR10, Cl. 2A2, 5.60%, 7/1/36^1,5		5,510,335			991,860
Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.747%, 9/1/36¹		29,050,000			18,835,950
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/36¹		5,973,234			4,600,926

					504,265,625

Total Mortgage-Backed Obligations (Cost $1,959,971,643)					1,761,085,161

U.S. Government Obligations—2.2%
Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13		22,230,000			23,445,892
Federal Home Loan Mortgage Corp. Nts., 2.50%, 4/23/14		44,800,000			44,943,674
Federal National Mortgage Assn. Nts.:
3%, 9/16/14		31,585,000			32,157,983
4.375%, 10/15/15¹¹		22,491,000			24,224,291
Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.913%, 1/15/21¹²		11,580,000			7,187,173
U.S. Treasury Bills, 0.10%, 10/15/09¹⁰		39,700,000			39,697,221
U.S. Treasury Bonds, STRIPS, 4.989%, 2/15/16¹²		11,271,000			9,321,838

Total U.S. Government Obligations (Cost $177,261,521)					180,978,072

Foreign Government Obligations—28.6%
Argentina—0.4%
Argentina (Republic of) Bonds:
0.943%, 8/3/12¹		8,860,876			7,211,518
Series GDP, 1.626%, 12/15/35¹		23,710,000			1,695,265
Series V, 7%, 3/28/11		4,160,000			3,778,782
Series VII, 7%, 9/12/13		1,205,000			931,164
Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15		21,410,000			14,729,640

					28,346,369

Australia—0.1%
New South Wales Treasury Corp. Bonds:
Series 12, 6%, 5/1/12		2,205,000	AUD		1,983,553
Series 14, 5.50%, 8/1/14		3,210,000	AUD		2,816,796

					4,800,349

Belgium—0.1%
Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35		4,425,000	EUR		7,142,494

F14 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Brazil—4.3%
Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/18^2,3	$	9,320,000		$	9,844,250
Brazil (Federal Republic of) Bonds:
6%, 1/17/17³		26,685,000			29,006,595
8%, 1/15/18		174,722			203,202
8.875%, 10/14/19		6,055,000			7,886,638
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/10/10		10,582,000	BRR		6,118,206
10%, 1/1/12		159,624,000	BRR		89,523,768
10%, 1/1/14		36,620,000	BRR		19,616,667
10%, 1/1/17		319,200,000	BRR		161,898,660
10.878%, 5/15/45		9,870,000	BRR		10,164,948
Brazil (Federal Republic of) Nts., 7.875%, 3/7/15		7,950,000			9,412,800
Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19		5,780,000			6,242,400

					349,918,134

Canada—0.2%
Ontario (Province of) Bonds, 4.20%, 3/8/18		9,235,000	CAD		8,956,048
Quebec (Province of) Nts., 4.50%, 12/1/18		9,150,000	CAD		8,955,574

					17,911,622

Colombia—0.7%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28²		9,427,000,000	COP		4,520,567
Colombia (Republic of) Bonds:
7.375%, 9/18/37³		10,402,000			11,806,270
12%, 10/22/15		29,864,000,000	COP		18,418,644
Colombia (Republic of) Nts., 11.75%, 3/1/10		5,175,000,000	COP		2,773,056
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		15,960,000			18,330,060
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17		350,000			402,850
Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27		4,473,000,000	COP		2,481,942

					58,733,389

Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/17		30,400,000	DKK		6,240,496
Egypt—0.9%
Egypt (The Arab Republic of) Treasury Bills:
Series 182, 9.576%, 10/20/09¹²		20,850,000	EGP		3,770,129
Series 182, 9.704%, 11/3/09¹²		31,000,000	EGP		5,585,409
Series 182, 9.679%, 11/10/09¹²		6,950,000	EGP		1,249,977
Series 182, 9.595%, 12/8/09¹²		31,175,000	EGP		5,569,797
Series 273, 9.595%, 12/8/09¹²		31,275,000	EGP		5,587,664
Series 364, 9.59%, 10/20/09¹²		43,600,000	EGP		7,883,818

F15 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount			Value

Egypt Continued
Egypt (The Arab Republic of) Treasury Bills: Continued
Series 364, 9.827%, 11/3/09¹²		44,250,000	EGP	$	7,978,994
Series 364, 9.656%, 11/10/09¹²		137,900,000	EGP		24,811,097
Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12^2,3		62,285,000	EGP		11,433,633

					73,870,518

France—0.7%
France (Government of) Bonds, 3.75% 10/25/19		9,575,000	EUR		14,269,379
France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 10/25/38		9,555,000	EUR		13,802,903
France (Government of) Treasury Nts., 1.50%, 9/12/11		21,925,000	EUR		32,218,899

					60,291,181

Germany—2.0%
Germany (Federal Republic of) Bonds:
3.50%, 7/4/19		32,685,000	EUR		48,946,620
Series 03, 3.75%, 7/4/13		51,485,000	EUR		79,750,292
Series 08, 4.75%, 7/4/40		10,005,000	EUR		16,702,008
Germany (Federal Republic of) Treasury Bills, Series 23, 0.495%, 12/9/09¹²		12,150,000	EUR		17,725,032

					163,123,952

Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/17²		4,400,000			4,422,000
Greece—0.4%
Greece (Republic of) Bonds, 4.60%, 5/20/13		22,695,000	EUR		35,214,878
Hungary—1.4%
Hungary (Republic of) Bonds:
Series 10/C, 6.75%, 4/12/10		705,000,000	HUF		3,818,857
Series 11/B, 6%, 10/12/11		190,000,000	HUF		1,006,687
Series 11/C, 6.75%, 4/22/11		3,506,700,000	HUF		18,849,089
Series 11/A, 7.50%, 2/12/11		95,000,000	HUF		518,298
Series 12/C, 6%, 10/24/12		4,604,000,000	HUF		24,029,958
Series 12/B, 7.25%, 6/12/12		2,032,000,000	HUF		10,994,511
Series 13/D, 6.75%, 2/12/13		1,130,000,000	HUF		6,015,184
Series 14/C, 5.50%, 2/12/14		1,217,700,000	HUF		6,113,238
Series 15/A, 8%, 2/12/15		4,866,000,000	HUF		26,860,954
Series 17/B, 6.75%, 2/24/17		475,700,000	HUF		2,436,053
Series 19/A, 6.50%, 6/24/19		2,820,000,000	HUF		13,932,701

					114,575,530

F16 | OPPENHEIMER STRATEGIC INCOME FUND


		Principal
		Amount			Value

Indonesia—0.9%
Indonesia (Republic of) Nts.:
6.75%, 3/10/14²	$		3,484,000		$	3,788,850
6.875%, 1/17/18²			21,501,000			23,328,585
7.25%, 4/20/15²			10,270,000			11,425,375
Indonesia (Republic of) Sr. Unsec. Nts.:
7.75%, 1/17/38²			3,280,000			3,657,200
10.375%, 5/4/14²			3,840,000			4,694,400
11.625%, 3/4/19²			5,111,000			7,219,288
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35²			13,940,000			16,937,100

						71,050,798

Israel—0.5%
Israel (State of) Bonds:
5.50%, 2/28/17	60,080,000			ILS		17,418,654
Series 2682, 7.50%, 3/31/14		68,180,000		ILS		21,658,667

						39,077,321

Italy—0.7%
Italy (Republic of) Treasury Bonds:
Buoni del Tesoro Poliennali, 3.75%, 12/15/13		25,481,000		EUR		38,720,560
Buoni del Tesoro Poliennali, 5.25%, 8/1/11		13,710,000		EUR		21,440,413

						60,160,973

Japan—3.1%
Japan (Government of) Bonds:
2 yr., 0.20%, 10/15/11⁷		1,489,000,000		JPY		16,574,487
5 yr., Series 72, 1.50%, 6/20/13⁷		5,657,500,000		JPY		65,516,768
10 yr., Series 279, 2%, 3/20/16⁷		1,484,000,000		JPY		17,807,835
10 yr., Series 282, 1.70%, 9/20/16⁷		4,152,000,000		JPY		48,957,429
10 yr., Series 301, 1.50%, 6/20/19⁷		3,701,000,000		JPY		42,148,645
20 yr., Series 112, 2.10%, 6/20/29⁷		5,199,000,000		JPY		58,603,297

						249,608,461

Mexico—2.6%
United Mexican States Bonds:
5.625%, 1/15/17			2,860,000			2,982,980
Series A, 6.375%, 1/16/13			6,840,000			7,534,260
Series M 10, 7.75%, 12/14/17¹		558,200,000		MXN		41,204,317
Series MI10, 8%, 12/19/13		1,021,470,000		MXN		77,860,883
Series M10, 8%, 12/17/15		190,000,000		MXN		14,334,111
Series MI10, 9.50%, 12/18/14¹		171,000,000		MXN		13,794,532
Series M20, 10%, 12/5/24¹		469,000,000		MXN		40,172,698
United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40			675,000			676,688

F17 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


		Principal
		Amount			Value

Mexico Continued
United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14³	$		11,175,000		$	12,013,125

						210,573,594

Norway—0.0%
Norway (Kingdom of) Bonds, 6.50%, 5/15/13		18,500,000		NOK		3,530,290

Panama—0.5%
Panama (Republic of) Bonds:
6.70%, 1/26/36			7,375,000			8,186,250
7.25%, 3/15/15			18,905,000			21,693,488
8.875%, 9/30/27			4,925,000			6,525,625
9.375%, 4/1/29			5,500,000			7,535,000

						43,940,363

Peru—1.4%
Peru (Republic of) Bonds:
7.35%, 7/21/25			6,200,000			7,269,500
7.84%, 8/12/20		61,210,000		PEN		25,028,596
9.91%, 5/5/15		70,149,000		PEN		31,213,085
Series 7, 8.60%, 8/12/17		71,402,000		PEN		30,636,259
Series 8-1, 12.25%, 8/10/11		9,850,000		PEN		4,065,841
Peru (Republic of) Sr. Nts., 4.54%, 2/28/16¹²			14,029,589			10,905,200
Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19			3,797,000			4,398,825

						113,517,306

Philippines—0.3%
Philippines (Republic of the) Bonds, 8%, 1/15/16			8,590,000			9,964,400
Philippines (Republic of the) Unsec. Bonds:
7.75%, 1/14/31			7,320,000			8,353,950
9%, 2/15/13			930,000			1,090,425
Power Sector Assets & Liabilities Management Corp. Gtd. Sr. Unsec. Nts., 7.25%, 5/27/19²			4,750,000			5,082,500

						24,491,275

Poland—0.3%
Poland (Republic of) Bonds:
Series WS0922, 5.75%, 9/23/22		8,880,000		PLZ		2,959,192
Series 0414, 5.75%, 4/25/14⁵		19,875,000		PLZ		6,942,151
Series 0511, 4.25%, 5/24/11		48,475,000		PLZ		16,759,588

						26,660,931

F18 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Portugal—0.1%
Portugal (Republic of) Obrigacoes Do Tesouro Bonds, 5%, 6/15/12	5,025,000		EUR	$	7,951,274
Spain—0.1%
Spain (Government of) Bonos Y Oblig Del Estado, 4.25% 1/31/14	5,085,000		EUR		7,963,156
Sweden—0.1%
Sweden (Kingdom of) Bonds, Series 1050, 3%, 7/12/16	45,725,000		SEK		6,520,946
The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds, 5%, 7/15/11	6,885,000		EUR		10,747,052
Turkey—4.6%
Turkey (Republic of) Bonds:
6.75%, 4/3/18³		11,135,000			11,789,738
7%, 9/26/16		20,140,000			21,777,382
7%, 3/11/19		4,415,000			4,735,088
10.673%, 5/11/11¹²	54,600,000		TRY		32,221,027
12.047%, 2/2/11¹²	62,260,000		TRY		37,750,789
14%, 1/19/11¹	38,490,000		TRY		27,753,521
16%, 3/7/12¹	240,590,000		TRY		185,468,302
Series CPI, 10%, 2/15/12¹	16,920,000		TRY		15,518,165
Series CPI, 12%, 8/14/13¹	15,695,000		TRY		14,104,481
Turkey (Republic of) Nts.:
7.25%, 3/15/15³		10,915,000			11,951,925
7.50%, 7/14/17		2,600,000			2,879,500
Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19		7,425,000			8,223,188

					374,173,106

United Kingdom—0.7%
United Kingdom Treasury Bonds:
2.25%, 3/7/14	10,861,000		GBP		17,130,862
4.25%, 3/7/11	10,390,000		GBP		17,400,792
4.75%, 12/7/38	13,435,000		GBP		23,895,672

					58,427,326

Uruguay—0.6%
Uruguay (Oriental Republic of) Bonds:
4.945%, 4/5/27	167,100,000		UYU		7,421,421
7.625%, 3/21/36		6,690,000			7,091,400
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25		7,470,000			7,697,835
Uruguay (Oriental Republic of) Unsec. Bonds:
5%, 9/14/18	232,960,000		UYU		14,063,241
8%, 11/18/22		13,350,000			15,018,750

					51,292,647

Venezuela—0.6%
Venezuela (Republic of) Bonds, 9%, 5/7/23		9,715,000			7,334,825

F19 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


		Principal
		Amount			Value

Venezuela Continued
Venezuela (Republic of) Nts.:
8.50%, 10/8/14	$		8,240,000		$	7,374,800
10.75%, 9/19/13			5,970,000			5,940,150
Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25			20,045,000			13,329,925
Venezuela (Republic of) Unsec. Nts.:
6%, 12/9/20			6,770,000			4,163,550
13.625%, 8/15/18⁵			9,860,000			10,155,800

						48,299,050

Total Foreign Government Obligations (Cost $2,165,578,837)						2,332,576,781

Loan Participations—2.5%
Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine Nts., 8.625%, 7/15/11²			20,560,000			17,167,600
Credit Suisse First Boston International, Export-Import Bank of Ukraine:
7.65% Sr. Sec. Bonds, 9/7/11			2,800,000			2,506,000
8.40% Sec. Nts., 2/9/16			12,860,000			9,773,600
Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09		136,600,000		RUR		4,562,993
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/37^2,13			31,310,000			29,431,400
7.51% Sr. Sec. Nts., 7/31/13^2,3			15,360,000			16,320,000
8.625% Sr. Sec. Nts., 4/28/34²			135,000			148,163
Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 1/26/10²			6,585,000			6,749,625
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/15¹			13,635,000			13,703,175
RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/18²			5,090,000			5,260,006
Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/13^2,3			13,630,000			13,715,188
TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/14²			5,970,000			5,814,392
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18²			16,800,000			17,661,000
VTB Capital SA:
6.25% Sr. Nts., 6/30/35²			6,690,000			6,271,875
6.315% Sub. Unsec. Nts., 2/4/15			39,855,000			39,107,719
6.875% Sr. Sec. Nts., 5/29/18²			11,820,000			11,701,800

Total Loan Participations (Cost $202,232,735)						199,894,536

Corporate Bonds and Notes—28.5%
Consumer Discretionary—3.6%
Auto Components—0.1%
Allison Transmission, Inc., 11% Sr. Nts., 11/1/15^2,3			9,820,000			9,672,700
Goodyear Tire & Rubber Co. (The), 9% Sr. Unsec. Nts., 7/1/15			2,150,000			2,241,375

						11,914,075

F20 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Automobiles—0.5%
Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14³	$	10,975,000	$	10,810,375
Daimler Finance North America LLC:
5.75% Unsec. Unsub. Nts., Series E, 9/8/11		1,966,000		2,066,274
5.875% Sr. Unsec. Unsub. Nts., 3/15/11		3,505,000		3,638,460
Ford Motor Co., 7.45% Bonds, 7/16/31		10,380,000		8,459,700
Ford Motor Credit Co. LLC:
7.50% Sr. Unsec. Unsub. Nts., 8/1/12		4,690,000		4,506,729
8% Unsec. Nts., 6/1/14		9,970,000		9,593,862

				39,075,400

Diversified Consumer Services—0.1%
Service Corp. International:
6.75% Sr. Unsec. Nts., 4/1/15		3,655,000		3,600,175
7% Sr. Unsec. Unsub. Nts., 6/15/17⁵		1,625,000		1,592,500

				5,192,675

Hotels, Restaurants & Leisure—1.0%
CCM Merger, Inc., 8% Unsec. Nts., 8/1/13⁵		3,390,000		2,796,750
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/13^2,4		10,575,000		2,617,313
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18²		11,341,000		9,072,800
Harrah’s Operating Escrow LLC/Harrah’s Escrow Group, 11.25% Sr. Sec. Nts., 6/1/17²		3,100,000		3,200,750
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14		5,575,000		4,989,625
Las Vegas Sands Corp., 6.375% Sr. Unsec. Nts., 2/15/15		1,500,000		1,350,000
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/15²		14,255,000		5,238,713
McDonald’s Corp., 5.80% Sr. Unsec. Nts., 10/15/17		1,586,000		1,780,935
MGM Mirage, Inc.:
6.75% Sr. Unsec. Nts., 4/1/13		2,370,000		1,993,763
8.50% Sr. Unsec. Nts., 9/15/10		1,655,000		1,650,863
Mohegan Tribal Gaming Authority, 6.125% Sr. Unsec. Sub. Nts., 2/15/13		3,220,000		2,680,650
Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10		5,595,000		5,622,975
Peninsula Gaming LLC:
8.375% Sr. Sec. Nts., 8/15/15²		925,000		929,625
10.75% Sr. Unsec. Nts., 8/15/17²		2,295,000		2,317,950
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19²		5,490,000		5,531,175
Pinnacle Entertainment, Inc.:
8.25% Sr. Unsec. Sub. Nts., 3/15/12		2,603,000		2,616,015
8.625% Sr. Nts., 8/1/17²		905,000		914,050
Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/14²		3,465,000		3,620,925
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08^4,5,6		10,850,000		—
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/14⁴		21,670,000		866,800

F21 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Hotels, Restaurants & Leisure Continued
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16	$	5,420,000	$	4,986,400
Wendy’s/Arby’s Group, Inc., 10% Sr. Unsec. Nts., 7/15/16²		7,070,000		7,547,225
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14		6,600,000		6,402,000

				78,727,302

Household Durables—0.2%
Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17		8,325,000		8,137,688
K. Hovnanian Enterprises, Inc.:
7.75% Sr. Unsec. Sub. Nts., 5/15/13		2,370,000		1,836,750
8.875% Sr. Sub. Nts., 4/1/12		6,655,000		5,623,475
Lennar Corp., 12.25% Sr. Unsec. Nts., 6/1/17		1,785,000		2,186,625

