Oppenheimer Global Strategic Income Fund N-CSRS Certified semi-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 Global Strategic Income Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet
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: 3/30/2012

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Portfolio Allocation
Foreign Government Obligations	28.7	%
Corporate Bonds and Notes	26.0
Mortgage-Backed Obligations:
Non-Agency	12.1
Government Agency	6.7
Investment Companies	14.8
U.S. Government Obligations	4.9
Structured Securities	3.6
Cash Equivalent	0.9
Loan Participations	0.9
Asset-Backed Securities	0.5
Swaptions Purchased	0.4
Common Stocks	0.3
Preferred Stocks	0.1
Options Purchased	0.1
Wholly-Owned Subsidiary	—	*
Rights, Warrants and Certificates	—	*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of March 30, 2012, and are based on the total market value of investments. The Fund may invest without limit in below investment-grade securities, which carry a greater risk that the issue may default on principal or interest payments, and in foreign securities, which entail higher expenses and risks, such as currency fluctuation.

Corporate Bonds & Notes—Top Ten Industries
Oil, Gas & Consumable Fuels	4.7	%
Commercial Banks	3.3
Electric Utilities	1.6
Media	1.5
Hotels, Restaurants & Leisure	1.2
Diversified Telecommunication Services	1.0
Wireless Telecommunication Services	0.9
Capital Markets	0.9
Chemicals	0.8
Food Products	0.6

Portfolio holdings and allocations are subject to change. Percentages are as of March 30, 2012, and are based on net assets.

7 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES

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

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

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

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

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

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

Class I shares of the Fund were first publicly offered on 1/27/12. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more per account and to retirement plan service provider platforms. There is no sales charge for Class I shares.

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

Class Y shares of the Fund were first publicly offered on 1/26/98. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

8 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 30, 2012.

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

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

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

9 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2011		March 30, 2012		March 30, 20121,2
Actual
Class A	$	1,000.00	$	1,070.60	$	4.70
Class B		1,000.00		1,065.70		9.39
Class C		1,000.00		1,066.70		8.62
Class I		1,000.00		1,017.60		0.88
Class N		1,000.00		1,068.50		6.76
Class Y		1,000.00		1,069.10		3.71
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.34		4.58
Class B		1,000.00		1,015.81		9.16
Class C		1,000.00		1,016.56		8.41
Class I		1,000.00		1,022.38		2.52
Class N		1,000.00		1,018.35		6.60
Class Y		1,000.00		1,021.28		3.62

1.

Actual expenses paid for Classes A, B, C, N and Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Actual expenses paid for Class I are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 64/366 to reflect the period from January 27, 2012 (inception of offering) to March 30, 2012.

2.

Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended March 30, 2012 for Classes A, B, C, N and Y and for the period from January 27, 2012 (inception of offering) to March 30, 2012 for Class I are as follows:

Class	Expense Ratios
Class A		0.91%
Class B		1.82
Class C		1.67
Class I		0.50
Class N		1.31
Class Y		0.72

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

10 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS March 30, 2012* / Unaudited

	Shares		Value
Wholly-Owned Subsidiary—0.0%
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.1,2 (Cost $1,500,000)		15,000	$	1,469,259
	Principal
	Amount
Asset-Backed Securities—0.6%
DLJ Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 11.96%, 4/15/113,4	$	15,000,000		150
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		1,945,000		1,973,737
DT Auto Owner Trust 2011-1A, Automobile Receivable Nts., Series 2011-1A, Cl. C, 3.05%, 8/15/155		2,710,000		2,718,534
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/253,4		2,730,094		—
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 12.54%, 6/13/113,4		9,183,876		—
Green Tree Financial Corp., Manufactured Housing Contract Sr. Sub. Pass-Through Certificates, Series 1997-5, Cl. M1, 6.95%, 5/15/29		5,000,000		4,614,842
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/1/316		1,325,088		203,094
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.:
Series 2007-1A, Cl. B, 2.456%, 8/15/224,7		21,000,000		13,230,000
Series 2007-1A, Cl. C, 3.756%, 8/15/224,7		17,780,000		10,490,200
Series 2007-1A, Cl. D, 5.756%, 8/15/224,7		17,780,000		10,312,400
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.99%, 3/24/144,6,7		4,426,820		8,854
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/174		736,535		734,811
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.874%, 6/15/397		6,586,000		3,186,477
Total Asset-Backed Securities (Cost $93,920,376)				47,473,099
Mortgage-Backed Obligations—19.5%
Government Agency—7.0%
FHLMC/FNMA/FHLB/Sponsored—6.6%
Federal Home Loan Mortgage Corp.:
4.50%, 4/1/428		16,120,000		17,097,275
5%, 12/15/34		2,203,007		2,378,662
5.50%, 9/1/39		5,162,883		5,623,484
6%, 1/15/19-7/15/24		4,375,824		4,791,413
6.50%, 4/15/18-6/15/35		3,230,231		3,596,946
7%, 8/15/21-3/1/35		2,963,582		3,460,572
7.50%, 1/1/32-2/15/32		3,731,573		4,473,840
8.50%, 8/15/31		216,829		266,592

11 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp.: Continued
10%, 5/15/20	$	113,965	$	132,954
10.50%, 6/14/20		66,102		79,953
11.50%, 11/14/16		13,542		13,863
12%, 7/15/15-6/15/17		56,562		61,927
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		3,352,765		3,901,003
Series 151, Cl. F, 9%, 5/15/21		7,506		8,711
Series 1590, Cl. IA, 1.30%, 10/15/237		2,877,249		2,942,217
Series 1674, Cl. Z, 6.75%, 2/15/24		151,082		173,868
Series 2006-11, Cl. PS, 23.68%, 3/25/367		1,707,329		2,592,333
Series 2034, Cl. Z, 6.50%, 2/15/28		27,295		31,301
Series 2042, Cl. N, 6.50%, 3/15/28		36,529		41,879
Series 2043, Cl. ZP, 6.50%, 4/15/28		2,754,004		3,207,190
Series 2053, Cl. Z, 6.50%, 4/15/28		26,233		30,087
Series 2116, Cl. ZA, 6%, 1/15/29		1,751,131		1,980,769
Series 2122, Cl. F, 0.692%, 2/15/297		75,574		76,070
Series 2279, Cl. PK, 6.50%, 1/15/31		45,319		49,363
Series 2326, Cl. ZP, 6.50%, 6/15/31		408,529		470,640
Series 2344, Cl. FP, 1.192%, 8/15/317		1,044,348		1,067,856
Series 2368, Cl. PR, 6.50%, 10/15/31		60,468		69,697
Series 2368, Cl. TG, 6%, 10/15/16		327,086		348,901
Series 2401, Cl. FA, 0.892%, 7/15/297		140,220		141,845
Series 2412, Cl. GF, 1.192%, 2/15/327		1,914,130		1,957,225
Series 2427, Cl. ZM, 6.50%, 3/15/32		1,912,359		2,205,664
Series 2451, Cl. FD, 1.242%, 3/15/327		714,969		731,735
Series 2453, Cl. BD, 6%, 5/15/17		78,227		84,268
Series 2461, Cl. PZ, 6.50%, 6/15/32		272,180		314,094
Series 2464, Cl. FI, 1.242%, 2/15/327		703,707		718,511
Series 2470, Cl. AF, 1.242%, 3/15/327		1,153,537		1,180,588
Series 2470, Cl. LF, 1.242%, 2/15/327		719,695		734,835
Series 2471, Cl. FD, 1.242%, 3/15/327		1,066,748		1,089,150
Series 2475, Cl. FB, 1.242%, 2/15/327		985,668		1,006,403
Series 2500, Cl. FD, 0.742%, 3/15/327		309,242		311,821
Series 2517, Cl. GF, 1.242%, 2/15/327		595,059		607,577
Series 2526, Cl. FE, 0.642%, 6/15/297		346,811		348,482
Series 2551, Cl. FD, 0.642%, 1/15/337		234,376		235,493
Series 2551, Cl. LF, 0.742%, 1/15/337		104,576		105,140
Series 2668, Cl. AZ, 4%, 9/1/18		574,449		608,977
Series 2676, Cl. KY, 5%, 9/15/23		2,251,204		2,476,031
Series 2936, Cl. PE, 5%, 2/1/35		2,807,000		3,166,425
Series 3025, Cl. SJ, 23.864%, 8/15/357		1,649,765		2,585,191
Series 3094, Cl. HS, 23.497%, 6/15/347		960,629		1,382,146
Series 3465, Cl. HA, 4%, 7/1/17		346,795		361,533
Series 3617, Cl. DC, 4%, 7/1/27		1,606,616		1,666,626
Series 3676, Cl. DA, 4%, 4/1/22		1,499,488		1,528,532
Series 3822, Cl. JA, 5%, 6/1/40		3,752,764		4,035,605
Series 3848, Cl. WL, 4%, 4/1/40		2,755,766		2,898,542
Series 3917, Cl. BA, 4%, 6/1/38		4,480,871		4,656,226

12 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 13.028%, 4/1/279	$	456,187	$	100,602
Series 192, Cl. IO, 11.476%, 2/1/289		194,894		37,462
Series 2035, Cl. PE, 0.909%, 3/15/289		54,592		9,165
Series 2049, Cl. PL, 23.395%, 4/15/289		328,634		55,406
Series 205, Cl. IO, 12.668%, 9/1/299		1,142,678		214,177
Series 206, Cl. IO, 0%, 12/1/299,10		363,432		82,855
Series 207, Cl. IO, 0%, 4/1/309,10		385,284		74,759
Series 2074, Cl. S, 61.505%, 7/17/289		284,179		58,491
Series 2079, Cl. S, 73.194%, 7/17/289		480,437		102,496
Series 214, Cl. IO, 0%, 6/1/319,10		344,592		65,837
Series 2177, Cl. SB, 99.999%, 8/15/299		297,751		72,103
Series 243, Cl. 6, 1.022%, 12/15/329		1,183,744		267,903
Series 2526, Cl. SE, 40.525%, 6/15/299		626,687		129,215
Series 2795, Cl. SH, 16.652%, 3/15/249		4,338,120		637,048
Series 2802, Cl. AS, 90.059%, 4/15/339		907,039		56,958
Series 2819, Cl. S, 54.841%, 6/15/349		6,548,170		1,165,612
Series 2920, Cl. S, 66.196%, 1/15/359		3,721,174		738,626
Series 3004, Cl. SB, 99.999%, 7/15/359		6,742,901		1,175,083
Series 3110, Cl. SL, 34.843%, 2/15/269		1,323,394		169,668
Series 3450, Cl. BI, 10.188%, 5/15/389		1,898,343		263,930
Series 3451, Cl. SB, 15.774%, 5/15/389		4,012,058		497,226
Series 3662, Cl. SM, 24.714%, 10/15/329		1,339,992		183,100
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22		8,263,808		8,378,053
Federal National Mortgage Assn.:
2.50%, 4/1/278		34,360,000		34,843,188
2.647%, 10/1/367		10,972,524		11,724,448
3.50%, 4/1/278		16,865,000		17,692,439
4%, 9/1/18-10/1/18		7,257,544		7,748,424
4%, 4/1/27-4/1/428		38,175,000		40,050,731
4.50%, 4/1/27-4/1/428		53,507,000		56,998,372
5%, 2/25/18-12/25/21		16,877,296		18,328,721
5%, 4/1/428		40,008,000		43,221,151
5.50%, 1/25/22-1/1/36		3,245,502		3,551,992
5.50%, 4/1/27-4/1/428		21,266,000		23,172,572
6%, 6/25/17-10/1/40		144,847		155,622
6%, 4/1/428		8,965,000		9,878,312
6.50%, 4/25/18-1/1/34		10,567,739		12,101,673
7%, 11/1/17-9/25/34		16,268,909		18,759,758
7.50%, 2/25/27-3/25/33		6,569,106		7,844,446
8.50%, 7/1/32		29,065		35,501
9.50%, 4/25/20-4/8/21		25,793		29,697
11%, 7/25/16-2/25/26		175,167		201,155
13%, 6/25/15		28,969		32,171
15%, 5/9/13		3,120		3,228

13 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-T10, Cl. IO, 34.80%, 12/25/419	$	80,920,463	$	822,354
Trust 2001-T3, Cl. IO, 51.321%, 11/25/409		10,467,706		225,175
Federal National Mortgage Assn., 15 yr., 3%, 4/1/278		36,670,000		37,970,637
Federal National Mortgage Assn., 30 yr., 3.50%, 4/1/428		6,310,000		6,481,553
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Trust 1996-35, Cl. Z, 7%, 7/25/26		157,172		184,533
Trust 1997-45, Cl. CD, 8%, 7/18/27		1,066,324		1,264,795
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		927,598		1,063,460
Trust 1999-14, Cl. MB, 6.50%, 4/25/29		44,624		50,892
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		1,768,282		2,025,679
Trust 2001-19, Cl. Z, 6%, 5/1/31		890,821		1,008,648
Trust 2001-44, Cl. QC, 6%, 9/25/16		169,625		181,356
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		264,337		307,014
Trust 2001-65, Cl. F, 0.842%, 11/25/317		1,410,895		1,417,202
Trust 2001-69, Cl. PF, 1.242%, 12/25/317		1,567,197		1,600,226
Trust 2001-80, Cl. ZB, 6%, 1/25/32		1,818,773		2,055,460
Trust 2002-12, Cl. PG, 6%, 3/25/17		988,015		1,071,339
Trust 2002-19, Cl. PE, 6%, 4/25/17		515,203		550,624
Trust 2002-21, Cl. PE, 6.50%, 4/25/32		1,786,863		2,005,230
Trust 2002-29, Cl. F, 1.242%, 4/25/327		758,971		775,058
Trust 2002-60, Cl. FH, 1.242%, 8/25/327		1,506,421		1,537,943
Trust 2002-64, Cl. FJ, 1.242%, 4/25/327		233,276		238,220
Trust 2002-68, Cl. FH, 0.742%, 10/18/327		496,891		500,560
Trust 2002-81, Cl. FM, 0.742%, 12/25/327		915,294		921,882
Trust 2002-84, Cl. FB, 1.242%, 12/25/327		152,030		155,270
Trust 2002-9, Cl. PC, 6%, 3/25/17		1,115,772		1,210,706
Trust 2003-11, Cl. FA, 1.242%, 9/25/327		207,462		211,884
Trust 2003-112, Cl. AN, 4%, 11/1/18		1,069,867		1,133,873
Trust 2003-116, Cl. FA, 0.642%, 11/25/337		389,309		391,537
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		5,556,000		6,179,386
Trust 2003-3, Cl. FM, 0.742%, 4/25/337		898,579		903,765
Trust 2004-101, Cl. BG, 5%, 1/25/20		3,866,644		4,145,470
Trust 2004-9, Cl. AB, 4%, 7/1/17		589,683		592,567
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44		1,142,400		1,324,935
Trust 2005-25, Cl. PS, 27.096%, 4/25/357		664,081		1,161,788
Trust 2005-30, Cl. CU, 5%, 4/1/29		110,974		110,993
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,445,821
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		2,438,448		2,545,326
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		3,700,000		4,043,151
Trust 2006-46, Cl. SW, 23.313%, 6/25/367		2,375,046		3,586,339
Trust 2007-42, Cl. A, 6%, 2/1/33		3,061,208		3,220,193
Trust 2008-14, Cl. BA, 4.25%, 3/1/23		564,414		601,035
Trust 2009-114, Cl. AC, 2.50%, 12/1/23		1,081,534		1,116,409
Trust 2009-36, Cl. FA, 1.182%, 6/25/377		3,222,244		3,270,676
Trust 2011-122, Cl. EA, 3%, 11/1/29		3,791,295		3,917,016
Trust 2011-122, Cl. EC, 1.50%, 1/1/20		3,171,909		3,220,028

14 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
| |
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Trust 2011-15, Cl. DA, 4%, 3/1/41	$	3,164,969	$	3,321,004
Trust 2011-3, Cl. KA, 5%, 4/1/40		2,673,530		2,924,088
Trust 2011-88, Cl. AB, 2.50%, 9/1/26		1,727,400		1,787,040
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 39.137%, 11/18/319		1,601,466		309,538
Trust 2001-63, Cl. SD, 22.947%, 12/18/319		44,949		8,294
Trust 2001-68, Cl. SC, 15.497%, 11/25/319		29,363		5,602
Trust 2001-81, Cl. S, 29.60%, 1/25/329		415,237		87,424
Trust 2002-28, Cl. SA, 36.533%, 4/25/329		326,440		64,635
Trust 2002-38, Cl. SO, 49.379%, 4/25/329		324,284		62,567
Trust 2002-39, Cl. SD, 40.267%, 3/18/329		504,536		103,318
Trust 2002-48, Cl. S, 33.926%, 7/25/329		503,092		99,977
Trust 2002-52, Cl. SL, 36.423%, 9/25/329		311,203		63,133
Trust 2002-53, Cl. SK, 38.949%, 4/25/329		314,505		65,846
Trust 2002-56, Cl. SN, 36.011%, 7/25/329		689,967		137,195
Trust 2002-65, Cl. SC, 66.042%, 6/25/269		1,018,112		184,677
Trust 2002-77, Cl. IS, 45.154%, 12/18/329		552,481		115,241
Trust 2002-77, Cl. SH, 40.57%, 12/18/329		558,920		115,760
Trust 2002-89, Cl. S, 60.501%, 1/25/339		3,429,357		723,260
Trust 2002-9, Cl. MS, 31.355%, 3/25/329		592,560		120,503
Trust 2003-13, Cl. IO, 15.166%, 3/25/339		2,528,259		480,770
Trust 2003-23, Cl. ES, 59.63%, 10/25/229		5,545,238		371,914
Trust 2003-26, Cl. DI, 9.563%, 4/25/339		1,481,092		267,842
Trust 2003-26, Cl. IK, 13.023%, 4/25/339		259,557		46,939
Trust 2003-33, Cl. SP, 43.956%, 5/25/339		1,923,229		283,709
Trust 2003-4, Cl. S, 37.153%, 2/25/339		952,197		156,046
Trust 2003-46, Cl. IH, 82.819%, 6/1/239		338,980		42,828
Trust 2004-56, Cl. SE, 19.737%, 10/25/339		1,934,347		307,261
Trust 2005-14, Cl. SE, 41.989%, 3/25/359		983,539		157,071
Trust 2005-40, Cl. SA, 62.078%, 5/25/359		5,627,630		1,077,396
Trust 2005-40, Cl. SB, 72.351%, 5/25/359		2,587,024		495,566
Trust 2005-71, Cl. SA, 66.183%, 8/25/259		2,581,716		350,146
Trust 2006-129, Cl. SM, 27.13%, 1/25/379		3,497,594		538,421
Trust 2006-51, Cl. SA, 18.539%, 6/25/369		22,067,947		2,943,226
Trust 2006-60, Cl. DI, 40.371%, 4/25/359		1,456,423		195,897
Trust 2006-90, Cl. SX, 99.999%, 9/25/369		5,762,209		1,237,363
Trust 2007-77, Cl. SB, 69.835%, 12/25/319		2,951,575		141,088
Trust 2007-88, Cl. XI, 39.412%, 6/25/379		13,709,045		1,927,153
Trust 2008-46, Cl. EI, 9.748%, 6/25/389		1,892,817		269,771
Trust 2008-55, Cl. SA, 23.718%, 7/25/389		2,375,676		327,985
Trust 2009-8, Cl. BS, 17.59%, 2/25/249		2,396,994		257,977
Trust 2011-84, Cl. IG, 5.965%, 8/1/139		16,343,041		352,124
Trust 221, Cl. 2, 36.428%, 5/1/239		488,719		106,720
Trust 247, Cl. 2, 26.436%, 10/1/239		208,297		47,867
Trust 252, Cl. 2, 25.083%, 11/1/239		57,004		12,612
Trust 254, Cl. 2, 11.391%, 1/1/249		165,633		36,102
Trust 2682, Cl. TQ, 99.999%, 10/15/339		2,316,571		430,329

15 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 2981, Cl. BS, 99.999%, 5/15/359	$	4,193,013	$	722,276
Trust 301, Cl. 2, 0.77%, 4/1/299		639,288		118,922
Trust 303, Cl. IO, 29.033%, 11/1/299		445,514		96,653
Trust 313, Cl. 2, 41.049%, 6/1/319		5,432,023		1,047,095
Trust 319, Cl. 2, 5.605%, 2/1/329		1,796,096		346,638
Trust 321, Cl. 2, 4.703%, 4/1/329		2,914,715		535,112
Trust 324, Cl. 2, 8.922%, 7/1/329		1,257,156		237,459
Trust 328, Cl. 2, 66.602%, 12/1/329		1,320,859		212,080
Trust 331, Cl. 5, 1.364%, 2/1/339		2,493,319		511,780
Trust 332, Cl. 2, 36.467%, 3/1/339		6,279,826		993,734
Trust 334, Cl. 10, 8.812%, 2/1/339		2,144,542		456,038
Trust 334, Cl. 12, 8.606%, 2/1/339		3,168,477		632,248
Trust 338, Cl. 2, 46.036%, 7/1/339		7,143,787		1,082,461
Trust 339, Cl. 7, 0%, 7/1/339,10		7,179,362		1,126,092
Trust 345, Cl. 9, 99.999%, 1/1/349		2,347,677		330,613
Trust 351, Cl. 10, 7.225%, 4/1/349		877,707		139,274
Trust 351, Cl. 8, 1.402%, 4/1/349		1,465,280		236,480
Trust 356, Cl. 10, 18.317%, 6/1/359		1,205,610		188,993
Trust 356, Cl. 12, 0%, 2/1/359,10		592,735		92,141
Trust 362, Cl. 13, 1.976%, 8/1/359		79,094		14,913
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 21.422%, 9/15/229		8,197,010		152,982
Series 1995-2B, Cl. 2IO, 25.082%, 6/15/259		604,365		14,024
Series 1995-3, Cl. 1IO, 13.531%, 9/15/259		19,886,610		97,208
				560,311,856
GNMA/Guaranteed—0.2%
Government National Mortgage Assn.:
1.625%, 7/1/277		5,374		5,556
5%, 11/1/34		669,018		706,641
7%, 1/29/28-2/8/30		1,115,872		1,319,605
8%, 1/29/28-9/29/28		504,602		559,915
11%, 11/8/19		6,364		7,109
12%, 12/9/13-9/1/15		11,399		12,758
12.50%, 12/29/13-11/29/15		187,345		190,225
13%, 10/30/15		340,602		357,499
13.50%, 6/30/15		398,784		414,675
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		4,905,022		5,790,038
Series 2000-12, Cl. ZA, 8%, 2/16/30		2,450,791		2,945,747
Series 2000-7, Cl. Z, 8%, 1/16/30		2,301,063		2,765,231
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 67.525%, 7/16/289		1,024,678		221,668
Series 1998-6, Cl. SA, 80.644%, 3/16/289		608,238		132,147
Series 2007-17, Cl. AI, 21.527%, 4/16/379		2,835,260		576,688
Series 2010-111, Cl. GI, 29.615%, 9/1/139		40,794,471		910,443
Series 2011-52, Cl. HS, 7.51%, 4/16/419		4,943,369		1,160,270
				18,076,215

16 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal		��
	Amount			Value
Other Agency—0.2%
NCUA Guaranteed Notes Trust 2010-C1, Gtd. Nts.:
Series 2010-C1, Cl. A1, 1.60%, 10/29/20	$	1,928,935		$	1,937,118
Series 2010-C1, Cl. A2, 2.90%, 10/29/20		3,855,000			4,063,390
Series 2010-C1, Cl. APT, 2.65%, 10/29/20		4,337,383			4,510,162
NCUA Guaranteed Notes Trust 2010-R1, Gtd. Nts., Series 2010-R1, Cl. 1A, 0.693%, 10/7/207		3,739,229			3,745,062
NCUA Guaranteed Notes Trust 2010-R3, Gtd. Nts.:
Series 2010-R3, Cl. 2A, 0.826%, 12/8/207		1,218,510			1,223,750
Series 2010-R3, Cl. 3A, 2.40%, 12/8/20		2,937,036			2,983,383
					18,462,865
Non-Agency—12.5%
Commercial—7.6%
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.858%, 7/10/447		24,665,000			24,144,569
Banc of America Commercial Mortgage Trust 2006-5, Commercial Mtg. Pass-Through Certificates, Series 2006-5, Cl. AM, 5.448%, 9/1/47		15,065,000			14,640,913
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		8,000,000			8,158,464
Banc of America Commercial Mortgage Trust 2007-5, Commercial Mtg. Pass-Through Certificates, Series 2007-5, Cl. AM, 5.772%, 2/1/51		27,490,000			28,174,652
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-3, Cl. AM, 5.633%, 6/1/497		14,315,000			13,996,914
Series 2007-3, Cl. A4, 5.633%, 6/1/497		1,810,000			2,017,783
Series 2008-1, Cl. AM, 6.243%, 2/10/517		8,165,000			8,664,939
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.589%, 6/1/477		20,140,213			14,673,213
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41		24,370,000			21,338,128
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates:
Series 2007-PWR17, Cl. AJ, 5.898%, 6/1/507		27,600,000			22,004,100
Series 2007-PWR17, Cl. AM, 5.898%, 6/1/507		13,340,000			14,021,841
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, Commercial Mtg. Pass-Through Certificates, Series 2007-PWR18, Cl. AM, 6.084%, 6/13/50		7,657,000			8,089,820
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0%, 6/15/245,9,10		899,828			44,901

