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

OFI Global Asset Management, 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: 3/28/2013

Item 1. Reports to Stockholders.

3 31 2013

SEMIANNUAL REPORT

Oppenheimer Global Strategic Income Fund

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	82
Statement of Operations	84
Statements of Changes in Net Assets	86
Financial Highlights	87
Notes to Financial Statements	98
Portfolio Proxy Voting Policies and Procedures; Updates to Statements of Investments	132
Financial Statements for Oppenheimer Global Strategic Income Fund (Cayman) Ltd.	133
Privacy Policy Notice	143

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/28/13

	6-Month			1-Year			5-Year			10-Year
Class A Shares of the Fund without sales charge		4.01	%		9.40	%		6.16	%		7.79	%
Class A Shares of the Fund with sales charge		–0.93			4.21			5.13			7.27
Barclays U.S. Aggregate Bond Index		0.09			3.77			5.47			5.02
Citigroup World Government Bond Index		–4.44			–0.67			2.77			5.42
Citigroup Non-U.S. World Government Bond Index		–6.09			–2.16			2.28			5.58
JPMorgan Domestic High Yield Index		6.04			13.00			11.82			10.14
Reference Index		–0.71			4.03			6.17			6.88

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

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through March 31, 2013.

2 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 4.01% during the six-month reporting period, outperforming its Reference Index, a customized weighted index currently comprised of 40% of the Citigroup Non-U.S. World Government Bond Index, 30% of the JPMorgan Domestic High Yield Index and 30% of the Barclays U.S. Aggregate Bond Index, which returned –0.71%. We attribute these results to an emphasis on higher yielding corporate-backed bonds, which rallied as investors reached for more competitive levels of current income in a generally low interest rate environment. In addition, underweight exposure to changing currency exchange rates buoyed the Fund’s relative performance.

MARKET OVERVIEW

In the weeks prior to the start of the reporting period, central banks in the United States and Europe announced new accommodative policy measures intended to promote market liquidity and stimulate greater economic growth. The Federal Reserve (the “Fed”) embarked on a new round of open-ended quantitative easing involving monthly purchases of $40 billion of mortgage-backed securities issued by U.S. government agencies. Meanwhile, the head of the European Central Bank (the “ECB”) had reassured investors that his institution was committed to supporting the Eurozone, and the ECB signaled its conditional intention to purchase massive amounts of debt from troubled members of the European Union. In China, a new government was widely expected to adopt more stimulative monetary and fiscal policies. Even in Japan, which had been mired in economic weakness for years, new government leadership adopted economic policies and the central bank announced

massive quantitative easing, which will likely promote export activity by reducing the value of the yen against most other major currencies.

Higher yielding bonds rallied in response to these developments. U.S. high yield bonds fared particularly well, as investors reached for higher yields in a low interest rate environment, issuers continued to report strong earnings, and default rates remained low. In international markets, emerging market bonds performed well as economic concerns about a China slowdown abated and as quantitative easing globally pushed investors into products that can potentially provide more yield. For U.S. residents, U.S. dollar-denominated securities outperformed their local currency-denominated counterparts as governments in Japan and Europe took steps to reduce the value of the yen and euro, respectively, relative to the U.S. dollar.

Among U.S. government securities, agency-backed residential mortgage securities

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 3

lagged broader U.S. market averages during the fourth quarter of 2012 when prepayment risks increased, but they largely made up lost ground over the first three months of 2013. However, expectations of an eventual increase in interest rates hampered results from long-term U.S. Treasury securities.

FUND PERFORMANCE

The Fund’s strong relative performance during the reporting period was driven primarily by our asset allocation strategy, which emphasized U.S. dollar-denominated bonds from the emerging markets, U.S. and international corporate bonds, and U.S. mortgage-backed securities. All of these tilts supported the Fund’s results.

High yield bonds represented the Fund’s top performing asset class over the reporting period. The Fund benefited from overweight exposure to U.S. corporate bonds with below-investment-grade credit ratings. Returns were particularly robust among credits rated B and CCC, both areas of emphasis for the Fund. Conversely, the Fund maintained underweight exposure to BB-rated bonds, which produced less robust returns. The Fund’s holdings of floating-rate bank loans generally trailed their high yield fixed-income counterparts, leading us to reduce its exposure to the market sector during the reporting period.

Active currency management enabled the Fund to avoid the brunt of weakness in currency exchange markets, particularly in

Japan, where the yen lost approximately 17% of its value against the U.S. dollar. In contrast, emerging-markets currencies held up relatively well, supporting the Fund’s positions in local currency-denominated bonds from Mexico, Turkey, Indonesia, and Brazil. Bonds from these nations benefited when robust investor demand helped to reduce yield differences between these instruments and comparable U.S. Treasury securities. A position in Venezuelan bonds, which offered especially attractive yields, also fared well.

As sovereign bonds became more richly valued, we increased the Fund’s exposure to U.S. dollar-denominated corporate-backed bonds in the emerging markets. We focused mainly on state-supported and multinational issuers in the agriculture, energy, telecommunications, and finance industry groups. From a country standpoint, we emphasized corporate bonds from Brazil and other Latin American nations.

Finally, in the high-grade portfolio, our selections among AAA-rated residential mortgage-backed securities from U.S. government agencies boosted returns. We shifted the Fund’s focus from 30-year mortgages to 15-year mortgages during the reporting period, and we emphasized lower coupon mortgages that tend to be less sensitive to prepayment risks. We maintained the Fund’s average duration in a generally market-neutral position.

4 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

STRATEGY & OUTLOOK

We have been encouraged by improving fundamentals in domestic and international economies, and we believe that ongoing and coordinated stimulus programs from central banks worldwide are likely to continue to support credit markets over the remainder of 2013. We are more cautious with regard to sovereign debt securities. Although we expect the Fed and other central banks to maintain their accommodative monetary policies in the months ahead, investors have begun to look forward to higher interest rates should they become warranted down

Arthur P. Steinmetz Portfolio Manager

Sara J. Zervos, Ph.D. Portfolio Manager

the road if economic growth accelerates and inflationary pressures rise.

In light of these considerations, we have maintained a generally constructive investment posture, including an emphasis on corporate bond markets that, in our analysis, are likely to fare better than sovereign debt markets in a recovering global economy. In addition, we have retained underweight exposure to foreign currencies due to the relative strength of the U.S. dollar, and we have kept the Fund’s average duration in the neutral range.

Krishna Memani Portfolio Manager

Jack Brown, CFA¹ Portfolio Manager

1. Jack Brown became a Portfolio Manager on January 28, 2013.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 5

Top Holdings and Allocations*

CORPORATE BONDS & NOTES—TOP TEN INDUSTRIES
Oil, Gas & Consumable Fuels	6.1	%
Commercial Banks	3.8
Media	2.1
Wireless Telecommunication Services	1.9
Diversified Telecommunication Services	1.5
Hotels, Restaurants & Leisure	1.2
Capital Markets	1.2
Metals & Mining	1.2
Electric Utilities	1.1
Food Products	1.1

Portfolio holdings and allocations are subject to change. Percentages are as of March 28, 2013, and are based on net assets.

PORTFOLIO ALLOCATION
Mortgage-Backed Obligations:
Government Agency	21.4	%
Non-Agency	12.3
Corporate Bonds and Notes	29.9
Foreign Government Obligations	20.0
Domestic Fixed Income Funds Oppenheimer Master Loan Fund, LLC Oppenheimer Short Duration Fund, Cl. Y	4.3
U.S. Government Obligations	3.6
Asset-Backed Securities	2.6
Structured Securities	2.0
Alternative Funds Oppenheimer Master Event-Linked Bond Fund, LLC	1.5
Corporate Loans	1.3
Money Market Fund	0.7
Common Stocks	0.2
Swaptions Purchased	0.1
Preferred Stocks	0.1
Options Purchased	—	*
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 28, 2013, 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.

*March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

6 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/28/13

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		4.01	%		9.40	%		6.16	%		7.79	%
Class B (OPSGX)		11/30/92		3.54	%		8.66	%		5.20	%		7.27	%
Class C (OSICX)		5/26/95		3.63	%		8.85	%		5.41	%		6.99	%
Class I (OSIIX)		1/27/12		4.21	%		9.82	%		9.89	%*		N/A
Class N (OSINX)		3/1/01		3.81	%		9.22	%		5.72	%		7.34	%
Class Y (OSIYX)		1/26/98		4.13	%		9.89	%		6.35	%		8.01	%
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/28/13
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		–0.93	%		4.21	%		5.13	%		7.27	%
Class B (OPSGX)		11/30/92		–1.46	%		3.66	%		4.88	%		7.27	%
Class C (OSICX)		5/26/95		2.63	%		7.85	%		5.41	%		6.99	%
Class I (OSIIX)		1/27/12		4.21	%		9.82	%		9.89	%*		N/A
Class N (OSINX)		3/1/01		2.81	%		8.22	%		5.72	%		7.34	%
Class Y (OSIYX)		1/26/98		4.13	%		9.89	%		6.35	%		8.01	%

*Shows performance since inception.

STANDARDIZED YIELDS
For the 30 Days Ended 3/31/13
Class A	4.16%
Class B	3.46%
Class C	3.62%
Class I	4.72%
Class N	3.98%
Class Y	4.59%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge (unless otherwise indicated): for Class A shares, the current maximum initial sales charge of

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 7

4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

Standardized yield is based on net investment income for the 30-day period ended 3/31/13 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class N and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index, the Citigroup World Government Bond Index, the Citigroup Non-U.S. World Government Bond Index, JPMorgan Domestic High Yield Index and its Reference Index. The Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Citigroup World Government Bond Index is an index of debt securities of major foreign government bond markets. The Citigroup Non-U.S. World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The JPMorgan Domestic High Yield Index is an unmanaged index of high yield fixed income securities issued by developed countries. The Fund’s Reference Index is a customized weighted index currently comprised of 40% Citigroup Non-U.S. World Government Bond Index, 30% JPMorgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

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 28, 2013.

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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 9

Fund Expenses  Continued

Actual	Beginning Account Value October 1, 2012		Ending Account Value March 28, 2013		Expenses Paid During 6 Months Ended March 28, 2013
Class A	$	1,000.00	$	1,040.10	$	4.61
Class B		1,000.00		1,035.40		9.12
Class C		1,000.00		1,036.30		8.32
Class I		1,000.00		1,042.10		2.81
Class N		1,000.00		1,038.10		6.52
Class Y		1,000.00		1,041.30		3.46
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.01		4.57
Class B		1,000.00		1,015.60		9.03
Class C		1,000.00		1,016.38		8.24
Class I		1,000.00		1,021.77		2.78
Class N		1,000.00		1,018.15		6.45
Class Y		1,000.00		1,021.14		3.43

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 28, 2013 are as follows:

Class	Expense Ratios
Class A		0.92	%
Class B		1.82
Class C		1.66
Class I		0.56
Class N		1.30
Class Y		0.69

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 28, 2013* / (Unaudited)

	Shares		Value
Wholly-Owned Subsidiary—0.0%
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.1,2 (Cost $1,500,000)		15,000	$	1,424,423
	Principal Amount
Asset-Backed Securities—3.2%
Ally Auto Receviables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/183	$	7,604,000		7,996,573
Ally Master Owner Trust, Automobile Receivable Nts., Series 2012-3, Cl. D, 2.553%, 7/15/174		4,300,000		4,302,823
American Credit Acceptance Receivables Trust 2012-3, Automobile Receivable Nts.:
Series 2012-3, Cl. A, 1.64%, 11/15/165		760,874		761,037
Series 2012-3, Cl. C, 2.78%, 9/17/185		450,000		449,932
AmeriCredit Automobile Receivables Trust 2012-1, Automobile Receivables-Backed Nts.:
Series 2012-1, Cl. C, 2.67%, 1/8/18		475,000		495,013
Series 2012-1, Cl. D, 4.72%, 3/8/18		28,945,000		31,540,035
AmeriCredit Automobile Receivables Trust 2012-3, Automobile Receivables-Backed Nts., Series 2012-3, Cl. D, 3.03%, 7/9/18		9,375,000		9,695,723
AmeriCredit Automobile Receivables Trust 2012-4, Automobile Receivables-Backed Nts., Series 2012-4, Cl. D, 2.68%, 10/9/18		4,260,000		4,384,995
AmeriCredit Automobile Receivables Trust 2012-5, Automobile Receivables-Backed Nts., Series 2012-5, Cl. D, 2.35%, 12/10/18		1,790,000		1,817,561
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts.: Series 2013-1, Cl. D, 2.09%, 2/8/19		1,525,000		1,527,566
Series 2013-1, Cl. E, 3.92%, 7/8/203		8,475,000		8,570,605
Avis Budget Rental Car Funding AESOP LLC, Automobile Receivable Nts., Series 2011-3A, Cl. B, 4.74%, 11/20/175		1,185,000		1,286,951
Capital Auto Receivables Asset Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.19%, 9/20/21		990,000		989,762
CarMax Auto Owner Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.02%, 11/15/18		4,300,000		4,397,460
CarMax Auto Owner Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 1.99%, 8/15/19		880,000		882,462
CPS Auto Trust, Automobile Receivable Nts., Series 2012-C, Cl. A, 1.82%, 12/16/195		714,138		717,766
Credit Acceptance Auto Loan Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. A, 1.52%, 3/16/205		710,000		714,830
Series 2012-2A, Cl. B, 2.21%, 9/15/205		355,000		358,619
DSC Floorplan Master Owner Trust, Automobile Receivable Nts., Series 2011-1, Cl. A, 3.91%, 3/15/16		1,945,000		1,974,930
DT Auto Owner Trust 2010-1A, Automobile Receivable Nts., Series 2010-1A, Cl. D, 5.92%, 9/15/165		1,188,512		1,194,974

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 11

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Asset-Backed Securities Continued
DT Auto Owner Trust 2012-2, Automobile Receivable Nts.: Series 2012-2, Cl. C, 2.72%, 4/17/175	$	2,475,000	$	2,508,596
Series 2012-2, Cl. D, 4.35%, 3/15/195		8,020,000		8,302,521
Enterprise Fleet Financing LLC, Automobile Receivable Nts., Series 2012-2, Cl. A2, 0.72%, 4/20/185		280,000		280,116
Exeter Automobile Receivables Trust, Automobile Receivable Nts.: Series 2012-2A, Cl. B, 2.22%, 12/15/175		3,125,000		3,165,617
Series 2012-2A, Cl. C, 3.06%, 7/16/185		3,925,000		3,982,446
First Investors Auto Owner Trust 2012-1A, Automobile Receivables Nts., Series 2012-1A, Cl. D, 5.65%, 4/15/185		960,000		1,029,894
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		5,444,085
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/1/316		772,761		115,152
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts.: Series 2007-1A, Cl. B, 2.165%, 8/15/223,4		21,000,000		17,535,000
Series 2007-1A, Cl. C, 3.465%, 8/15/223,4		17,780,000		13,690,600
Series 2007-1A, Cl. D, 5.465%, 8/15/223,4		17,780,000		13,779,500
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.697%, 3/24/143,4,6		4,560,175		456
Santander Drive Auto Receivables Trust 2011-1, Automobile Receivables Nts., Series 2011-1, Cl. D, 4.01%, 2/15/17		9,750,000		10,193,757
Santander Drive Auto Receivables Trust 2011-S1A, Automobile Receivables Nts., Series 2011-S1A, Cl. D, 3.10%, 5/15/173		291,914		293,028
Santander Drive Auto Receivables Trust 2012-2, Automobile Receivables Nts., Series 2012-2, Cl. D, 3.87%, 2/15/18		1,955,000		2,059,805
Santander Drive Auto Receivables Trust 2012-3, Automobile Receivables Nts.: Series 2012-3, Cl. C, 3.01%, 4/16/18		20,920,000		21,727,386
Series 2012-3, Cl. D, 3.64%, 5/15/18		24,710,000		25,961,166
Santander Drive Auto Receivables Trust 2012-4, Automobile Receivables Nts., Series 2012-4, Cl. D, 3.50%, 6/15/18		12,490,000		13,117,360
Santander Drive Auto Receivables Trust 2012-5, Automobile Receivables Nts.: Series 2012-5, Cl. C, 2.70%, 8/15/18		11,285,000		11,786,184
Series 2012-5, Cl. D, 3.30%, 9/17/18		11,210,000		11,596,140
Santander Drive Auto Receivables Trust 2012-6, Automobile Receivables Nts., Series 2012-6, Cl. D, 2.52%, 9/17/18		9,560,000		9,719,069
Santander Drive Auto Receivables Trust 2012-AA, Automobile Receivables Nts., Series 2012-AA, Cl. D, 2.46%, 12/17/185		2,990,000		3,041,597
Santander Drive Auto Receivables Trust 2013-1, Automobile Receivables Nts., Series 2013-1, Cl. D, 2.80%, 1/15/19		1,230,000		1,231,264
Santander Drive Auto Receivables Trust 2013-2, Automobile Receivables Nts., Series 2013-2, Cl. D, 2.70%, 3/15/19		1,685,000		1,686,093
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.68%, 6/15/394		6,576,551		4,291,065

12 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Asset-Backed Securities Continued
SNAAC Auto Receivables Trust, Automobile Receivable Nts.: Series 2012-1A, Cl. B, 3.11%, 6/15/175	$	1,875,000	$	1,905,010
Series 2012-1A, Cl. C, 4.38%, 6/15/175		2,135,000		2,209,023
United Auto Credit Securitization Trust 2012-1, Automobile Receivables Nts.: Series 2012-1, Cl. A2, 1.10%, 3/16/15		705,000		705,247
Series 2012-1, Cl. B, 1.87%, 9/15/15		1,195,000		1,195,599
Series 2012-1, Cl. C, 2.52%, 3/15/16		9,500,000		9,504,323
Series 2012-1, Cl. D, 3.12%, 3/15/18		6,035,000		6,038,555
Total Asset-Backed Securities (Cost $297,634,459)				292,155,271
Corporate Loans—1.6%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.50%, 10/9/164		7,160,768		7,013,077
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession: 4.25%, 5/31/134,7		338,584		239,830
13.173%, 5/31/13-2/23/144		1,291,453		914,779
Tranche NM, 13.173%, 2/23/144		142,047		100,616
ATP Oil & Gas Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Debtor in Possession, Delayed Draw, 13.173%, 3/3/144		2,146,260		1,520,267
Autoparts Holdings Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.50%, 7/29/174		3,659,732		3,713,103
BJ’S Wholesale Club, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.75%, 3/26/204		5,875,000		6,113,672
Brock Holdings III, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 3/16/184		2,915,000		2,955,081
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 5.454%, 1/28/184		10,115,581		9,397,375
Chesapeake Energy Corp., Sr. Sec. Credit Facilities Term Loan, Tranche B, 5.75%, 12/2/174		5,065,000		5,230,519
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.854%, 1/29/164		20,305,852		18,046,826
Crestwood Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.75%, 3/26/184		2,943,276		3,002,141
Deltek, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 10/10/194		1,425,000		1,450,384
Entegra Holdings LLC, Sr. Sec. Credit Facilities 3rd Lien Term Loan, Tranche B, 3.519%, 10/19/154,8		21,368,082		11,966,126
Hallertau SPC, Sr. Sec. Credit Facilities Term Loan, 7.94%, 9/17/139		32,556,250		11,293,516
iStar Financial, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche A2, 7%, 3/19/174		9,485,000		10,107,454
JG Wentworth, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9%, 2/8/194		1,365,000		1,365,000
Lonestar Intermediate Super Holdings LLC, Sr. Sec. Credit Facilities Term Loan, 11%, 9/2/194		5,735,000		6,179,463

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 13

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Corporate Loans Continued
Navistar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7%, 8/17/174	$	2,374,988	$	2,406,363
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/184		6,070,000		6,259,687
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/194		4,373,025		4,300,140
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.25%, 2/28/194		13,400,000		13,835,500
OneLink Communications/San Juan Cable LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10%, 6/9/184		6,975,000		7,149,375
Revel Entertainment LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan: 9.125%, 2/17/179		8,455,989		4,030,691
9.15%, 2/17/179		393,302		187,474
Saxon Enterprises LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50%, 12/31/194		4,260,000		4,295,145
Springleaf Financial Funding Co., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.50%, 5/10/174		5,170,000		5,212,813
SUPERVALU, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.25%, 3/21/194,7		2,235,000		2,277,105
TransFirst Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11%, 06/27/184		480,000		494,400
Total Corporate Loans (Cost $155,061,574)				151,057,922
Mortgage-Backed Obligations—41.6%
Government Agency—26.4%
FHLMC/FNMA/FHLB/Sponsored—26.2%
Federal Home Loan Mortgage Corp.:
3.50%, 4/1/437		130,185,000		137,034,970
5%, 12/1/34		1,409,675		1,530,540
5.50%, 9/1/39		3,988,326		4,369,014
6%, 1/15/19-7/1/24		3,193,384		3,480,643
6.50%, 4/1/18-6/15/35		2,324,352		2,594,721
7%, 8/15/21-3/1/35		2,344,410		2,754,131
7.50%, 1/1/32-2/1/32		3,055,705		3,711,332
8.50%, 8/15/31		185,981		227,840
10%, 5/15/20		100,147		113,706
10.50%, 6/14/20		50,197		58,957
11.50%, 11/14/16		6,929		7,080
12%, 7/15/15-6/15/17		23,554		24,153
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		2,694,298		3,100,298
Series 151, Cl. F, 9%, 5/15/21		5,325		6,102
Series 1590, Cl. IA, 1.30%, 10/15/234		2,260,879		2,314,765
Series 1674, Cl. Z, 6.75%, 2/15/24		113,836		129,324
Series 2034, Cl. Z, 6.50%, 2/15/28		21,539		24,673
Series 2042, Cl. N, 6.50%, 3/15/28		25,434		29,143
Series 2043, Cl. ZP, 6.50%, 4/15/28		2,184,739		2,516,410
Series 2053, Cl. Z, 6.50%, 4/15/28		21,440		24,565

14 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Series 2116, Cl. ZA, 6%, 1/15/29	$	1,280,192	$	1,454,220
Series 2122, Cl. F, 0.653%, 2/15/294		55,325		55,795
Series 2279, Cl. PK, 6.50%, 1/15/31		33,462		37,261
Series 2326, Cl. ZP, 6.50%, 6/15/31		300,560		346,530
Series 2344, Cl. FP, 1.153%, 8/15/314		801,264		820,625
Series 2368, Cl. PR, 6.50%, 10/15/31		44,657		51,517
Series 2368, Cl. TG, 6%, 10/15/16		198,982		210,206
Series 2401, Cl. FA, 0.853%, 7/15/294		103,571		104,866
Series 2412, Cl. GF, 1.153%, 2/15/324		1,368,565		1,401,569
Series 2427, Cl. ZM, 6.50%, 3/1/32		1,442,415		1,664,371
Series 2451, Cl. FD, 1.203%, 3/15/324		542,553		556,526
Series 2453, Cl. BD, 6%, 5/15/17		53,107		56,859
Series 2461, Cl. PZ, 6.50%, 6/1/32		204,671		236,089
Series 2464, Cl. FI, 1.203%, 2/15/324		494,929		506,415
Series 2470, Cl. AF, 1.203%, 3/15/324		875,360		897,905
Series 2470, Cl. LF, 1.203%, 2/15/324		506,173		517,920
Series 2471, Cl. FD, 1.203%, 3/15/324		740,970		758,316
Series 2475, Cl. FB, 1.203%, 2/15/324		693,236		709,325
Series 2500, Cl. FD, 0.703%, 3/15/324		248,442		251,030
Series 2517, Cl. GF, 1.203%, 2/15/324		418,515		428,228
Series 2526, Cl. FE, 0.603%, 6/15/294		267,045		268,728
Series 2551, Cl. FD, 0.603%, 1/15/334		176,352		177,556
Series 2551, Cl. LF, 0.703%, 1/15/334		69,563		70,224
Series 2668, Cl. AZ, 4%, 9/1/18		366,807		387,662
Series 2676, Cl. KY, 5%, 9/15/23		1,471,035		1,627,155
Series 2936, Cl. PE, 5%, 2/1/35		2,807,000		3,162,786
Series 3025, Cl. SJ, 24.005%, 8/15/354		1,111,975		1,638,242
Series 3465, Cl. HA, 4%, 7/1/17		191,275		196,902
Series 3617, Cl. DC, 4%, 7/1/27		645,039		658,907
Series 3822, Cl. JA, 5%, 6/1/40		2,089,000		2,191,117
Series 3848, Cl. WL, 4%, 4/1/40		2,207,596		2,352,383
Series 3917, Cl. BA, 4%, 6/1/38		2,367,188		2,496,697
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Series 183, Cl. IO, 14.861%, 4/1/2710		356,014		53,725
Series 192, Cl. IO, 9.964%, 2/1/2810		142,222		33,911
Series 2035, Cl. PE, 2.792%, 3/15/2810		43,497		6,560
Series 2049, Cl. PL, 27.254%, 4/15/2810		268,501		40,615
Series 205, Cl. IO, 15.166%, 9/1/2910		922,905		193,826
Series 206, Cl. IO, 54.518%, 12/1/2910		308,274		57,137
Series 207, Cl. IO, 99.999%, 4/1/3010		317,721		67,246
Series 2074, Cl. S, 57.557%, 7/17/2810		221,415		52,174
Series 2079, Cl. S, 71.883%, 7/17/2810		388,105		93,631
Series 214, Cl. IO, 95.829%, 6/1/3110		263,905		62,788
Series 2177, Cl. SB, 99.999%, 8/15/2910		244,465		55,943
Series 243, Cl. 6, 0%, 12/15/3210,11		883,767		201,641
Series 2526, Cl. SE, 36.636%, 6/15/2910		482,550		102,495
Series 2795, Cl. SH, 21.427%, 3/15/2410		3,450,770		504,379
Series 2802, Cl. AS, 42.041%, 4/15/3310		395,357		14,745
Series 2819, Cl. S, 50.186%, 6/15/3410		5,233,695		1,282,222
Series 2920, Cl. S, 63.36%, 1/15/3510		3,076,353		559,116
Series 2922, Cl. SE, 11.402%, 2/15/3510		202,161		37,594

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 15

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored Continued
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security: Continued
Series 3004, Cl. SB, 99.999%, 7/15/3510	$	5,138,878	$	834,639
Series 3201, Cl. SG, 10.155%, 8/15/3610		1,337,278		193,454
Series 3450, Cl. BI, 16.399%, 5/15/3810		1,579,814		230,856
Series 3606, Cl. SN, 9.329%, 12/15/3910		796,679		129,754
Series 3659, Cl. IE, 11.276%, 3/1/1910		2,907,472		245,066
Series 3662, Cl. SM, 28.579%, 10/15/3210		1,339,987		174,196
Series 3685, Cl. EI, 13.68%, 3/1/1910		2,467,440		181,363
Series 3736, Cl. SN, 10.674%, 10/15/4010		2,240,808		362,122
Federal Home Loan Mortgage Corp., Mtg.-Linked Global Debt Securities, 2.06%, 1/15/22		4,732,057		4,855,102
Federal National Mortgage Assn.: 2.50%, 4/1/287		696,875,000		723,116,734
2.796%, 10/1/364		9,036,931		9,671,121
3%, 4/1/437		361,444,883		252,089,786
3.50%, 4/1/287		6,715,000		7,119,998
4%, 9/1/18-10/1/18		4,542,524		4,874,455
4%, 4/1/437		39,950,000		42,602,932
4.50%, 12/1/20		1,688,666		1,820,519
4.50%, 4/1/28-4/1/437		57,672,000		62,137,946
5%, 2/25/18-12/25/21		10,940,589		11,844,183
5%, 4/1/437		12,663,000		13,719,572
5.50%, 1/25/22-5/1/36		3,184,409		3,498,200
6%, 6/25/17-10/1/40		94,817		101,554
6%, 4/1/437		4,060,000		4,447,604
6.50%, 4/25/18-1/1/34		8,002,119		9,292,071
7%, 11/1/17-4/1/34		12,326,085		14,606,960
7.50%, 2/1/27-3/25/33		5,264,667		6,367,270
8.50%, 7/1/32		27,625		32,618
9.50%, 4/25/20-4/8/21		19,675		19,796
11%, 7/1/16-2/25/26		162,026		185,101
13%, 6/25/15		15,354		16,291
Federal National Mortgage Assn. Grantor Trust: Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T10, Cl. IO, 39.967%, 12/25/4110		66,311,040		660,836
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T3, Cl. IO, 55.497%, 11/25/4010		9,512,749		176,988
Federal National Mortgage Assn., 15 yr., 3%, 4/1/287		8,440,000		8,876,177
Federal National Mortgage Assn., 30 yr., 3.50%, 4/1/437		903,455,000		954,274,344
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Trust 1996-35, Cl. Z, 7%, 7/25/26		118,811		137,990
Trust 1997-45, Cl. CD, 8%, 7/18/27		908,623		1,079,029
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		714,469		819,043
Trust 1999-14, Cl. MB, 6.50%, 4/25/29		33,341		37,944
Trust 1999-54, Cl. LH, 6.50%, 11/25/29		1,260,682		1,443,424
Trust 2001-19, Cl. Z, 6%, 5/1/31		628,878		715,412
Trust 2001-44, Cl. QC, 6%, 9/25/16		108,240		114,780
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		198,514		228,915
Trust 2001-65, Cl. F, 0.804%, 11/25/314		942,731		948,253
Trust 2001-69, Cl. PF, 1.204%, 12/25/314		1,097,459		1,123,163
Trust 2001-80, Cl. ZB, 6%, 1/25/32		1,335,745		1,516,145