				17,784,538

Media—1.5%
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12		5,007,000		4,731,615
AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14		5,800,000		5,626,000
American Media Operations, Inc.:
9% Sr. Unsec. Nts., 5/1/13²		2,071		1,305
12.02% Sr. Sub. Nts., 11/1/13²		8,804,267		5,546,688
Belo Corp.:
6.75% Sr. Unsec. Unsub. Nts., 5/30/13		450,000		424,688
7.75% Sr. Unsec. Unsub. Debs., 6/1/27		4,495,000		3,556,669
CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/15⁴		9,770,000		1,856,300
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Unsec. Nts., 9/15/10^4,6		3,880,000		4,384,400
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% Sr. Nts., Second Lien, 4/30/14²		3,305,000		3,387,625
12.875% Sr. Sec. Nts., 9/15/14^1,2		3,340,000		3,632,250
Cinemark USA, Inc., 8.625% Sr. Nts., 6/15/19²		1,965,000		2,041,144
Comcast Corp., 5.70% Unsec. Unsub. Nts., 5/15/18		6,277,000		6,612,449
Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14		1,385,000		1,288,050
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13		14,198,000		12,920,180
Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/14¹		2,520,000		2,097,900
Mediacom LLC/Mediacom Capital Corp., 9.125% Sr. Nts., 8/15/19²		5,585,000		5,766,513
MediaNews Group, Inc.:
6.375% Sr. Sub. Nts., 4/1/14^4,5		2,445,000		6,357
6.875% Sr. Unsec. Sub. Nts., 10/1/13^4,5		8,285,000		21,541
News America, Inc., 6.15% Sr. Unsec. Unsub. Nts., 3/1/37		2,928,000		2,874,245
NTL Cable plc, 9.125% Sr. Nts., 8/15/16		3,905,000		4,031,913
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12		12,360,000		10,969,500

F22 | OPPENHEIMER STRATEGIC INCOME FUND


		Principal
		Amount			Value

Media Continued
Time Warner Cable, Inc.:
6.20% Sr. Unsec. Nts., 7/1/13	$		4,265,000		$	4,650,953
8.75% Sr. Unsub. Nts., 2/14/19			2,361,000			2,914,246
Time Warner, Inc., 6.50% Sr. Unsec. Debs., 11/15/36			4,364,000			4,480,986
TL Acquisitions, Inc., 10.50% Sr. Nts., 1/15/15²			5,830,000			5,538,500
Valassis Communications, Inc., 8.25% Sr. Unsec. Unsub. Nts., 3/1/15			7,030,000			6,335,788
Virgin Media Finance plc:
8.75% Sr. Unsec. Nts., 4/15/14			2,225,000			2,280,625
9.50% Sr. Bonds, 8/15/16			3,650,000			3,859,875
Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14			7,760,000			7,469,000
WMG Acquisition Corp., 9.50% Sr. Sec. Nts., 6/15/16²			2,215,000			2,347,900

						121,655,205

Specialty Retail—0.1%
Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36			5,389,000			5,245,863
Leslie’s Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/13⁵			4,990,000			5,014,950

						10,260,813

Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15			8,520,000			8,903,400
Consumer Staples—1.7%
Beverages—0.3%
AmBev International Finance Co. Ltd., 9.50%
Sr. Unsec. Unsub. Nts., 7/24/17^1,2		13,860,000		BRR		7,588,733
Cott Beverages USA, Inc., 8% Unsec. Sub. Nts., 12/15/11			8,825,000			8,813,969
Diageo Capital plc, 7.375% Sr. Unsec. Unsub. Nts., 1/15/14			2,486,000			2,884,787
PepsiCo, Inc., 7.90% Sr. Unsec. Nts., 11/1/18			2,798,000			3,539,095

						22,826,584

Food & Staples Retailing—0.4%
Albertson’s, Inc., 8% Sr. Unsec. Debs., 5/1/31			9,055,000			8,172,138
CVS Caremark Corp., 6.60% Nts., 3/15/19			2,784,000			3,143,932
Kroger Co. (The), 7.50% Sr. Unsec., Nts., 1/15/14			2,501,000			2,885,929
Real Time Data Co., 11% Nts., 5/31/09^4,5,6,14			8,836,185			—
Rite Aid Corp.:
7.50% Sr. Sec. Nts., 3/1/17			9,120,000			8,071,200
9.50% Sr. Unsec. Unsub. Nts., 6/15/17			3,330,000			2,713,950
Wal-Mart Stores, Inc.:
5.80% Sr. Unsec. Unsub. Nts., 2/15/18			5,908,000			6,647,528
6.20% Sr. Unsec. Nts., 4/15/38			3,498,000			3,995,101

						35,629,778

F23 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Food Products—0.8%
Chiquita Brands International, Inc.:
7.50% Sr. Unsec. Nts., 11/1/14	$	5,030,000	$	5,030,000
8.875% Sr. Unsec. Unsub. Nts., 12/1/15		4,480,000		4,636,800
Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16³		11,530,000		11,039,975
Del Monte Corp., 7.50% Sr. Sub. Nts., 10/15/19^2,7		445,000		451,675
Dole Food Co., Inc.:
8% Sr. Sec. Nts., 10/1/16²		1,780,000		1,795,575
8.875% Sr. Unsec. Nts., 3/15/11		6,176,000		6,214,600
JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/14²		5,765,000		6,226,200
Kraft Foods, Inc., 6.125% Sr. Unsec. Unsub. Nts., 2/1/18		6,303,000		6,690,074
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11²		5,365,000		4,788,263
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.,
10.625% Sr. Sub. Nts., 4/1/17		10,660,000		10,939,825
Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11³		8,975,000		8,660,875

				66,473,862

Personal Products—0.1%
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14		5,315,000		5,075,825
Tobacco—0.1%
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18		4,688,000		5,832,045
Philip Morris International, Inc., 5.65% Sr. Unsec. Unsub. Nts., 5/16/18		3,346,000		3,567,632

				9,399,677

Energy—4.3%
Energy Equipment & Services—0.2%
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/16²		6,725,000		6,758,625
Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14		5,455,000		5,209,525
Pride International, Inc., 8.50% Sr. Nts., 6/15/19		2,735,000		3,022,175

				14,990,325

Oil, Gas & Consumable Fuels—4.1%
Anadarko Petroleum Corp., 7.625% Sr. Unsec. Nts., 3/15/14		3,711,000		4,239,877
Arch Coal, Inc., 8.75% Sr. Nts., 8/1/16²		5,425,000		5,614,875
Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/18²		9,235,000		9,627,488
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15		5,105,000		4,135,050
Berry Petroleum Co.:
8.25% Sr. Sub. Nts., 11/1/16		4,330,000		4,178,450
10.25% Sr. Unsec. Nts., 6/1/14		4,945,000		5,303,513
Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16		4,705,000		4,975,538
Canadian Natural Resources Ltd., 6.75% Sr. Unsec. Unsub. Nts., 2/1/39		3,300,000		3,727,875
Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16		9,055,000		8,624,888

F24 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Oil, Gas & Consumable Fuels Continued
Cimarex Energy Co., 7.125% Sr. Nts., 5/1/17	$	2,425,000	$	2,267,375
Concho Resources, Inc., 8.625% Sr. Unsec. Nts., 10/1/17		1,335,000		1,375,050
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39		8,935,000		10,336,124
Continental Resources, Inc., 8.25% Sr. Unsec. Nts., 10/1/19²		1,115,000		1,151,238
Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15		7,900,000		7,880,250
Enterprise Products Operating LLP:
6.50% Sr. Unsec. Unsub. Nts., 1/31/19		3,141,000		3,435,638
8.375% Jr. Sub. Nts., 8/1/66¹		10,470,000		9,801,794
Forest Oil Corp.:
7.25% Sr. Unsec. Nts., 6/15/19²		3,690,000		3,468,600
8.50% Sr. Nts., 2/15/14²		6,605,000		6,687,563
Gaz Capital SA:
8.125% Nts., 7/31/14²		6,200,000		6,665,000
8.146% Sr. Sec. Nts., 4/11/18²		6,670,000		7,078,871
Kazmunaigaz Finance Sub BV:
9.125% Nts., 7/2/18²		16,470,000		17,952,300
11.75% Sr. Unsec. Nts., 1/23/15²		33,200,000		39,425,000
Kinder Morgan Energy Partners LP, 6% Sr. Unsec. Nts., 2/1/17		4,222,000		4,420,628
Marathon Oil Corp., 5.90% Unsec. Unsub. Nts., 3/15/18		4,014,000		4,202,024
Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16		5,075,000		5,493,688
Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13		8,275,000		8,026,750
Newfield Exploration Co., 6.625% Sr. Unsec. Unsub. Nts., 4/15/16		4,545,000		4,476,825
North American Energy Alliance LLC, 10.875% Sr. Sec. Nts., 6/1/16²		3,110,000		3,218,850
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/38²		12,660,000		11,963,700
Petrobras International Finance Co., 7.875% Sr. Unsec. Nts., 3/15/19		5,970,000		6,917,738
Petrohawk Energy Corp., 10.50% Sr. Nts., 8/1/14²		4,835,000		5,221,800
Petroleos Mexicanos, 8% Unsec. Unsub. Nts., 5/3/19		3,830,000		4,393,010
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/19²		7,700,000		8,758,750
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11²		15,342,004		14,981,620
Pioneer Natural Resources Co.:
6.65% Sr. Unsec. Nts., 3/15/17		610,000		583,675
6.875% Sr. Unsec. Unsub. Nts., 5/1/18		1,010,000		969,150
Plains Exploration & Production Co., 10% Sr. Unsec. Nts., 3/1/16		9,785,000		10,592,263
Quicksilver Resources, Inc.:
7.125% Sr. Sub. Nts., 4/1/16		4,310,000		3,760,475
8.25% Sr. Unsec. Nts., 8/1/15		1,815,000		1,778,700
11.75% Sr. Nts., 1/1/16		4,575,000		5,066,813
SandRidge Energy, Inc., 9.875% Sr. Unsec. Nts., 5/15/16^2,3		8,280,000		8,673,300
Shell International Finance BV, 6.375% Sr. Nts., 12/15/38		4,955,000		5,906,821
Southwestern Energy Co., 7.50% Sr. Nts., 2/1/18²		3,955,000		4,014,325

F25 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


		Principal
		Amount			Value

Oil, Gas & Consumable Fuels Continued
Tengizchevroil LLP, 6.124% Nts., 11/15/14^2,3	$		14,442,651		$	14,298,225
TGI International Ltd., 9.50% Nts., 10/3/17²			5,508,000			5,948,640
TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39			3,407,000			4,363,273
Western Refining, Inc., 11.25% Sr. Sec. Nts., 6/15/17²			5,980,000			5,681,000
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32			4,087,000			4,700,181
XTO Energy, Inc.:
5.50% Sr. Unsec. Nts., 6/15/18			2,348,000			2,427,266
6.50% Sr. Unsec. Unsub. Nts., 12/15/18			3,721,000			4,115,046

						332,906,893

Financials—6.5%
Capital Markets—0.9%
Credit Suisse New York, 5% Sr. Unsec. Nts., 5/15/13³			10,613,000			11,244,930
Deutsche Bank AG, London, 4.875% Sr. Unsec. Nts., 5/20/13			4,227,000			4,507,711
Goldman Sachs Group, Inc. (The):
6% Sr. Nts., 5/1/14			1,435,000			1,562,808
6.15% Sr. Unsec. Nts., 4/1/18³			12,896,000			13,587,909
7.50% Sr. Unsec. Nts., 2/15/19			10,304,000			11,804,128
Morgan Stanley, 6% Sr. Unsec. Unsub. Nts., Series F, 4/28/15			23,209,000			24,611,636
UBS AG Stamford CT, 5.75% Sr. Unsec. Nts., 4/25/18			3,228,000			3,286,036

						70,605,158

Commercial Banks—2.2%
Banco BMG SA, 9.15% Nts., 1/15/16^2,3			17,395,000			18,264,750
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21^1,2			5,425,000			5,452,125
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		20,340,000		EUR		30,142,406
4.50% Sr. Sec. Nts., 7/13/21		11,660,000		EUR		16,483,741
Barclays Bank plc, 5.20% Sr. Unsec. Nts., 7/10/14			2,491,000			2,635,172
Corparacion Adina de Fomento, 8.125% Nts., 6/4/19			4,080,000			4,755,660
Hana Bank, 6.50% Sr. Unsec. Nts., 4/9/12²			5,700,000			6,113,455
HSBC Finance Corp.:
4.75% Sr. Unsec. Nts., 7/15/13			2,382,000			2,424,345
5.70% Sr. Unsec. Nts., 6/1/11			3,670,000			3,808,454
HSBC Holdings plc, 6.80% Sub. Nts., 6/1/38			5,386,000			6,063,947
HSBK Europe BV:
7.25% Unsec. Unsub. Nts., 5/3/17²			3,440,000			2,838,000
9.25% Sr. Nts., 10/16/13^2,3			40,440,000			39,226,800
ICICI Bank Ltd., 6.375% Bonds, 4/30/22^1,2			18,530,000			15,204,180
Inter-American Development Bank:
6.26% Nts., 12/8/09^1,5		7,500,000		BRR		5,439,998
8.729% Nts., 1/25/12¹		3,356,071,549		COP		1,641,564

F26 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Commercial Banks Continued
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10^4,5,6	$	5,010,000		$	—
Salisbury International Investments Ltd., 4.66% Sec. Nts., Series 2006-003, Tranche E, 7/20/11^1,5		5,000,000			3,722,500
Wells Fargo & Co., 5.25% Sr. Unsec. Unsub. Nts., 10/23/12		14,032,000			14,986,036

					179,203,133

Consumer Finance—0.3%
American Express Credit Corp.:
5.875% Sr. Unsec. Nts., 5/2/13		4,848,000			5,146,011
7.30% Sr. Unsec. Nts., Series C, 8/20/13		4,379,000			4,862,056
Capital One Bank USA NA, 8.80% Sub. Nts., 7/15/19		2,612,000			3,024,479
JSC Astana Finance, 9.16% Nts., 3/14/12^4,5		26,000,000			3,250,000
SLM Corp.:
4.50% Nts., Series A, 7/26/10		9,540,000			9,272,250
8.45% Sr. Unsec. Nts., Series A, 6/15/18		4,246,000			3,392,214

					28,947,010

Diversified Financial Services—2.0%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26^2,3		19,044,299			11,521,801
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17	3,275,000		EUR		4,676,081
Banco Invex SA, 27.615% Mtg.-Backed Certificates, Series 062U, 3/13/34^1,15	17,204,645		MXN		4,115,628
Bank of America Corp.:
4.90% Sr. Unsec. Nts., 5/1/13		6,560,000			6,732,771
5.65% Sr. Unsec. Nts., 5/1/18		16,560,000			16,378,602
Bear Stearns Cos. LLC (The), 7.25% Sr. Unsec. Nts., 2/1/18³		9,418,000			10,772,902
Citigroup, Inc.:
5.50% Sr. Unsec. Nts., 4/11/13³		24,595,000			25,196,667
6.50% Sr. Nts., 8/19/13		6,605,000			6,941,875
Cloverie plc, 4.542% Sec. Nts., Series 2005-93, 12/20/10^1,5		6,700,000			5,824,310
Export-Import Bank of Korea (The), 5.875% Sr. Unsec. Nts., 1/14/15		6,200,000			6,552,656
GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31²		5,665,000			4,616,975
JPMorgan Chase & Co., 6.40% Sr. Unsec. Nts., 5/15/38		17,062,000			19,167,997
JPMorgan Hipotecaria su Casita:
6.47% Sec. Nts., 8/26/35⁵	20,232,960		MXN		1,259,416
25.79% Mtg.-Backed Certificates, Series 06U, 9/25/35¹	9,992,157		MXN		1,792,769
Korea Development Bank, 8% Sr. Nts., 1/23/14		6,500,000			7,437,105
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		15,361,000			17,364,013
National Rural Utilities Cooperative Finance Corp., 10.375% Sec. Bonds, 11/1/18		2,312,000			3,063,391
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97^2,16		14,710,000			6,028,791

					159,443,750

F27 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount			Value

Insurance—0.4%
American International Group, Inc., 8.25% Sr. Unsec. Nts., 8/15/18	$	8,934,000		$	7,603,620
International Lease Finance Corp.:
6.375% Sr. Unsec. Nts., 3/25/13		3,398,000			2,727,846
6.625% Sr. Unsec. Nts., Series R, 11/15/13		2,442,000			1,938,596
MetLife, Inc., 6.817% Sr. Unsec. Nts., Series A, 8/15/18		3,016,000			3,362,481
MidAmerican Energy Holdings Co., 5.75% Sr. Unsec. Nts., 4/1/18		8,793,000			9,509,814
Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/16⁵		7,990,000			7,750,300
Prudential Financial, Inc., 7.375% Sr. Unsec. Unsub. Nts., 6/15/19		2,122,000			2,372,351

					35,265,008

Real Estate Investment Trusts—0.1%
HCP, Inc.:
6% Sr. Unsec. Nts., 1/30/17		1,535,000			1,436,203
6.70% Sr. Unsec. Nts., 1/30/18		3,090,000			2,977,635
Simon Property Group LP, 5.30% Sr. Unsec. Nts., 5/30/13		3,758,000			3,846,550

					8,260,388
Thrifts & Mortgage Finance—0.6%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16²		4,617,000			3,532,005
WM Covered Bond Program:
3.875% Sec. Nts., Series 1, 9/27/11	8,572,000		EUR		12,878,760
4% Sec. Mtg. Nts., Series 2, 9/27/16	20,065,000		EUR		28,791,319
4.375% Sec. Nts., 5/19/14	2,180,000		EUR		3,271,898

					48,473,982

Health Care—1.8%
Biotechnology—0.1%
Amgen, Inc., 5.70% Sr. Nts., 2/1/19		2,705,000			2,978,960
Health Care Equipment & Supplies—0.2%
Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/17^3,14		10,155,000			10,840,463
Inverness Medical Innovations, Inc., 7.875% Sr. Nts., 2/1/16²		3,160,000			3,065,200
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/15¹⁴		4,650,000			4,580,250

					18,485,913

Health Care Providers & Services—1.1%
Apria Healthcare Group, Inc.:
11.25% Sr. Sec. Nts., 11/1/14²		5,070,000			5,475,600
12.375% Sr. Sec. Nts., 11/1/14²		2,670,000			2,863,575
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15¹⁴		3,485,000			3,049,375
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15³		10,695,000			10,989,113
DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13		2,740,000			2,726,300
Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11		1,395,000			1,426,388

F28 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Health Care Providers & Services Continued
HCA, Inc.:
6.375% Nts., 1/15/15	$	10,270,000	$	9,191,650
8.50% Sr. Sec. Nts., 4/15/19²		2,280,000		2,394,000
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16		9,625,000		10,491,250
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15³		12,476,000		11,743,035
Tenet Healthcare Corp., 7.375% Nts., 2/1/13		3,990,000		3,970,050
UnitedHealth Group, Inc., 6.875% Sr. Unsec. Nts., 2/15/38		4,234,000		4,688,994
US Oncology Holdings, Inc., 5.592% Sr. Unsec. Nts., 3/15/12^1,5,14		3,798,000		3,323,250
US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/17²		4,420,000		4,674,150
Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/15¹⁶		6,275,000		6,557,375
WellPoint, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/37		3,193,000		3,479,249

				87,043,354

Pharmaceuticals—0.4%
Abbott Laboratories, 5.60% Sr. Unsec. Nts., 11/30/17		3,271,000		3,611,505
AstraZeneca plc, 6.45% Sr. Unsec. Unsub. Nts., 9/15/37		3,232,000		3,817,273
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		5,865,000		6,026,288
Eli Lilly & Co., 4.20% Sr. Unsec. Nts., 3/6/14		2,563,000		2,723,280
GlaxosmithKline Capital, Inc., 6.375% Sr. Unsec. Nts., 5/15/38		4,399,000		5,204,505
Merck & Co., Inc., 5% Sr. Unsec. Unsub. Nts., 6/30/19		3,114,000		3,328,564
Pfizer, Inc., 7.20% Sr. Unsec. Nts., 3/15/39		5,202,000		6,570,048
Wyeth, 5.95% Nts., 4/1/37		3,833,000		4,235,986