17 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Commercial Continued
CD 2007-CD5 Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD5, Cl. AM, 6.138%, 11/1/447	$	9,071,000	$	9,640,083
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		7,842,680		7,684,795
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 4.959%, 12/20/357		429,894		328,053
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		31,960,733		25,627,330
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.074%, 12/1/497		21,955,000		21,793,532
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A4, 5.322%, 12/1/49		3,190,000		3,502,520
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.714%, 6/1/397		4,210,000		4,560,935
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2011-LC1, Cl. E, 5.557%, 11/1/465,7		9,405,000		8,646,242
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		2,034,202		1,172,759
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2010-C1, Cl. XPA, 4.721%, 9/1/205,9		21,475,156		1,491,235
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.99%, 10/15/304,7		27,237,025		5,185,930
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		1,975,409		1,256,387
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 6.986%, 5/15/307		2,000,000		1,998,031
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 5.883%, 7/10/387		14,200,000		12,137,216
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates:
Series 2007-GG11, Cl. A4, 5.736%, 12/1/49		10,834,000		12,007,003
Series 2007-GG11, Cl. AM, 5.867%, 12/1/49		24,450,000		23,669,079
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. AM, 5.475%, 3/1/39		10,695,000		10,653,108
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.543%, 3/1/445,7		11,396,000		10,252,434
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		1,731,471		1,690,199
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 5.051%, 11/1/357		5,994,138		4,405,026

18 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Commercial Continued
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47	$	8,605,000	$	9,612,843
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		20,139,000		20,820,866
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		30,690,000		23,110,537
Series 2006-CIBC15, Cl. AM, 5.855%, 6/1/43		12,893,000		12,644,075
JPMorgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, Commercial Mtg. Pass-Through Certificates, Series 2006-CIBC16, Cl. AJ, 5.623%, 5/1/45		8,030,000		5,962,307
JPMorgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Commercial Mtg. Pass-Through Certificates, Series 2006-LDP7, 5.871%, 4/1/457		440,000		476,171
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.734%, 2/1/497		25,504,000		25,238,567
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11, Commercial Mtg. Pass-Through Certificates, Series 2007-LDP11, Cl. ASB, 5.816%, 6/1/497		2,110,872		2,267,440
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.721%, 1/1/377		1,011,599		715,676
LB-UBS Commercial Mortgage Trust 2006-C3, Commercial Mtg. Pass-Through Certificates, Series 2006-C3, Cl. AJ, 5.72%, 3/11/39		3,675,000		3,202,386
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates:
Series 2007-C6, Cl. A4, 5.858%, 7/11/40		4,125,000		4,686,903
Series 2007-C6, Cl. AM, 6.114%, 7/11/40		14,600,000		14,611,607
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.143%, 4/11/417		6,930,000		7,350,880
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/245		210,733		165,131
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		300,835		57,652
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		2,304,174		2,370,639
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.66%, 5/1/397		11,155,000		9,877,312
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates:
Series 2006-3, Cl. AM, 5.456%, 7/12/46		3,602,000		3,698,977
Series 2006-3, Cl. AJ, 5.485%, 7/1/46		21,180,000		17,502,220
Morgan Stanley Capital I Trust 2006-IQ12, Commercial Mtg. Pass-Through Certificates, Series 2006-IQ12, Cl. AJ, 5.399%, 12/1/43		27,580,000		20,006,891

19 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Commercial Continued
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.882%, 6/1/497	$	24,430,000	$	24,215,187
Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.108%, 12/1/497		7,833,000		8,278,615
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.307%, 4/25/357		303,169		38,060
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		1,835,926		1,239,917
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 3/1/42		2,010,000		2,048,316
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.807%, 2/1/377		17,907,589		12,589,948
Wachovia Bank Commercial Mortgage Trust 2006-C23, Commercial Mtg. Pass-Through Certificates, Series 2006-C23, Cl. AJ, 5.515%, 1/1/45		16,865,000		16,160,996
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.737%, 5/1/437		15,780,000		15,212,038
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.899%, 2/1/517		16,020,000		17,818,389
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 0.999%, 11/1/467		3,071,582		2,044,169
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.474%, 4/1/477		2,173,492		1,277,267
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.608%, 11/1/347		1,637,629		64,397
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.613%, 2/1/357		9,750,615		9,158,621
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.771%, 4/1/377		8,401,846		7,364,079
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 9.116%, 3/1/449		25,276,716		2,230,380
				651,791,593
Multifamily—0.6%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.766%, 5/1/457		10,705,000		9,691,547
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1 A2A, 5.652%, 6/1/367		21,917,646		19,355,648

20 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Multifamily Continued
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 5.178%, 5/1/377	$	16,939,538	$	14,746,232
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 5.028%, 9/1/357		1,548,570		1,368,127
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.668%, 3/25/367		4,638,313		3,969,742
				49,131,296
Other—0.1%
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A4, 5.444%, 3/1/39		8,605,000		9,505,591
Residential—4.2%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.202%, 5/25/347		4,625,802		3,902,574
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.342%, 9/25/367		1,493,235		491,426
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.791%, 2/1/517		23,790,000		23,884,779
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.538%, 5/1/367		7,545,000		7,217,415
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.896%, 5/1/347		7,612,808		6,724,888
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 3.372%, 11/1/347		2,388,136		2,401,066
Chase Funding Trust 2003-2, Mtg. Loan Asset-Backed Certificates, Series 2003-2, Cl. 2A2, 0.802%, 2/25/337		23,548		21,363
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 2.773%, 2/1/377		2,692,181		2,644,684
CHL Mortgage Pass-Through Trust 2005-24, Mtg. Pass-Through Certificates, Series 2005-24, Cl. A35, 5.50%, 11/1/35		536,885		534,500
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		5,643,994		5,066,128
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		20,586,207		18,084,901
CHL Mortgage Pass-Through Trust 2005-30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36		5,170,112		5,113,282
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		4,983,775		4,969,232
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		1,095,041		1,071,257
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 3.051%, 6/1/477		5,620,848		4,056,754

21 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Residential Continued
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 3.105%, 5/1/357	$	6,301,503	$	5,719,253
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 4.979%, 8/1/357		12,472,297		9,214,034
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 1 A2, 2.963%, 3/1/367		15,230,687		11,339,506
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		23,105,000		22,158,538
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		3,235,316		3,083,049
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl.1A10, 6%, 2/1/37		25,576,458		17,509,426
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates, Series 2007-19, Cl. 1A4, 6%, 8/1/37		9,705,634		6,835,081
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.343%, 5/1/367		1,306,059		1,012,304
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.362%, 6/25/477		7,755,981		6,938,012
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2006-H, Cl. 2A1A, 0.392%, 11/15/367		173,989		47,410
Series 2005-G, Cl. 2A, 0.472%, 12/15/357		433,869		235,712
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 2.776%, 5/1/347		7,837,915		6,959,199
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates, Series 2005-AR6, Cl. 1A4, 2.673%, 9/1/357		16,170,475		15,514,892
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.193%, 11/1/357		5,255,866		4,246,701
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		1,780,285		1,727,452
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		2,774,000		1,530,575
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		5,569,906		4,934,238
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 4.233%, 7/1/357		7,303,348		6,600,736
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.158%, 9/11/457		27,890,000		28,204,320
Lehman Mortgage Trust, Mtg. Pass-Through Certificates, Series 2006-1, Cl. 1A3, 5.50%, 2/1/36		1,313,251		1,010,438
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 2.744%, 4/1/367		5,481,273		4,088,541

22 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Residential Continued
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.342%, 8/25/367	$	5,148,948	$	1,709,371
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.485%, 10/25/367		7,323,382		6,711,492
Merrill Lynch Mortgage Loans, Inc., Mtg. Pass-Through Certificates, Series 2005-A1, Cl. 2A1, 2.595%, 12/25/347		322,221		320,627
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,4		4,475,119		358,010
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/1/36		919,466		662,012
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		19,682		20,416
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates:
Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		161,553		109,873
Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		6,313,592		4,293,934
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		2,949,437		1,895,780
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		9,121,699		7,626,634
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		14,186,558		11,331,329
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		11,726,420		9,800,180
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 3.201%, 5/1/375,6,7		445,863		219,530
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.466%, 10/1/357		6,219,294		5,380,958
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 2.52%, 9/1/367		2,689,139		1,939,848
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 2.634%, 2/1/377		35,799,687		25,679,241
Series 2007-HY1, Cl. 5A1, 5.066%, 2/1/377		21,822,473		16,277,099
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.388%, 5/1/377		3,888,523		3,495,732
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.135%, 6/25/377		9,581,503		7,031,214
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.937%, 1/1/377		2,987,092		2,304,881
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		2,144,277		2,173,614

23 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.669%, 10/1/367	$	8,824,444		$	8,011,055
					362,446,496
Total Mortgage-Backed Obligations (Cost $1,716,527,898)					1,669,725,912
U.S. Government Obligations—5.1%
Federal Home Loan Mortgage Corp. Nts.:
1.125%, 7/27/12		69,170,000			69,381,937
2%, 8/25/16		4,140,000			4,306,635
2.375%, 1/13/22		4,097,000			4,028,916
2.50%, 5/27/16		5,880,000			6,249,170
5%, 2/16/17		22,895,000			27,012,986
5.50%, 7/18/16		6,710,000			7,992,154
Federal National Mortgage Assn. Nts.:
1.125%, 4/27/17		26,932,000			26,784,224
4.375%, 10/15/15		10,660,000			12,015,142
5.375%, 6/12/17		18,790,000			22,640,860
U.S. Treasury Nts.:
2%, 11/15/21		10,000,000			9,841,410
2%, 2/15/2211,12		237,000,000			232,371,153
STRIPS, 0.891%, 8/15/1612,13		11,000,000			10,552,861
Total U.S. Government Obligations (Cost $436,626,248)					433,177,448
Foreign Government Obligations—29.8%
Argentina—0.4%
Argentina (Republic of) Bonds:
2.50%, 12/31/387		15,875,000			5,715,000
7%, 10/3/15		15,695,000			14,812,156
Argentina (Republic of) Sr. Unsec. Bonds, Series X, 7%, 4/17/17		7,240,000			6,200,457
Provincia de Buenos Aires Sr. Unsec. Unsub. Nts., 10.875%, 1/26/215		5,985,000			4,488,750
					31,216,363
Australia—0.3%
New South Wales Treasury Corp. Nts., Series 15, 6%, 4/1/25	2,290,000		AUD		2,494,729
Queensland Treasury Corp. Nts.:
Series 15, 6%, 10/14/15	3,480,000		AUD		3,822,806
Series 17, 6%, 9/14/17	2,750,000		AUD		3,070,327
Series 21, 6%, 6/14/21	4,305,000		AUD		4,856,923
Series 24, 5.75%, 7/22/24	3,820,000		AUD		4,109,791
Victoria Treasury Corp. Nts., Series 1116, 5.75%, 11/15/16	5,775,000		AUD		6,344,041
Western Australia Treasury Corp. Nts., Series 15, 7%, 4/15/15	2,295,000		AUD		2,568,710
					27,267,327

24 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Austria—0.1%
Austria (Republic of) Bonds, 4.35%, 3/15/195	4,805,000		EUR	$	7,239,010
Austria (Republic of) Sr. Unsec. Unsub. Nts., Series 1, 3.50%, 9/15/215	765,000		EUR		1,086,531
					8,325,541
Belgium—0.2%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20	9,195,000		EUR		12,834,750
Belgium (Kingdom of) Treasury Bills, 0.359%, 4/19/1213	4,755,000		EUR		6,341,211
					19,175,961
Brazil—3.1%
Brazil (Federative Republic of) Nota Do Tesouro Nacional Bonds, 12.719%, 8/15/2014	30,925,000		BRR		38,917,777
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.:
9.762%, 1/1/14	49,120,000		BRR		27,042,976
9.762%, 1/1/17	243,762,000		BRR		130,076,729
9.762%, 1/1/21	94,893,000		BRR		48,604,429
12.322%, 5/15/4514	12,885,000		BRR		17,051,299
					261,693,210
Canada—0.2%
Canada (Government of) Nts., 3.75%, 6/1/19	6,750,000		CAD		7,615,532
Canada (Government of) Treasury Bills, Series 364, 0.896%, 7/5/1213	6,670,000		CAD		6,671,003
					14,286,535
Colombia—0.4%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/285	9,872,000,000		COP		7,526,785
Colombia (Republic of) Sr. Unsec. Bonds, 6.125%, 1/18/41		19,990,000			24,587,700
					32,114,485
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19	20,305,000		DKK		4,321,422
Finland—0.0%
Finland (Republic of) Sr. Unsec. Unsub. Nts., 3.875%, 9/15/17	2,110,000		EUR		3,169,714
France—0.2%
France (Republic of) Bonds:
3.25%, 10/25/21	5,975,000		EUR		8,268,098
3.75% 10/25/19	3,540,000		EUR		5,145,953
4%, 4/25/60	1,890,000		EUR		2,706,263
4.50%, 4/25/41	2,295,000		EUR		3,525,826
					19,646,140
Germany—0.1%
Germany (Federal Republic of) Bonds, 3.50%, 7/4/19	3,300,000		EUR		5,059,982

25 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Ghana—0.1%
Ghana (Republic of) Bonds, 8.50%, 10/4/175	$	5,625,000		$	6,468,750
Hungary—1.8%
Hungary (Republic of) Bonds:
Series 12/C, 6%, 10/24/12	767,000,000		HUF		3,442,437
Series 12/B, 7.25%, 6/12/12	21,797,000,000		HUF		98,397,274
Series 14/D, 6.75%, 8/22/14	1,549,000,000		HUF		6,830,428
Series 16/C, 5.50%, 2/12/16	1,048,000,000		HUF		4,282,780
Series 17/B, 6.75%, 2/24/17	1,829,000,000		HUF		7,638,292
Series 19/A, 6.50%, 6/24/19	1,253,000,000		HUF		4,973,364
Series 20/A, 7.50%, 11/12/20	1,554,000,000		HUF		6,434,985
Hungary (Republic of) Sr. Unsec. Bonds:
4.50%, 1/29/14	5,340,000		EUR		6,810,051
7.625%, 3/29/41		3,940,000			3,585,400
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18	4,320,000		EUR		5,039,280
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		10,780,000			9,917,600
					157,351,891
Indonesia—0.4%
Indonesia (Republic of) Nts., 5.25%, 1/17/425		11,170,000			11,770,388
Indonesia (Republic of) Sr. Unsec. Bonds, 4.875%, 5/5/215		3,150,000			3,429,563
Indonesia (Republic of) Sr. Unsec. Nts., 7.75%, 1/17/385		9,610,000			13,381,925
Indonesia (Republic of) Sr. Unsec. Unsub. Bonds, 6.625% 2/17/375		1,860,000			2,306,400
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/355		4,780,000			7,134,150
					38,022,426
Israel—0.1%
Israel (State of) Sr. Unsec. Bonds, 4%, 6/30/22		10,835,000			10,733,303
Italy—0.4%
Italy (Republic of) Bonds:
4%, 9/1/20	5,635,000		EUR		7,162,949
5%, 9/1/40	3,730,000		EUR		4,397,658
Series EU, 2.575%, 10/15/177	2,295,000		EUR		2,720,444
Italy (Republic of) Nts., 1.50%, 3/1/147	920,000		EUR		1,189,648
Italy (Republic of) Sr. Unsec. Bonds, 2.839%, 9/15/2314	2,240,000		EUR		2,851,844
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15	364,000,000		JPY		4,396,071
Italy (Republic of) Treasury Bonds:
4.75%, 9/1/21	6,660,000		EUR		8,758,132
5.75%, 2/1/33	3,210,000		EUR		4,256,522
Italy (Repuplic of) Treasury Bonds, 4.75%, 9/15/16	1,830,000		EUR		2,518,202
					38,251,470

26 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Japan—2.2%
Japan Bonds, 20 yr., Series 112, 2.10%, 6/20/29	4,894,000,000		JPY	$	63,185,638
Japan Sr. Unsec. Unsub. Bonds:
2 yr., Series 304, 0.20%, 5/15/13	749,000,000		JPY		9,058,258
5 yr., Series 96, 0.50%, 3/20/16	6,038,000,000		JPY		73,696,938
10 yr., Series 307, 1.30%, 3/20/20	3,106,000,000		JPY		39,165,283
					185,106,117
Latvia—0.1%
Latvia (Republic of) Nts., 5.25%, 2/22/175		8,315,000			8,595,631
Lithuanua—0.1%
Lithuania (Republic of) Sr. Unsec. Bonds, 6.625%, 2/1/225		7,655,000			8,497,050
Malaysia—0.1%
Malaysia (Government of) Sr. Unsec. Bonds, Series1/06, 4.262%, 9/15/16	8,050,000		MYR		2,727,666
Wakala Global Sukuk Bhd Bonds, 4.646%, 7/6/215		7,840,000			8,497,525
					11,225,191
Mexico—5.9%
United Mexican States Bonds:
4.50%, 12/18/1414	555,775,406		MXN		46,686,298
Series M, 6.50%, 6/10/217	640,640,000		MXN		51,323,657
Series M20, 7.50%, 6/3/277	557,110,000		MXN		46,185,724
Series M10, 7.75%, 12/14/17	278,745,000		MXN		24,241,956
Series M10, 8%, 12/17/15	166,910,000		MXN		14,305,248
Series M, 8%, 6/11/20	280,300,000		MXN		24,817,388
Series MI10, 9%, 12/20/127	1,303,900,000		MXN		105,221,503
Series M20, 10%, 12/5/247	135,110,000		MXN		13,829,549
United Mexican States Treasury Bills:
4.49%, 5/31/1213	128,000,000		MXN		9,933,311
4.507%, 5/3/1213	256,000,000		MXN		19,928,853
4.534%, 12/13/1213	197,500,000		MXN		14,948,579
4.544%, 6/14/1213	785,000,000		MXN		60,790,899
4.586%, 10/18/1213	941,900,000		MXN		71,789,156
					504,002,121
Panama—0.2%
Panama (Republic of) Bonds:
6.70%, 1/26/36		4,415,000			5,827,800
8.875%, 9/30/27		3,430,000			5,273,625
9.375%, 4/1/29		3,495,000			5,614,718
					16,716,143
Peru—0.8%
Peru (Republic of) Bonds, 7.35%, 7/21/25		11,600,000			15,903,600
Peru (Republic of) Sr. Unsec. Bonds, 6.95%, 8/12/315	25,019,000		PEN		10,139,884
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/205	83,345,000		PEN		36,294,571
Peru (Republic of) Sr. Unsec. Unsub. Bonds, 5.625%, 11/18/50		7,850,000			8,831,250
					71,169,305

27 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Philippines—0.1%
Philippines (Republic of the) Sr. Unsec. Bonds, 5%, 1/13/37	$	7,285,000		$	7,631,038
Philippines (Republic of the) Sr. Unsec. Unsub. Bonds, 6.375%, 10/23/34		4,180,000			5,167,525
					12,798,563
Poland—1.4%
Poland (Republic of) Bonds:
Series 0415, 5.50%, 4/25/15	7,905,000		PLZ		2,599,886
Series 0416, 5%, 4/25/16	207,590,000		PLZ		67,272,342
Series 1017, 5.25%, 10/25/17	96,995,000		PLZ		31,597,877
Poland (Republic of) Sr. Unsec. Nts.:
5%, 3/23/22		6,110,000			6,470,612
5.125%, 4/21/21		9,005,000			9,662,365
					117,603,082
Qatar—0.2%
Qatar (State of) Sr. Nts., 5.25%, 1/20/205		6,050,000			6,700,375
Qatar (State of) Sr. Unsec. Nts.:
5.75%, 1/20/425		4,605,000			5,001,951
6.40%, 1/20/405		2,700,000			3,165,750
					14,868,076
Romania—0.2%
Romania Sr. Unsec. Bonds, 6.75%, 2/7/225		16,995,000			17,844,750
Russia—1.2%
Russian Federation Bonds:
5%, 4/29/205		2,005,000			2,147,054
Series 5077, 7.35%, 1/20/16	459,900,000		RUR		15,851,579
Series 5079, 7%, 6/3/15	698,400,000		RUR		23,888,668
Series 6206, 7.40%, 6/14/17	889,000,000		RUR		30,513,393
Russian Federation Unsec. Bonds:
4.50%, 4/4/224,8		10,505,000			10,578,535
5.625%, 4/4/424,8		15,760,000			15,893,960
					98,873,189
Singapore—0.0%
Singapore (Republic of) Sr. Unsec. Bonds, 2.375%, 4/1/17	2,440,000		SGD		2,108,831
South Africa—2.4%
South Africa (Republic of) Bonds:
Series R209, 6.25%, 3/31/36	230,990,000		ZAR		22,301,029
Series R208, 6.75%, 3/31/21	278,920,000		ZAR		33,808,224
Series R213, 7%, 2/28/31	296,640,000		ZAR		32,297,449
Series R207, 7.25%, 1/15/20	427,410,000		ZAR		54,063,493
Series R186, 10.50%, 12/21/26	357,465,000		ZAR		55,016,245
South Africa (Republic of) Sr. Unsec. Nts., 4.665%, 1/17/24		4,155,000			4,269,263
					201,755,703

28 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Spain—0.2%
Instituto de Credito Oficial Sr. Unsec. Unsub. Nts., 5%, 11/14/16	$	1,470,000		$	1,476,615
Spain (Kingdom of) Bonds:
4.25%, 10/31/16	4,945,000		EUR		6,646,425
5.85%, 1/31/22	3,620,000		EUR		5,005,738
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19	2,750,000		EUR		3,521,719
Spain (Kingdom of) Sr. Unsub. Bonds, 4.70%, 7/30/41	1,835,000		EUR		1,998,043
					18,648,540
Sri Lanka—0.1%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.:
6.25%, 10/4/205		5,520,000			5,520,000
6.25% 7/27/215		6,920,000			6,921,882
					12,441,882
The Netherlands—0.2%
Netherlands (Kingdom of the) Bonds:
4%, 7/15/18	1,965,000		EUR		2,984,547
4%, 7/15/19	6,430,000		EUR		9,832,560
					12,817,107
Turkey—4.5%
Turkey (Republic of) Bonds:
6.875%, 3/17/36		11,435,000			12,750,025
7%, 3/11/19		5,350,000			6,139,125
8.68%, 2/20/1313	63,730,000		TRY		32,953,091
8.984%, 11/7/1213	353,200,000		TRY		187,380,497
9%, 3/5/14	25,800,000		TRY		14,475,678
9%, 3/8/17	26,010,000		TRY		14,484,052
10.012%, 7/17/1313	83,765,000		TRY		41,854,301
10.50%, 1/15/207	4,165,000		TRY		2,486,428
11%, 8/6/14	31,040,000		TRY		18,094,911
15.577%, 8/14/1314	8,410,000		TRY		7,016,423
Turkey (Republic of) Nts., 7.50%, 7/14/17		6,870,000			7,952,025
Turkey (Republic of) Unsec. Bonds, 6.25%, 9/26/22		22,740,000			24,559,200
Turkey (Republic of) Unsec. Nts.:
5.125%, 3/25/22		5,015,000			4,989,925
6%, 1/14/41		10,130,000			10,028,700
					385,164,381
Ukraine—0.2%
Financing of Infrastructural Projects State Enterprise Gtd. Nts., 8.375%, 11/3/175		6,430,000			5,538,159
Ukraine (Republic of) Bonds, 7.75%, 9/23/205		4,055,000			3,487,300

29 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Ukraine Continued
Ukraine (Republic of) Sr. Unsec. Nts.:
6.75%, 11/14/175	$	6,120,000		$	5,385,600
7.95%, 2/23/215		3,850,000			3,330,250
					17,741,309
United Kingdom—0.5%
United Kingdom Treasury Bonds:
4%, 9/7/16	6,800,000		GBP		12,352,387
4.75%, 3/7/20	4,850,000		GBP		9,474,473
4.75%, 12/7/38	8,430,000		GBP		16,952,094
					38,778,954
Uruguay—0.3%
Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36		10,705,000			14,960,238
Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22		9,285,000			12,836,513
					27,796,751
Venezuela—1.0%
Venezuela (Republic of) Bonds:
9%, 5/7/23		20,115,000			17,248,613
11.95%, 8/5/31		9,535,000			9,439,650
Venezuela (Republic of) Nts., 8.25%, 10/13/24		9,685,000			7,772,213
Venezuela (Republic of) Sr. Unsec. Unsub. Nts.:
7.75%, 10/13/19		7,305,000			6,172,725
12.75%, 8/23/22		5,235,000			5,522,925
Venezuela (Republic of) Unsec. Bonds:
7%, 3/31/38		14,630,000			10,460,450
7.65%, 4/21/25		16,795,000			12,764,200
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/185		17,155,000			18,184,300
					87,565,076
Total Foreign Government Obligations (Cost $2,524,715,393)					2,549,222,272
Loan Participations—0.9%
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 2/15/187		2,315,000			2,286,063
Cengage Learning Holdings II LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, 2.50%, 7/3/147		6,262,837			5,795,360
Cengage Learning Holdings II LP, Sr. Sec. Credit Facilities Term Loan, 2.50%, 7/3/147		1,994,778			1,845,882
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.50%, 1/29/167		13,454,916			10,943,893
Crestwood Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 8.25%, 3/8/187,8		3,645,000			3,716,380

