Oppenheimer Global Strategic Income Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-5724

Oppenheimer Global Strategic Income Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2015

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	7
Fund Expenses	11
Consolidated Statement of Investments	13
Consolidated Statement of Assets and Liabilities	68
Consolidated Statement of Operations	70
Consolidated Statements of Changes in Net Assets	72
Consolidated Financial Highlights	73
Notes to Consolidated Financial Statements	85
Report of Independent Registered Public Accounting Firm	120
Federal Income Tax Information	121
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	122
Special Shareholder Meeting	125
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	126
Trustees and Officers	127
Privacy Policy Notice	134

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/15

	1-Year	5-Year	10-Year
Class A Shares of the Fund without sales charge	-2.06%	3.10%	4.87%
Class A Shares of the Fund with sales charge	-6.72	2.10	4.36
Barclays U.S. Aggregate Bond Index	2.94	3.10	4.64
Citigroup World Government Bond Index	-3.83	-0.19	3.37
Citigroup Non-U.S. World Government Bond Index	-7.01	1.32	2.92
J.P. Morgan Domestic High Yield Index	-3.75	6.61	7.44
Reference Index	-3.00	2.42	4.89

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or

call 1.800.CALL OPP (225.5677).

2      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of -2.06% during the reporting period, outperforming the -3.00% return provided by its Reference Index (the “Index”), which currently is composed of the following broad-based securities indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J.P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

In 2014, growth in the U.S. continued at a higher pace than any other developed economy and employment gains remained positive. Growth in the rest of the world was subdued, however, with major developed economies like the Eurozone and Japan continuing to disappoint due to weak aggregate demand. The biggest surprise of the reporting period and possibly all of 2014 was the precipitous fall in the price of crude oil. Weak demand amid tepid global growth was responsible for part of the drop, but significantly, the U.S. energy revolution is increasingly helping to insulate global and

domestic energy supplies from shocks in the Middle East and elsewhere.

The start of 2015 was marked by cooling U.S. growth after the positive results in 2014. The dollar continued to strengthen significantly during this time against most of the U.S.’s major trading partners, which acted as a drag on growth. Businesses, especially U.S. firms with revenues dependent on exporting goods and services, cited this as a headwind. European Central Bank (“ECB”) President Mario Draghi announced the purchase of €60 billion a month in sovereign bonds from

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

3      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Eurozone countries for at least 19 months, a form of quantitative easing (“QE”) that is projected to increase the ECB’s balance sheet by over €1 trillion. The announcement and implementation of these extraordinary monetary policies had a significant impact on financial markets, with European markets rallying and the euro falling against most major trading partners.

Over the second half of the reporting period, major risk asset classes were vulnerable to profit taking as negative macroeconomic catalysts emerged. Two stole the show. Uncertainty around the global economic impact and extent of China’s ongoing economic slowdown led the way, with many fearing the stunning collapse in commodity prices signals more pain ahead. The timing of when the Federal Reserve (the “Fed”) would raise interest rates was a close second. Looking ahead, an objective look at the global economy reveals persistent strength in many U.S. economic indicators coupled with continued, albeit modest, global growth impulses and a benign worldwide monetary policy backdrop.

Ironically, after many failed attempts at predicting it since the 2009 bear market lows, few expected this correction when it finally came. The reality is corrections happen, even in the good years and represent a healthy way to periodically work off market excesses.

Due to the confluence of these factors, longer-term U.S. Treasury rates swung fairly wildly during the one-year reporting period, with the 10-year Treasury rate ultimately falling from the start of the reporting period through September 30, 2015. This net downward movement in rates contributed to U.S. Treasuries generating positive total returns.

FUND REVIEW

The strongest performing area of the Fund during the reporting period was the U.S. high grade part of the portfolio, which is focused primarily on securitized credit and corporate bonds. Due to numerous macroeconomic concerns, longer-term U.S. Treasury rates were volatile during the reporting period, with the 10-year Treasury rate ultimately falling for the overall period. Since investment grade debt is more sensitive to interest rates than high yield, the net decrease in rates resulted in stronger performance for the high grade portfolio.

Also benefiting the Fund’s relative performance was an underweight position in foreign currencies and a long position in the U.S. dollar. This benefited results particularly over the first half of the reporting period as the U.S. dollar rallied.

The primary detractor from performance this reporting period was our high yield exposure. The sharp drop in oil hurt our positions in the

4      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

energy sector. We decreased our allocation to energy during the reporting period. An allocation to emerging markets local debt also detracted from performance this period.

STRATEGY & OUTLOOK

We continue to believe that fixed income markets will remain volatile given both economic and policy uncertainty. In our opinion, the U.S. economy should continue to perform well compared to most other regions, but appears to be slowing going into the last quarter of the year. The August and September U.S. payroll reports both disappointed and some forward looking indicators such as Institute of Supply Management (ISM) manufacturing new orders slowed in the third quarter.

European data has been stable but unimpressive after the Greece crisis. The fiscal position of some sovereigns has improved, and right after reporting period ended, Standard & Poor’s raised their credit rating on Spain to BBB+ from BBB. We believe low inflation and slow growth increases the potential for easing actions by the ECB later this year, which should support asset prices.

Many emerging markets economies continue to face challenges. We look to take advantage of some select opportunities, but are likely to remain underweight compared to the Index through the end of the year. Significant actions by emerging market central banks could help to stabilize asset

prices temporarily, but we prefer to avoid the economic and market risks for the time being.

Credit quality in U.S. corporates continues to deteriorate. To counter any downturn, we have been moving into higher quality credit risk, particularly in high yield and emerging markets. Over the reporting period we reduced our allocation to both of these sectors. Defaults have increased slightly, with about three-quarters of all defaults coming from the energy, metals and mining, and the chemical sectors, sectors where we remain underweight at period end.

We have an overweight in European credit and U.S. mortgage-backed securities at period end, but are underweight U.S. investment-grade credit, and interest rate exposure. At period end, the Fund’s duration was approximately 4 years.

At period end, we have a near zero allocation to foreign exchange and continue to seek tactical opportunities without taking any significant exposure. The Fund has only one meaningful currency overweight position, which is in the Indian rupee. We believe India’s growth prospects are attractive compared to many other emerging market countries. Although the Fund is currently underweight most other emerging market currencies, the largest underweight is the Brazilian real where continued political turmoil, weak economy and high inflation are harming the prospects for the currency.

5      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Late in the reporting period, we made our first allocation to Apollo Credit Management, LLC for specific credit strategies outside our core internal capabilities. The initial investments have been in European high yield, middle market loans and the U.S. commercial real estate market.

	Michael Mata Portfolio Manager		Hemant Baijal1 Portfolio Manager
	Krishna Memani Portfolio Manager

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

6      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

United States	68.6%
United Kingdom	3.5
India	2.7
France	2.2
Brazil	1.9
Netherlands	1.8
Mexico	1.8
Canada	1.3
Italy	1.2
Spain	1.1

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2015, and are based on total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	69.9%
Europe	14.3
Latin America	6.6
Asia	5.1
Middle East/Africa	2.4
Supranational	0.9
Emerging Europe	0.8

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2015, and are based on total market value of investments.