				35,517,449

Industrials—2.8%
Aerospace & Defense—0.4%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		6,560,000		6,363,200
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18³		10,320,000		10,603,800
TransDigm, Inc., 7.75% Nts, 7/15/14^2,7		2,285,000		2,219,306
United Technologies Corp.:
6.125% Sr. Unsec. Nts., 2/1/19		5,245,000		6,011,788
6.125% Sr. Unsec. Nts., 7/15/38		2,417,000		2,794,543
Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11		5,695,000		5,666,525

				33,659,162

Airlines—0.2%
American Airlines Pass Through Trust 2001-2, 7.858% Pass-Through Certificates, Series 2001-2, Cl. A-2, 10/1/11⁵		6,570,000		6,561,788
American Airlines Pass Through Trust 2009-1A, 10.375% Pass-Through Certificates, Series 2009-1A, 7/2/19⁵		1,630,000		1,766,513

F29 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Airlines Continued
American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/12^5,7	$	3,625,000	$	3,706,563
Delta Air Lines, Inc.:
9.50% Sr. Sec. Nts., 9/15/14		1,335,000		1,333,331
12.25% Sr. Sec. Nts., 3/15/15²		5,765,000		5,404,688

				18,772,883

Building Products—0.0%
USG Corp., 9.75% Sr. Unsec. Nts., 8/1/14²		2,720,000		2,856,000
Commercial Services & Supplies—0.4%
Acco Brands Corp., 10.625% Sr. Sec. Nts., 3/15/15²		1,335,000		1,401,750
Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14³		7,145,000		7,443,311
American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/05^4,5,6		3,462,000		—
Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15		2,305,000		2,336,694
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17		4,085,000		4,238,188
Iron Mountain, Inc.:
7.75% Sr. Sub. Nts., 1/15/15		2,070,000		2,095,875
8.375% Sr. Sub. Bonds, 8/15/21		2,705,000		2,799,675
West Corp., 9.50% Sr. Unsec. Nts., 10/15/14		11,235,000		11,066,475

				31,381,968

Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24²		18,955,728		19,524,400
Odebrecht Finance Ltd., 9.625% Sr. Unsec. Nts., 4/9/14²		6,335,000		7,380,275

				26,904,675

Industrial Conglomerates—0.6%
General Electric Capital Corp.:
5.40% Sr. Unsec. Nts., Series A, 9/20/13³		7,831,000		8,429,923
5.90% Sr. Unsec. Unsub. Nts., 5/13/14³		4,838,000		5,195,078
6.875% Sr. Unsec. Nts., 1/10/39		10,421,000		10,949,459
General Electric Co., 5.25% Sr. Unsec. Nts., 12/6/17³		16,026,000		16,473,879
Tyco International Finance SA, 8.50% Sr. Unsec. Unsub. Nts., 1/15/19		2,871,000		3,506,384

				44,554,723

Machinery—0.2%
Caterpillar Financial Services Corp., 7.15% Sr. Unsec. Nts., 2/15/19		4,518,000		5,248,077
Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13		6,630,000		5,768,100
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		6,565,000		6,056,213

				17,072,390

Professional Services—0.1%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15²		5,515,000		4,687,750

F30 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount		Value

Road & Rail—0.5%
Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14	$	10,525,000	$	9,525,125
CSX Corp.:
6.25% Sr. Unsec. Unsub. Nts., 4/1/15		4,387,000		4,857,708
7.375% Sr. Unsec. Nts., 2/1/19		1,084,000		1,277,851
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16		5,965,000		6,233,425
Norfolk Southern Corp., 5.75% Sr. Unsec. Nts., 1/15/16²		4,445,000		4,863,968
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26²		9,073,680		7,576,523
RailAmerica, Inc., 9.25% Sr. Sec. Nts., 7/1/17²		2,675,000		2,815,438

				37,150,038

Trading Companies & Distributors—0.1%
RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/17²		1,315,000		1,420,200
United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14		6,340,000		5,547,500

				6,967,700

Information Technology—1.0%
Computers & Peripherals—0.2%
International Business Machines Corp., 8% Sr. Unsec. Unsub. Nts., 10/15/38		4,624,000		6,459,076
Seagate Technology HDD Holdings, 6.80% Sr. Nts., 10/1/16		1,235,000		1,139,288
Seagate Technology International, 10% Sr. Sec. Nts., 5/1/14^2,3		8,920,000		9,789,700

				17,388,064

Electronic Equipment & Instruments—0.2%
Flextronics International Ltd., 6.50% Sr. Unsec. Sub. Nts., 5/15/13		6,739,000		6,604,220
RBS Global, Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16		6,105,000		5,555,550
Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/16³		11,945,000		11,228,300

				23,388,070

IT Services—0.4%
Affiliated Computer Services, Inc., 5.20% Sr. Unsec. Nts., 6/1/15		4,110,000		4,058,625
First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/15³		9,795,000		9,097,106
Sabre Holdings Corp., 7.35% Sr. Unsec. Unsub. Nts., 8/1/11		5,515,000		5,528,788
SunGard Data Systems, Inc.:
9.125% Sr. Unsec. Nts., 8/15/13³		9,160,000		9,297,400
10.25% Sr. Unsec. Sub. Nts., 8/15/15		3,769,000		3,863,225

				31,845,144

Office Electronics—0.0%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		3,001,000		3,125,851
Semiconductors & Semiconductor Equipment—0.1%
Amkor Technology, Inc., 9.25% Sr. Unsec. Nts., 6/1/16		5,255,000		5,438,925

F31 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount		Value

Software—0.1%
Oracle Corp., 5.75% Sr. Unsec. Unsub. Nts., 4/15/18	$	3,718,000	$	4,103,616
Materials—2.4%
Chemicals—0.7%
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18^2,3		10,745,000		10,798,725
Dow Chemical Co. (The), 7.60% Sr. Unsec. Unsub. Nts., 5/15/14		5,135,000		5,688,384
E.I. du Pont de Nemours & Co.:
5.75% Sr. Nts., 3/15/19		1,977,000		2,183,798
6% Sr. Unsec. Unsub. Nts., 7/15/18		2,312,000		2,590,388
Hexion US Finance Corp./Hexion Nova Scota Finance ULC, 9.75% Sr. Sec. Nts., 11/15/14		3,600,000		3,114,000
Huntsman International LLC:
5.50% Sr. Unsec. Nts., 6/30/16²		2,235,000		1,910,925
7.375% Sr. Unsub. Nts., 1/15/15		7,579,000		6,915,838
7.875% Sr. Unsec. Sub. Nts., 11/15/14		955,000		895,313
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16		20,030,000		13,319,950
Nalco Co., 8.875% Unsec. Sub. Nts., 11/15/13		4,230,000		4,367,475
PolyOne Corp., 8.875% Sr. Unsec. Nts., 5/1/12		2,690,000		2,730,350

				54,515,146

Construction Materials—0.1%
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.^2,3,17		10,200,000		8,073,249
Containers & Packaging—0.5%
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14		12,250,000		11,729,375
Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15		3,630,000		3,711,675
Graham Packaging Co., Inc.:
8.50% Sr. Unsec. Nts., 10/15/12		3,780,000		3,836,700
9.875% Sr. Unsec. Sub. Nts., 10/15/14		8,495,000		8,771,088
Graphic Packaging International, Inc.:
9.50% Sr. Nts., 6/15/17²		3,430,000		3,661,525
9.50% Sr. Unsec. Nts., 6/15/17²		7,050,000		7,525,875

				39,236,238

Metals & Mining—0.9%
Alcoa, Inc., 6.75% Sr. Unsec. Unsub. Nts., 7/15/18		2,297,000		2,306,480
BHP Billiton Finance (USA) Ltd., 6.50% Sr. Unsec. Unsub. Nts., 4/1/19		5,319,000		6,182,322
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/19⁵		3,750,000		3,764,063
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17³		7,610,000		8,106,423
Novelis, Inc.:
7.25% Sr. Unsec. Nts., 2/15/15¹		8,260,000		7,186,200
11.50% Sr. Unsec. Nts., 2/15/15²		1,800,000		1,827,000

F32 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Metals & Mining Continued
Rio Tinto Finance (USA) Ltd.:
5.875% Sr. Unsec. Unsub. Nts., 7/15/13	$	4,033,000		$	4,349,687
9% Sr. Unsec. Nts., 5/1/19		1,926,000			2,368,930
Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12		5,110,000			5,186,650
Teck Resources Ltd., 10.25% Sr. Sec. Nts., 5/15/16		6,595,000			7,485,325
Vale Overseas Ltd., 6.875% Bonds, 11/21/36		1,272,000			1,322,612
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18²		24,020,000			23,779,800
Voto-Votorantim Overseas Trading Operations, 6.625% Sr. Unsec. Nts., 9/25/19²		4,500,000			4,505,625

					78,371,117

Paper & Forest Products—0.2%
Celulosa Arauco y Constitucion SA, 7.25% Sr. Unsec. Nts., 7/29/19²		3,700,000			4,089,558
Georgia-Pacific LLC:
7.70% Debs., 6/15/15		2,585,000			2,623,775
8.25% Sr. Unsec. Nts., 5/1/16^2,3		6,890,000			7,182,825
PE Paper Escrow GmbH, 12% Sr. Sec. Nts., 8/1/14²		2,705,000			2,926,759

					16,822,917

Telecommunication Services—2.1%
Diversified Telecommunication Services—1.3%
AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12		3,345,000			3,819,468
AT&T, Inc., 6.70% Sr. Unsec. Unsub. Nts., 11/15/13		8,791,000			9,970,691
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/19²		2,985,000			3,044,700
British Telecom plc, 5.15% Sr. Unsec. Unsub. Nts., 1/15/13		3,202,000			3,338,873
Cincinnati Bell, Inc., 8.25% Sr. Nts., 10/15/17⁷		4,565,000			4,499,355
Citizens Communications Co., 6.25% Sr. Nts., 1/15/13³		11,475,000			11,302,875
Deutsche Telekom International Finance BV, 6.75% Sr. Unsec. Nts., 8/20/18		4,563,000			5,118,951
Intelsat Subsidiary Holding Co. Ltd., 8.50% Sr. Unsec. Nts., 1/15/13²		4,400,000			4,477,000
PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15		6,320,000			5,767,000
Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12		5,315,000			5,620,613
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		3,788,000			4,513,595
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16²	21,925,200		PEN		8,031,947
Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/19²		5,395,000			6,474,000
Verizon Communications, Inc.:
6.90% Sr. Unsec. Unsub. Bonds, 4/15/38		3,280,000			3,748,974
8.95% Sr. Unsec. Unsub. Nts., 3/1/39		8,564,000			11,772,545
Windstream Corp.:
7.875% Sr. Nts., 11/1/17^5,7		1,265,000			1,260,256
8.125% Sr. Unsec. Unsub. Nts., 8/1/13		5,525,000			5,704,563
8.625% Sr. Unsec. Unsub. Nts., 8/1/16		4,710,000			4,839,525

					103,304,931

F33 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Principal
	Amount			Value

Wireless Telecommunication Services—0.8%
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36	33,200,000		MXN	$	1,896,692
American Tower Corp., 7.25% Sr. Unsec. Nts., 5/15/19²		8,865,000			9,153,113
CC Holdings GS V LLC/Crown Castle GS III Corp., 7.75% Sr. Sec. Nts., 5/1/17²		5,250,000			5,460,000
Cricket Communications, Inc., 7.75% Sr. Sec. Nts., 5/15/16²		8,015,000			8,175,300
MetroPCS Wireless, Inc., 9.25% Sr. Unsec. Nts., 11/1/14		5,290,000			5,435,475
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		12,290,000			11,091,725
SBA Telecommunications, Inc., 8% Sr. Nts., 8/15/16²		3,605,000			3,704,138
SBA Telecommunications, Inc., 8.25% Sr. Nts., 8/15/19²		1,750,000			1,811,250
Sprint Capital Corp., 8.75% Nts., 3/15/32³		18,620,000			17,689,000
Teligent, Inc., 11.50% Sr. Nts., 12/1/08^4,5,6		5,135,000			—
Vodafone Group plc, 5.625% Sr. Unsec. Unsub. Nts., 2/27/17		3,777,000			4,009,860

					68,426,553

Utilities—2.3%
Electric Utilities—1.3%
Centrais Eletricas Brasileiras SA, 6.857% Sr. Unsec. Unsub. Nts., 7/30/19²		4,600,000			4,991,000
Duke Energy Carolinas LLC, 7% Sec. Bonds, Series C, 11/15/18		3,893,000			4,668,474
Duke Energy Corp., 6.30% Sr. Unsec. Unsub. Nts., 2/1/14		6,109,000			6,765,980
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		10,820,000			9,088,800
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10⁵	8,680,000		BRR		5,193,497
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/19²		5,200,000			5,655,000
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17		9,120,000			6,931,200
FPL Group Capital, Inc., 6% Sr. Unsec. Nts., 3/1/19		2,600,000			2,921,732
Georgia Power Co., 5.95% Sr. Unsec. Bonds, 2/1/39		1,963,000			2,201,681
ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/17²		4,140,000			4,471,200
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19²		20,225,000			21,600,624
Majapahit Holding BV:
7.25% Nts., 10/17/11²		7,460,000			7,795,700
7.75% Nts., 10/17/16²		12,365,000			13,045,075
8% Sr. Unsec. Nts., 8/7/19²		4,300,000			4,611,750
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16	421,000,000		PHP		8,032,588
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15		3,660,000			2,653,500

					110,627,801

Energy Traders—0.6%
AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17		2,220,000			2,244,975
Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16		13,040,000			12,257,600

F34 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Energy Traders Continued
Electric Power Development Co. Ltd., 1.80% Gtd. Unsec. Nts., 6/28/10	470,000,000		JPY	$	5,292,703
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13		4,115,000			4,115,000
NRG Energy, Inc.:
7.375% Sr. Nts., 1/15/17		3,540,000			3,433,800
7.375% Sr. Nts., 2/1/16		5,640,000			5,470,800
8.50% Sr. Unsec. Nts., 6/15/19		4,495,000			4,523,094
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14		8,655,000			8,535,994

					45,873,966

Multi-Utilities—0.4%
Consolidated Edison Co. of New York, Inc., 7.125% Sr. Unsec. Nts., 12/1/18		7,193,000			8,548,924
Dominion Resources, Inc., 6.40% Sr. Unsec. Nts., 6/15/18		5,939,000			6,661,307
Pacific Gas & Electric Co.:
6.25% Sr. Unsec. Nts., 12/1/13		5,744,000			6,458,416
8.25% Sr. Unsec. Nts., 10/15/18		3,658,000			4,657,077
Sempra Energy, 9.80% Sr. Unsec. Nts., 2/15/19		3,627,000			4,654,083

					30,979,807

Total Corporate Bonds and Notes (Cost $2,217,483,495)					2,320,569,141

	Shares

Preferred Stocks—0.0%
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.^5,6,14		338,141			—
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.^5,6		44,000			—
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.^5,6,14		5,816			—
Total Preferred Stocks (Cost $15,761,480)					—


Common Stocks—0.2%
American Media, Inc.^5,6		10,986			110
Arco Capital Corp. Ltd.^5,6,18		2,383,674			5,959,185
Charter Communications, Inc.⁶		222,137			5,317,816
Global Aero Logistics, Inc.^5,6		32,791			32,791
MHP SA, GDR^2,6		235,715			2,475,008
Orbcomm, Inc.⁶		30,391			82,664
Premier Holdings Ltd.^5,6		799,833			—

Total Common Stocks (Cost $40,605,569)					13,867,574

F35 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


	Units			Value

Rights, Warrants and Certificates—0.0%
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/115,6 (Cost $30,592)		4,020		$	40

	Principal
	Amount

Structured Securities—7.5%
Citigroup Funding, Inc.:
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10	2,290,000		GHS		1,488,895
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10	2,290,000		GHS		1,488,895
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10	2,290,000		GHS		1,488,895
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19	61,950,000,000		IDR		6,967,372
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19	62,010,000,000		IDR		6,974,120
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15	30,980,000,000		IDR		3,213,394
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15	30,510,000,000		IDR		3,164,643
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15	64,520,000,000		IDR		6,692,323
Citigroup Global Markets Holdings, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/17⁵	26,180,000		BRR		12,944,655
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18	7,885,000,000		COP		4,585,821
Colombia (Republic of) Credit Linked Nts., 13.083%, 2/26/15^5,15	5,641,000,000		COP		6,050,774
Colombia (Republic of) Credit Linked Nts., Series 01, 13.083%, 2/26/15^5,15	2,091,000,000		COP		2,242,895
Colombia (Republic of) Credit Linked Nts., Series 02, 13.083% 12/26/15^5,15	3,187,000,000		COP		3,418,511
Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12²	4,498,269,508		COP		2,790,163
Colombia (Republic of) Total Return Linked Nts., 11%, 5/19/11	14,440,000,000		COP		8,166,977
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12	7,206,900,000		COP		4,470,258
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12	8,514,000,000		COP		5,281,019
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12⁵	10,490,000,000		COP		6,506,681
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12²	174,700,000		DOP		4,736,244
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10²	10,330,000		GHS		6,826,783
Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10²	6,780,000		UAH		791,856
Credit Suisse First Boston International:
Boryspil Airport Total Return Linked Nts., 10%, 4/19/10¹	16,740,000		UAH		1,760,760
Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/09^1,5	242,139,000		RUR		8,062,618
Moitk Total Return Linked Nts., 3/26/11^4,5	188,019,000		RUR		626
Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10²	220,335,000		RUR		7,343,468
Oreniz Total Return Linked Nts., 9.24%, 2/21/12^1,5	417,305,000		RUR		10,284,507
Pemex Project Funding Master Trust Credit Linked Nts., 1.741%, 5/12/11		50,000,000			49,449,761
Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09	16,568,000		UAH		1,886,165
Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17⁵	53,361,000,000		VND		1,773,853
Credit Suisse First Boston, Inc. (Nassau Branch):
Russian Specialized Construction & Installation Administration Credit Linked Nts., 5/20/10^4,5	320,000,000		RUR		1,066
Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09⁵	200,000		UAH		22,769