16 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 2002-12, Cl. PG, 6%, 3/25/17	$	638,887	$	686,741
Trust 2002-19, Cl. PE, 6%, 4/25/17		332,682		352,581
Trust 2002-21, Cl. PE, 6.50%, 4/25/32		1,268,753		1,413,353
Trust 2002-29, Cl. F, 1.204%, 4/25/324		518,295		530,586
Trust 2002-60, Cl. FH, 1.204%, 8/25/324		1,010,891		1,034,792
Trust 2002-64, Cl. FJ, 1.204%, 4/25/324		159,302		163,080
Trust 2002-68, Cl. FH, 0.703%, 10/18/324		332,012		335,467
Trust 2002-81, Cl. FM, 0.704%, 12/25/324		645,999		652,916
Trust 2002-84, Cl. FB, 1.204%, 12/25/324		107,300		109,856
Trust 2002-9, Cl. PC, 6%, 3/25/17		722,982		772,030
Trust 2003-11, Cl. FA, 1.204%, 9/25/324		146,423		149,911
Trust 2003-112, Cl. AN, 4%, 11/1/18		702,790		743,345
Trust 2003-116, Cl. FA, 0.604%, 11/25/334		309,679		311,501
Trust 2003-119, Cl. FK, 0.704%, 5/25/184		4,146,144		4,170,336
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		4,824,292		5,335,539
Trust 2004-101, Cl. BG, 5%, 1/25/20		2,405,733		2,561,452
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44		962,282		1,111,418
Trust 2005-25, Cl. PS, 27.262%, 4/25/354		564,344		1,036,045
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,519,436
Trust 2005-69, Cl. LE, 5.50%, 11/1/33		786,799		804,362
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		2,941,691		3,228,245
Trust 2006-11, Cl. PS, 23.818%, 3/25/364		1,066,650		1,567,826
Trust 2006-46, Cl. SW, 23.451%, 6/25/364		1,572,930		2,317,342
Trust 2007-109, Cl. NF, 0.754%, 12/25/374		2,983,067		3,021,433
Trust 2007-42, Cl. A, 6%, 2/1/33		778,595		792,149
Trust 2008-14, Cl. BA, 4.25%, 3/1/23		370,127		393,729
Trust 2009-114, Cl. AC, 2.50%, 12/1/23		705,250		725,524
Trust 2009-36, Cl. FA, 1.144%, 6/25/374		2,007,169		2,034,092
Trust 2011-122, Cl. EA, 3%, 11/1/29		1,882,962		1,927,760
Trust 2011-122, Cl. EC, 1.50%, 1/1/20		2,188,545		2,222,059
Trust 2011-15, Cl. DA, 4%, 3/1/41		1,711,243		1,828,711
Trust 2011-3, Cl. KA, 5%, 4/1/40		2,262,328		2,492,277
Trust 2011-6, Cl. BA, 2.75%, 6/1/20		1,776,611		1,849,483
Trust 2011-88, Cl. AB, 2.50%, 9/1/26		1,159,977		1,198,263
Trust 2012-20, Cl. FD, 0.604%, 3/25/424		7,633,700		7,672,995
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Trust 2001-61, Cl. SH, 26.071%, 11/18/3110		1,070,066		202,249
Trust 2001-63, Cl. SD, 15.638%, 12/18/3110		31,653		5,798
Trust 2001-68, Cl. SC, 7.911%, 11/25/3110		20,248		3,728
Trust 2001-81, Cl. S, 21.717%, 1/25/3210		283,511		60,101
Trust 2002-28, Cl. SA, 36.046%, 4/25/3210		246,039		51,764
Trust 2002-38, Cl. SO, 49.054%, 4/25/3210		255,492		53,528
Trust 2002-39, Cl. SD, 38.638%, 3/18/3210		397,506		95,440
Trust 2002-48, Cl. S, 30.436%, 7/25/3210		372,658		76,078
Trust 2002-52, Cl. SL, 32.94%, 9/25/3210		234,555		50,867
Trust 2002-53, Cl. SK, 39.106%, 4/25/3210		247,787		52,239
Trust 2002-56, Cl. SN, 32.191%, 7/25/3210		511,083		104,411
Trust 2002-65, Cl. SC, 63.37%, 6/25/2610		811,464		163,483
Trust 2002-77, Cl. IS, 42.647%, 12/18/3210		435,280		106,018
Trust 2002-77, Cl. SH, 35.043%, 12/18/3210		413,730		82,589
Trust 2002-89, Cl. S, 52.599%, 1/25/3310		2,575,027		625,732

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 17

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 2002-9, Cl. MS, 25.831%, 3/25/3210	$	411,846	$	86,250
Trust 2003-13, Cl. IO, 14.57%, 3/25/3310		1,931,033		303,807
Trust 2003-23, Cl. ES, 26.153%, 10/25/2210		2,493,192		109,207
Trust 2003-26, Cl. DI, 12.691%, 4/25/3310		1,192,078		226,366
Trust 2003-26, Cl. IK, 15.488%, 4/25/3310		208,909		39,670
Trust 2003-33, Cl. SP, 29.669%, 5/25/3310		1,286,145		194,798
Trust 2003-4, Cl. S, 27.508%, 2/25/3310		665,805		127,563
Trust 2003-46, Cl. IH, 0%, 6/1/2310,11		234,729		31,573
Trust 2004-56, Cl. SE, 11.313%, 10/25/3310		1,398,854		252,425
Trust 2005-12, Cl. SC, 14.359%, 3/25/3510		101,686		19,559
Trust 2005-14, Cl. SE, 39.008%, 3/25/3510		760,507		112,714
Trust 2005-40, Cl. SA, 56.824%, 5/25/3510		4,408,777		820,585
Trust 2005-40, Cl. SB, 61.671%, 5/25/3510		1,940,206		413,738
Trust 2005-71, Cl. SA, 59.603%, 8/25/2510		1,930,484		299,628
Trust 2006-51, Cl. SA, 9.018%, 6/25/3610		14,375,696		2,274,107
Trust 2006-90, Cl. SX, 99.999%, 9/25/3610		4,742,895		864,399
Trust 2007-75, Cl. BI, 8.156%, 8/25/3710		4,105,160		851,323
Trust 2007-88, Cl. XI, 38.80%, 6/25/3710		10,983,614		1,662,298
Trust 2008-46, Cl. EI, 17.079%, 6/25/3810		1,596,765		236,775
Trust 2008-55, Cl. SA, 8.686%, 7/25/3810		1,308,262		191,730
Trust 2009-8, Cl. BS, 22.646%, 2/25/2410		1,611,104		153,418
Trust 2010-95, Cl. DI, 9.71%, 11/1/2010		3,730,070		325,565
Trust 2011-84, Cl. IG, 0%, 8/1/1310,11		13,176,948		83,877
Trust 221, Cl. 2, 43.141%, 5/1/2310		391,594		73,146
Trust 247, Cl. 2, 27.434%, 10/1/2310		164,820		32,475
Trust 252, Cl. 2, 31.678%, 11/1/2310		45,906		8,786
Trust 254, Cl. 2, 16.412%, 1/1/2410		131,823		24,822
Trust 2682, Cl. TQ, 99.999%, 10/15/3310		1,853,709		382,471
Trust 2981, Cl. BS, 99.999%, 5/15/3510		3,303,466		608,391
Trust 301, Cl. 2, 0.71%, 4/1/2910		473,221		111,283
Trust 303, Cl. IO, 33.029%, 11/1/2910		362,576		63,528
Trust 313, Cl. 2, 38.105%, 6/1/3110		3,708,811		593,788
Trust 319, Cl. 2, 3.151%, 2/1/3210		1,248,337		298,374
Trust 321, Cl. 2, 5.081%, 4/1/3210		2,196,831		520,475
Trust 324, Cl. 2, 7.883%, 7/1/3210		931,219		212,530
Trust 328, Cl. 2, 66.185%, 12/1/3210		923,585		191,745
Trust 331, Cl. 5, 0.113%, 2/1/3310		1,904,464		393,406
Trust 332, Cl. 2, 47.408%, 3/1/3310		4,167,068		602,844
Trust 334, Cl. 10, 2.393%, 2/1/3310		1,662,949		348,469
Trust 334, Cl. 12, 44.749%, 3/1/3310		2,376,252		483,547
Trust 339, Cl. 7, 64.05%, 8/1/3310		5,150,721		771,086
Trust 345, Cl. 9, 99.999%, 1/1/3410		1,339,866		190,828
Trust 351, Cl. 10, 0%, 4/1/3410,11		658,602		97,373
Trust 351, Cl. 8, 0%, 4/1/3410,11		1,111,544		163,780
Trust 356, Cl. 10, 74.624%, 6/1/3510		847,992		121,151
Trust 356, Cl. 12, 85.584%, 2/1/3510		408,210		58,023
Trust 362, Cl. 13, 36.199%, 8/1/3510		57,927		9,585
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security: Series 1992-2, Cl. IO, 18.673%, 9/15/2210		7,064,646		115,742
Series 1995-2B, Cl. 2IO, 22.079%, 6/1/2510		534,167		12,639
Series 1995-3, Cl. 1IO, 11.094%, 9/15/2510		17,403,671		89,968
				2,417,752,043

18 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
GNMA/Guaranteed—0.2%
Government National Mortgage Assn.: 1.75%, 7/1/274	$	4,872	$	5,123
5%, 11/1/34		321,220		332,585
7%, 1/1/28-1/1/30		955,459		1,139,282
8%, 1/29/28-9/29/28		463,657		505,287
11%, 10/1/19		4,110		4,371
12%, 12/9/13-9/1/15		7,146		7,697
12.50%, 12/29/13-11/29/15		58,537		60,943
13%, 10/30/15		163,212		172,179
13.50%, 6/30/15		169,314		179,090
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Series 1999-32, Cl. ZB, 8%, 9/1/29		4,180,832		5,092,698
Series 2000-12, Cl. ZA, 8%, 2/16/30		2,142,594		2,581,865
Series 2000-7, Cl. Z, 8%, 1/16/30		1,797,460		2,165,419
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Series 1998-19, Cl. SB, 65.65%, 7/16/2810		856,531		207,312
Series 1998-6, Cl. SA, 76.308%, 3/16/2810		516,457		122,530
Series 2007-17, Cl. AI, 22.895%, 4/16/3710		2,367,922		492,657
Series 2010-111, Cl. GI, 45.596%, 9/1/1310		29,719,507		229,649
Series 2011-52, Cl. HS, 13.38%, 4/16/4110		4,200,693		1,075,919
				14,374,606
Non-Agency—15.2%
Commercial—10.3%
Banc of America Commercial Mortgage Trust 2006-1, Commercial Mtg. Pass-Through Certificates, Series 2006-1, Cl. AJ, 5.46%, 9/1/45		6,000,000		6,484,572
Banc of America Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AM, 5.86%, 7/10/444		24,665,000		26,351,543
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		16,244,861	��
Banc of America Commercial Mortgage Trust 2007-1, Commercial Mtg. Pass-Through Certificates, Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		21,137,000		23,305,815
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		30,878,156
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-3, Cl. AM, 5.623%, 6/1/494		14,315,000		16,350,199
Series 2008-1, Cl. AM, 6.237%, 2/10/514		8,165,000		9,357,870
BCAP LLC Trust, Mtg. Pass-Through Certificates: Series 2012-RR6, Cl. 1A5, 2.402%, 11/1/363,4		808,214		806,789
Series 2012-RR2, Cl. 6A3, 3.113%, 9/1/354,5		2,813,502		2,843,438
Bear Stearns ARM Trust 2007-4, Mtg. Pass-Through Certificates, Series 2007-4, Cl. 22A1, 5.353%, 6/1/474		15,206,905		13,565,768
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR13, Commercial Mtg. Pass-Through Certificates, Series 2006-PWR13, Cl. AJ, 5.611%, 9/1/41		29,405,000		29,098,967

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 19

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Commercial Continued
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17, Commercial Mtg. Pass-Through Certificates: Series 2007-PWR17, Cl. AM, 5.893%, 6/1/504	$	13,340,000	$	15,483,685
Series 2007-PWR17, Cl. AJ, 5.893%, 6/1/504		27,600,000		26,142,430
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		8,800,730
Bear Stearns Commercial Mortgage Securities Trust 2007-T26, Commercial Mtg. Pass-Through Certificates, Series 2007-T26, Cl. AJ, 5.566%, 1/1/454		19,735,000		20,219,997
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 6.69%, 6/15/243,10		787,595		36,772
CD 2007-CD5 Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD5, Cl. AM, 6.119%, 11/1/444		9,071,000		10,763,984
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		6,385,591		6,534,468
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 4.66%, 12/20/354		365,072		323,179
CHL Mortgage Pass-Through Trust 2007-J3, Mtg. Pass-Through Certificates, Series 2007-J3, Cl. A9, 6%, 7/1/37		23,358,776		19,524,982
Citigroup Commercial Mortgage Trust 2008-C7, Commercial Mtg. Pass-Through Certificates, Series 2008-C7, Cl. AM, 6.053%, 12/1/494		21,955,000		25,475,100
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.671%, 10/1/353,4		3,941,674		3,901,894
Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2013-CR6, Cl. D, 4.316%, 3/1/464		5,435,000		4,894,492
Series 2012-CR5, Cl. E, 4.335%, 12/1/454		4,165,000		3,868,390
Series 2012-CR4, Cl. D, 4.579%, 10/1/454,5		5,445,000		5,183,210
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.68%, 6/1/394		4,210,000		4,858,818
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2005-C6, Cl. AJ, 5.23%, 12/1/40		2,150,000		2,312,338
CSMC Mortgage-Backed Trust 2006-C1, Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.404%, 2/1/394		20,170,000		22,020,204
DBUBS Mortgage Trust, Commercial Mtg. Pass-Through Certificates: Series 2011-LC2A, Cl. D, 5.445%, 7/1/444,5		13,670,000		14,271,138
Series 2011-LC1, Cl. E, 5.557%, 11/1/464,5		13,350,000		14,232,662
Deutsche Alt-B Securities, Inc., Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		1,769,011		1,341,138
Deutsche Mortgage & Asset Receiving, Commercial Mtg. Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: Series 2012-CR5, Cl. XA, 3.847%, 12/1/4510		9,981,842		1,214,037
Series 2010-C1, Cl. XPA, 5.012%, 7/1/465,10		19,649,394		1,060,841
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.99%, 10/15/303,4		25,816,237		25,816,237
EverBank Mortgage Loan Trust, Commercial Mtg. Pass-Through Certificates, Series 2013-1, Cl. A1, 2.25%, 4/1/43		3,590,000		3,589,282

20 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial Continued
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/353	$	4,077,448	$	4,081,403
First Horizon Alternative Mortgage Securities Trust 2005-FA8, Mtg. Pass-Through Certificates, Series 2005-FA8, Cl. 1A6, 0.854%, 11/25/354		17,718,665		13,455,041
First Horizon Alternative Mortgage Securities Trust 2005-FA9, Mtg. Pass-Through Certificates, Series 2005-FA9, Cl. A4A, 5.50%, 12/1/35		6,304,981		5,885,157
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/1/37		3,586,151		2,870,940
First Horizon Alternative Mortgage Securities Trust 2007-FA4, Mtg. Pass-Through Certificates, Series 2007-FA4, Cl. 1A6, 6.25%, 8/1/374		19,444,075		17,087,852
FREMF Mortgage Trust 2013-K25, Commerical Mtg. Pass-Through Certificates, Series 2013-K25, Cl. C, 3.617%, 11/1/454		10,150,000		9,497,375
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2006-GG7, Commercial Mtg. Pass-Through Certificates, Series 2006-GG7, Cl. AJ, 5.866%, 7/10/384		20,650,000		20,762,553
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. AM, 5.867%, 12/1/49		24,450,000		27,769,198
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		8,365,000		9,255,672
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2011-GC3, Cl. D, 5.545%, 3/1/444,5		14,786,000		15,667,268
GSR Mortgage Loan Trust 2005-AR4, Mtg. Pass-Through Certificates, Series 2005-AR4, Cl. 6A1, 5.25%, 7/1/35		1,339,106		1,323,579
IndyMac Index Mortgage Loan Trust 2005-AR23, Mtg. Pass-Through Certificates, Series 2005-AR23, Cl. 6A1, 4.895%, 11/1/354		5,123,061		4,349,948
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates: Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		20,139,000		22,681,800
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		30,690,000		27,728,216
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		7,794,223
JPMorgan Chase Commercial Mortgage Securities Trust 2007-CB19, Commercial Mtg. Pass-Through Certificates, Series 2007-CB19, Cl. AM, 5.714%, 2/1/494		29,004,000		32,471,573
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10, Commercial Mtg. Pass-Through Certificates, Series 2013-C10, Cl. D, 4.30%, 12/15/474		12,177,000		11,131,561
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 2.914%, 1/1/374		811,965		673,337
JPMorgan, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2009-5, Cl. 1A2, 2.614%, 7/1/364,5		19,722,520		14,409,233
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		3,605,388

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 21

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Commercial Continued
LB-UBS Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. AM, 6.114%, 7/11/40	$	14,600,000	$	16,751,536
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.153%, 4/11/414		6,930,000		8,222,916
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/243		167,633		147,672
Lehman Structured Securities Corp., Mtg.-Backed Security, 6%, 5/1/29		192,812		40,485
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.686%, 5/1/394		13,575,000		13,372,644
ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mtg. Pass-Through Certificates, Series 2006-3, Cl. AJ, 5.485%, 7/1/46		21,180,000		20,010,133
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6, Commerical Mtg. Pass-Through Certificates, Series 2012-C6, Cl. E, 4.665%, 11/1/454,5		8,182,000		7,798,186
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, Commerical Mtg. Pass-Through Certificates, Series 2013-C7, Cl. D, 4.31%, 2/1/46		15,171,000		13,999,071
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, Commerical Mtg. Pass-Through Certificates, Series 2013-C8, Cl. D, 4.173%, 12/1/48		7,218,000		6,563,140
Morgan Stanley Capital I Trust 2007-IQ15, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ15, Cl. AM, 5.889%, 6/1/494		22,125,000		24,530,563
Morgan Stanley Capital I Trust 2007-IQ16, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. AM, 6.096%, 12/1/494		7,833,000		9,279,266
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Series 2012-R3, Cl. 1A, 2.402%, 11/1/364,5		3,647,992		3,608,208
Series 2012-R3, Cl. 1B, 2.404%, 11/1/363,4		13,710,394		6,956,332
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 3.394%, 4/25/354		281,409		41,193
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		1,642,531		1,260,660
Sequoia Mortgage Trust, Mtg. Pass-Through Certificates, Series 2012-2, Cl. A2, 3.50%, 4/1/42		1,226,744		1,262,151
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.811%, 2/1/374		14,788,156		12,697,732
Structured Adjustable Rate Mortgage Loan Trust 2006-4, Commercial Mtg. Pass-Through Certificates, Series 2006-4, Cl. 6A, 5.312%, 5/1/364		3,357,603		2,908,574
UBS-Barclays Commercial Mortgage Trust 2012-C2, Commerical Mtg. Pass-Through Certificates, Series 2012-C2, Cl. E, 4.893%, 5/1/634,5		5,061,000		4,893,772
UBS-Barclays Commercial Mortgage Trust 2013-C5, Commerical Mtg. Pass-Through Certificates, Series 2013-C5, Cl. D, 4.097%, 3/1/464		10,170,000		9,178,425
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		18,062,575
Wachovia Bank Commercial Mortgage Trust 2006-C25, Commercial Mtg. Pass-Through Certificates, Series 2006-C25, Cl. AJ, 5.734%, 5/1/434		19,685,000		20,222,863
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.212%, 4/1/474		1,806,668		1,212,772

22 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial Continued
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 2.696%, 11/1/344	$	436,543	$	6,696
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 2.611%, 2/1/354		8,474,814		8,435,016
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A6, 2.617%, 9/1/354		22,239,466		20,987,362
Wells Fargo Mortgage-Backed Securities 2006-8 Trust, Mtg. Pass-Through Certificates, Series 2006-8, Cl. A15, 6%, 7/1/36		11,796,208		11,735,333
Wells Fargo Mortgage-Backed Securities 2007-AR3 Trust, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. A4, 5.698%, 4/1/374		6,580,841		6,372,939
WFRBS Commercial Mortgage Trust 2011-C3, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 12.268%, 3/1/4410		24,850,022		1,974,434
WFRBS Commercial Mortgage Trust 2012-C10, Commercial Mtg. Pass-Through Certificates, Series 2012-C10, Cl. D, 4.462%, 12/1/454,5		4,160,000		3,855,399
WFRBS Commercial Mortgage Trust 2012-C7, Commercial Mtg. Pass-Through Certificates, Series 2012-C7, Cl. E, 4.85%, 6/1/454,5		7,300,000		7,082,194
WFRBS Commercial Mortgage Trust 2012-C8, Commercial Mtg. Pass-Through Certificates, Series 2012-C8, Cl. D, 4.88%, 8/1/454,5		8,063,000		7,843,086
WFRBS Commercial Mortgage Trust 2013-C11, Commercial Mtg. Pass-Through Certificates, Series 2013-C11, Cl. D, 4.186%, 3/1/454,5		4,162,000		3,804,996
				944,777,627
Multifamily—0.8%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2006-2, Cl. AJ, 5.763%, 5/1/454		10,705,000		11,235,294
CHL Mortgage Pass-Through Trust 2006-20, Mtg. Pass-Through Certificates, Series 2006-20, Cl. 1A17, 5.75%, 2/1/37		8,004,289		7,386,085
Citigroup Mortgage Loan Trust, Inc. 2006-AR3, Mtg. Pass-Through Certificates, Series 2006-AR3, Cl. 1A2A, 5.547%, 6/1/364		18,056,090		17,009,379
Countrywide Alternative Loan Trust 2005-J14, Mtg. Pass-Through Certificates, Series 2005-J14, Cl. A7, 5.50%, 12/1/35		10,399,219		8,787,319
Countrywide Alternative Loan Trust 2006-24CB, Mtg. Pass-Through Certificates, Series 2006-24CB, Cl. A12, 5.75%, 6/1/36		5,089,099		4,207,558
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A2M, 4.924%, 5/1/374		13,962,230		13,652,213
Wells Fargo Mortgage-Backed Securities 2005-AR15 Trust, Mtg. Pass-Through Certificates, Series 2005-AR15, Cl. 1A2, 2.617%, 9/1/354		1,300,978		1,267,907
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A3, 2.641%, 3/1/364		8,108,765		8,113,460
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 2.767%, 3/25/364		4,168,684		4,113,361
				75,772,576
Residential—4.1%
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.164%, 5/25/344		4,348,165		4,178,767

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 23

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Residential Continued
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates: Series 2007-4, Cl. AM, 5.821%, 2/1/514	$	26,595,000	$	30,601,430
Series 2007-1, Cl. 1A3, 6%, 1/1/37		3,892,773		3,467,645
Banc of America Funding 2007-C Trust, Mtg. Pass-Through Certificates, Series 2007-C, Cl. 1A4, 5.449%, 5/1/364		6,760,600		6,712,900
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 2.828%, 5/1/344		6,111,438		6,031,073
Chase Funding Trust 2003-2, Mtg. Loan Asset-Backed Certificates, Series 2003-2, Cl. 2A2, 0.764%, 2/25/334		19,084		18,023
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		4,623,020		4,550,700
CHL Mortgage Pass-Through Trust 2005-29, Mtg. Pass-Through Certificates, Series 2005-29, Cl. A1, 5.75%, 12/1/35		16,916,518		16,008,625
CHL Mortgage Pass-Through Trust 2005-30, Mtg. Pass-Through Certificates, Series 2005-30, Cl. A5, 5.50%, 1/1/36		3,357,434		3,361,041
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		4,373,003		4,581,055
CHL Mortgage Pass-Through Trust 2006-6, Mtg. Pass-Through Certificates, Series 2006-6, Cl. A3, 6%, 4/1/36		787,685		747,210
CHL Mortgage Pass-Through Trust 2007-15, Mtg. Pass-Through Certificates, Series 2007-15, Cl. 1A29, 6.25%, 9/1/37		7,220,077		6,913,353
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 2.993%, 6/1/474		5,051,463		4,420,508
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 2.689%, 5/1/354		5,594,728		5,540,959
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 2.884%, 8/1/354		10,633,528		9,083,527
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 1A2, 2.948%, 3/1/364		12,871,832		11,105,579
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49		29,800,000		32,155,049
Countrywide Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl.1A10, 6%, 2/1/37		21,610,498		17,326,616
Countrywide Alternative Loan Trust 2007-19, Mtg. Pass-Through Certificates: Series 2007-19, Cl. 1A4, 6%, 8/1/37		7,754,496		6,419,571
Series 2007-19, Cl. 1A34, 6%, 8/1/37		23,996,211		19,865,299
Countrywide Home Loans, Asset-Backed Certificates, Series 2005-16, Cl. 2AF2, 5.194%, 5/1/364		878,468		821,913
CSMC Mortgage-Backed Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 2A10, 6%, 4/1/37		3,790,458		3,338,221
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.324%, 6/25/474		2,878,095		2,849,075

24 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Residential Continued
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates: Series 2006-H, Cl. 2A1A, 0.353%, 11/15/364	$	162,253	$	71,866
Series 2005-G, Cl. 2A, 0.433%, 12/15/354		380,381		225,180
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates, Series 2005-AR6, Cl. 1A4, 2.675%, 9/1/354		13,674,101		13,769,834
GSR Mortgage Loan Trust 2006-5F, Mtg. Pass-Through Certificates, Series 2006-5F, Cl. 2A1, 6%, 6/1/36		1,089,992		1,073,817
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.863%, 6/1/35		2,774,000		2,865,240
JPMorgan Alternative Loan Trust 2006-S4, Mtg. Pass-Through Certificates, Series 2006-S4, Cl. A6, 5.71%, 12/1/36		5,022,674		4,823,862
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 3.015%, 7/1/354		6,120,760		6,035,981
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.179%, 9/11/454		27,890,000		32,903,925
Lehman Mortgage Trust, Mtg. Pass-Through Certificates, Series 2006-1, Cl. 1A3, 5.50%, 2/1/36		1,158,652		1,001,160
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.304%, 8/25/364		4,909,735		1,870,199
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series MLCC 2006-3, Cl. 2A1, 2.60%, 10/25/364		6,518,328		6,383,023
Merrill Lynch Mortgage Loans, Inc., Mtg. Pass-Through Certificates, Series 2005-A1, Cl. 2A1, 2.701%, 12/25/344		260,710		261,709
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/293,9		4,912,783		336,526
RALI Series 2003-QS1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2003-QS1, Cl. A2, 5.75%, 1/1/33		12,752		13,132
RALI Series 2006-QS13 Trust, Mtg. Asset-Backed Pass-Through Certificates: Series 2006-QS13, Cl. 1A8, 6%, 9/1/36		138,091		104,867
Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		5,396,694		4,098,263
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		2,544,406		1,940,267
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		8,342,734		7,660,153
Residential Asset Securitization Trust 2005-A15, Mtg. Pass-Through Certificates, Series 2005-A15, Cl. 1A4, 5.75%, 2/1/36		12,061,191		11,076,908
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		10,615,899		10,626,955
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 2.509%, 5/1/374,5,6		418,963		190,157
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 2.463%, 10/1/354		5,469,222		5,258,307
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 2.675%, 9/1/364		2,139,238		1,795,330

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 25

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Residential Continued
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates: Series 2007-HY1, Cl. 4A1, 2.638%, 2/1/374	$	30,929,757		$	26,504,219
Series 2007-HY1, Cl. 5A1, 4.198%, 2/1/374		19,066,613			15,909,620
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 3A1, 5.114%, 5/1/374		3,176,349			3,079,581
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 4.725%, 6/25/374		7,851,634			6,822,191
WaMu Mortgage Pass-Through Certificates, Mtg. Pass-Through Certificates, Series 2006-AR18, Cl. 3A1, 4.547%, 1/1/374		2,499,324			2,239,828
Wells Fargo Mortgage-Backed Securities 2005-9 Trust, Mtg. Pass-Through Certificates, Series 2005-9, Cl. 2A6, 5.25%, 10/25/35		1,840,351			1,951,272
Wells Fargo Mortgage-Backed Securities 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A2, 5.649%, 10/1/364		7,386,394			7,229,588
					378,221,099
Total Mortgage-Backed Obligations (Cost $3,730,041,276)					3,830,897,951
U.S. Government Obligations—4.4%
Federal Home Loan Mortgage Corp. Nts.: 0.50%, 5/13/16		11,991,000			12,012,224
0.875%, 3/7/18		54,560,000			54,544,068
1.25%, 10/2/19		25,200,000			25,084,685
2.375%, 1/13/22		4,097,000			4,275,662
Federal National Mortgage Assn. Nts., 0.875%, 2/8/18		36,946,000			36,898,672
U.S. Treasury Nts.: 2%, 2/15/2312,13		262,770,000			266,342,095
STRIPS, 0.891%, 8/15/1614		11,000,000			10,828,587
Total U.S. Government Obligations (Cost $406,048,804)					409,985,993
Foreign Government Obligations—24.6%
Angola—0.2%
Angola (Republic of) Sr. Unsec. Nts., 7%, 8/16/19		14,120,000			15,655,550
Australia—0.4%
New South Wales Treasury Corp. Sr. Unsec. Nts.: Series 19, 6%, 4/1/19		1,650,000	AUD		1,931,588
Series 20, 6%, 6/1/20		2,270,000	AUD		2,703,077
Queensland Treasury Corp. Nts.: Series 17, 6%, 9/14/17		3,890,000	AUD		4,473,460
Series 21, 6%, 6/14/21		4,775,000	AUD		5,657,809
Series 33, 6.50%, 3/14/33		4,720,000	AUD		5,763,527
Queensland Treasury Corp. Sr. Unsec. Nts.: Series 19, 6.25%, 6/14/19		2,085,000	AUD		2,471,909
Series 23, 4.25%, 7/21/23		1,875,000	AUD		1,897,793
Victoria Treasury Corp. Nts., 5.50%, 11/17/26		6,090,000	AUD		6,950,341
Western Australia Treasury Corp. Unsec. Nts., 7%, 10/15/19		795,000	AUD		976,715
					32,826,219

26 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Belgium—0.2%
Belgium (Kingdom of) Bonds, Series 58, 3.75%, 9/28/20		9,755,000	EUR	$	14,435,304
Belgium (Kingdom of) Treasury Bills, 0.038%, 5/16/1314		4,210,000	EUR		5,396,482
					19,831,786
Bolivia—0.0%
Bolivia (Plurinational State of) Unsec. Bonds, 4.875%, 10/31/22		4,250,000			4,235,125
Brazil—2.9%
Brazil (Federative Republic of) Letra Tesouro Nacional Nts., 8.481%, 1/1/1514		55,780,000	BRR		23,881,238
Brazil (Federative Republic of) Nota Do Tesouro Nacional Nts.: 9.762%, 1/1/14		94,270,000	BRR		47,303,112
9.762%, 1/1/17		92,005,000	BRR		46,569,650
9.762%, 1/1/21		129,325,000	BRR		65,085,536
12.994%, 5/15/4515		14,085,000	BRR		20,513,368
Series NTNF, 9.762%, 1/1/23		45,925,000	BRR		22,989,362
Series NTNB, 12.792%, 8/15/5015		13,055,000	BRR		18,888,523
Brazil (Federative Republic of) Nota Do Tesouro Nacional Unsec. Bonds, 9.762%, 1/1/18		39,555,000	BRR		20,030,483
					265,261,272
Canada—0.2%
Canada (Government of) Nts., 3.75%, 6/1/19		7,160,000	CAD		7,992,543
Canada (Government of) Treasury Bills, 0.981%, 7/4/1314		6,435,000	CAD		6,318,285
					14,310,828
Croatia—0.2%
Croatia (Republic of) Unsec. Nts.: 5.50%, 4/4/235,7		11,030,000			10,981,744
6.25%, 4/27/175		5,580,000			5,990,967
6.375%, 3/24/215		2,630,000			2,841,715
6.75%, 11/5/195		2,475,000			2,722,723
					22,537,149
Denmark—0.1%
Denmark (Kingdom of) Bonds, 4%, 11/15/19		21,555,000	DKK		4,507,035
Dominican Republic—0.0%
Banco De Reservas De La Republica Dominicana Bonds, 7%, 2/1/235		4,245,000			4,266,225
Finland—0.0%
Finland (Repulic of) Unsec. Bonds, 1.625%, 9/15/22		1,975,000	EUR		2,548,371
France—0.4%
France (Republic of) Bonds: 3.75% 10/25/19		8,720,000	EUR		12,975,957
4%, 4/25/60		2,005,000	EUR		2,998,561
4.50%, 4/25/41		3,100,000	EUR		4,984,192
France (Republic of) Treasury Bills, 0.015%, 5/23/1314		5,740,000	EUR		7,357,452
France (Republic of) Treasury Nts., 1%, 7/25/17		9,525,000	EUR		12,371,658
					40,687,820