7      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	57.7%
Investment Companies
Oppenheimer Institutional Money Market Fund	6.0
Oppenheimer Master Event-Linked Bond Fund, LLC	2.4
Oppenheimer Master Loan Fund, LLC	5.7
Oppenheimer Ultra-Short Duration Fund	1.1
Mortgage-Backed Obligations
Government Agency	4.8
Non-Agency	7.0
Foreign Government Obligations	7.7
Asset-Backed Securities	3.3
U.S. Government Obligations	2.3
Corporate Loans	1.1
Structured Securities	0.6
Common Stocks	0.2
Over-the-Counter Options Purchased	0.1
Over-the-Counter Interest Rate Swaptions Purchased	—*
Rights, Warrants and Certificates	—

* Represents a value less than 0.05%

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2015, and are based on the total market value of investments. The Fund may invest without limit in below investment-grade securities, which carry a greater risk that the issue may default on principal or interest payments, and in foreign securities, which entail higher expenses and risks, such as currency fluctuation.

CREDIT RATING BREAKDOWN	NRSRO ONLY TOTAL
AAA	12.9%
AA	1.8
A	5.4
BBB	21.3
BB	23.5
B	18.9
CCC	3.5
CC	0.6
C	0.0
D	1.0
Unrated	11.1
Total	100.0%

The percentages above are based on the market value of the Fund’s securities as of September 30, 2015, and are subject to change. Except for securities labeled “Unrated” and except for certain securities issued or guaranteed by a foreign sovereign, all securities have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Sub-Adviser”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. For securities not rated by an NRSRO, the Sub-Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Sub-Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned that fund’s S&P rating, which is currently AAA. For the purposes of this table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories (AAA, AA, A and BBB). Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. Please consult the Fund’s prospectus and Statement of Additional Information for further information.

8      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/15

	Inception Date		1-Year		5-Year			10-Year
Class A (OPSIX)		10/16/89		-2.06%		3.10%		4.87%
Class B (OPSGX)		11/30/92		-2.54%		2.28%		4.34%
Class C (OSICX)		5/26/95		-2.56%		2.38%		4.11%
Class I (OSIIX)		1/27/12		-1.41%		3.29%	*	N/A
Class R (OSINX)		3/1/01		-2.06%		2.80%		4.50%
Class Y (OSIYX)		1/26/98		-1.83%		3.38%		5.16%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/15

	Inception Date		1-Year		5-Year			10-Year
Class A (OPSIX)		10/16/89		-6.72%		2.10%		4.36%
Class B (OPSGX)		11/30/92		-7.24%		1.94%		4.34%
Class C (OSICX)		5/26/95		-3.50%		2.38%		4.11%
Class I (OSIIX)		1/27/12		-1.41%		3.29%	*	N/A
Class R (OSINX)		3/1/01		-2.06%		2.80%		4.50%
Class Y (OSIYX)		1/26/98		-1.83%		3.38%		5.16%

 * Shows performance since inception.

STANDARDIZED YIELDS

For the 30 Days Ended 9/30/15
Class A	4.28	%
Class B	3.71
Class C	3.71
Class I	4.93
Class R	4.23
Class Y	4.73

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

9      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

for purchases prior to 7/1/14). There is no sales charge for Class I and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

Standardized yield is based on net investment income for the 30-day period ended 9/30/15 and the maximum offering price at the end of the period for Class A shares and the net asset value for Class B, Class C, Class I, Class R and Class Y shares. Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields.

The Fund’s performance is compared to the performance of the Barclays U.S. Aggregate Bond Index, the Citigroup World Government Bond Index, the Citigroup Non-U.S. World Government Bond Index, J.P. Morgan 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 J. P. Morgan 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 the following underlying broad-based security indices: 40% Citigroup Non-U.S. World Government Bond Index, 30% J. P. Morgan Domestic High Yield Index, and 30% Barclays U.S. Aggregate Bond Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

10      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2015.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2015” to estimate the expenses you paid on your account during this period.

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

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

11      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value April 1, 2015		Ending Account Value September 30, 2015		Expenses Paid During 6 Months Ended September 30, 2015
Class A	$	1,000.00	$	964.60	$	4.99
Class B		1,000.00		963.50		8.75
Class C		1,000.00		963.30		8.70
Class I		1,000.00		968.90		2.82
Class R		1,000.00		965.80		6.23
Class Y		1,000.00		965.70		3.75
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.00		5.13
Class B		1,000.00		1,016.19		8.99
Class C		1,000.00		1,016.24		8.93
Class I		1,000.00		1,022.21		2.89
Class R		1,000.00		1,018.75		6.40
Class Y		1,000.00		1,021.26		3.86

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2015 are as follows:

Class	Expense Ratios
Class A	1.01%
Class B	1.77
Class C	1.76
Class I	0.57
Class R	1.26
Class Y	0.76

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

12      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2015

		Principal Amount		Value
Asset-Backed Securities—3.3%
American Credit Acceptance Receivables Trust:
Series 2014-3, Cl. B, 2.43%, 6/10/201		$	1,945,000	$	1,950,160
Series 2014-4, Cl. B, 2.60%, 10/12/201			645,000		647,441
Series 2015-1, Cl. B, 2.85%, 2/12/211			2,000,000		2,012,140
Series 2015-2, Cl. B, 2.97%, 5/12/211			1,905,000		1,920,393
Series 2015-3, Cl. B, 3.56%, 10/12/211,2			1,610,000		1,609,838
AmeriCredit Automobile Receivables Trust:
Series 2012-2, Cl. E, 4.85%, 8/8/191			1,460,000		1,496,921
Series 2012-3, Cl. E, 4.46%, 11/8/191			1,260,000		1,290,632
Series 2012-4, Cl. D, 2.68%, 10/9/18			1,090,000		1,104,253
Series 2013-2, Cl. E, 3.41%, 10/8/201			1,715,000		1,741,868
Series 2013-3, Cl. D, 3.00%, 7/8/19			1,540,000		1,570,634
Series 2013-3, Cl. E, 3.74%, 12/8/201			750,000		767,379
Series 2013-4, Cl. D, 3.31%, 10/8/19			1,505,000		1,544,163
Series 2013-5, Cl. D, 2.86%, 12/9/19			2,555,000		2,584,583
Series 2014-1, Cl. C, 2.15%, 3/9/20			1,905,000		1,916,951
Series 2014-1, Cl. E, 3.58%, 8/9/21			500,000		507,286
Series 2014-2, Cl. D, 2.57%, 7/8/20			2,165,000		2,164,463
Series 2014-2, Cl. E, 3.37%, 11/8/21			1,175,000		1,182,060
Series 2014-3, Cl. D, 3.13%, 10/8/20			775,000		785,735
Series 2014-4, Cl. D, 3.07%, 11/9/20			975,000		987,052
Series 2015-2, Cl. D, 3.00%, 6/8/21			870,000		876,150
Series 2015-3, Cl. D, 3.34%, 8/8/21			935,000		947,958
Bancaja Fondo de Titulizacion, Series 10, Cl. A2, 0.09%, 5/22/503	EUR		1,269,987		1,348,938
California Republic Auto Receivables Trust:
Series 2013-2, Cl. C, 3.32%, 8/17/20			1,170,000		1,205,902
Series 2014-2, Cl. C, 3.29%, 3/15/21			385,000		385,910
Series 2014-4, Cl. C, 3.56%, 9/15/21			445,000		447,525
Capital Auto Receivables Asset Trust:
Series 2013-1, Cl. D, 2.19%, 9/20/21			990,000		994,610
Series 2014-1, Cl. D, 3.39%, 7/22/19			580,000		593,181
Series 2014-3, Cl. D, 3.14%, 2/20/20			775,000		785,129
Series 2015-2, Cl. C, 2.67%, 8/20/20			810,000		814,669
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/211			948,192		945,807
CarMax Auto Owner Trust:
Series 2014-2, Cl. D, 2.58%, 11/16/20			1,365,000		1,376,134
Series 2015-2, Cl. D, 3.04%, 11/15/21			525,000		528,685
Series 2015-3, Cl. D, 3.27%, 3/15/22			935,000		947,685
CLI Funding V LLC, Series 2014-2A, Cl. A, 3.38%, 10/18/291			1,430,625		1,445,308
CPS Auto Receivables Trust:
Series 2014-C, Cl. A, 1.31%, 2/15/191			912,821		907,492
Series 2014-D, Cl. A, 1.49%, 4/15/191			1,969,516		1,961,532
CPS Auto Trust, Series 2012-C, Cl. A, 1.82%, 12/16/191			211,155		210,881
Credit Acceptance Auto Loan Trust:
Series 2014-1A, Cl. B, 2.29%, 4/15/221			2,265,000		2,284,356
Series 2015-2A, Cl. B, 3.04%, 8/15/231			1,700,000		1,713,620
Cronos Containers Program I Ltd., Series 2014-2A, Cl. A, 3.27%, 11/18/291			1,814,815		1,848,223
Drive Auto Receivables Trust:
Series 2015-AA, Cl. C, 3.06%, 5/17/211			1,290,000		1,297,923
Series 2015-BA, Cl. C, 2.76%, 7/15/211			1,550,000		1,555,031