F36 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Structured Securities Continued
Credit Suisse First Boston, Inc. (Nassau Branch): Continued
Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09	4,995,000		UAH	$	568,650
Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09⁵	32,180,000		UAH		3,663,494
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12⁵	368,300,000		RUR		11,928,601
Deutsche Bank AG:
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11	28,420,922		MXN		1,986,959
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11	18,698,259		MXN		1,307,230
Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/10⁵		9,200,000			3,132,600
Coriolanus Ltd. Sec. Credit Linked Nts., 9.32%, 12/31/17^5,15	55,040,000		BRR		15,016,171
Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/09^1,5		5,475,000			5,410,231
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/11^1,5,15		6,050,000			6,155,210
European Investment Bank, Russian Federation Credit Linked Nts., 5.702%, 1/19/10^5,12		5,820,000			5,670,950
Grupo TMM SA Credit Linked Nts., 6%, 9/7/12		8,185,635			3,140,009
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15		6,360,000			6,240,006
Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21	76,200,000,000		IDR		9,038,637
Opic Reforma I Credit Linked Nts., Cl. 1A, 6.916%, 9/24/14^1,5	36,680,000		MXN		2,717,641
Opic Reforma I Credit Linked Nts., Cl. 1B, 6.916%, 9/24/14^1,5	7,336,000		MXN		543,528
Opic Reforma I Credit Linked Nts., Cl. 1C, 6.916%, 9/24/14^1,5	12,226,667		MXN		905,880
Opic Reforma I Credit Linked Nts., Cl. 1D, 6.916%, 9/24/14^1,5	6,113,333		MXN		452,940
Opic Reforma I Credit Linked Nts., Cl. 1E, 6.916%, 9/24/14^1,5	8,558,667		MXN		634,116
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.405%, 5/22/15^1,5	3,500,072		MXN		259,322
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.405%, 5/22/15^1,5	6,123,460		MXN		453,690
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.405%, 5/22/15^1,5	92,326,918		MXN		6,840,551
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.405%, 5/22/15^1,5	6,728,659		MXN		498,530
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.405%, 5/22/15^1,5	4,888,497		MXN		362,191
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.405%, 5/22/15^1,5	3,122,038		MXN		231,313
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.405%, 5/22/15^1,5	574,952		MXN		42,599
Peru (Republic of) Credit Linked Bonds, 3.242%, 4/30/25^5,7,12		7,224,294			4,109,348
Peru (Republic of) Credit Linked Bonds, 3.269%, 4/30/25^5,12		5,771,365			3,280,500
Peru (Republic of) Credit Linked Bonds, 3.346%, 4/30/25^5,12		5,424,837			3,083,530
Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10		5,690,000			3,851,675
Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11		5,740,000			3,381,721
Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11		5,740,000			2,969,015
Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12		5,740,000			2,704,573
Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12		5,740,000			2,511,135
United Mexican States Credit Linked Nts., 9.52%, 1/5/11	18,644,936		MXN		1,303,502
Deutsche Bank AG, Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17	128,300,000,000		VND		4,291,583
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11^1,2	134,130,000		RUR		4,115,725

F37 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued


		Principal
		Amount			Value

Structured Securities Continued
Eirles Two Ltd. Sec. Nts.:
Series 324, 4.841%, 4/30/12^1,5	$		14,300,000		$	7,436,000
Series 335, 3.291%, 4/30/12^1,5			16,700,000			12,082,450
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17^2,12		77,520,000		TRY		18,422,753
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.48%, 2/8/37^5,12		237,059,200,000		COP		4,831,575
Hallertau SPC Credit Linked Nts., Series 2008-2A, 6.764%, 9/17/13^1,5			50,090,000			50,525,783
Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.211%, 12/20/17^1,5			16,640,000			12,296,960
Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/10^4,5,12		36,418,983		BRR		2,055,711
HSBC Bank USA NA, Brazil (Federal Republic of) Credit Linked Nts., 5/9/11^1,5,7			9,200,000			9,200,000
ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09⁵		38,336,000		UAH		4,391,956
JPMorgan Chase Bank NA:
Brazil (Federal Republic of) Credit Linked Nts., 10.908%, 5/16/45⁵		7,895,000		BRR		7,961,668
Colombia (Republic of) Credit Linked Bonds, 10.244%, 10/31/16^5,12		52,420,000,000		COP		14,012,003
Colombia (Republic of) Credit Linked Bonds, 10.359%, 1/5/16^5,12		54,300,000,000		COP		15,816,537
Colombia (Republic of) Credit Linked Bonds, Series A, 10.244%, 10/31/16^5,12		52,197,000,000		COP		13,952,394
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/15/19⁵		14,620,000,000		IDR		1,641,252
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/15/19⁵		31,060,000,000		IDR		3,486,818
Peru (Republic of) Credit Linked Nts., 8.193%, 9/2/15^2,12		25,410,000		PEN		5,978,099
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10⁵			9,185,000			9,455,958
JPMorgan Chase Bank NA, London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/21²		65,480,000,000		IDR		7,715,028
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12⁵			21,898,718			22,704,591
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16⁵		7,680,000,000		COP		3,462,040
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17²		15,216,000		PEN		4,198,766
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		279,567,886		RUR		4,448,995
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12		85,604,822		RUR		2,690,484
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.563%, 1/5/22^2,12		109,310,000		BRR		4,514,621
Ukraine (Republic of) Credit Linked Nts., 3.476%, 10/15/17^1,5			21,300,000			10,011,000
Ukraine (Republic of) Credit Linked Nts., Series 2, 4.346%, 10/15/17^1,5			5,400,000			2,538,000
United Mexican States Credit Linked Nts., 5.64%, 11/20/15⁵			300,000			233,880
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12			19,510,295			18,368,943
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12			29,321,562			27,620,911
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11⁵		4,650,997		GHS		2,278,956

Total Structured Securities (Cost $738,298,501)						608,014,255

F38 | OPPENHEIMER STRATEGIC INCOME FUND


	Principal
	Amount			Value

Event-Linked Bonds—1.0%
Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.357%, 5/22/12^1,2	$	4,862,000		$	4,729,754
Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.097%, 2/24/12^1,2		1,930,000			1,985,391
East Lane Re III Ltd. Catastrophe Linked Nts., 10.847%, 3/16/12^1,2		7,643,000			7,942,415
Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.383%, 8/10/11^1,2		7,010,000			6,890,129
Lakeside Re Ltd. Catastrophe Linked Nts., 6.783%, 12/31/09^1,2		10,580,000			10,575,768
Medquake Ltd. Catastrophe Linked Nts., 5.54%, 5/31/10^1,2		4,000,000			3,933,000
Midori Ltd. Catastrophe Linked Nts., 3.259%, 10/24/12^1,2		4,300,000			4,124,990
Muteki Ltd. Catastrophe Linked Nts., 4.84%, 5/24/11^1,5		5,200,000			4,982,380
Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 12.34%, 6/21/10^1,2		8,580,000			8,287,422
Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 5.509%, 1/15/10^1,2		3,230,000			3,218,372
Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.:
Series CL2, 11.861%, 6/6/11^1,2		6,680,000			6,411,965
Series CL3, 12.611%, 6/7/10^1,2		3,000,000			3,067,200
Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/11^5,12		10,693,000			14,168,225
Willow Re Ltd. Catastrophe Linked Nts., 6/16/10^2,4		8,150,000			5,480,875

Total Event-Linked Bonds (Cost $85,657,528)					85,797,886

	Shares

Investment Companies—11.1%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%^19,20		621,931			621,931
Oppenheimer Institutional Money Market Fund, Cl. E, 0.27%^18,19		218,406,057			218,406,057
Oppenheimer Master Event-Linked Bond Fund, LLC^6,18		3,242,904			34,016,334
Oppenheimer Master Loan Fund, LLC^6,18		65,013,938			647,763,527

Total Investment Companies (Cost $898,713,083)					900,807,849
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $9,061,010,912)					8,883,380,946
Investments Purchased with Cash Collateral from Securities Loaned—0.3%²¹
OFI Liquid Assets Fund, LLC, 0.44%^18,19(Cost $23,441,250)		23,441,250			23,441,250
Total Investments, at Value (Cost $9,084,452,162)		109.4	%		8,906,822,196
Liabilities in Excess of Other Assets		(9.4	)		(763,547,669	)

Net Assets		100.0	%	$	8,143,274,527

F39 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments

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


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


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

2.		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 $1,275,288,531 or 15.66% of the Fund’s net assets as of September 30, 2009.

3.		All or a portion of the security was acquired, and has been pledged as collateral, at or subsequent to period end, in connection with the Fund’s participation in the Term Asset-Backed Securities Loan Facility program (the “TALF Program”) operated by the Federal Reserve Bank of NewYork. In the aggregate, the period end value of assets purchased in connection with the TALF Program constitute 7.4% of the Fund’s net assets. Of the assets purchased, 4.9% of Fund’s net assets are asset-backed securities while 2.5% of the Fund’s net assets are commercial mortgage-backed securities. See accompanying Notes.

4.		Issue is in default. See Note 1 of accompanying Notes.

5.		Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2009 was $526,273,554, which represents 6.46% of the Fund’s net assets, of which $13,942,301 is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:


	Acquisition						Unrealized
Security	Date		Cost		Value		Depreciation

Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1A, 6.916%, 9/24/14		12/28/07		3,371,014		2,717,641		653,373
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1B, 6.916%, 9/24/14		6/13/08		707,255		543,528		163,727
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1C, 6.916%, 9/24/14		8/13/08		1,203,116		905,880		297,236
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1D, 6.916%, 9/24/14		8/7/09		469,147		452,940		16,207
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1E, 6.916%, 9/24/14		9/10/09		639,781		634,116		5,665
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2A, 8.405%, 5/22/15		5/22/08		337,462		259,322		78,140
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2B, 8.405%, 5/22/15		6/13/08		590,355		453,690		136,665
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2C, 8.405%, 5/22/15		6/19/08		8,957,126		6,840,551		2,116,575
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2D, 8.405%, 5/22/15		7/9/08		652,302		498,530		153,772
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2E, 8.405%, 5/22/15		7/16/08		474,704		362,191		112,513
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2F, 8.405%, 5/22/15		8/11/08		307,336		231,313		76,023
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2G, 8.405%, 5/22/15		8/25/08		56,708		42,599		14,109

			$	17,766,306	$	13,942,301	$	3,824,005

F40 | OPPENHEIMER STRATEGIC INCOME FUND


6.		Non-income producing security.

7.		When-issued security or delayed delivery to be delivered and settled after September 30, 2009. See Note 1 of accompanying Notes.

8.		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 $43,564,165 or 0.53% of the Fund’s net assets as of September 30, 2009.

9.		Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $11,584,531 or 0.14% of the Fund’s net assets as of September 30, 2009.

10.		All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $33,681,991. See Note 5 of accompanying Notes.

11.		Partial or fully-loaned security. See Note 7 of accompanying Notes.

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

13.		A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See Note 5 of accompanying Notes.

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

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

16.		Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

17.		This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

18.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross			Shares
	September 30, 2008		Additions		Reductions			September 30, 2009

Arco Capital Corp. Ltd.		2,383,674		—		—			2,383,674
OFI Liquid Assets Fund, LLC		481,294,160		574,991,630		1,032,844,540			23,441,250
Oppenheimer Institutional Money Market Fund, Cl. E		715,917,178		6,483,671,685		6,981,182,806			218,406,057
Oppenheimer Master Event-Linked Bond Fund, LLC		3,110,084		436,136		303,316			3,242,904
Oppenheimer Master Loan Fund, LLC		34,077,174		34,424,546		3,487,782			65,013,938

								Realized
			Value		Income			Loss

Arco Capital Corp. Ltd.			$	5,959,185	$	—		$	—
OFI Liquid Assets Fund, LLC				23,441,250		3,741,376	^a		—
Oppenheimer Institutional Money Market Fund, Cl. E				218,406,057		6,210,984			—
Oppenheimer Master Event-Linked Bond Fund, LLC				34,016,334		3,183,181	^b		70,389	^b
Oppenheimer Master Loan Fund, LLC				647,763,527		33,597,026	^c		19,106,721	^c

			$	929,586,353	$	46,732,567		$	19,177,110


a.		Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.

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

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

F41 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued


19.		Rate shown is the 7-day yield as of September 30, 2009.

20.		Interest rate is less than 0.0005%.

21.		The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 7 of accompanying Notes.

22.		The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.

Valuation Inputs

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

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

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

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of September 30, 2009 based on valuation input level:


					Level 3-
	Level 1-		Level 2-		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	479,789,651	$	—	$	479,789,651
Mortgage-Backed Obligations		—		1,761,085,161		—		1,761,085,161
U.S. Government Obligations		—		180,978,072		—		180,978,072
Foreign Government Obligations		—		2,321,671,581		10,905,200		2,332,576,781
Loan Participations		—		199,894,536		—		199,894,536
Corporate Bonds and Notes		—		2,318,349,835		2,219,306		2,320,569,141
Preferred Stocks		—		—		—		—
Common Stocks		2,557,672		11,277,111		32,791		13,867,574
Rights, Warrants and Certificates		—		—		40		40
Structured Securities		—		585,309,664		22,704,591		608,014,255
Event-Linked Bonds		—		85,797,886		—		85,797,886
Investment Companies		900,807,849		—		—		900,807,849
Investments Purchased with Cash Collateral from Securities Loaned		23,441,250		—		—		23,441,250

Total Investments, at Value		926,806,771		7,944,153,497		35,861,928		8,906,822,196

F42 | OPPENHEIMER STRATEGIC INCOME FUND

Valuation Inputs Continued


							Level 3-
	Level 1-			Level 2-			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value

Other Financial Instruments:
Appreciated swaps, at value	$	—		$	57,334,995		$	—	$	57,334,995
Futures margins		2,237,537			—			—		2,237,537
Foreign currency exchange contracts		—			57,064,130			—		57,064,130

Total Assets	$	929,044,308		$	8,058,552,622		$	35,861,928	$	9,023,458,858

Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value	$	—		$	(8,549,801	)	$	—	$	(8,549,801	)
Depreciated swaps, at value		—			(36,311,854	)		—		(36,311,854	)
Futures margins		(2,351,058	)		—			—		(2,351,058	)
Unfunded purchase agreements		—			(1,154,269	)		—		(1,154,269	)
Foreign currency exchange contracts		—			(29,536,78	)		—		(2,536,718	)

Total Liabilities	$	(2,351,058	)	$	(75,552,642	)	$	—	$	(77,903,700	)

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

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


						Change in			Accretion/
						Unrealized			(Amortization)
	Value as of		Realized Gain			Appreciation			of Premium
	September 30, 2008		(Loss)			(Depreciation)			Discount¹

Investments in Securities
Asset Backed securities	$	2,559	$	—		$	(64,237	)	$	—
Mortgage-Backed Obligations		339,328		—			(14,089	)		92
Foreign Government Obligations		9,242,360		—			1,202,640			460,930
Corporate Bonds and Notes		—		(14,514,889	)		14,525,447			—
Common Stocks		—		153,301			26,579			—
Rights, Warrants and Certificates		—		—			—			—
Structured Securities		23,249,374		—			1,662,278			(56,043	)

Total Assets	$	32,833,621	$	(14,361,588	)	$	17,338,618		$	404,979


			Net			Transfers in			Value as of
			Purchases			and/or out of			September 30,
			(Sales)			Level 3			2009

Investments in Securities Continued
Asset Backed securities			$	—		$	61,678		$	—
Mortgage-Backed Obligations				(5,281	)		(320,050	)		—
Foreign Government Obligations				(730	)		—			10,905,200
Corporate Bonds and Notes				2,208,748			—			2,219,306
Common Stocks				(179,880	)		32,791			32,791
Rights, Warrants and Certificates				—			40			40
Structured Securities				(2,151,018	)		—			22,704,591

Total Assets			$	(128,161	)	$	(225,541	)	$	35,861,928


1.		Included in net investment income for fixed income securities.

F43 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

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

Foreign Currency Exchange Contracts as of September 30, 2009 are as follows:


		Contract
Counterparty/	Buy/	Amount		Expiration				Unrealized		Unrealized
Contract Description	Sell	(000’s)		Dates		Value		Appreciation		Depreciation

Banc of America:
Chinese Renminbi (Yuan)
(CNY)	Sell	111,000	CNY		11/13/09	$	16,249,967	$	17,344	$	—
Indonesia Rupiah (IDR)	Buy	134,400,000	IDR		11/30/09		13,735,680		371		—
Japanese Yen (JPY)	Buy	1,857,000	JPY		11/12/09		20,693,156		1,793,415		—
Japanese Yen (JPY)	Sell	331,223	JPY		10/5/09		3,690,015		—		17,186
New Taiwan Dollar (TWD)	Sell	495,000	TWD		10/14/09		15,449,315		—		284,803
New Zealand Dollar (NZD)	Buy	66,520	NZD		11/10/09		47,902,977		3,524,824		—
New Zealand Dollar (NZD)	Sell	42,490	NZD		11/10/09		30,598,279		—		1,797,172

									5,335,954		2,099,161

Bank Paribas Asia—FGN:
Euro (EUR)	Sell	26,095	EUR		11/12/09		38,185,030		2,450		3,348,347
Hungarian Forint (HUF)	Buy	3,092,000	HUF		10/14/09		16,753,390		354,557		—
Norwegian Krone (NOK)	Buy	77,800	NOK		11/10/09		13,451,881		420,175		—
Norwegian Krone (NOK)	Sell	221,090	NOK		11/10/09		38,227,204		—		301,888
Polish Zloty (PLZ)	Buy	199,120	PLZ		10/5/09		69,349,602		748,674		102,019
Polish Zloty (PLZ)	Sell	14,459	PLZ		10/1/09-11/12/09		5,025,211		2,183		484,828
Swiss Franc (CHF)	Buy	39,980	CHF		11/10/09		38,591,702		—		62,274
Swiss Franc (CHF)	Sell	38,000	CHF		11/10/09		36,680,457		184,114		—

									1,712,153		4,299,356

Barclay’s Capital:
Euro (EUR)	Buy	14,790	EUR		11/10/09		21,642,393		390,969		1,053
Euro (EUR)	Sell	146,280	EUR		10/5/09-12/18/09		214,047,822		31,742		6,198,595
Japanese Yen (JPY)	Buy	3,551,000	JPY		12/18/09		39,580,550		686,794		—
Mexican Nuevo Peso (MXN)	Buy	435,020	MXN		10/6/09		32,202,692		—		959,881
Norwegian Krone (NOK)	Buy	184,890	NOK		11/10/09		31,968,102		1,076,185		—
Norwegian Krone (NOK)	Sell	30,700	NOK		11/10/09		5,308,133		—		235,137
Polish Zloty (PLZ)	Sell	34,510	PLZ		11/12/09		11,983,789		—		1,357,153
South African Rand (ZAR)	Buy	115,370	ZAR		11/17/09		15,216,500		13,010		34,834

									2,198,700		8,786,653

Citigroup:
British Pound Sterling (GBP)	Buy	728	GBP		10/2/09		1,163,355		3,542		—
British Pound Sterling (GBP)	Sell	309	GBP		10/2/09		493,545		—		1,503
Indian Rupee (INR)	Buy	757,000	INR		10/20/09		15,712,747		45,708		—
Mexican Nuevo Peso (MXN)	Sell	257,400	MXN		11/10/09		18,959,802		583,934		—
Singapore Dollar (SGD)	Buy	3,420	SGD		11/10/09		2,427,106		55,951		—

									689,135		1,503

F44 | OPPENHEIMER STRATEGIC INCOME FUND

Foreign Currency Exchange Contracts Continued


		Contract
Counterparty/	Buy/	Amount		Expiration				Unrealized		Unrealized
Contract Description	Sell	(000’s)		Dates		Value		Appreciation		Depreciation