30 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Loan Participations Continued
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.92%, 10/19/157,15	$	919,010		$	526,899
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.898%, 10/19/157,15		29,261,166			16,776,393
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 5.75%, 3/19/177,8		7,320,000			7,312,043
Lone Star Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 9.50%, 8/7/197,8		4,435,000			4,507,069
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 3/1/197,8		8,310,000			8,476,200
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, Tranche B, 10%, 10/31/137		3,945,000			3,851,306
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan:
7.50%, 2/17/177,8		1,115,000			1,101,461
9%, 2/17/177,8		6,490,000			6,411,192
Springleaf Financial Services, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/177,8		4,000,000			3,692,500
Texas Competitive Electric Holdings Co. LLC, Non-Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.743%, 10/10/147,8		5,810,000			3,570,727
Total Loan Participations (Cost $81,823,726)					80,813,368
Corporate Bonds and Notes—27.0%
Consumer Discretionary—3.8%
Auto Components—0.5%
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		8,145,000			8,694,788
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/175		17,338,000			18,898,420
UCI International, Inc., 8.625% Sr. Unsec. Nts., 2/15/19		2,210,000			2,281,825
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		9,180,000			9,363,600
					39,238,633
Automobiles—0.0%
Jaguar Land Rover plc:
7.75% Sr. Unsec. Bonds, 5/15/185		1,455,000			1,498,650
8.25% Sr. Nts., 3/15/204	900,000		GBP		1,443,138
					2,941,788
Diversified Consumer Services—0.1%
Monitronics International, Inc., 9.125% Sr. Nts., 4/1/205		1,655,000			1,683,963
ServiceMaster Co., 8% Sr. Nts., 2/15/205		2,220,000			2,375,400
					4,059,363

31 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Hotels, Restaurants & Leisure—1.2%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18	$	6,875,000	$	7,192,969
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18		3,160,000		3,555,000
Chester Downs & Marina LLC, 9.25% Sr. Sec. Nts., 1/15/205		3,555,000		3,763,856
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18		1,495,000		1,715,513
Equinox Holdings, Inc., 9.50% Sr. Sec. Nts., 2/1/165		6,635,000		7,128,478
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		35,012,000		27,221,830
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/175		9,230,000		9,160,775
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		7,545,000		7,658,175
Landry’s Restaurants, Inc., 11.625% Sr. Sec. Nts., 12/1/15		5,360,000		5,996,500
MCE Finance Ltd., 10.25% Sr. Sec. Nts., 5/15/18		3,650,000		4,115,375
MGM Mirage, Inc., 6.625% Sr. Unsec. Nts., 7/15/15		14,560,000		15,033,200
Mohegan Tribal Gaming Authority, 8% Sr. Sub. Nts., 4/1/12		4,751,000		4,751,000
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		5,780,000		6,516,950
Premier Cruise Ltd., 11% Sr. Nts., 3/15/083,4		10,850,000		—
				103,809,621
Household Durables—0.2%
Beazer Homes USA, Inc.:
6.875% Sr. Unsec. Nts., 7/15/15		3,690,000		3,477,825
9.125% Sr. Unsec. Nts., 5/15/19		10,500,000		9,082,500
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		830,000		873,575
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
9% Sr. Nts., 4/15/195		3,670,000		3,633,300
9% Sr. Nts., 5/15/185		3,830,000		3,839,575
				20,906,775
Media—1.5%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15		4,275,000		3,890,250
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		11,690,000		10,696,350
AMC Entertainment, Inc., 8.75% Sr. Unsec. Nts., 6/1/19		3,435,000		3,615,338
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		11,109,000		10,747,958
Cequel Communications Holdings I LLC, 8.625% Sr. Unsec. Nts., 11/15/175		6,535,000		7,049,631
Clear Channel Communications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 1/15/13		11,275,000		11,246,813
Cumulus Media, Inc., 7.75% Sr. Nts., 5/1/195		4,605,000		4,374,750
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		7,095,000		7,547,306
Gray Television, Inc., 10.50% Sr. Sec. Nts., 6/29/15		6,761,000		7,065,245

32 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Media Continued
Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG, 7.50% Sr. Sec. Nts., 3/15/195	$	5,970,000		$	6,477,450
Lamar Media Corp., 5.875% Sr. Sub. Nts., 2/1/225		2,885,000			2,949,913
Newport Television LLC/NTV Finance Corp., 13.75% Sr. Nts., 3/15/175		8,461,647			8,588,572
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		6,625,000			7,138,438
Sinclair Television Group, Inc., 8.375% Sr. Unsec. Nts., 10/15/18		9,350,000			10,144,750
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/205		3,420,000			3,608,100
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/215		4,595,000			4,882,188
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/224		7,220,000			7,454,650
Virgin Media Finance plc:
5.25% Sr. Unsec. Unsub. Nts., 2/15/22		2,770,000			2,759,613
8.375% Sr. Unsec. Unsub. Nts., 10/15/19		3,175,000			3,571,875
					123,809,190
Specialty Retail—0.2%
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19		1,830,000			1,912,350
J. Crew Group, Inc., 8.125% Sr. Unsec. Nts., 3/1/19		3,610,000			3,691,225
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22		7,265,000			7,364,894
Michaels Stores, Inc., 7.75% Sr. Unsec. Nts., 11/1/18		580,000			620,600
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/195		6,705,000			7,174,350
					20,763,419
Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co., 7.625% Sr. Unsec. Unsub. Nts., 5/15/20		3,435,000			3,649,688
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15		2,675,000			2,701,750
					6,351,438
Consumer Staples—0.9%
Beverages—0.0%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/177	5,535,000		BRR		3,177,823
Food & Staples Retailing—0.2%
Cencosud SA, 5.50% Sr. Unsec. Nts., 1/20/215		8,970,000			9,511,026
Rite Aid Corp., 7.50% Sr. Sec. Nts., 3/1/17		3,440,000			3,526,000
					13,037,026
Food Products—0.6%
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/165		8,035,000			7,372,113
ASG Consolidated LLC, 15% Sr. Nts., 5/15/175,15		19,988,391			15,640,916

33 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Food Products Continued
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/175	$	6,088,000	$	6,240,200
MHP SA, 10.25% Sr. Unsec. Nts., 4/29/155		7,511,000		7,285,670
Post Holdings, Inc., 7.375% Sr. Unsec. Nts., 2/15/225		6,930,000		7,276,500
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/155		9,220,000		9,888,450
				53,703,849
Household Products—0.1%
Central Garden & Pet Co., 8.25% Sr. Sub. Nts., 3/1/18		500,000		518,125
Spectrum Brands Holdings, Inc., 9.50% Sr. Sec. Nts., 6/15/18		3,250,000		3,680,625
				4,198,750
Personal Products—0.0%
NBTY, Inc., 9% Sr. Unsec. Nts., 10/1/18		1,695,000		1,875,094
Energy—5.2%
Energy Equipment & Services—0.5%
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		6,100,000		5,978,000
Global Geophysical Services, Inc., 10.50% Sr. Unsec. Nts., 5/1/17		5,525,000		5,525,000
Hercules Offshore, Inc., 7.125% Sr. Sec. Nts., 4/1/175,8		3,650,000		3,659,125
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/205		7,365,000		7,420,238
Offshore Group Investments Ltd., 11.50% Sr. Sec. Nts., 8/1/15		11,630,000		12,851,150
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		6,800,000		7,157,000
SESI LLC, 6.375% Sr. Unsec. Nts., 5/1/19		2,595,000		2,763,675
				45,354,188
Oil, Gas & Consumable Fuels—4.7%
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/155		5,600,000		5,980,800
Antero Resources Finance Corp., 9.375% Sr. Unsec. Nts., 12/1/17		7,625,000		8,292,188
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp., 8.75% Sr. Unsec. Sub. Nts., 6/15/18		5,750,000		6,152,500
ATP Oil & Gas Corp., 11.875% Sr. Sec. Nts., 5/1/15		2,710,000		1,991,850
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		4,395,000		4,482,900
Breitburn Energy Partners LP/Breitburn Finance Corp., 8.625% Sr. Unsec. Nts., 10/15/20		10,725,000		11,448,938
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		6,615,000		7,408,800
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Nts., 7/15/225		6,915,000		7,001,438
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/228		11,040,000		11,288,400
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		1,385,000		1,450,788
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/225		4,425,000		4,452,656

34 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Oil, Gas & Consumable Fuels Continued
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/375	$	25,775,000	$	29,354,632
8.146% Sr. Sec. Nts., 4/11/185		13,190,000		15,528,983
8.625% Sr. Sec. Nts., 4/28/345		8,315,000		10,514,484
9.25% Sr. Unsec. Unsub. Nts., 4/23/195		18,045,000		22,375,800
James River Coal Co., 7.875% Sr. Unsec. Unsub. Nts., 4/1/19		5,100,000		3,493,500
KazMunayGaz National Co., 6.375% Sr. Unsec. Bonds, 4/9/215		5,775,000		6,407,651
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/185		14,135,000		17,664,085
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		13,555,000		14,673,288
Lukoil International Finance BV:
6.125% Sr. Unsec. Nts., 11/9/205		18,830,000		20,053,950
6.656% Sr. Unsec. Unsub. Bonds, 6/7/225		3,955,000		4,390,050
7.25% Sr. Unsec. Unsub. Nts., 11/5/195		3,015,000		3,429,563
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/215		11,935,000		12,561,588
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/155		4,905,000		4,794,638
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		2,595,000		2,348,475
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/215		6,213,200		6,648,124
OGX Austria GmbH, 8.375% Sr. Unsec. Nts., 4/1/225		3,070,000		3,108,375
Pemex Project Funding Master Trust:
6.625% Sr. Unsec. Unsub. Nts., 6/15/38		3,110,000		3,576,500
6.625% Unsec. Unsub. Bonds, 6/15/35		15,340,000		17,641,000
Pertamina PT (Persero):
5.25% Nts., 5/23/215		8,765,000		9,312,813
6.50% Sr. Unsec. Nts., 5/27/415		3,930,000		4,283,700
Petrobras International Finance Co., 5.75% Sr. Unsec. Unsub. Nts., 1/20/20		6,185,000		6,880,497
Petroleos de Venezuela SA:
4.90% Sr. Unsec. Nts., Series 2014, 10/28/14		10,430,000		9,360,925
8.50% Sr. Nts., 11/2/175		16,085,000		14,339,778
12.75% Sr. Unsec. Nts., 2/17/225		7,465,000		7,483,663
Petroleos Mexicanos:
5.50% Sr. Unsec. Unsub. Nts., 1/21/21		6,310,000		6,988,325
6% Sr. Unsec. Unsub. Nts., 3/5/20		7,460,000		8,530,510
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/195		9,010,000		11,199,430
PT Adaro Indonesia, 7.625% Nts., 10/22/195		7,470,000		8,179,650
Quicksilver Resources, Inc.:
8.25% Sr. Unsec. Nts., 8/1/15		3,600,000		3,582,000
11.75% Sr. Nts., 1/1/16		5,115,000		5,434,688
Range Resources Corp., 8% Sr. Unsec. Sub. Nts., 5/15/19		3,215,000		3,544,538
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/204		5,550,000		5,619,375
SandRidge Energy, Inc.:
8.75% Sr. Unsec. Nts., 1/15/20		3,230,000		3,359,200
9.875% Sr. Unsec. Nts., 5/15/16		4,820,000		5,253,800

35 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Oil, Gas & Consumable Fuels Continued
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/225	$	8,225,000		$	8,266,125
Tengizchevroil LLP, 6.124% Nts., 11/15/145		2,952,145			3,114,956
Venoco, Inc., 8.875% Sr. Unsec. Nts., 2/15/19		5,100,000			4,692,000
					397,941,917
Financials—5.4%
Capital Markets—0.9%
Credit Suisse AG (Guernsey), 1.625% Sec. Bonds, 3/6/155		1,101,000			1,104,865
Edgen Murray Corp., 12.25% Sr. Sec. Nts., 1/15/15		5,345,000			5,478,625
Korea Development Bank (The), 3.875% Sr. Unsec. Nts., 5/4/17		4,700,000			4,875,700
Nationstar Mortgage/Nationstar Capital Corp., 10.875% Sr. Unsec. Nts., 4/1/15		20,140,000			21,298,050
Nuveen Investments, Inc.:
5.50% Sr. Unsec. Nts., 9/15/15		3,087,000			2,840,040
10.50% Sr. Unsec. Unsub. Nts., 11/15/15		3,100,000			3,227,875
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		10,306,000			11,465,425
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		4,765,000			3,740,525
UBS AG (London), 2.25% Sec. Nts., 3/30/175		1,800,000			1,797,296
Verso Paper Holdings LLC, 11.375% Sr. Unsec. Sub. Nts., Series B, 8/1/16		19,955,000			12,821,088
Verso Paper Holdings LLC/Verso Paper, Inc., 8.75% Sr. Sec. Nts., 2/1/19		9,375,000			5,203,125
					73,852,614
Commercial Banks—3.3%
Akbank TAS, 5.125% Sr. Unsec. Nts., 7/22/155		7,950,000			8,017,575
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/175		5,860,000			6,073,890
Australia & New Zealand Banking Group Ltd., 2.40% Sec. Bonds, 11/23/165		1,800,000			1,816,767
Banco BMG SA:
9.15% Nts., 1/15/165		4,272,000			4,165,200
9.95% Unsec. Unsub. Nts., 11/5/195		4,180,000			3,870,680
Banco de Credito del Peru, 5.375% Sr. Nts., 9/16/205		1,790,000			1,843,700
Banco de Credito del Peru/Panama, 6.875% Sub. Nts., 9/16/265,7		3,298,000			3,611,310
Banco del Estado de Chile, 3.875% Sr. Unsec. Nts., 2/8/225		5,245,000			5,218,775
Banco do Brasil SA, 5.875% Unsec. Sub. Nts., 1/26/225		4,220,000			4,363,480
Banco do Brasil SA (Cayman), 9.25% Perpetual Jr. Sub. Bonds5,16		10,115,000			11,025,350
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/225		7,060,000			7,448,300
Banco PanAmericano SA, 8.50% Sr. Unsec. Sub. Nts., 4/23/205		4,335,000			4,898,550
Bank of Scotland plc:
3.875% Sr. Sec. Nts., 2/7/20	2,370,000		EUR		3,321,072
4.50% Sr. Sec. Nts., 7/13/21	6,690,000		EUR		9,718,983

36 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Commercial Banks Continued
Bank of Scotland plc: Continued
4.875% Sr. Sec. Nts., 12/20/24		770,000	GBP	$	1,278,161
4.875% Sr. Sec. Unsub. Nts., 11/8/16		460,000	GBP		794,998
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/155		13,955,000			14,582,975
BPCE SFH SA, 3.75% Sr. Sec. Nts., 9/13/21		2,105,000	EUR		2,957,800
CIT Group, Inc., 7% Sec. Bonds, 5/2/175		14,220,000			14,273,325
Compagnie de Financement Foncier:
4.875% Sec. Nts., 5/25/21		1,375,000	EUR		2,070,508
5.75% Sec. Nts., 10/4/21		550,000	EUR		879,773
Corp Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/225		5,365,000			5,552,775
Grupo Aval Ltd., 5.25% Sr. Unsec. Nts., 2/1/175		7,290,000			7,599,825
Halyk Savings Bank of Kazakhstan JSC:
7.25% Unsec. Unsub. Nts., 5/3/175		1,615,000			1,665,873
9.25% Sr. Nts., 10/16/135		29,880,000			31,822,200
ICICI Bank Ltd.:
5.50% Sr. Unsec. Nts., 3/25/155		11,525,000			11,981,909
6.375% Bonds, 4/30/225,7		11,415,000			10,901,325
Lloyds TSB Bank plc:
4.875% Sec. Nts., 1/13/23		830,000	EUR		1,241,780
6% Sr. Sec. Nts., 2/8/29		920,000	GBP		1,678,027
Sberbank of Russia Via SB Capital SA:
5.40% Sr. Unsec. Nts., 3/24/17		12,585,000			13,044,353
6.125% Sr. Nts., 2/7/225		10,305,000			10,627,031
Societe Generale SCF SA, 2.024% Sec. Unsub. Nts., 6/19/177		400,000			379,627
Sparebank 1 Boligkreditt AS, 2.30% Sec. Bonds, 6/30/174,8		2,250,000			2,243,385
Stadshypotek AB:
6% Sec. Unsub. Bonds, 3/18/25		25,000,000	SEK		4,169,624
6% Sec. Unsub. Bonds, 9/21/16		15,000,000	SEK		2,556,850
Swedbank Hypotek AB:
2.375% Sec. Nts., 4/5/175		1,710,000			1,717,834
3.75% Sr. Sec. Unsub. Nts., 3/18/15		24,700,000	SEK		3,876,266
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/175		1,470,000			1,455,716
Turkiye Is Bankasi (Isbank), 5.10% Sr. Unsec. Nts., 2/1/165		4,820,000			4,856,150
VEB Finance Ltd., 6.902% Sr. Unsec. Unsub. Nts., 7/9/205		13,055,000			14,164,675
VTB Capital SA:
6.315% Nts., 2/22/185		4,750,000			4,776,600
6.465% Sr. Sec. Unsub. Nts., 3/4/155		2,995,000			3,189,675
Westpac Banking Corp., 2.45% Sr. Sec. Bonds, 11/28/165		1,800,000			1,820,183
WM Covered Bond Program, 4% Sec. Mtg. Nts., Series 2, 9/27/16		15,405,000	EUR		21,946,151
Yapi ve Kredi Bankasi AS, 6.75% Sr. Unsec. Nts., 2/8/175		3,965,000			4,078,796
					279,577,802

37 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Consumer Finance—0.1%
JSC Astana Finance, 9.16% Nts., 3/14/123	$	27,100,000		$	2,981,000
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/185		3,500,000			3,640,000
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		3,295,000			3,657,450
					10,278,450
Diversified Financial Services—0.5%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/264		9,238,368			8,759,820
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		3,040,000	EUR		4,187,334
Banco Invex SA, 30.695% Mtg.-Backed Certificates, Series 062U, 3/13/347,14		17,962,375	MXN		1,811,068
Bank of America Corp., 4.75% Sr. Unsec. Nts., 4/3/17		935,000	EUR		1,293,607
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/175		1,470,000			1,457,778
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		4,780,000			5,293,850
JPMorgan Hipotecaria su Casita:
8.103% Sec. Nts., 8/26/354,14		20,232,960	MXN		1,799,050
29.03% Mtg.-Backed Certificates, Series 06U, 9/25/3514		7,291,801	MXN		1,062,848
Korea Development Bank (The), 4% Sr. Unsec. Unsub. Nts., 9/9/16		5,515,000			5,775,043
PHH Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/1/16		7,470,000			7,628,738
					39,069,136
Insurance—0.1%
International Lease Finance Corp.:
8.625% Sr. Unsec. Unsub. Nts., 9/15/15		6,140,000			6,777,025
8.75% Sr. Unsec. Unsub. Nts., 3/15/17		5,635,000			6,283,025
					13,060,050
Real Estate Investment Trusts—0.2%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		7,390,000			7,500,850
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		9,235,000			9,835,275
					17,336,125
Real Estate Management & Development—0.3%
Ainsworth Lumber Co. Ltd., 11% Sr. Unsec. Unsub. Nts., 7/29/155,15		11,148,375			8,807,216
Realogy Corp.:
7.625% Sr. Sec. Nts., 1/15/204		7,270,000			7,597,150
9% Sr. Sec. Nts., 1/15/204		3,720,000			3,831,600
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/135,7		8,535,000			7,553,475
					27,789,441
Thrifts & Mortgage Finance—0.0%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/165		2,585,000			2,484,961
Compagnie de Financement Foncier, 5.625% Sr. Sec. Nts., 6/19/17		255,000			284,396
					2,769,357

38 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Health Care—1.1%
Biotechnology—0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18	$	3,000,000	$	3,262,500
Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		4,220,000		3,465,675
Alere, Inc.:
7.875% Sr. Unsec. Unsub. Nts., 2/1/16		3,900,000		4,085,250
8.625% Sr. Unsec. Sub. Nts., 10/1/18		3,835,000		3,988,400
Biomet, Inc.:
10.375% Sr. Unsec. Nts., 10/15/1715		7,605,000		8,232,413
11.625% Sr. Unsec. Sub. Nts., 10/15/17		7,021,000		7,626,561
				27,398,299
Health Care Providers & Services—0.5%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/1515		5,953,831		6,147,331
Fresenius Medical Care US Finance II, Inc.:
5.625% Sr. Unsec. Nts., 7/31/195		2,305,000		2,379,913
5.875% Sr. Unsec. Nts., 1/31/225		1,150,000		1,184,500
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		4,415,000		4,139,063
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		8,090,000		7,088,863
Multiplan, Inc., 9.875% Sr. Nts., 9/1/185		4,240,000		4,600,400
Oncure Holdings, Inc., 11.75% Sr. Sec. Nts., 5/15/17		4,245,000		2,801,700
PSS World Medical, Inc., 6.375% Sr. Unsec. Unsub. Nts., 3/1/225		1,660,000		1,713,950
Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17		4,470,000		3,609,525
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/15		5,479,000		5,444,756
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)3		6,485,000		162,125
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		5,940,000		6,088,500
				45,360,626
Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18		1,175,000		1,239,625
Life Sciences Tools & Services—0.0%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/195		2,875,000		3,133,750
Pharmaceuticals—0.2%
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14		2,015,000		2,055,300
Mylan, Inc., 6% Sr. Nts., 11/15/185		3,100,000		3,255,000
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/185		2,915,000		2,951,438
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75% Sr. Unsec. Nts., 9/15/18		8,635,000		9,045,163
				17,306,901

39 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Industrials—2.6%
Aerospace & Defense—0.6%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20	$	3,136,000	$	3,449,600
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		15,220,000		13,298,475
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		5,260,000		5,661,075
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		4,195,000		4,562,063
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/194		1,665,000		1,769,063
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		9,905,000		10,771,688
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18		10,290,000		11,576,250
				51,088,214
Air Freight & Logistics—0.0%
AMGH Merger Sub, Inc., 9.25% Sr. Sec. Nts., 11/1/185		2,940,000		3,072,300
Airlines—0.2%
American Airlines 2011-2 Class A Pass Through Trust, 8.625% Sec. Certificates, 4/15/23		1,580,000		1,666,900
Delta Air Lines, Inc., 12.25% Sr. Sec. Nts., 3/15/155		13,555,000		14,673,288
				16,340,188
Building Products—0.2%
Associated Materials LLC, 9.125% Sr. Sec. Nts., 11/1/175		4,230,000		4,134,825
Ply Gem Industries, Inc., 13.125% Sr. Unsec. Sub. Nts., 7/15/14		11,400,000		11,571,000
Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625% Sr. Sec. Nts., 12/1/175		3,785,000		4,031,025
				19,736,850
Commercial Services & Supplies—0.2%
R.R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		7,455,000		7,268,625
STHI Holding Corp., 8% Sec. Nts., 3/15/185		2,980,000		3,173,700
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		6,500,000		7,166,250
				17,608,575
Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/245		14,564,977		17,132,783
Odebrecht Finance Ltd., 7% Sr. Unsec. Nts., 4/21/205		3,590,000		4,020,082
				21,152,865
Electrical Equipment—0.1%
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17		6,166,000		6,813,430
Machinery—0.4%
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/164		6,930,000		7,207,200
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/165		1,945,000		2,095,738

40 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Machinery Continued
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20	$	9,755,000	$	10,779,275
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17		7,000,000		7,280,000
Thermadyne Holdings Corp.:
9% Sr. Sec. Nts., 12/15/17		5,180,000		5,335,400
9% Sr. Sec. Nts., 12/15/175		2,215,000		2,281,450
				34,979,063
Marine—0.2%
Marquette Transportation Co./Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		10,430,000		11,042,763
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		2,115,000		2,178,450
				13,221,213
Professional Services—0.0%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/154		3,643,000		3,479,065
Road & Rail—0.3%
Hertz Corp., 7.50% Sr. Unsec. Nts., 10/15/18		13,610,000		14,511,663
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/205		3,050,000		3,393,125
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/155		13,924,000		5,848,080
				23,752,868
Trading Companies & Distributors—0.1%
UR Financing Escrow Corp.:
7.375% Sr. Unsec. Nts., 5/15/205		8,860,000		9,081,500
7.625% Sr. Unsec. Nts., 4/15/225		2,215,000		2,281,450
				11,362,950
Information Technology—1.2%
Communications Equipment—0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/195		7,145,000		7,198,588
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/205		3,321,000		3,420,630
				10,619,218
Computers & Peripherals—0.1%
Seagate HDD Cayman, 7% Sr. Unsec. Nts., 11/1/215		6,095,000		6,582,600
Electronic Equipment & Instruments—0.1%
CDW LLC/CDW Finance Corp., 12.535% Sr. Unsec. Sub. Nts., 10/12/17		7,150,000		7,802,438
Internet Software & Services—0.2%
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		13,410,000		14,147,550
Lawson Software, Inc., 9.375% Sr. Nts., 4/1/195,8		1,385,000		1,436,938
				15,584,488