13      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Drive Auto Receivables Trust: (Continued)
Series 2015-DA, Cl. C, 3.38%, 11/15/211	$	1,255,000	$	1,256,562
DT Auto Owner Trust:
Series 2012-2A, Cl. D, 4.35%, 3/15/191		1,087,807		1,091,165
Series 2013-1A, Cl. D, 3.74%, 5/15/201		935,000		940,378
Series 2013-2A, Cl. D, 4.18%, 6/15/201		2,210,000		2,254,222
Series 2014-1A, Cl. D, 3.98%, 1/15/211		1,785,000		1,809,173
Series 2014-3A, Cl. D, 4.47%, 11/15/211		900,000		919,582
Series 2015-1A, Cl. C, 2.87%, 11/16/201		920,000		928,305
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		1,172,453		1,167,481
Exeter Automobile Receivables Trust:
Series 2012-2A, Cl. C, 3.06%, 7/16/181		210,000		210,722
Series 2013-2A, Cl. C, 4.35%, 1/15/191		1,640,000		1,672,664
Series 2014-1A, Cl. B, 2.42%, 1/15/191		1,145,000		1,151,489
Series 2014-1A, Cl. C, 3.57%, 7/15/191		2,655,000		2,687,485
Series 2014-2A, Cl. A, 1.06%, 8/15/181		177,116		176,847
Series 2014-2A, Cl. C, 3.26%, 12/16/191		540,000		541,043
First Investors Auto Owner Trust:
Series 2012-1A, Cl. D, 5.65%, 4/15/181		960,000		970,355
Series 2013-3A, Cl. C, 2.91%, 1/15/201		840,000		847,164
Series 2013-3A, Cl. D, 3.67%, 5/15/201		620,000		624,779
Series 2014-3A, Cl. D, 3.85%, 2/15/221		645,000		652,549
Flagship Credit Auto Trust, Series 2014-2, Cl. A, 1.43%, 12/16/191		898,568		896,088
GM Financial Automobile Leasing Trust, Series 2015-1, Cl. D, 3.01%, 3/20/20		1,245,000		1,251,634
GO Financial Auto Securitization Trust, Series 2015-1, Cl. A, 1.81%, 3/15/181		769,825		769,608
ICE EM CLO:
Series 2007-1A, Cl. B, 2.219%, 8/15/221,3		21,000,000		19,943,700
Series 2007-1A, Cl. C, 3.519%, 8/15/221,3		17,780,000		16,759,428
Series 2007-1A, Cl. D, 5.519%, 8/15/221,3		16,050,391		15,060,082
Navistar Financial Dealer Note Master Trust, Series 2014-1, Cl. D, 2.494%, 10/25/191,3		545,000		541,072
Santander Drive Auto Receivables Trust:
Series 2012-5, Cl. D, 3.30%, 9/17/18		1,830,000		1,867,948
Series 2013-1, Cl. D, 2.27%, 1/15/19		3,255,000		3,276,506
Series 2013-2, Cl. D, 2.57%, 3/15/19		3,740,000		3,798,428
Series 2013-3, Cl. D, 2.42%, 4/15/19		720,000		723,165
Series 2013-4, Cl. D, 3.92%, 1/15/20		2,160,000		2,230,163
Series 2013-4, Cl. E, 4.67%, 1/15/201		1,580,000		1,641,543
Series 2013-5, Cl. D, 2.73%, 10/15/19		3,220,000		3,259,434
Series 2013-A, Cl. D, 3.78%, 10/15/191		970,000		997,497
Series 2013-A, Cl. E, 4.71%, 1/15/211		1,220,000		1,267,753
Series 2014-2, Cl. D, 2.76%, 2/18/20		1,875,000		1,883,023
Series 2014-3, Cl. D, 2.65%, 8/17/20		1,865,000		1,878,194
Series 2014-4, Cl. D, 3.10%, 11/16/20		2,840,000		2,869,731
Series 2015-1, Cl. D, 3.24%, 4/15/21		1,335,000		1,350,493
Series 2015-2, Cl. D, 3.02%, 4/15/21		1,420,000		1,412,496
Series 2015-3, Cl. D, 3.49%, 5/17/21		1,760,000		1,790,479
Series 2015-4, Cl. D, 3.53%, 8/16/21		1,375,000		1,387,544