Credit Suisse:
British Pound Sterling (GBP)	Buy	21,790	GBP		11/6/09-11/10/09	$	34,818,410	$	—	$	1,361,896
British Pound Sterling (GBP)	Sell	370	GBP		11/10/09		591,223		20,387		—
Japanese Yen (JPY)	Buy	5,257,107	JPY		10/15/09-11/12/09		58,578,676		3,830,722		—
Mexican Nuevo Peso (MXN)	Buy	199,507	MXN		10/1/09		14,781,581		79,518		—
New Turkish Lira (TRY)	Buy	23,500	TRY		10/13/09		15,797,779		183,161		—
New Turkish Lira (TRY)	Sell	127,400	TRY		10/13/09		85,644,131		—		992,968
Russian Ruble (RUR)	Buy	14,460	RUR		11/16/09		476,426		42,582		—
South African Rand (ZAR)	Buy	415,615	ZAR		10/5/09-11/17/09		54,947,585		746,693		558,639
Swedish Krona (SEK)	Buy	132,800	SEK		11/10/09		19,054,833		276,852		1,699

									5,179,915		2,915,202

Deutsche Bank Capital Corp.:
Australian Dollar (AUD)	Buy	2,324	AUD		11/20/09		2,041,608		50,544		—
British Pound Sterling (GBP)	Buy	4,955	GBP		11/20/09		7,917,473		—		101,650
Canadian Dollar (CAD)	Buy	8,620	CAD		11/20/09		8,051,740		74,321		—
Euro (EUR)	Buy	32,890	EUR		11/20/09		48,127,646		—		33,510
Euro (EUR)	Sell	20,967	EUR		10/2/09-11/12/09		30,682,214		—		1,076,627
Indian Rupee (INR)	Buy	757,000	INR		10/20/09		15,712,747		43,113		—
Japanese Yen (JPY)	Buy	5,812,000	JPY		11/10/09-11/20/09		64,764,975		1,290,750		63,465
Japanese Yen (JPY)	Sell	2,536,000	JPY		11/10/09		28,259,135		—		1,700,552
Swiss Franc (CHF)	Buy	2,076	CHF		11/20/09		2,004,027		2,427		—

									1,461,155		2,975,804

Goldman, Sachs & Co.:
Brazilian Real (BRR)	Buy	193,445	BRR		11/4/09-1/5/10		108,097,623		26,337,836		—
Brazilian Real (BRR)	Sell	23,230	BRR		11/4/09		13,039,448		—		115,943
South African Rand (ZAR)	Buy	547,430	ZAR		11/17/09		72,202,207		—		970,904

									26,337,836		1,086,847

Hong Kong & Shanghai Bank Corp.:
Colombian Peso (COP)	Sell	26,740,000	COP		11/3/09		13,878,595		—		114,600
Israeli Shekel (ILS)	Sell	39,780	ILS		10/30/09		10,563,773		—		133,778
Mexican Nuevo Peso (MXN)	Sell	397,150	MXN		10/6/09		29,399,336		656,591		—

									656,591		248,378

JP Morgan Chase:
Argentine Peso (ARP)	Buy	56,650	ARP		11/30/09		14,503,416		—		22,225
Australian Dollar (AUD)	Buy	23,390	AUD		11/10/09		20,565,320		987,890		—
Australian Dollar (AUD)	Sell	34,840	AUD		11/10/09		30,632,567		—		791,410
Euro (EUR)	Buy	40,000	EUR		12/9/09		58,529,448		—		308,552
Hong Kong Dollar (HKD)	Sell	118,100	HKD		10/5/09		15,239,087		8,083		—
Indian Rupee (INR)	Buy	1,516,000	INR		11/16/09		31,399,535		122,456		—
Indonesia Rupiah (IDR)	Buy	528,515,000	IDR		10/13/09-10/26/09		54,471,642		1,282,572		—
Malaysian Ringgit (MYR)	Buy	14,010	MYR		11/10/09		4,040,738		56,500		—
Mexican Nuevo Peso (MXN)	Sell	269,800	MXN		11/10/09		19,873,172		631,602		—
Russian Ruble (RUR)	Sell	14,460	RUR		11/16/09		476,426		—		52,254
South Korean Won (KRW)	Buy	65,251,000	KRW		11/17/09		55,344,397		2,078,275		—

									5,167,378		1,174,441

F45 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts Continued


		Contract
Counterparty/	Buy/	Amount		Expiration				Unrealized		Unrealized
Contract Description	Sell	(000’s)		Dates		Value		Appreciation		Depreciation

Morgan Stanley & Co., Inc.
Brazilian Real (BRR)	Buy	13,880	BRR		11/4/09	$	7,791,112	$	164,739	$	—
RBS Greenwich Capital:
British Pound Sterling (GBP)	Buy	4,760	GBP		12/18/09		7,605,470		47,590		—
Israeli Shekel (ILS)	Sell	60,100	ILS		10/14/09		15,958,040		—		100,520
Polish Zloty (PLZ)	Buy	176,040	PLZ		10/5/09		61,311,289		1,918,577		—
Swiss Franc (CHF)	Buy	64,340	CHF		11/10/09		62,105,806		1,079,910		5,191
Swiss Franc (CHF)	Sell	29,020	CHF		11/10/09		28,012,286		1,197		749,254

									3,047,274		854,965

Santander Investments:
Chilean Peso (CLP)	Sell	8,528,000	CLP		10/28/09		15,556,095		284,900		—
Colombian Peso (COP)	Sell	67,054,000	COP		10/27/09-10/29/09		34,832,639		—		1,165,265
Mexican Nuevo Peso (MXN)	Sell	1,371,987	MXN		10/1/09-10/30/09		101,460,227		2,240,897		65,420

									2,525,797		1,230,685
State Street:
British Pound Sterling (GBP)	Sell	14,430	GBP		11/6/09		23,057,859		1,014,892		—
Canadian Dollar (CAD)	Buy	22,870	CAD		11/10/09		21,362,199		228,214		351
Canadian Dollar (CAD)	Sell	40,340	CAD		11/10/09		37,680,416		1,508		478,730
Japanese Yen (JPY)	Buy	2,536,000	JPY		11/10/09		28,259,135		340,074		—
Japanese Yen (JPY)	Sell	733,000	JPY		11/10/09		8,167,960		—		222,763

									1,584,688		701,844

Westpac:
Australian Dollar (AUD)	Buy	16,260	AUD		11/10/09		14,296,370		686,832		—
Australian Dollar (AUD)	Sell	54,590	AUD		11/10/09		47,997,470		—		1,656,673
Euro (EUR)	Sell	357	EUR		10/1/09		523,034		—		1,273
New Zealand Dollar (NZD)	Buy	26,470	NZD		11/10/09		19,061,813		315,983		—
New Zealand Dollar (NZD)	Sell	66,520	NZD		11/10/09		47,902,977		—		1,503,933

									1,002,815		3,161,879

Total unrealized appreciation and depreciation								$	57,064,130	$	29,536,718

Futures Contracts as of September 30, 2009 are as follows:


								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)

Australia (Government of) Bonds, 10 yr.	Sell		449		12/15/09	$	41,335,427	$	153,772
CAC40 10 Euro Index	Buy		158		10/16/09		8,779,062		80,335
CAC40 10 Euro Index	Sell		259		10/16/09		14,390,995		(131,797	)
DAX Index	Buy		72		12/18/09		14,946,880		71,790
DAX Index	Sell		77		12/18/09		15,984,858		(76,782	)
Euro-BOBL	Buy		312		12/8/09		52,756,380		138,983
Euro-Bundesobligation	Buy		262		12/8/09		46,728,752		404,396
FTSE 100 Index	Buy		35		12/18/09		2,847,679		39,341
IBEX 35 Index	Buy		50		10/16/09		8,580,763		106,982
Japan (Government of) Bonds, 10 yr.	Buy		82		12/9/09		12,726,831		75,755
Japan (Government of) Bonds, 10 yr.	Sell		44		12/10/09		68,300,117		(436,255	)
MSCI Sing Ix Ets	Buy		183		10/29/09		8,335,129		152,179

F46 | OPPENHEIMER STRATEGIC INCOME FUND

Futures Contracts Continued


								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)

NASDAQ 100 E-Mini Index	Buy		1,008		12/18/09	$	34,624,800	$	681,005
NIKKEI 225 Index	Buy		42		12/10/09		2,362,836		(63,779	)
NIKKEI 225 Index	Sell		227		12/10/09		25,566,423		529,287
SGX CNX NIFTY Index	Sell		839		10/29/09		8,512,494		91,747
SPI 200 Index	Buy		89		12/17/09		9,317,861		291,183
Standard & Poor’s 500 E-Mini Index	Sell		2,288		12/18/09		120,451,760		(1,799,283	)
Standard & Poor’s/MIB Index, 10 yr.	Buy		50		12/18/09		8,568,690		182,374
U.S. Treasury Long Bonds, 20 yr.	Buy		5,352		12/21/09		649,599,000		9,681,023
U.S. Treasury Long Bonds, 20 yr.	Sell		437		12/21/09		53,040,875		(915,866	)
U.S. Treasury Nts., 2 yr.	Buy		1,316		12/31/09		285,530,875		179,992
U.S. Treasury Nts., 2 yr.	Sell		386		12/31/09		83,749,938		(89,302	)
U.S. Treasury Nts., 5 yr.	Buy		4,077		12/31/09		473,314,219		4,937,848
U.S. Treasury Nts., 5 yr.	Sell		1,619		12/31/09		187,955,781		(2,444,082	)
U.S. Treasury Nts., 10 yr.	Buy		2,136		12/21/09		252,748,875		1,530,133
U.S. Treasury Nts., 10 yr.	Sell		8,608		12/21/09		1,018,568,500		(13,383,557	)
United Kingdom Long Gilt	Sell		19		12/29/09		3,600,077		3,710

								$	(8,868	)

Credit Default Swap Contracts as of September 30, 2009 are as follows:


					Pay/					Upfront
	Buy/Sell		Notional		Receive			Termi-		Payment						Unrealized
Reference Entity/	Credit		Amount		Fixed			nation		Received/						Appreciation
Swap Counterparty	Protection		(000’s)		Rate			Date		(Paid)			Value			(Depreciation)

Bolivarian Republic of Venezuela:
Barclays Bank plc		Sell	$	3,250		30.50	%		1/20/10	$	—		$	406,595		$	406,595
Morgan Stanley Capital Services, Inc.		Sell		3,250		30.00			1/20/10		—			398,453			398,453

		Total		6,500							—			805,048			805,048

Capital One Bank USA
JPMorgan Chase Bank NA, NY Branch		Sell		12,930		1.00			9/20/14		(40,047	)		122,602			82,555

		Total		12,930							(40,047	)		122,602			82,555

Cardinal Health, Inc.
Barclays Bank plc		Buy		12,400		1.00			9/20/14		323,943			(352,095	)		(28,152	)

		Total		12,400							323,943			(352,095	)		(28,152	)

CDX Emerging Markets Index, Series 11:
Barclays Bank plc		Buy		31,200		5.00			6/20/14		2,744,733			(3,367,472	)		(622,739	)
Goldman Sachs International		Buy		15,600		5.00			6/20/14		1,372,367			(1,683,736	)		(311,369	)
JPMorgan Chase Bank NA, London Branch		Buy		31,200		5.00			6/20/14		2,729,133			(3,367,472	)		(638,339	)

		Total		78,000							6,846,233			(8,418,680	)		(1,572,447	)

F47 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts Continued


				Pay/					Upfront
	Buy/Sell	Notional		Receive			Termi-		Payment						Unrealized
Reference Entity/	Credit	Amount		Fixed			nation		Received/						Appreciation
Swap Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)

CDX North America High Yield Index, Series 12:
Credit Suisse International	Sell	$	11,656		5.00	%		6/20/14	$	1,386,579		$	(776,979	)	$	609,600
JPMorgan Chase Bank NA, NY Branch	Sell		8,742		5.00			6/20/14		1,044,184			(582,734	)		461,450

	Total		20,398							2,430,763			(1,359,713	)		1,071,050

Cemex SAB de CV
Credit Suisse International	Buy		5,705		5.30			10/20/13		—			(137,693	)		(137,693	)

	Total		5,705							—			(137,693	)		(137,693	)

CIT Group, Inc.
Barclays Bank plc	Sell		12,870		5.00			9/20/14		5,633,485			(4,438,230	)		1,195,255

	Total		12,870							5,633,485			(4,438,230	)		1,195,255

ConocoPhillips
Barclays Bank plc	Buy		12,870		1.00			9/20/14		348,401			(316,125	)		32,276

	Total		12,870							348,401			(316,125	)		32,276

Development Bank of Kazakhstan JSC
Credit Suisse International	Sell		20,660		3.75			2/20/13		—	��		(2,245,278	)		(2,245,278	)

	Total		20,660							—			(2,245,278	)		(2,245,278	)

Devon Energy
Barclays Bank plc	Buy		12,400		1.00			9/20/14		252,186			(292,750	)		(40,564	)

	Total		12,400							252,186			(292,750	)		(40,564	)

Government of Hungary
Credit Suisse International	Sell		9,250		2.70			9/20/10		—			54,843			54,843

	Total		9,250							—			54,843			54,843

Halliburton Co.
Deutsche Bank AG	Buy		12,400		1.00			9/20/14		307,969			(292,750	)		15,219

	Total		12,400							307,969			(292,750	)		15,219

HSBK Europe BV:
Credit Suisse International	Sell		4,040		4.95			3/20/13		—			(327,191	)		(327,191	)
Morgan Stanley Capital Services, Inc.	Sell		8,080		4.88			3/20/13		—			(669,911	)		(669,911	)
Morgan Stanley Capital Services, Inc.	Sell		8,090		4.78			3/20/13		—			(692,954	)		(692,954	)

	Total		20,210							—			(1,690,056	)		(1,690,056	)

International Paper Co.
Goldman Sachs International	Sell		12,400		1.00			9/20/14		890,104			(274,905	)		615,199

	Total		12,400							890,104			(274,905	)		615,199

International Lease Finance Corp.:
Deutsche Bank AG	Sell		6,125		5.00			9/20/14		1,008,073			(694,462	)		313,611
Deutsche Bank AG	Sell		6,745		5.00			9/20/14		919,943			(764,759	)		155,184

	Total		12,870							1,928,016			(1,459,221	)		468,795

Islamic Republic of Pakistan
Citibank NA, New York	Sell	$	4,860		5.10	%		3/20/13	$	—		$	(950,814	)	$	(950,814	)

	Total		4,860							—			(950,814	)		(950,814	)

F48 | OPPENHEIMER STRATEGIC INCOME FUND

Credit Default Swap Contracts Continued


				Pay/					Upfront
	Buy/Sell	Notional		Receive			Termi-		Payment						Unrealized
Reference Entity/	Credit	Amount		Fixed			nation		Received/						Appreciation
Swap Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)

Istanbul Bond Co. SA
Morgan Stanley Capital Services, Inc.	Sell	$	25,090		1.30	%		3/24/13	$	—		$	(3,367,668	)	$	(3,367,668	)

	Total		25,090							—			(3,367,668	)		(3,367,668	)

Lockheed Martin Corp.
UBS AG	Buy		12,870		1.00			9/20/14		444,862			(408,857	)		36,005

	Total		12,870							444,862			(408,857	)		36,005

Republic of Peru
Deutsche Bank AG	Buy		7,440		1.71			12/20/16		—			(177,201	)		(177,201	)

	Total		7,440							—			(177,201	)		(177,201	)

Republic of Turkey:
Citibank NA, New York	Buy		7,970		5.25			12/20/13		—			(1,139,953	)		(1,139,953	)
Goldman Sachs International	Buy		15,935		5.29			12/20/13		—			(2,305,324	)		(2,305,324	)

	Total		23,905							—			(3,445,277	)		(3,445,277	)

Standard Bank London Holdings plc for NAK Naftogaz Ukrainy
Credit Suisse International	Sell		8,905		3.25			4/20/11		—			(4,017,309	)		(4,017,309	)

	Total		8,905							—			(4,017,309	)		(4,017,309	)

Troy Capital SA for Yasar Holdings SA:
Morgan Stanley Capital Services, Inc.	Sell		3,390		8.75			6/20/10		—			(1,126,423	)		(1,126,423	)
Morgan Stanley Capital Services, Inc.	Sell		3,390		8.50			10/20/09		—			(15,908	)		(15,908	)

	Total		6,780							—			(1,142,331	)		(1,142,331	)

United Mexican States
Goldman Sachs International	Buy		5,970		1.35			9/20/14		—			77,771			77,771

	Total		5,970							—			77,771			77,771

XL Capital Ltd.
Deutsche Bank AG	Sell		12,400		5.00			9/20/14		(360,082	)		1,899,382			1,539,300

	Total		12,400							(360,082	)		1,899,382			1,539,300

	Grand Total Buys									8,523,594			(13,763,657	)		(5,240,063	)
	Grand Total Sells									10,482,239			(18,063,650	)		(7,581,411	)

		Total Credit Default Swaps							$	19,005,833		$	(31,827,307	)	$	(12,821,474	)

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


	Total Maximum Potential
Type of Reference Asset on which the Fund	Payments for Selling Credit		Amount		Reference Asset
Sold Protection	Protection (Undiscounted)		Recoverable*		Rating Range**

Investment Grade Single Name Corporate Debt	$	50,600,000	$	—	A to BBB
Investment Grade Sovereign Debt		55,000,000		—	BBB+ to BBB–
Non-Investment Grade Sovereign Debt		47,255,000		—	BB– to D
Non-Investment Grade Corporate Debt Indexes		20,398,000		—		B
Non-Investment Grade Single Name Corporate Debt		12,870,000		—	CC

Total	$	186,123,000	$	—

F49 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued


*		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.