41 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
IT Services—0.2%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15	$	8,195,000	$	7,436,963
First Data Corp.:
8.875% Sr. Sec. Nts., 8/15/205		8,875,000		9,662,656
9.875% Sr. Unsec. Nts., 9/24/15		3,485,000		3,519,850
12.625% Sr. Unsec. Nts., 1/15/21		3,465,000		3,490,988
				24,110,457
Semiconductors & Semiconductor Equipment—0.4%
Advanced Micro Devices, Inc., 7.75% Sr. Unsec. Nts., 8/1/20		9,960,000		11,005,800
Amkor Technologies, Inc., 6.625% Sr. Unsec. Nts., 6/1/21		3,435,000		3,568,106
Freescale Semiconductor, Inc.:
9.25% Sr. Sec. Nts., 4/15/185		6,025,000		6,627,500
10.75% Sr. Unsec. Nts., 8/1/20		7,467,000		8,419,043
NXP BV/NXP Funding LLC, 9.75% Sr. Sec. Nts., 8/1/185		3,195,000		3,626,325
				33,246,774
Software—0.1%
SunGard Data Systems, Inc.:
7.375% Sr. Unsec. Nts., 11/15/18		2,085,000		2,225,738
7.625% Sr. Unsec. Nts., 11/15/20		2,935,000		3,147,788
				5,373,526
Materials—2.3%
Chemicals—0.8%
Braskem America Finance Co., 7.125% Sr. Unsec. Nts., 7/22/415		2,980,000		3,005,330
Braskem Finance Ltd., 5.75% Sr. Unsec. Nts., 4/15/215		12,705,000		13,363,119
Ferro Corp., 7.875% Sr. Unsec. Nts., 8/15/18		5,830,000		5,975,750
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC:
8.875% Sr. Sec. Nts., 2/1/18		3,680,000		3,827,200
9% Sec. Nts., 11/15/20		5,000,000		4,675,000
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/195		5,560,000		5,893,600
Lyondell Chemical Co., 8% Sr. Sec. Nts., 11/1/17		12,709,000		14,329,398
LyondellBasell Industries NV, 6% Sr. Nts., 11/15/215		5,745,000		6,060,975
Momentive Performance Materials, Inc., 9% Sec. Nts., 1/15/21		8,120,000		7,145,600
Scotts Miracle-Gro Co. (The), 6.625% Sr. Unsec. Unsub. Nts., 12/15/20		925,000		978,188
				65,254,160
Construction Materials—0.2%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/215		5,765,000		6,132,519
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/205		4,024,000		3,732,260
CEMEX SAB de CV, 9% Sr. Sec. Nts., 1/11/185		6,590,000		6,244,025
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18		4,825,000		4,879,281
Rearden G Holdings Eins GmbH, 7.875% Sr. Unsec. Nts., 3/30/205		620,000		659,866
				21,647,951

42 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Containers & Packaging—0.2%
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21	$	5,895,000		$	6,469,763
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		7,805,000			8,253,788
Rock-Tenn Co., 4.45% Sr. Unsec. Nts., 3/1/195		1,660,000			1,669,329
					16,392,880
Metals & Mining—0.5%
Aleris International, Inc., 7.625% Sr. Unsec. Nts., 2/15/18		14,170,000			14,896,213
Alrosa Finance SA, 7.75% Nts., 11/3/205		6,070,000			6,510,075
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/165		4,650,000			3,964,125
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/195		3,050,000			3,482,490
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/165		4,805,000			4,492,675
JSC Severstal, 6.70% Nts., 10/25/175		7,410,000			7,530,413
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		1,740,000			1,914,000
					42,789,991
Paper & Forest Products—0.6%
ABI Escrow Corp., 10.25% Sr. Sec. Nts., 10/15/185		5,801,000			6,685,653
Appleton Papers, Inc., 10.50% Sr. Sec. Nts., 6/15/155		13,895,000			14,485,538
Catalyst Paper Corp., 11% Sr. Sec. Nts., 12/15/163,5		14,799,000			7,769,475
Mercer International, Inc., 9.50% Sr. Unsec. Nts., 12/1/17		7,540,000			7,841,600
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/143		16,450,000			11,103,750
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/155		5,600,000			4,144,000
					52,030,016
Telecommunication Services—1.9%
Diversified Telecommunication Services—1.0%
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/195		7,318,000			6,037,350
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/165		11,210,000	BRR		6,355,885
Cincinnati Bell, Inc.:
8.25% Sr. Nts., 10/15/17		4,975,000			5,105,594
8.75% Sr. Unsec. Sub. Nts., 3/15/18		7,115,000			6,679,206
Frontier Communications Corp.:
8.25% Sr. Unsec. Nts., 4/15/17		3,500,000			3,780,000
8.50% Sr. Unsec. Nts., 4/15/20		2,325,000			2,458,688
Intelsat Bermuda Ltd.:
11.25% Sr. Unsec. Nts., 2/4/17		7,640,000			7,964,700
11.50% Sr. Unsec. Nts., 2/4/1715		5,259,375			5,482,898
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		2,810,000			2,961,038
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		6,670,000			7,320,325
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/205		18,024,000			18,618,792
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/185		7,235,000			6,837,075
Windstream Corp., 7.50% Sr. Unsec. Nts., 6/1/225		7,405,000			7,756,738
					87,358,289

43 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Wireless Telecommunication Services—0.9%
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		42,300,000	MXN	$	3,232,026
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20		9,120,000			8,994,600
MetroPCS Wireless, Inc., 6.625% Sr. Unsec. Nts., 11/15/20		7,085,000			7,058,431
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/205		7,605,000			8,835,565
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		7,715,000			7,483,550
Sprint Capital Corp., 8.75% Nts., 3/15/32		1,805,000			1,556,813
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/185		6,635,000			7,298,500
Vimpel Communications/VIP Finance Ireland Ltd. OJSC:
7.748% Sec. Nts., 2/2/215		4,515,000			4,475,494
9.125% Sr. Unsec. Nts., 4/30/185		16,220,000			17,801,450
VimpelCom Holdings BV, 7.504% Sr. Unsec. Unsub. Nts., 3/1/225		7,585,000			7,395,375
					74,131,804
Utilities—2.6%
Electric Utilities—1.6%
Centrais Eletricas Brasileiras SA:
5.75% Sr. Unsec. Unsub. Nts., 10/27/215		8,925,000			9,813,038
6.875% Sr. Unsec. Unsub. Nts., 7/30/195		4,575,000			5,438,760
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/225		3,000,000			1,830,000
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/195		5,270,000			6,316,095
Energy Future Intermediate Holding Co. LLC, 10% Sr. Sec. Nts., 12/1/20		6,594,000			7,220,430
Eskom Holdings Ltd.:
5.75% Sr. Unsec. Bonds, 1/26/215		5,870,000			6,192,850
7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		115,000,000	ZAR		13,678,629
10% Nts., Series ES23, 1/25/23		137,000,000	ZAR		19,739,269
Israel Electric Corp. Ltd.:
6.70% Sr. Unsec. Nts., 2/10/175		5,145,000			5,308,261
7.25% Nts., 1/15/195		22,400,000			22,887,693
Majapahit Holding BV:
7.75% Nts., 10/17/165		8,660,000			10,056,425
8% Sr. Unsec. Nts., 8/7/195		5,990,000			7,307,800
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		421,000,000	PHP		10,004,454
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/215		8,060,000			8,483,150
Texas Competitive Electric Holdings Co. LLC:
10.25% Sr. Unsec. Nts., Series A, 11/1/15		20,940,000			4,894,725
10.25% Sr. Unsec. Nts., Series B, 11/1/15		5,445,000			1,211,513
					140,383,092
Energy Traders—0.6%
AES Corp. (The):
7.375% Sr. Unsec. Nts., 7/1/215		1,910,000			2,120,100
8% Sr. Unsec. Unsub. Nts., 10/15/17		3,190,000			3,608,688

44 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount		Value
Energy Traders Continued
Calpine Corp.:
7.50% Sr. Sec. Nts., 2/15/215	$	3,310,000	$	3,549,975
7.875% Sr. Sec. Nts., 1/15/235		2,030,000		2,202,550
Colbun SA, 6% Sr. Unsec. Nts., 1/21/205		6,540,000		6,980,175
Comision Federal de Electricidad, 4.875% Sr. Nts., 5/26/215		6,265,000		6,703,550
Energy Future Holdings Corp., 10% Sr. Sec. Nts., 1/15/20		6,860,000		7,477,400
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/185		998,000		1,007,980
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/175		2,085,000		2,199,675
United Maritime Group LLC, 11.75% Sr. Sec. Nts., 6/15/15		13,563,000		14,156,381
				50,006,474
Gas Utilities—0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		7,040,000		7,163,200
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/215		4,180,000		4,451,700
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21		2,590,000		2,350,425
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/225		5,200,000		5,293,600
				19,258,925
Multi-Utilities—0.1%
Abu Dhabi National Energy Co. (TAQA), 5.875% Sr. Unsec. Nts., 12/13/215		6,315,000		6,757,050
Water Utilities—0.1%
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25% Sr. Unsec. Nts., 12/16/205		5,585,000		5,975,950
Total Corporate Bonds and Notes (Cost $2,313,883,730)				2,310,517,214
	Shares
Preferred Stocks—0.1%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg.2		7,587		6,321,157
Greektown Superholdings, Inc., Cv., Series A-11,2		109,250		5,930,909
Total Preferred Stocks (Cost $17,913,763)				12,252,066
Common Stocks—0.4%
AbitibiBowater, Inc.2		235,955		3,369,437
American Media Operations, Inc.2		535,548		6,962,124
Arco Capital Corp. Ltd.1,2,4		2,494,716		3,742,074
Dana Holding Corp.		228,213		3,537,302
Gaylord Entertainment Co., Cl. A2		49,483		1,524,076
Global Aviation Holdings, Inc.2		3,200		—
Greektown Superholdings, Inc., Series A-11,2		8,267		417,484

45 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares			Value
Common Stocks Continued
Huntsman Corp.		95,115		$	1,332,561
Kaiser Aluminum Corp.		2,405			113,660
LyondellBasell Industries NV, Cl. A		89,036			3,886,421
Orbcomm, Inc.2		30,391			117,005
Premier Holdings Ltd.2		799,833			—
USA Mobility, Inc.		44			613
Visteon Corp.2		71,615			3,795,595
Walter Industries, Inc.		14,535			860,617
Whiting Petroleum Corp.2		29,236			1,587,515
Total Common Stocks (Cost $80,652,472)					31,246,484
	Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/17 2 (Cost $9,381,486)		31,274			1,125
	Principal
	Amount
Structured Securities—3.7%
Barclays Bank plc:
Indonesia (Republic of) Total Return Linked Bonds, 10.50%, 8/19/30		39,800,000,000	IDR		5,973,917
Indonesia (Republic of) Total Return Linked Bonds, Series 22, 11%, 9/17/25		12,169,000,000	IDR		1,866,472
Indonesia (Republic of) Total Return Linked Nts., Series 50, 10.50%, 8/19/30		30,680,000,000	IDR		4,605,020
Indonesia (Republic of) Total Return Linked Nts., Series 51, 10.50%, 8/19/30		4,080,000,000	IDR		612,402
Indonesia (Republic of) Total Return Linked Nts., Series 51, 11%, 9/17/25		26,580,000,000	IDR		4,076,821
Russian Federation Total Return Linked Bonds, 7%, 6/5/157		216,000,000	RUR		7,371,307
Russian Federation Total Return Linked Bonds, 7%, 6/5/157		73,000,000	RUR		2,491,229
Citigroup Funding, Inc.:
ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/154,7		71,890,000	RUR		2,475,901
Russian Federation Credit Linked Nts., 7.35%, 1/22/167		254,000,000	RUR		8,713,149
Citigroup Global Markets Holdings, Inc.:
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/184		8,155,000,000	COP		5,610,433
Colombia (Republic of) Credit Linked Nts., Series 02, 10%, 7/25/244,14		10,250,000,000	COP		6,988,883
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		41,194,000,000	COP		28,087,808
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		10,191,000,000	COP		7,064,583
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/113		196,587,000	RUR		20,110
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/103		335,100,000	RUR		1,143
Credit Suisse Group AG, Russian Moscoblgaz Finance
Total Return Linked Nts., 9.25%, 6/27/12		154,040,000	RUR		5,200,631

46 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal
	Amount			Value
Structured Securities Continued
Deutsche Bank AG:
Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/254,13	$	4,853,781		$	3,422,948
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/254,13		6,184,463			4,361,362
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/254,13		5,339,294			3,765,338
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/254,13		4,772,655			3,365,737
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/254,13		5,942,343			4,190,616
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.238%, 5/6/254,13		6,782,283			4,782,952
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/254,13		5,418,250			3,821,019
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.338%, 5/6/254,13		5,092,924			3,591,595
Coriolanus Ltd. Sec. Credit Linked Nts., 12.79%, 12/31/174,14		43,260,000	BRR		26,052,294
JSC VTB Bank Credit Linked Nts., 12%, 6/19/124,7		76,400,000	UAH		9,449,959
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.265%, 5/22/154,7		1,803,555	MXN		135,896
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.265%, 5/22/154,7		3,155,364	MXN		237,753
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.265%, 5/22/154,7		47,575,229	MXN		3,584,746
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.265%, 5/22/154,7		3,467,217	MXN		261,251
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.265%, 5/22/154,7		2,518,999	MXN		189,804
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.265%, 5/22/154,7		1,608,758	MXN		121,218
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.265%, 5/22/154,7		296,268	MXN		22,323
Russian Federation Credit Linked Nts., 7.35%, 1/22/164,7		190,600,000	RUR		6,551,291
Russian Federation Credit Linked Nts., 7.40%, 6/16/174,7		190,600,000	RUR		6,518,795
Eirles Two Ltd. Sec. Nts.:
Series 324, 3.798%, 4/30/124,7		15,000,000			14,043,000
Series 335, 2.248%, 4/30/124,7		17,500,000			16,814,000
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.479%, 2/8/374,13		245,971,200,000	COP		8,658,340
Hallertau SPC Credit Linked Nts.:
Series 2007-01, 2.838%, 12/20/174,7		24,000,000			21,571,200
Series 2008-01, 9.878%, 8/2/103,4,13		37,994,727	BRR		2,081,390
Series 2008-2A, 8.253%, 9/17/133,4		32,556,250			18,284,741
HSBC Bank USA NA, Indonesia (Republic of) Credit Linked Nts., Series 2, 9.50%, 7/15/315		47,791,000,000	IDR		6,689,904
JPMorgan Chase & Co.:
Colombia (Republic of) Credit Linked Nts., 11%, 7/28/204		4,890,000,000	COP		3,389,805
Indonesia (Republic of) Credit Linked Nts., Series 55, 11%, 9/17/255		30,680,000,000	IDR		4,705,676
Indonesia (Republic of) Total Return Linked Nts., Series 53, 11%, 9/17/255		28,180,000,000	IDR		4,322,228
JPMorgan Chase Bank NA:
Indonesia (Republic of) Credit Linked Nts., Series 1, 9.50%, 7/17/315		7,317,000,000	IDR		1,024,252
Indonesia (Republic of) Credit Linked Nts., Series 3, 11%, 9/17/255		30,855,000,000	IDR		4,732,517
LB Peru Trust II Certificates, Series 1998-A, 4.541%, 2/28/163,13		14,029,589			1,402,959
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/124		3,634,866			1,146,437
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/164		7,928,000,000	COP		4,680,754
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/175		15,932,000	PEN		5,137,909
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		201,753,254	RUR		3,247,431

47 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Structured Securities Continued
Morgan Stanley Capital Services, Inc.:
Brazil (Federative Republic of) Credit Linked Nts., 12.561%, 1/5/225,13		113,353,000	BRR	$	10,469,372
United Mexican States Credit Linked Nts., 5.64%, 11/20/155		300,000			257,850
UBS AG, Indonesia (Republic of) Total Return Linked Nts., Series 1, 9.50%, 7/17/31		61,875,000,000	IDR		8,661,417
Total Structured Securities (Cost $401,881,426)					316,907,888

	Expiration		Strike
	Date		Price		Contracts
Options Purchased—0.1%
Canadian Dollar (CAD) Put2		9/24/12	1AUD per 1.0198CAD			4,495,000	116,252
Canadian Dollar (CAD) Put2		7/19/12	1AUD per 1.0349CAD			3,640,000	89,724
Euro (EUR) FX Futures, 5/21/12 Call2		5/7/12		1.390		181	24,888
Euro (EUR) FX Futures, 5/21/12 Call2		5/7/12		1.410		908	45,400
Euro (EUR) FX Futures, 6/18/12 Call2		4/9/12		1.370		48	600
Euro (EUR) FX Futures, 6/18/12 Call2		4/9/12		1.360		48	1,800
Euro (EUR) FX Futures, 6/18/12 Call2		5/7/12		1.380		363	86,213
Euro (EUR) FX Futures, 6/18/12 Call2		5/7/12		1.370		364	186,550
Euro (EUR) FX Futures, 6/18/12 Call2		5/7/12		1.390		364	63,700
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.240		692	4,325
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.270		705	4,406
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.280		163	1,019
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.290		258	1,613
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.250		726	4,538
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.290		102	638
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.310		189	8,269
Euro (EUR) FX Futures, 6/18/12 Put2		4/9/12		1.320		504	63,000
Euro (EUR) FX Futures, 6/18/12 Put2		5/7/12		1.190		363	2,269
Euro (EUR) FX Futures, 6/18/12 Put2		5/7/12		1.210		363	4,538
Euro (EUR) FX Futures, 6/18/12 Put2		5/7/12		1.240		727	27,263
Euro (EUR) FX Futures, 6/18/12 Put2		5/7/12		1.280		363	95,288
Euro (EUR) FX Futures, 6/18/12 Put2		5/7/12		1.270		692	121,100
Euro (EUR) FX Futures, 6/18/12 Put2		6/11/12		1.250		308	119,350
Euro (EUR) FX Futures, 6/18/12 Put2		6/11/12		1.280		182	147,875
Euro (EUR) FX Futures, 6/18/12 Put2		6/11/12		1.300		75	99,375
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/6/12		132.500		96	600
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/6/12		135.000		72	450
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/6/12		138.000		72	450
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/6/12		129.500		96	600
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/9/12		123.000		55	9,625
Japanese Yen (JPY) Futures, 6/18/12 Call2		4/9/12		125.000		73	2,738

48 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Expiration		Strike
	Date		Price		Contracts		Value
Options Purchased—0.1% Continued
Japanese Yen (JPY) Futures, 6/18/12 Call2		6/11/12		139.000		72	$	1,350
Japanese Yen (JPY) Futures, 6/18/12 Call2		6/11/12		143.000		72		450
Japanese Yen (JPY) Futures, 6/18/12 Call2		6/12/12		134.000		181		18,100
Japanese Yen (JPY) Put2		3/29/13	1USD per 85JPY			740,000,000		299,315
Mexican Nuevo Peso (MXN) Put2		9/26/12	1AUD per 13MXN			4,505,000		99,271
U.S. Long Bonds Futures, 6/20/12 Put2		4/9/12		135.000		338		52,813
U.S. Long Bonds Futures, 6/20/12 Put2		4/9/12		137.000		304		166,250
U.S. Treasury Nts., 10 yr.
Futures, 6/20/12 Call2		4/9/12		131.000		337		10,531
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/9/12		129.000		378		289,406
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/23/12		125.500		186		11,625
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/23/12		126.500		1,684		184,188
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/23/12		127.500		875		164,063
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/23/12		128.000		1,819		483,172
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		4/23/12		129.000		384		198,000
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		5/29/12		123.500		1,755		164,531
U.S. Treasury Nts., 10 yr. Futures, 6/20/12 Put2		5/29/12		127.000		2,565		1,001,953
U.S. Treasury Nts., 3.125%, 11/15/41 Call2		5/30/12		103.470		264,000,000		1,188,000
Worst performing of: Euro (EUR) Put/United States Dollar (USD) Call, or the United States Dollar (USD) Call/Japanese Yen (JPY) Put,2			1EUR per 1.275USD
		7/26/12	/1USD per 79.50JPY			18,171,000		99,759
Total Options Purchased (Cost $24,403,884)								5,767,233

	Swaption	Notional
	Expiration Date	Amount
Swaptions Purchased—0.4%
Bank of America NA, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.195%; Received: Three-Month USD BBA LIBOR; Termination Date: 10/2/192	10/1/12	$	14,000,000	154,969

49 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Swaption		Notional
	Expiration Date		Amount			Value
Swaptions Purchased Continued
Bank of America NA, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.275%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/9/222		7/6/12	$	108,130,000		$	2,416,262
Goldman Sachs Group, Inc. (The), Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 1.88%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/24/192		7/23/12		72,370,000			983,715
Goldman Sachs Group, Inc. (The), Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 1.945%; Received: Three-Month USD BBA LIBOR; Termination Date: 10/2/192		10/1/12		36,325,000			635,938
Goldman Sachs Group, Inc. (The), Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.495%; Received: Three-Month USD BBA LIBOR; Termination Date: 11/22/222		11/23/12		140,900,000			4,025,108
Goldman Sachs Group, Inc. (The), Swap Counterparty; Interest Rate Swaption (European); Swap Terms: Paid: 2.185%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/13/222		7/12/12		54,240,000			1,507,354
Goldman Sachs Group, Inc. (The), Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.185%; Termination Date: 7/13/222		7/12/12		54,240,000			535,729
JPMorgan Chase Bank NA, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 1.65%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/25/182		2/22/13		90,585,000			1,371,259
JPMorgan Chase Bank NA, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.245%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/10/222		7/9/12		108,395,000			2,600,249
JPMorgan Chase Bank NA, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.557%; Received: Six-Month EUR EURIBOR; Termination Date: 2/20/232		2/19/13		72,420,000	EUR		2,372,554
UBS AG, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 1.17%; Received: Six-Month JPY BBA LIBOR; Termination Date: 9/26/222		9/25/12		3,595,000,000	JPY		429,984
UBS AG, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.215%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/4/222		12/3/12		361,350,000			15,421,241
UBS AG, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 2.98%; Received: Six-Month EUR EURIBOR; Termination Date: 3/4/232		3/1/13	90,820,000		EUR		1,630,440

50 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Swaption		Notional
	Expiration Date		Amount			Value
Swaptions Purchased Continued
UBS AG, Swap Counterparty, Interest Rate Swaption (European); Swap Terms: Paid: 3.025%; Received: Six-Month EUR EURIBOR; Termination Date: 2/27/232		2/26/13	90,615,000		EUR	$	1,493,325
Total Swaptions Purchased (Cost $42,579,514)							35,578,127
			Shares
Investment Companies—16.4%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.22%1,17				85,554,870			85,554,870
Oppenheimer Master Event-Linked Bond Fund, LLC1				14,660,095			166,354,954
Oppenheimer Master Loan Fund, LLC1				90,902,934			1,127,484,295
Oppenheimer Short Duration Fund, Cl. Y1				2,005,994			20,100,059
Total Investment Companies (Cost $1,401,138,427)							1,399,494,178
Total Investments, at Value (Cost $9,146,948,343)				104.0	%		8,893,645,673
Liabilities in Excess of Other Assets				(4.0	)		(342,984,686	)
Net Assets				100.0	%	$	8,550,660,987

Footnotes to Statement of Investments

* March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. Principal and notional amounts are 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
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesia Rupiah
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RUR	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	New Turkish Lira
UAH	Ukraine Hryvnia
ZAR	South African Rand

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 30, 2012, 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, 2011		Additions		Reductions		March 30, 2012
Arco Capital Corp. Ltd.		2,494,716		—		—		2,494,716
Greektown Superholdings, Inc.		8,267		—		—		8,267
Greektown Superholdings, Inc., Series A-1		109,250		—		—		109,250
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.a		—		15,000		—		15,000
Oppenheimer Institutional Money Market Fund, Cl. E		757,814,623		1,112,031,950		1,784,291,703		85,554,870

51 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

	Shares		Gross		Gross		Shares
	September 30, 2011		Additions		Reductions		March 30, 2012
Oppenheimer Master Event-Linked Bond Fund, LLC		15,272,235		—		612,140		14,660,095
Oppenheimer Master Loan Fund, LLC		98,621,193		—		7,718,259		90,902,934
Oppenheimer Short Duration Fund, Cl. Y		2,000,139		5,855		—		2,005,994

						Realized
	Value		Income			Loss
Arco Capital Corp. Ltd.	$	3,742,074	$	—		$	—
Greektown Superholdings, Inc.		417,484		—			—
Greektown Superholdings, Inc., Series A-1		5,930,909		—			—
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.a		1,469,259		—			—
Oppenheimer Institutional Money Market Fund, Cl. E		85,554,870		568,850			—
Oppenheimer Master Event-Linked Bond Fund, LLC		166,354,954		7,297,163	b		5,868,251	b
Oppenheimer Master Loan Fund, LLC		1,127,484,295		43,259,848	c		4,344,026	c
Oppenheimer Short Duration Fund, Cl. Y		20,100,059		63,192			—
	$	1,411,053,904	$	51,189,053		$	10,212,277

a.	Investment in a wholly-owned subsidiary. See Note 1 of the accompanying Notes and individual financial statements of the entity included herein.
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.