14      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Asset-Backed Securities (Continued)
SNAAC Auto Receivables Trust:
Series 2013-1A, Cl. C, 3.07%, 8/15/181		$	790,000	$	796,304
Series 2014-1A, Cl. D, 2.88%, 1/15/201			2,735,000		2,747,216
TAL Advantage V LLC, Series 2014-2A, Cl. A1, 1.70%, 5/20/391			418,895		417,078
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221			850,000		857,295
TDA CAM 7 Fondo de Titulizacion de Activos, Series 7, Cl. A2, 0.108%, 2/26/493	EUR		3,705,418		3,872,673
TDA IBERCAJA 2 Fondo de Titulizacion de Activos, Series 2, Cl. A, 0.091%, 10/26/42	EUR		1,075,577		1,144,264
TDA IBERCAJA 6 Fondo de Titulizacion de Activos, Series 6, Cl. A, 0.269%, 11/25/51	EUR		1,759,734		1,817,588
Trip Rail Master Funding LLC, Series 2014-1A, Cl. A1, 2.863%, 4/15/441			416,534		421,700
Tucson First Mezzanine LP LLC, Series A, 8%, 10/1/20			10,000,000		10,000,000
United Auto Credit Securitization Trust, Series 2015-1, Cl. D, 2.92%, 6/17/191			1,150,000		1,157,442
Westlake Automobile Receivables Trust:
Series 2014-1A, Cl. D, 2.20%, 2/15/211			740,000		736,504
Series 2014-2A, Cl. D, 2.86%, 7/15/211			740,000		742,044
Series 2015-2A, Cl. C, 2.45%, 1/15/211			1,110,000		1,115,273
Total Asset-Backed Securities (Cost $186,809,234)					185,789,956
Mortgage-Backed Obligations—11.7%
Government Agency—4.8%
FHLMC/FNMA/FHLB/Sponsored—3.4%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34			750,726		835,166
5.50%, 9/1/39			2,136,933		2,369,823
6.00%, 1/1/19-7/1/24			1,447,255		1,573,244
6.50%, 4/1/18-6/1/35			952,048		1,096,819
7.00%, 8/1/21-3/1/35			1,335,542		1,540,283
7.50%, 1/1/32-2/1/32			1,905,500		2,286,025
8.50%, 8/1/31			95,019		115,126
10.00%, 5/1/20			46,892		51,413
Federal Home Loan Mortgage Corp. Non Gold Pool:
10.00%, 4/1/20			14,841		15,222
10.50%, 5/1/20			33,840		37,606
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 7.671%, 4/1/274			185,223		41,249
Series 192, Cl. IO, 3.555%, 2/1/284			82,562		17,389
Series 205, Cl. IO, 8.873%, 9/1/294			504,097		105,728
Series 206, Cl. IO, 0.00%, 12/1/294,5			205,688		53,794
Series 207, Cl. IO, 0.00%, 4/1/304,5			183,905		26,293
Series 214, Cl. IO, 0.00%, 6/1/314,5			138,200		28,551
Series 243, Cl. 6, 0.00%, 12/15/324,5			435,871		76,267
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22			1,618,387		1,801,796
Series 151, Cl. F, 9.00%, 5/15/21			2,315		2,564
Series 1590, Cl. IA, 1.257%, 10/15/233			1,201,155		1,233,548
Series 1674, Cl. Z, 6.75%, 2/15/24			51,636		57,311
Series 2034, Cl. Z, 6.50%, 2/15/28			12,117		13,885

15      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2042, Cl. N, 6.50%, 3/15/28	$	14,044		$            15,660
Series 2043, Cl. ZP, 6.50%, 4/15/28		1,228,285		1,374,733
Series 2053, Cl. Z, 6.50%, 4/15/28		10,294		11,788
Series 2116, Cl. ZA, 6.00%, 1/15/29		655,194		743,595
Series 2122, Cl. F, 0.657%, 2/15/293		29,283		29,618
Series 2279, Cl. PK, 6.50%, 1/15/31		19,655		22,570
Series 2326, Cl. ZP, 6.50%, 6/15/31		167,916		188,777
Series 2344, Cl. FP, 1.157%, 8/15/313		408,111		420,632
Series 2368, Cl. PR, 6.50%, 10/15/31		22,782		25,608
Series 2368, Cl. TG, 6.00%, 10/15/16		15,331		15,465
Series 2401, Cl. FA, 0.857%, 7/15/293		54,383		55,363
Series 2412, Cl. GF, 1.157%, 2/15/323		632,340		651,165
Series 2427, Cl. ZM, 6.50%, 3/15/32		770,439		885,566
Series 2451, Cl. FD, 1.207%, 3/15/323		249,681		257,625
Series 2453, Cl. BD, 6.00%, 5/15/17		11,210		11,583
Series 2461, Cl. PZ, 6.50%, 6/15/32		100,309		115,563
Series 2464, Cl. FI, 1.207%, 2/15/323		236,186		242,470
Series 2470, Cl. AF, 1.207%, 3/15/323		402,838		415,674
Series 2470, Cl. LF, 1.207%, 2/15/323		241,552		247,978
Series 2475, Cl. FB, 1.207%, 2/15/323		330,821		339,709
Series 2517, Cl. GF, 1.207%, 2/15/323		199,721		205,034
Series 2551, Cl. LF, 0.707%, 1/15/333		31,589		31,883
Series 2564, Cl. MP, 5.00%, 2/15/18		38,942		40,432
Series 2585, Cl. HJ, 4.50%, 3/15/18		21,590		22,365
Series 2635, Cl. AG, 3.50%, 5/15/32		329,345		346,034
Series 2668, Cl. AZ, 4.00%, 9/15/18		116,149		119,668
Series 2676, Cl. KY, 5.00%, 9/15/23		678,199		729,009
Series 2707, Cl. QE, 4.50%, 11/15/18		236,259		246,333
Series 2770, Cl. TW, 4.50%, 3/15/19		57,754		59,928
Series 3010, Cl. WB, 4.50%, 7/15/20		10,898		11,444
Series 3025, Cl. SJ, 23.993%, 8/15/353		515,175		835,435
Series 3741, Cl. PA, 2.15%, 2/15/35		890,811		904,528
Series 3815, Cl. BD, 3.00%, 10/15/20		35,949		36,772
Series 3840, Cl. CA, 2.00%, 9/15/18		24,446		24,747
Series 3848, Cl. WL, 4.00%, 4/15/40		1,141,806		1,207,609
Series 3857, Cl. GL, 3.00%, 5/15/40		24,757		25,806
Series 3917, Cl. BA, 4.00%, 6/15/38		620,008		652,123
Series 4221, Cl. HJ, 1.50%, 7/15/23		1,024,293		1,027,908
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 0.00%, 3/15/284,5		25,538		3,366
Series 2049, Cl. PL, 19.695%, 4/15/284		144,997		19,114
Series 2074, Cl. S, 50.739%, 7/17/284		128,807		27,274
Series 2079, Cl. S, 0.00%, 7/17/284,5		229,057		52,050
Series 2177, Cl. SB, 0.00%, 8/15/294,6		142,468		41,012
Series 2526, Cl. SE, 24.764%, 6/15/294		261,063		62,465
Series 2682, Cl. TQ, 0.00%, 10/15/334,6		998,519		250,593
Series 2795, Cl. SH, 7.958%, 3/15/244		1,865,129		267,273
Series 2920, Cl. S, 0.00%, 1/15/354,6		1,781,964		354,620
Series 2922, Cl. SE, 4.401%, 2/15/354		115,629		22,579