Interest Rate Swap Contracts as of September 30, 2009 are as follows:


	Notional
Interest Rate/	Amount			Paid by	Received by			Termination
Swap Counterparty	(000’s)			the Fund	the Fund			Date		Value

BZDI:
Banco Santander Central Hispano SA		18,790	BRR	BZDI		14.000	%		1/3/12	$	933,115
Goldman Sachs Group, Inc. (The)		46,100	BRR	BZDI		12.800			1/2/17		546,950
Goldman Sachs International		6,810	BRR	BZDI		14.100			1/2/17		166,583
Goldman Sachs International		43,920	BRR	BZDI		13.900			1/2/17		1,074,746
J Aron & Co.		16,625	BRR	BZDI		14.160			1/2/17		650,924
J Aron & Co.		34,060	BRR	BZDI		12.920			1/2/14		914,541
J Aron & Co.		16,960	BRR	BZDI		12.870			1/2/14		438,207
J Aron & Co.		73,600	BRR	BZDI		12.390			1/2/12		1,093,323
J Aron & Co.		130	BRR	BZDI		12.260			1/2/15		(69	)
J Aron & Co.		60	BRR	BZDI		12.290			1/2/15		(31	)
J Aron & Co.		18,790	BRR	BZDI		14.050			1/2/12		942,544
J Aron & Co.		17,800	BRR	BZDI		14.300			1/2/17		701,480
JPMorgan Chase Bank NA		73,600	BRR	BZDI		12.380			1/2/12		1,089,584
JPMorgan Chase Bank NA		44,120	BRR	BZDI		13.900			1/2/17		1,080,038
JPMorgan Chase Bank NA		37,410	BRR	BZDI		13.910			1/2/12		1,865,010
JPMorgan Chase Bank NA		39,800	BRR	BZDI		13.900			1/2/17		1,207,097
Morgan Stanley		28,990	BRR	BZDI		12.810			1/2/17		134,215
Morgan Stanley		32,320	BRR	BZDI		15.000			1/2/17		1,284,080
Morgan Stanley		80,500	BRR	BZDI		13.900			1/2/17		2,441,491
Morgan Stanley		39,900	BRR	BZDI		12.050			1/2/12		588,433

Total		670,285	BRR								17,152,261

CAD BA CDOR:
JPMorgan Chase Bank NA		19,910	CAD	Six-Month CAD BACDOR		3.620			8/6/19		415,439
JPMorgan Chase Bank NA		24,235	CAD	Six-Month CAD BACDOR		3.000			4/30/19		(536,629	)

Total		44,145	CAD								(121,190	)

F50 | OPPENHEIMER STRATEGIC INCOME FUND

Interest Rate Swap Contracts Continued


	Notional
Interest Rate/	Amount			Paid by			Received by			Termination
Swap Counterparty	(000’s)			the Fund			the Fund			Date		Value

DKK CIBOR DKNA13
Barclays Bank plc		202,110	DKK		3.850	%	Six-Month DKK CIBOR DKNA13				8/7/19	$	(393,889	)

EUR EURIBOR Reuters:
JPMorgan Chase Bank NA		3,690	EUR		3.480		Six-Month EUR EURIBOR Reuters				9/10/19		(20,719	)
JPMorgan Chase Bank NA		3,670	EUR		3.530		Six-Month EUR EURIBOR Reuters				9/11/19		(43,132	)
JPMorgan Chase Bank NA		5,730	EUR		3.550		Six-Month EUR EURIBOR Reuters				9/14/19		(79,356	)

Total		13,090	EUR										(143,207	)

HUF BUBOR Reuters:
Barclays Bank plc		3,677,000	HUF	Six-Month HUF BUBOR Reuters				7.820	%		9/19/13		588,875
Barclays Bank plc		2,181,000	HUF	Six-Month HUF BUBOR Reuters				7.180			10/8/18		437,044
Citibank NA		2,147,000	HUF	Six-Month HUF BUBOR Reuters				7.200			10/8/18		446,351
Citibank NA		2,150,000	HUF	Six-Month HUF BUBOR Reuters				7.180			10/3/18		435,142
JPMorgan Chase Bank NA		2,181,000	HUF	Six-Month HUF BUBOR Reuters				7.200			10/6/18		453,419
JPMorgan Chase Bank NA		1,711,000	HUF	Six-Month HUF BUBOR Reuters				7.890			9/12/13		289,040
JPMorgan Chase Bank NA		2,903,000	HUF	Six-Month HUF BUBOR Reuters				8.480			6/6/13		619,070
JPMorgan Chase Bank NA		1,947,000	HUF	Six-Month HUF BUBOR Reuters				7.880			8/12/13		383,976

Total		18,897,000	HUF										3,652,917

ILS TELBOR01 Reuters:
Credit Suisse International		14,920	ILS	Three-Month ILS TELBOR01 Reuters				4.650			12/22/18		(109,231	)
Credit Suisse International		16,080	ILS	Three-Month ILS TELBOR01 Reuters				4.940			12/15/18		33,244
UBS AG		39,350	ILS	Three-Month ILS TELBOR01 Reuters				5.880			8/28/10		474,927
UBS AG		40,150	ILS	Three-Month ILS TELBOR01 Reuters				5.850			9/4/18		468,124
UBS AG		41,060	ILS	Three-Month ILS TELBOR01 Reuters				4.780			1/7/19		(190,285	)
UBS AG		41,030	ILS	Three-Month ILS TELBOR01 Reuters				5.036			12/12/18		56,624

Total		192,590	ILS										733,403

JPY BBA LIBOR:
Citibank NA		1,218,500	JPY		1.236	%	Six-Month JPY BBA LIBOR				3/10/19		143,956

F51 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued


	Notional
Interest Rate/	Amount			Paid by			Received by			Termination
Swap Counterparty	(000’s)			the Fund			the Fund			Date		Value

JPY BBA LIBOR Continued
JPMorgan Chase Bank NA		1,218,500	JPY		1.268	%	Six-Month JPY BBA LIBOR				3/6/19	$	102,703
JPMorgan Chase Bank NA		1,269,500	JPY		1.484		Six-Month JPY BBA LIBOR				8/7/19		(136,190	)

Total		3,706,500	JPY										110,469

MXN TIIE BANXICO:
Barclays Bank plc		82,350	MXN	MXN TIIE BANXICO				9.270	%		7/17/26		431,195
Banco Santander SA, Inc.		228,300	MXN	MXN TIIE BANXICO				8.540			9/27/13		881,096
Banco Santander SA, Inc.		229,200	MXN	MXN TIIE BANXICO				8.060			2/6/14		671,756
Citibank NA		427,800	MXN	MXN TIIE BANXICO				8.920			11/24/11		1,595,985
Credit Suisse International		90,300	MXN	MXN TIIE BANXICO				8.560			9/27/13		298,471
Goldman Sachs Group, Inc. (The)		138,000	MXN	MXN TIIE BANXICO				8.540			9/27/13		532,594
Goldman Sachs Group, Inc. (The)		466,000	MXN	MXN TIIE BANXICO				6.250			6/7/11		(116,423	)
Goldman Sachs Group, Inc. (The)		576,000	MXN	MXN TIIE BANXICO				6.000			6/6/11		(168,024	)
Goldman Sachs Group, Inc. (The)		431,000	MXN	MXN TIIE BANXICO				9.350			11/18/11		1,834,297
Goldman Sachs Group, Inc. (The)		1,401,000	MXN	MXN TIIE BANXICO				10.000			11/11/11		2,556,511
Goldman Sachs Group, Inc. (The)		521,900	MXN	MXN TIIE BANXICO				9.270			11/21/11		2,123,793
Goldman Sachs Group, Inc. (The)		516,800	MXN	MXN TIIE BANXICO				9.080			11/22/11		2,009,727
JPMorgan Chase Bank NA		1,393,000	MXN	MXN TIIE BANXICO				10.000			11/11/11		2,541,913
JPMorgan Chase Bank NA		417,900	MXN	MXN TIIE BANXICO				8.920			11/24/11		1,559,052

Total		6,919,550	MXN										16,751,943

PLZ WIBOR WIBO:
Goldman Sachs Group, Inc. (The)		54,520	PLZ	Six-Month PLZ WIBOR WIBO				5.330			10/6/18		420,739
Goldman Sachs Group, Inc. (The)		54,600	PLZ	Six-Month PLZ WIBOR WIBO				5.320			10/3/18		408,363
JPMorgan Chase Bank NA		16,525	PLZ	Six-Month PLZ WIBOR WIBO				5.650			9/11/19		91,823
JPMorgan Chase Bank NA		24,750	PLZ	Six-Month PLZ WIBOR WIBO				5.690			9/14/19		164,129
JPMorgan Chase Bank NA		16,600	PLZ	Six-Month PLZ WIBOR WIBO				5.600			9/10/19		74,663

Total		166,995	PLZ										1,159,717

F52 | OPPENHEIMER STRATEGIC INCOME FUND

Interest Rate Swap Contracts Continued

Notional

Interest Rate/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

USD BBA LIBOR

Goldman Sachs Group, Inc. (The)

38,900

Three-Month USD
BBA LIBOR

3.910

8/7/19

1,828,456

ZAR JIBAR SAFEX:

Barclays Bank plc

183,040

ZAR

Three-Month ZAR JIBAR SAFEX

7.450

9/22/11

2,558

Goldman Sachs Group, Inc. (The)

123,510

ZAR

Three-Month ZAR JIBAR SAFEX

7.500

9/23/11

1,743

Total

306,550

ZAR

4,301

Total Interest Rate Swaps

40,735,181


Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:

BRR		Brazilian Real
CAD		Canadian Dollar
DKK		Danish Krone
EUR		Euro
HUF		Hungarian Forint
ILS		Israeli Shekel
JPY		Japanese Yen
MXN		Mexican Nuevo Peso
PLZ		Polish Zloty
ZAR		South African Rand

Abbreviations/Definitions are as follows:

BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANIXCO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
BUBOR		Budapest Interbank Offered Rate
BZDI		Brazil Interbank Deposit Rate
CIBOR		Copenhagen Interbank Offered Rate
DKNA13		Reuters 12-Month CIBOR
EURIBOR		Euro Interbank Offered Rate
JIBAR		South Africa Johannesburg Interbank Agreed Rate
SAFEX		South African Futures Exchange
TIIE		Interbank Equilibrium Interest Rate
TELBOR01		Tel Aviv Interbank Offered Rate 1 Month
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

F53 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts as of September 30, 2009 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

AMEX Cyclical/Transportation
Select Index

Deutsche Bank AG

6,656

One-Month BBA LIBOR plus 15 basis points and if negative, the absolute value of the Total Return of the AMEX Cyclical/Transportation Select Index

If positive, the Total Return of the AMEX Cyclical/Transportation Select Index

10/5/09

522,825

AMEX Financial Select Index

UBS AG

6,579

One-month BBA LIBOR minus 10 basis points and if negative, absolute value of the Total Return of the AMEX Financial Select Index

If positive, the Total Return of the AMEX Financial Select Index

9/9/10

461,045

AMEX Utility Select Index

Deutsche Bank AG

6,591

One-Month BBA LIBOR plus 20 basis points and if negative, the absolute value of the Total Return of the AMEX Utility Select Index

If positive, the Total Return of the AMEX Utility Select Index

10/5/09

229,225

F54 | OPPENHEIMER STRATEGIC INCOME FUND

Total Return Swap Contracts Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Custom basket of securities:

Citibank NA, New York

2,144,307

JPY

One-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

4/14/10

(1,624,175

)

Deutsche Bank AG, London

79,657

One-Month BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

3/5/10

6,238,388

Morgan Stanley

10,978

EUR

One-Month EUR BBA LIBOR plus 25 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

3/5/10

677,276

Morgan Stanley International

10,919

EUR

One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities

If positive, the Total Return of a custom basket of securities

10/7/09

1,951,561

Reference Entity Total

7,243,050

F55 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

Each of JSC “Rushydro” (Open
Joint Stock Company, Federal
Hydrogeneration Company) and
OJSC Saratovskaya HPP and any
Successor(s) to these Reference Entities

Morgan Stanley Capital Services, Inc.

936,780

RUR

Three-Month USD BBA LIBOR

7.75% from debt obligations of JSC Rushydro and OJSC Saratovskaya HPP

12/26/13

(3,384,862

)

Korea Stock Price Index 200

Citibank NA

9,966,350

KRW

If positive, the Total Return of the KOSPI 200 Index

If negative, the absolute value of the Total Return of the KOSPI 200 Index

12/14/09

(371,516

)

MSCI Daily TR Gross Norway Index

Morgan Stanley

7,600

If positive, the Total Return of the MSCI Daily Gross Norway Index

One-Month BBA LIBOR minus 90 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Gross Norway Index

7/12/10

(1,079,869

)

MSCI Daily TR Net Belgium
USD Index

UBS AG

7,967

If positive, the Total Return of the MSCI Daily Net Belgium Index

One-Month BBA LIBOR minus 95 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Belgium Index

8/6/10

(640,859

)

F56 | OPPENHEIMER STRATEGIC INCOME FUND

Total Return Swap Contracts Continued

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

MSCI Daily TR Net Emerging Markets USD

UBS AG

16,139

One-Month BBA LIBOR plus 100 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net Emerging Markets Index

If positive, the Total Return of the MSCI Daily Net Emerging Markets Index

5/12/10

1,765,625

S&P Citigroup Growth Index

Morgan Stanley

19,726

If positive, the Total Return of the S&P Citigroup Growth Index

One-Month BBA LIBOR minus 35 basis points and if negative, the absolute value of the Total Return of the S&P Citigroup Growth Index

9/14/10

(1,179,443

)

Total of Total Return Swaps

3,565,221

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


EUR		Euro
JPY		Japanese Yen
KRW		South Korean Won

Abbreviations are as follows:


BBA		British Bankers’ Association
BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
KOSPI		Korean Stock Price Index
MSCI		Morgan Stanley Capital International
S&P		Standard & Poor’s

Currency Swaps as of September 30, 2009 are as follows:

Notional

Reference Entity/

Amount

Paid by

Received by

Termination

Swap Counterparty

(000’s)

the Fund

Date

Value

COP TRM (COP02)

Deutsche Bank AG

6,720,000

COP

6.44% of the USD equivalent notional at inception of trade

12.51% of the COP notional

3/18/19

245

Total Currency Swaps

245

F57 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments Continued

Currency Swaps Continued

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


COP		Colombian Peso
RUR		Russian Ruble

Abbreviation is as follows:

BBA LIBOR		British Bankers’ Association London-Interbank Offered Rate
TRM		Tasa Representativa del Mercado

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

Swap Summary as of September 30, 2009 is as follows:


		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value

Banco Santander Central Hispano SA	Interest Rate		18,790	BRR	$	933,115
Banco Santander SA, Inc.	Interest Rate		457,500	MXN		1,552,852
Barclays Bank plc:
	Credit Default Buy Protection		68,870			(4,328,442	)
	Credit Default Sell Protection		16,120			(4,031,635	)
	Interest Rate		202,110	DKK		(393,889	)
	Interest Rate		5,858,000	HUF		1,025,919
	Interest Rate		82,350	MXN		431,195
	Interest Rate		183,040	ZAR		2,558

						(7,294,294	)

Citibank NA:
	Interest Rate		4,297,000	HUF		881,493
	Interest Rate		1,218,500	JPY		143,956
	Interest Rate		427,800	MXN		1,595,985
	Total Return		9,966,350	KRW		(371,516	)

						2,249,918

Citibank NA, New York:
	Credit Default Buy Protection		7,970			(1,139,953	)
	Credit Default Sell Protection		4,860			(950,814	)
	Total Return		2,144,307	JPY		(1,624,175	)

						(3,714,942	)
Credit Suisse International:
	Credit Default Buy Protection		5,705			(137,693	)
	Credit Default Sell Protection		54,511			(7,311,914	)
	Interest Rate		31,000	ILS		(75,987	)
	Interest Rate		90,300	MXN		298,471

						(7,227,123	)

Deutsche Bank AG:
	Credit Default Buy Protection		19,840			(469,951	)
	Credit Default Sell Protection		25,270			440,161
	Currency		6,720,000	COP		245
	Total Return		13,247			752,050

						722,505
Deutsche Bank AG, London	Total Return		79,657			6,238,388

F58 | OPPENHEIMER STRATEGIC INCOME FUND

Swap Summary Continued


		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value

Goldman Sachs Group, Inc. (The):
	Interest Rate		46,100	BRR	$	546,950
	Interest Rate		4,050,700	MXN		8,772,475
	Interest Rate		109,120	PLZ		829,102
	Interest Rate		38,900			1,828,456
	Interest Rate		123,510	ZAR		1,743

						11,978,726

Goldman Sachs International:
	Credit Default Buy Protection		37,505			(3,911,289	)
	Credit Default Sell Protection		12,400			(274,905	)
	Interest Rate		50,730	BRR		1,241,329

						(2,944,865	)

J Aron & Co.	Interest Rate		178,025	BRR		4,740,919
JPMorgan Chase Bank NA, London Branch	Credit Default Buy Protection		31,200			(3,367,472	)
JPMorgan Chase Bank NA, NY Branch	Credit Default Sell Protection		21,672			(460,132	)
JPMorgan Chase Bank NA:
	Interest Rate		194,930	BRR		5,241,729
	Interest Rate		44,145	CAD		(121,190	)
	Interest Rate		13,090	EUR		(143,207	)
	Interest Rate		8,742,000	HUF		1,745,505
	Interest Rate		2,488,000	JPY		(33,487	)
	Interest Rate		1,810,900	MXN		4,100,965
	Interest Rate		57,875	PLZ		330,615

						11,120,930
Morgan Stanley:
	Interest Rate		181,710	BRR		4,448,219
	Total Return		10,978	EUR		677,276
	Total Return		27,326			(2,259,312	)

						2,866,183
Morgan Stanley Capital Services, Inc.:
	Credit Default Sell Protection		51,290			(5,474,411	)
	Total Return		936,780	RUR		(3,384,862	)

						(8,859,273	)
Morgan Stanley International	Total Return		10,919	EUR		1,951,561
UBS AG:
	Credit Default Buy Protection		12,870			(408,857	)
	Interest Rate		161,590	ILS		809,390
	Total Return		30,685			1,585,811

						1,986,344

		Total Swaps			$	12,473,340

Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies:


BRR		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
DKK		Danish Krone
EUR		Euro
HUF		Hungarian Forint
ILS		Israeli Shekel
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
PLZ		Polish Zloty
RUR		Russian Ruble
ZAR		South African Rand

See accompanying Notes to Financial Statements.

F59 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES September 30, 2009

Assets


Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $8,127,164,650)	$	7,977,235,843
Affiliated companies (cost $957,287,512)		929,586,353

		8,906,822,196
Cash		2,154,000
Cash—foreign currencies (cost $34,731,984)		34,600,287
Unrealized appreciation on foreign currency exchange contracts		57,064,130
Appreciated swaps, at value (upfront payments paid $400,129)		57,334,995
Receivables and other assets:
Investments sold (including $90,680,863 sold on a when-issued or delayed delivery basis)		164,343,144
Interest, dividends and principal paydowns		112,305,641
Closed foreign currency contracts		22,927,287
Shares of beneficial interest sold		7,365,473
Futures margins		2,237,537
Other		564,946

Total assets		9,367,719,636

Liabilities


Return of collateral for securities loaned		23,441,250
Unrealized depreciation on foreign currency exchange contracts		29,536,718
Appreciated swaps, at value (upfront payments received $11,983,600)		8,549,801
Depreciated swaps, at value (upfront payments received $7,422,362)		36,311,854
Unrealized depreciation on unfunded purchase agreements		1,154,269
Payables and other liabilities:
Investments purchased (including $592,511,091 purchased on a when-issued or delayed delivery basis)		607,565,677
Payable on TALF Loan		436,242,527
Closed foreign currency contracts		45,982,062
Shares of beneficial interest redeemed		21,518,949
Distribution and service plan fees		4,702,031
Dividends		4,660,174
Futures margins		2,351,058
Transfer and shareholder servicing agent fees		1,208,928
Interest expense on borrowings		440,832
Shareholder communications		401,486
Trustees’ compensation		88,125
Other		289,368

Total liabilities		1,224,445,109

Net Assets	$	8,143,274,527

F60 | OPPENHEIMER STRATEGIC INCOME FUND

Composition of Net Assets


Par value of shares of beneficial interest	$	2,081,142
Additional paid-in capital		9,840,734,063
Accumulated net investment loss		(60,291,056	)
Accumulated net realized loss on investments and foreign currency transactions		(1,520,822,956	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(118,426,666	)

Net Assets	$	8,143,274,527

Net Asset Value Per Share



Class A Shares:
Net asset value and redemption price per share (based on net assets of $6,019,722,846 and 1,538,141,096 shares of beneficial interest outstanding)	$	3.91
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.10

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $353,247,942 and 89,955,696 shares of beneficial interest outstanding)	$	3.93

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,292,721,056 and 330,982,735 shares of beneficial interest outstanding)	$	3.91

Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $186,856,716 and 47,714,723 shares of beneficial interest outstanding)	$	3.92

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $290,725,967 and 74,347,317 shares of beneficial interest outstanding)	$	3.91

See accompanying Notes to Financial Statements.