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 27

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Germany—0.2%
Germany (Federal Republic of) Bonds, 2.50%, 7/4/44		5,060,000	EUR	$	6,907,232
Germany (Federal Republic of) Treasury Bills:
(0.031)%, 6/12/1314		2,065,000	EUR		2,646,724
(0.03)%, 5/15/1314		3,585,000	EUR		4,595,019
Germany (Federal Republic of) Unsec. Bonds, 1.50%, 9/4/22		4,685,000	EUR		6,154,026
					20,303,001
Guatemala—0.0%
Guatemala (Republic of) Sr. Unsec. Bonds, 4.875%, 2/13/285		4,325,000			4,249,313
Hungary—1.6%
Hungary (Republic of) Bonds:
6.75%, 11/24/17		3,850,000,000	HUF		17,099,641
Series 14/D, 6.75%, 8/22/14		3,231,000,000	HUF		14,014,959
Series 15/C, 7.75%, 8/24/15		5,929,000,000	HUF		26,582,243
Series 15/A, 8%, 2/12/15		3,836,000,000	HUF		17,147,783
Series 16/C, 5.50%, 2/12/16		2,198,000,000	HUF		9,395,535
Series 17/B, 6.75%, 2/24/17		4,372,000,000	HUF		19,347,529
Hungary (Republic of) Sr. Unsec. Bonds, 7.625%, 3/29/41		500,000			512,500
Hungary (Republic of) Sr. Unsec. Nts., 5.75%, 6/11/18		1,315,000	EUR		1,708,664
Hungary (Republic of) Sr. Unsec. Unsub. Nts., 6.375%, 3/29/21		2,105,000			2,178,675
Hungary (Republic of) Treasury Bills:
6.074%, 5/29/1314		1,954,000,000	HUF		8,189,756
6.261%, 4/17/1314		1,305,000,000	HUF		5,489,161
Hungary (Republic of) Unsec. Bonds:
5.375%, 2/21/23		9,085,000			8,596,681
5.50%, 2/12/14		4,243,000,000	HUF		18,022,017
					148,285,144
Ireland—0.1%
Ireland (Republic of) Treasury Bonds, 4.40%, 6/18/19		3,530,000	EUR		4,772,957
Ireland (Republic of) Unsec. Bonds, 5.50%, 10/18/17		1,180,000	EUR		1,684,794
					6,457,751
Italy—0.4%
Italy (Republic of) Bonds:
4%, 9/1/20		3,610,000	EUR		4,635,406
4.50%, 3/1/19		10,445,000	EUR		13,854,902
5%, 3/1/22		1,900,000	EUR		2,533,918
5%, 9/1/40		3,955,000	EUR		4,943,649
Series EU, 1.216%, 10/15/174		2,435,000	EUR		2,865,816
Italy (Republic of) Sr. Unsec. Nts., 4.50%, 6/8/15		477,000,000	JPY		5,294,277
Italy (Republic of) Treasury Bonds:
3.50%, 11/1/17		2,030,000	EUR		2,606,395
5.75%, 2/1/33		1,695,000	EUR		2,334,395
					39,068,758
Ivory Coast—0.2%
Ivory Coast Bonds, 3.75%, 12/31/32		18,210,000			16,980,825

28 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Japan—1.6%
Japan Bonds:
2 yr., 0.10%, 5/15/14		558,250,000	JPY	$	5,933,818
5 yr., 0.30%, 3/20/17		2,161,000,000	JPY		23,127,946
10 yr., Series 301, 1.50%, 6/20/19		2,153,000,000	JPY		24,709,011
10 yr., 1.10%, 3/20/21		3,405,000,000	JPY		38,241,910
20 yr., Series 112, 2.10%, 6/20/29		1,342,000,000	JPY		16,324,528
20 yr., Series 134, 1.80%, 3/20/32		1,316,000,000	JPY		15,041,698
30 yr., 2%, 3/20/42		1,649,000,000	JPY		19,160,895
Japan Sr. Unsec. Nts., 2.30%, 3/19/18		1,400,000	CAD		1,390,995
					143,930,801
Kazakhstan—0.0%
Development Bank of Kazakhstan Sr. Unsec. Bonds, 4.125%, 12/10/225		1,050,000			1,021,125
Korea, Republic of South—0.1%
Korea Housing Finance Corp. Sec. Nts., 1.625%, 9/15/185		4,710,000			4,636,962
Malaysia—0.4%
Central Bank of Malaysia Treasury Bills:
Series 7712, 2.929%, 4/11/1314		54,680,000	MYR		17,639,823
Series 8012, 2.929%, 4/23/1314		54,420,000	MYR		17,538,706
Malaysia (Government of) Sr. Unsec. Bonds:
Series1/06, 4.262%, 9/15/16		8,545,000	MYR		2,867,397
Series0210, 4.012%, 9/15/17		6,805,000	MYR		2,275,208
					40,321,134
Mexico—2.3%
United Mexican States Bonds:
Series M, 6.50%, 6/9/2224		374,100,000	MXN		33,867,553
Series M20, 7.50%, 6/3/274		391,340,000	MXN		38,465,347
Series M10, 7.75%, 12/14/17		84,290,000	MXN		7,730,294
Series M20, 8.50%, 5/31/294		197,630,000	MXN		21,093,110
United Mexican States Treasury Bills:
4.105%, 5/30/1314		447,000,000	MXN		35,941,457
4.132%, 5/23/1314		80,900,000	MXN		6,509,819
4.168%, 6/6/1314		120,920,000	MXN		9,715,344
4.237%, 7/11/1314		484,500,000	MXN		38,777,416
4.552%, 4/4/1314		218,600,000	MXN		17,684,699
					209,785,039
Nigeria—0.5%
Nigeria (Federal Republic of) Treasury Bills:
10.635%, 7/4/1314		160,000,000	NGN		978,837
11.235%, 1/23/1414		595,000,000	NGN		3,441,626
13.662%, 9/5/1314		1,179,000,000	NGN		7,085,199
13.779%, 9/26/1314		591,000,000	NGN		3,527,452
14.326%, 6/6/1314		262,000,000	NGN		1,617,476
Series 364, 15.572%, 4/25/1314		391,000,000	NGN		2,445,421
Nigeria (Federal Republic of) Treasury Bonds:
7%, 10/23/19		1,088,000,000	NGN		5,642,778
16%, 6/29/19		1,109,000,000	NGN		8,581,722
16.39%, 1/27/22		1,760,000,000	NGN		14,490,722
					47,811,233

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 29

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Paraguay—0.1%
Paraguay (Republic of) Sr. Unsec. Bonds, 4.625%, 1/25/235	$	5,865,000		$	5,917,785
Peru—0.8%
Peru (Republic of) Sr. Unsec. Bonds:
6.95%, 8/12/315		58,690,000	PEN		28,268,639
8.20%, 8/12/265		36,360,000	PEN		19,667,391
Peru (Republic of) Sr. Unsec. Nts., 7.84%, 8/12/205		56,520,000	PEN		27,548,590
					75,484,620
Poland—0.4%
Poland (Republic of) Bonds: Series WS0922, 5.75%, 9/23/22		51,560,000	PLZ		18,122,446
Series 0415, 5.50%, 4/25/15		8,385,000	PLZ		2,692,120
Series 1017, 5.25%, 10/25/17		11,620,000	PLZ		3,851,179
Poland (Republic of) Unsec. Bonds, Series 1023, 4%, 10/25/23		50,070,000	PLZ		15,478,071
					40,143,816
Portugal—0.1%
Portugal (Republic of) Sr. Unsec. Bonds, 4.10%, 4/15/37		2,170,000	EUR		1,992,112
Portugal (Republic of) Sr. Unsec. Unsub. Bonds., 4.35%, 10/16/17		4,730,000	EUR		5,917,351
					7,909,463
Russia—1.7%
AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/185		222,000,000	RUR		7,188,289
Russian Federation Bonds: 7.50%, 3/15/184		692,300,000	RUR		23,507,224
7.50%, 2/27/194		891,300,000	RUR		30,178,342
7.60%, 4/14/214		966,300,000	RUR		32,699,140
Series 6206, 7.40%, 6/14/174		1,584,100,000	RUR		53,202,808
Russian Federation Unsec. Bonds, Series 9, 7.90%, 3/18/214		157,400,000	RUR		5,061,134
Vnesheconombank Sr. Unsec. Bonds, Series 18, 8.693%, 9/17/324		175,200,000	RUR		5,748,972
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 6.025%, 7/5/225		1,425,000			1,583,531
Vnesheconombank Via VEB Finance plc Sr. Unsec. Unsub. Nts., 6.902%, 7/9/205		1,335,000			1,556,944
					160,726,384
Serbia—0.2%
Serbia (Republic of) Sr. Unsec. Bonds, 4.875%, 2/25/205		8,535,000			8,458,185
Serbia (Republic of) Sr. Unsec. Nts., 5.25%, 11/21/175		11,525,000			11,928,375
					20,386,560
South Africa—1.2%
South Africa (Republic of) Bonds: Series R208, 6.75%, 3/31/21		525,885,000	ZAR		58,010,229
Series R207, 7.25%, 1/15/20		469,840,000	ZAR		53,431,558
					111,441,787
Spain—0.2%
Comunidad De Madrid Sr. Unsec. Nts., 4.30%, 9/15/26		6,800,000	EUR		6,882,477

30 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Spain Continued
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15		7,800,000	NOK	$	1,284,508
Spain (Kingdom of) Bonds: 4.25%, 10/31/16		1,515,000	EUR		1,998,483
5.50%, 7/30/17		5,200,000	EUR		7,170,897
Spain (Kingdom of) Sr. Unsec. Bonds, 4.30%, 10/31/19		2,920,000	EUR		3,771,087
					21,107,452
Sri Lanka—0.2%
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Bonds, 5.875%, 7/25/225		3,495,000			3,643,538
Sri Lanka (Democratic Socialist Republic of) Sr. Unsec. Nts.: 6.25%, 10/4/205		6,315,000			6,757,050
6.25% 7/27/215		7,160,000			7,616,393
					18,016,981
Tanzania—0.1%
Tanzania (United Republic of) Sr. Unsec. Nts., 6.45%, 3/8/204		5,730,000			6,073,800
The Netherlands—0.2%
Netherlands (Kingdom of the) Bonds, 4%, 7/15/19		9,690,000	EUR		14,694,103
Turkey—5.4%
Turkey (Republic of) Bonds: 6.875%, 3/17/36		13,285,000			16,423,581
7%, 3/11/19		14,340,000			17,369,325
9%, 3/5/14		87,940,000	TRY		50,062,566
9%, 3/8/17		163,840,000	TRY		98,704,250
9.50%, 1/12/224		31,650,000	TRY		20,379,290
9.658%, 7/17/1314		80,480,000	TRY		43,750,908
10.50%, 1/15/204		4,825,000	TRY		3,216,400
16.519%, 8/14/1315		8,410,000	TRY		6,763,670
Turkey (Republic of) Nts., 7.50%, 7/14/17		18,895,000			22,603,144
Turkey (Republic of) Unsec. Bonds: 5.621%, 2/11/1515		8,255,000	TRY		6,269,786
5.948%, 5/15/1314		211,400,000	TRY		116,101,165
6.25%, 9/26/22		24,035,000			28,541,563
8.50%, 9/14/224		60,940,000	TRY		37,234,936
Turkey (Republic of) Unsec. Nts.: 5.125%, 3/25/22		10,640,000			11,730,600
6%, 1/14/41		15,165,000			17,041,669
					496,192,853
Ukraine—0.2%
Ukraine (Republic of) Bonds, 7.75%, 9/23/205		5,935,000			6,196,140
Ukraine (Republic of) Sr. Unsec. Nts., 7.95%, 2/23/215		8,280,000			8,660,880
					14,857,020
United Arab Emirates—0.0%
Emirates of Dubai Sr. Unsec. International Bonds, 7.75%, 10/5/20		2,495,000			3,087,563
United Kingdom—0.4%
United Kingdom Treasury Bonds: 3.75%, 9/7/21		5,445,000	GBP		9,739,628

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 31

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
United Kingdom Continued
4%, 9/7/16		6,205,000	GBP	$	10,604,711
4.25%, 12/7/55		1,415,000	GBP		2,659,247
4.75%, 12/7/38		7,065,000	GBP		14,071,323
					37,074,909
Uruguay—0.2%
Uruguay (Oriental Republic of) Sr. Unsec. Bonds, 4.702%, 12/15/2815		215,300,000	UYU		16,019,205
Venezuela—1.2%
Venezuela (Republic of) Bonds: 9%, 5/7/23		27,020,000			26,006,750
11.95%, 8/5/31		12,945,000			14,627,850
Venezuela (Republic of) Nts., 8.25%, 10/13/24		12,025,000			10,972,813
Venezuela (Republic of) Sr. Unsec. Bonds, 11.75%, 10/21/26		10,070,000			11,192,805
Venezuela (Republic of) Sr. Unsec. Unsub. Nts., 12.75%, 8/23/22		9,305,000			10,900,808
Venezuela (Republic of) Unsec. Bonds: 7%, 3/31/38		8,570,000			6,791,725
7.65%, 4/21/25		16,110,000			14,176,800
Venezuela (Republic of) Unsec. Nts., 13.625%, 8/15/185		13,700,000			15,515,250
					110,184,801
Total Foreign Government Obligations (Cost $2,233,279,657)					2,268,837,568
Corporate Bonds and Notes—37.0%
Consumer Discretionary—5.5%
Auto Components—0.8%
Continental Rubber Of America Corp., 4.50% Sr. Sec. Nts., 9/15/195		1,445,000			1,484,738
Goodyear Tire & Rubber Co. (The), 8.25% Sr. Unsec. Unsub. Nts., 8/15/20		12,090,000			13,435,013
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/235		11,555,000			11,323,900
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc., 10.625% Sr. Sec. Nts., 9/1/175		22,357,000			25,039,840
UCI International, Inc., 8.625% Sr. Unsec. Nts., 2/15/19		5,575,000			5,798,000
Visteon Corp., 6.75% Sr. Unsec. Nts., 4/15/19		12,704,000			13,656,800
					70,738,291
Automobiles—0.1%
Ford Motor Co., 7.45% Bonds, 7/16/31		3,645,000			4,633,644
Jaguar Land Rover plc:
5.625% Sr. Unsec. Nts., 2/1/235		4,620,000			4,822,125
7.75% Sr. Unsec. Bonds, 5/15/185		1,945,000			2,134,638
8.25% Sr. Nts., 3/15/205		900,000	GBP		1,542,033
					13,132,440
Diversified Consumer Services—0.2%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		4,720,000			5,015,000

32 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Diversified Consumer Services Continued
ServiceMaster Co.:
7% Sr. Nts., 8/15/205	$	7,170,000	$	7,456,800
8% Sr. Unsec. Unsub. Nts., 2/15/20		5,700,000		6,141,750
				18,613,550
Hotels, Restaurants & Leisure—1.2%
Boyd Gaming Corp., 9.125% Sr. Unsec. Nts., 12/1/18		11,085,000		11,812,453
Burger King Corp., 9.875% Sr. Unsec. Unsub. Nts., 10/15/18		4,080,000		4,707,300
Caesars Entertainment Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/18		24,845,000		17,080,938
CKE Restaurants, Inc., 11.375% Sec. Nts., 7/15/18		3,625,000		4,223,125
HOA Restaurants Group LLC/HOA Finance Corp., 11.25% Sr. Sec. Nts., 4/1/175		10,730,000		10,139,850
Isle of Capri Casinos, Inc., 7.75% Sr. Unsec. Unsub. Nts., 3/15/19		9,685,000		10,580,863
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/205		10,645,000		11,523,213
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/215		5,815,000		5,887,688
MGM Mirage, Inc., 6.625% Sr. Unsec. Nts., 7/15/15		4,490,000		4,894,100
MGM Resorts International:
6.625% Sr. Unsec. Unsub. Nts., 12/15/21		5,695,000		5,979,750
6.75% Sr. Unsec. Nts., 10/1/205		5,390,000		5,726,875
MTR Gaming Group, Inc., 11.50% Sec. Nts., 8/1/19		4,442,100		4,630,889
NCL Corp. Ltd., 5% Sr. Unsec. Nts., 2/15/185		5,815,000		5,953,106
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/19		7,515,000		8,529,525
Premier Cruise Ltd., 11% Sr. Nts., 3/15/083,9		14,750,000		—
Viking Cruises Ltd., 8.50% Sr. Nts., 10/15/225		2,850,000		3,149,250
				114,818,925
Household Durables—0.3%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/235,7		2,445,000		2,445,000
Beazer Homes USA, Inc., 9.125% Sr. Unsec. Nts., 5/15/19		14,225,000		15,398,563
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22		1,075,000		1,156,969
K Hovnanian Enterprises, Inc., 9.125% Sec. Nts., 11/15/205		5,265,000		5,890,219
				24,890,751
Leisure Equipment & Products—0.1%
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sr. Sec. Nts., 5/1/205		9,370,000		9,885,350
Media—2.1%
Affinion Group Holdings, Inc., 11.625% Sr. Unsec. Nts., 11/15/15		5,705,000		3,651,200
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18		18,245,000		14,504,775
AMC Entertainment, Inc., 8.75% Sr. Unsec. Nts., 6/1/19		4,440,000		4,895,100
Belo (A.H.) Corp., 7.75% Sr. Unsec. Unsub. Debs., 6/1/27		13,703,000		14,662,210
CCO Holdingds LLC/ CCO Holdings Capital Corp., 5.75% Sr. Unsec. Nts., 9/1/235		5,730,000		5,772,975
Cinemark USA, Inc., 5.125% Sr. Unsec. Nts., 12/15/225		2,215,000		2,237,150

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 33

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Media Continued
CSC Holdings LLC, 6.75% Sr. Unsec. Unsub. Nts., 11/15/21	$	1,000,000	$	1,126,250
Cumulus Media Holdings, Inc., 7.75% Sr. Unsec. Unsub. Nts., 5/1/19		5,980,000		6,174,350
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 7/15/22		6,115,000		6,443,681
6.75% Sr. Unsec. Nts., 6/1/21		2,985,000		3,332,006
7.875% Sr. Unsec. Nts., 9/1/19		10,315,000		12,274,850
Entravision Communications Corp., 8.75% Sr. Sec. Nts., 8/1/17		7,761,000		8,440,088
Getty Images, Inc., 7% Sr. Nts., 10/15/205		5,440,000		5,576,000
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20		11,075,000		11,877,938
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/173,8		10,346,000		10,656,380
LIN Television Corp., 6.375% Sr. Nts., 1/15/215		5,380,000		5,756,600
Lynx I Corp., 5.375% Sr. Sec. Nts., 4/15/215		3,120,000		3,260,400
Nexstar Broadcasting, Inc., 6.875% Sr. Unsec. Nts., 11/15/205		5,515,000		5,845,900
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875% Sec. Nts., 4/15/17		8,620,000		9,525,100
Sinclair Television Group, Inc.:
5.375% Sr. Unsec. Nts., 4/1/215,7		5,945,000		5,930,138
6.125% Sr. Nts., 10/1/225		9,115,000		9,593,538
Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.50% Sr. Sec. Nts., 1/15/235		3,025,000		3,123,313
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50% Sr. Sec. Nts., 3/15/19		3,945,000		4,334,569
Univision Communications, Inc., 7.875% Sr. Sec. Nts., 11/1/205		10,465,000		11,563,825
UPCB Finance V Ltd., 7.25% Sr. Sec. Nts., 11/15/215		7,510,000		8,336,100
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/225		10,190,000		11,132,575
				190,027,011
Specialty Retail—0.5%
BC Mountain LLC/BC Mountain Finance, Inc., 7% Sr. Unsec. Nts., 2/1/215		11,550,000		12,271,875
Burlington Coat Factory Warehouse Corp., 10% Sr. Unsec. Nts., 2/15/19		5,065,000		5,647,475
Claire’s Stores, Inc., 8.875% Sr. Sec. Nts., 3/15/19		5,735,000		6,079,100
J. Crew Group, Inc., 8.125% Sr. Unsec. Nts., 3/1/19		4,660,000		5,032,800
Limited Brands, Inc., 5.625% Sr. Nts., 2/15/22		3,990,000		4,249,350
Party City Holdings, Inc., 8.875% Sr. Unsec. Nts, 8/1/205		5,070,000		5,589,675
Petco Holdings, Inc., 8.50% Sr. Nts., 10/15/175,8		70,000		72,538
Sally Holdings LLC/Sally Capital, Inc., 6.875% Sr. Unsec. Nts., 11/15/19		5,010,000		5,573,625
				44,516,438
Textiles, Apparel & Luxury Goods—0.2%
Burlington Holdings LLC/Burlington Holding Finance, Inc., 9% Sr. Unsec. Nts., 2/15/185,8		5,750,000		5,865,000

34 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Textiles, Apparel & Luxury Goods Continued
Levi Strauss & Co.: 6.875% Sr. Unsec. Nts., 5/1/225	$	1,490,000		$	1,639,000
7.625% Sr. Unsec. Unsub. Nts., 5/15/20		4,440,000			4,906,200
Quiksilver, Inc., 6.875% Sr. Unsec. Nts., 4/15/15		5,705,000			5,705,000
					18,115,200
Consumer Staples—1.5%
Beverages—0.0%
AmBev International Finance Co. Ltd., 9.50% Sr. Unsec. Unsub. Nts., 7/24/174		5,535,000	BRR		3,076,099
Food & Staples Retailing—0.1%
Rite Aid Corp.:
7.50% Sr. Sec. Nts., 3/1/17		505,000			520,781
9.25% Sr. Unsec. Unsub. Nts., 3/15/20		3,055,000			3,463,606
US Foods, Inc., 8.50% Sr. Unsec. Nts., 6/30/195		5,670,000			6,045,638
					10,030,025
Food Products—1.1%
Alicorp SA, 3.875% Sr. Unsec. Nts., 3/20/235		4,685,000			4,685,000
American Seafoods Group LLC, 10.75% Sr. Sub. Nts., 5/15/165		10,750,000			11,395,000
ARAMARK Corp., 5.75% Sr. Unsec. Nts., 3/15/205		5,735,000			5,892,713
ASG Consolidated LLC, 14.85% Sr. Nts., 5/15/175,8		7,414,277			7,933,276
Bumble Bee Acquisition Corp., 9% Sr. Sec. Nts., 12/15/175		10,499,000			11,601,395
Chiquita Brands International, Inc., 7.875% Sr. Sec. Nts., 2/1/215		5,220,000			5,487,525
Hawk Acquisition Sub, Inc., 4.25% Sr. Sec. Nts., 10/15/205,7		7,440,000			7,458,600
MHP SA: 8.25% Sr. Unsec. Nts., 4/2/203,7		4,885,000			4,851,416
10.25% Sr. Unsec. Nts., 4/29/155		15,375,000			16,570,637
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/235		2,115,000			2,273,625
Southern States Cooperative, Inc., 11.25% Sr. Nts., 5/15/155		12,045,000			12,767,700
Wells Enterprises, Inc., 6.75% Sr. Sec. Nts., 2/1/205		5,815,000			6,149,363
					97,066,250
Household Products—0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA: 5.75% Sr. Sec. Nts., 10/15/20		5,510,000			5,627,088
9% Sr. Unsec. Unsub. Nts., 4/15/19		4,740,000			5,036,250
Spectrum Brands Holdings, Inc., 9.50% Sr. Sec. Nts., 6/15/18		465,000			528,938
					11,192,276
Personal Products—0.1%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/215		8,940,000			9,007,050
Tobacco—0.1%
Alliance One International, Inc., 10% Sr. Unsec. Nts., 7/15/16		5,440,000			5,773,200

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 35

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Tobacco Continued
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/215	$	5,825,000	$	6,145,375
				11,918,575
Energy—6.7%
Energy Equipment & Services—0.6%
Exterran Partners LP/EXLP Finance Corp., 6% Sr. Unsec. Nts., 4/1/215		2,980,000		2,976,275
Forbes Energy Services Ltd., 9% Sr. Unsec. Nts., 6/15/19		3,720,000		3,627,000
Hercules Offshore, Inc., 7.125% Sr. Sec. Nts., 4/1/175		4,725,000		5,114,813
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20		9,530,000		9,911,200
Offshore Group Investment Ltd.: 7.125% Sr. Sec. Nts., 4/1/235		5,950,000		6,098,750
7.50% Sr. Sec. Nts., 11/1/195		9,210,000		9,808,650
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20		11,055,000		11,856,488
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/195		1,885,000		1,993,388
SESI LLC, 6.375% Sr. Unsec. Nts., 5/1/19		3,350,000		3,618,000
				55,004,564
Oil, Gas & Consumable Fuels—6.1%
Access Midstream Partners LP/ACMP Finance Corp., 4.875% Sr. Unsec. Unsub. Nts., 5/15/23		5,910,000		5,843,513
Alliance Oil Co. Ltd., 9.875% Sr. Unsec. Nts., 3/11/155		9,955,000		10,888,281
Alpha Natural Resources, Inc., 6% Sr. Unsec. Unsub. Nts., 6/1/19		7,045,000		6,534,238
Antero Resources Finance Corp.: 6% Sr. Unsec. Nts., 12/1/205		3,700,000		3,885,000
9.375% Sr. Unsec. Nts., 12/1/17		752,500		820,225
Arch Coal, Inc., 7.25% Sr. Unsec. Unsub. Nts., 6/15/21		7,440,000		6,714,600
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.: 5.875% Sr. Unsec. Nts., 8/1/235		5,145,000		5,145,000
6.625% Sr. Nts., 10/1/205		3,650,000		3,823,375
Bill Barrett Corp., 7.625% Sr. Unsec. Unsub. Nts., 10/1/19		4,660,000		4,974,550
BreitBurn Energy Partners LP/BreitBurn Finance Corp.: 7.875% Sr. Unsec. Nts., 4/15/22		2,500,000		2,687,500
8.625% Sr. Unsec. Nts., 10/15/20		13,960,000		15,495,600
Chaparral Energy, Inc., 9.875% Sr. Unsec. Nts., 10/1/20		5,185,000		6,014,600
Chesapeake Energy Corp., 5.75% Sr. Unsec. Nts., 3/15/237		5,725,000		5,818,031
Chesapeake Midstream Partners LP/CHKM Finance Corp., 6.125% Sr. Unsec. Unsub. Nts., 7/15/22		8,935,000		9,627,463
Cimarex Energy Co., 5.875% Sr. Unsec. Unsub. Nts., 5/1/22		9,080,000		9,783,700
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Unsub. Nts., 12/15/19		1,790,000		1,951,100
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		5,730,000		6,116,775
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/235		2,440,000		2,460,740
Denbury Resources, Inc., 4.625% Sr. Unsec. Sub. Nts., 7/15/23		5,215,000		5,038,994

36 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Empresa Nacional del Petroleo, 4.75% Sr. Unsec. Unsub. Nts., 12/6/215	$	1,300,000		$	1,348,412
EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% Sr. Unsec. Nts., 9/1/22		10,360,000			11,499,600
Gaz Capital SA: 7.288% Sr. Sec. Nts., 8/16/375		15,355,000			18,656,325
8.146% Sr. Sec. Nts., 4/11/185		19,820,000			24,056,525
8.625% Sr. Sec. Nts., 4/28/345		13,870,000			18,897,875
9.25% Sr. Unsec. Unsub. Nts., 4/23/195		23,270,000			30,134,650
Gazprom OAO Via Gaz Capital SA: 4.95% Sr. Unsec. Nts., 2/6/285		11,010,000			10,899,900
4.95% Sr. Unsec. Nts., 7/19/225		28,965,000			30,268,425
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/215		3,350,000			3,465,156
Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/215		11,120,000			12,037,400
Hiland Partners LP/Hiland Partners Finance Corp., 7.25% Sr. Nts., 10/1/205		1,035,000			1,135,913
Inergy Midstream LP/Finance Corp., 6% Sr. Unsec. Nts., 12/15/205		3,730,000			3,897,850
KMG Finance Sub BV, 9.125% Sr. Unsec. Unsub. Nts., 7/2/185		2,175,000			2,748,395
Kodiak Oil & Gas Corp., 5.50% Sr. Unsec. Nts., 1/15/215		9,140,000			9,585,575
Linn Energy LLC/Linn Energy Finance Corp., 8.625% Sr. Unsec. Nts., 4/15/20		24,175,000			26,773,813
Lukoil International Finance BV: 6.125% Sr. Unsec. Nts., 11/9/205		21,600,000			24,624,000
7.25% Sr. Unsec. Unsub. Nts., 11/5/195		5,370,000			6,444,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50% Sr. Unsec. Unsub. Nts., 7/15/23		11,560,000			11,328,800
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/215		17,285,000			18,494,950
Murray Energy Corp., 10.25% Sr. Sec. Nts., 10/15/155		7,030,000			7,091,513
Navios Maritime Acquisition Corp., 8.625% Sr. Sec. Nts., 11/1/17		3,375,000			3,372,891
Novatek OAO via Novatek Finance Ltd.: 4.422% Sr. Unsec. Nts., 12/13/225		10,960,000			10,891,500
7.75% Unsec. Nts., 2/21/175		93,650,000	RUR		3,021,818
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		3,960,000			4,375,800
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/215		3,717,350			4,107,672
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/235		4,890,000			4,958,460
Pemex Project Funding Master Trust, 6.625% Unsec. Unsub. Bonds, 6/15/35		2,005,000			2,411,013
Pertamina Persero PT, 5.25% Nts., 5/23/215		655,000			707,400
Petroleos de Venezuela SA: 5.125% Sr. Unsec. Nts., 10/28/16		4,080,000			3,621,000
8.50% Sr. Nts., 11/2/175		18,550,000			18,086,250
12.75% Sr. Unsec. Nts., 2/17/225		11,070,000			12,536,775
Petroleos Mexicanos: 1.95% Sr. Unsec. Nts., 12/20/22		655,000			672,798
2% Sr. Unsec. Nts., 12/20/22		3,255,000			3,351,234
5.50% Sr. Unsec. Unsub. Nts., 6/27/44		1,700,000			1,757,800