2.	Non-income producing security.
3.	This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
4.	Restricted security. The aggregate value of restricted securities as of March 30, 2012 was $311,910,201, which represents 3.65% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/15		2/8/10-4/28/10	$	3,498,869	$	3,479,065	$	(19,804	)
Arco Capital Corp. Ltd.		2/27/07		37,420,740		3,742,074		(33,678,666	)
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26		5/11/06-11/21/06		9,343,876		8,759,820		(584,056	)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 02, 10%, 7/25/24		3/28/12		7,249,277		6,988,883		(260,394	)
Citigroup Funding, Inc., ALROSA Russia Corporate Bond Credit Linked Unsec. Nts., 8.25%, 6/25/15		3/1/11		2,537,877		2,475,901		(61,976	)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08		3,454,369		5,610,433		2,156,064
Cleaver-Brooks, Inc., 12.25% Sr. Sec. Nts., 5/1/16		4/21/10-5/3/11		6,991,429		7,207,200		215,771
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10		3,315,130		3,422,948		107,818
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.338%, 5/6/25		4/16/09		3,380,163		3,591,595		211,432
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09		3,616,450		3,821,019		204,569
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.238%, 5/6/25		9/25/09		4,536,997		4,782,952		245,955

52 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

						Unrealized
	Acquisition					Appreciation
Security	Dates	Cost		Value		(Depreciation)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25	12/17/09	$	3,991,914	$	4,190,616	$	198,702
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25	3/30/10		3,220,830		3,365,737		144,907
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25	5/18/10		3,615,196		3,765,338		150,142
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25	7/16/10		4,201,788		4,361,362		159,574
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 12.79%, 12/31/17	9/19/07		19,396,178		26,052,294		6,656,116
Deutsche Bank AG, JSC VTB Bank Credit Linked Nts., 12%, 6/19/12	6/30/11		9,604,054		9,449,959		(154,095	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 8.265%, 5/22/15	5/21/08		173,895		135,896		(37,999	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 8.265%, 5/22/15	6/12/08		297,596		237,753		(59,843	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 8.265%, 5/22/15	6/18/08		4,615,780		3,584,746		(1,031,034	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 8.265%, 5/22/15	7/8/08		336,091		261,251		(74,840	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 8.265%, 5/22/15	7/15/08		244,584		189,804		(54,780	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 8.265%, 5/22/15	8/8/08		158,390		121,218		(37,172	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 8.265%, 5/22/15	8/22/08		28,080		22,323		(5,757	)
Deutsche Bank AG, Russian Federation Credit Linked Nts., 7.35%, 1/22/16	2/2/12		6,345,592		6,551,291		205,699
Deutsche Bank AG, Russian Federation Credit Linked Nts., 7.40%, 6/16/17	2/2/12		6,299,181		6,518,795		219,614
DLJ Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 11.96%, 4/15/11	4/9/99		15,000,000		150		(14,999,850	)
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.99%, 10/15/30	6/27/01		19,050,072		5,185,930		(13,864,142	)
Eirles Two Ltd. Sec. Nts., Series 324, 3.798%, 4/30/12	4/17/07		15,000,781		14,043,000		(957,781	)
Eirles Two Ltd. Sec. Nts., Series 335, 2.248%, 4/30/12	9/17/07		17,487,840		16,814,000		(673,840	)
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 0.656%, 8/15/25	8/17/00		2,730,094		—		(2,730,094	)
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 12.54%, 6/13/11	6/8/99-12/31/04		3,846,847		—		(3,846,847	)
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.479%, 2/8/37	1/18/07		25,715,146		8,658,340		(17,056,806	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.838%, 12/20/17	12/13/07-10/23/09		22,997,867		21,571,200		(1,426,667	)
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.878%, 8/2/10	4/18/08-10/1/08		19,017,779		2,081,390		(16,936,389	)
Hallertau SPC Credit Linked Nts., Series 2008-2A, 8.253%, 9/17/13	10/23/08		32,704,803		18,284,741		(14,420,062	)

53 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

						Unrealized
	Acquisition					Appreciation
Security	Dates	Cost		Value		(Depreciation)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.456%, 8/15/22	11/6/07	$	18,715,206	$	13,230,000	$	(5,485,206	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.756%, 8/15/22	6/8/07		17,780,000		10,490,200		(7,289,800	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.756%, 8/15/22	6/8/07		17,780,000		10,312,400		(7,467,600	)
Jaguar Land Rover plc, 8.25% Sr. Nts., 3/15/20	3/22/12		1,413,322		1,443,138		29,816
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20	8/24/10		3,340,945		3,389,805		48,860
JPMorgan Hipotecaria su Casita, 8.103% Sec. Nts., 8/26/35	3/21/07		1,834,690		1,799,050		(35,640	)
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/12	6/20/07		3,636,762		1,146,437		(2,490,325	)
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.99%, 3/24/14	2/23/01		3,209,935		8,854		(3,201,081	)
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16	10/20/06		3,387,746		4,680,754		1,293,008
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29	8/10/10		4,377,854		358,010		(4,019,844	)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08	3/6/98		10,532,095		—		(10,532,095	)
Realogy Corp., 7.625% Sr. Sec. Nts., 1/15/20	1/25/12-2/1/12		7,298,028		7,597,150		299,122
Realogy Corp., 9% Sr. Sec. Nts., 1/15/20	1/25/12-2/1/12		3,712,925		3,831,600		118,675
Russian Federation Unsec. Bonds, 4.50%, 4/4/22	3/28/12		10,429,049		10,578,535		149,486
Russian Federation Unsec. Bonds, 5.625%, 4/4/42	3/28/12		15,374,353		15,893,960		519,607
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/20	2/3/12		5,550,000		5,619,375		69,375
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/17	2/4/11-4/14/11		737,488		734,811		(2,677	)
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/19	2/2/12		1,665,000		1,769,063		104,063
Sparebank 1 Boligkreditt AS, 2.30% Sec. Bonds, 6/30/17	3/29/12		2,244,510		2,243,385		(1,125	)
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/22	1/31/12		7,244,619		7,454,650		210,031
		$	461,690,082	$	311,910,201	$	(149,779,881	)

5.	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 $1,388,164,177 or 16.23% of the Fund’s net assets as of March 30, 2012.
6.	This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the original contractual interest rate.
7.	Represents the current interest rate for a variable or increasing rate security.
8.	All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 30, 2012. See Note 1 of the accompanying Notes.
9.	Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans or other receivables. 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 or asset-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 $38,487,292 or 0.45% of the Fund’s net assets as of March 30, 2012.

54 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

10.	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.
11.	All or a portion of the security position is held in collateral accounts to cover the Fund’s obligations under certain derivative contracts. The aggregate market value of such securities is $15,893,402. See Note 6 of the accompanying Notes.
12.	All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $19,461,554. See Note 6 of the accompanying Notes.
13.	Zero coupon bond reflects effective yield on the date of purchase.
14.	Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.
15.	Interest or dividend is paid-in-kind, when applicable.
16.	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.
17.	Rate shown is the 7-day yield as of March 30, 2012.

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

Geographic Holdings	Value		Percent
United States	$	4,987,168,541		56.1	%
Mexico		576,171,474		6.5
Brazil		453,166,823		5.1
Turkey		402,116,902		4.5
Russia		372,100,009		4.2
South Africa		241,366,451		2.7
Japan		185,869,779		2.1
Hungary		157,351,891		1.8
Peru		137,152,308		1.5
Indonesia		132,916,590		1.5
Colombia		120,256,311		1.4
Venezuela		118,749,442		1.3
Poland		117,603,082		1.3
Kazakhstan		67,048,890		0.8
Supranational		66,135,796		0.7
United Kingdom		65,647,363		0.7
Canada		59,816,183		0.7
Italy		45,088,545		0.5
Philippines		44,374,217		0.5
Ukraine		38,969,613		0.4
Israel		38,929,257		0.4
The Netherlands		38,727,666		0.4
Argentina		35,531,324		0.4
Australia		35,173,649		0.4
Uruguay		27,796,751		0.3
France		26,218,244		0.3
India		24,797,234		0.3
Spain		21,911,040		0.3
Chile		21,709,976		0.2
Belgium		19,175,961		0.2
Romania		17,844,750		0.2
Germany		16,870,908		0.2
Panama		16,716,143		0.2
Qatar		14,868,076		0.2
Luxembourg		13,447,598		0.2

55 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS March 30, 2012 / Unaudited

Footnotes to Statement of Investments Continued

Geographic Holdings	Value		Percent
Sri Lanka	$	12,441,882		0.1	%
Sweden		12,320,574		0.1
Malaysia		11,225,191		0.1
Trinidad & Tobago		11,199,430		0.1
Korea, Republic of South		10,650,743		0.1
Dominican Republic		8,759,820		0.1
Latvia		8,595,631		0.1
Lithuanua		8,497,050		0.1
Austria		8,325,541		0.1
United Arab Emirates		6,757,050		0.1
European Union		6,610,336		0.1
Ghana		6,468,750		0.1
Norway		6,387,385		0.1
Denmark		4,321,422		0.1
China		4,115,375		0.1
Finland		3,169,714		0.0
Switzerland		2,902,161		0.0
Singapore		2,108,831		0.0
Total	$	8,893,645,673		100.0	%

Foreign Currency Exchange Contracts as of March 30, 2012 are as follows:

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Bank of America:
Chilean Peso (CLP)	Buy	1,000	CLP		4/17/12	$	2,042	$	8	$	—
Chilean Peso (CLP)	Sell	453,300	CLP		4/17/12		925,759		—		3,574
Colombian Peso (COP)	Sell	11,288,000	COP		5/29/12		6,269,683		29,425		—
Euro (EUR)	Buy	13,307	EUR		4/17/12-5/23/12		17,751,714		134,242		34,456
Euro (EUR)	Sell	249	EUR		4/17/12		332,116		—		2,094
Indian Rupee (INR)	Buy	871,000	INR		4/9/12		17,060,632		—		439,871
Indonesia Rupiah (IDR)	Buy	17,161,000	IDR		4/17/12		1,873,604		6,025		14,477
Indonesia Rupiah (IDR)	Sell	89,115,000	IDR		4/9/12		9,737,061		—		46,435
Malaysian Ringgit (MYR)	Buy	366,036	MYR		4/17/12-6/26/12		118,932,957		682,021		520,872
Malaysian Ringgit (MYR)	Sell	350	MYR		4/17/12		114,108		—		786
Mexican Nuevo Peso (MXN)	Buy	1,600	MXN		4/17/12		124,855		804		—
New Taiwan Dollar (TWD)	Buy	547,630	TWD		4/6/12-4/12/12		18,555,145		18,343		4,343
New Taiwan Dollar (TWD)	Sell	28,480	TWD		4/17/12		965,024		—		9,019
New Turkish Lira (TRY)	Sell	36,875	TRY		4/25/12		20,570,721		—		850,543
Peruvian New Sol (PEN)	Sell	25,430	PEN		4/12/12		9,533,808		—		113,004
Polish Zloty (PLZ)	Buy	44,301	PLZ		4/2/12		14,250,923		109,857		—
Polish Zloty (PLZ)	Sell	90,590	PLZ		4/10/12		29,108,661		—		475,229
Singapore Dollar (SGD)	Buy	1,560	SGD		4/17/12		1,241,018		—		3,905
Singapore Dollar (SGD)	Sell	520	SGD		4/17/12		413,673		—		2,361
									980,725		2,520,969
Bank Paribas Asia
Hungarian Forint (HUF)	Sell	740,000	HUF		4/25/12		3,339,990		—		78,196

56 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Barclay’s Capital:
British Pound Sterling (GBP)	Buy	670	GBP		4/17/12	$	1,071,541	$	7,289	$	—
British Pound Sterling (GBP)	Sell	1,323	GBP		4/17/12		2,115,893		—		31,309
Chilean Peso (CLP)	Buy	443,000	CLP		4/17/12		904,724		—		5,394
Chinese Renminbi (Yuan) (CNY)	Sell	1,720	CNY		4/17/12		273,029		160		—
Euro (EUR)	Buy	86,759	EUR		4/17/12-7/23/12		115,725,487		1,801,114		1,174
Euro (EUR)	Sell	4,773	EUR		4/3/12-4/17/12		6,365,763		—		25,389
Hungarian Forint (HUF)	Buy	490,000	HUF		4/25/12		2,211,615		—		10,910
Hungarian Forint (HUF)	Sell	1,310,000	HUF		6/12/12		5,875,190		846,230		11,460
Israeli Shekel (ILS)	Buy	7,580	ILS		4/2/13		2,016,056		38,493		—
Israeli Shekel (ILS)	Sell	7,580	ILS		4/2/13		2,016,056		—		14,947
Mexican Nuevo Peso (MXN)	Sell	123,900	MXN		10/18/12		9,506,373		—		289,337
New Taiwan Dollar (TWD)	Buy	1,900	TWD		4/17/12		64,380		61		—
New Taiwan Dollar (TWD)	Sell	8,150	TWD		4/17/12		276,157		—		2,465
Norwegian Krone (NOK)	Buy	300	NOK		4/17/12		52,646		—		201
Polish Zloty (PLZ)	Sell	1,690	PLZ		5/23/12		540,442		1,932		—
Russian Ruble (RUR)	Buy	65,550	RUR		4/17/12		2,229,746		36,340		84
Swedish Krona (SEK)	Buy	16,920	SEK		4/17/12		2,555,729		61,976		—
Swedish Krona (SEK)	Sell	21,880	SEK		4/30/12		3,303,160		—		38,122
									2,793,595		430,792
Citigroup:
Australian Dollar (AUD)	Buy	27,957	AUD		4/17/12-4/30/12		28,867,533		—		708,749
Australian Dollar (AUD)	Sell	22,430	AUD		4/17/12-5/23/12		23,104,581		734,397		—
Brazilian Real (BRR)	Buy	5,940	BRR		5/3/12		3,229,808		—		17,958
Brazilian Real (BRR)	Sell	139,911	BRR		5/3/12		76,075,019		419,289		—
British Pound Sterling (GBP)	Sell	895	GBP		5/23/12		1,431,022		—		16,229
Canadian Dollar (CAD)	Buy	15,175	CAD		4/19/12		15,208,099		—		81,620
Chilean Peso (CLP)	Buy	3,270,300	CLP		4/17/12-6/14/12		6,633,452		—		46,487
Chilean Peso (CLP)	Sell	1,553,000	CLP		4/17/12		3,171,639		7,329		10,557
Chinese Renminbi (Yuan) (CNY)	Buy	1,720	CNY		4/17/12		273,029		—		269
Colombian Peso (COP)	Buy	37,903,455	COP		4/2/12-6/12/12		21,145,193		54,529		62,340
Colombian Peso (COP)	Sell	23,874,700	COP		4/9/12-5/29/12		13,303,325		32,921		44,966
Egyptian Pounds (EGP)	Buy	66,330	EGP		4/17/12		10,886,824		307,876		—
Euro (EUR)	Buy	69,040	EUR		4/23/12-4/26/12		92,088,128		2,131,743		—
Euro (EUR)	Sell	4,975	EUR		4/26/12-5/10/12		6,636,498		58,869		110,332
Hungarian Forint (HUF)	Buy	1,310,000	HUF		6/12/12		5,875,190		40,781		—
Hungarian Forint (HUF)	Sell	23,306,000	HUF		6/12/12		104,524,567		—		725,520
Indian Rupee (INR)	Buy	1,660	INR		4/17/12		32,454		273		—
Japanese Yen (JPY)	Buy	18,500	JPY		4/17/12		223,546		926		—
Japanese Yen (JPY)	Sell	55,000	JPY		4/17/12		664,597		25,774		—
Mexican Nuevo Peso (MXN)	Buy	32,400	MXN		10/18/12		2,485,928		4,904		—
Mexican Nuevo Peso (MXN)	Sell	1,387,290	MXN		4/17/12-10/18/12		106,946,699		245,779		241,499
New Taiwan Dollar (TWD)	Sell	511,000	TWD		4/6/12		17,313,993		37,450		—
Philippines Peso (PHP)	Buy	4,910	PHP		4/17/12		114,216		—		343
Singapore Dollar (SGD)	Sell	2,080	SGD		4/17/12		1,654,690		370		7
Swedish Krona (SEK)	Sell	18,130	SEK		5/23/12		2,734,502		—		79,318
Swiss Franc (CHF)	Buy	110	CHF		5/10/12		121,917		721		—
									4,103,931		2,146,194

57 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
Credit Suisse:
British Pound Sterling (GBP)	Sell	1,175	GBP		5/23/12	$	1,878,715	$	—	$	25,622
New Turkish Lira (TRY)	Sell	125,210	TRY		5/10/12-7/17/13		69,067,631		—		1,590,523
Norwegian Krone (NOK)	Sell	229,025	NOK		5/10/12		40,154,313		—		615,776
Polish Zloty (PLZ)	Buy	40,030	PLZ		4/10/12		12,862,564		238,786		—
Russian Ruble (RUR)	Buy	504,570	RUR		4/26/12		17,141,209		40,619		—
South African Rand (ZAR)	Buy	960	ZAR		4/17/12		124,837		—		1,612
South African Rand (ZAR)	Sell	790,510	ZAR		4/11/12-5/15/12		102,624,852		7,388		3,871,391
Swedish Krona (SEK)	Buy	21,880	SEK		4/30/12		3,303,160		70,826		—
									357,619		6,104,924
Deutsche Bank Securities, Inc.:
Australian Dollar (AUD)	Sell	23,260	AUD		4/30/12		24,012,306		75,285		—
British Pound Sterling (GBP)	Buy	9,550	GBP		4/19/12		15,273,255		263,960		—
Euro (EUR)	Sell	32,800	EUR		4/23/12		43,749,608		—		1,440,790
Hungarian Forint (HUF)	Buy	1,658,000	HUF		4/25/12		7,483,383		11,066		19,113
Indian Rupee (INR)	Buy	61,330	INR		4/17/12		1,199,028		14,138		2,310
Indian Rupee (INR)	Sell	871,000	INR		4/9/12		17,060,632		383,791		—
Indonesia Rupiah (IDR)	Sell	5,802,300	IDR		4/17/12		633,484		13,373		—
Malaysian Ringgit (MYR)	Buy	26,145	MYR		5/10/12		8,510,012		—		171,709
Mexican Nuevo Peso (MXN)	Buy	8,160	MXN		4/17/12		636,760		—		6,438
New Turkish Lira (TRY)	Buy	113,080	TRY		5/10/12		62,859,831		—		288,659
Philippines Peso (PHP)	Sell	473,000	PHP		4/19/12		11,001,249		—		127,686
Polish Zloty (PLZ)	Buy	7,870	PLZ		4/10/12		2,528,813		47,533		—
Russian Ruble (RUR)	Sell	1,340	RUR		4/17/12		45,581		—		72
Singapore Dollar (SGD)	Buy	65,130	SGD		4/17/12		51,812,482		1,170,298		97
South African Rand (ZAR)	Sell	486,085	ZAR		6/12/12		62,689,734		1,003,987		—
South Korean Won (KRW)	Buy	73,456,000	KRW		4/17/12-6/19/12		64,453,524		—		155,318
									2,983,431		2,212,192
Goldman Sachs & Co.:
British Pound Sterling (GBP)	Buy	1,033	GBP		4/17/12		1,652,092		32,766		—
British Pound Sterling (GBP)	Sell	522	GBP		4/17/12		834,842		—		3,286
Czech Koruna (CZK)	Sell	26,490	CZK		4/17/12		1,425,194		—		71,874
Euro (EUR)	Sell	37,210	EUR		4/25/12		49,632,194		—		1,101,051
Hungarian Forint (HUF)	Buy	3,450,000	HUF		4/25/12		15,571,575		202,711		—
Hungarian Forint (HUF)	Sell	2,505,000	HUF		4/25/12		11,306,318		—		534,473
Japanese Yen (JPY)	Buy	2,822,000	JPY		5/23/12		34,110,860		—		975,032
Mexican Nuevo Peso (MXN)	Sell	2,767,200	MXN		5/3/12-12/20/12		212,837,455		628		1,188,022
New Turkish Lira (TRY)	Buy	31,689	TRY		4/3/12-4/25/12		17,720,153		704,265		1,521
New Turkish Lira (TRY)	Sell	18,000	TRY		4/25/12		10,041,301		50,374		48,891
Polish Zloty (PLZ)	Buy	67,250	PLZ		4/10/12		21,608,979		582,982		—
Polish Zloty (PLZ)	Sell	34,720	PLZ		4/10/12-5/23/12		11,146,590		—		37,536
South African Rand (ZAR)	Buy	140	ZAR		4/17/12		18,205		164		—
South African Rand (ZAR)	Sell	870	ZAR		4/17/12		113,133		—		1,017
									1,573,890		3,962,703

58 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
HSBC:
Indonesia Rupiah (IDR)	Buy	61,548,000	IDR		5/9/12	$	6,704,547	$	—	$	126,530
New Turkish Lira (TRY)	Buy	12,130	TRY		7/17/13		6,207,800		—		20,698
New Turkish Lira (TRY)	Sell	333,540	TRY		11/7/12		178,752,801		184,968		—
									184,968		147,228
JP Morgan Chase:
Australian Dollar (AUD)	Buy	1,098	AUD		4/17/12		1,135,182		—		38,161
Australian Dollar (AUD)	Sell	510	AUD		4/17/12		527,270		12,898		—
Canadian Dollar (CAD)	Buy	178	CAD		4/2/12-4/17/12		178,361		63		1,139
Canadian Dollar (CAD)	Sell	570	CAD		4/17/12		571,266		—		1,229
Colombian Peso (COP)	Buy	3,441,000	COP		4/17/12		1,920,818		7,087		3,737
Czech Koruna (CZK)	Buy	26,490	CZK		4/17/12		1,425,194		14,875		—
Egyptian Pounds (EGP)	Sell	66,330	EGP		4/17/12		10,886,824		—		274,024
Euro (EUR)	Sell	79,002	EUR		4/2/12-7/23/12		105,383,672		—		2,518,223
Hungarian Forint (HUF)	Sell	767,000	HUF		10/24/12		3,383,772		87,134		—
Indonesia Rupiah (IDR)	Buy	126,416,000	IDR		5/9/12		13,770,748		—		280,851
Malaysian Ringgit (MYR)	Buy	1,440	MYR		4/17/12		469,474		—		4,013
Mexican Nuevo Peso (MXN)	Buy	5,890	MXN		4/17/12		459,622		2,444		—
New Taiwan Dollar (TWD)	Buy	4,550	TWD		4/17/12		154,173		93		—
Norwegian Krone (NOK)	Buy	110	NOK		4/17/12		19,303		16		—
Singapore Dollar (SGD)	Buy	1,040	SGD		4/17/12		827,345		776		2,772
South African Rand (ZAR)	Buy	489,290	ZAR		5/10/12		63,409,805		—		95,588
South Korean Won (KRW)	Buy	266,100	KRW		4/17/12		234,542		142		80
									125,528		3,219,817
Morgan Stanley & Co., Inc.
Japanese Yen (JPY)	Buy	1,828,000	JPY		4/19/12		22,089,210		162,069		—
Nomura Securities:
Canadian Dollar (CAD)	Sell	520	CAD		4/17/12		521,155		757		1,141
Euro (EUR)	Sell	32,585	EUR		4/23/12		43,462,835		—		600,852
Japanese Yen (JPY)	Buy	55,000	JPY		4/17/12		664,597		—		11,161
Norwegian Krone (NOK)	Buy	229,025	NOK		5/10/12		40,154,313		542,946		—
Swedish Krona (SEK)	Buy	140	SEK		4/17/12		21,147		201		—
Swedish Krona (SEK)	Sell	16,720	SEK		4/17/12		2,525,519		—		68,728
Swiss Franc (CHF)	Buy	1,635	CHF		5/10/12		1,812,123		—		16,102
									543,904		697,984
RBS Greenwich Capital:
New Zealand Dollar (NZD)	Buy	813	NZD		4/17/12		664,923		—		13,127
New Zealand Dollar (NZD)	Sell	1,008	NZD		4/17/12		824,406		97		6,345
Swiss Franc (CHF)	Buy	7,770	CHF		4/19/12-4/26/12		8,609,844		197,346		—
Swiss Franc (CHF)	Sell	4,365	CHF		4/26/12		4,836,980		—		118,045
									197,443		137,517
Standard Chartered Bank
Malaysian Ringgit (MYR)	Buy	78,090	MYR		5/10/12		25,417,740		—		474,170

59 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts: Continued

		Contract
Counterparty/		Amount		Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)		Dates		Value		Appreciation		Depreciation
State Street:
Australian Dollar (AUD)	Buy	390	AUD		4/17/12	$	403,207	$	—	$	4,328
Australian Dollar (AUD)	Sell	1,090	AUD		4/17/12		1,126,911		16,077		—
New Turkish Lira (TRY)	Buy	2,200	TRY		4/17/12		1,229,539		20,972		—
South African Rand (ZAR)	Buy	8,100	ZAR		4/17/12		1,053,312		174		7,035
South African Rand (ZAR)	Sell	60	ZAR		4/17/12		7,802		9		—
									37,232		11,363
UBS Investment Bank:
Indonesia Rupiah (IDR)	Buy	137,658,000	IDR		4/9/12-7/9/12		14,989,705		4,752		205,480
Polish Zloty (PLZ)	Buy	202,480	PLZ		5/10/12		64,843,974		1,412,377		—
									1,417,129		205,480
Westpac:
Australian Dollar (AUD)	Buy	1,602	AUD		4/17/12		1,656,249		—		23,832
Australian Dollar (AUD)	Sell	2,372	AUD		4/17/12		2,452,324		44,532		—
Canadian Dollar (CAD)	Buy	1,738	CAD		4/17/12		1,741,860		4,900		5,132
Canadian Dollar (CAD)	Sell	1,790	CAD		4/17/12		1,793,975		—		10,848
Japanese Yen (JPY)	Buy	47,000	JPY		4/17/12		567,929		—		4,175
New Zealand Dollar (NZD)	Buy	1,299	NZD		4/17/12		1,062,404		5,302		122
New Zealand Dollar (NZD)	Sell	1,813	NZD		4/17/12		1,482,786		12,888		3,977
									67,622		48,086
Total unrealized appreciation and depreciation								$	15,529,086	$	22,397,615

Futures Contracts as of March 30, 2012 are as follows:

								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)
Euro-Bundesobligation	Sell		37		6/7/12	$	6,124,475	$	5,877
Euro-Bundesobligation	Sell		42		6/7/12		7,757,612		(25,757	)
Financial Times Stock Exchange 100 Index	Sell		50		6/15/12		4,582,134		147,626
NIKKEI 225 Index	Sell		104		6/7/12		12,678,023		(763,491	)
SPI 200 Index	Sell		50		6/21/12		5,625,965		(70,461	)
Standard & Poor’s 500 E-Mini Index	Buy		1,579		6/15/12		110,782,640		990,999
Standard & Poor’s 500 E-Mini Index	Sell		1,761		6/15/12		123,551,760		(1,113,216	)
Standard & Poor’s/Toronto Stock Exchange 60 Index	Sell		22		6/14/12		3,108,607		14,905
U.S. Long Bonds	Buy		1,285		6/20/12		177,008,750		(3,867,032	)
U.S. Long Bonds	Sell		473		6/20/12		65,155,750		1,389,152
U.S. Treasury Nts., 2 yr.	Sell		1,075		6/29/12		236,651,173		92,181
U.S. Treasury Nts., 5 yr.	Buy		176		6/29/12		21,566,875		(147,285	)
U.S. Treasury Nts., 5 yr.	Sell		650		6/29/12		79,650,391		362,748
U.S. Treasury Nts., 10 yr.	Sell		1,288		6/20/12		166,775,875		1,504,184
U.S. Treasury Nts., 10 yr.	Buy		4,949		6/20/12		640,818,172		(7,999,894	)
U.S. Treasury Ultra Bonds	Buy		806		6/20/12		121,680,813		(5,119,722	)
								$	(14,599,186	)