16      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security: (Continued)
Series 2981, Cl. AS, 0.00%, 5/15/354,5	$	938,595	$	172,276
Series 2981, Cl. BS, 0.00%, 5/15/354,6		1,953,284		439,175
Series 3004, Cl. SB, 0.00%, 7/15/354,6		2,782,417		455,209
Series 3201, Cl. SG, 2.388%, 8/15/364		786,259		159,660
Series 3397, Cl. GS, 13.286%, 12/15/374		599,408		121,551
Series 3424, Cl. EI, 6.798%, 4/15/384		254,809		35,741
Series 3450, Cl. BI, 6.821%, 5/15/384		875,585		149,966
Series 3606, Cl. SN, 0.00%, 12/15/394,5		464,308		86,972
Series 3659, Cl. IE, 0.00%, 3/15/194,5		1,018,551		59,615
Series 3685, Cl. EI, 0.00%, 3/15/194,5		676,723		31,787
Federal National Mortgage Assn.:
3.00%, 10/1/302		26,085,000		27,169,229
3.50%, 10/1/452		16,875,000		17,610,651
4.00%, 10/1/452		52,235,000		55,732,297
4.50%, 10/1/452		3,647,000		3,780,229
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 0.00%, 12/25/414,5		48,416,218		793,372
Series 2001-T3, Cl. IO, 6.198%, 11/25/404		6,981,423		119,410
Federal National Mortgage Assn. Pool:
3.50%, 12/1/20-2/1/22		1,775,693		1,876,981
4.50%, 12/1/20		642,068		669,622
5.00%, 2/1/18-12/1/21		3,161,103		3,287,555
5.50%, 1/1/22-5/1/36		899,913		1,000,076
6.00%, 6/1/17-1/1/19		21,188		21,807
6.50%, 4/1/18-1/1/34		4,267,738		4,906,013
7.00%, 11/1/17-4/1/34		6,606,061		7,857,211
7.50%, 2/1/27-3/1/33		2,934,857		3,582,150
8.50%, 7/1/32		18,632		20,231
9.50%, 3/15/21		10,963		11,094
11.00%, 7/1/16-2/1/26		108,483		119,064
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 37.299%, 5/25/234		208,490		41,831
Series 247, Cl. 2, 21.162%, 10/25/234		100,557		22,798
Series 252, Cl. 2, 25.656%, 11/25/234		26,189		5,481
Series 254, Cl. 2, 10.033%, 1/25/244		73,623		9,126
Series 301, Cl. 2, 0.00%, 4/25/294,5		239,029		50,448
Series 303, Cl. IO, 32.789%, 11/25/294		228,810		56,552
Series 313, Cl. 2, 5.383%, 6/25/314		1,935,705		243,636
Series 319, Cl. 2, 0.822%, 2/25/324		634,090		130,610
Series 321, Cl. 2, 0.476%, 4/25/324		1,121,856		227,653
Series 324, Cl. 2, 0.00%, 7/25/324,5		490,689		101,335
Series 328, Cl. 2, 0.00%, 12/25/324,5		432,288		45,884
Series 331, Cl. 5, 0.00%, 2/25/334,5		977,444		188,618
Series 332, Cl. 2, 0.00%, 3/25/334,5		1,877,302		447,406
Series 334, Cl. 10, 0.00%, 2/25/334,5		808,570		152,280
Series 334, Cl. 12, 0.00%, 3/25/334,5		1,153,342		259,952
Series 339, Cl. 7, 0.00%, 11/25/334,5		2,394,709		470,967
Series 345, Cl. 9, 0.00%, 1/25/344,5		658,863		129,067
Series 351, Cl. 10, 0.00%, 4/25/344,5		304,115		56,086
Series 351, Cl. 8, 0.00%, 4/25/344,5		533,802		99,616

17      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 356, Cl. 10, 0.00%, 6/25/354,5	$	390,334	$	76,919
Series 356, Cl. 12, 0.00%, 2/25/354,5		188,836		34,954
Series 362, Cl. 13, 0.00%, 8/25/354,5		27,248		4,807
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		69,521		78,400
Series 1997-45, Cl. CD, 8.00%, 7/18/27		626,982		724,687
Series 1998-58, Cl. PC, 6.50%, 10/25/28		368,493		416,052
Series 1999-14, Cl. MB, 6.50%, 4/25/29		19,943		22,834
Series 1999-54, Cl. LH, 6.50%, 11/25/29		646,069		735,087
Series 2001-19, Cl. Z, 6.00%, 5/25/31		284,352		321,640
Series 2001-44, Cl. QC, 6.00%, 9/25/16		13,613		13,885
Series 2001-65, Cl. F, 0.794%, 11/25/313		462,180		470,035
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		573,430		651,517
Series 2002-12, Cl. PG, 6.00%, 3/25/17		115,737		118,875
Series 2002-19, Cl. PE, 6.00%, 4/25/17		39,940		40,337
Series 2002-21, Cl. PE, 6.50%, 4/25/32		643,094		734,631
Series 2002-29, Cl. F, 1.194%, 4/25/323		255,218		262,285
Series 2002-64, Cl. FJ, 1.194%, 4/25/323		78,443		80,615
Series 2002-68, Cl. FH, 0.713%, 10/18/323		162,771		164,917
Series 2002-81, Cl. FM, 0.694%, 12/25/323		318,321		322,439
Series 2002-84, Cl. FB, 1.194%, 12/25/323		52,873		54,299
Series 2002-9, Cl. PC, 6.00%, 3/25/17		122,144		125,578
Series 2003-100, Cl. PA, 5.00%, 10/25/18		658,872		688,543
Series 2003-11, Cl. FA, 1.194%, 9/25/323		72,151		74,097
Series 2003-112, Cl. AN, 4.00%, 11/25/18		230,777		237,993
Series 2003-116, Cl. FA, 0.594%, 11/25/333		167,975		169,168
Series 2003-84, Cl. GE, 4.50%, 9/25/18		45,766		47,474
Series 2004-101, Cl. BG, 5.00%, 1/25/20		416,612		425,552
Series 2004-25, Cl. PC, 5.50%, 1/25/34		128,690		135,352
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,399,132
Series 2005-71, Cl. DB, 4.50%, 8/25/25		1,409,922		1,508,385
Series 2006-11, Cl. PS, 23.856%, 3/25/363		520,666		800,136
Series 2006-46, Cl. SW, 23.488%, 6/25/363		727,086		996,025
Series 2008-75, Cl. DB, 4.50%, 9/25/23		485,800		504,075
Series 2009-113, Cl. DB, 3.00%, 12/25/20		956,183		979,109
Series 2009-36, Cl. FA, 1.134%, 6/25/373		605,579		621,404
Series 2009-70, Cl. TL, 4.00%, 8/25/19		915,239		940,776
Series 2010-43, Cl. KG, 3.00%, 1/25/21		237,925		244,525
Series 2011-122, Cl. EC, 1.50%, 1/25/20		751,596		756,416
Series 2011-15, Cl. DA, 4.00%, 3/25/41		544,780		573,053
Series 2011-3, Cl. EL, 3.00%, 5/25/20		1,581,690		1,619,816
Series 2011-3, Cl. KA, 5.00%, 4/25/40		1,352,930		1,484,319
Series 2011-38, Cl. AH, 2.75%, 5/25/20		26,502		27,046
Series 2011-6, Cl. BA, 2.75%, 6/25/20		633,824		643,385
Series 2011-69, Cl. EA, 3.00%, 11/25/29		536,765		545,602
Series 2011-82, Cl. AD, 4.00%, 8/25/26		531,525		550,020
Series 2011-88, Cl. AB, 2.50%, 9/25/26		387,278		393,126
Series 2012-20, Cl. FD, 0.594%, 3/25/423		2,224,095		2,235,395
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 21.065%, 11/18/314		524,604		117,416
Series 2001-63, Cl. SD, 13.307%, 12/18/314		16,351		3,583