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 37

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Oil, Gas & Consumable Fuels Continued
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/195	$	5,665,000		$	7,463,638
Quicksilver Resources, Inc.: 8.25% Sr. Unsec. Nts., 8/1/15		4,655,000			4,602,631
11.75% Sr. Nts., 1/1/16		3,825,000			3,920,625
Range Resources Corp.: 5% Sr. Unsec. Sub. Nts., 8/15/22		2,235,000			2,290,875
8% Sr. Unsec. Sub. Nts., 5/15/19		1,825,000			2,007,500
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds5,16		7,865,000			7,717,531
Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199% Sr. Unsec. Nts., 3/6/225		8,765,000			8,710,219
Sabine Pass Liquefaction LLC, 5.625% Sr. Sec. Nts., 2/1/215		5,815,000			6,040,331
Samson Investment Co., 9.75% Sr. Unsec. Nts., 2/15/205		8,975,000			9,580,813
SandRidge Energy, Inc.: 7.50% Sr. Unsec. Unsub. Nts., 2/15/23		5,290,000			5,514,825
8.75% Sr. Unsec. Nts., 1/15/20		5,305,000			5,742,663
Schahin II Finance Co. SPV Ltd., 5.875% Sr. Sec. Unsub. Nts., 9/25/225		11,855,000			12,299,563
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/185		6,275,000			6,196,563
SM Energy Co., 6.50% Sr. Unsec. Unsub. Nts., 1/1/23		4,670,000			5,137,000
Tengizchevroil LLP, 6.124% Nts., 11/15/145		2,086,159			2,159,174
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.875% Sr. Nts., 10/1/205		2,070,000			2,194,200
Western Refining, Inc., 6.25% Sr. Unsec. Nts., 4/1/215		5,725,000			5,860,969
					558,323,893
Financials—7.0%
Capital Markets—1.2%
Banco BTG Pactual SA (Cayman): 4% Sr. Unsec. Nts., 1/16/205		8,455,000			8,180,213
5.75% Unsec. Sub. Nts., 9/28/225		8,615,000			8,669,275
Berry Plastics Corp., 9.75% Sec. Nts., 1/15/21		5,895,000			6,919,256
Cantor Commercial Real Estate Co. LP/CCRE Finance, 7.75% Sr. Unsec. Nts., 2/15/185		7,445,000			7,612,513
Deutsche Bank Capital Funding Trust IV, 5.33% Unsec. Sub. Nts., 9/19/494		1,190,000	EUR		1,262,243
Nationstar Mortgage LLC/Nationstar Capital Corp.: 6.50% Sr. Unsec. Unsub. Nts., 7/1/215		11,555,000			12,103,863
7.875% Sr. Unsec. Nts., 10/1/205		5,395,000			5,988,450
10.875% Sr. Unsec. Nts., 4/1/15		9,825,000			10,451,344
Nuveen Investments, Inc., 9.50% Sr. Unsec. Nts., 10/15/205		5,500,000			5,775,000
Pinafore LLC/Pinafore, Inc., 9% Sec. Nts., 10/1/18		11,044,000			12,355,475
Prospect Medical Holdings, Inc., 8.375% Sr. Sec. Nts., 5/1/195		3,900,000			4,173,000
Springleaf Finance Corp., 6.90% Nts., Series J, 12/15/17		8,775,000			8,895,656

38 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Capital Markets Continued
UBS AG (Jersey Branch): 4.28% Jr. Sub. Perpetual Nts.16		670,000	EUR	$	853,453
7.152% Jr. Sub. Perpetual Bonds16		455,000	EUR		638,803
UBS Capital Securities Jersey Ltd., 8.836% Jr. Sub. Perpetual Nts.16		950,000	EUR		1,224,138
US Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375% Sr. Unsec. Nts., 5/1/215		3,730,000			3,939,813
Verso Paper Holdings LLC/Verso Paper, Inc., 11.75% Sr. Sec. Nts., 1/15/19		15,199,000			12,463,180
					111,505,675
Commercial Banks—3.8%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/185		21,250,000	TRY		11,509,976
Alfa Bank/Alfa Bond Issuance plc, 7.875% Nts., 9/25/175		10,365,000			11,724,888
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/165		5,365,000	BRR		2,654,955
Banco BMG SA:
8.875% Unsec. Sub. Nts., 8/5/205		2,115,000			1,956,375
9.15% Nts., 1/15/165		3,552,000			3,738,480
9.95% Unsec. Unsub. Nts., 11/5/195		4,910,000			4,897,725
Banco do Brasil SA (Cayman):
3.875% Sr. Unsec. Nts., 10/10/22		1,545,000			1,498,650
6.25% Jr. Sub. Perpetual Bonds16		6,675,000			6,591,563
9.25% Jr. Sub. Perpetual Bonds5,16		24,940,000			30,302,100
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub Nts., 2/2/225		18,565,000			20,245,133
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/163		9,330,000	BRR		4,617,098
Banco Santander Mexico SA, 4.125% Sr. Unsec. Nts., 11/9/225		7,115,000			7,168,363
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22		11,485,000			11,599,850
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/183		4,690,000			4,715,870
Bank of Scotland plc:
4.875% Sr. Sec. Nts., 12/20/24		820,000	GBP		1,488,519
4.875% Sr. Sec. Unsub. Nts., 11/8/16		495,000	GBP		854,144
9.375% Unsec. Sub. Nts., 5/15/21		1,130,000	GBP		2,186,565
Barclays Bank plc:
4.75% Sub. Nts., 3/15/49		1,320,000	EUR		1,224,146
6% Sr. Unsec. Sub. Nts., 1/14/21		365,000	EUR		513,924
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/225		6,570,000			6,931,350
BBVA US Senior SAU, 4.664% Sr. Unsec. Nts., 10/9/15		2,360,000			2,421,546
BOM Capital plc, 6.699% Sr. Unsec. Nts., 3/11/155		17,355,000			18,431,010
CIT Group, Inc.:
4.25% Sr. Unsec. Nts., 8/15/17		1,455,000			1,527,750
5% Sr. Unsec. Nts., 8/15/22		9,725,000			10,439,544
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/235		6,430,000			6,759,538
DNB Boligkreditt AS, 1.45% Sr. Sec. Nts., 3/21/195		1,875,000			1,887,911
DTEK Finance plc, 7.875% Sr. Unsec. Nts., 4/4/185,7		4,900,000			4,829,587
EUROFIMA, 6.25% Bonds, 12/28/18		3,325,000	AUD		3,790,499

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 39

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Commercial Banks Continued
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/225	$	8,940,000		$	8,984,700
Hana Bank, 1.375% Sr. Unsec. Nts., 2/5/165		2,364,130			2,357,844
ICICI Bank Ltd., 6.375% Bonds, 4/30/224,5		4,030,000			4,160,975
Intesa Sanpaolo SpA:
3.125% Unsec. Nts., 1/16/16		1,900,000			1,858,702
3.875% Unsec. Nts., 1/15/18		950,000			919,989
Lloyds TSB Bank plc:
6% Sr. Sec. Nts., 2/8/29		1,455,000	GBP		2,928,670
11.875% Unsec. Sub. Nts., 12/16/21		2,375,000	EUR		3,758,200
Norddeutsche Landesbank Girozentrale, 0.875% Sec. Nts., 10/16/155		1,905,000			1,911,721
Royal Bank of Scotland NV:
3.197% Unsec. Sub. Nts., 5/17/184		1,035,000	AUD		980,594
6.50% Unsec. Sub. Nts., 5/17/184		950,000	AUD		901,106
Royal Bank of Scotland plc (The):
2.375% Sr. Unsec. Sub. Nts., 11/2/15		290,000	CHF		300,511
13.125% Unsec. Sub. Nts., 3/19/22		1,130,000	AUD		1,424,520
Sberbank of Russia Via SB Capital SA:
5.125% Sub. Nts., 10/29/225		17,425,000			17,490,344
5.40% Sr. Unsec. Nts., 3/24/17		4,825,000			5,223,063
6.125% Sr. Nts., 2/7/225		17,250,000			19,320,000
Skandinaviska Enskilda Banken AB, 1.75% Sr. Unsec. Nts., 3/19/185		1,405,000			1,406,624
Societe Generale SA, 2.75% Sr. Unsec. Nts., 10/12/17		1,885,000			1,933,512
Stadshypotek AB:
1.875% Sec. Nts., 10/2/195		2,360,000			2,371,897
6% Sec. Unsub. Bonds, 6/21/17		17,935,000	SEK		3,197,120
Sumitomo Mitsui Banking Corp., 1.80% Sr. Unsec. Nts., 7/18/17		1,365,000			1,392,240
Sumitomo Mitsui Trust Bank Ltd., 1.80% Sr. Unsec. Nts., 3/28/185		940,000			942,233
Swedbank Hypotek AB, 1.375% Sec. Nts., 3/28/185		1,876,667			1,878,921
Toronto-Dominion Bank (The), 1.50% Sec. Bonds, 3/13/175		1,830,000			1,876,760
Turkiye Halk Bankasi AS, 4.875% Sr. Unsec. Nts., 7/19/175		5,885,000			6,221,504
Turkiye Is Bankasi:
3.875% Sr. Unsec. Nts., 11/7/175		10,205,000			10,409,100
5.699% Unsec. Nts., 5/15/1314		22,600,000	TRY		12,391,653
6% Sub. Nts., 10/24/225		6,370,000			6,672,575
VTB Bank OJSC Via VTB Capital SA, 6.95% Sub. Nts., 10/17/225		8,780,000			9,293,630
VTB Capital SA:
6.315% Nts., 2/22/185		3,990,000			4,334,138
6.465% Sr. Sec. Unsub. Nts., 3/4/155		3,970,000			4,257,825
Westpac Banking Corp.:
1.25% Sec. Nts., 12/15/175		1,900,000			1,901,887
1.60% Sr. Unsec. Unsub. Nts., 1/12/18		2,370,000			2,400,597
Yapi ve Kredi Bankasi AS:
5.50% Unsec. Sub. Nts., 12/6/225		9,200,000			9,154,000
6.75% Sr. Unsec. Nts., 2/8/175		7,260,000			8,094,900
					349,159,114

40 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Consumer Finance—0.4%
Community Choice Financial, Inc., 10.75% Sr. Sec. Nts., 5/1/19	$	4,640,000		$	4,419,600
JSC Astana Finance, 9.16% Nts., 3/14/129		27,100,000			2,405,125
Milestone Aviation Group LLC, 8.625% Sr. Unsec. Nts., 12/15/175		5,915,000			6,122,025
SLM Corp., 7.25% Sr. Unsec. Unsub. Nts., 1/25/22		5,785,000			6,493,663
Speedy Cash, Inc., 10.75% Sr. Sec. Nts., 5/15/185		7,105,000			7,691,163
TMX Finance LLC/TitleMax Finance Corp., 13.25% Sr. Sec. Nts., 7/15/15		4,285,000			4,713,500
					31,845,076
Diversified Financial Services—0.8%
ABN AMRO Bank NV, 1.375% Sr. Unsec. Nts., 1/22/165		1,420,000			1,421,847
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/265		9,238,368			9,422,211
Banco Invex SA, 31.938% Mtg.-Backed Certificates, Series 062U, 3/13/349,15		17,962,375	MXN		949,088
Caisse Centrale Desjardins du Quebec, 1.60% Sec. Bonds, 3/6/175		1,830,000			1,879,165
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/195		20,215,000			22,539,725
GMAC LLC, 8% Sr. Unsec. Nts., 11/1/31		4,540,000			5,765,800
ING Bank NV, 2.625% Sr. Sec. Nts., 12/5/225		3,820,000			3,806,703
Instituto de Credito Oficial:
5% Sr. Unsec. Unsub. Nts., 11/14/16		1,975,000			2,078,405
5% Sr. Unsec. Unsub. Nts., 4/10/17		3,395,000			3,560,323
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375% Sr. Unsec. Nts., 4/1/205		6,700,000			6,850,750
JPMorgan Hipotecaria su Casita:
8.397% Sec. Nts., 8/26/353,15		20,232,960	MXN		145,382
30.085% Mtg.-Backed Certificates, Series 06U, 9/25/3515		6,243,382	MXN		867,005
Korea Development Bank (The), 1.50% Sr. Unsec. Nts., 1/22/18		3,315,000			3,276,947
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/183		4,735,000			4,764,594
PHH Corp., 9.25% Sr. Unsec. Unsub. Nts., 3/1/16		4,905,000			5,751,113
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds3,16		755,000	GBP		1,143,966
Stanbic IBTC Holding Co., 12.468% Nts., 9/24/1314		538,000,000	NGN		3,199,836
					77,422,860
Insurance—0.0%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands), 1.70% Sr. Unsec. Nts., 3/19/18		470,000			468,665
Swiss Reinsurance Co. via ELM BV: 4.455% Sr. Sec. Sub. Nts., 5/25/494		470,000	AUD		434,981
7.635% Unsec. Sub. Nts., 12/29/49		190,000	AUD		200,977
					1,104,623
Real Estate Investment Trusts (REITs)—0.4%
FelCor Escrow Holdings LLC, 6.75% Sr. Sec. Nts., 6/1/19		6,025,000			6,567,250
FelCor Lodging LP, 5.625% Sr. Sec. Nts., 3/1/235		5,720,000			5,841,550

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 41

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs) Continued
Geo Group, Inc. (The), 5.125% Sr. Unsec. Nts., 4/1/235	$	5,725,000	$	5,796,563
OMEGA Healthcare Investors, Inc., 6.75% Sr. Unsec. Nts., 10/15/22		11,990,000		13,278,925
RHP Hotel Properties LP/RHP Finance Corp., 5% Sr. Unsec. Nts., 4/15/215,7		5,735,000		5,785,181
				37,269,469
Real Estate Management & Development—0.4%
BR Malls International Finance Ltd., 8.50% Sr. Unsec. Unsub. Nts., 1/29/495		4,225,000		4,673,906
Country Garden Holdings Co. Ltd., 7.50% Sr. Unsec. Unsub. Nts., 12/31/235		4,130,000		4,238,619
Realogy Corp.: 7.625% Sr. Sec. Nts., 1/15/205		9,400,000		10,645,500
9% Sr. Sec. Nts., 1/15/205		4,810,000		5,615,675
Wallace Theater Holdings, Inc., 12.50% Sr. Sec. Nts., 6/15/134,5		6,170,000		6,216,275
				31,389,975
Thrifts & Mortgage Finance—0.0%
Credit Mutuel/CIC Home Loan SFH, 1.50% Sec. Nts., 11/16/175		1,430,000		1,437,529
Health Care—1.4%
Biotechnology—0.1%
Grifols SA, 8.25% Sr. Sec. Nts., 2/1/18		3,760,000		4,154,800
Universal Hospital Services, Inc., 7.625% Sr. Sec. Nts, 8/15/20		6,350,000		6,865,938
				11,020,738
Health Care Equipment & Supplies—0.3%
Accellent, Inc., 10% Sr. Unsec. Sub. Nts., 11/1/17		5,680,000		5,055,200
Alere, Inc.: 7.25% Sr. Unsec. Nts., 7/1/185		4,585,000		4,894,488
8.625% Sr. Unsec. Sub. Nts., 10/1/18		604,907		645,738
Biomet, Inc.: 6.50% Sr. Unsec. Nts., 8/1/205		7,640,000		8,136,600
6.50% Sr. Unsec. Sub. Nts., 10/1/205		2,235,000		2,309,034
Hologic, Inc., 6.25% Sr. Unsec. Nts., 8/1/205		665,000		710,719
Kinetic Concepts, Inc./KCI USA, Inc., 10.50% Sec. Nts., 11/1/18		6,685,000		7,269,938
				29,021,717
Health Care Providers & Services—0.8%
Acadia Healthcare Co., Inc., 6.125% Sr. Unsec. Nts., 3/15/215		1,560,000		1,618,500
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/15		1,039		1,039
CDRT Holding Corp., 9.25% Sr. Unsec. Nts., 10/1/175,8		3,125,000		3,257,813
CHS/Community Health Systems, Inc., 7.125% Sr. Unsec. Unsub. Nts., 7/15/20		7,940,000		8,624,825
DaVita HealthCare Partners, Inc., 5.75% Sr. Unsec. Unsub. Nts., 8/15/22		3,205,000		3,345,219

42 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Health Care Providers & Services Continued
Fresenius Medical Care US Finance II, Inc.: 5.625% Sr. Unsec. Nts., 7/31/195	$	2,980,000	$	3,285,450
5.875% Sr. Unsec. Nts., 1/31/225		1,490,000		1,670,663
Gentiva Health Services, Inc., 11.50% Sr. Unsec. Unsub. Nts., 9/1/18		5,730,000		5,916,225
HCA, Inc., 7.50% Sr. Unsec. Unsub. Nts., 2/15/22		8,910,000		10,268,775
Health Management Associates, Inc., 7.375% Sr. Unsec. Nts., 1/15/20		3,045,000		3,357,113
HealthSouth Corp., 8.125% Sr. Unsec. Unsub. Nts., 2/15/20		5,056,000		5,599,520
Kindred Healthcare, Inc., 8.25% Sr. Unsec. Nts., 6/1/19		10,540,000		10,513,650
Multiplan, Inc., 9.875% Sr. Nts., 9/1/185		4,240,000		4,732,900
Radiation Therapy Services, Inc., 9.875% Sr. Unsec. Sub. Nts., 4/15/17		610,000		381,250
Tenet Healthcare Corp.: 4.50% Sr. Sec. Nts., 4/1/215		975,000		957,938
4.75% Sr. Sec. Nts., 6/1/205		1,560,000		1,571,700
US Oncology, Inc., Escrow Shares (related to 9.125% Sr. Sec. Nts., 8/15/17)9		8,495,000		212,375
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 8% Sr. Nts., 2/1/18		7,295,000		7,805,650
				73,120,605
Health Care Technology—0.0%
MedAssets, Inc., 8% Sr. Unsec. Nts., 11/15/18		1,175,000		1,289,563
Life Sciences Tools & Services—0.1%
Jaguar Holding Co./Jaguar Merger Sub, Inc., 9.50% Sr. Unsec. Nts., 12/1/195		3,730,000		4,298,825
Pharmaceuticals—0.1%
Mylan, Inc., 6% Sr. Nts., 11/15/185		3,865,000		4,246,433
Valeant Pharmaceuticals International, Inc., 6.875% Sr. Unsec. Nts., 12/1/185		2,915,000		3,146,378
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75% Sr. Unsec. Nts., 9/15/18		3,740,000		4,015,825
				11,408,636
Industrials—4.7%
Aerospace & Defense—1.0%
BE Aerospace, Inc., 6.875% Sr. Nts., 10/1/20		4,026,000		4,473,893
DigitalGlobe, Inc., 5.25% Sr. Unsec. Unsub. Nts., 2/1/215		2,980,000		2,972,550
DynCorp International, Inc., 10.375% Sr. Unsec. Nts., 7/1/17		17,005,000		16,834,950
Embraer SA, 5.15% Sr. Unsec. Unsub. Nts., 6/15/22		6,630,000		7,234,988
GenCorp, Inc., 7.125% Sec. Nts., 3/15/215		11,560,000		12,253,600
Huntington Ingalls Industries, Inc., 7.125% Sr. Unsec. Unsub. Nts., 3/15/21		8,420,000		9,198,850
Kratos Defense & Security Solutions, Inc., 10% Sr. Sec. Nts., 6/1/17		5,208,000		5,754,840
Schaeffler Finance BV, 8.50% Sr. Sec. Nts., 2/15/195		6,920,000		7,906,100
TransDigm, Inc., 7.75% Sr. Unsec. Sub. Nts., 12/15/18		12,130,000		13,373,325

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 43

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Aerospace & Defense Continued
Triumph Group, Inc., 8.625% Sr. Unsec. Nts., 7/15/18	$	12,170,000	$	13,584,763
				93,587,859
Air Freight & Logistics—0.2%
Air Medical Group Holdings, Inc., 9.25% Sr. Sec. Nts., 11/1/18		5,067,000		5,637,038
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/205		9,365,000		9,997,138
				15,634,176
Airlines—0.1%
American Airlines 2011-2 Class A Pass-Through Trust, 8.625% Sec. Certificates, 4/15/23		4,945,092		5,142,895
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/28/255		1,415,000		1,395,332
US Airways 2011-1 Class A Pass-Through Trust, 7.125% Sec. Certificates, 10/22/23		4,647,622		5,333,147
				11,871,374
Building Products—0.2%
Nortek, Inc.:
8.50% Sr. Unsec. Nts., 4/15/215		7,140,000		7,943,250
8.50% Sr. Unsec. Nts., 4/15/21		1,325,000		1,477,375
Ply Gem Industries, Inc., 9.375% Sr. Unsec. Nts., 4/15/17		10,455,000		11,552,775
				20,973,400
Commercial Services & Supplies—0.6%
Cenveo Corp., 8.875% Sec. Nts., 2/1/18		4,620,000		4,643,100
First Data Corp.: 6.75% Sr. Sec. Nts., 11/1/205		10,975,000		11,496,313
10.625% Sr. Unsec. Nts., 6/15/215,7		7,450,000		7,571,063
R.R. Donnelley & Sons Co., 7.25% Sr. Nts., 5/15/18		9,915,000		10,472,719
STHI Holding Corp., 8% Sec. Nts., 3/15/185		3,755,000		4,121,113
Tervita Corp., 8% Sr. Sec. Nts., 11/15/185		4,475,000		4,634,422
West Corp., 8.625% Sr. Unsec. Nts., 10/1/18		8,430,000		9,188,700
				52,127,430
Construction & Engineering—0.3%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/243		13,817,567		17,048,115
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/195		1,280,000		1,379,200
Odebrecht Finance Ltd., 7.125% Sr. Nts., 6/26/425		9,560,000		10,874,500
				29,301,815
Electrical Equipment—0.2%
Belden, Inc., 5.50%, Sr. Unsec. Sub. Nts., 9/1/225		5,300,000		5,459,000
General Cable Corp., 5.75% Sr. Unsec. Unsub. Nts., 10/1/225		5,440,000		5,576,000
Thermon Industries, Inc., 9.50% Sr. Sec. Nts., 5/1/17		5,237,000		5,839,255
				16,874,255

44 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Industrial Conglomerates—0.0%
GE Capital Australia Funding Pty Ltd., 7% Bonds, 10/8/15		2,230,000	AUD	$	2,496,452
Machinery—0.9%
Actuant Corp., 5.625% Sr. Unsec. Unsub. Nts., 6/15/22		5,730,000			5,973,525
ArvinMeritor, Inc., 10.625% Sr. Unsec. Nts., 3/15/18		3,992,000			4,326,330
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/195		7,755,000			8,385,094
CNH Capital LLC, 6.25% Sr. Unsec. Nts., 11/1/16		2,540,000			2,819,400
HD Supply, Inc., 7.50% Sr. Unsec. Nts., 7/15/205		11,630,000			12,269,650
Manitowoc Co., Inc. (The), 8.50% Sr. Unsec. Nts., 11/1/20		12,605,000			14,306,675
Milacron LLC/Mcron Finance Corp., 7.75% Sr. Unsec. Nts., 2/15/215		745,000			773,869
Navistar International Corp.: 3% Cv. Sr. Sub. Nts., 10/15/14		3,930,000			4,030,706
8.25% Sr. Unsec. Nts., 11/1/21		3,425,000			3,506,344
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21		11,050,000			11,685,375
Thermadyne Holdings Corp., 9% Sr. Sec. Nts., 12/15/17		9,300,000			10,183,500
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18		5,745,000			5,529,563
					83,790,031
Marine—0.3%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/175		5,680,000			5,765,200
Marquette Transportation Co./Marquette Transportation Finance Corp., 10.875% Sec. Nts., 1/15/17		13,580,000			14,598,500
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875% Sr. Sec. Nts., 11/1/17		2,750,000			2,822,188
					23,185,888
Professional Services—0.2%
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/155		4,708,000			4,213,660
FTI Consulting, Inc., 6% Sr. Unsec. Unsub. Nts., 11/15/225		9,245,000			9,822,813
					14,036,473
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.50% Sr. Unsec. Nts., 4/1/235,7		5,950,000			5,964,875
Kenan Advantage Group, Inc. (The), 8.375% Sr. Unsec. Nts., 12/15/185		5,360,000			5,654,800
Western Express, Inc., 12.50% Sr. Sec. Nts., 4/15/155		18,908,000			13,897,380
					25,517,055
Trading Companies & Distributors—0.4%
Air Lease Corp., 4.75% Sr. Unsec. Unsub. Nts., 3/1/20		11,555,000			11,901,650
Aircastle Ltd., 6.25% Sr. Unsec. Nts., 12/1/19		4,355,000			4,779,613
International Lease Finance Corp.: 3.875% Sr. Unsec. Unsub. Nts., 4/15/18		4,470,000			4,472,794
4.625% Sr. Unsec. Unsub. Nts., 4/15/21		2,980,000			2,978,138
8.625% Sr. Unsec. Unsub. Nts., 9/15/15		835,000			952,944
8.75% Sr. Unsec. Unsub. Nts., 3/15/17		6,613,000			7,811,606

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 45

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount		Value
Trading Companies & Distributors Continued
United Rentals North America, Inc., 7.375% Sr. Unsec. Nts., 5/15/20	$	6,240,000	$	6,957,600
				39,854,345
Information Technology—1.4%
Communications Equipment—0.1%
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/195		5,025,000		4,937,063
ViaSat, Inc., 6.875% Sr. Unsec. Unsub. Nts., 6/15/20		4,298,000		4,631,095
Zayo Group LLC/Zayo Capital, Inc., 8.125% Sr. Sec. Nts., 1/1/20		2,155,000		2,424,375
				11,992,533
Computers & Peripherals—0.1%
Seagate HDD (Cayman), 7% Sr. Unsec. Nts., 11/1/21		10,640,000		11,597,600
Electronic Equipment, Instruments & Components—0.1%
Anixter, Inc., 5.625% Sr. Unsec. Nts., 5/1/19		3,575,000		3,816,313
Internet Software & Services—0.2%
Equinix, Inc., 4.875% Sr. Unsec. Nts., 4/1/20		5,730,000		5,801,625
IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/225		5,740,000		5,639,550
ITC DeltaCom, Inc., 10.50% Sr. Sec. Nts., 4/1/16		9,090,000		9,606,994
				21,048,169
IT Services—0.6%
Ceridian Corp., 11.25% Sr. Unsec. Nts., 11/15/15		5,930,000		6,152,375
First Data Corp.: 8.25% Sec. Nts., 1/15/215		5,590,000		5,841,550
9.875% Sr. Unsec. Nts., 9/24/15		4,515,000		4,673,025
12.625% Sr. Unsec. Nts., 1/15/21		10,195,000		11,099,806
iPayment, Inc., 10.25% Sr. Unsec. Nts., 5/15/18		15,720,000		14,619,600
WEX, Inc., 4.75% Sr. Unsec. Nts., 2/1/235		7,455,000		7,249,988
				49,636,344
Semiconductors & Semiconductor Equipment—0.2%
Advanced Micro Devices, Inc., 7.50% Sr. Unsec. Nts., 8/15/225		2,850,000		2,600,625
Freescale Semiconductor, Inc.: 9.25% Sr. Sec. Nts., 4/15/185		9,975,000		10,997,438
10.75% Sr. Unsec. Nts., 8/1/20		7,099,000		8,092,860
				21,690,923
Software—0.1%
Infor US, Inc., 9.375% Sr. Unsec. Nts., 4/1/19		1,795,000		2,044,056
SunGard Data Systems, Inc.: 7.375% Sr. Unsec. Nts., 11/15/18		2,685,000		2,886,375
7.625% Sr. Unsec. Nts., 11/15/20		1,505,000		1,638,569
				6,569,000
Materials—3.2%
Chemicals—0.8%
ADS Waste Holdings, Inc., 8.25% Sr. Nts., 10/1/205		1,425,000		1,542,563

46 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Chemicals Continued
Alphabet Holding Co., Inc., 7.75% Sr. Unsec. Nts., 11/1/175,8	$	5,435,000	$	5,679,575
Braskem Finance Ltd., 5.375% Sr. Unsec. Nts., 5/2/225		4,975,000		5,166,538
Eagle Spinco, Inc., 4.625% Sr. Unsec. Nts., 2/15/215		4,475,000		4,570,094
Georgia Gulf Corp., 4.875% Sr. Unsec. Nts., 5/15/235		1,120,000		1,143,800
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875% Sr. Sec. Nts., 2/1/18		4,775,000		4,966,000
Hexion US Finance Corp., 6.625% Sr. Sec. Nts., 4/15/205		3,125,000		3,148,438
Huntsman International LLC: 4.875% Sr. Unsec. Nts., 11/15/205		2,345,000		2,371,381
4.875% Sr. Unsec. Unsub. Nts., 11/15/20		2,265,000		2,290,481
Ineos Finance plc, 8.375% Sr. Sec. Bonds, 2/15/195		7,170,000		7,958,700
LyondellBasell Industries NV, 6% Sr. Unsec. Nts., 11/15/21		3,825,000		4,551,750
Mexichem SAB de CV: 4.875% Sr. Unsec. Nts., 9/19/225		4,370,000		4,643,125
6.75% Sr. Unsec. Nts., 9/19/425		3,415,000		3,794,919
Momentive Performance Materials, Inc., 8.875% Sr. Sec. Nts., 10/15/20		5,035,000		5,211,225
PetroLogistics LP/PetroLogistics Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/205		1,490,000		1,506,763
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/235		1,490,000		1,508,625
PQ Corp., 8.75% Sr. Sec. Nts., 5/1/185		5,715,000		6,115,050
Scotts Miracle-Gro Co. (The), 6.625% Sr. Unsec. Unsub. Nts., 12/15/20		140,000		153,300
Sun Products Corp. (The), 7.75% Sr. Unsec. Nts., 3/15/215		5,725,000		5,796,563
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 8.75% Sr. Sec. Nts., 2/1/195		5,785,000		5,741,613
				77,860,503
Construction Materials—0.4%
Building Materials Corp. of America, 6.75% Sr. Nts., 5/1/215		5,765,000		6,312,675
CEMEX Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/195		9,725,000		11,244,045
CEMEX Espana SA, 9.25% Sr. Sec. Nts., 5/12/205		6,600,000		7,359,000
CEMEX Finance LLC, 9.375% Sr. Sec. Nts., 10/12/225		8,565,000		9,999,638
Ply Gem Industries, Inc., 8.25% Sr. Sec. Nts., 2/15/18		6,230,000		6,814,063
				41,729,421
Containers & Packaging—0.5%
Ardagh Packaging Finance plc/Ardagh MP Holdings USA, Inc., 7% Sr. Unsec. Nts., 11/15/205		7,865,000		8,100,950
Consolidated Container Co. LLC/Consolidated Container Capital, Inc., 10.125% Sr. Unsec. Nts., 7/15/205		2,160,000		2,376,000
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/235		11,555,000		11,266,125
Graphic Packaging International, Inc., 4.75% Sr. Unsec. Nts., 4/15/217		1,115,000		1,133,119
Polymer Group, Inc., 7.75% Sr. Sec. Nts., 2/1/19		10,450,000		11,442,750

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 47

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Containers & Packaging Continued
Sealed Air Corp.: 5.25% Sr. Unsec. Nts., 4/1/235	$	5,770,000		$	5,806,063
6.50% Sr. Unsec. Nts., 12/1/205		5,145,000			5,659,500
					45,784,507
Metals & Mining—1.2%
Aleris International, Inc.: 7.625% Sr. Unsec. Nts., 2/15/18		8,680,000			9,244,200
7.875% Sr. Unsec. Unsub. Nts., 11/1/20		9,150,000			9,744,750
Alrosa Finance SA, 7.75% Nts., 11/3/205		15,370,000			18,074,352
Consolidated Minerals Ltd., 8.875% Sr. Sec. Nts., 5/1/165		4,650,000			4,522,125
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/195		5,205,000			5,803,575
CSN Resources SA, 6.50% Sr. Unsec. Unsub. Nts., 7/21/205		9,070,000			9,745,715
Ferrexpo Finance plc, 7.875% Sr. Unsec. Bonds, 4/7/165		7,190,000			7,207,975
JMC Steel Group, Inc., 8.25% Sr. Unsec. Nts., 3/15/185		740,000			788,100
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/325		5,155,000			5,464,300
Novelis, Inc., 8.75% Sr. Unsec. Nts., 12/15/20		2,235,000			2,531,138
Novolipetsk Steel OJSC, 4.95% Nts., 9/26/195		2,880,000			2,923,920
OJSC Novolipetsk Steel via Steel Funding Ltd., 4.45% Unsec. Nts., 2/19/185		7,825,000			7,844,563
Samarco Mineracao SA, 4.125% Sr. Unsec. Nts., 11/1/225		4,855,000			4,736,053
Severstal OAO Via Steel Capital SA: 4.45% Sr. Unsec. Nts., 3/19/185		8,125,000			8,084,375
5.90% Sr. Unsec. Nts., 10/17/225		4,980,000			4,967,550
Walter Energy, Inc.: 8.50% Sr. Unsec. Nts., 4/15/215		2,980,000			3,061,950
9.875% Sr. Unsec. Unsub. Nts., 12/15/205		5,080,000			5,537,200
					110,281,841
Paper & Forest Products—0.3%
Catalyst Paper Corp.: 11.995% Sr. Sec. Nts., 10/30/171,8		13,074,634			10,459,707
13% Sec. Nts., 9/13/161,4,5		3,328,703			3,228,842
NewPage Corp., 11.375% Sr. Sec. Nts., 12/31/149		12,663,593			4,812,165
Norske Skogindustrier ASA, 6.125% Unsec. Bonds, 10/15/155		7,060,000			5,365,600
					23,866,314
Telecommunication Services—3.4%
Diversified Telecommunication Services—1.5%
Brasil Telecom SA, 9.75% Sr. Unsec. Nts., 9/15/165		11,210,000	BRR		5,783,212
Cequel Communications Escrow 1 LLC/Cequel Escrow Capital Corp., 6.375% Sr. Nts., 9/15/205		21,685,000			22,606,613
Cincinnati Bell, Inc.: 8.25% Sr. Nts., 10/15/17		727,500			774,788
8.375% Sr. Unsec. Unsub. Nts., 10/15/20		2,235,000			2,335,575
8.75% Sr. Unsec. Sub. Nts., 3/15/18		2,645,000			2,638,388