60 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Written Options as of March 30, 2012 are as follows:

													Unrealized
		Number of		Exercise		Expiration		Premiums					Appreciation/
Description	Type	Contracts		Price		Date		Received		Value			(Depreciation)
Euro (EUR) FX Futures, 5/21/12	Call		1,455	$	1.400		5/7/12	$	161,403	$	(109,125	)	$	52,278
Euro (EUR) FX Futures, 6/18/12	Call		727		1.375		5/7/12		262,396		(227,188	)		35,208
Euro (EUR) FX Futures, 6/18/12	Call		363		1.370		5/7/12		130,959		(145,200	)		(14,241	)
Euro (EUR) FX Futures, 6/18/12	Call		182		1.400		6/11/12		63,332		(68,250	)		(4,918	)
Euro (EUR) FX Futures, 6/18/12	Call		97		1.365		4/9/12		33,446		(1,819	)		31,627
Euro (EUR) FX Futures, 6/18/12	Call		90		1.420		6/11/12		76,318		(16,875	)		59,443
Euro (EUR) FX Futures, 6/18/12	Put		1,610		1.250		4/9/12		158,694		(10,063	)		148,631
Euro (EUR) FX Futures, 6/18/12	Put		1,390		1.260		4/9/12		259,221		(8,688	)		250,533
Euro (EUR) FX Futures, 6/18/12	Put		1,082		1.255		4/9/12		187,651		(6,763	)		180,888
Euro (EUR) FX Futures, 6/18/12	Put		729		1.260		5/7/12		126,430		(82,013	)		44,417
Euro (EUR) FX Futures, 6/18/12	Put		726		1.200		5/7/12		153,135		(4,538	)		148,597
Euro (EUR) FX Futures, 6/18/12	Put		726		1.220		5/7/12		93,821		(13,613	)		80,208
Euro (EUR) FX Futures, 6/18/12	Put		725		1.250		5/7/12		171,049		(45,313	)		125,736
Euro (EUR) FX Futures, 6/18/12	Put		724		1.150		6/11/12		553,836		(13,575	)		540,261
Euro (EUR) FX Futures, 6/18/12	Put		544		1.200		6/11/12		180,214		(47,600	)		132,614
Euro (EUR) FX Futures, 6/18/12	Put		493		1.300		4/9/12		26,609		(12,325	)		14,284
Euro (EUR) FX Futures, 6/18/12	Put		239		1.275		4/9/12		17,565		(1,494	)		16,071
Euro (EUR) FX Futures, 6/18/12	Put		103		1.295		4/9/12		2,362		(1,288	)		1,074
Euro (EUR) FX Futures, 6/18/12	Put		14		1.265		4/9/12		5,053		(88	)		4,965
Euro (EUR) FX Futures, 6/18/12	Put		6		1.220		6/11/12		1,116		(975	)		141
Japanese Yen (JPY)	Call		2,456,000,000	1USD per 82JPY			4/5/12		168,326		(168,310	)		16
Japanese Yen (JPY)	Call		755,370,000	1USD per 82JPY			9/20/12		194,830		(249,008	)		(54,178	)
Japanese Yen (JPY)	Put		2,456,000,000	1USD per 82JPY			4/5/12		168,326		(168,310	)		16
Japanese Yen (JPY)	Put		740,000,000	1USD per 90JPY			3/29/13		140,189		(150,124	)		(9,935	)
Japanese Yen (JPY) Futures, 6/18/12	Call		192		131.000		4/6/12		19,053		(1,200	)		17,853
Japanese Yen (JPY) Futures, 6/18/12	Call		182		136.000		6/11/12		8,814		(7,963	)		851
Japanese Yen (JPY) Futures, 6/18/12	Call		181		138.000		6/11/12		27,545		(4,525	)		23,020

61 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Written Options as of March 30, 2012 are as follows: Continued

													Unrealized
		Number of		Exercise		Expiration		Premiums					Appreciation/
Description	Type	Contracts		Price		Date		Received		Value			(Depreciation)
Japanese Yen (JPY) Futures, 6/18/12	Call		145		124.000		4/9/12	$	20,118	$	(10,875	)	$	9,243
Japanese Yen (JPY) Futures, 6/18/12	Call		145		136.500		4/6/12		24,150		(906	)		23,244
Japanese Yen (JPY) Futures, 6/18/12	Call		145		141.000		6/11/12		21,522		(1,813	)		19,709
U.S. Long Bonds Futures, 6/20/12	Put		674		136.000		4/9/12		93,413		(200,094	)		(106,681	)
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		3,591		127.000		4/23/12		1,144,769		(504,984	)		639,785
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		1,460		126.000		4/23/12		74,099		(114,063	)		(39,964	)
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		1,383		124.500		4/23/12		141,451		(43,219	)		98,232
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		876		125.000		4/23/12		39,854		(41,063	)		(1,209	)
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		824		128.000		4/9/12		39,191		(77,250	)		(38,059	)
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		3,510		124.500		5/29/12		598,437		(493,594	)		104,843
U.S. Treasury Nts., 10 yr. Futures, 6/20/12	Put		810		125.500		5/29/12		138,101		(164,531	)		(26,430	)
								$	5,726,798	$	(3,218,625	)	$	2,508,173

Credit Default Swap Contracts as of March 30, 2012 are as follows:

				Pay/					Upfront
Reference	Buy/Sell	Notional		Receive					Payment						Unrealized
Entity/Swap	Credit	Amount		Fixed			Termination		Received/						Appreciation
Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)
Alcoa, Inc.
Goldman Sachs International	Buy	$	16,760		1.0	%		3/20/17	$	(1,970,453	)	$	1,333,812		$	(636,641	)
	Total		16,760							(1,970,453	)		1,333,812			(636,641	)
Barrick Gold Corp.
Barclays Bank plc	Buy		17,320		1.0			3/20/17		(112,150	)		172,164			60,014
	Total		17,320							(112,150	)		172,164			60,014
Brazil (Federative Republic of)
Deutsche Bank AG	Sell		14,190		1.0			6/20/17		126,426			(168,321	)		(41,895	)
	Total		14,190							126,426			(168,321	)		(41,895	)
Carnival Corp.
Credit Suisse International	Buy		17,320		1.0			3/20/17		(560,434	)		378,915			(181,519	)
	Total		17,320							(560,434	)		378,915			(181,519	)
CDX Emerging Market Index, Series 17
Deutsche Bank AG	Buy		21,650		5.0			6/20/17		2,820,514			(2,655,875	)		164,639
	Total		21,650							2,820,514			(2,655,875	)		164,639

62 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Credit Default Swap Contracts: Continued

				Pay/					Upfront
Reference	Buy/Sell	Notional		Receive					Payment						Unrealized
Entity/Swap	Credit	Amount		Fixed			Termination		Received/						Appreciation
Counterparty	Protection	(000’s)		Rate			Date		(Paid)			Value			(Depreciation)
Expedia, Inc.
Citibank NA	Sell	$	17,320		1.0	%		3/20/17	$	900,834		$	(908,803	)	$	(7,969	)
	Total		17,320							900,834			(908,803	)		(7,969	)
GATX Corp.
UBS AG	Sell		16,760		1.0			3/20/17		945,949			(487,303	)		458,646
	Total		16,760							945,949			(487,303	)		458,646
Halliburton Co.
Credit Suisse International	Buy		16,760		1.0			3/20/17		(197,279	)		(273,739	)		(471,018	)
	Total		16,760							(197,279	)		(273,739	)		(471,018	)
Istanbul Bond Co. SA for Finansbank AS
Morgan Stanley Capital Services, Inc.	Sell		15,590		1.3			3/24/13		—			(328,819	)		(328,819	)
	Total		15,590							—			(328,819	)		(328,819	)
Macy’s, Inc.
Credit Suisse International	Sell		17,090		1.0			3/20/17		19,924			(25,875	)		(5,951	)
	Total		17,090							19,924			(25,875	)		(5,951	)
Nabors Industries, Inc.
Credit Suisse International	Buy		17,090		1.0			3/20/17		(434,724	)		257,344			(177,380	)
	Total		17,090							(434,724	)		257,344			(177,380	)
Russian Federation
Goldman Sachs Bank USA	Buy		54,140		1.0			6/20/17		(2,040,523	)		2,245,534			205,011
	Total		54,140							(2,040,523	)		2,245,534			205,011
SLM Corp.
Bank of America NA	Sell		16,760		5.0			3/20/17		587,383			651,978			1,239,361
	Total		16,760							587,383			651,978			1,239,361
The Gap, Inc.
Bank of America NA	Sell		17,320		1.0			3/20/17		893,299			(905,385	)		(12,086	)
	Total		17,320							893,299			(905,385	)		(12,086	)
Turkey (Republic of)
Goldman Sachs Bank USA	Sell		54,140		1.0			6/20/17		3,025,409			(3,373,047	)		(347,638	)
	Total		54,140							3,025,409			(3,373,047	)		(347,638	)
United Mexican States
HSBC Bank USA NA	Sell		3,010		1.0			6/20/17		14,903			(29,469	)		(14,566	)
	Total		3,010							14,903			(29,469	)		(14,566	)
				Grand Total Buys						(2,495,049	)		1,458,155			(1,036,894	)
				Grand Total Sells						6,514,127			(5,575,044	)		939,083
				Total Credit Default Swaps					$	4,019,078		$	(4,116,889	)	$	(97,811	)

63 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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

	Total Maximum
Type of Reference	Potential Payments
Asset on which	for Selling Credit				Reference
the Fund Sold	Protection		Amount		Asset Rating
Protection	(Undiscounted)		Receivable*		Range**
Investment Grade Single Name Corporate Debt	$	83,520,000	$	—	BBB to BBB-
Non-Investment Grade Single Name Corporate Debt		17,320,000		—	BB+
Investment Grade Sovereign Debt		17,200,000		—	BBB
Non-Investment Grade Sovereign Debt		54,140,000		—	BB
Total	$	172,180,000	$	—

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

Interest Rate Swap Contracts as of March 30, 2012 are as follows:

	Notional
Interest Rate/	Amount		Paid by		Received by			Termination
Swap Counterparty	(000’s)		the Fund		the Fund			Date		Value
BZDI:
Bank of America NA	30,670	BRR	BZDI			9.565	%		1/2/14	$	27,393
Citibank NA	30,610	BRR	BZDI			9.490			1/2/14		16,830
Goldman Sachs Group, Inc. (The)	40,510	BRR	BZDI			11.390			1/5/15		675,937
Goldman Sachs Group, Inc. (The)	60,000	BRR	BZDI			10.380			1/2/17		(39,865	)
Goldman Sachs Group, Inc. (The)	94,585	BRR	BZDI			9.490			1/2/14		33,357
Goldman Sachs Group, Inc. (The)	30,610	BRR	BZDI			9.480			1/2/14		6,676
Total	286,985	BRR									720,328
MXN TIIE BANXICO:
Credit Suisse International	49,800	MXN	MXN TIIE BANXICO			7.010			7/24/31		(290,360	)
Merrill Lynch & Co., Inc.	26,745	MXN	MXN TIIE BANXICO			6.990			7/24/31		(160,362	)
Total	76,545	MXN									(450,722	)
Six-Month AUD BBR BBSW:
Barclays Bank plc	10,200	AUD		4.533	Six-Month AUD BBR BBSW				9/14/17		35,603
Westpac Banking Corp.	19,920	AUD		4.990	Six-Month AUD BBR BBSW				11/3/21		(399,769	)
Total where Fund pays a fixed rate	30,120	AUD									(364,166	)
Barclays Bank plc	23,940	AUD	Three-Month AUD BBR BBSW			4.140			9/14/14		75,832
Total where Fund pays a variable rate	23,940	AUD									75,832
Total	54,060	AUD									(288,334	)
Six-Month EUR EURIBOR
Bank of America Merrill Lynch	2,760	EUR	Six-Month EUR EURIBOR			2.218			1/4/21		10,653
Royal Bank of Scotland plc (The)	8,240	EUR	Six-Month EUR EURIBOR			1.475			1/4/17		(33,587	)
	11,000	EUR									(22,934	)

64 | OPPENHEIMER GLOBAL 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
Three-Month CAD BA CDOR:
Bank of America Merrill Lynch	6,760		CAD	Three-Month CAD BA CDOR			1.861	%		3/28/17	$	3,512
JPMorgan Chase Bank NA	7,340		CAD	Three-Month CAD BA CDOR			2.390			3/6/22		(92,736	)
Total	14,100		CAD									(89,224	)
Three-Month NZD BBR FRA
Deutsche Bank AG	25,610		NZD	Three-Month NZD BBR FRA			4.050			2/2/22		(596,331	)
Three-Month SEK STIBOR SIDE
Goldman Sachs Group, Inc. (The)	143,700		SEK		2.440	Three-Month SEK STIBOR SIDE				11/3/21		201,739
Three-Month USD BBA LIBOR:
JPMorgan Chase Bank NA		7,265			2.040	Three-Month USD BBA LIBOR				3/8/22		149,402
Total where Fund pays a fixed rate		7,265										149,402
Barclays Bank plc		21,440		Three-Month USD BBA LIBOR			2.358			11/2/21		431,640
Total where Fund pays a variable rate		21,440										431,640
Total		28,705										581,042
Three-Month ZAR JIBAR SAFEX:
Barclays Bank plc	49,800		ZAR	Three-Month ZAR JIBAR SAFEX			7.480			8/17/21		(33,914	)
Goldman Sachs Group, Inc. (The)	50,500		ZAR	Three-Month ZAR JIBAR SAFEX			7.480			8/17/21		(34,390	)
HSBC Bank USA NA	49,800		ZAR	Three-Month ZAR JIBAR SAFEX			7.470			8/17/21		(38,401	)
Total	150,100		ZAR									(106,705	)
Total Interest Rate Swaps											$	(51,141	)

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

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
MXN	Mexican Nuevo Peso
NZD	New Zealand Dollar
SEK	Swedish Krona
ZAR	South African Rand

Abbreviations/Definitions are as follows:

BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BBR FRA	Bank Bill Rate Forward Rate Agreement
BZDI	Brazil Interbank Deposit Rate
EURIBOR	Euro Interbank Offered Rate
JIBAR	South Africa Johannesburg Interbank Agreed Rate
SAFEX	South African Futures Exchange
STIBOR SIDE	Stockholm Interbank Offered Rate
TIIE	Interbank Equilibrium Interest Rate

65 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts as of March 30, 2012 are as follows:

	Notional
Reference Entity/	Amount			Paid by		Received by	Termination
Swap Counterparty	(000’s)			the Fund		the Fund	Date		Value
AMEX Materials Select Sector
UBS AG	$	7,138		One-Month USD BBA LIBOR plus 12 basis points and if negative, the absolute value of the Total Return of the AMEX Materials Select Sector Index	If positive, the Total Return of the AMEX Materials Select Sector Index			2/6/13	$	(72,776	)
Custom Basket of Securities:
Citibank NA	1,177,341		JPY	One-Month JPY BBA LIBOR plus 53 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			4/16/12		318,985
Citibank NA	11,370		CAD	One-Month CAD BA CDOR 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			3/6/13		92,090
Citibank NA	10,756		AUD	One-Month AUD BBA LIBOR plus 50 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities			3/8/13		518,859
Goldman Sachs Group, Inc. (The)		86,334		One-Month USD BBA LIBOR plus 18 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			3/7/13		2,921,582
Morgan Stanley	3,615		GBP	One-Month GBP BBA LIBOR plus 50 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities			1/10/13		23,634
				Reference Entity Total						3,875,150
Energy Select Sector Index
UBS AG		6,833		One-Month USD BBA LIBOR plus 12 basis points and if negative, the absolute value of the Total Return of the Energy Select Sector Index	If positive, the Total Return of the Energy Select Sector Index			2/6/13		(349,135	)

66 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Total Return Swap Contracts: Continued

	Notional
Reference Entity/	Amount				Paid by		Received by		Termination
Swap Counterparty	(000’s)			the Fund			the Fund	Date		Value
Financial Select Sector Index
UBS AG	$	7,191	One-Month USD BBA LIBOR plus 5 basis points and if negative, the absolute value of the Total Return of the Financial Select Sector Index			If potisive, the Total Return of the Financial Select Sector Index			3/7/13	$	450,479
Total of Total Return Swaps										$	3,903,718

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

AUD	Australian Dollar
CAD	Canadian Dollar
GBP	British Pounds Sterling
JPY	Japanese Yen

Abbreviations are as follows:

AMEX	American Stock Exchange
BA CDOR	Canada Bankers Acceptances Deposit offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate

Volatility Swaps as of March 30, 2012 are as follows:

Reference Entity/

Notional

Paid by

Received by

Termination

Swap Counterparty

Amount (000’s)

the Fund

the Fund

Date

Value

AUD/CAD Spot Exchange Rate

Goldman Sachs Group, Inc. (The)

118 AUD

The Historic Volatility of the mid AUD/CAD spot exchange rate during the period 3/7/12 to 4/4/12

7.450

%

4/10/12

$

77,389

EUR/NZD Spot Exchange Rate

Bank of America NA

95 EUR

9.900

%

The Historic Volatility of the mid EUR/NZD spot exchange rate during the period 3/5/12 to 4/4/12

4/10/12

67,730

NZD/CAD Spot Exchange Rate

Bank of America NA

242 NZD

9.400

The Historic Volatility of the mid NZD/CAD spot exchange rate during the period 3/19/12 to 4/19/12

4/21/12

(247,581

)

67 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Volatility Swaps: Continued

Reference Entity/	Notional		Paid by			Received by	Termination
Swap Counterparty	Amount (000’s)		the Fund			the Fund	Date		Value
NZD/JPY Spot Exchange Rate:
Credit Suisse International	154 NZD			14.600	%	The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 3/6/12 to 4/4/12		4/10/12	$	(71,817	)
USD/NOK Spot Exchange Rate:
Bank of America NA		200		13.200		The Historic Volatility of the mid USD/NOK spot exchange rate during the Period 3/14/12 to 4/12/12		4/16/12		(612,184	)
Credit Suisse International		200		12.150		The Historic Volatility of the mid USD/NOK spot exchange rate during the period 3/13/12 to 4/12/12		4/16/12		116,483
Deutsche Bank AG		125		11.450		The Historic Volatility of the mid USD/NOK spot exchange rate during the period 3/9/12 to 4/11/12		4/13/12		105,927
Goldman Sachs Group, Inc. (The)		200		12.100		The Historic Volatility of the mid USD/NOK spot exchange rate during the period 3/12/12 to 4/12/12		4/16/12		79,778
Goldman Sachs Group, Inc. (The)		200		12.900		The Historic Volatility of the mid USD/NOK spot exchange rate during the period 3/15/12 to 4/17/12		4/19/12		(515,944	)
Royal Bank of Scotland plc (The)		200		12.400		The Historic Volatility of the mid USD/NOK spot exchange rate during the period 3/16/12 to 4/18/12		4/20/12		(434,908	)
						Reference Entity Total				(1,260,848	)
USD/SEK Spot Exchange Rate
Goldman Sachs Group, Inc. (The)		125		11.500		The Historic Volatility of the mid USD/SEK spot exchange rate during the period 3/8/12 to 4/10/12		4/12/12		(88,957	)
						Total Volatility Swaps			$	(1,524,084	)

68 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

AUD	Australian Dollar
EUR	Euro
NZD	New Zealand Dollar

Abbreviations/Definitions are as follows:

CAD	Canadian Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona

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

Swap Summary as of March 30, 2012 is as follows:

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Bank of America Merrill Lynch:	Interest Rate	$6,760		CAD	$	3,512
	Interest Rate	2,760		EUR		10,653
						14,165
Bank of America NA:
	Credit Default Sell Protection		34,080			(253,407	)
	Interest Rate	30,670		BRR		27,393
	Volatility	95		EUR		67,730
	Volatility	242		NZD		(247,581	)
	Volatility		200			(612,184	)
						(1,018,049	)
Barclays Bank plc:
	Credit Default Buy Protection		17,320			172,164
	Interest Rate	34,140		AUD		111,435
	Interest Rate		21,440			431,640
	Interest Rate	49,800		ZAR		(33,914	)
						681,325
Citibank NA:
	Credit Default Sell Protection		17,320			(908,803	)
	Interest Rate	30,610		BRR		16,830
	Total Return	10,756		AUD		518,859
	Total Return	11,370		CAD		92,090
	Total Return	1,177,341		JPY		318,985
						37,961
Credit Suisse International:
	Credit Default Buy Protection		51,170			362,520
	Credit Default Sell Protection		17,090			(25,875	)
	Interest Rate	49,800		MXN		(290,360	)
	Volatility	154		NZD		(71,817	)
	Volatility		200			116,483
						90,951

69 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary: Continued

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Deutsche Bank AG:
	Credit Default Buy Protection	$	21,650		$	(2,655,875	)
	Credit Default Sell Protection		14,190			(168,321	)
	Interest Rate	25,610		NZD		(596,331	)
	Volatility		125			105,927
						(3,314,600	)
Goldman Sachs Bank USA:
	Credit Default Buy Protection		54,140			2,245,534
	Credit Default Sell Protection		54,140			(3,373,047	)
						(1,127,513	)
Goldman Sachs Group, Inc. (The):
	Interest Rate	225,705		BRR		676,105
	Interest Rate	143,700		SEK		201,739
	Interest Rate	50,500		ZAR		(34,390	)
	Total Return		86,334			2,921,582
	Volatility	118		AUD		77,389
	Volatility		525			(525,123	)
						3,317,302
Goldman Sachs International	Credit Default Buy Protection		16,760			1,333,812
HSBC Bank USA NA
	Credit Default Sell Protection		3,010			(29,469	)
	Interest Rate	49,800		ZAR		(38,401	)
						(67,870	)
JPMorgan Chase Bank NA:
	Interest Rate	7,340		CAD		(92,736	)
	Interest Rate		7,265			149,402
						56,666
Merrill Lynch & Co., Inc.	Interest Rate	26,745		MXN		(160,362	)
Morgan Stanley	Total Return	3,615		GBP		23,634
Morgan Stanley Capital Services, Inc.	Credit Default Sell Protection		15,590			(328,819	)
Royal Bank of Scotland plc (The):
	Interest Rate	8,240		EUR		(33,587	)
	Volatility		200			(434,908	)
						(468,495	)
UBS AG:
	Credit Default Sell Protection		16,760			(487,303	)
	Total Return		21,162			28,568
						(458,735	)
Westpac Banking Corp.	Interest Rate	19,920		AUD		(399,769	)
	Total Swaps				$	(1,788,396	)

70 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pounds Sterling
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
NZD	New Zealand Dollar
SEK	Swedish Krona
ZAR	South African Rand

As of March 30, 2012, the Fund had entered into the following written swaption contracts:

Underlying

Swap Type

Notional

Swaption

Unrealized

Reference Entity/

Swaption

from Fund

Amount

Expiration

Premium

Appreciation

Swaption Counterparty

Description

Perspective

(000’s)

Date

Received

Value

(Depreciation)

Six-Month EUR EURIBOR:

Goldman Sachs Group, Inc. (The)

Interest Rate Swaption (European); Swap Terms: Paid: 2.65%; Received: Six-Month EUR EURIBOR; Termination Date: 12/1/42

Interest Rate Pay Fixed

54,490

EUR

11/30/12

$

2,744,174

$

(2,014,293

)

$

729,881

Goldman Sachs Group, Inc. (The)

Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 11/17/42

Interest Rate Pay Fixed

54,325

EUR

11/16/12

2,945,810

(2,209,477

)

736,333

5,689,984

(4,223,770

)

1,466,214

Six-Month GBP BBA LIBOR

JPMorgan Chase Bank NA

Interest Rate Swaption (European); Swap Terms: Paid: 3.231%; Received: Six-Month GBP BBA LIBOR; Termination Date: 2/14/43

Interest Rate Pay Fixed

1,825

GBP

2/15/13

181,026

(144,198

)

36,828

71 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 30, 2012, the Fund had entered into the following written swaption contracts: Continued

Underlying

Swap Type

Notional

Swaption

Unrealized

Reference Entity/

Swaption

from Fund

Amount

Expiration

Premium

Appreciation

Swaption Counterparty

Description

Perspective

(000’s)

Date

Received

Value

(Depreciation)

Six-Month JPY BBA LIBOR

UBS AG

Interest Rate Swaption (European); Swap Terms: Paid: 1.67%; Received: Six-Month JPY BBA LIBOR; Termination Date: 9/26/22

Interest Rate Pay Fixed

3,597,175

JPY

9/25/12

$

135,093

$

(51,194

)

$

83,899

Three-Month CAD BA CDOR:

Bank of America NA

Interest Rate Swaption (Euorpean); Swap Terms: Paid: 2.27%; Received: Three-Month CAD BA CDOR; Termination Date: 8/27/22

Interest Rate Pay Fixed

36,275

CAD

8/28/12

410,297

(353,452

)

56,845

Bank of America NA

Interest Rate Swaption (European); Swap Terms: Paid: 2.30%; Received: Three-Month CAD BA CDOR; Termination Date: 9/5/22

Interest Rate Pay Fixed

18,150

CAD

9/6/12

195,358

(200,535

)

(5,177

)

Bank of America NA

Interest Rate Swaption (European); Swap Terms: Paid: 2.53%; Received: Three-Month CAD BA CDOR; Termination Date: 9/24/22