18      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2001-68, Cl. SC, 5.885%, 11/25/314	$	10,494	$	2,461
Series 2001-81, Cl. S, 16.764%, 1/25/324		147,970		41,002
Series 2002-28, Cl. SA, 26.567%, 4/25/324		125,645		28,063
Series 2002-38, Cl. SO, 40.574%, 4/25/324		139,923		29,100
Series 2002-39, Cl. SD, 32.533%, 3/18/324		217,699		53,481
Series 2002-48, Cl. S, 22.247%, 7/25/324		196,366		48,606
Series 2002-52, Cl. SL, 23.884%, 9/25/324		119,780		29,147
Series 2002-53, Cl. SK, 31.728%, 4/25/324		135,703		34,003
Series 2002-56, Cl. SN, 23.776%, 7/25/324		269,306		65,563
Series 2002-65, Cl. SC, 55.363%, 6/25/264		481,035		109,367
Series 2002-77, Cl. IS, 36.196%, 12/18/324		238,386		57,740
Series 2002-77, Cl. SH, 26.758%, 12/18/324		208,979		47,292
Series 2002-89, Cl. S, 99.999%, 1/25/334		1,430,411		425,441
Series 2002-9, Cl. MS, 18.95%, 3/25/324		209,196		49,513
Series 2003-13, Cl. IO, 8.105%, 3/25/334		1,082,506		184,135
Series 2003-26, Cl. DI, 8.706%, 4/25/334		684,019		171,043
Series 2003-26, Cl. IK, 11.478%, 4/25/334		119,872		15,938
Series 2003-33, Cl. SP, 99.999%, 5/25/334		629,443		151,295
Series 2003-4, Cl. S, 25.128%, 2/25/334		311,633		78,352
Series 2003-46, Cl. IH, 0.00%, 6/25/234,5		106,969		14,318
Series 2004-56, Cl. SE, 9.209%, 10/25/334		699,642		149,793
Series 2005-12, Cl. SC, 8.083%, 3/25/354		55,519		11,520
Series 2005-14, Cl. SE, 27.276%, 3/25/354		424,212		72,298
Series 2005-40, Cl. SA, 99.999%, 5/25/354		2,438,642		470,890
Series 2005-40, Cl. SB, 99.999%, 5/25/354		1,089,574		200,727
Series 2005-52, Cl. JH, 1.047%, 5/25/354		1,312,904		253,233
Series 2006-90, Cl. SX, 99.999%, 9/25/364		2,411,016		474,361
Series 2007-88, Cl. XI, 26.929%, 6/25/374		4,432,296		798,181
Series 2008-55, Cl. SA, 0.00%, 7/25/384,5		275,665		40,976
Series 2009-8, Cl. BS, 0.00%, 2/25/244,5		360,621		19,302
Series 2010-95, Cl. DI, 0.00%, 11/25/204,5		1,379,685		83,576
Series 2011-96, Cl. SA, 5.393%, 10/25/414		460,146		86,047
Series 2012-134, Cl. SA, 11.504%, 12/25/424		1,628,469		414,029
Series 2012-40, Cl. PI, 0.00%, 4/25/414,5		4,726,506		664,393
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		2,586		388
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/224,5		4,265,037		54,607
Series 1995-2B, Cl. 2IO, 11.301%, 6/15/254		368,993		9,285
Series 1995-3, Cl. 1IO, 0.00%, 9/15/254,5		11,923,617		67,724
				191,768,844
GNMA/Guaranteed—1.4%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		567,467		621,798
8.00%, 1/15/28-9/15/28		347,014		375,473
Government National Mortgage Assn. II Pool:
1.625%, 7/20/273		3,531		3,684
3.50%, 10/1/452		69,030,000		72,349,371
7.00%, 1/20/30		92,735		111,713
11.00%, 10/20/19		1,348		1,356

19      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
GNMA/Guaranteed (Continued)
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17, Cl. AI, 18.108%, 4/16/374	$	1,520,718	$	320,006
Series 2011-52, Cl. HS, 9.049%, 4/16/414		2,734,913		545,924
Government National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8.00%, 9/16/29		2,785,280		3,294,214
Series 2000-12, Cl. ZA, 8.00%, 2/16/30		1,368,559		1,594,100
				79,217,639
Non-Agency—6.9%
Commercial—6.2%
Banc of America Funding Trust, Series 2006-G, Cl. 2A4, 0.506%, 7/20/363		2,609,962		2,450,047
BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 2.23%, 9/26/351,3		352,825		357,583
Series 2012-RR2, Cl. 6A3, 2.852%, 9/26/351,3		1,174,470		1,176,937
Series 2012-RR6, Cl. RR6, 2.404%, 11/26/361		482,787		481,958
Series 2013-RR2, Cl. 5A2, 2.661%, 3/26/361,3		11,382,983		9,752,905
Bear Stearns ARM Trust, Series 2005-2, Cl. A1, 2.68%, 3/25/353		677,352		681,797
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,4,5		445,546		18,169
CHL Mortgage Pass-Through Trust, Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		3,081,014		3,044,589
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Cl. D, 4.604%, 4/10/461,3		865,000		807,417
Citigroup Mortgage Loan Trust, Inc.:
Series 2009-8, Cl. 7A2, 2.631%, 3/25/361,3		29,966,312		29,230,901
Series 2012-8, Cl. 1A1, 2.753%, 10/25/351,3		2,179,350		2,191,016
Series 2014-8, Cl. 1A2, 0.506%, 7/20/361,3		1,635,000		1,325,126
COMM Mortgage Trust:
Series 2012-CR4, Cl. D, 4.727%, 10/15/451,3		250,000		242,878
Series 2012-CR5, Cl. E, 4.48%, 12/10/451,3		1,880,000		1,794,254
Series 2013-CR6, Cl. D, 4.312%, 3/10/461,3		5,435,000		4,968,807
Series 2013-CR7, Cl. D, 4.493%, 3/10/461,3		8,505,000		7,782,079
Series 2013-CR9, Cl. D, 4.40%, 7/10/451,3		7,315,000		6,739,917
Series 2013-LC13, Cl. D, 5.215%, 8/10/461,3		4,933,000		4,860,278
Series 2014-UBS3, Cl. D, 4.975%, 6/10/471,3		20,455,000		18,572,537
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 0.00%, 12/10/454,5		9,545,473		795,276
Connecticut Avenue Securities:
Series 2014-C03, Cl. 2M2, 3.094%, 7/25/243		9,390,000		8,530,998
Series 2015-C01, Cl. 1M2, 4.494%, 2/25/253		7,500,000		7,322,010
Series 2015-C03, Cl. 1M2, 5.194%, 7/25/253		10,195,000		10,177,832
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C6, Cl. AJ, 5.23%, 12/15/403		2,150,000		2,151,370
CSMC, Series 2009-13R, Cl. 4A1, 2.751%, 9/26/361,3		49,748		50,032
DBUBS Mortgage Trust, Series 2011-LC1A, Cl. E, 5.735%, 11/10/461,3		360,000		390,205
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 0.436%, 7/22/361,3		920,000		798,913
FREMF Mortgage Trust:
Series 2012-K501, Cl. C, 3.541%, 11/25/461,3		125,000		126,056
Series 2013-K25, Cl. C, 3.743%, 11/25/451,3		1,975,000		1,946,403
Series 2013-K26, Cl. C, 3.723%, 12/25/451,3		335,000		328,852
Series 2013-K27, Cl. C, 3.616%, 1/25/461,3		520,000		516,108
Series 2013-K28, Cl. C, 3.614%, 6/25/461,3		5,590,000		5,363,175