48 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount			Value
Diversified Telecommunication Services Continued
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/225	$	2,185,000		$	2,195,925
Fairpoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/195		18,620,000			18,154,500
Frontier Communications Corp., 7.625% Sr. Unsec. Unsub. Nts., 4/15/247		1,490,000			1,536,563
Intelsat Bermuda Ltd.: 11.25% Sr. Unsec. Nts., 2/4/17		1,165,000			1,242,181
11.50% Sr. Unsec. Nts., 2/4/178		5,259,375			5,588,086
Intelsat Jackson Holdings SA, 7.25% Sr. Unsec. Nts., 10/15/20		5,205,000			5,738,513
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/215,7		7,445,000			7,593,900
Level 3 Communications, Inc., 8.875% Sr. Unsec. Nts., 6/1/195		7,685,000			8,424,681
Level 3 Financing, Inc., 9.375% Sr. Unsec. Unsub. Nts., 4/1/19		3,405,000			3,834,711
Qtel International Finance Ltd., 3.875% Sr. Unsec. Nts., 1/31/285		2,680,000			2,652,637
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/225		7,540,000			7,444,966
Telemar Norte Leste SA, 5.50% Sr. Unsec. Nts., 10/23/205		21,225,000			22,233,188
tw telecom holdings, inc., 5.375% Sr. Unsec. Unsub. Nts., 10/1/22		7,805,000			8,175,738
Wind Acquisition Finance SA, 7.25% Sr. Sec. Nts., 2/15/185		9,355,000			9,787,669
Windstream Corp., 6.375% Sr. Unsec. Nts., 8/1/235		3,725,000			3,715,688
					142,457,522
Wireless Telecommunication Services—1.9%
America Movil SAB de CV: 6.45% Sr. Unsec. Nts., 12/5/22		146,450,000	MXN		12,524,333
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		42,300,000	MXN		3,941,582
Cricket Communications, Inc., 7.75% Sr. Unsec. Nts., 10/15/20		7,695,000			7,714,238
Crown Castle International Corp., 5.25% Sr. Unsec. Nts., 1/15/23		3,560,000			3,635,650
Digicel Group Ltd., 8.25% Sr. Unsec. Nts., 9/30/205		2,605,000			2,774,325
Digicel Ltd., 6% Sr. Unsec. Nts., 4/15/215		4,695,000			4,683,263
Leap Wireless International, Inc., 4.50% Cv. Sr. Unsec. Nts., 7/15/14		4,980,000			5,098,275
MetroPCS Wireless, Inc.: 6.25% Sr. Unsec. Nts., 4/1/215		5,735,000			5,856,869
6.625% Sr. Unsec. Nts., 11/15/20		9,170,000			9,617,038
6.625% Sr. Unsec. Nts., 4/1/235		5,730,000			5,866,088
MTS International Funding Ltd., 8.625% Sr. Unsec. Nts., 6/22/205		11,780,000			15,019,500
SBA Telecommunications, Inc., 5.75% Sr. Unsec. Unsub. Nts., 7/15/205		2,880,000			3,006,000
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		5,165,000			5,307,038
Sprint Nextel Corp., 9% Sr. Unsec. Nts., 11/15/185		4,305,000			5,332,819
Vimpel Communications: 8.85% Sr. Unsec. Nts., 3/8/224		78,800,000	RUR		2,554,053
8.85% Sr. Unsec. Nts., 3/8/224		78,800,000	RUR		2,561,654
Vimpel Communications/VIP Finance Ireland Ltd. OJSC: 7.748% Sec. Nts., 2/2/215		8,055,000			9,041,738
9.125% Sr. Unsec. Nts., 4/30/185		16,670,000			19,866,473

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 49

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Wireless Telecommunication Services Continued
VimpelCom, 7.504% Sr. Unsec. Unsub. Nts., 3/1/225	$	18,340,000		$	20,454,602
VimpelCom Holdings BV: 5.95% Sr. Unsec. Unsub. Nts., 2/13/235		14,630,000			14,611,713
9% Sr. Unsec. Nts., 2/28/18		228,000,000	RUR		7,543,855
Wind Acquisition Finance SA, 11.75% Sr. Sec. Nts., 7/15/175		3,270,000			3,482,550
					170,493,656
Utilities—2.2%
Electric Utilities—1.1%
Electricite de France SA, 5.25% Jr. Sub. Perpetual Bonds4,5,16		2,355,000			2,345,599
Empresa Distribuidora y Comercializadora Norte SA, 9.75% Nts., 10/25/225		2,860,000			1,372,800
Empresas Publicas de Medellin ESP: 7.625% Sr. Unsec. Nts., 7/29/195		830,000			1,019,240
8.375% Sr. Unsec. Unsub. Nts., 2/1/215		10,700,000,000	COP		6,843,194
Eskom Holdings Ltd.: 7.85% Sr. Unsec. Unsub. Nts., Series ES26, 4/2/26		130,000,000	ZAR		14,080,852
10% Nts., Series ES23, 1/25/23		162,000,000	ZAR		21,071,082
Israel Electric Corp. Ltd.: 6.70% Sr. Unsec. Nts., 2/10/175		7,000,000			7,805,602
7.25% Nts., 1/15/195		27,830,000			32,007,116
9.375% Sr. Sec. Nts., 1/28/205		2,395,000			3,011,107
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		421,000,000	PHP		11,539,753
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/215		1,620,000			1,765,800
					102,862,145
Energy Traders—0.7%
AES Corp. (The): 7.375% Sr. Unsec. Unsub. Nts., 7/1/21		3,745,000			4,362,925
8% Sr. Unsec. Unsub. Nts., 10/15/17		4,100,000			4,843,125
Calpine Corp.: 7.50% Sr. Sec. Nts., 2/15/215		3,825,000			4,217,063
7.875% Sr. Sec. Nts., 1/15/235		3,563,000			3,972,745
Colbun SA, 6% Sr. Unsec. Nts., 1/21/205		10,565,000			11,931,139
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.: 10% Sr. Sec. Nts., 12/1/205		8,815,000			9,960,950
11.75% Sec. Nts., 3/1/225		9,385,000			10,839,675
First Wind Capital LLC, 10.25% Sr. Sec. Nts., 6/1/185		1,303,000			1,390,953
Foresight Energy LLC, 9.625% Sr. Unsec. Nts., 8/15/175		6,705,000			7,291,688
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 3/15/235		5,210,000			5,548,650
					64,358,913
Gas Utilities—0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20		11,290,000			12,334,245
Empresa de Energia de Bogota SA ESP, 6.125% Sr. Unsec. Unsub. Nts., 11/10/215		6,560,000			7,347,200

50 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount				Value
Gas Utilities Continued
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/235,7	$	4,695,000			$	4,706,738
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/225		6,600,000				7,227,000
						31,615,183
Multi-Utilities—0.1%
Abu Dhabi National Energy Co., 3.625% Sr. Unsec. Unsub. Nts., 1/12/235		6,365,000				6,444,563
Total Corporate Bonds and Notes (Cost $3,342,741,985)						3,405,007,096
	Shares
Preferred Stocks—0.1%
Ally Financial, Inc., 7% Cum., Series G, Non-Vtg. (Cost $10,930,603)		11,726				11,597,014
Common Stocks—0.2%
American Media Operations, Inc.1,2		801,816		��		9,220,884
Arco Capital Corp. Ltd.1,2,3		2,494,716				—
Catalyst Paper Corp.1,2		754,474				1,708,215
Global Aviation Holdings, Inc.2		7,700				—
Goldman Sachs Group, Inc. (The)		4,249				625,240
Nortek, Inc.2		86,282				6,157,085
Premier Holdings Ltd.2		1,088,661				—
Wallace Theater Holdings, Inc. (related to Sr. Sec. Nts., 6/15/13)2,5		6,170				36,218
Total Common Stocks (Cost $69,068,298)						17,747,642
	Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/172 (Cost $24,912,707)		88,579				3,187
	Principal Amount
Structured Securities—2.5%
Citigroup Funding, Inc.: Colombia (Republic of) Credit Linked Nts., 11%, 7/27/203		10,300,000,000	COP			7,719,770
Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/143,4		4,930,000	GHS			2,493,117
Citigroup Global Markets Holdings, Inc.: Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/183		8,155,000,000	COP			5,944,363
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		27,785,000,000	COP			21,839,117
Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/243		10,250,000,000	COP			8,056,539
Colombia (Republic of) Total Return Linked Bonds, Series 2, 11%, 7/27/20		10,191,000,000	COP			7,638,075
Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/143,14		273,000,000	RSD			2,878,074
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/119		196,587,000	RUR			—

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 51

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Principal Amount			Value
Structured Securities Continued
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/109		335,100,000	RUR	$	—
Deutsche Bank AG: Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/253,14		4,494,242			3,274,535
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/253,14		5,726,355			4,172,260
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/253,14		4,943,791			3,602,079
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/253,14		4,419,125			3,219,804
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/253,14		5,502,169			4,008,917
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.238%, 5/6/253,14		6,279,892			4,575,571
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/253,14		5,016,898			3,655,346
Coriolanus Ltd. Sec. Credit Linked Bonds, 3.338%, 5/6/253,14		4,715,670			3,435,869
Coriolanus Ltd. Sec. Credit Linked Nts., 17.236%, 12/31/173,15		36,050,000	BRR		23,441,643
Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/153,4		1,803,555	MXN		137,565
Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/153,4		3,155,364	MXN		240,674
Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/153,4		47,575,229	MXN		3,628,774
Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/153,4		3,467,217	MXN		264,460
Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/153,4		2,518,999	MXN		192,135
Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/153,4		1,608,758	MXN		122,707
Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/153,4		296,268	MXN		22,598
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/243		57,780,000,000	COP		45,318,764
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/373,14		1,131,000,000	MXN		9,275,858
Hallertau SPC Credit Linked Nts.: Series 2007-01, 2.559%, 12/20/173,4		24,000,000			23,889,600
Series 2008-01, 9.878%, 8/2/103,9,14		37,994,727	BRR		—
HSBC Bank plc: Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/143,14		274,000,000	RSD		2,893,163
Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/143,14		544,000,000	RSD		5,516,878
JPMorgan Chase & Co.: Colombia (Republic of) Credit Linked Nts., 11%, 7/28/203		4,890,000,000	COP		3,664,754
Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/243		580,000,000	COP		455,866
LB Peru Trust II Certificates, Series 1998-A, 10.21%, 2/28/169,14		14,029,589			1,402,959
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/163		7,928,000,000	COP		5,026,061
Morgan Stanley: Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/173		15,932,000	PEN		6,338,352
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		171,391,025	RUR		2,701,387
Standard Bank plc: Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/143,4		2,700,000	GHS		1,369,997
Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/143,14		134,000,000	RSD		1,425,638
Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/143,14		135,000,000	RSD		1,426,576
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/133,4		2,430,000	GHS		1,227,691
Total Structured Securities (Cost $255,753,932)					226,497,536

52 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Expiration Date		Strike Price		Contracts		Value
Options Purchased—0.0%
Australian Dollar (AUD) Put2		4/4/13		1 AUD per 1.020 USD		4,675,000	$	473
British Pound Sterling (GBP) Put2		6/10/13		1 GBP per 1.480 USD		7,010,000		50,484
British Pound Sterling (GBP) Put2		6/10/13		1 GBP per 1.480 USD		4,670,000		33,632
Dual digital option with $1,000,000 payout contingent on: British pound (GBP)/United States Dollar (USD) spot rates, and; United States Dollar (USD)/Indian Rupee (INR) spot rates at expire date2		8/28/13		Spot trades at or below: 1 GBP per 1.4981 USD Spot trades at or below: 1 USD per 54.06 INR		373,000		21,260
Japanese Yen (JPY) Call2		4/25/13		1 USD per 88.000 JPY		831,000,000		4,770
Japanese Yen (JPY) Call2		5/1/13		1 USD per 89.000 JPY		1,641,000,000		28,258
Japanese Yen (JPY) Put2		6/12/13		1 USD per 98.000 JPY		2,064,000,000		161,508
U.S. Treasury Nts., 10 yr. Futures, 6/19/13 Put2		5/27/13		132.000		1,753		1,506,484
Total Options Purchased (Cost $2,315,728)								1,806,869

	Swaption Expiration Date		Notional Amount
Swaptions Purchased—0.2%
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.16875%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/17/242		1/16/14	$	4,735,000		142,077
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.175%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/232		5/1/13		112,090,000		331,262
Bank of America NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.24%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/10/232		6/7/13		148,490,000		808,330
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: 5.50%; Received: Protection on iTraxx Europe Crossover Series 18 Version 1; Termination Date: 12/20/172		4/18/13		7,040,000	EUR	3,563
Bank of America NA; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Received: 1.40%; Termination Date: 12/20/172		6/20/13		9,365,000	EUR	21,272
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.055%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/20/172		4/19/13		103,650,000		93,263
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.3725%; Received: Three-Month USD BBA LIBOR; Termination Date: 12/16/172		12/15/15		168,675,000		1,672,316
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 1.505%; Received: Three-Month USD BBA LIBOR; Termination Date: 1/12/182		1/11/16		93,715,000		906,498
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.33%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/432		6/21/13		4,695,000		34,153

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 53

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased Continued
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.48%; Received: Three-Month USD BBA LIBOR; Termination Date: 4/27/472		4/26/17	$	18,080,000		$	2,224,578
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: 3.537%; Received: Six-Month GBP BBA LIBOR; Termination Date: 1/25/462		1/26/16		4,715,000	GBP		567,687
Barclays Bank plc; Credit Default Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 4%; Termination Date: 12/20/172		4/18/13		4,685,000	EUR		19,872
Barclays Bank plc; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 0.935%; Termination Date: 2/3/172		1/31/14		124,040,000			1,019,464
Goldman Sachs Bank USA; Interest Rate Swaption (European); Swap Terms: Paid: 3.275%; Received: Six-Month GBP BBA LIBOR; Termination Date: 12/4/452		12/7/15		4,755,000	GBP		696,433
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 2%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/4/232		6/3/13		224,150,000			3,078,139
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.06%; Received: Three-Month USD BBA LIBOR; Termination Date: 8/29/432		8/28/13		18,600,000			711,267
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.32%; Received: Three-Month KRW CD KSDA; Termination Date: 1/5/232		1/5/18		9,480,000,000	KRW		113,366
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: 3.70%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/21/442		2/20/14		74,420,000			1,474,881
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.0425%; Termination Date: 7/29/162		7/26/13		186,660,000			425,553
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.48%; Termination Date: 4/15/432		4/12/13		79,020,000			33
Goldman Sachs International; Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 3.165%; Termination Date: 5/15/332		5/14/13		78,300,000			3,822
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.13%: Received: Three-Month USD BBA LIBOR; Termination Date: 5/3/232		5/2/13		56,000,000			235,827
JPMorgan Chase Bank NA; Interest Rate Swaption (European); Swap Terms: Paid: 2.484%: Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/232		9/23/13		9,385,000			85,217
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: 1.146%; Received: Three-Month USD BBA LIBOR; Termination Date: 5/2/182		5/1/13		186,820,000			123,860
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.015%; Termination Date: 1/26/192		1/25/17		39,415,000	EUR		726,629

54 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Swaption Expiration Date		Notional Amount			Value
Swaptions Purchased Continued
UBS AG; Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 1.205%; Termination Date: 8/27/182		8/28/13		12,910,000	GBP	$	195,904
Total Swaptions Purchased (Cost $27,041,984)							15,715,266
			Shares
Investment Companies—8.0%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%1,17				81,429,285			81,429,285
Oppenheimer Master Event-Linked Bond Fund, LLC1				13,448,817			171,365,826
Oppenheimer Master Loan Fund, LLC1				34,616,573			466,187,755
Oppenheimer Short Duration Fund, Cl. Y1				2,021,309			20,253,515
Total Investment Companies (Cost $723,840,802)							739,236,381
Total Investments, at Value (Cost $11,280,171,809)				123.4	%		11,371,970,119
Liabilities in Excess of Other Assets				(23.4	)		(2,156,913,146	)
Net Assets				100.0	%	$	9,215,056,973

Footnotes to Statement of Investments

*March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

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

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
GHS	Ghana Cedi
HUF	Hungarian Forint
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso

MYR	Malaysian Ringgit
NGN	Nigeria Naira
NOK	Norwegian Krone
PEN	Peruvian New Sol
PHP	Philippines Peso
PLZ	Polish Zloty
RSD	Serbian Dinar
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira
UYU	Uruguay Peso
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 28, 2013, 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/Principal September 28, 2012a		Gross Additions		Gross Reductions		Shares/Principal March 28, 2013
American Media Operations, Inc.		801,816		—		—		801,816
Arco Capital Corp. Ltd.		2,494,716		—		—		2,494,716
Catalyst Paper Corp.		754,474		—		—		754,474
Catalyst Paper Corp., 11.995% Sr. Sec. Nts., 10/30/17		13,074,634		—		—		13,074,634
Catalyst Paper Corp., 13% Sec. Nts., 9/13/16		3,328,703		—		—		3,328,703
Greektown Superholdings, Inc., Series A-1		11,417		—		11,417		—

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 55

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

	Shares/Principal September 28, 2012a		Gross Additions			Gross Reductions				Shares/Principal March 28, 2013
Greektown Superholdings, Inc., Cv., Series A-1		90,979			—			90,979				—
Oppenheimer Core Bond Fund, C. Y		—			7,906,328			7,906,328				—
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.b		15,000			—			—				15,000
Oppenheimer Institutional Money Market Fund, Cl. E		76,611,744			1,403,978,652			1,399,161,111				81,429,285
Oppenheimer International Bond Fund, Cl. Y		—			3,343,516			3,343,516				—
Oppenheimer Master Event-Linked Bond Fund, LLC		14,040,336			—			591,519				13,448,817
Oppenheimer Master Loan Fund, LLC		86,834,596			6,265,387			58,483,410				34,616,573
Oppenheimer Short Duration Fund, Cl. Y		2,015,944			5,365			—				2,021,309
			Value			Income				Realized Gain (Loss)
American Media Operations, Inc.				$	9,220,884		$	—			$	—
Arco Capital Corp. Ltd.					—			—				—
Catalyst Paper Corp.					1,708,215			—				—
Catalyst Paper Corp., 11.995% Sr. Sec. Nts., 10/30/17					10,459,707			843,761				—
Catalyst Paper Corp., 13% Sec. Nts., 9/13/16					3,228,842			235,638				—
Greektown Superholdings, Inc., Series A-1					—			—				(7,453,753	)
Greektown Superholdings, Inc., Cv., Series A-1					—			—				(914,339	)
Oppenheimer Core Bond Fund, C. Y					—			53,676				5,156,791
Oppenheimer Global Strategic Income Fund (Cayman) Ltd.b					1,424,423			—				—
Oppenheimer Institutional Money Market Fund, Cl. E					81,429,285			112,680				—
Oppenheimer International Bond Fund, Cl. Y					—			22,435				826,378
Oppenheimer Master Event-Linked Bond Fund, LLC					171,365,826			7,695,095	c			(1,061,389	)c
Oppenheimer Master Loan Fund, LLC					466,187,755			34,638,264	d			9,386,055	d
Oppenheimer Short Duration Fund, Cl. Y					20,253,515			53,758				—
				$	765,278,452		$	43,655,307			$	5,939,743

a. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year. See Note 1 of the accompanying Notes.

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

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

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

2. Non-income producing security.

3. Restricted security. The aggregate value of restricted securities as of March 28, 2013 was $344,808,206, which represents 3.74% of the Fund’s net assets. See Note 7 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Ally Auto Receviables Trust, Automobile Receivables Nts., Series 2012-A, Cl. D, 3.15%, 10/15/18		6/8/12		$	7,551,680		$	7,996,573		$	444,893
AmeriCredit Automobile Receivables Trust 2013-1, Automobile Receivables-Backed Nts., Series 2013-1, Cl. E, 3.92%, 7/8/20		1/15/13-3/25/13			8,466,010			8,570,605			104,595
Arco Capital Corp. Ltd.		2/27/07			37,420,740			—			(37,420,740	)

56 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/16		3/11/13-3/20/13		$	4,766,177		$	4,617,098		$	(149,079	)
Bank of India (London), 3.625% Sr. Unsec. Unsub. Nts., 9/21/18		3/14/13			4,672,647			4,715,870			43,223
BCAP LLC Trust, Mtg. Pass-Through Certificates, Series 2012-RR6, Cl. 1A5, 2.402%, 11/1/36		6/14/12			797,019			806,789			9,770
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 6.69%, 6/15/24		4/21/97			134,045			36,772			(97,273	)
Citigroup Funding, Inc., Colombia (Republic of) Credit Linked Nts., 11%, 7/27/20		11/27/12			7,531,949			7,719,770			187,821
Citigroup Funding, Inc., Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13			2,539,387			2,493,117			(46,270	)
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		12/9/08			3,465,578			5,944,363			2,478,785
Citigroup Global Markets Holdings, Inc., Colombia (Republic of) Credit Linked Nts., Series 2, 10%, 7/25/24		3/28/12			7,170,662			8,056,539			885,877
Citigroup Global Markets Holdings, Inc., Serbia (Republic of) Credit Linked Bonds, 10.933%, 1/5/14		1/18/13			2,998,718			2,878,074			(120,644	)
Citigroup Mortgage Loan Trust, Inc. 2012-8, Mtg. Pass-Through Certificates, Series 2012-8, Cl. 1A1, 2.671%, 10/1/35		8/1/12			3,926,892			3,901,894			(24,998	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, Series 128, 3.006%, 5/6/25		10/8/10			3,178,285			3,274,535			96,250
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.338%, 5/6/25		4/16/09			3,250,803			3,435,869			185,066
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.266%, 5/6/25		8/18/09			3,475,878			3,655,346			179,468
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.238%, 5/6/25		9/25/09			4,359,573			4,575,571			215,998
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.187%, 5/6/25		12/17/09			3,834,033			4,008,917			174,884
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.134%, 5/6/25		3/30/10			3,091,901			3,219,804			127,903
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.10%, 5/6/25		5/18/10			3,469,227			3,602,079			132,852
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 3.061%, 5/6/25		7/16/10			4,030,639			4,172,260			141,621
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Nts., 17.236%, 12/31/17		9/19/07			16,510,951			23,441,643			6,930,692
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.746%, 5/22/15		5/21/08			173,895			137,565			(36,330	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.746%, 5/22/15		6/12/08			297,596			240,674			(56,922	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.746%, 5/22/15		6/18/08			4,615,780			3,628,774			(987,006	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.746%, 5/22/15		7/8/08			336,091			264,460			(71,631	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.746%, 5/22/15		7/15/08			244,584			192,135			(52,449	)

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 57

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.746%, 5/22/15		8/8/08		$	158,390		$	122,707		$	(35,683	)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.746%, 5/22/15		8/22/08			28,080			22,598			(5,482	)
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.99%, 10/15/30		6/27/01			18,474,654			25,816,237			7,341,583
FDIC Trust, Commerical Mtg. Pass-Through Certificates, Series 2012-C1, Cl. A, 0.841%, 5/1/35		5/10/12			4,077,448			4,081,403			3,955
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., Cl. B, 10%, 7/30/24		9/12/12			40,783,311			45,318,764			4,535,453
Goldman Sachs Group, Inc. (The), United Mexican States Credit Linked Nts., 9.05%, 2/8/37		9/12/12			11,643,993			9,275,858			(2,368,135	)
Hallertau SPC Credit Linked Nts., Series 2007-01, 2.559%, 12/20/17		12/13/07-10/23/09			23,147,258			23,889,600			742,342
Hallertau SPC Credit Linked Nts., Series 2008-01, 9.878%, 8/2/10		4/18/08-5/6/08			19,017,779			—			(19,017,779	)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 10.909%, 1/27/14		1/15/13			2,986,422			2,893,163			(93,259	)
HSBC Bank plc, Serbia (Republic of) Credit Linked Nts., 12.168%, 6/16/14		12/11/12			5,409,165			5,516,878			107,713
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. B, 2.165%, 8/15/22		11/6/07			18,857,901			17,535,000			(1,322,901	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. C, 3.465%, 8/15/22		6/8/07			17,780,000			13,690,600			(4,089,400	)
Ice 1 Em CLO Ltd./Ice 1 Em CLO Corp., Sr. Sec. Sub. Term Nts., Series 2007-1A, Cl. D, 5.465%, 8/15/22		6/8/07			17,780,000			13,779,500			(4,000,500	)
Igloo Holdings Corp., 8.25% Sr. Unsec. Nts., 12/15/17		12/13/12-12/14/12			10,316,425			10,656,380			339,955
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24		8/3/06-7/30/08			14,496,042			17,048,115			2,552,073
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., 11%, 7/28/20		8/24/10			3,279,896			3,664,754			384,858
JPMorgan Chase & Co., Colombia (Republic of) Credit Linked Nts., Series B, 10%, 7/26/24		3/13/13			473,460			455,866			(17,594	)
JPMorgan Hipotecaria su Casita, 8.397% Sec. Nts., 8/26/35		3/21/07			1,834,690			145,382			(1,689,308	)
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/24		1/28/02			164,194			147,672			(16,522	)
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.697%, 3/24/14		2/23/01	��		3,209,935			456			(3,209,479	)
Magyar Export-Import Bank RT, 5.50% Sr. Unsec. Nts., 2/12/18		12/5/12-12/10/12			4,692,721			4,764,594			71,873
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16		10/20/06			3,387,746			5,026,061			1,638,315
MHP SA, 8.25% Sr. Unsec. Nts., 4/2/20		3/21/13			4,885,000			4,851,416			(33,584	)

58 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Security	Acquisition Dates		Cost			Value			Unrealized Appreciation (Depreciation)
Morgan Stanley, Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/17		7/10/07		$	4,984,797		$	6,338,352		$	1,353,555
Morgan Stanley, Re-Securitized Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2012-R3, Cl. 1B, 2.404%, 11/1/36		10/24/12			6,627,463			6,956,332			328,869
NC Finance Trust, Collateralized Mtg. Obligation Pass-Through Certificates, Series 1999-I, Cl. ECFD, 3.405%, 1/25/29		8/10/10			4,811,624			336,526			(4,475,098	)
Premier Cruise Ltd., 11% Sr. Nts., 3/15/08		3/6/98			14,317,825			—			(14,317,825	)
Rabobank Capital Funding Trust IV, 5.556% Perpetual Bonds		10/24/12			1,148,240			1,143,966			(4,274	)
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			292,219			293,028			809
Standard Bank plc, Ghana (Republic of) Credit Linked Nts., 13.45%, 2/19/14		2/7/13			1,399,706			1,369,997			(29,709	)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 11.30%, 1/7/14		12/27/12			1,437,209			1,425,638			(11,571	)
Standard Bank plc, Serbia (Republic of) Credit Linked Nts., 12.405%, 2/3/14		12/5/12			1,401,752			1,426,576			24,824
Standard Chartered Bank, Ghana (Republic of) Credit Linked Nts., 13.30%, 10/2/13		2/7/13			1,260,736			1,227,691			(33,045	)
				$	406,876,821		$	344,808,206		$	(62,068,615	)

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

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 $2,314,546,564 or 25.12% of the Fund’s net assets as of March 28, 2013.

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. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. See Note 1 of the accompanying Notes.

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

9. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

10. 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 $31,018,828 or 0.34% of the Fund’s net assets as of March 28, 2013.

11. 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.

12. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $15,256,617. See Note 6 of the accompanying Notes.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 59

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

13. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $16,724,301. See Note 6 of the accompanying Notes.

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

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

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 28, 2013.