Interest Rate Pay Fixed

18,165

CAD

9/25/12

205,532

(370,035

)

(164,503

)

Bank of America NA

Interest Rate Swaption (European); Swap Terms: Paid: 2.61%; Received: Three-Month CAD BA CDOR; Termination Date: 9/21/22

Interest Rate Pay Fixed

36,335

CAD

9/24/12

413,792

(863,889

)

(450,097

)

72 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

As of March 30, 2012, the Fund had entered into the following written swaption contracts: Continued

		Underlying
		Swap Type	Notional			Swaption							Unrealized
Reference Entity/	Swaption	from Fund	Amount			Expiration		Premium					Appreciation
Swaption Counterparty	Description	Perspective	(000’s)			Date		Received		Value			(Depreciation)
Three-Month BA CDOR: Continued
Bank of America NA	Interest Rat Swaption (European); Swap Terms: Paid: 2.665%; Received: Three-Month CAD BA CDOR; Termination Date: 6/27/22	Interest Rate Pay Fixed		36,370	CAD		6/28/12	$	555,630	$	(800,374	)	$	(244,744	)
									1,780,609		(2,588,285	)		(807,676	)
Three-Month USD BBA LIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.93%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/18/22	Interest Rate Pay Fixed		72,420			8/17/12		782,136		(538,512	)		243,624
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.315%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/31/22	Interest Rate Pay Fixed		160,400			5/30/12		4,643,580		(1,997,826	)		2,645,754
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: 2.1625%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/20/24	Interest Rate Pay Fixed		271,575			8/17/12		4,350,632		(2,110,907	)		2,239,725
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: 2.89%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/30/22	Interest Rate Pay Fixed		181,375			8/29/12		1,890,834		(1,333,241	)		557,593

73 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

As of March 30, 2012, the Fund had entered into the following written swaption contracts: Continued

		Underlying
		Swap Type	Notional		Swaption							Unrealized
Reference Entity/	Swaption	from Fund	Amount		Expiration		Premium					Appreciation
Swaption Counterparty	Description	Perspective	(000’s)		Date		Received		Value			(Depreciation)
Three-Month USD BBA LIBOR: Continued
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: 2.91%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/17/22	Interest Rate Pay Fixed		90,545		8/16/12	$	959,777	$	(643,757	)	$	316,020
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: 2.92%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/10/22	Interest Rate Pay Fixed		181,440		9/7/12		1,914,192		(1,500,747	)		413,445
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: 3%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/24/22	Interest Rate Pay Fixed		72,430		8/23/12		767,758		(634,232	)		133,526
		Total where Fund pays a fixed rate						15,308,909		(8,759,222	)		6,549,687
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.175%; Termination Date: 10/2/15	Interest Rate Pay Floating		32,000		10/1/12		64,320		(67,836	)		(3,516	)
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.115%; Termination Date: 10/2/15	Interest Rate Pay Floating		106,840		10/1/12		387,295		(390,339	)		(3,044	)

74 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

As of March 30, 2012, the Fund had entered into the following written swaption contracts: Continued

		Underlying
		Swap Type	Notional		Swaption							Unrealized
Reference Entity/	Swaption	from Fund	Amount		Expiration		Premium					Appreciation
Swaption Counterparty	Description	Perspective	(000’s)		Date		Received		Value			(Depreciation)
Three-Month USD BBA LIBOR Continued
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.25%; Termination Date: 12/19/16	Interest Rate Pay Floating		181,555		12/18/12	$	907,775	$	(835,832	)	$	71,943
Goldman Sachs Group, Inc. (The)	Interest Rate Swaption (European); Swap Terms: Paid: Termination Date: 12/19/16	Interest Rate Pay Floating		109,020		12/18/12		572,355		(448,045	)		124,310
JPMorgan Chase Bank NA,	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3%; Termination Date: 9/19/22	Interest Rate Pay Floating		90,780		9/18/12		1,021,275		(758,992	)		262,283
		Total where Fund pays a floating rate						2,953,020		(2,501,044	)		451,976
					Total			18,261,929		(11,260,266	)		7,001,663
		Total Written Swaptions					$	26,048,641	$	(18,267,713	)	$	7,780,928

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

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound Sterling
JPY	Japanese Yen
Abbreviations/Definitions are as follows:
BA CDOR	Canada Bankers Acceptances
	Deposit Offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
EURIBOR	Euro Interbank Offered Rate

75 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 30, 2012¹

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $7,690,868,093)	$	7,482,591,769
Affiliated companies (cost $1,454,580,250)		1,409,584,645
Wholly-owned subsidiary (cost $1,500,000)		1,469,259
		8,893,645,673
Cash		3,265,855
Cash—foreign currencies (cost $3,791,703)		3,535,396
Unrealized appreciation on foreign currency exchange contracts		15,529,086
Appreciated swaps, at value (net upfront payments paid $1,565,290)		9,511,186
Depreciated swaps, at value (upfront payments paid $2,965,611)		1,970,071
Receivables and other assets:
Interest, dividends and principal paydowns		110,367,459
Investments sold (including $10,617,076 sold on a when-issued or delayed delivery basis)		103,326,956
Closed foreign currency contracts		10,873,089
Shares of beneficial interest sold		8,798,172
Futures margins		1,614,846
Other		277,340
Total assets		9,162,715,129
Liabilities
Appreciated options written, at value (premiums received $4,812,830)		2,009,042
Depreciated options written, at value (premiums received $913,968)		1,209,583
Appreciated swaptions written, at value (premiums received $24,226,714)		15,574,705
Depreciated swaptions written, at value (premiums received $1,821,927)		2,693,008
Unrealized depreciation on foreign currency exchange contracts		22,397,615
Appreciated swaps, at value (upfront payments received $3,766,463)		3,143,178
Depreciated swaps, at value (net upfront payments received $4,783,516)		10,126,475
Payables and other liabilities:
Investments purchased (including $362,475,027 purchased on a when-issued or delayed delivery basis)		512,799,136
Shares of beneficial interest redeemed		14,099,391
Closed foreign currency contracts		9,157,301
Dividends		8,521,979
Futures margins		5,429,101
Distribution and service plan fees		1,659,303
Foreign capital gains tax		1,270,104
Transfer and shareholder servicing agent fees		1,006,836
Shareholder communications		605,204
Trustees’ compensation		164,075
Other		188,106
Total liabilities		612,054,142
Net Assets	$	8,550,660,987

76 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	2,033,208
Additional paid-in capital		9,412,864,747
Accumulated net investment income		3,174,034
Accumulated net realized loss on investments and foreign currency transactions		(603,341,337	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(264,069,665	)
Net Assets	$	8,550,660,987
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $5,871,848,747 and 1,395,830,855 shares of beneficial interest outstanding)	$	4.21
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.42
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $275,422,905 and 65,248,517 shares of beneficial interest outstanding)	$	4.22
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,419,448,100 and 338,111,421 shares of beneficial interest outstanding)	$	4.20
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,070 and 2,398 shares of beneficial interest outstanding)	$	4.20
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $233,464,189 and 55,462,498 shares of beneficial interest outstanding)	$	4.21
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $750,466,976 and 178,552,548 shares of beneficial interest outstanding)	$	4.20

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

77 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 30, 2012¹

Allocation of Income and Expenses from Master Funds2
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	7,291,086
Dividends		6,077
Expenses3		(356,087	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		6,941,076
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		43,107,532
Dividends		152,316
Expenses4		(1,897,844	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		41,362,004
Total allocation of net investment income from master funds		48,303,080
Investment Income
Interest from unaffiliated companies (net of foreign withholding taxes of $82,297)		237,684,254
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $203,777)		1,753,618
Affiliated companies		632,042
Fee income on when-issued securities		3,099,960
Total investment income		243,169,874
Expenses
Management fees		21,827,737
Distribution and service plan fees:
Class A		7,154,922
Class B		1,388,273
Class C		6,994,087
Class N		568,943
Transfer and shareholder servicing agent fees:
Class A		3,940,505
Class B		372,391
Class C		920,158
Class I		1
Class N		316,755
Class Y		671,810
Shareholder communications:
Class A		402,127
Class B		36,822
Class C		91,469
Class N		16,093
Class Y		44,311
Custodian fees and expenses		258,085
Trustees’ compensation		73,273
Administration service fees		750

78 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Other	$	268,494
Total expenses		45,347,006
Less waivers and reimbursements of expenses		(2,386,974	)
Net expenses		42,960,032
Net Investment Income		248,512,922
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies
(including premiums on options exercised)		(38,354,525	)
Closing and expiration of option contracts written		30,260,671
Closing and expiration of swaption contracts		9,184,381
Closing and expiration of futures contracts		(9,012,030	)
Foreign currency transactions		(70,778,632	)
Swap contracts		13,024,399
Increase from payment by affiliate		21,363
Net realized loss allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(5,868,251	)
Oppenheimer Master Loan Fund, LLC		(4,344,026	)
Net realized loss		(75,866,650	)
Net change in unrealized appreciation/depreciation on:
Investments (net of foreign capital gains tax of $1,167,624)		294,359,041
Translation of assets and liabilities denominated in foreign currencies		83,442,667
Futures contracts		(42,086,118	)
Option contracts written		5,884,236
Swaption contracts		8,052,649
Swap contracts		1,426,708
Net change in unrealized appreciation/deprecation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		1,144,727
Oppenheimer Master Loan Fund, LLC		44,898,290
Net change in unrealized appreciation/depreciation		397,122,200
Net Increase in Net Assets Resulting from Operations	$	569,768,472

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes.
3.	Net of expense waivers and/or reimbursements of $2,834.
4.	Net of expense waivers and/or reimbursements of $27,055.

See accompanying Notes to Financial Statements.

79 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 30, 20121			September 30,
	(Unaudited)			2011
Operations
Net investment income	$	248,512,922		$	548,170,137
Net realized gain (loss)		(75,866,650	)		223,849,484
Net change in unrealized appreciation/depreciation		397,122,200			(793,418,486	)
Net increase (decrease) in net assets resulting from operations		569,768,472			(21,398,865	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(173,760,587	)		(382,490,965	)
Class B		(6,986,933	)		(16,567,355	)
Class C		(36,287,127	)		(77,576,438	)
Class I		(103	)		—
Class N		(6,373,762	)		(13,475,211	)
Class Y		(22,289,817	)		(45,233,275	)
		(245,698,329	)		(535,343,244	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(208,562,949	)		(124,884,015	)
Class B		(19,974,060	)		(38,939,680	)
Class C		(18,522,279	)		26,600,521
Class I		10,000			—
Class N		(1,210,820	)		10,298,920
Class Y		15,705,445			87,192,160
		(232,554,663	)		(39,732,094	)
Net Assets
Total increase (decrease)		91,515,480			(596,474,203	)
Beginning of period		8,459,145,507			9,055,619,710
End of period (including accumulated net investment income of $3,174,034 and $359,441, respectively)	$	8,550,660,987		$	8,459,145,507

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

80 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 30, 20121			Year Ended September 30,
Class A	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	4.05		$	4.32		$	3.91		$	3.96		$	4.41		$	4.18
Income (loss) from investment operations:
Net investment income2		.12			.27			.28			.24			.24			.23
Net realized and unrealized gain (loss)		.16			(.28	)		.40			(.05	)		(.40	)		.23
Total from investment operations		.28			(.01	)		.68			.19			(.16	)		.46
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.26	)		(.27	)		(.18	)		(.29	)		(.23	)
Tax return of capital distribution		—			—			—			(.06	)		—			—
Total dividends and/or distributions to shareholders		(.12	)		(.26	)		(.27	)		(.24	)		(.29	)		(.23	)
Net asset value, end of period	$	4.21		$	4.05		$	4.32		$	3.91		$	3.96		$	4.41
Total Return, at Net Asset Value3		7.06	%		(0.31	)%		18.17	%		5.59	%		(4.01	)%		11.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,871,849		$	5,857,280		$	6,368,118		$	6,019,723		$	7,719,384		$	6,430,790
Average net assets (in thousands)	$	5,855,584		$	6,278,335		$	6,047,257		$	5,942,116		$	7,560,427		$	5,655,265
Ratios to average net assets:4,5
Net investment income		6.00	%		6.23	%		6.91	%		6.74	%		5.44	%		5.25	%
Expenses excluding interest and fees from borrowings		0.97	%		0.97	%		0.99	%		0.97	%		0.91	%		0.90	%
Interest and fees from borrowings		—			—	6		0.28	%		0.01	%		—			—
Total expenses		0.97	%7		0.97	%8		1.27	%8		0.98	%8		0.91	%8		0.90	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.91	%9		0.92	%		1.23	%		0.96	%		0.89	%		0.89	%
Portfolio turnover rate10		33	%		53	%		94	%		96	%		71	%		72	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
6.	Less than 0.005%.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 0.99%

81 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

8. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended September 30, 2011	0.97	%
Year Ended September 30, 2010	1.27	%
Year Ended September 30, 2009	0.99	%
Year Ended September 30, 2008	0.92	%
Year Ended September 30, 2007	0.91	%

9. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 0.93 %

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

82 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class B	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	4.06		$	4.33		$	3.93		$	3.98		$	4.42		$	4.20
Income (loss) from investment operations:
Net investment income2		.11			.23			.24			.20			.20			.19
Net realized and unrealized gain (loss)		.15			(.28	)		.40			(.04	)		(.39	)		.22
Total from investment operations		.26			(.05	)		.64			.16			(.19	)		.41
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.22	)		(.24	)		(.16	)		(.25	)		(.19	)
Tax return of capital distribution		—			—			—			(.05	)		—			—
Total dividends and/or distributions to shareholders		(.10	)		(.22	)		(.24	)		(.21	)		(.25	)		(.19	)
Net asset value, end of period	$	4.22		$	4.06		$	4.33		$	3.93		$	3.98		$	4.42
Total Return, at Net Asset Value3		6.57	%		(1.21	)%		16.74	%		4.64	%		(4.54	)%		9.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	275,423		$	284,757		$	342,069		$	353,248		$	483,485		$	569,523
Average net assets (in thousands)	$	277,732		$	320,622		$	331,317		$	355,973		$	540,865		$	635,237
Ratios to average net assets:4,5
Net investment income		5.10	%		5.31	%		5.96	%		5.83	%		4.61	%		4.43	%
Expenses excluding interest and fees from borrowings		1.88	%		1.89	%		1.93	%		1.89	%		1.73	%		1.71	%
Interest and fees from borrowings		—			—	6		0.28	%		0.01	%		—			—
Total expenses		1.88	%7		1.89	%8		2.21	%8		1.90	%8		1.73	%8		1.71	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82	%9		1.84	%		2.17	%		1.88	%		1.71	%		1.70	%
Portfolio turnover rate10		33	%		53	%		94	%		96	%		71	%		72	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
6.	Less than 0.005%.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.90 %

83 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

8. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended September 30, 2011	1.89	%
Year Ended September 30, 2010	2.21	%
Year Ended September 30, 2009	1.91	%
Year Ended September 30, 2008	1.74	%
Year Ended September 30, 2007	1.72	%

9. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.84 %

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

84 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class C	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	4.04		$	4.31		$	3.91		$	3.96		$	4.40		$	4.18
Income (loss) from investment operations:
Net investment income2		.11			.24			.25			.21			.20			.19
Net realized and unrealized gain (loss)		.16			(.28	)		.39			(.05	)		(.38	)		.22
Total from investment operations		.27			(.04	)		.64			.16			(.18	)		.41
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.23	)		(.24	)		(.16	)		(.26	)		(.19	)
Tax return of capital distribution		—			—			—			(.05	)		—			—
Total dividends and/or distributions to shareholders		(.11	)		(.23	)		(.24	)		(.21	)		(.26	)		(.19	)
Net asset value, end of period	$	4.20		$	4.04		$	4.31		$	3.91		$	3.96		$	4.40
Total Return, at Net Asset Value3		6.67	%		(1.08	)%		17.01	%		4.79	%		(4.52	)%		10.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,419,448		$	1,384,378		$	1,448,886		$	1,292,721		$	1,493,804		$	1,086,918
Average net assets (in thousands)	$	1,399,888		$	1,453,972		$	1,330,764		$	1,201,421		$	1,381,340		$	959,439
Ratios to average net assets:4,5
Net investment income		5.25	%		5.48	%		6.15	%		6.00	%		4.68	%		4.49	%
Expenses excluding interest and fees from borrowings		1.73	%		1.73	%		1.75	%		1.73	%		1.66	%		1.66	%
Interest and fees from borrowings		—			—	6		0.28	%		0.01	%		—			—
Total expenses		1.73	%7		1.73	%8		2.03	%8		1.74	%8		1.66	%8		1.66	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.67	%9		1.68	%		1.99	%		1.72	%		1.64	%		1.65	%
Portfolio turnover rate10		33	%		53	%		94	%		96	%		71	%		72	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
6.	Less than 0.005%.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.75 %

85 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

8. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended September 30, 2011	1.73	%
Year Ended September 30, 2010	2.03	%
Year Ended September 30, 2009	1.75	%
Year Ended September 30, 2008	1.67	%
Year Ended September 30, 2007	1.67	%

9. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.69 %

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

86 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Period Ended
	March 30, 20121,2
Class I	(Unaudited)
Per Share Operating Data
Net asset value, beginning of period	$	4.17
Income (loss) from investment operations:
Net investment income3		.04
Net realized and unrealized gain		.03
Total from investment operations		.07
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.04	)
Tax return of capital distribution		—
Total dividends and/or distributions to shareholders		(.04	)
Net asset value, end of period	$	4.20
Total Return, at Net Asset Value4		1.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10
Average net assets (in thousands)	$	10
Ratios to average net assets:5,6
Net investment income		6.12	%
Expenses excluding interest and fees from borrowings		0.54	%
Interest and fees from borrowings		—
Total expenses7		0.54	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses8		0.50	%
Portfolio turnover rate9		33	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	For the period from January 27, 2012 (inception of offering) to March 30, 2012.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Period Ended March 30, 2012 0.56 %

8. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 0.52 %

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

	Purchase Transactions		Sale Transactions
Period Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139

See accompanying Notes to Financial Statements.

87 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class N	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	4.05		$	4.32		$	3.92		$	3.97		$	4.41		$	4.19
Income (loss) from investment operations:
Net investment income2		.12			.25			.26			.22			.22			.21
Net realized and unrealized gain (loss)		.15			(.28	)		.40			(.05	)		(.39	)		.22
Total from investment operations		.27			(.03	)		.66			.17			(.17	)		.43
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.24	)		(.26	)		(.16	)		(.27	)		(.21	)
Tax return of capital distribution		—			—			—			(.06	)		—			—
Total dividends and/or distributions to shareholders		(.11	)		(.24	)		(.26	)		(.22	)		(.27	)		(.21	)
Net asset value, end of period	$	4.21		$	4.05		$	4.32		$	3.92		$	3.97		$	4.41
Total Return, at Net Asset Value3		6.85	%		(0.73	)%		17.34	%		5.14	%		(4.17	)%		10.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	233,464		$	225,889		$	230,532		$	186,857		$	186,353		$	145,685
Average net assets (in thousands)	$	230,024		$	237,655		$	202,619		$	164,067		$	175,884		$	126,935
Ratios to average net assets:4,5
Net investment income		5.61	%		5.81	%		6.45	%		6.34	%		5.03	%		4.84	%
Expenses excluding interest and fees from borrowings		1.37	%		1.39	%		1.44	%		1.47	%		1.32	%		1.32	%
Interest and fees from borrowings		—			—	6		0.28	%		0.01	%		—			—
Total expenses		1.37	%7		1.39	%8		1.72	%8		1.48	%8		1.32	%8		1.32	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.31	%9		1.34	%		1.68	%		1.39	%		1.30	%		1.31	%
Portfolio turnover rate10		33	%		53	%		94	%		96	%		71	%		72	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
6.	Less than 0.005%.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.39 %

88 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended September 30, 2011	1.39	%
Year Ended September 30, 2010	1.72	%
Year Ended September 30, 2009	1.49	%
Year Ended September 30, 2008	1.33	%
Year Ended September 30, 2007	1.33	%

9. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 1.33 %

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

89 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 30, 20121									Year Ended September 30,
Class Y	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Data
Net asset value, beginning of period	$	4.05		$	4.31		$	3.91		$	3.96		$	4.39		$	4.17
Income (loss) from investment operations:
Net investment income2		.13			.28			.29			.24			.25			.24
Net realized and unrealized gain (loss)		.15			(.27	)		.39			(.05	)		(.38	)		.22
Total from investment operations		.28			.01			.68			.19			(.13	)		.46
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.27	)		(.28	)		(.18	)		(.30	)		(.24	)
Tax return of capital distribution		—			—			—			(.06	)		—			—
Total dividends and/or distributions to shareholders		(.13	)		(.27	)		(.28	)		(.24	)		(.30	)		(.24	)
Net asset value, end of period	$	4.20		$	4.05		$	4.31		$	3.91		$	3.96		$	4.39
Total Return, at Net Asset Value3		6.91	%		0.13	%		18.10	%		5.67	%		(3.33	)%		11.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	750,467		$	706,842		$	666,015		$	290,726		$	313,760		$	347,689
Average net assets (in thousands)	$	727,874		$	718,536		$	545,045		$	266,712		$	220,416		$	260,589
Ratios to average net assets:4,5
Net investment income		6.19	%		6.44	%		7.08	%		6.82	%		5.68	%		5.61	%
Expenses excluding interest and fees from borrowings		0.78	%		0.77	%		0.85	%		0.79	%		0.66	%		0.56	%
Interest and fees from borrowings		—			—	6		0.28	%		0.01	%		—			—
Total expenses		0.78	%7		0.77	%8		1.13	%8		0.80	%8		0.66	%8		0.56	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72	%9		0.72	%		1.05	%		0.78	%		0.64	%		0.55	%
Portfolio turnover rate10		33	%		53	%		94	%		96	%		71	%		72	%

1.	March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds.
6.	Less than 0.005%.
7.	Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 0.80 %

90 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended September 30, 2011	0.77	%
Year Ended September 30, 2010	1.13	%
Year Ended September 30, 2009	0.81	%
Year Ended September 30, 2008	0.67	%
Year Ended September 30, 2007	0.57	%

9. Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated funds were as follows:

Six Months Ended March 30, 2012 0.74 %

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 30, 2012	$	1,878,014,780	$	1,882,111,139
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

91 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global 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 I, 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 I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. Class I shares were first publicly offered on January 27, 2012.

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

Semiannual Period. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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.

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

92 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

As of March 30, 2012, 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	$	362,475,027
Sold securities		10,617,076

The Fund may enter into “forward roll” transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (same type, coupon and maturity) at a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

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

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

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

93 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 30, 2012 is as follows:

Cost	$	175,190,612
Market Value	$	44,164,853
Market Value as a % of Net Assets		0.52	%

Investment in Oppenheimer Global Strategic Income Fund (Cayman) Ltd. The Fund has established a Cayman Islands company that is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in commodity-linked derivatives (including commodity related futures, options and swap contracts), exchange traded funds and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are expected to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund. The Fund wholly owns and controls the Subsidiary, and the Fund and Subsidiary are both managed by the Manager.

     The Fund does not consolidate the assets, liabilities, capital or operations of the Subsidiary into its financial statements. Rather, the Subsidiary is separately presented as an investment in the Fund’s Statement of Investments. Shares of the Subsidiary are valued at their net asset value per share. Gains or losses on withdrawals of capital from the Subsidiary by the Fund are recognized on an average cost basis. Unrealized appreciation or depreciation on the Fund’s investment in the Subsidiary is recorded in the Fund’s Statement of Assets and Liabilities and the Fund’s Statement of Operations. Distributions received from the Subsidiary are recorded as income on the ex-dividend date.

     For tax purposes, the Subsidiary is an exempted Cayman investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through September of 2030. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, the Subsidiary’s net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund’s investment company taxable income. For the six months ended March 30, 2012, the Subsidiary has a deficit of $30,741 in its taxable earnings and profits. In addition, any in-kind capital contributions made by the Fund to the Subsidiary will result in the Fund recognizing taxable gain to the extent of unrealized gain, if any, on securities transferred to the Subsidiary while any unrealized losses on securities so transferred will not be recognized at the time of transfer.

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

94 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

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

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

95 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends. During the fiscal year ended September 30, 2011, the Fund utilized $217,268,853 of capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2011, the Fund had straddle losses of $407,003 and post-October foreign currency losses of $1,388,775 which were deferred. Details of the capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2012	$	122,914,725
2016		3,243,816
2017		101,514,149
2018		240,345,967
No expiration		75,866,650
Total	$	543,885,307

Of these losses, $27,330,332 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $12,137,845 per year.

     Capital losses with no expiration will be carried forward to future years if not offset by gains in the remaining six months of the Fund’s fiscal year. When increased by capital loss carryforwards in existence at March 30, 2012, the Fund had estimated capital loss

96 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

carryforwards of $468,018,657 expiring in 2018 and $75,866,650 which will not expire. During the six months ended March 30, 2012, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 30, 2012 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	9,152,703,100
Federal tax cost of other investments		342,755,815
Total federal tax cost	$	9,495,458,915
Gross unrealized appreciation	$	290,232,533
Gross unrealized depreciation		(552,895,774	)
Net unrealized depreciation	$	(262,663,241	)

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

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 with 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

97 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued
distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

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

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

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

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

2. 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.