F61 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF OPERATIONS For the Year Ended September 30, 2009


Allocation of Income and Expenses from master funds¹
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund:
Dividends	$	8,567
Interest		3,174,614
Expenses²		(181,586	)

Net investment income from Oppenheimer Master Event-Linked Bond Fund, LLC		3,001,595
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Dividends		232,892
Interest		33,364,134
Expenses³		(1,285,219	)

Net investment income from Oppenheimer Master Loan Fund, LLC		32,311,807

Investment Income
Interest		553,248,934
Fee income		10,071,232
Dividends:
Unaffiliated companies		236,793
Affiliated companies		6,210,984
Income from investment of securities lending cash collateral, net—affiliated companies		3,741,376
Other income		449,360

Total investment income		573,958,679

Expenses
Management fees		40,903,339
Distribution and service plan fees:
Class A		14,565,938
Class B		3,557,129
Class C		12,015,222
Class N		819,788
Transfer and shareholder servicing agent fees:
Class A		9,665,156
Class B		1,122,164
Class C		2,036,158
Class N		672,251
Class Y		573,979


1.		The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes.

See Note 1 of accompanying Notes.

2.		Net of expense waivers and/or reimbursements of $1,096.

3.		Net of expense waivers and/or reimbursements of $40,379.

F62 | OPPENHEIMER STRATEGIC INCOME FUND


Expenses Continued
Shareholder communications:
Class A	$	718,279
Class B		95,934
Class C		154,575
Class N		17,180
Class Y		72,571
Custodian fees and expenses		640,594
Interest expense on borrowings		449,360
Trustees’ compensation		153,336
Other		761,946

Total expenses		88,994,899
Less reduction to custodian expenses		(13,642	)
Less waivers and reimbursements of expenses		(1,770,444	)

Net expenses		87,210,813

Net Investment Income		522,061,268

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies (including premiums on options exercised)		(409,553,342	)
Closing and expiration of option contracts written		15,877,218
Closing and expiration of futures contracts		76,941,223
Foreign currency transactions		(145,903,720	)
Swap contracts		(774,077,038	)
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		(70,389	)
Allocated from Oppenheimer Master Loan Fund, LLC		(19,106,721	)

Net realized loss		(1,255,892,769	)
Net change in unrealized appreciation (depreciation) on:
Investments		504,763,869
Translation of assets and liabilities denominated in foreign currencies		111,611,232
Futures contracts		15,868,688
Option contracts written		979,731
Swap contracts		217,607,034
Unfunded purchase agreements		(1,608,443	)
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		(995,250	)
Allocated from Oppenheimer Master Loan Fund, LLC		38,983,121

Net change in unrealized depreciation		887,209,982

Net Increase in Net Assets Resulting from Operations	$	153,378,481

See accompanying Notes to Financial Statements.

F63 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended September 30,	2009			2008

Operations
Net investment income	$	522,061,268		$	522,460,246
Net realized gain (loss)		(1,255,892,769	)		151,736,106
Net change in unrealized depreciation		887,209,982			(1,175,192,184	)

Net increase (decrease) in net assets resulting from operations		153,378,481			(500,995,832	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(297,722,981	)		(494,418,504	)
Class B		(15,400,453	)		(31,451,076	)
Class C		(53,488,830	)		(78,943,422	)
Class N		(7,720,213	)		(10,729,833	)
Class Y		(13,523,528	)		(13,912,150	)

		(387,856,005	)		(629,454,985	)
Tax return of capital distribution from net investment income:
Class A		(100,758,873	)		—
Class B		(5,212,001	)		—
Class C		(18,102,311	)		—
Class N		(2,612,764	)		—
Class Y		(4,576,789	)		—

		(131,262,738	)		—

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(1,406,122,517	)		2,145,982,862
Class B		(110,645,842	)		(32,104,276	)
Class C		(161,338,625	)		572,201,995
Class N		2,474,713			61,007,867
Class Y		(12,139,401	)		(456,356	)

		(1,687,771,672	)		2,746,632,092

Net Assets
Total increase (decrease)		(2,053,511,934	)		1,616,181,275
Beginning of period		10,196,786,461			8,580,605,186


End of period (including accumulated net investment income (loss) of $(60,291,056) and $138,138,414, respectively)	$	8,143,274,527		$	10,196,786,461

See accompanying Notes to Financial Statements.

F64 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENTS OF CASH FLOWS September 30, 2009


Cash Flows from Operating Activities
Net increase in net assets from operations	$	153,378,481
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(5,271,652,152	)
Proceeds from disposition of investment securities		6,256,529,025
Short-term investment securities, net		638,553,519
Premium amortization		16,833,142
Discount accretion		(101,045,908	)
Net realized loss on investments		1,255,892,769
Net change in unrealized appreciation on investments		(504,763,869	)
Net change in unrealized depreciation allocated from Master Event-Linked Bond Fund, LLC		995,250
Net change in unrealized appreciation allocated from Master Loan Fund, LLC		(38,983,121	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		(111,611,232	)
Net change in unrealized appreciation on futures contracts		(15,868,688	)
Net change in unrealized appreciation on option contracts written		(979,731	)
Net change in unrealized deprecation on unfunded loan commitments		1,608,443
Net change in unrealized appreciation on swaps		(217,607,034	)
Decrease in interest receivable		3,364,966
Increase in receivable for securities sold		(106,965,331	)
Decrease in other assets		50,496,156
Increase in payable for securities purchased		418,883,966
Decrease in return of securities lending collateral		(457,852,910	)
Decrease in payable for accrued expenses		(1,492,551	)
Decrease in other liabilities		(188,692,188	)

Net cash provided by operating activities		1,779,021,002

Cash Flows from Financing Activities
Proceeds from TALF loans		436,242,527
Payments on bank borrowings		—
Proceeds from shares sold		1,664,534,220
Payments on shares redeemed		(3,767,565,130	)
Cash distributions paid		(107,998,297	)

Net cash used in financing activities		(1,774,786,680	)
Net increase in cash		4,234,322
Cash, beginning balance		32,519,965

Cash, ending balance	$	36,754,287	¹


1.		Includes “Cash-foreign currencies”

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $415,108,160.

Cash paid for interest on bank borrowings-$8,528.

See accompanying Notes to Financial Statements.

F65 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended September 30,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.41		$	4.18		$	4.34		$	4.23

Income (loss) from investment operations:
Net investment income¹		.24			.24			.23			.21			.21
Net realized and unrealized gain (loss)		(.05	)		(.40	)		.23			(.05	)		.19

Total from investment operations		.19			(.16	)		.46			.16			.40

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.18	)		(.29	)		(.23	)		(.32	)		(.29	)
Tax return of capital distribution from net investment income		(.06	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.24	)		(.29	)		(.23	)		(.32	)		(.29	)


Net asset value, end of period	$	3.91		$	3.96		$	4.41		$	4.18		$	4.34


Total Return, at Net Asset Value²		5.59	%		(4.01	)%		11.14	%		3.77	%		9.77	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,019,723		$	7,719,384		$	6,430,790		$	5,077,400		$	4,766,576

Average net assets (in thousands)	$	5,942,116		$	7,560,427		$	5,655,265		$	4,888,392		$	4,392,321

Ratios to average net assets:^3,4
Net investment income		6.74	%		5.44	%		5.25	%		5.03	%		4.82	%
Total expenses		0.98	%⁵		0.91	%⁵		0.90	%⁵		0.93	%		0.94	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96	%		0.89	%		0.89	%		0.92	%		0.94	%

Portfolio turnover rate⁶		96	%		71	%		72	%		96	%		103	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:


Year Ended September 30, 2009	0.99	%
Year Ended September 30, 2008	0.92	%
Year Ended September 30, 2007	0.91	%


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


	Purchase Transactions		Sale Transactions

Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F66 | OPPENHEIMER STRATEGIC INCOME FUND


Class B Year Ended September 30,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.98		$	4.42		$	4.20		$	4.35		$	4.24

Income (loss) from investment operations:
Net investment income¹		.20			.20			.19			.18			.17
Net realized and unrealized gain (loss)		(.04	)		(.39	)		.22			(.05	)		.20

Total from investment operations		.16			(.19	)		.41			.13			.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.16	)		(.25	)		(.19	)		(.28	)		(.26	)
Tax return of capital distribution from net investment income		(.05	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.21	)		(.25	)		(.19	)		(.28	)		(.26	)


Net asset value, end of period	$	3.93		$	3.98		$	4.42		$	4.20		$	4.35


Total Return, at Net Asset Value²		4.64	%		(4.54	)%		9.99	%		3.23	%		8.94	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	353,248		$	483,485		$	569,523		$	718,742		$	918,651

Average net assets (in thousands)	$	355,973		$	540,865		$	635,237		$	802,936		$	1,021,022

Ratios to average net assets:^3,4
Net investment income		5.83	%		4.61	%		4.43	%		4.25	%		4.05	%
Total expenses		1.90	%⁵		1.73	%⁵		1.71	%⁵		1.71	%		1.70	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88	%		1.71	%		1.70	%		1.71	%		1.69	%

Portfolio turnover rate⁶		96	%		71	%		72	%		96	%		103	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:


Year Ended September 30, 2009	1.91	%
Year Ended September 30, 2008	1.74	%
Year Ended September 30, 2007	1.72	%


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


	Purchase Transactions		Sale Transactions

Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F67 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended September 30,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.40		$	4.18		$	4.33		$	4.22

Income (loss) from investment operations:
Net investment income¹		.21			.20			.19			.18			.17
Net realized and unrealized gain (loss)		(.05	)		(.38	)		.22			(.05	)		.20

Total from investment operations		.16			(.18	)		.41			.13			.37

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.16	)		(.26	)		(.19	)		(.28	)		(.26	)
Tax return of capital distribution from net investment income		(.05	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.21	)		(.26	)		(.19	)		(.28	)		(.26	)


Net asset value, end of period	$	3.91		$	3.96		$	4.40		$	4.18		$	4.33


Total Return, at Net Asset Value²		4.79	%		(4.52	)%		10.06	%		3.22	%		8.96	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,292,721		$	1,493,804		$	1,086,918		$	857,843		$	788,217

Average net assets (in thousands)	$	1,201,421		$	1,381,340		$	959,439		$	814,425		$	748,199

Ratios to average net assets:^3,4
Net investment income		6.00	%		4.68	%		4.49	%		4.27	%		4.07	%
Total expenses		1.74	%⁵		1.66	%⁵		1.66	%⁵		1.68	%		1.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.72	%		1.64	%		1.65	%		1.68	%		1.69	%

Portfolio turnover rate⁶		96	%		71	%		72	%		96	%		103	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:


Year Ended September 30, 2009	1.75	%
Year Ended September 30, 2008	1.67	%
Year Ended September 30, 2007	1.67	%


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


	Purchase Transactions		Sale Transactions

Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F68 | OPPENHEIMER STRATEGIC INCOME FUND


Class N Year Ended September 30,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.97		$	4.41		$	4.19		$	4.34		$	4.23

Income (loss) from investment operations:
Net investment income¹		.22			.22			.21			.19			.19
Net realized and unrealized gain (loss)		(.05	)		(.39	)		.22			(.04	)		.19

Total from investment operations		.17			(.17	)		.43			.15			.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.16	)		(.27	)		(.21	)		(.30	)		(.27	)
Tax return of capital distribution from net investment income		(.06	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.22	)		(.27	)		(.21	)		(.30	)		(.27	)


Net asset value, end of period	$	3.92		$	3.97		$	4.41		$	4.19		$	4.34


Total Return, at Net Asset Value²		5.14	%		(4.17	)%		10.42	%		3.60	%		9.27	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	186,857		$	186,353		$	145,685		$	108,324		$	83,287

Average net assets (in thousands)	$	164,067		$	175,884		$	126,935		$	94,281		$	69,480

Ratios to average net assets:^3,4
Net investment income		6.34	%		5.03	%		4.84	%		4.62	%		4.37	%
Total expenses		1.48	%⁵		1.32	%⁵		1.32	%⁵		1.33	%		1.40	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.39	%		1.30	%		1.31	%		1.33	%		1.40	%

Portfolio turnover rate⁶		96	%		71	%		72	%		96	%		103	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:


Year Ended September 30, 2009	1.49	%
Year Ended September 30, 2008	1.33	%
Year Ended September 30, 2007	1.33	%


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


	Purchase Transactions		Sale Transactions

Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F69 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued


Class Y Year Ended September 30,	2009			2008			2007			2006			2005

Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.39		$	4.17		$	4.32		$	4.22

Income (loss) from investment operations:
Net investment income¹		.24			.25			.24			.22			.21
Net realized and unrealized gain (loss)		(.05	)		(.38	)		.22			(.04	)		.19

Total from investment operations		.19			(.13	)		.46			.18			.40

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.18	)		(.30	)		(.24	)		(.33	)		(.30	)
Tax return of capital distribution from net investment income		(.06	)		—			—			—			—

Total dividends and/or distributions to shareholders		(.24	)		(.30	)		(.24	)		(.33	)		(.30	)


Net asset value, end of period	$	3.91		$	3.96		$	4.39		$	4.17		$	4.32


Total Return, at Net Asset Value²		5.67	%		(3.33	)%		11.28	%		4.35	%		9.73	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	290,726		$	313,760		$	347,689		$	179,309		$	62,824

Average net assets (in thousands)	$	266,712		$	220,416		$	260,589		$	118,239		$	68,656

Ratios to average net assets:^3,4
Net investment income		6.82	%		5.68	%		5.61	%		5.38	%		4.84	%
Total expenses		0.80	%⁵		0.66	%⁵		0.56	%⁵		0.58	%		1.16	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.78	%		0.64	%		0.55	%		0.58	%		0.80	%

Portfolio turnover rate⁶		96	%		71	%		72	%		96	%		103	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:


Year Ended September 30, 2009	0.81	%
Year Ended September 30, 2008	0.67	%
Year Ended September 30, 2007	0.57	%


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


	Purchase Transactions		Sale Transactions

Year Ended September 30, 2009	$	5,100,694,441	$	4,915,091,623
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355

See accompanying Notes to Financial Statements.

F70 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

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

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

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

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

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

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s

F71 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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

Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

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

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

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

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

F72 | OPPENHEIMER STRATEGIC INCOME FUND

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

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

As of September 30, 2009, 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		$592,511,091
Sold securities		90,680,863

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

F73 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

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. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. Information concerning securities in default as of September 30, 2009 is as follows:


Cost	$	155,701,549
Market Value	$	20,541,139
Market Value as a % of Net Assets		0.25	%

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

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

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held

F74 | OPPENHEIMER STRATEGIC INCOME FUND

and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

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

Investments in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund, LLC and Oppenheimer Master Event-Linked Bond Fund, LLC (the “master funds”). Each master fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund.

The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held. As a shareholder, the Fund is subject to its proportional share of master funds’s expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the master funds.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered

F75 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. Shares of LAF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

Participation in TALF Program. The Fund may invest a portion of its assets through participation in the Term Asset-Backed Securities Loan Facility program (the “TALF Program”), a program created by the Board of Governors of the Federal Reserve System and the U.S. Department of the Treasury and operated by the Federal Reserve Bank of New York (the “New York Fed”). Under the TALF Program, the New York Fed may provide loans to the Fund to purchase certain investment-grade, asset-backed securities backed by, among other assets, automobile loans, student loans, credit card loans, and Small Business Administration-guaranteed small business loans or certain commercial mortgage-backed securities (“TALF Eligible Securities”). The Fund has limited its TALF borrowings to 15% of its total assets. Loans under the TALF Program are not subject to the Fund’s limitations on borrowings. As of September 30, 2009, borrowings under the TALF Program represent 4.7% of the Fund’s total assets.

The Fund will pledge TALF Eligible Securities as collateral for a TALF Program loan, which will consist of securities that the Fund currently owns or securities that the Fund purchases with the loan proceeds. The Fund is required to post an amount of TALF Eligible Securities, determined under the terms of the TALF Program, in excess of the amount borrowed. TALF Program loans are prepayable at the option of the Fund without penalty, and the Fund may satisfy its loan obligation in full at any time by surrendering the TALF Eligible Securities pledged by the Fund to the New York Fed. Except in certain limited circumstances, TALF Program loans are non-recourse, and if the Fund does not repay the loan, or if the TALF Eligible Securities pledged by the Fund default and lose some or all of their value, under the current terms of the TALF Program the New York Fed may enforce its rights only against the TALF Eligible Securities pledged by the Fund and not against any other assets of the Fund. If the Fund were to surrender its TALF Eligible Securities under the terms of the TALF Program, the Fund would generally not be liable to the New York Fed for any shortfall between the value of the securities surrendered and the outstanding amount borrowed, however, it would lose any excess in the value of the TALF Eligible Securities pledged as collateral by the Fund over the amount borrowed. As of period end, TALF Program Loans were valued by the Manager, acting through its internal valuation committee, using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager).

Interest is charged to the Fund at rates based primarily on the term of each loan and the nature of the TALF Eligible Securities pledged by the Fund. The Fund also pays administrative fees on the settlement date to the New York Fed. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to the

F76 | OPPENHEIMER STRATEGIC INCOME FUND

Fund’s participation in the TALF Program for the year ended September 30, 2009 represent 0.01% of the Fund’s average annual net assets.

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

Under the terms of the TALF Program, principal and interest payments on TALF Eligible Securities pledged by the Fund are generally required to be used immediately to make principal and interest payments on the TALF Program loan. If the periodic interest and principal payments due on a TALF Program loan exceed the amounts received on TALF Eligible Securities pledged by the Fund, the Fund may be required to pay such additional amounts from other portfolio holdings, which could reduce the Fund’s returns.

As of September 30, 2009, the Fund’s combined net unrealized appreciation/(depreciation) on securities acquired and loans executed in connection with the Fund’s participation in the TALF Program was $944,806.

As of September 30, 2009, the Fund had the following loans outstanding:


Loan Principal			Collateral	Loan Interest			Loan Maturity			Collateral
Amount		Loan Type	Description	Rate			Date	Loan Value		Value

$	206,660,520	Asset Backed Securities	Citibank Omni Master Trust, Credit Card Receivables		2.854	%	9/11/12	$	206,660,520	$	224,921,250
	61,186,359	Asset Backed Securities	Discover Card Master Trust, Credit Card Receivables		1.243	¹	9/11/12		61,186,359		65,310,531
	33,957,459	Commercial Mortgage-Backed Securities	Citigroup, Inc., Deutsche Bank 2007-CD4 Commercial Mortgage Trust		2.946		9/25/12		33,957,459		40,298,608

F77 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued


Loan Principal			Collateral	Loan Interest			Loan Maturity			Collateral
Amount		Loan Type	Description	Rate			Date	Loan Value		Value

$	58,975,164	Commercial Mortgage-Backed Securities	Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust		2.946	%	9/25/12	$	58,975,164	$	69,566,151
	25,330,037	Commercial Mortgage-Backed Securities	Morgan Stanley Capital I Trust		2.946		9/25/12		25,330,037		29,938,989
	20,757,774	Commercial Mortgage-Backed Securities	Morgan Stanley Capital I Trust		3.800		9/25/14		20,757,774		24,878,368
	29,375,214	Commercial Mortgage-Backed Securities	Wachovia Bank Commercial Mortgage Trust		2.946		9/25/12		29,375,214		35,122,396

$	436,242,527							$	436,242,527	$	490,036,293


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

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

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

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

Net Unrealized

Depreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^{1,2,3,4,5,6,7}

Tax Purposes

—

1,511,535,434

140,665,870

F78 | OPPENHEIMER STRATEGIC INCOME FUND


1.		As of September 30, 2009, the Fund had $684,751,345 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of September 30, 2009, details of the capital loss carryforwards were as follows:


Expiring

2010	$	185,647,798
2011		298,761,186
2012		122,914,725
2017		77,427,636

Total	$	684,751,345


2.		As of September 30, 2009, the Fund had $705,864,407 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2018.

3.		The Fund had $119,832,080 of post-October foreign currency losses which were deferred.

4.		The Fund had $1,087,602 of straddle losses which were deferred.

5.		During the fiscal year ended September 30, 2009, the Fund did not utilize any capital loss carryforward.

6.		During the fiscal year ended September 30, 2008, the Fund utilized $27,107,866 of capital loss carryforward to offset capital gains realized in that fiscal year.