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

Geographic Holdings	Value			Percent
United States		$	7,422,619,771		65.3	%
Russia			590,741,098		5.2
Turkey			585,631,286		5.2
Brazil			497,189,960		4.4
Mexico			299,963,435		2.6
Colombia			155,838,878		1.4
Hungary			153,049,738		1.3
South Africa			146,593,721		1.3
Peru			146,541,515		1.3
Japan			146,459,810		1.3
Venezuela			144,428,826		1.3
United Kingdom			73,016,144		0.6
Canada			71,595,755		0.6
Italy			55,117,668		0.5
Nigeria			51,011,069		0.4
The Netherlands			49,112,843		0.4
Supranational			48,816,859		0.4
Ukraine			48,316,635		0.4
France			46,404,460		0.4
Germany			45,281,798		0.4
Israel			42,823,825		0.4
Australia			41,651,301		0.4
Malaysia			40,321,134		0.4
Poland			40,143,816		0.4
Philippines			35,429,353		0.3
Serbia			34,526,889		0.3
Spain			33,322,526		0.3
Luxembourg			28,266,730		0.2
Chile			27,484,055		0.2
Croatia			22,537,149		0.2
Belgium			19,831,786		0.2
India			19,125,514		0.2
Sri Lanka			18,016,981		0.2
Ivory Coast			16,980,825		0.1
Uruguay			16,019,205		0.1
Angola			15,655,550		0.1
Dominican Republic			13,688,436		0.1
United Arab Emirates			10,927,458		0.1
Korea, Republic of South			10,385,119		0.1
China			10,126,307		0.1
Sweden			8,854,562		0.1
Kazakhstan			8,333,819		0.1
Portugal			7,909,463		0.1

60 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Geographic Holdings (Continued)	Value			Percent
Trinidad & Tobago		$	7,463,638		0.1	%
Jamaica			7,457,588		0.1
Norway			7,253,511		0.1
Ireland			6,457,751		0.1
Tanzania			6,073,800		0.1
Paraguay			5,917,785		0.1
Ghana			5,090,805		0.0
Denmark			4,507,035		0.0
Guatemala			4,249,313		0.0
Bolivia			4,235,125		0.0
Switzerland			3,352,352		0.0
Qatar			2,652,637		0.0
Finland			2,548,371		0.0
Indonesia			2,473,200		0.0
Argentina			1,372,800		0.0
European Union			771,336		0.0
Total		$	11,371,970,119		100.0	%

Spot Currency Exchange Contracts as of March 28, 2013 are as follows:
Broker/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Date		Value			Unrealized Appreciation			Unrealized Depreciation
Bank of America
Hong Kong Dollar (HKD)		Sell		2,416	HKD		4/2/13		$	311,206		$	39		$	—
Goldman Sachs & Co.
Australian Dollar (AUD)		Sell		57	AUD		4/3/13			59,515			30			—
JPMorgan Chase
Euro (EUR)		Buy		85	EUR		4/2/13			108,397			—			310
Morgan Stanley & Co., Inc.
Brazilian Real (BRR)		Sell		31,026	BRR		4/1/13			15,353,560			46,870			—
Total unrealized appreciation and depreciation												$	46,939		$	310

Forward Currency Exchange Contracts as of March 28, 2013 are as follows:
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Bank of America NA:
Brazilian Real (BRR)		Sell		203,400	BRR		5/3/13		$	100,281,622		$	—		$	1,234,104
British Pound Sterling (GBP)		Buy		2,150	GBP		5/31/13			3,265,725			55,995			—
Euro (EUR)		Buy		35,640	EUR		4/2/13			45,685,279			—			450,701
Euro (EUR)		Sell		35,640	EUR		4/2/13			45,685,279			—			212,203
Hungarian Forint (HUF)		Sell		630,000	HUF		9/16/13			2,609,044			14,188			—
Mexican Nuevo Peso (MXN)		Buy		66,500	MXN		5/6/13			5,365,382			91,120			—
Mexican Nuevo Peso (MXN)		Sell		432,700	MXN		4/4/13-7/11/13			34,890,566			—			1,559,875
New Turkish Lira (TRY)		Sell		157,490	TRY		4/29/13			86,729,195			—			172,163
Peruvian New Sol (PEN)		Sell		45,590	PEN		4/30/13-6/11/13			17,578,873			47,553			33,646
Philippines Peso (PHP)		Sell		454,000	PHP		4/10/13			11,124,270			26,412			—
South African Rand (ZAR)		Buy		1,380	ZAR		5/31/13			148,824			—			3,393
South African Rand (ZAR)		Sell		931,820	ZAR		4/5/13			101,268,228			5,670,801			100,595
South Korean Won (KRW)		Buy		50,131,000	KRW		4/8/13			45,025,759			—			1,919,973
South Korean Won (KRW)		Sell		8,972,000	KRW		4/15/13			8,053,330			74,218			—
													5,980,287			5,686,653

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 61

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Barclays Bank plc:
Brazilian Real (BRR)		Sell		85,985	BRR		5/3/13		$	42,392,897		$	172,881		$	—
Euro (EUR)		Sell		14,805	EUR		4/18/13-5/31/13			18,980,616			383,840			—
Hungarian Forint (HUF)		Sell		16,466,000	HUF		4/25/13-5/29/13			69,110,076			5,454,563			—
Israeli Shekel (ILS)		Buy		7,580	ILS		4/2/13			2,083,877			106,314			—
Israeli Shekel (ILS)		Sell		7,580	ILS		4/2/13			2,083,877			—			82,769
Japanese Yen (JPY)		Sell		18,484,000	JPY		5/31/13			196,441,168			10,843,630			—
Mexican Nuevo Peso (MXN)		Buy		560,610	MXN		5/6/13			45,231,379			1,658,396			—
Mexican Nuevo Peso (MXN)		Sell		585,500	MXN		5/6/13			47,239,565			—			1,732,026
Peruvian New Sol (PEN)		Sell		26,950	PEN		5/28/13			10,386,798			67,042			—
Polish Zloty (PLZ)		Buy		55,670	PLZ		4/18/13			17,067,069			—			357,901
Polish Zloty (PLZ)		Sell		8,500	PLZ		5/31/13			2,596,937			21,509			—
Russian Ruble (RUR)		Buy		939,880	RUR		4/25/13			30,090,356			—			689,052
Russian Ruble (RUR)		Sell		1,335,900	RUR		4/25/13			42,768,977			979,385			—
South African Rand (ZAR)		Sell		1,940	ZAR		4/5/13			210,835			2,821			—
													19,690,381			2,861,748
BNP Paribas:
Euro (EUR)		Buy		20,315	EUR		5/31/13			26,052,086			—			624,562
Euro (EUR)		Sell		52,255	EUR		5/31/13			67,012,147			511,017			—
Malaysian Ringgit (MYR)		Buy		116,710	MYR		4/25/13			37,727,500			—			487,955
													511,017			1,112,517
Citibank NA:
Australian Dollar (AUD)		Sell		61,470	AUD		5/22/13-5/31/13			63,718,178			12,342			320,143
Canadian Dollar (CAD)		Sell		1,265	CAD		5/31/13			1,243,509			—			12,887
Chilean Peso (CLP)		Buy		195,000	CLP		5/6/13			411,400			1,142			—
Colombian Peso (COP)		Buy		12,403,000	COP		4/9/13			6,788,732			—			129,959
Colombian Peso (COP)		Sell		43,653,000	COP		6/17/13-9/26/13			23,619,923			99,326			—
Euro (EUR)		Buy		5,720	EUR		5/31/13			7,335,365			—			66,315
Hong Kong Dollar (HKD)		Buy		10,650	HKD		6/20/13			1,372,511			—			327
Hungarian Forint (HUF)		Buy		1,997,000	HUF		4/25/13			8,384,908			—			749,530
Japanese Yen (JPY)		Buy		1,700,000	JPY		5/31/13			18,066,976			278,536			—
Malaysian Ringgit (MYR)		Buy		94,385	MYR		4/25/13			30,510,754			274,531			—
Mexican Nuevo Peso (MXN)		Sell		922,800	MXN		5/16/13-7/11/13			74,205,554			—			2,614,501
Peruvian New Sol (PEN)		Buy		40,690	PEN		5/8/13			15,692,009			23,930			—
Peruvian New Sol (PEN)		Sell		44,000	PEN		4/30/13			16,972,689			59,987			—
Philippines Peso (PHP)		Sell		18,000	PHP		4/10/13			441,050			1,515			—
South African Rand (ZAR)		Sell		46,830	ZAR		4/5/13			5,089,385			—			36,595
													751,309			3,930,257
Credit Suisse International:
British Pound Sterling (GBP)		Sell		3,250	GBP		5/31/13			4,936,561			154,452			6,942
Japanese Yen (JPY)		Sell		2,266,000	JPY		4/15/13			24,074,158			—			488,688
New Turkish Lira (TRY)		Sell		12,130	TRY		7/17/13			6,609,978			—			732,746
Swiss Franc (CHF)		Buy		1,870	CHF		5/31/13			1,971,436			—			38,052
													154,452			1,266,428
Deutsche Bank AG:
Australian Dollar (AUD)		Buy		80	AUD		5/31/13			82,905			521			—
British Pound Sterling (GBP)		Buy		9,130	GBP		4/2/13			13,872,639			68,079			—
British Pound Sterling (GBP)		Sell		9,130	GBP		4/2/13			13,872,639			—			89,991
Euro (EUR)		Sell		125,900	EUR		4/15/13-4/25/13			161,405,172			1,720,900			—

62 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value			Unrealized Appreciation			Unrealized Depreciation
Deutsche Bank AG: Continued
Hungarian Forint (HUF)		Sell		5,782,000	HUF		4/17/13-9/16/13		$	24,134,209		$	396,150		$	—
Japanese Yen (JPY)		Buy		3,066,000	JPY		4/1/13			32,570,245			29,383			—
Japanese Yen (JPY)		Sell		3,066,000	JPY		4/1/13			32,570,245			—			398,157
Mexican Nuevo Peso (MXN)		Buy		123,000	MXN		5/6/13			9,923,939			268,313			—
Mexican Nuevo Peso (MXN)		Sell		26,200	MXN		5/31/13			2,108,567			—			133,668
Norwegian Krone (NOK)		Buy		2,430	NOK		5/31/13			415,033			—			2,068
Peruvian New Sol (PEN)		Sell		17,660	PEN		5/13/13			6,809,490			—			30,219
Polish Zloty (PLZ)		Buy		213,540	PLZ		4/25/13			65,428,362			—			2,775,133
Polish Zloty (PLZ)		Sell		64,930	PLZ		4/25/13			19,894,463			936,465			—
													3,419,811			3,429,236
Goldman Sachs Bank USA:
Brazilian Real (BRR)		Buy		31,530	BRR		5/3/13			15,545,131			—			225,482
British Pound Sterling (GBP)		Sell		6,455	GBP		5/31/13			9,804,770			—			34,102
Canadian Dollar (CAD)		Sell		3,670	CAD		5/31/13			3,607,651			47,490			—
Colombian Peso (COP)		Sell		11,042,000	COP		5/28/13			6,017,658			59,392			—
Euro (EUR)		Buy		60,875	EUR		4/25/13-5/31/13			78,050,130			—			2,619,543
Euro (EUR)		Sell		123,540	EUR		4/8/13-5/31/13			158,406,618			6,768,730			—
Hungarian Forint (HUF)		Sell		3,547,000	HUF		4/17/13-4/25/13			14,896,134			210,900			—
Japanese Yen (JPY)		Buy		5,729,000	JPY		5/31/13			60,885,709			—			5,161,325
Japanese Yen (JPY)		Sell		1,292,000	JPY		5/31/13			13,730,902			153,784			67,400
Mexican Nuevo Peso (MXN)		Buy		650,100	MXN		5/16/13			52,398,566			1,768,908			—
New Turkish Lira (TRY)		Sell		116,500	TRY		5/15/13			64,021,616			150,996			694,695
Peruvian New Sol (PEN)		Sell		20,970	PEN		6/25/13			8,079,389			—			21
Polish Zloty (PLZ)		Buy		15,010	PLZ		4/25/13			4,599,043			—			96,847
Polish Zloty (PLZ)		Sell		2,550	PLZ		4/25/13			781,316			13,873			—
South African Rand (ZAR)		Buy		40,220	ZAR		4/5/13			4,371,025			—			25,560
South African Rand (ZAR)		Sell		60,870	ZAR		4/5/13-5/15/13			6,579,236			193,575			—
South Korean Won (KRW)		Sell		13,446,000	KRW		4/15/13			12,069,224			121,166			—
													9,488,814			8,924,975
HSBC Bank USA NA:
New Turkish Lira (TRY)		Buy		12,130	TRY		7/17/13			6,609,978			381,480			—
New Turkish Lira (TRY)		Sell		117,500	TRY		5/15/13			64,571,158			—			252,619
													381,480			252,619
JPMorgan Chase Bank NA:
Chilean Peso (CLP)		Buy		1,310,000	CLP		5/6/13			2,763,767			36,589			—
Colombian Peso (COP)		Sell		100,766,000	COP		4/9/13			55,153,867			1,108,556			—
Euro (EUR)		Buy		99,190	EUR		4/3/13-4/25/13			127,152,148			—			1,623,169
Euro (EUR)		Sell		71,110	EUR		4/3/13			91,154,396			69,087			—
Hungarian Forint (HUF)		Buy		881,000	HUF		4/25/13			3,699,101			—			92,939
Hungarian Forint (HUF)		Sell		7,946,000	HUF		9/16/13			32,907,080			310,211			—
Japanese Yen (JPY)		Buy		497,000	JPY		6/11/13			5,282,352			107,662			—
Malaysian Ringgit (MYR)		Buy		196,680	MYR		6/27/13			63,378,796			297,876			—
Malaysian Ringgit (MYR)		Sell		83,160	MYR		6/27/13			26,797,746			—			125,947
Mexican Nuevo Peso (MXN)		Buy		272,500	MXN		5/6/13-5/16/13			21,966,799			813,388			—
Mexican Nuevo Peso (MXN)		Sell		527,900	MXN		5/23/13-5/30/13			42,493,426			—			1,509,819
New Turkish Lira (TRY)		Buy		9,120	TRY		4/29/13			5,022,352			851			—
New Turkish Lira (TRY)		Sell		29,430	TRY		6/17/13			16,102,654			—			27,714
Peruvian New Sol (PEN)		Sell		3,090	PEN		4/30/13			1,191,946			—			2,111

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 63

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Forward Currency Exchange Contracts: Continued
Counterparty/ Contract Description	Buy/Sell		Contract Amount (000’s)			Expiration Dates		Value				Unrealized Appreciation				Unrealized Depreciation
JPMorgan Chase Bank NA: Continued
Russian Ruble (RUR)		Buy		946,700	RUR		4/25/13-6/13/13		$	30,129,719			$	—			$	273,552
Russian Ruble (RUR)		Sell		110,700	RUR		4/25/13			3,544,072				58,173				—
South African Rand (ZAR)		Sell		163,395	ZAR		5/15/13			17,660,488				580,447				—
South Korean Won (KRW)		Sell		7,420,000	KRW		4/8/13			6,664,362				—				689
														3,382,840				3,655,940
Morgan Stanley Capital Services, Inc.:
Australian Dollar (AUD)		Buy		5,295	AUD		5/31/13			5,487,264				98,669				—
Canadian Dollar (CAD)		Buy		865	CAD		5/31/13			850,305				—				11,743
New Zealand Dollar (NZD)		Sell		28,000	NZD		5/22/13			23,344,495				—				416,135
Peruvian New Sol (PEN)		Sell		84,560	PEN		5/8/13-6/10/13			32,605,049				196,473				3,645
														295,142				431,523
Nomura Global Financial Products, Inc.:
Australian Dollar (AUD)		Sell		3,980	AUD		4/15/13			4,139,155				—				50,673
British Pound Sterling (GBP)		Buy		9,085	GBP		4/3/13			13,804,033				—				625
British Pound Sterling (GBP)		Sell		19,815	GBP		4/3/13-4/15/13			30,106,440				—				334,421
Canadian Dollar (CAD)		Sell		16,610	CAD		4/15/13			16,345,611				—				200,463
Euro (EUR)		Buy		6,685	EUR		4/25/13			8,570,568				—				130,541
Euro (EUR)		Sell		600	EUR		5/31/13			769,444				16,286				—
Japanese Yen (JPY)		Buy		3,051,000	JPY		4/1/13			32,410,899				36,111				—
Japanese Yen (JPY)		Sell		4,989,000	JPY		4/1/13-6/11/13			53,007,670				—				496,051
Swiss Franc (CHF)		Sell		3,805	CHF		4/15/13			4,008,977				—				7,261
														52,397				1,220,035
Nomura International plc
South Korean Won (KRW)		Sell		9,514,000	KRW		4/8/13			8,545,113				124,074				—
The Royal Bank of Scotland plc:
Euro (EUR)		Sell		18,610	EUR		4/25/13			23,859,127				236,914				—
New Turkish Lira (TRY)		Buy		7,730	TRY		4/29/13			4,256,884				—				9,827
														236,914				9,827
Total unrealized appreciation and depreciation											$	44,468,918			$	32,781,758

Futures Contracts as of March 28, 2013 are as follows:
Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value			Unrealized Appreciation (Depreciation)
Australian Treasury Bonds, 3 yr.		Sell		473		6/17/13		$	53,661,596		$	(164,316	)
Australian Treasury Bonds, 10 yr.		Sell		44		6/17/13			5,570,600			(59,261	)
CBOE Volatility Index		Sell		231		5/21/13			3,603,600			3,297
SPI 200 Index		Sell		73		6/20/13			9,437,755			186,796
Standard & Poor’s 500 E-Mini Index		Buy		913		6/21/13			71,337,255			554,958
Standard & Poor’s/Toronto Stock Exchange 60 Index		Sell		42		6/20/13			6,027,228			59,340
U.S. Long Bonds		Buy		480		6/19/13			69,345,000			441,055
U.S. Long Bonds		Sell		1,071		6/19/13			154,726,031			(2,305,639	)
U.S. Treasury Nts., 2 yr.		Buy		803		6/28/13			177,023,859			9,781
U.S. Treasury Nts., 2 yr.		Sell		3,533		6/28/13			778,860,891			(190,376	)
U.S. Treasury Nts., 5 yr.		Buy		1,533		6/28/13			190,175,837			396,526

64 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Futures Contracts Continued
Contract Description	Buy/Sell		Number of Contracts		Expiration Date		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury Nts., 5 yr.		Sell		964		6/28/13		$	119,588,719		$	(549,140	)
U.S. Treasury Nts., 10 yr.		Buy		1,873		6/19/13			247,206,734			1,189,988
U.S. Treasury Nts., 10 yr.		Sell		5,876		6/19/13			775,540,188			(5,625,206	)
U.S. Treasury Ultra Bonds		Buy		806		6/19/13			127,020,563			975,878
											$	(5,076,319	)

Written Options as of March 28, 2013 are as follows:
Description	Type		Number of Contracts		Exercise Price			Expiration Date		Premiums Received			Value				Unrealized Appreciation/ (Depreciation)
Australian Dollar (AUD)		Put		4,675,000		1AUD per 1.005USD			4/4/13		$	13,437		$	(4	)		$	13,433
British Pound Sterling (GBP)		Put		7,010,000		1GBP per 1.440USD			6/10/13			60,768			(14,342	)			46,426
British Pound Sterling (GBP)		Put		4,670,000		1GBP per 1.440USD			6/10/13			42,299			(9,554	)			32,745
France (Republic of) Bonds, 2.75%, 10/25/27		Put		4,725,000		98.875	EUR		10/22/13			176,191			(108,912	)			67,279
Japanese Yen (JPY)		Put		2,169,000,000		1USD per 103.000JPY			6/12/13			90,551			(32,665	)			57,886
Japanese Yen (JPY)		Call		3,043,000,000		1USD per 94.350JPY			4/4/13			253,922			(253,908	)			14
Japanese Yen (JPY)		Call		3,029,000,000		1USD per 94.350JPY			4/4/13			205,754			(287,543	)			(81,789	)
Japanese Yen (JPY)		Put		3,043,000,000		1USD per 94.350JPY			4/4/13			253,922			(253,908	)			14
Japanese Yen (JPY)		Put		3,029,000,000		1USD per 94.350JPY			4/4/13			207,584			(218,512	)			(10,928	)
Portugal (Republic of) Sr. Unsec. Bonds, 4.95%, 10/25/23		Put		1,890,000		90.100	EUR		4/22/13			51,614			(37,359	)			14,255
Spain (Kingdom of) Sr. Unsec. Bonds, 5.40%, 1/31/23		Put		4,695,000		97.660	EUR		5/21/13			42,407			(8,213	)			34,194
U.S. Treasury Nts., 10 yr. Futures, 6/19/13		Put		1,119		130.500			5/27/13			365,628			(402,141	)			(36,513	)
												$1,764,077		$	(1,627,061	)			$137,016
Exercise price is reported in U.S. Dollars (USD), except for those denotedin the following currency:
EUR		Euro

Credit Default Swap Contracts as of March 28, 2013 are as follows:
Reference Entity/Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date	Upfront Payment Received/ (Paid)			Value				Unrealized Appreciation (Depreciation)
Banco Bilbao Vizcaya Argentaria Senior Finance SAU:
UBS AG		Sell		470	EUR		3	%	12/20/17		$	18,326		$	(11,053	)		$	7,273
UBS AG		Sell		470	EUR		3		12/20/17			18,847			(11,053	)			7,794
		Total		940	EUR							37,173			(22,106	)			15,067

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 65

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts Continued
Reference Entity/Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date		Upfront Payment Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
Banco Santander SA
UBS AG		Sell		900	EUR		3	%		9/20/17		$	(3,245)		$	(10,168)		$	(13,413)
		Total		900	EUR								(3,245)			(10,168)			(13,413)
Barrick Gold Corp.
Goldman Sachs International		Buy		18,510			1			3/20/18			(330,600)			463,224			132,624
		Total		18,510									(330,600)			463,224			132,624
CDX Emerging Market Index, Series 19
Barclays Bank plc		Buy		20,620			5			6/20/18			2,438,888			(2,342,435)			96,453
		Total		20,620									2,438,888			(2,342,435)			96,453
Computer Sciences Corp.
Credit Suisse International		Sell		18,500			1			3/20/18			354,694			(713,275)			(358,581)
		Total		18,500									354,694			(713,275)			(358,581)
Constellation Energy Group, Inc.
Goldman Sachs International		Buy		18,500			1			3/20/18			166,927			(222,297)			(55,370)
		Total		18,500									166,927			(222,297)			(55,370)
Devon Energy Corp.
Goldman Sachs International		Buy		18,460			1			6/20/18			(199,654)			301,095			101,441
		Total		18,460									(199,654)			301,095			101,441
E.I. du Pont de Nemours & Co.
Deutsche Bank AG		Buy		18,470			1			3/20/18			535,158			(524,201)			10,957
		Total		18,470									535,158			(524,201)			10,957
Ford Motor Co.
Deutsche Bank AG		Sell		18,460			5			6/20/18			(3,221,836)			2,899,507			(322,329)
		Total		18,460									(3,221,836)			2,899,507			(322,329)
Freeport-McMoRan Copper & Gold, Inc.
Goldman Sachs International		Buy		18,460			1			6/20/18			(428,985)			539,137			110,152
		Total		18,460									(428,985)			539,137			110,152
Ireland (Republic of):
Goldman Sachs International		Buy		2,365			1			3/20/18			(99,348)			96,936			(2,412)
Goldman Sachs International		Buy		2,080	EUR		1			3/20/18			(76,956)			69,253			(7,703)
		Total		2,365									(176,304)			166,189			(10,115)
		Total		2,080	EUR
Italy (Republic of)
Goldman Sachs International		Sell		2,340			1			3/20/23			374,113			(400,550)			(26,437)
		Total		2,340									374,113			(400,550)			(26,437)
Peru (Republic of)
Deutsche Bank AG		Buy		16,795			1			6/20/18			51,834			8,279			60,113
		Total		16,795									51,834			8,279			60,113

66 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts Continued
Reference Entity/Swap Counterparty	Buy/Sell Credit Protection		Notional Amount (000’s)			Pay/ Receive Fixed Rate			Termination Date		Upfront Payment Received/ (Paid)				Value				Unrealized Appreciation (Depreciation)
Portugal (Republic of):
Citibank NA		Sell		18,460			1	%		6/20/18		$	881,136			$	(1,002,579	)		$	(121,443	)
JPMorgan Chase Bank NA		Sell		475			1			12/20/22			121,323				(113,063	)			8,260
JPMorgan Chase Bank NA		Sell		475			1			12/20/22			122,497				(113,063	)			9,434
UBS AG		Sell		480			1			12/20/22			129,867				(114,253	)			15,614
UBS AG		Sell		1,425			1			12/20/22			370,935				(339,188	)			31,747
UBS AG		Buy		1,425			1			12/20/17			(217,748	)			176,993				(40,755	)
		Total		22,740									1,408,010				(1,505,153	)			(97,143	)
Safeway, Inc.
Deutsche Bank AG		Sell		18,470			5			3/20/18			(1,731,108	)			1,580,046				(151,062	)
		Total		18,470									(1,731,108	)			1,580,046				(151,062	)
Spain (Kingdom of):
Goldman Sachs International		Buy		4,970	EUR		1			3/20/23			(857,408	)			844,998				(12,410	)
Goldman Sachs International		Buy		4,725	EUR		1			3/20/18			(373,748	)			415,836				42,088
Goldman Sachs International		Buy		1,795	EUR		1			3/20/23			(281,797	)			305,185				23,388
UBS AG		Buy		900	EUR		1			9/20/17			(68,642	)			68,846				204
		Total		12,390	EUR								(1,581,595	)			1,634,865				53,270
Whirlpool Corp.
Bank of America NA		Sell		18,470			1			3/20/18			99,530				(79,491	)			20,039
		Total		18,470									99,530				(79,491	)			20,039
							Grand Total Buys						257,921				200,849				458,770
							Grand Total Sells						(2,464,921	)			1,571,817				(893,104	)
					Total Credit Default Swaps						$	(2,207,000	)		$	1,772,666			$	(434,334	)

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

EUR Euro

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)				Amount Recoverable*			Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt (EUR)			1,840,000	EUR		$	—		BBB to BBB-
Investment Grade Single Name Corporate Debt			73,900,000	USD			—		BBB to BBB-
Non-Investment Grade Single Name Corporate Debt			18,460,000	USD			—		BB+
Investment Grade Sovereign Debt			2,340,000	USD			—		BBB+
Non-Investment Grade Sovereign Debt			2,855,000	USD			1,425,000		BB
Total USD		$	97,555,000			$	1,425,000
Total EUR			1,840,000	EUR		$	—

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 67

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

*Amounts recoverable include potential payments from related purchased protection for instances where the Fund is the seller of 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 28, 2013 are as follows:
Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
BZDI:
Bank of America NA		36,410	BRR		BZDI			8.090	%		1/2/15		$	471
Bank of America NA		19,330	BRR		BZDI			8.505			1/2/15			14,327
Deutsche Bank AG		62,360	BRR		BZDI			8.080			1/2/15			12,372
Goldman Sachs International		41,530	BRR		BZDI			8.080			1/2/15			(9,619	)
Goldman Sachs International		62,810	BRR		BZDI			7.785			1/2/15			(233,877	)
Total		222,440	BRR											(216,326	)
MXN TIIE BANXICO:
Credit Suisse International		43,500	MXN		5.780	%		MXN TIIE BANXICO			1/6/23			(67,865	)
Goldman Sachs International		62,500	MXN		5.780			MXN TIIE BANXICO			1/6/23			(97,508	)
JPMorgan Chase Bank NA		101,800	MXN		5.750			MXN TIIE BANXICO			1/9/23			(138,062	)
Total where Fund pays a fixed rate		207,800	MXN											(303,435	)
Credit Suisse International		29,900	MXN		MXN TIIE BANXICO			6.645			12/24/32			84,180
Goldman Sachs International		39,400	MXN		MXN TIIE BANXICO			6.640			12/24/32			110,927
JPMorgan Chase Bank NA		65,100	MXN		MXN TIIE BANXICO			6.590			1/9/23			150,735
Total where Fund pays a variable rate		134,400	MXN											345,842
Total		342,200	MXN											42,407
Six-Month GBP BBA LIBOR
Barclays Bank plc		15,360	GBP		Six-Month GBP BBA LIBOR			2.031			3/5/23			322,054
Six-Month JPY BBA LIBOR
Barclays Bank plc		2,132,000	JPY		0.865			Six-Month JPY BBA LIBOR			2/6/23			(510,969	)
Three-Month CAD BA CDOR:
Bank of America NA		23,810	CAD		2.295			Three-Month CAD BA CDOR			3/5/23			(43,178	)
Total where Fund pays a fixed rate		23,810	CAD											(43,178	)
Bank of America NA		32,795	CAD		Three-Month CAD BA CDOR			1.735			3/14/16			43,797
Total where Fund pays a variable rate		32,795	CAD											43,797
Total		56,605	CAD											619

68 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts Continued
Interest Rate/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund		Termination Date		Value
Three-Month USD BBA LIBOR:
Citibank NA		$	19,350		0.813	%		Three-Month USD BBA LIBOR		10/18/17		$	(34,073	)
Citibank NA			18,250		0.819			Three-Month USD BBA LIBOR		9/17/17			941
Total where Fund pays a fixed rate			37,600										(33,132	)
Barclays Bank plc			23,140		Three-Month USD BBA LIBOR			2.050		2/6/23			196,519
Total where Fund pays a variable rate			23,140										196,519
Total			60,740										163,387
								Total Interest Rate Swaps				$	(198,828	)

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

BRR	Brazilian Real
CAD	Canadian Dollar
GBP	British Pounds Sterling
JPY	Japanese Yen
MXN	Mexican Nuevo Peso

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
BZDI	Brazil Interbank Deposit Rate
TIIE	Interbank Equilibrium Interest Rate

Total Return Swap Contracts as of March 28, 2013 are as follows:
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
Custom Basket of Securities:
Citibank NA		17,413	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		3/10/14	$	370,274
Citibank NA		16,397	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		3/10/14		348,878

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 69

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contracts Continued
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund	Received by the Fund	Termination Date		Value
Custom Basket of Securities: Continued
Deutsche Bank AG	$	46,413		One-Month USD BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities		2/6/14	$	2,482,900
Deutsche Bank AG		46,121		One-Month USD BBA LIBOR minus 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		2/6/14		(1,218,999	)
Goldman Sachs International		93,670		One-Month USD BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities		1/20/14		3,588,127
Goldman Sachs International		129,162	HKD	One-Month HKD HIBOR HKAB plus 40 basis points and if negative, the absolute value of the Total Return of a Custom Basket of Securities	If positive, the Total Return of a Custom Basket of Securities		3/11/14		(40,452	)
					Reference Entity Total				5,530,728
HANG SENG INDEX futures contract expiring 4/29/13
Goldman Sachs International		90,905	HKD	If positive, the Total Return of the HANG SENG INDEX futures contract expiring 4/29/13	If negative, the absolute value of the Total Return of the HANG SENG INDEX futures contract expiring 4/29/13		5/6/13		(76,057	)
S&P 100 Index
Goldman Sachs International		92,488		S&P 100 Index 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		1/7/14		(2,622,713	)
					Total of Total Return Swaps			$	2,831,958

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

AUD	Australian Dollar
CAD	Canadian Dollar
HKD	Hong Kong Dollar

70 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Abbreviations are as follows:

BA CDOR	Canada Bankers Acceptances Deposit offering Rate
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
HANG SENG	Hang Seng Bank
HIBOR	Hong Kong Interbank Offered Rate
HKAB	Hong Kong Association of Banks
S&P	Standard & Poor’s

Volatility Swaps as of March 28, 2013 are as follows:
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund			Termination Date		Value
CAD/JPY spot exchange rate
Credit Suisse International		205	CAD		13.800	%		The Historic Volatility of the mid CAD/JPY spot exchange rate during the period 3/8/13 to 4/10/13			4/12/13	$	(574,029	)
CAD/USD spot exchange rate
Royal Bank of Scotland plc (The)		200			The Historic Volatility of the mid CAD/USD spot exchange rate during the period 3/7/13 to 4/7/13			6.250	%		4/8/13		302,608
CHF/NOK spot exchange rate
Credit Suisse International		189	CHF		7.750			The Historic Volatility of the mid CHF/NOK spot exchange rate during the period 3/19/13 to 4/18/13			4/22/13		(231,305	)
JPY/GBP spot exchange rate:
Goldman Sachs Bank USA		132	GBP		The Historic Volatility of the mid JPY/GBP spot exchange rate during the period 3/26/13 to 4/25/13			11.700			4/30/13		57,377
Royal Bank of Scotland plc (The)		132	GBP		The Historic Volatility of the mid JPY/GBP spot exchange rate during the period 3/27/13 to 4/30/13			11.850			5/2/13		26,169
								Reference Entity Total					83,546
JPY/NZD spot exchange rate
JPMorgan Chase Bank NA		242	NZD		15.500			The Historic Volatility of the mid JPY/NZD spot exchange rate during the period 3/1/13 to 4/3/13			4/5/13		(1,113,940	)