20      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K502, Cl. C, 3.297%, 3/25/451,3	$	630,000	$	640,762
Series 2013-K712, Cl. C, 3.484%, 5/25/451,3		660,000		662,653
Series 2013-K713, Cl. C, 3.274%, 4/25/461,3		420,000		419,753
Series 2014-K715, Cl. C, 4.264%, 2/25/461,3		25,000		25,735
Series 2015-K44, Cl. B, 3.811%, 1/25/481,3		1,635,000		1,623,720
GS Mortgage Securities Trust, Series 2014-GC22, Cl. D, 4.801%, 6/10/471,3		4,577,000		4,072,294
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 2.885%, 7/25/353		577,517		572,006
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Cl. E, 4.568%, 12/15/471,3		1,500,000		1,442,548
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP8, Cl. AJ, 5.48%, 5/15/453		1,310,000		1,346,187
Series 2013-C10, Cl. D, 4.295%, 12/15/473		8,197,000		7,711,188
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 2.62%, 7/25/353		382,599		384,194
JP Morgan Resecuritization Trust:
Series 2009-11, Cl. 5A1, 2.751%, 9/26/361,3		188,905		189,242
Series 2009-5, Cl. 1A2, 2.739%, 7/26/361,3		19,214,344		17,039,972
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Cl. D, 4.714%, 8/15/461,3		8,445,000		8,005,510
Series 2013-C15, Cl. D, 5.251%, 11/15/451,3		3,755,000		3,701,844
Series 2014-C21, Cl. D, 4.816%, 8/15/471,3		14,850,000		13,269,091
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		3,635,000		3,830,479
Series 2014-C26, Cl. AS, 3.80%, 1/15/48		3,700,000		3,800,472
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,3		97,010		81,439
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2012-C6, Cl. E, 4.813%, 11/15/451,3		2,240,000		2,209,030
Series 2013-C12, Cl. D, 4.926%, 10/15/461,3		7,630,000		7,404,522
Series 2013-C13, Cl. D, 5.057%, 11/15/461,3		430,000		418,372
Series 2013-C7, Cl. D, 4.437%, 2/15/461,3		1,720,000		1,648,589
Series 2013-C8, Cl. D, 4.309%, 12/15/481,3		655,000		620,695
Series 2014-C14, Cl. B, 4.804%, 2/15/473		680,000		733,903
Series 2014-C14, Cl. D, 4.994%, 2/15/471,3		9,810,000		9,369,075
Morgan Stanley Capital I Trust, Series 2007-IQ13, Cl. AM, 5.406%, 3/15/44		2,307,000		2,397,626
Morgan Stanley Re-Remic Trust:
Series 2012-R3, Cl. 1A, 1.983%, 11/26/361,3		2,214,353		2,178,904
Series 2012-R3, Cl. 1B, 1.983%, 11/26/361,3		12,688,453		9,524,062
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 2.387%, 6/26/461,3		353,508		356,023
RALI Trust, Series 2005-QA4, Cl. A32, 3.12%, 4/25/353		79,676		8,502
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 2.409%, 8/25/343		15,576,406		15,486,047
Structured Agency Credit Risk Debt Nts.:
Series 2014-DN1, Cl. M2, 2.394%, 2/25/243		135,000		136,079
Series 2014-DN4, Cl. M3, 4.744%, 10/25/243		13,185,000		13,218,266
Series 2014-HQ2, Cl. M3, 3.944%, 9/25/243		16,320,000		15,347,491
Series 2015-DN1, Cl. M3, 4.344%, 1/25/253		4,505,000		4,500,132
Series 2015-DNA2, Cl. M2, 2.794%, 12/25/273		70,000		70,650
UBS-Barclays Commercial Mortgage Trust:
Series 2012-C2, Cl. E, 5.046%, 5/10/631,3		7,872,194		7,852,474
Series 2013-C5, Cl. D, 4.226%, 3/10/461,3		13,830,000		12,882,431

21      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA3, Cl. 5A, 1.909%, 4/25/473	$	1,299,460	$	998,187
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 2.617%, 2/25/353		5,082,571		5,124,431
Series 2005-AR10, Cl. 1A1, 2.695%, 6/25/353		2,694,307		2,760,412
Series 2005-AR15, Cl. 1A6, 2.736%, 9/25/353		11,266,865		10,779,596
Series 2006-AR7, Cl. 2A4, 2.653%, 5/25/363		4,558,622		4,357,381
WF-RBS Commercial Mortgage Trust:
Series 2012-C10, Cl. D, 4.605%, 12/15/451,3		385,000		368,924
Series 2012-C7, Cl. E, 4.994%, 6/15/451,3		660,000		654,297
Series 2012-C8, Cl. E, 5.037%, 8/15/451,3		2,025,000		2,024,685
Series 2013-C11, Cl. D, 4.319%, 3/15/451,3		1,309,000		1,246,666
Series 2013-C15, Cl. D, 4.63%, 8/15/461,3		12,358,996		11,612,296
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/441,4,5		22,427,442		1,009,560
				351,094,822
Multi-Family—0.1%
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR15, Cl. 1A2, 2.736%, 9/25/353		1,114,949		1,092,466
Series 2006-AR2, Cl. 2A3, 2.651%, 3/25/363		7,097,351		7,024,560
				8,117,026
Residential—0.6%
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 2.36%, 2/25/363		29,942		29,779
Chase Funding Trust, Series 2003-2, Cl. 2A2, 0.754%, 2/25/333		15,989		14,674
CHL Mortgage Pass-Through Trust, Series 2005-J4, Cl. A7, 5.50%, 11/25/35		2,806,527		2,799,934
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 2.731%, 5/25/353		3,749,994		3,744,069
Series 2005-3, Cl. 2A4, 2.892%, 8/25/353		6,591,979		5,617,902
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 0.437%, 12/15/353		185,028		161,019
Series 2006-H, Cl. 2A1A, 0.357%, 11/15/363		94,729		70,739
GSR Mortgage Loan Trust, Series 2005-AR6, Cl. 1A4, 2.726%, 9/25/353		7,630,520		7,716,256
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/353		1,483,380		1,508,531
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.504%, 7/25/353		34,834		32,459
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.294%, 8/25/363		4,323,508		1,897,603
Merrill Lynch Mortgage Investors Trust, Series 2005-A1, Cl. 2A1, 2.617%, 12/25/343		135,709		134,593
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/297,8		4,912,783		1,277,324
RALI Trust:
Series 2003-QS1, Cl. A2, 5.75%, 1/25/33		1,358		1,362
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		98,143		79,537
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		7,491,402		7,079,780
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 2.464%, 10/25/333		206,090		211,201