7.		During the fiscal year ended September 30, 2009, $66,252,393 of unused capital loss carryforward expired.

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

Accordingly, the following amounts have been reclassified for September 30, 2009. Net assets of the Fund were unaffected by the reclassifications.

Reduction

to Accumulated

Reduction to

Net Investment

Net Realized Loss

Paid-in Capital

Income

on Investments

198,361,742

201,371,995

399,733,737

The tax character of distributions paid during the years ended September 30, 2009 and September 30, 2008 was as follows:


	Year Ended		Year Ended
	September 30, 2009		September 30, 2008

Distributions paid from:
Ordinary income	$	387,856,005	$	629,454,985
Return of capital		131,262,738		—

Total	$	519,118,743	$	629,454,985

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if

F79 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	9,092,498,466
Federal tax cost of other investments		500,895,267

Total federal tax cost	$	9,593,393,733

Gross unrealized appreciation	$	595,578,067
Gross unrealized depreciation		(736,243,937	)

Net unrealized depreciation	$	(140,665,870	)

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

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

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

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

F80 | OPPENHEIMER STRATEGIC INCOME FUND

custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

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

2. Shares of Beneficial Interest

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


	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Amount			Shares			Amount

Class A
Sold		301,768,574		$	1,059,983,335			811,998,259		$	3,547,497,776
Dividends and/or distributions reinvested		91,403,674			319,350,656			90,115,039			391,099,372
Redeemed		(802,163,197	)		(2,785,456,508	)		(414,282,055	)		(1,792,614,286	)

Net increase (decrease)		(408,990,949	)	$	(1,406,122,517	)		487,831,243		$	2,145,982,862


Class B
Sold		19,505,967		$	68,444,514			44,735,111		$	196,102,890
Dividends and/or distributions reinvested		4,763,834			16,691,602			5,601,817			24,423,440
Redeemed		(55,869,284	)		(195,781,958	)		(57,591,324	)		(252,630,606	)

Net decrease		(31,599,483	)	$	(110,645,842	)		(7,254,396	)	$	(32,104,276	)


Class C
Sold		74,636,576		$	261,000,485			182,971,353		$	798,051,215
Dividends and/or distributions reinvested		15,457,950			54,023,070			13,833,361			59,900,893
Redeemed		(136,671,844	)		(476,362,180	)		(66,390,652	)		(285,750,113	)

Net increase (decrease)		(46,577,318	)	$	(161,338,625	)		130,414,062		$	572,201,995

F81 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Shares of Beneficial Interest Continued


	Year Ended September 30, 2009						Year Ended September 30, 2008
	Shares			Amount			Shares			Amount

Class N
Sold		20,125,973		$	70,519,105			23,832,269		$	104,021,888
Dividends and/or distributions reinvested		2,417,291			8,483,946			2,007,889			8,716,192
Redeemed		(21,803,466	)		(76,528,338	)		(11,902,534	)		(51,730,213	)

Net increase		739,798		$	2,474,713			13,937,624		$	61,007,867


Class Y
Sold		52,215,363		$	185,556,789			85,589,372		$	372,176,959
Dividends and/or distributions reinvested		4,726,808			16,558,886			2,700,353			11,630,892
Redeemed		(61,786,767	)		(214,255,076	)		(88,220,405	)		(384,264,207	)

Net increase (decrease)		(4,844,596	)	$	(12,139,401	)		69,320		$	(456,356	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF and LAF, for the year ended September 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	4,251,955,259	$	4,992,405,218
U.S. government and government agency obligations		1,019,696,893		1,264,123,807
To Be Announced (TBA) mortgage-related securities		5,100,694,441		4,915,091,623

4. Fees and Other Transactions with Affiliates

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


Fee Schedule

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

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended September 30, 2009, the Fund paid $13,883,492 to OFS for services to the Fund.

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

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

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

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at September 30, 2009 were as follows:


Class B	$	113,549,754
Class C		39,955,675
Class N		3,168,553

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

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NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

Class A

Class B

Class C

Class N

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

September 30, 2009

1,157,940

131,262

1,049,561

406,196

19,233

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

During the year ended September 30, 2009, OFS waived transfer and shareholder servicing agent fees as follows:


Class N		$	103,564

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in IMMF and the master funds. During the year ended September 30, 2009, the Manager waived $1,666,880 for management fees.

5. Risk Exposures and the Use of Derivative Instruments

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

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

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.

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

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.

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

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction. As of September 30, 2009, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $114,322,299, which represents the gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to net unrealized appreciation and depreciation for positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

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NOTES TO FINANCIAL STATEMENTS Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

The amount of loss that the Fund would incur taking into account these master netting arrangements would be $68,329,458 as of September 30, 2009.

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

As of September 30, 2009, the total value of derivative positions with credit related contingent features in a net liability position was $28,319,156. If a contingent feature would have been triggered as of September 30, 2009, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its derivative transactions.

Valuations of derivative instruments as of September 30, 2009 are as follows:

Asset Derivatives

Liability Derivatives

Statement of

Derivatives

Assets and

Not Accounted for as

Liabilities

Hedging Instruments

Location

Value

Location

Value

Credit Contracts

Appreciated swaps, at value

8,549,801

Credit Contracts

Appreciated swaps, at value

2,959,646

Depreciated swaps, at value

26,237,152

Equity contracts

Appreciated swaps, at value

11,845,945

Depreciated swaps, at value

8,280,724

Equity contracts

Futures margins

647,434

Futures margins

524,270

Foreign exchange contracts

Appreciated swaps,at value

245

Foreign exchange contracts

Unrealized appreciation on foreign currency exchange contracts

56,987,304

Unrealized depreciation on foreign currency exchange contracts

29,450,342

Interest rate contracts

Appreciated swaps, at value

42,529,159

Depreciated swaps, at value

1,793,978

Interest rate contracts

Futures margins

1,590,103

Futures margins

1,826,788

Total

116,559,836

76,663,055


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

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


Amount of Realized Gain or Loss Recognized on Derivatives¹
	Investments from
	unaffiliated
	companies			Closing and
Derivatives Not	(including			expiration		Closing and
Accounted	premiums			of option		expiration			Foreign
for as Hedging	on options			contracts		of futures			currency			Swap
Instruments	exercised)*			written		contracts			transactions			contracts			Total

Credit contracts	$	—		$	—	$	—		$	—		$	(5,609,879	)	$	(5,609,879	)
Equity contracts		—			—		(38,134,386	)		—			49,230,139			11,095,753
Foreign exchange contracts		(25,433	)		531,614		—			(233,597,765	)		5,790,796			(227,300,788	)
Interest rate contracts		—			—		692,899			—			18,534,085			19,226,984

Total	$	(25,433	)	$	531,614	$	(37,441,487	)	$	(233,597,765	)	$	67,945,141		$	(202,587,930	)


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


Amount of Change in Unrealized Gain or Loss Recognized on Derivatives¹
							Translation of
							assets and
							liabilities
Derivatives Not							denominated
Accounted for as				Futures			in foreign			Swap
Hedging Instruments	Investments*			contracts			currencies			contracts			Total

Credit contracts	$	—		$	—		$	—		$	6,048,200		$	6,048,200
Equity contracts		—			6,623,890			—			(15,057,001	)		(8,433,111	)
Foreign exchange contracts		(359,191	)		—			(1,520,516	)		8,231,465			6,351,758
Interest rate contracts		—			(447,239	)		—			4,191,383			3,744,144

Total	$	(359,191	)	$	6,176,651		$	(1,520,516	)	$	3,414,047		$	7,710,991


1.		For the six months ending September 30, 2009.

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

Foreign Currency Exchange Contracts

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

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

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NOTES TO FINANCIAL STATEMENTS Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

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

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

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

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

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

Futures

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

Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

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

Futures contracts are reported on a schedule following the Statement of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. Cash held by the broker to

F88 | OPPENHEIMER STRATEGIC INCOME FUND

cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted in the Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations. Realized gains (losses) are reported in the Statement of Operations at the closing or expiration of futures contracts.

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

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

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

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

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

Option Activity

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

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

Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities.

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

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

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

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NOTES TO FINANCIAL STATEMENTS Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

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

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

Written option activity for the year ended September 30, 2009 was as follows:


	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums

Options outstanding as of September 30, 2008		3,818,670,000		$	1,032,083			3,818,670,000		$	1,032,083
Options written		31,314,535,000			14,602,195			31,346,705,000			14,884,216
Options closed or expired		(12,556,860,000	)		(9,001,812	)		(22,608,515,000	)		(6,875,407	)
Options exercised		(22,576,345,000	)		(6,632,466	)		(12,556,860,000	)		(9,040,892	)

Options outstanding as of September 30, 2009		—		$	—			—		$	—

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, or the occurrence of a credit event, over a specified period. Such contracts may include interest rate, equity, debt, index, total return, credit and currency swaps.

Swaps are marked to market daily using primarily quotations from pricing services, counterparties and brokers. Swap contracts are reported on a schedule following the Statement of Investments. Any upfront payment paid or received as well as any unrealized appreciation (depreciation) on swap contracts are separately disclosed on the 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 at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to

F90 | OPPENHEIMER STRATEGIC INCOME FUND

similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

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

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

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

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

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

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow

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NOTES TO FINANCIAL STATEMENTS Continued

5. Risk Exposures and the Use of Derivative Instruments Continued

stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

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

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

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

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

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

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

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

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, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes.

The Fund has entered into total return swaps to decrease exposure to the credit risk of various indexes or basket of securities. These credit risk related total return

F92 | OPPENHEIMER STRATEGIC INCOME FUND

swaps require the fund to pay, or receive payments, to, or from, the counterparty based on the movement of credit spreads of the related indexes.

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

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

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

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

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

6. Illiquid or Restricted Securities

As of September 30, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Securities Lending

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

F93 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Securities Lending Continued

securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of September 30, 2009, the Fund had on loan securities valued at $22,998,654. Collateral of $23,441,250 was received for the loans, all of which was received in cash and subsequently invested in approved instruments.

8. Unfunded Purchase Agreements

Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase agreements of $42,195,642 at September 30, 2009. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase agreements. The following agreements are subject to funding based on the borrower’s discretion. The Fund is obligated to fund these agreements at the time of the request by the borrower. These agreements have been excluded from the Statement of Investments.

As of September 30, 2009, the Fund had unfunded purchase agreements as follows:


	Agreement		Unfunded
	Termination Date		Amount

Deutsche Bank AG, Opic Reforma I Credit Linked Nts.		10/23/13	$	22,745,027

Interest

Agreement

Unfunded

Unrealized

Rate

Termination Date

Amount

Depreciation

Deutsche Bank AG; An unfunded agreement that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 19,450,615 USD to a Peruvian Trust through Deutsche Bank’s Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the fund to maintain a consistent exposure level.

0.50

9/20/10

19,450,615

1,154,269

9. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through November 19, 2009, the date the financial statements were issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

F94 | OPPENHEIMER STRATEGIC INCOME FUND

10. Pending Litigation

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

A lawsuit has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not against the Fund), on behalf of the Oregon College Savings Plan Trust, and other lawsuits have been brought in state court against the Manager and that subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. All of these lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other lawsuits have been filed in 2008 and 2009 in various state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those lawsuits relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

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

F95 | OPPENHEIMER STRATEGIC INCOME FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Oppenheimer Strategic Income Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Strategic Income Fund, including the statement of investments, as of September 30, 2009, and the related statements of operations, changes in net assets and cash flows, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The accompanying financial statements and financial highlights of Oppenheimer Strategic Income Fund for the years ended prior to October 1, 2008 were audited by other auditors whose report dated November 18, 2008 expressed an unqualified opinion on those statements and financial highlights.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2009, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Strategic Income Fund as of September 30, 2009, the results of its operations and its cash flows, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
November 19, 2009

F96 | OPPENHEIMER STRATEGIC INCOME FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2009, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2008. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

None of the dividends paid by the Fund during the fiscal year ended September 30, 2009 are eligible for the corporate dividend-received deduction.

Dividends if any, paid by the Fund during the fiscal year ended September 30, 2009 which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2009, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended September 30, 2009, $275,746,433 or 71.10% of the ordinary distributions paid by the Fund qualifies as an interest related dividend.

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

23 | OPPENHEIMER STRATEGIC INCOME FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

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

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

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

24 | OPPENHEIMER STRATEGIC INCOME FUND

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Arthur Steinmetz, Krishna Memani, Joseph Welsh and Caleb Wong, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, that the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load multi-sector income funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund’s three-year, five-year and ten-year performance was above its peer group median, although its one-year performance was below its peer group median. The Board considered the Manager’s assertion that security selection in the high yield sleeve and exposure to emerging markets in the international sleeve, negatively impacted performance. The Board also considered changes in the heads of the newly formed Investment Grade Fixed Income and High Yield Corporate Debt teams.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other multi-sector income funds with comparable asset levels and distribution features. The Board noted

25 | OPPENHEIMER STRATEGIC INCOME FUND

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

that the Fund’s actual management fees and total expenses were below its peer group median.

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

Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement through August 31, 2010. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

26 | OPPENHEIMER STRATEGIC INCOME FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://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.

27 | OPPENHEIMER STRATEGIC INCOME FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

William L. Armstrong, Chairman of the Board of Trustees (since 2003), Trustee (since 1999) Age: 72		President, Colorado Christian University (since 2006); Chairman, Cherry Creek Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), former Director of Campus Crusade for Christ (non-profit) (1991-2008); former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979- January 1991). Oversees 38 portfolios in the OppenheimerFunds complex.

George C. Bowen, Trustee (since 2000) Age: 73		Assistant Secretary and Director of Centennial Asset Management Corporation (December 1991-April 1999); President, Treasurer and Director of Centennial Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 38 portfolios in the OppenheimerFunds complex.

Edward L. Cameron, Trustee (since 2000) Age: 71		Member of The Life Guard of Mount Vernon (George Washington historical site) (June 2000 — June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 38 portfolios in the OppenheimerFunds complex.

Jon S. Fossel, Trustee (since 1990) Age: 67		Chairman of the Board (since 2006) and Director (since June 2002) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (since November 2004); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005- February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex.

Sam Freedman, Trustee (since 1996) Age: 68		Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Manager and with subsidiary or affiliated companies of the Manager (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex.

28 | OPPENHEIMER STRATEGIC INCOME FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Beverly L. Hamilton, Trustee (since 2002) Age: 62		Trustee of Monterey Institute for International Studies (educational organiza- tion) (since February 2000); Board Member of Middlebury College (educational organization) (since December 2005); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994- January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex.

Robert J. Malone, Trustee (since 2002) Age: 65		Board of Directors of Opera Colorado Foundation (non-profit organization) (since March 2008); Director of Jones Knowledge, Inc. (since 2006); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996- April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 38 portfolios in the OppenheimerFunds complex.

F. William Marshall, Jr., Trustee (since 2000) Age: 67		Trustee Emeritas of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996) and MML Series Investment Fund (investment company) (since 1996); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 40 portfolios in the OppenheimerFunds complex.

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 60		Chairman and Director of the Manager (since June 2001); Chief Executive Officer of the Manager (June 2001-December 2008); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager)

29 | OPPENHEIMER STRATEGIC INCOME FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

John V. Murphy, Continued		(November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation and Trinity Investment Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 98 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Steinmetz, Memani, Wong and Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Welsh, Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Arthur P. Steinmetz, Vice President and Portfolio Manager (since 1989) Age: 50		Chief Investment Officer of Fixed-Income Investments of the Manager (since April 2009); Director of Fixed-Income Investments of the Manager (January 2009-April 2009) and a Senior Vice President of the Manager since March 1993. A portfolio manager and an officer of 4 portfolios in the OppenheimerFunds complex.

Krishna Memani, Vice President and Portfolio Manager (since 2009) Age: 49		Senior Vice President and Head of the Investment Grade Fixed Income Team of the Manager (since March 2009). Prior to joining the Manager, Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006-January 2009); Chief Credit Strategist at Credit Suisse Securities (August 2002-March 2006); Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002). A portfolio manager and officer of 10 portfolios in the OppenheimerFunds complex.

Joseph Welsh, Vice President and Portfolio Manager (since 2009) Age: 45		Head of the Manager’s High Yield Corporate Debt Team (since April 2009); Senior Vice President of the Manager (since May 2009); Vice President of the Manager (December 2000-April 2009); Assistant Vice President of the Manager (December 1996-November 2000); a high yield bond analyst of the Manager (January 1995-December 1996); a CFA. A portfolio manager and officer of 6 portfolios in the OppenheimerFunds complex.

Caleb Wong, Vice President and Portfolio Manager (since 2009) Age: 44		Vice President of the Manager (since June 1999); worked in fixed-income quantita- tive research and risk management for the Manager (since July 1996). A portfolio manager and officer of 5 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 59		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 98 portfolios in the OppenheimerFunds complex.

30 | OPPENHEIMER STRATEGIC INCOME FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999- June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000- June 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Vice President and Secretary (since 2001) Age: 61		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 98 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.525.7048.

31 | OPPENHEIMER STRATEGIC INCOME FUND

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements was KPMG in 2009 and D&T in 2008. KPMG billed $58,400 in fiscal 2009 and D&T billed $66,050 in fiscal 2008.

(b)

Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed $211,540 in fiscal 2009 and $310,000 in fiscal 2008 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews, audit of capital accumulation plan and professional services relating to FAS 157.

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $10,242 in fiscal 2009 and $501 in fiscal 2008.

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

Such services include: Tax services for U.S., India and Venezuela.

(d)

All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

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

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

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

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

		(2) 100%

(f)		Not applicable as less than 50%.

(g)		The principal accountant for the audit of the registrant’s annual financial statements billed $221,782 in fiscal 2009 and $310,501 in fiscal 2008 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where

required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 09/30/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)		(1) Exhibit attached hereto.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.

SIGNATURES

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


Oppenheimer Strategic Income Fund

By:		/s/ John V. Murphy
		John V. Murphy
		Principal Executive Officer

Date:		11/10/2009

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/ John V. Murphy
		John V. Murphy
		Principal Executive Officer

Date:		11/10/2009

By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		11/10/2009

Oppenheimer Global Strategic Income Fund Inactive N-CSRCertified annual shareholder report (management investment company)