98 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Valuation Methods and inputs

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

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

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

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

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

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

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

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

99 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

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

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

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

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

100 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Classifications

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

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 30, 2012 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:
Wholly-Owned Subsidiary	$	—	$	1,469,259	$	—	$	1,469,259
Asset-Backed Securities		—		13,440,499		34,032,600		47,473,099
Mortgage-Backed Obligations		—		1,666,642,863		3,083,049		1,669,725,912
U.S. Government Obligations		—		433,177,448		—		433,177,448
Foreign Government Obligations		—		2,549,222,272		—		2,549,222,272
Loan Participations		—		80,813,368		—		80,813,368
Corporate Bonds and Notes		1,443,138		2,309,074,076		—		2,310,517,214
Preferred Stocks		—		6,321,157		5,930,909		12,252,066
Common Stocks		16,329,207		14,917,277		—		31,246,484
Rights, Warrants and Certificates		—		—		1,125		1,125
Structured Securities		—		296,052,498		20,855,390		316,907,888
Options Purchased		3,874,912		1,892,321		—		5,767,233
Swaptions Purchased		—		35,578,127		—		35,578,127
Investment Companies		105,654,929		1,293,839,249		—		1,399,494,178
Total Investments, at Value		127,302,186		8,702,440,414		63,903,073		8,893,645,673
Other Financial Instruments:
Appreciated swaps, at value		—		9,511,186		—		9,511,186
Depreciated swaps, at value		—		1,970,071		—		1,970,071
Futures margins		1,614,846		—		—		1,614,846
Foreign currency exchange contracts		—		15,529,086		—		15,529,086
Total Assets	$	128,917,032	$	8,729,450,757	$	63,903,073	$	8,922,270,862

101 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

							Level 3
	Level 1—			Level 2			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value
Liabilities Table
Other Financial Instruments:
Appreciated swaps, at value	$	—		$	(3,143,178	)	$	—	$	(3,143,178	)
Depreciated swaps, at value		—			(10,126,475	)		—		(10,126,475	)
Appreciated swaptions written, at value		—			(15,574,705	)		—		(15,574,705	)
Depreciated swaptions written, at value		—			(2,693,008	)		—		(2,693,008	)
Appreciated options written, at value		(1,672,422	)		(336,620	)		—		(2,009,042	)
Depreciated options written, at value		(810,451	)		(399,132	)		—		(1,209,583	)
Futures margins		(5,429,101	)		—			—		(5,429,101	)
Foreign currency exchange contracts		—			(22,397,615	)		—		(22,397,615	)
Total Liabilities	$	(7,911,974	)	$	(54,670,733	)	$	—	$	(62,582,707	)

Currency contracts 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.

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

     The net asset value per share of the Subsidiary is determined as of the close of the Exchange, on each day the Exchange is open for trading. The net asset value per share is determined by dividing the value of the Subsidiary’s net assets by the number of shares that are outstanding. The Subsidiary values its investments in the same manner as the Fund as described above.

3. Shares of Beneficial Interest

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

	Six Months Ended March 30, 20121						Year Ended September 30, 2011
	Shares			Amount			Shares			Amount
Class A
Sold		92,235,366		$	380,773,048			248,013,417		$	1,071,416,084
Dividends and/or distributions reinvested		35,409,942			145,855,601			70,663,847			303,589,497
Redeemed		(178,391,556	)		(735,191,598	)		(347,586,613	)		(1,499,889,596	)
Net decrease		(50,746,248	)	$	(208,562,949	)		(28,909,349	)	$	(124,884,015	)

102 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months Ended March 30, 20121						Year Ended September 30, 2011
	Shares			Amount			Shares			Amount
Class B
Sold		5,786,008		$	23,990,818			15,333,850		$	66,448,173
Dividends and/or distributions reinvested		1,459,518			6,035,119			3,207,096			13,828,747
Redeemed		(12,086,568	)		(49,999,997	)		(27,437,132	)		(119,216,600	)
Net decrease		(4,841,042	)	$	(19,974,060	)		(8,896,186	)	$	(38,939,680	)
Class C
Sold		28,244,142		$	116,306,036			67,246,894		$	289,327,451
Dividends and/or distributions reinvested		7,506,045			30,871,788			14,585,663			62,522,873
Redeemed		(40,233,423	)		(165,700,103	)		(75,620,751	)		(325,249,803	)
Net increase (decrease)		(4,483,236	)	$	(18,522,279	)		6,211,806		$	26,600,521
Class I
Sold		2,398		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		2,398		$	10,000			—		$	—
Class N
Sold		8,034,716		$	33,180,148			18,963,770		$	82,037,573
Dividends and/or distributions reinvested		1,362,062			5,615,832			2,700,968			11,610,969
Redeemed		(9,686,458	)		(40,006,800	)		(19,292,561	)		(83,349,622	)
Net increase (decrease)		(289,680	)	$	(1,210,820	)		2,372,177		$	10,298,920
Class Y
Sold		31,241,834		$	128,675,323			78,483,612		$	338,500,436
Dividends and/or distributions reinvested		4,705,613			19,368,550			9,274,828			39,812,222
Redeemed		(32,118,818	)		(132,338,428	)		(67,474,536	)		(291,120,498	)
Net increase		3,828,629		$	15,705,445			20,283,904		$	87,192,160

1. For the six months ended March 30, 2012, for Class A, Class B, Class C, Class N and Class Y shares, and for the period from January 27, 2012 (inception of offering) to March 30, 2012, for Class I shares.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in the Subsidiary and IMMF, for the six months ended March 30, 2012, were as follows:

	Purchases		Sales
Investment securities	$	1,725,346,670	$	1,915,541,904
U.S. government and government agency obligations		431,801,665		249,266,411
To Be Announced (TBA) mortgage-related securities		1,878,014,780		1,882,111,139

103 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. 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

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 30, 2012, the Fund paid $6,318,442 to OFS for services to the Fund.

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

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

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

104 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 30, 2012 were as follows:

Class B	$	122,946,886
Class C		47,439,596
Class N		4,493,400

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

			Class A		Class B		Class C		Class N
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor		Distributor
March 30, 2012	$	715,109	$	8,568	$	246,519	$	49,620	$	2,931

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary and may not be terminated unless approved by the Fund’s Board of Trustees. During the six months ended March 30, 2012, the Manager waived $3,943.

     The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in underlying funds managed by the Manager or its affiliates. During the six months ended March 30, 2012, the Manager waived fees and/or reimbursed the Fund $2,383,031 for management fees.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes A, B, C, N and Y to 0.35% of average annual net assets per class.

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

     During the six months ended March 30, 2012, the Manager voluntarily reimbursed the Fund $21,363 for certain transactions. The payment is reported separately in the Statement of Operations and increased the Fund’s total returns by less than 0.005%.

105 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments

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

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

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

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period

106 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

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

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

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

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

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the 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 March 30, 2012, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $75,316,789, which represents gross payments to be received by the Fund on these derivative contracts were they to be unwound as of period end. To reduce this risk the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. master agreements, which allow the Fund to net unrealized appreciation and depreciation for certain positions in swaps, over-the-counter options, swaptions, and forward currency exchange contracts for each individual counterparty. The amount of loss that the Fund would incur taking into account these master netting arrangements would be $34,183,527 as of March 30, 2012. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to International Swap and Derivatives Association, Inc. master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

107 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited/Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

As of March 30, 2012 the Fund has required certain counterparties to post collateral of $10,704,631.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have 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 International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

As of March 30, 2012, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $22,858,154 for which the Fund has posted collateral of $15,893,402. If a contingent feature would have been triggered as of March 30, 2012, the Fund could have been required to pay this amount in cash to its counterparties. If the Fund fails to perform under these contracts and agreements, the cash and/or securities posted as collateral will be made available to the counterparty. Cash posted as collateral for these contracts, if any, is reported on the Statement of Assets and Liabilities; securities posted as collateral, if any, are reported on the Statement of Investments.

Valuations of derivative instruments as of March 30, 2012 are as follows:

	Asset Derivatives				Liability Derivatives
Derivatives Not	Statement of				Statement of
Accounted for as	Assets and				Assets and
Hedging Instruments	Liabilities Location	Value			Liabilities Location	Value
Credit contracts	Appreciated swaps, at value	$	3,069,676		Appreciated swaps, at value	$	3,143,178
Credit contracts	Depreciated swaps, at value		1,970,071		Depreciated swaps, at value		6,013,458
Equity contracts	Appreciated swaps, at value		4,325,629		Depreciated swaps, at value		421,911
Equity contracts	Futures margins		422,086	*	Futures margins		475,915	*
Foreign exchange contracts	Investments, at value		1,852,701	**
Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts		15,529,086		Unrealized depreciation on foreign currency exchange contracts		22,397,615
Foreign exchange contracts					Appreciated options written, at value		967,245
Foreign exchange contracts					Depreciated options written, at value		612,582
Interest rate contracts	Appreciated swaps, at value		1,668,574		Depreciated swaps, at value		1,719,715
Interest rate contracts	Futures margins		1,192,760	*	Futures margins		4,953,186	*
Interest rate contracts	Investments, at value		39,492,659	**

108 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not	Statement of			Statement of
Accounted for as	Assets and			Assets and
Hedging Instruments	Liabilities Location	Value		Liabilities Location	Value
Interest rate contracts				Appreciated options written, at value	$	1,041,797
Interest rate contracts				Depreciated options written, at value		597,001
Interest rate contracts				Appreciated swaptions written, at value		15,574,705
Interest rate contracts				Depreciated swaptions written, at value		2,693,008
Volatility contracts	Appreciated swaps, at value	$	447,307	Depreciated swaps, at value		1,971,391
Total		$	69,970,549		$	62,582,707

*	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.
**	Amounts relate to purchased options and swaptions.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
	Investments
	from
	unaffiliated
	companies			Closing and		Closing and
Derivatives Not	(including			expiration		expiration		Closing and
Accounted	premiums on			of option		of swaption		expiration			Foreign
for as Hedging	options			contracts		contracts		of futures			currency			Swap
Instruments	exercised)*			written		written		contracts			transactions			contracts			Total
Credit contracts	$	—		$	—	$	—	$	—		$	—		$	(6,084,354	)	$	(6,084,354	)
Equity contracts		—			—		—		(20,080,342	)		—			5,920,033			(14,160,309	)
Foreign exchange
contracts		(7,728,519	)		12,694,135		—		1,373,313			(52,332,685	)		59,835			(45,933,921	)
Interest rate contracts		(16,544,196	)		17,566,536		9,184,381		9,694,999			—			8,080,420			27,982,140
Volatility contracts		—			—		—		—			—			5,048,465			5,048,465
Total	$	(24,272,715	)	$	30,260,671	$	9,184,381	$	(9,012,030	)	$	(52,332,685	)	$	13,024,399		$	(33,147,979	)

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

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
											Translation of
											assets and
Derivatives Not											liabilities
Accounted				Option		Swaption					denominated
for as Hedging				contracts		contracts		Futures			in foreign		Swap
Instruments	Investments*			written		written		contracts			currencies		contracts			Total
Credit contracts	$	—		$	—	$	—	$	—		$	—	$	(3,776,884	)	$	(3,776,884	)
Equity contracts		—			—		—		(6,976,519	)		—		11,273,551			4,297,032
Foreign exchange
contracts		(5,228,825	)		5,816,848		—		—			1,249,103		—			1,837,126
Interest rate contracts		(42,014,345	)		67,388		8,052,649		(35,109,599	)		—		(6,096,271	)		(75,100,178	)
Volatility contracts		—			—		—		—			—		26,312			26,312
Total	$	(47,243,170	)	$	5,884,236	$	8,052,649	$	(42,086,118	)	$	1,249,103	$	1,426,708		$	(72,716,592	)

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

109 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited/Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Foreign Currency Exchange Contracts

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

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

     The Fund has purchased and sold certain forward foreign currency exchange contracts of different currencies in order to acquire currencies to pay for or sell currencies to acquire related foreign securities purchase and sale transactions, respectively, or to convert foreign currencies to U.S. dollars from related foreign securities transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter.

     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 Fund.

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

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

     During the six months ended March 30, 2012, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $1,526,488,672 and $2,000,171,536, respectively.

     Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

110 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Futures Contracts

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

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

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

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

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

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

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

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

     The Fund has purchased futures contracts on various currencies to increase exposure to foreign exchange rate risk.

     The Fund has sold futures contracts on various currencies to decrease exposure to foreign exchange rate risk.

     During the six months ended March 30, 2012, the Fund had an ending monthly average market value of $1,410,090,492 and $982,442,840 on futures contracts purchased and sold, respectively.

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

111 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Option Activity

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

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

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

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

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

     During the six months ended March 30, 2012, the Fund had an ending monthly average market value of $19,152,076 and $4,600,071 on purchased call options and purchased put options, respectively.

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

     The 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.

     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.

112 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

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

     During the six months ended March 30, 2012, the Fund had an ending monthly average market value of $2,171,586 and $3,444,677 on written call options and written put options, respectively.

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

Written option activity for the six months ended March 30, 2012 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, 2011		5,987,346,351		$	1,744,360			11,143,090,933		$	4,723,086
Options written		440,927,662,454			20,114,508			509,112,391,593			30,506,878
Options closed or expired		(443,098,164,901	)		(19,268,640	)		(507,896,924,542	)		(28,135,517	)
Options exercised		(605,470,000	)		(1,378,016	)		(9,162,535,745	)		(2,579,861	)
Options outstanding as of March 30, 2012		3,211,373,904		$	1,212,212			3,196,022,239		$	4,514,586

Swap Contracts

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

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

113 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations.

     Swap contract agreements are exposed to the market risk factor of the specific underlying reference asset. Swap contracts are typically more attractively priced compared to similar investments in related cash securities because they isolate the risk to one market risk factor and eliminate the other market risk factors. Investments in cash securities (for instance bonds) have exposure to multiple risk factors (credit and interest rate risk). Because swaps require little or no initial cash investment, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

     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.

114 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

     For the six months ended March 30, 2012, the Fund had ending monthly average notional amounts of $213,920,714 and $155,920,714 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

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

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

     For the six months ended March 30, 2012, the Fund had ending monthly average notional amounts of $155,973,531 and $426,530,512 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on 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 securities or 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract.

     The Fund has entered into total return swaps on various equity securities or 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 securities or an

115 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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 securities or index multiplied by the notional amount of the contract.

     For the six months ended March 30, 2012, the Fund had ending monthly average notional amounts of $233,236,218 and $79,489,958 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

     For the six months ended March 30, 2012, the Fund had ending monthly average notional amounts of $1,172,857 on currency swaps.

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

     As of March 30, 2012, the Fund had no such currency swap agreements outstanding.

Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the volatility of the reference investment as measured by changes in its price or level while the other cash flow is based on an interest rate or the measured volatility of a different reference investment. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movement, rather than general directional increases or decreases in its price.

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

     The Fund has entered into volatility swaps to increase exposure to the volatility risk of various reference investments. These types of volatility swaps require the fund to pay the measured volatility and receive a fixed interest payment over the period of the

116 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

contract. If the measured volatility of the related reference investment increases over the period, the swaps will depreciate in value. Conversely, if the measured volatility of the related reference investment decreases over the period, the swaps will appreciate in value.

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

     For the six months ended March 30, 2012, the Fund had ending monthly average notional amounts of $438,948 and $675,115 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively.

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

Swaption Transactions

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

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

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

117 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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

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

     During the six months ended March 30, 2012, the Fund had an ending monthly average market value of $14,512,430 and $15,728,923 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended March 30, 2012 was as follows:

	Call Swaptions
	Notional			Amount of
	Amount			Premiums
Swaptions outstanding as of September 30, 2011	$	18,780,000		$	231,182
Swaptions written		6,823,640,000			53,578,267
Swaptions closed or expired		(1,438,930,000	)		(27,760,808	)
Swaptions outstanding as of March 30, 2012	$	5,403,490,000		$	26,048,641

7. Restricted Securities

As of March 30, 2012, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

8. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and various states’ securities, consumer protection and common law and allege, among

118 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert 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 awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and

119 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

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

120 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

SHAREHOLDER MEETING Unaudited

On February 29, 2012, a shareholder meeting of Oppenheimer Global Strategic Income Fund (the “Fund”) was held at which the twelve Trustees identified below were elected (Proposal No. 1). At the meeting the sub-proposals in (Proposal No. 2) and (Proposal No. 3) were approved as described in the Fund’s proxy statement for that meeting. The following is a report of the votes cast:

Nominee/Proposal
Trustees	For		Withheld
William L. Armstrong		1,221,130,579		33,320,165
Edward L. Cameron		1,222,185,276		32,265,468
Jon S. Fossel		1,222,703,288		31,747,455
Sam Freedman		1,222,329,065		32,121,679
Richard F. Grabish		1,223,424,467		31,026,276
Beverly L. Hamilton		1,223,047,867		31,402,876
Robert J. Malone		1,223,218,579		31,232,164
F. William Marshall, Jr.		1,223,064,117		31,386,626
Victoria J. Herget		1,223,290,815		31,159,928
Karen L. Stuckey		1,223,398,678		31,052,065
James D. Vaughn		1,222,698,645		31,752,098
William F. Glavin, Jr.		1,223,030,579		31,420,164

2a: Proposal to revise the fundamental policy relating to borrowing

For	Against	Abstain	Broker Non Vote
899,390,764	45,860,518	31,246,095	277,953,366

2b-1: Proposal to revise the fundamental policy relating to concentration of investments

For	Against	Abstain	Broker Non Vote
901,079,509	44,078,331	31,339,529	277,953,366

2c: Proposal to remove the fundamental policy relating to diversification of investments

For	Against	Abstain	Broker Non Vote
913,091,061	31,966,596	31,439,714	277,953,366

2e-1: Proposal to revise the fundamental policy relating to lending

For	Against	Abstain	Broker Non Vote
913,399,458	31,013,589	32,084,327	277,953,366

2g-1: Proposal to revise the fundamental policy relating to real estate and commodities

For	Against	Abstain	Broker Non Vote
899,446,229	44,891,955	32,159,189	277,953,366

2h: Proposal to revise the fundamental policy relating to senior securities

For	Against	Abstain	Broker Non Vote
899,899,550	44,637,839	31,959,984	277,953,366

121 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

SHAREHOLDER MEETING Unaudited / Continued

2i: Proposal to revise fundamental policy relating to underwriting

For	Against	Abstain	Broker Non Vote
913,556,916	30,196,779	32,743,678	277,953,366

2o: Proposal to to convert the Fund’s investment objective from fundamental to non-fundamental

For	Against	Abstain	Broker Non Vote
888,514,427	54,526,265	33,456,680	277,953,366

2p: Proposal to approve a change in the Fund’s investment objective

For	Against	Abstain	Broker Non Vote
912,857,485	31,796,665	31,843,219	277,953,366

Proposal 3: To approve an Agreement and Plan of Reorganization that provides for the reorganization of a Fund from a Maryland corporation or Massachusetts business trust, as applicable, into a Delaware statutory trust.

For	Against	Abstain	Broker Non Vote
922,143,358	23,307,869	31,046,147	277,953,366

122 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

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

Householding—Delivery of Shareholder Documents

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

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

123 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Trustees and Officers	William L. Armstrong, Chairman of the Board of Trustees and Trustee
	Edward L. Cameron, Trustee
	Jon S. Fossel, Trustee
	Sam Freedman, Trustee
	Beverly L. Hamilton, Trustee
	Robert J. Malone, Trustee
	F. William Marshall, Jr., Trustee
	Richard F. Grabish, Trustee
	Victoria J. Herget, Trustee
	James D. Vaughn, Trustee
	William F. Glavin, Jr., Trustee, President and Principal Executive Officer
	Arthur Steinmetz, Vice President
	Krishna Memani, Vice President
	Joseph Welsh, Vice President
	Sara Zervos, Ph.D., Vice President
	Arthur S. Gabinet, Secretary and Chief Legal Officer
	Christina M. Nasta, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial and Accounting Officer
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG llp
Counsel	K&L Gates LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

©2012 OppenheimerFunds, Inc. All rights reserved.

124 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Financial Statements for Oppenheimer Global Strategic Income Fund (Cayman) Ltd. for the Period Ended March 30, 2012

127	Statement of Assets and Liabilities
128	Statement of Operations
129	Statement of Changes in Net Assets
130	Notes to Financial Statements

126 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 30, 2012¹

Assets
Cash	$	1,483,338
Receivables and other assets:
Other		12,649
Total assets		1,495,987
Liabilities
Payables and other liabilities:
Legal, auditing and other professional fees		24,034
Trustees’ compensation		2,694
Total liabilities		26,728
Net Assets	$	1,469,259
Composition of Net Assets
Par value of shares of beneficial interest	$	150
Additional paid-in capital		1,499,850
Accumulated net investment loss		(30,741	)
Net Assets—applicable to 15,000 shares of beneficial interest outstanding	$	1,469,259
Net Asset Value, Redemption Price Per Share and Offering Price Per Share	$	97.95

1. March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

127 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

STATEMENT OF OPERATIONS Unaudited

For the Period Ended March 30, 2012^1,2

Expenses
Legal, auditing and other professional fees	$	24,034
Management fees		3,973
Trustees’ compensation		2,695
Other		39
Total expenses		30,741
Net Investment Loss		(30,741	)
Net Decrease in Net Assets Resulting from Operations	$	(30,741	)

1.     March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

2.     For the period from November 21, 2011 (commencement of operation) to March 30, 2012.

See accompanying Notes to Financial Statements.

128 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
STATEMENT OF CHANGES IN NET ASSETS Unaudited

	Period Ended
	March 30, 20121,2
Operations
Net investment loss	$	(30,741	)
Net decrease in net assets resulting from operations		(30,741	)
Capital Transactions
Net increase in net assets resulting from capital transactions		1,500,000
Net Assets
Total increase		1,469,259
Beginning of period		—
End of period (including accumulated net investment loss of $30,741 for the period ended March 30, 2012)	$	1,469,259

1.     March 30, 2012 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

2.     For the period from November 21, 2011 (commencement of operations) to March 30, 2012.

See accompanying Notes to Financial Statements.

129 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Global Strategic Income Fund (Cayman) Ltd. (the “Fund”) is organized as a Cayman Islands Company Limited by Shares. The Fund intends to carry on the business of an investment company and to acquire, invest in and hold by way of investment, sell and deal primarily in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange traded funds. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”). The Sub-Adviser is Oppenheimer Real Asset Management, Inc. (“ORAMI” or the “Sub-Adviser”), a wholly-owned subsidiary of the Manager. As of March 30, 2012, 100% of the Fund was owned by Oppenheimer Global Strategic Income Fund (“OGSIF”). The Manager is also the investment adviser of OGSIF. The Fund commenced operations on November 21, 2011.

     The beneficial interest of each investor in the Fund is represented by units of participating shares. The Fund’s directors may further designate classes of participating shares and series within each class. As of March 30, 2012, the directors have not designated classes or series of outstanding participating shares. During the period ended March 30, 2012, all income, profits, losses and expenses, if any, of the Fund were allocated pro rata to all participating shares of the Fund. Issuance of additional participating shares is at the discretion of the Fund’s directors.

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

Semiannual Period. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Income Taxes. The Fund has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes through September of 2030. No such taxes are levied in the Cayman Islands at the present time. The Fund is a Controlled Foreign Corporation under U.S. tax laws and as such is not subject to U.S. income tax. Therefore, the Fund is not required to record a tax provision.

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

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.

130 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

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

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

2. 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.

Valuation Methods and inputs

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

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

     Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign

131 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Securities Valuation Continued

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

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

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

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

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

	Standard inputs generally considered
Security Type	by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

132 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

3. Capital Transactions

The Fund has authorized 5,000,000 participating shares of $0.01 par value per share. The Fund issued 15,000 participating shares for $1,500,000 on November 21, 2011 in conjunction with OGSIF’s initial capitalization of the Fund. All subsequent capital contributions and withdrawals did not have participating shares associated with the transaction.

Capital transactions were as follows:

	Period Ended March 30, 20121
	Amount
Contributions	$	1,500,000
Withdrawals		—
Net increase	$	1,500,000

1. For the period from November 21, 2011 (commencement of operations) to March 30, 2012.

4. Expenses

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

133 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Expenses Continued

Sub-Adviser Fees. The Manager retains the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser a fee in monthly installments, 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	0.375	%
Next $200 million	0.360
Next $200 million	0.345
Next $200 million	0.330
Next $200 million	0.300
Next $4 billion	0.250
Over $5 billion	0.240

The Fund shall bear all fees and expenses related to the business and affairs of the Fund, including among others, directors’ fees, audit fees, custodian fees and expenses in connection with the purchase and sale of securities and other Fund assets.

5. Financial Highlights

The following represents the total return of the Fund for the period ended March 30, 2012. Total return was calculated based upon the daily returns of the Fund during this period. The calculation has not been annualized for reporting purposes:

Period Ended March 30, 2012¹ (2.05 )%

The following represents certain financial ratios of the Fund for the periods noted. The computation of the net investment income and total expense ratios was based upon the daily net assets of the Fund during these periods. The calculations have been annualized for reporting purposes:

	Period Ended March 30, 20121
Ratios to average net assets:
Net investment income (loss)		(5.76	)%
Total expenses		5.76	%

1. For the period from November 21, 2011 (commencement of operations) through March 30, 2012.

6. Pending Litigation

Since 2009, a number of class action, derivative and individual lawsuits have been pending in federal and state courts against OppenheimerFunds, Inc., the Fund’s investment advisor (the “Manager”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities laws and

134 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

various states’ securities, consumer protection and common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses.

     Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert 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 awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court entered an order approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve other outstanding lawsuits against the Manager and its affiliates relating to BLMIS.

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory

135 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Pending Litigation Continued

damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

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

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through May 16, 2012, the date the financial statements were available to be issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

136 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

• Applications or other forms

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

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

• Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

137 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE

Internet Security and Encryption

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

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

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

• All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

138 | OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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 3/30/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

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

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Global Strategic Income Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 5/8/2012

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

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer

Date: 5/8/2012

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

Date: 5/8/2012