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 71

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Volatility Swaps: Continued
Reference Entity/ Swap Counterparty	Notional Amount (000’s)			Paid by the Fund			Received by the Fund	Termination Date		Value
NOK/CHF spot exchange rate
JPMorgan Chase Bank NA		189	CHF		6.800	%	The Historic Volatility of the mid NOK/CHF spot exchange rate during the period 3/18/13 to 4/18/13		4/22/13	$	47,980
NOK/GBP spot exchange rate
Royal Bank of Scotland plc (The)		133	GBP		10.750		The Historic Volatility of the mid NOK/GBP spot exchange rate during the period 3/14/13 to 4/16/13		4/18/13		(393,545	)
NZD/AUD spot exchange rate
Deutsche Bank AG		192	AUD		6.600		The Historic Volatility of the mid NZD/AUD spot exchange rate during the period 3/15/13 to 4/17/13		4/19/13		(227,702	)
NZD/JPY spot exchange rate:
Bank of America NA		239	NZD		The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 3/28/13 to 5/1/13		13.000		5/13/13		—
Citibank NA		241	NZD		15.150		The Historic Volatility of the mid NZD/JPY spot exchange rate during the period 2/28/13 to 4/2/13		4/4/13		(1,079,767	)
							Reference Entity Total				(1,079,767	)
USD/CAD spot exchange rate:
Bank of America NA		200			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/6/13 to 4/5/13		6.500		4/8/13		357,956
Deutsche Bank AG		200			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/5/13 to 4/5/13		6.575		4/8/13		338,395
Morgan Stanley Capital Services, Inc.		200			The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/13/13 to 4/12/13		5.550		4/15/13		28,869

72 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

Volatility Swaps: Continued
Reference Entity/ Swap Counterparty	Notional Amount (000’s)		Paid by the Fund		Received by the Fund	Termination Date		Value
USD/CAD spot exchange rate: Continued
Morgan Stanley Capital Services, Inc.		200		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/11/13 to 4/11/13	5.950		4/12/13	$	156,336
Morgan Stanley Capital Services, Inc.		200		The Historic Volatility of the mid USD/CAD spot exchange rate during the period 3/4/13 to 4/4/13	6.700		4/5/13		394,715
				Reference Entity Total					1,276,271
				Total Volatility Swaps				$	(1,909,883	)

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

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
GBP	British Pounds Sterling
NZD	New Zealand Dollar

Abbreviations/Definitions are as follows:

JPY	Japanese Yen
NOK	Norwegian Krone

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 28, 2013 is as follows:
Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Bank of America NA:
	Credit Default Sell Protection	$	18,470		$	(79,491	)
	Interest Rate		55,740	BRR		14,798
	Interest Rate		56,605	CAD		619
	Volatility		200			357,956
	Volatility		239	NZD		—
						293,882
Barclays Bank plc:
	Credit Default Buy Protection		20,620			(2,342,435	)
	Interest Rate		15,360	GBP		322,054
	Interest Rate		2,132,000	JPY		(510,969	)
	Interest Rate		23,140			196,519
						(2,334,831	)

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 73

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

Swap Summary Continued
Swap Counterparty	Swap Type from Fund Perspective	Notional Amount (000’s)			Value
Citibank NA:
	Credit Default Sell Protection	$	18,460		$	(1,002,579	)
	Interest Rate		37,600			(33,132	)
	Total Return		16,397	AUD		348,878
	Total Return		17,413	CAD		370,274
	Volatility		241	NZD		(1,079,767	)
						(1,396,326	)
Credit Suisse International:
	Credit Default Sell Protection		18,500			(713,275	)
	Interest Rate		73,400	MXN		16,315
	Volatility		205	CAD		(574,029	)
	Volatility		189	CHF		(231,305	)
						(1,502,294	)
Deutsche Bank AG:
	Credit Default Buy Protection		35,265			(515,922	)
	Credit Default Sell Protection		36,930			4,479,553
	Interest Rate		62,360	BRR		12,372
	Total Return		92,534			1,263,901
	Volatility		192	AUD		(227,702	)
	Volatility		200			338,395
						5,350,597
Goldman Sachs Bank USA	Volatility		132	GBP		57,377
Goldman Sachs International:
	Credit Default Buy Protection		13,570	EUR		1,635,272
	Credit Default Buy Protection		76,295			1,178,095
	Credit Default Sell Protection		2,340			(400,550	)
	Interest Rate		104,340	BRR		(243,496	)
	Interest Rate		101,900	MXN		13,419
	Total Return		220,067	HKD		(116,509	)
	Total Return		186,158			965,414
						3,031,645
JPMorgan Chase Bank NA:
	Credit Default Sell Protection		950			(226,126	)
	Interest Rate		166,900	MXN		12,673
	Volatility		189	CHF		47,980
	Volatility		242	NZD		(1,113,940	)
						(1,279,413	)
Morgan Stanley Capital Services, Inc.	Volatility		600			579,920
Royal Bank of Scotland plc (The):
	Volatility		265	GBP		(367,376	)
	Volatility		200			302,608
						(64,768	)
UBS AG:
	Credit Default Buy Protection		900	EUR		68,846
	Credit Default Buy Protection		1,425			176,993
	Credit Default Sell Protection		1,840	EUR		(32,274	)
	Credit Default Sell Protection		1,905			(453,441	)
						(239,876	)
			Total Swaps		$	2,495,913

74 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

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

AUD	Australian Dollar
BRR	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pounds Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
NZD	New Zealand Dollar

As of March 28, 2013, the Fund had entered into the following written swaption contracts:
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
iTraxx Europe Crossover Series 18 Version 1:
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating	7,040	EUR		4/18/13		$	13,198		$	(1,278)			$	11,920
Barclays Bank plc	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Crossover Series 18 Version 1; Received: 5%; Termination Date: 12/20/17	Index Credit Default Swap; Pay Floating	4,685	EUR		6/20/13			41,912			(55,232)				(13,320)
									55,110			(56,510	)			(1,400)
iTraxx Europe Senior Financials Series 18 Version 1
Bank of America NA	Credit Default Index Swaption (European); Swap Terms: Paid: 1%; Received: Protection on iTraxx Europe Senior Financials Series 18 Version 1; Termination Date: 12/20/17	Index Credit Default Swap; Pay Fixed	9,365	EUR		6/20/13			37,303			(12,055	)			25,248

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 75

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
iTraxx Europe Senior Financials Series 19 Version 1:
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating	9,385	EUR		4/18/13		$	57,900		$	(160,646)			$	(102,746)
JPMorgan Chase Bank NA	Credit Default Index Swaption (European); Swap Terms: Paid: Protection on iTraxx Europe Senior Financials Series 19 Version 1; Received: 1%; Termination Date: 6/20/18	Index Credit Default Swap; Pay Floating	2,355	EUR		4/18/13			17,033			(21,963)				(4,930)
									74,933			(182,609	)			(107,676	)
MXN TIIE BANXICO
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: MXN TIIE BANXICO; Received: 6.06%; Termination Date: 1/2/24	Interest Rate Swap; Pay Floating	23,685	MXN		1/14/14			68,656			(43,705	)			24,951
Six-Month EUR EURIBOR:
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: 2.86%; Received: Six-Month EUR EURIBOR; Termination Date: 4/18/23	Interest Rate Swap; Pay Fixed	56,500	EUR		4/19/13			812,482			(1,136,825	)			(324,343	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.91%; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/23	Interest Rate Swap; Pay Fixed	94,200	EUR		4/18/13			1,310,256			(2,156,272	)			(846,016	)

76 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Six-Month EUR EURIBOR: Continued
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 2.919%; Received: Six-Month EUR EURIBOR; Termination Date: 4/19/43	Interest Rate Swap; Pay Fixed	56,500	EUR		4/18/13		$	2,420,645		$	(1,266,782	)		$	1,153,863
UBS, AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.71%; Received: Six-Month EUR EURIBOR; Termination Date: 2/5/23	Interest Rate Swap; Pay Fixed	12,695	EUR		1/30/18			517,452			(601,288)				(83,836)
UBS, AG	Interest Rate Swaption (European); Swap Terms: Paid: 2.90%; Received: Six-Month EUR EURIBOR; Termination Date: 1/26/27	Interest Rate Swap; Pay Fixed	9,385	EUR		1/25/17			628,012			(804,096)				(176,084)
		Total where Fund pays a fixed rate							5,688,847			(5,965,263	)			(276,416	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 1.265%; Termination Date: 1/14/17	Interest Rate Swap; Pay Floating	71,245	EUR		1/13/15			405,965			(363,553	)			42,412
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month EUR EURIBOR; Received: 2.677%; Termination Date: 8/29/43	Interest Rate Swap; Pay Floating	18,610	EUR		8/28/13			600,464			(362,305	)			238,159
		Total where Fund pays a floating rate							1,006,429			(725,858	)			280,571
						Total			6,695,276			(6,691,121	)			4,155

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 77

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Six-Month GBP BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 1.097%; Received; Six-Month GBP BBA LIBOR; Termination Date: 2/27/17	Interest Rate Swap; Pay Fixed	18,825	GBP		3/2/15		$	205,491		$	(225,818)			$	(20,327)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.935%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed	7,020	GBP		1/15/14			232,914			(354,792	)			(121,878	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 3.685%; Received; Six-Month GBP BBA LIBOR; Termination Date: 1/14/44	Interest Rate Swap; Pay Fixed	7,020	GBP		1/15/14			223,429			(160,470)				62,959
UBS, AG	Interest Rate Swaption (European); Swap Terms: Paid: 3.03%; Received: Six-Month GBP BBA LIBOR; Termination Date: 8/27/33	Interest Rate Swap; Pay Fixed	4,685	GBP		8/28/13			200,841			(331,695	)			(130,854	)
		Total where Fund pays a fixed rate							862,675			(1,072,775	)			(210,100	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received; Received: 2.295%; Termination Date: 1/25/21	Interest Rate Swap; Pay Floating	16,980	GBP		1/26/16			634,874			(473,095	)			161,779

78 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)		Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Six-Month GBP BBA LIBOR: Continued
Goldman Sachs Bank USA	Interest Rate Swaption (European); Swap Terms: Paid: Six-Month GBP BBA LIBOR; Received: 2.055%; Termination Date: 12/4/20	Interest Rate Swap; Pay Floating	18,075	GBP		12/7/15		$	681,700		$	(556,186)			$	125,514
		Total where Fund pays a floating rate							1,316,574			(1,029,281	)			287,293
						Total			2,179,249			(2,102,056	)			77,193
Three-Month USD BBA LIBOR:
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.785%; Received: Three-Month USD BBA LIBOR; Termination Date: 2/3/34	Interest Rate Swap; Pay Fixed	23,400			1/31/14			744,120			(714,039)				30,081
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: 2.83%; Received: Three-Month USD BBA LIBOR; Termination Date: 6/24/43	Interest Rate Swap; Pay Fixed	4,695			6/21/13			55,871			(57,054	)			(1,183	)
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: 0.7925%; Received: Three-Month USD BBA LIBOR; Termination Date: 7/29/16	Interest Rate Swap; Pay Fixed	186,660			7/26/13			111,996			(151,469	)			(39,473	)

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 79

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)	Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: 1.984%; Received: Three-Month USD BBA LIBOR; Termination Date: 9/24/23	Interest Rate Swap; Pay Fixed	$  9,385		9/23/13		$	92,442		$	(95,375)			$	(2,933)
		Total where Fund pays a fixed rate						1,004,429			(1,017,937)				(13,508)
Bank of America NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.51%; Termination Date: 3/10/24	Interest Rate Swap; Pay Floating	74,245		3/7/14			2,154,961			(1,570,847	)			584,114
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.6775%; Termination Date: 12/16/25	Interest Rate Swap; Pay Floating	37,485		12/15/15			1,924,855			(2,267,254)				(342,399)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.005%; Termination Date: 1/12/18	Interest Rate Swap; Pay Floating	93,715		1/11/16			582,204			(697,203	)			(114,999	)
Barclays Bank plc	Interest Rate Swaption (European); Swap Terms: Paid: Three Month USD BBA LIBOR; Received: 3.10%; Termination Date: 4/27/22	Interest Rate Swap; Pay Floating	76,315		4/26/17			1,976,559			(2,208,299	)			(231,740	)

80 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Statement of Investments Continued

As of March 28, 2013, the Fund had entered into the following written swaption contracts Continued
Reference Entity/ Swaption Counterparty	Swaption Description	Underlying Swap Type from Fund Perspective	Notional Amount (000’s)	Expiration Date		Premium Received			Value				Unrealized Appreciation (Depreciation)
Three-Month USD BBA LIBOR: Continued
Goldman Sachs International	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.95%; Termination Date: 2/21/24	Interest Rate Swap; Pay Floating	$148,835		2/20/14		$	2,083,690		$	(1,423,340)			$	660,350
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 2.38%; Termination Date: 5/3/23	Interest Rate Swap; Pay Floating	56,000		5/2/13			313,600			(32,389	)			281,211
JPMorgan Chase Bank NA	Interest Rate Swaption (European); Swap Terms: Paid: Three-Month USD BBA LIBOR; Received: 1.685%; Termination Date: 8/29/18	Interest Rate Swap; Pay Floating	93,005		8/28/13			219,492			(137,643	)			81,849
	Total where Fund pays a floating rate							9,255,361			(8,336,975	)			918,386
					Total			10,259,790			(9,354,912	)			904,878
		Total Written Swaptions					$	19,370,317		$	(18,442,968	)		$	927,349

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

EUR	Euro
GBP	British Pound Sterling
MXN	Mexican Peso

Abbreviations/Definitions are as follows:

BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
EURIBOR	Euro Interbank Offered Rate
iTraxx Europe Crossover Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Financials Series 18 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior Financials Series 19 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
TIIE	Interbank Equilibrium Interest Rate

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 81

STATEMENT OF ASSETS AND LIABILITIES    March 28, 2013¹ / (Unaudited)

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $10,470,255,919)	$	10,606,691,667
Affiliated companies (cost $808,415,890)		763,854,029
Wholly-owned subsidiary (cost $1,500,000)		1,424,423
		11,371,970,119
Cash		37,455,379
Cash—foreign currencies (cost $3,373,652)		3,373,652
Unrealized appreciation on foreign currency exchange contracts		44,515,857
Appreciated swaps, at value (net upfront payments paid $1,631,592)		11,538,509
Depreciated swaps, at value (upfront payments paid $6,204,404)		5,667,733
Receivables and other assets:
Investments sold (including $410,415,140 sold on a when-issued or delayed delivery basis)		459,846,694
Interest, dividends and principal paydowns		110,683,388
Shares of beneficial interest sold		11,115,702
Closed foreign currency contracts		2,168,217
Futures margins		1,404,024
Other		1,127,275
Total assets		12,060,866,549
Liabilities
Appreciated options written, at value (premiums received $985,111)		718,865
Depreciated options written, at value (premiums received $778,966)		908,196
Appreciated swaptions written, at value (premiums received $10,602,097)		7,117,687
Depreciated swaptions written, at value (premiums received $8,768,220)		11,325,281
Unrealized depreciation on foreign currency exchange contracts		32,782,068
Appreciated swaps, at value (upfront payments received $3,855,371)		3,647,800
Depreciated swaps, at value (net upfront payments received $1,773,625)		11,062,529
Payables and other liabilities:
Investments purchased (including $2,687,035,304 purchased on a when-issued or delayed delivery basis)		2,743,659,352
Shares of beneficial interest redeemed		13,908,420
Dividends		8,052,809
Closed foreign currency contracts		5,496,014
Foreign capital gains tax		2,201,358
Distribution and service plan fees		1,791,383
Futures margins		1,239,187
Transfer and shareholder servicing agent fees		1,072,199
Trustees’ compensation		263,822
Shareholder communications		132,398
Other		430,208
Total liabilities		2,845,809,576
Net Assets	$	9,215,056,973

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

82 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	2,116,729
Additional paid-in capital		9,700,344,508
Accumulated net investment income		47,250,402
Accumulated net realized loss on investments and foreign currency transactions		(631,615,053	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		96,960,387
Net Assets	$	9,215,056,973
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $6,373,169,890 and 1,463,473,807 shares of beneficial interest outstanding)		$4.35
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$4.57
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $260,199,641 and 59,543,887 shares of beneficial interest outstanding)		$4.37
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,564,986,639 and 360,092,359 shares of beneficial interest outstanding)		$4.35
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $81,401,715 and 18,767,262 shares of beneficial interest outstanding)		$4.34
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $237,763,014 and 54,562,403 shares of beneficial interest outstanding)		$4.36
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $697,536,074 and 160,289,313 shares of beneficial interest outstanding)		$4.35

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 83

STATEMENT OF OPERATIONS    For the Six Months Ended March 28, 2013¹ / (Unaudited)

Allocation of Income and Expenses from Master Funds2
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	7,690,141
Dividends		4,954
Expenses3		(358,567	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		7,336,528
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		34,605,277
Dividends		32,987
Expenses4		(1,576,416	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		33,061,848
Total allocation of net investment income from master funds		40,398,376
Investment Income
Interest:
Unaffiliated companies		239,974,712
Affiliated companies		1,079,399
Dividends:
Unaffiliated companies		378,111
Affiliated companies		242,549
Fee income on when-issued securities		19,006,070
Total investment income		260,680,841
Expenses
Management fees		23,456,157
Distribution and service plan fees:
Class A		7,752,885
Class B		1,363,110
Class C		7,747,578
Class N		597,757
Transfer and shareholder servicing agent fees:
Class A		4,282,124
Class B		371,815
Class C		977,301
Class I		10,050
Class N		320,420
Class Y		535,643
Shareholder communications:
Class A		243,897
Class B		27,055
Class C		59,638
Class I		41
Class N		8,509
Class Y		24,272
Custodian fees and expenses		553,893
Trustees’ compensation		107,713
Other		291,496
Total expenses		48,731,354
Less waivers and reimbursements of expenses		(1,854,523	)
Net expenses		46,876,831
Net Investment Income		254,202,386

84 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies (including premiums on options and swaptions exercised)	$	(5,280,111	)
Affiliated companies		(2,384,923	)
Closing and expiration of option contracts written		33,825,010
Closing and expiration of swaption contracts written		18,641,915
Closing and expiration of futures contracts		(16,984,287	)
Foreign currency transactions		(98,742,845	)
Swap contracts		(6,544,066	)
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(1,061,389	)
Oppenheimer Master Loan Fund, LLC		9,386,055
Net realized loss		(69,144,641	)
Net change in unrealized appreciation/depreciation on:
Investments		146,576,700
Translation of assets and liabilities denominated in foreign currencies		30,123,162
Futures contracts		(2,385,648	)
Option contracts written		(3,915,670	)
Swaption contracts written		1,436,335
Swap contracts		(1,025,553	)
Net change in unrealized appreciation/deprecation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		1,695,703
Oppenheimer Master Loan Fund, LLC		1,163,682
Net change in unrealized appreciation/depreciation		173,668,711
Net Increase in Net Assets Resulting from Operations	$	358,726,456

1. March 28, 2013 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 funds that expect to be treated as partnerships for the tax purposes.

3. Net of expense waivers and/or reimbursements of $3,083.

4. Net of expense waivers and/or reimbursements of $18,767.

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 85

STATEMENTS OF CHANGES IN NET ASSETS    

	Six Months Ended March 28, 20131 (Unaudited)			Year Ended September 28, 20121
Operations
Net investment income	$	254,202,386		$	497,911,025
Net realized loss		(69,144,641	)		(82,449,520	)
Net change in unrealized appreciation/depreciation		173,668,711			597,170,226
Net increase in net assets resulting from operations		358,726,456			1,012,631,731
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(177,204,459	)		(330,771,757	)
Class B		(6,394,670	)		(13,000,514	)
Class C		(37,546,600	)		(69,498,317	)
Class I		(1,993,639	)		(723,309	)
Class N		(6,254,638	)		(12,083,986	)
Class Y		(20,568,438	)		(42,405,408	)
		(249,962,444	)		(468,483,291	)
Tax return of capital distribution:
Class A		—			(16,982,855	)
Class B		—			(667,487	)
Class C		—			(3,568,261	)
Class I		—			(37,137	)
Class N		—			(620,430	)
Class Y		—			(2,177,226	)
		—			(24,053,396	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		22,016,397			60,827,515
Class B		(25,653,915	)		(18,958,333	)
Class C		24,692,494			51,407,175
Class I		29,797,413			49,687,337
Class N		(3,781,790	)		(1,212,963	)
Class Y		(40,399,934	)		(21,368,986	)
		6,670,665			120,381,745
Net Assets
Total increase		115,434,677			640,476,789
Beginning of period		9,099,622,296			8,459,145,507
End of period (including accumulated net investment income of $47,250,402 and $43,010,460, respectively)	$	9,215,056,973		$	9,099,622,296

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

86 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS    

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class A	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	4.30		$	4.05		$	4.32		$	3.91		$	3.96		$	4.41
Income (loss) from investment operations:
Net investment income2		.12			.25			.27			.28			.24			.24
Net realized and unrealized gain (loss)		.05			.25			(.28	)		.40			(.05	)		(.40	)
Total from investment operations		.17			.50			(.01	)		.68			.19			(.16	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.12	)		(.24	)		(.26	)		(.27	)		(.18	)		(.29	)
Tax return of capital distribution		—			(.01	)		—			—			(.06	)		—
Total dividends and/or distributions to shareholders		(.12	)		(.25	)		(.26	)		(.27	)		(.24	)		(.29	)
Net asset value, end of period	$	4.35		$	4.30		$	4.05		$	4.32		$	3.91		$	3.96
Total Return, at Net Asset Value3		4.01	%		12.61	%		(0.31	)%		18.17	%		5.59	%		(4.01	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$6,373,170			$6,276,192			$5,857,280			$6,368,118			$6,019,723			$7,719,384
Average net assets (in thousands)		$6,371,015			$5,865,852			$6,278,335			$6,047,257			$5,942,116			$7,560,427
Ratios to average net assets:4,5
Net investment income		5.67	%		5.99	%		6.23	%		6.91	%		6.74	%		5.44	%
Expenses excluding interest and fees from borrowings		0.96	%		0.98	%		0.97	%		0.99	%		0.97	%		0.91	%
Interest and fees from borrowings		—			—			—	6		0.28	%		0.01	%		—
Total expenses		0.96	%7		0.98	%7		0.97	%8		1.27	%8		0.98	%8		0.91	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92	%9		0.93	%9		0.92	%		1.23	%		0.96	%		0.89	%
Portfolio turnover rate10		48	%		74	%		53	%		94	%		96	%		71	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. 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%.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 87

FINANCIAL HIGHLIGHTS    Continued

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

Six Months Ended March 28, 2013	0.96	%
Year Ended September 28, 2012	0.99	%

8. Total expenses including all affiliated fund expenses 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	%

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

Six Months Ended March 28, 2013	0.92	%
Year Ended September 28, 2012	0.94	%

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 28, 2013	$	12,360,167,738	$	11,885,484,528
Year Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

88 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class B	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	4.32		$	4.06		$	4.33		$	3.93		$	3.98		$	4.42
Income (loss) from investment operations:
Net investment income2		.10			.21			.23			.24			.20			.20
Net realized and unrealized gain (loss)		.05			.26			(.28	)		.40			(.04	)		(.39	)
Total from investment operations		.15			.47			(.05	)		.64			.16			(.19	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.20	)		(.22	)		(.24	)		(.16	)		(.25	)
Tax return of capital distribution		—			(.01	)		—			—			(.05	)		—
Total dividends and/or distributions to shareholders		(.10	)		(.21	)		(.22	)		(.24	)		(.21	)		(.25	)
Net asset value, end of period	$	4.37		$	4.32		$	4.06		$	4.33		$	3.93		$	3.98
Total Return, at Net Asset Value3		3.54	%		11.84	%		(1.21	)%		16.74	%		4.64	%		(4.54	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$260,200			$282,504			$284,757			$342,069			$353,248			$483,485
Average net assets (in thousands)		$274,125			$272,336			$320,622			$331,317			$355,973			$540,865
Ratios to average net assets:4,5
Net investment income		4.77	%		5.08	%		5.31	%		5.96	%		5.83	%		4.61	%
Expenses excluding interest and fees from borrowings		1.86	%		1.89	%		1.89	%		1.93	%		1.89	%		1.73	%
Interest and fees from borrowings		—			—			—	6		0.28	%		0.01	%		—
Total expenses		1.86	%7		1.89	%7		1.89	%8		2.21	%8		1.90	%8		1.73	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82	%9		1.84	%9		1.84	%		2.17	%		1.88	%		1.71	%
Portfolio turnover rate10		48	%		74	%		53	%		94	%		96	%		71	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. 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%.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 89

FINANCIAL HIGHLIGHTS    Continued

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

Six Months Ended March 28, 2013	1.86	%
Year Ended September 28, 2012	1.90	%

8. Total expenses including all affiliated fund expenses 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	%

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

Six Months Ended March 28, 2013	1.82	%
Year Ended September 28, 2012	1.85	%

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 28, 2013	$	12,360,167,738	$	11,885,484,528
Year Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

90 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class C	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	4.30		$	4.04		$	4.31		$	3.91		$	3.96		$	4.40
Income (loss) from investment operations:
Net investment income2		.11			.22			.24			.25			.21			.20
Net realized and unrealized gain (loss)		.04			.26			(.28	)		.39			(.05	)		(.38	)
Total from investment operations		.15			.48			(.04	)		.64			.16			(.18	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.21	)		(.23	)		(.24	)		(.16	)		(.26	)
Tax return of capital distribution		—			(.01	)		—			—			(.05	)		—
Total dividends and/or distributions to shareholders		(.10	)		(.22	)		(.23	)		(.24	)		(.21	)		(.26	)
Net asset value, end of period	$	4.35		$	4.30		$	4.04		$	4.31		$	3.91		$	3.96
Total Return, at Net Asset Value3		3.63	%		12.05	%		(1.08	)%		17.01	%		4.79	%		(4.52	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,564,986			$1,522,039			$1,384,378			$1,448,886			$1,292,721			$1,493,804
Average net assets (in thousands)		$1,557,896			$1,411,513			$1,453,972			$1,330,764			$1,201,421			$1,381,340
Ratios to average net assets:4,5
Net investment income		4.93	%		5.24	%		5.48	%		6.15	%		6.00	%		4.68	%
Expenses excluding interest and fees from borrowings		1.70	%		1.73	%		1.73	%		1.75	%		1.73	%		1.66	%
Interest and fees from borrowings		—			—			—	6		0.28	%		0.01	%		—
Total expenses		1.70	%7		1.73	%7		1.73	%8		2.03	%8		1.74	%8		1.66	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.66	%9		1.68	%9		1.68	%		1.99	%		1.72	%		1.64	%
Portfolio turnover rate10		48	%		74	%		53	%		94	%		96	%		71	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. 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%.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 91

FINANCIAL HIGHLIGHTS    Continued

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

Six Months Ended March 28, 2013	1.70	%
Year Ended September 28, 2012	1.74	%

8. Total expenses including all affiliated fund expenses 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	%

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

Six Months Ended March 28, 2013	1.66	%
Year Ended September 28, 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 28, 2013	$	12,360,167,738	$	11,885,484,528
Year Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

92 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class I	Six Months Ended March 28, 20131 (Unaudited)			Period Ended September 28, 20121,2
Per Share Operating Data
Net asset value, beginning of period	$	4.29		$	4.17
Income (loss) from investment operations:
Net investment income3		.13			.18
Net realized and unrealized gain		.05			.11
Total from investment operations		.18			.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.16	)
Tax return of capital distribution		—			(.01	)
Total dividends and/or distributions to shareholders		(.13	)		(.17	)
Net asset value, end of period	$	4.34		$	4.29
Total Return, at Net Asset Value4		4.21	%		7.23	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$81,402			$51,011
Average net assets (in thousands)		$67,431			$17,870
Ratios to average net assets:5,6
Net investment income		6.02	%		6.37	%
Expenses excluding interest and fees from borrowings		0.60	%		0.64	%
Interest and fees from borrowings		—			—
Total expenses7		0.60	%		0.64	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses8		0.56	%		0.60	%
Portfolio turnover rate9		48	%		74	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

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

4. 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:

Six Months Ended March 28, 2013	0.60	%
Period Ended September 28, 2012	0.65	%

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

Six Months Ended March 28, 2013	0.56	%
Period Ended September 28, 2012	0.61	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 28, 2013	$	12,360,167,738	$	11,885,484,528
Period Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752

See accompanying Notes to Financial Stataements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 93

FINANCIAL HIGHLIGHTS    Continued

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class N	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	4.31		$	4.05		$	4.32		$	3.92		$	3.97		$	4.41
Income (loss) from investment operations:
Net investment income2		.11			.23			.25			.26			.22			.22
Net realized and unrealized gain (loss)		.05			.26			(.28	)		.40			(.05	)		(.39	)
Total from investment operations		.16			.49			(.03	)		.66			.17			(.17	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.22	)		(.24	)		(.26	)		(.16	)		(.27	)
Tax return of capital distribution		—			(.01	)		—			—			(.06	)		—
Total dividends and/or distributions to shareholders		(.11	)		(.23	)		(.24	)		(.26	)		(.22	)		(.27	)
Net asset value, end of period	$	4.36		$	4.31		$	4.05		$	4.32		$	3.92		$	3.97
Total Return, at Net Asset Value3		3.81	%		12.42	%		(0.73	)%		17.34	%		5.14	%		(4.17	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$237,763			$238,666			$225,889			$230,532			$186,857			$186,353
Average net assets (in thousands)		$241,487			$229,983			$237,655			$202,619			$164,067			$175,884
Ratios to average net assets:4,5
Net investment income		5.29	%		5.59	%		5.81	%		6.45	%		6.34	%		5.03	%
Expenses excluding interest and fees from borrowings		1.34	%		1.38	%		1.39	%		1.44	%		1.47	%		1.32	%
Interest and fees from borrowings		—			—			—	6		0.28	%		0.01	%		—
Total expenses		1.34	%7		1.38	%7		1.39	%8		1.72	%8		1.48	%8		1.32	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.30	%9		1.33	%9		1.34	%		1.68	%		1.39	%		1.30	%
Portfolio turnover rate10		48	%		74	%		53	%		94	%		96	%		71	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. 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%.

94 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

Six Months Ended March 28, 2013	1.34	%
Year Ended September 28, 2012	1.39	%

8. Total expenses including all affiliated fund expenses 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	%

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

Six Months Ended March 28, 2013	1.30	%
Year Ended September 28, 2012	1.34	%

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 28, 2013	$	12,360,167,738	$	11,885,484,528
Year Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 95

FINANCIAL HIGHLIGHTS    Continued

	Six Months Ended March 28, 20131			Year Ended September 28,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
Class Y	(Unaudited)			20121			2011			2010			2009			2008
Per Share Operating Data
Net asset value, beginning of period	$	4.30		$	4.05		$	4.31		$	3.91		$	3.96		$	4.39
Income (loss) from investment operations:
Net investment income2		.13			.26			.28			.29			.24			.25
Net realized and unrealized gain (loss)		.05			.25			(.27	)		.39			(.05	)		(.38	)
Total from investment operations		.18			.51			.01			.68			.19			(.13	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.25	)		(.27	)		(.28	)		(.18	)		(.30	)
Tax return of capital distribution		—			(.01	)		—			—			(.06	)		—
Total dividends and/or distributions to shareholders		(.13	)		(.26	)		(.27	)		(.28	)		(.24	)		(.30	)
Net asset value, end of period	$	4.35		$	4.30		$	4.05		$	4.31		$	3.91		$	3.96
Total Return, at Net Asset Value3		4.13	%		12.82	%		0.13	%		18.10	%		5.67	%		(3.33	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$697,536			$729,210			$706,842			$666,015			$290,726			$313,760
Average net assets (in thousands)		$710,748			$729,460			$718,536			$545,045			$266,712			$220,416
Ratios to average net assets:4,5
Net investment income		5.90	%		6.17	%		6.44	%		7.08	%		6.82	%		5.68	%
Expenses excluding interest and fees from borrowings		0.73	%		0.79	%		0.77	%		0.85	%		0.79	%		0.66	%
Interest and fees from borrowings		—			—			—	6		0.28	%		0.01	%		—
Total expenses		0.73	%7		0.79	%7		0.77	%8		1.13	%8		0.80	%8		0.66	%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.69	%9		0.74	%9		0.72	%		1.05	%		0.78	%		0.64	%
Portfolio turnover rate10		48	%		74	%		53	%		94	%		96	%		71	%

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. 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 28, 2013	0.73	%
Year Ended September 28, 2012	0.80	%

96 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Total expenses including all affiliated fund expenses 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	%

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

Six Months Ended March 28, 2013	0.69	%
Year Ended September 28, 2012	0.75	%

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 28, 2013	$	12,360,167,738	$	11,885,484,528
Year Ended September 28, 2012	$	9,325,024,559	$	7,885,278,752
Year Ended September 30, 2011	$	3,961,769,663	$	3,820,541,826
Year Ended September 30, 2010	$	2,754,184,019	$	2,975,421,694
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

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 97

NOTES TO FINANCIAL STATEMENTS    March 28, 2013 / Unaudited

1. Significant Accounting Policies

Oppenheimer Global Strategic Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek total return. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.

The Fund offers Class A, Class C, Class I, Class N and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class N shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class 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.

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

Semiannual and Annual Periods. 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.

The last day of the Fund’s fiscal year 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

98 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 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 28, 2013, 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	$	2,687,035,304
Sold securities		410,415,140

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 99

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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 whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 28, 2013 is as follows:

Cost	$	132,609,198
Market Value	$	25,629,919
Market Value as a % of Net Assets		0.28	%

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

100 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 28, 2013, the Subsidiary has a deficit of $22,756 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 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 the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the 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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 101

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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 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 28, 2012, the Fund utilized $52,006,467 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $123,811,998 and straddle losses of $382,872, which were deferred. Details of the fiscal year ended September 28, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

102 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Expiring
2016	$	20,567,236
2017		114,107,166
2018		240,345,967
No expiration		33,048,648
Total	$	408,069,017

Of these losses, $33,835,693 are subject to Sec. 382 loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $12,593,017 per year and have expiration dates ranging from September 30, 2016 to September 30, 2017.

Of these losses, $33,048,648 are subject to Sec. 382 loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $12,593,017 per year but do not have expiration dates associated with them.

As of March 28, 2013, it is estimated that the capital loss carryforwards would be $375,020,369 expiring by 2018 and $102,193,289 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 28, 2013, 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 28, 2013 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	$	11,283,140,394
Federal tax cost of other investments		(1,032,687,839	)
Total federal tax cost	$	10,250,452,555
Gross unrealized appreciation	$	448,491,292
Gross unrealized depreciation		(365,437,146	)
Net unrealized appreciation	$	83,054,146

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 103

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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 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 (except for the investments in the Subsidiary) are determined on the basis of identified cost.

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

104 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.

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

Valuation Methods and Inputs

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

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

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 105

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

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

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

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

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

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

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

106 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. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

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

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

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 107

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

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 28, 2013 based on valuation input level:

	Level 1— Unadjusted Quoted Prices				Level 2— Other Significant Observable Inputs				Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Wholly-Owned Subsidiary		$	—			$	1,424,423			$	—		$	1,424,423
Asset-Backed Securities			—				247,150,171				45,005,100			292,155,271
Corporate Loans			—				139,764,406				11,293,516			151,057,922
Mortgage-Backed Obligations			—				3,803,790,727				27,107,224			3,830,897,951
U.S. Government Obligations			—				409,985,993				—			409,985,993
Foreign Government Obligations			—				2,268,837,568				—			2,268,837,568
Corporate Bonds and Notes			—				3,399,373,129				5,633,967			3,405,007,096
Preferred Stocks			—				11,597,014				—			11,597,014
Common Stocks			8,490,540				—				9,257,102			17,747,642
Rights, Warrants and Certificates			—				—				3,187			3,187
Structured Securities			—				140,508,653				85,988,883			226,497,536
Options Purchased			1,506,484				300,385				—			1,806,869
Swaptions Purchased			—				15,715,266				—			15,715,266
Investment Companies			101,682,800				637,553,581				—			739,236,381
Total Investments, at Value			111,679,824				11,076,001,316				184,288,979			11,371,970,119
Other Financial Instruments:
Appreciated swaps, at value			—				11,538,509				—			11,538,509
Depreciated swaps, at value			—				5,667,733				—			5,667,733
Futures margins			1,404,024				—				—			1,404,024
Foreign currency exchange contracts			—				44,515,857				—			44,515,857
Total Assets		$	113,083,848			$	11,137,723,415			$	184,288,979		$	11,435,096,242
Liabilities Table
Other Financial Instruments:
Swaps, at value		$	—			$	—			$	—		$	—
Appreciated swaps, at value			—				(3,647,800	)			—			(3,647,800	)
Depreciated swaps, at value			—				(11,062,529	)			—			(11,062,529	)
Appreciated options written, at value			—				(718,865	)			—			(718,865	)
Depreciated options written, at value			(402,141	)			(506,055	)			—			(908,196	)
Appreciated swaptions written, at value			—				(7,117,687	)			—			(7,117,687	)
Depreciated swaptions written, at value			—				(11,325,281	)			—			(11,325,281	)
Futures margins			(1,239,187	)			—				—			(1,239,187	)
Foreign currency exchange contracts			—				(32,782,068	)			—			(32,782,068	)
Total Liabilities		$	(1,641,328	)		$	(67,160,285	)		$	—		$	(68,801,613	)

108 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.

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

	Transfers out of Level 2*				Transfers into Level 3*
Assets Table
Investments, at Value:
Common Stocks		$	(14,165,682	)		$	14,165,682
Mortgage-Backed Obligations			(6,740,407	)			6,740,407
Structured Securities			(82,503,971	)			82,503,971
Total Assets		$	(103,410,060	)		$	103,410,060

* Transferred from Level 2 to Level 3 because of the lack of observable market data.

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

	Value as of September 28, 2012			Change in unrealized appreciation/ depreciation				Accretion/ (amortization) of premium/ discounta			Sales				Transfers into Level 3			Value as of March 28, 2013
Assets Table
Investments, at Value:
Asset-Backed Securities		$	37,604,000		$	7,328,574			$	72,526		$	—			$	—		$	45,005,100
Corporate Loans			11,394,688			(101,172	)			—			—				—			11,293,516
Mortgage-Backed Obligations			—			20,290,845				75,972			—				6,740,407			27,107,224
Corporate Bonds and Notes			5,261,342			328,433				44,192			—				—			5,633,967
Common Stocks			844,188			(4,156,591	)			—			(1,596,177	)			14,165,682			9,257,102
Rights, Warrants, and Certificates			3,187			—				—			—				—			3,187
Structured Securities			1,402,959			1,354,865				727,088			—				82,503,971			85,988,883
Total Assets		$	56,510,364		$	25,044,954			$	919,778		$	(1,596,177	)		$	103,410,060		$	184,288,979

a. Included in net investment income.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 109

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

2. Securities Valuation Continued

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to level 3 investments still held at March 28, 2013 includes:

	Change in unrealized appreciation/depreciation
Asset-Backed Securities	$	7,328,574
Common Stocks		(4,944,798	)
Corporate Bonds and Notes		328,433
Corporate Loans		(101,172	)
Mortgage-Backed Obligations		20,751,005
Structured Securities		1,906,875
Total	$	25,268,917

The following provides information regarding assets in which significant unobservable inputs (level) were used by the Manager in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker: (Note: Table from Treasury Oversight)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of March 28, 2013:

Value as of March 28, 2013

Valuation Technique

Unobservable input

Range of Unobservable Inputs

Unobservable Input Used

Assets Table

Investments, at Value:

Asset-Backed Securities

$

45,005,100

Broker quotes

Broker Bid

N/A

N/A

(a

)

Corporate Loans

11,293,516

Discount to appraised value

Discount rate Appraisal of Collateral

$

N/A 30 - 35 million

35% $32.5 million

(b

)

Mortgage-Backed Obligations

147,672

Broker quotes through Pricing Service

Broker Bid and Ask

N/A

N/A

(c

)

Mortgage-Backed Obligations

26,959,552

Broker quotes

Broker Bid and Ask

N/A

N/A

(c

)

Corporate Bonds and Notes

3,228,842

Cost

N/A

N/A

97% of par

(d

)

Corporate Bonds and Notes

2,405,125

Market Comparables

Broker Bid

N/A

8.875% of par

(e

)

Common Stock

9,220,884

Broker quotes

Proprietary model

N/A

N/A

(c

)

Common Stock

36,218

Average of anticipated merger proceeds

Cash consideration for elected shares to be received

$5.87 per share

$5.56 - $6.18 per share

(f

)

Rights, Warrants and Certificates

3,187

Estimated Recovery proceeds

Nominal value

N/A

0.01% of par

(g

)

Structured securities

84,585,924

Broker quotes

Proprietary model

N/A

N/A

(c

)

Structured securities

1,402,959

Estimated Recovery proceeds

Probability of favorable litigation outcome

N/A

10% of par

(h

)

Total

$

184,288,979

110 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

(a) The Fund fair values certain asset-backed securities using broker-dealer price quotations provided on a monthly basis. The Manager periodically reviews broker methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the broker.

(b) The Fund fair values its proportionate ownership of certain loans at a discount to an appraised value of underlying collateral to reflect the age of the appraisal, uncertainty of the sales price as compared to the appraised value, and illiquidity. A significant decrease (increase) to the discount rate, or a significant increase (decrease) to the underlying collateral’s appraised value, will result in a significant increase (decrease) to the fair value of the investment.

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

(d) The Fund fair values certain corporate bonds received through bankruptcy distributions using prior transaction price (acquisition cost). The Manager monitors such investments for additional market information or the occurence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

(e) The Fund fair values certain corporate bonds using the issuing company’s public debt as a comparable. Given the uncertainty of recovery value, the bid quote of the company’s debt was used. A significant increase (decrease) to the broker’s bid on the company’s public debt will result in an significant increase (decrease) to the value of the investment.

(f) The Fund fair values certain common stock shares to be received pending completion of a merger using the estimated cash equivalent value. The Manager monitors such investments for additional market information or the occurence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

(g) The Fund fair values certain warrants received through bankruptcy distributions using a nominal value as a percentage of par of the bonds previously held to reflect the low probability of future value. The Manager monitors such investments for additional market information or the occurence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

(h) The Fund fair values certain structured securities using a discount to par to reflect the low probability of future distributions resulting from litigation. A significant increase (decrease) to the estimated probability of cash flows resulting from the litigation proceedings will result in a significant increase (decrease) to the value of the investment.

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 28, 2013						Year Ended September 28, 20121
	Shares			Amount			Shares			Amount
Class A
Sold		106,838,017		$	464,637,850			179,677,478		$	749,557,749
Dividends and/or distributions reinvested		34,875,296			151,566,225			70,832,429			295,211,895
Acquisition—Note 9		13,404,148			57,771,879			73,155,128			314,567,048
Redeemed		(149,912,438	)		(651,959,557	)		(311,973,354	)		(1,298,509,177	)
Net increase		5,205,023		$	22,016,397			11,691,681		$	60,827,515

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 111

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

3. Shares of Beneficial Interest Continued

	Six Months Ended March 28, 2013						Year Ended September 28, 20121
	Shares			Amount			Shares			Amount
Class B
Sold		1,767,748		$	7,709,080			10,263,297		$	42,836,405
Dividends and/or distributions reinvested		1,297,143			5,656,219			2,860,313			11,961,537
Acquisition—Note 9		1,429,866			6,191,320			4,258,497			18,396,708
Redeemed		(10,363,359	)		(45,210,534	)		(22,059,177	)		(92,152,983	)
Net decrease		(5,868,602	)	$	(25,653,915	)		(4,677,070	)	$	(18,958,333	)
Class C
Sold		29,553,815		$	128,313,857			52,136,654		$	216,949,813
Dividends and/or distributions reinvested		7,493,218			32,502,972			15,102,247			62,850,869
Acquisition—Note 9		4,533,002			19,537,238			15,949,561			68,423,617
Redeemed		(35,853,165	)		(155,661,573	)		(71,417,630	)		(296,817,124	)
Net increase		5,726,870		$	24,692,494			11,770,832		$	51,407,175
Class I
Sold		8,259,440		$	35,820,293			12,098,223		$	50,533,216
Dividends and/or distributions reinvested		451,656			1,956,915			168,686			718,016
Redeemed		(1,842,490	)		(7,979,795	)		(368,253	)		(1,563,895	)
Net increase		6,868,606		$	29,797,413			11,898,656		$	49,687,337
Class N
Sold		7,308,365		$	31,791,251			14,121,050		$	58,879,745
Dividends and/or distributions reinvested		1,297,869			5,644,557			2,713,166			11,316,412
Acquisition—Note 9		1,645,832			7,109,994			2,539,125			10,918,238
Redeemed		(11,109,551	)		(48,327,592	)		(19,705,631	)		(82,327,358	)
Net decrease		(857,485	)	$	(3,781,790	)		(332,290	)	$	(1,212,963	)
Class Y
Sold		25,858,113		$	112,393,628			53,887,592		$	224,195,334
Dividends and/or distributions reinvested		4,215,965			18,297,291			9,517,136			39,629,052
Acquisition—Note 9		638,039			2,749,946			1,620,678			6,968,915
Redeemed		(39,979,093	)		(173,840,799	)		(70,193,036	)		(292,162,287	)
Net decrease		(9,266,976	)	$	(40,399,934	)		(5,167,630	)	$	(21,368,986	)

1.For the year ended September 28, 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 September 28, 2012, for Class I shares.

112 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 28, 2013, were as follows:

	Purchases		Sales
Investment securities	$	2,719,881,509	$	2,922,507,506
U.S. government and government agency obligations		812,626,978		719,889,660
To Be Announced (TBA) mortgage-related securities		12,360,167,738		11,885,484,528

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

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

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a per account fee.

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. The Transfer Agent may voluntarily waive the minimum fees.

Sub-Transfer Agent Fees. Effective January 1, 2013, the Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI, (the “Sub-Transfer Agent”) to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 113

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

5. Fees and Other Transactions with Affiliates Continued

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

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

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2013 were as follows:

Class B	$168,179,991
Class C	69,974,430
Class N	6,169,399

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.

114 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class N Contingent Deferred Sales Charges Retained by Distributor
March 28, 2013	$	1,084,463	$	17,618	$	209,409	$	44,228	$	1,858

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 28, 2013, the Manager waived $5,358.

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 28, 2013, the Manager waived fees and/or reimbursed the Fund $1,849,165 for management fees.

The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C, N and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the 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.

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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 115

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

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

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

116 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 28, 2013, the maximum amount of loss that the Fund would incur if the counterparties to its derivative transactions failed to perform would be $79,914,180, 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 $23,553,506 as of March 28, 2013. 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.

As of March 28, 2013 the Fund has required certain counterparties to post collateral of $24,115,281.

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 28, 2013, the aggregate fair value of derivative instruments with credit related contingent features in a net liability position was $14,044,359 for which the Fund has posted collateral of $15,256,617. If a contingent feature would have been triggered as of March 28, 2013, the Fund could have been required to pay this amount

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 117

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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 28, 2013 are as follows:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Credit contracts	Appreciated swaps, at value	$	2,101,602		Appreciated swaps, at value	$	3,647,800
Credit contracts	Depreciated swaps, at value		5,667,733		Depreciated swaps, at value		2,348,869
Equity contracts	Appreciated swaps, at value		6,790,179		Depreciated swaps, at value		3,958,221
Interest rate contracts	Appreciated swaps, at value		936,323		Depreciated swaps, at value		1,135,151
Volatility contracts	Appreciated swaps, at value		1,710,405		Depreciated swaps, at value		3,620,288
Volatility contracts	Futures margins		3,297	*
Equity contracts	Futures margins		339,639	*	Futures margins		38,864	*
Interest rate contracts	Futures margins		1,061,088	*	Futures margins		1,200,323	*
Foreign exchange contracts	Closed currency contracts		2,168,217		Closed currency contracts		5,496,014
Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts		44,515,857		Unrealized depreciation on foreign currency exchange contracts		32,782,068
Foreign exchange contracts					Appreciated options written, at value		564,381
Foreign exchange contracts					Depreciated options written, at value		506,055
Interest rate contracts					Appreciated options written, at value		154,484
Interest rate contracts					Depreciated options written, at value		402,141
Credit contracts					Appreciated swaptions written, at value		13,333
Credit contracts					Depreciated swaptions written, at value		237,841
Interest rate contracts					Appreciated swaptions written, at value		7,104,354
Interest rate contracts					Depreciated swaptions written, at value		11,087,440
Credit contracts	Investments, at value		44,707	**
Foreign exchange contracts	Investments, at value		300,385	**
Interest rate contracts	Investments, at value		17,177,043	**
Total		$	82,816,475			$	74,297,627

*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 option contracts and purchased swaption contracts.

118 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments from unaffiliated companies (including premiums on options exercised)*			Closing and expiration of swaption contracts written			Closing and expiration of option contracts written		Closing and expiration of futures contracts			Foreign currency transactions			Swap contracts			Total
Credit contracts	$	(11,724,113	)	$	(1,374,091	)	$	—	$	—		$	—		$	(9,486,247	)	$	(22,584,451	)
Equity contracts		—			—			—		(7,313,501	)		—			10,129,420			2,815,919
Foreign exchange contracts		(2,419,528	)		—			30,111,345		1,918,271			(54,278,572	)		—			(24,668,484	)
Interest rate contracts		(61,979,170	)		20,016,006			3,713,665		(12,461,021	)		—			(3,816,552	)		(54,527,072	)
Volatility contracts		—			—			—		871,964			—			(3,370,687	)		(2,498,723	)
Total	$	(76,122,811	)	$	18,641,915		$	33,825,010	$	(16,984,287	)	$	(54,278,572	)	$	(6,544,066	)	$	(101,462,811	)

*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
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written			Swaption contracts written			Futures contracts			Translation of assets and liabilities denominated in foreign currencies		Swap contracts			Total
Credit contracts	$	11,635,267	$	—		$	6,961,580		$	—		$	—	$	(1,718,245	)	$	16,878,602
Equity contracts		—		—			—			136,704			—		(369,043	)		(232,339	)
Foreign exchange contracts		8,489,375		(3,942,916	)		—			(85,512	)		54,439,677		—			58,900,624
Interest rate contracts		39,171,251		27,246			(5,525,245	)		(2,075,210	)		—		1,736,740			33,334,782
Volatility contracts		��		—			—			(361,630	)		—		(675,005	)		(1,036,635	)
Total	$	59,295,893	$	(3,915,670	)	$	1,436,335		$	(2,385,648	)	$	54,439,677	$	(1,025,553	)	$	107,845,034

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

Foreign Currency Exchange Contracts

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

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 119

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $1,176,554,966 and $2,657,081,685, respectively.

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

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.

120 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.

The Fund has purchased futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to increase exposure to volatility risk.

The Fund has sold futures contracts, which have values that are linked to the price movement of the related volatility indexes, in order to decrease exposure to volatility risk.

During the six months ended March 28, 2013, the Fund had an ending monthly average market value of $670,372,231 and $2,010,306,229 on futures contracts purchased and sold, respectively.

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

Option Activity

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 121

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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 28, 2013, the Fund had an ending monthly average market value of $6,307,488 and $2,479,510 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.

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.

122 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 28, 2013, the Fund had an ending monthly average market value of $1,636,639 and $3,110,384 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 28, 2013 was as follows:

	Call Options						Put Options
	Number of Contracts			Amount of Premiums			Number of Contracts			Amount of Premiums
Options outstanding as of
September 28, 2012		5,152,848,131		$	3,896,584			10,178,747,400		$	7,632,956
Options written		187,126,155,433			23,372,625			182,293,096,835			30,885,423
Options closed or expired		(144,726,753,564	)		(21,755,638	)		(68,344,043,116	)		(25,147,954	)
Options exercised		(41,480,250,000	)		(5,053,895	)		(115,859,135,000	)		(12,066,024	)
Options outstanding as of
March 28, 2013		6,072,000,000		$	459,676			8,268,666,119		$	1,304,401

Swap Contracts

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

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

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 123

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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

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

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

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

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

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

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

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

124 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

For the six months ended March 28, 2013, the Fund had ending monthly average notional amounts of $134,918,201 and $112,457,182 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 28, 2013, the Fund had ending monthly average notional amounts of $117,660,077 and $224,976,789 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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 125

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 28, 2013, the Fund had ending monthly average notional amounts of $167,297,799 and $70,314,007 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.

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 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 28, 2013, the Fund had ending monthly average notional amounts of $3,686,161 and $2,245,846 on volatility swaps which pay volatility and volatility swaps which receive volatility, respectively.

126 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.

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

The Fund has purchased swaptions which give it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual securities and, or, indexes. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

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

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 127

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

6. Risk Exposures and the Use of Derivative Instruments Continued

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

The Fund has written swaptions which give 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.

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

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

During the six months ended March 28, 2013, the Fund had an ending monthly average market value of $22,638,259 and $22,063,401 on purchased and written swaptions, respectively.

Written swaption activity for the six months ended March 28, 2013 was as follows:

	Call Swaptions
	Notional Amount			Amount of Premiums
Swaptions outstanding as of
September 28, 2012	$	3,063,115,922		$	34,151,151
Swaptions written		3,545,115,000			40,325,119
Swaptions closed or expired		(4,769,965,922	)		(51,299,563	)
Swaptions exercised		(586,270,000	)		(3,806,390	)
Swaptions outstanding as of March 28, 2013	$	1,251,995,000		$	19,370,317

7. Restricted Securities

As of March 28, 2013, 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.

128 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

8. Loan Commitments

Pursuant to the terms of certain credit agreements, the Fund can have unfunded loan commitments. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments. As of March 28, 2013, the Fund is contractually obligated to fund commitments of $338,584 by a specified date; these unfunded commitments have been included as Corporate Loans in the Statement of Investments.

9. Acquisition of Oppenheimer Champion Income Fund

On September 21, 2012, the Fund acquired all of the net assets of Oppenheimer Champion Income Fund, pursuant to an Agreement and Plan of Reorganization approved by the Oppenheimer Champion Income Fund shareholders on February 14, 2012. The exchange qualified as a tax-free reorganization for federal income tax purposes. The purpose of this acquisition is to combine two funds with similar investment objectives, strategies and risks to allow shareholders to benefit from greater asset growth potential, as well as lowered total expenses.

Details of the merger are shown in the following table:

	Exchange Ratio to One Share of the Oppenheimer Champion Income Fund		Shares of Beneficial Interest Issued by the Fund		Value of Issued Shares of Beneficial Interest		Combined Net Assets on September 21, 20121
Class A		0.4320069767		73,155,128	$	314,567,048	$	6,264,006,608
Class B		0.4306256944		4,258,197	$	18,396,708	$	281,804,959
Class C		0.4321876457		15,949,561	$	68,423,617	$	1,517,047,234
Class N		0.4322581395		2,539,125	$	10,918,238	$	240,418,510
Class Y		0.4242383721		1,620,678	$	6,968,915	$	725,843,933

1. The net assets acquired included net unrealized depreciation of $21,666,477 and an unused capital loss carryforward of $1,090,187,248, potential utilization subject to tax limitations.

Had the merger occurred at the beginning of the reporting period, the Fund’s Statement of Operations would have been adjusted to the following amounts:

Net investment income	$	536,922,081
Net loss on investments	$	556,454,238
Net decrease in net assets resulting from operations	$	1,093,376,319

Acquisition of Oppenheimer Portfolio Series Fixed Income Active Allocation Fund

On October 4, 2012, the Fund acquired all of the net assets of Oppenheimer Portfolio Series Fixed Income Active Allocation Fund at fair market value, pursuant to an Agreement and Plan of Reorganization approved by the Oppenheimer Portfolio Series Fixed Income Active Allocation Fund shareholders on September 14, 2012. The purpose of the acquisition is to combine two funds with similar investment objectives, strategies, and risks to allow shareholders to benefit from greater asset growth potential, as well as lowered expenses.

The transaction qualified as a tax-free reorganization, (the “merger”) for federal income tax purposes allowing the Fund to use the original cost basis of the investments received to calculate subsequent gains and losses for tax reporting purposes.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 129

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

9. Acquisition of Oppenheimer Champion Income Fund Continued

Details of the merger are shown in the following table:

	Exchange Ratio to One Share of the Oppenheimer Portfolio Series Fixed Income Active Allocation Fund		Shares of Beneficial Interest Issued by the Fund		Value of Issued Shares of Beneficial Interest		Combined Net Assets on October 4, 20121
Class A		1.8290074246		13,404,148	$	57,771,879	$	6,307,043,023
Class B		1.8202699769		1,429,866	$	6,191,320	$	279,870,885
Class C		1.8279487239		4,533,002	$	19,537,238	$	1,529,086,212
Class N		1.8237608796		1,645,832	$	7,109,994	$	240,103,342
Class Y		1.8268703016		638,039	$	2,749,946	$	239,095,549

1. The net assets acquired included net unrealized appreciation of $8,979,792 and an unused capital loss carryforward of $551,452, potential utilization subject to tax limitations.

Had the merger occurred at the beginning of the reporting period, the Fund’s Statement of Operations would have been adjusted to the following amounts:

Net investment income	$	230,141,521
Net gain on investments	$	104,712,242
Net increase in net assets resulting from operations	$	334,853,763

10. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by 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 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. 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.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI 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 OFI 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

130 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. The court’s decision is subject to appeal. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims 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 OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’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.

OFI 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. 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, OFI believes that these suits should not impair the ability of OFI 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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 131

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 30^th, no later than August 31^st 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 http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

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

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

132 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Financial Statements for Oppenheimer Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”) for the Six Months Ended March 28, 2013
134	Statement of Assets and Liabilities
135	Statement of Operations
136	Statement of Changes in Net Assets
137	Notes to Financial Statements

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 133

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

STATEMENT OF ASSETS AND LIABILITIES    March 28, 2013¹ / Unaudited

Assets
Cash	$	1,443,708
Receivables and other assets:
Other		261
Total assets		1,443,969
Liabilities
Payables and other liabilities:
Auditing and other professional fees		15,341
Trustees’ compensation		3,097
Custodian fees		1,068
Other		40
Total liabilities		19,546
Net Assets	$	1,424,423
Composition of Net Assets
Par value of shares of beneficial interest	$	150
Additional paid-in capital		1,499,850
Accumulated net investment loss		(75,577	)
Net Assets—applicable to 15,000 shares of beneficial interest outstanding	$	1,424,423
Net Asset Value, Redemption Price Per Share and Offering Price Per Share	$	94.96

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

134 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

STATEMENT OF OPERATIONS    For the Six Months Ended March 28, 2013¹ / (Unaudited)

Expenses
Management fees	$	5,364
Auditing and other professional fees		9,506
Trustees’ compensation		6,377
Custodian fees and expenses		1,307
Other		233
Total expenses		22,787
Net Investment Loss		(22,787	)
Net Decrease in Net Assets Resulting from Operations	$	(22,787	)

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 135

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

STATEMENTS OF CHANGES IN NET ASSETS

	Six Month Ended March 28, 20131 (Unaudited)			Period Ended September 28, 20121,2
Operations
Net investment loss	$	(22,787	)	$	(52,790	)
Net decrease in net assets resulting from operations		(22,787	)		(52,790	)
Capital Transactions
Net increase in net assets resulting from capital transactions		—			1,500,000
Net Assets
Total increase (decrease)		(22,787	)		1,447,210
Beginning of period		1,447,210			—
End of period (including accumulated net investment loss of $75,577 and $52,790, respectively)	$	1,424,423		$	1,447,210

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from November 21, 2011 (commencement of operations) to September 28, 2012.

See accompanying Notes to Financial Statements.

136 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

NOTES TO FINANCIAL STATEMENTS    March 28, 2013 / 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 (“ETF”). The Fund’s investment adviser was Oppenheimer Real Asset Management, Inc. (“ORAMI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date. As of March 28, 2013, 100% of the Fund was owned by Oppenheimer Global Strategic Income Fund (“OGSIF”).

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 28, 2013, the directors have not designated classes or series of outstanding participating shares. During the six months ended March 28, 2013, 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 and Annual Periods. 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.

The last day of the Fund’s fiscal year 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. 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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 137

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

1. Significant Accounting Policies Continued

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. 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.

138 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Capital transactions were as follows:

	Six Months Ended March 28, 2013 Amount		Period Ended September 28, 20121 Amount
Contributions	$	—	$	1,500,000
Withdrawals		—		—
Net increase	$	—	$	1,500,000

1. For the period from November 21, 2011 (commencement of operations) to September 28, 2012.

3. 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

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 fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

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.

4. Financial Highlights

The following represents certain per share data and financial ratios of the Fund for the periods noted. The computation of the net investment income and total expense ratios

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 139

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND (CAYMAN) LTD.

NOTES TO FINANCIAL STATEMENTS    Unaudited / Continued

4. Financial Highlights Continued

was based upon the daily net assets of the Fund during these periods. Unless otherwise noted, the calculations have been annualized for reporting purposes:

	Six Months Ended March 28, 2013			Period Ended September 28, 20121
Per Share Operating Data
Net asset value, beginning of period		$96.48			$100.00
Income (loss) from investment operations:
Net investment loss		(1.52	)		(3.52	)
Net asset value, end of period		$94.96			$96.48
Total Return, at Net Asset Value2		(1.57	)%		(3.52	)%
Ratios to Average Net Assets:
Net investment loss		(3.18	)%		(4.18	)%
Total expenses		3.18	%		4.18	%

1. For the period from November 21, 2011 (commencement of operations) through September 28, 2012.

2. The total return was calculated based upon the daily returns of the Fund during this period. The calculation has not been annualized for periods less than one full year.

5. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by 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 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. 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.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI 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 OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities

140 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. The court’s decision is subject to appeal. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims 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 OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’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.

OFI 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. 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, OFI believes that these suits should not impair the ability of OFI 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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 141

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Trustees and Officers	Sam Freedman, Chairman of the Board of Trustees and Trustee Edward L. Cameron, Trustee Jon S. Fossel, Trustee Richard F. Grabish, Trustee Beverly L. Hamilton, Trustee Victoria J. Herget, Trustee Robert J. Malone, Trustee F. William Marshall, Jr., Trustee Karen L. Stuckey, Trustee James D. Vaughn, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Arthur Steinmetz, Vice President Krishna Memani, Vice President Sara Zervos, Ph.D., Vice President Jack Brown, 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 & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
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.

^© 2013 OppenheimerFunds, Inc. All rights reserved.

142 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:

l Applications or other forms

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

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

l Your transactions with us, our affiliates or others

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

l 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.

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.

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND 143

PRIVACY POLICY NOTICE

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.

l 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.

l 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.

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, 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 November 2012. 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).

144 OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions

or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available Mon-Fri 8am-8pm ET.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

RS0230.001.0313 May 20, 2013

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/28/2013, 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:	5/8/2013

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:	5/8/2013

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/8/2013