22      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Residential (Continued)
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR4, Cl. 2A2, 2.639%, 4/25/353		$	337,734	$	339,625
Series 2006-AR14, Cl. 1A2, 5.836%, 10/25/363			3,796,188		3,701,867
Series 2006-AR8, Cl. 2A1, 2.705%, 4/25/363			68,559		67,193
					36,485,447
Total Mortgage-Backed Obligations (Cost $648,597,803)					666,683,778
U.S. Government Obligations—2.3%
Federal National Mortgage Assn. Nts., 1%, 9/27/17			2,260,000		2,270,823
United States Treasury Bonds, Strips, 0.905%, 8/15/169			11,000,000		10,970,124
United States Treasury Nts.:
0.625%, 6/30/17-9/30/17			76,392,000		76,408,472
0.625%, 4/30/1810			646,000		642,917
0.875%, 7/15/1711			9,030,000		9,072,739
2.00%, 9/30/2010			29,428,000		30,288,622
2.50%, 8/15/2310			2,703,000		2,826,800
Total U.S. Government Obligations (Cost $131,183,652)					132,480,497
Foreign Government Obligations—7.6%
Brazil—1.1%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/281			3,030,000		2,408,850
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts., 10%, 1/1/25	BRL		304,800,000		57,555,209
					59,964,059
Cayman Islands—0.0%
Lima Metro Line 2 Finance Ltd. Sr. Sec. Bonds, 5.875%, 7/5/341			2,575,000		2,504,187
Colombia—0.2%
Republic of Colombia Sr. Unsec. Nts., Series B, 10.00%, 7/24/24	COP		34,830,000,000		12,645,059
Dominican Republic—0.3%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/231			4,065,000		4,086,077
Dominican Republic Sr. Unsec. Bonds:
5.50%, 1/27/251			4,070,000		3,947,900
5.875%, 4/18/241			975,000		962,813
6.60%, 1/28/241			2,740,000		2,849,600
6.85%, 1/27/451			6,020,000		5,824,350
					17,670,740
Egypt—0.1%
Arab Republic of Egypt Bonds:
5.875%, 6/11/251			4,245,000		4,022,137
6.875%, 4/30/401			670,000		633,150
					4,655,287

23      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Hungary—0.5%
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		4,842,000,000	$	21,438,065
Series 23/A, 6.00%, 11/24/23	HUF		1,538,000,000		6,586,718
					28,024,783
India—1.7%
Indian Railway Finance Corp. Ltd. Sr. Unsec. Nts., 3.417%, 10/10/17			3,815,000		3,896,149
Republic of India Bonds:
8.27%, 6/9/20	INR		2,592,000,000		40,528,550
8.40%, 7/28/24	INR		3,139,000,000		49,863,904
					94,288,603
Indonesia—0.4%
Perusahaan Penerbit SBSN Indonesia III Sr. Unsec. Nts., 4%, 11/21/181			2,800,000		2,905,000
Perusahaan Penerbit SBSN Indonesia III Unsec. Nts.:
4.35%, 9/10/241			1,830,000		1,711,050
6.125%, 3/15/191			6,355,000		6,982,556
Republic of Indonesia Treasury Bonds, Series FR70, 8.375%, 3/15/24	IDR		186,033,000,000		11,768,905
					23,367,511
Ivory Coast—0.1%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/323			4,690,000		4,108,299
Republic of Cote d’Ivoire Bonds, 6.375%, 3/3/281			2,145,000		1,908,321
					6,016,620
Jamaica—0.1%
Government of Jamaica Sr. Unsec. Bonds:
6.75%, 4/28/28			1,735,000		1,752,350
7.875%, 7/28/45			4,845,000		4,857,112
					6,609,462
Mexico—1.5%
United Mexican States Bonds, 3%, 3/6/45	EUR		2,555,000		2,363,345
United Mexican States Sr. Unsec. Bonds, 4%, 3/15/2115	EUR		1,705,000		1,581,426
United Mexican States Unsec. Bonds, Series M, 5%, 12/11/19	MXN		1,338,400,000		78,738,605
					82,683,376
Morocco—0.1%
Kingdom of Morocco Sr. Unsec. Bonds, 5.50%, 12/11/421			4,140,000		4,120,335
Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/221			3,435,000		3,482,231
					7,602,566
Panama—0.3%
Republic of Panama Sr. Unsec. Bonds:
3.75%, 3/16/25			3,845,000		3,729,650
4.00%, 9/22/24			1,840,000		1,823,900
5.20%, 1/30/20			7,545,000		8,158,031
6.70%, 1/26/36			1,970,000		2,354,150

24      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Panama (Continued)
Republic of Panama Sr. Unsec. Bonds: (Continued)
9.375%, 4/1/29		$	1,750,000	$	2,526,563
					18,592,294
Paraguay—0.1%
Republic of Paraguay Sr. Unsec. Bonds, 4.625%, 1/25/231			4,605,000		4,547,438
Peru—0.1%
Fondo MIVIVIENDA SA Sr. Unsec. Nts., 3.50%, 1/31/231			6,145,000		5,714,850
Republic of Peru Sr. Unsec. Bonds, 4.125%, 8/25/27			1,890,000		1,871,100
					7,585,950
Serbia—0.1%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/171			1,795,000		1,864,556
Republic of Serbia Unsec. Bonds, 5.875%, 12/3/181			3,680,000		3,859,400
					5,723,956
South Africa—0.6%
Republic of South Africa Sr. Unsec. Bonds, Series R208, 6.75%, 3/31/21	ZAR		183,500,000		12,480,317
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		150,000,000		10,509,287
Series R186, 10.50%, 12/21/26	ZAR		107,600,000		8,909,243
					31,898,847
Sri Lanka—0.1%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/221			4,850,000		4,703,981
6.00%, 1/14/191			2,670,000		2,710,042
6.25%, 10/4/201			1,170,000		1,187,523
					8,601,546
United Arab Emirates—0.0%
Emirate of Dubai Sr. Unsec. International Bonds, 5.25%, 1/30/43			1,855,000		1,639,106
Uruguay—0.1%
Oriental Republic of Uruguay Sr. Unsec. Bonds, 5.10%, 6/18/50			4,295,000		3,779,600
Venezuela—0.0%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds, 7.75%, 10/13/19			830,000		288,425
Vietnam—0.0%
Socialist Republic of Vietnam Bonds, 4.80%, 11/19/241			1,945,000		1,848,127
Zambia—0.1%
Republic of Zambia Sr. Unsec. Bonds, 8.97%, 7/30/271			4,710,000		3,744,450
Total Foreign Government Obligations (Cost $490,273,925)					434,281,992

25      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Corporate Loans—1.1%
Affinion Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.75%, 4/30/183		$	2,433,156	$	2,297,812
Aliplast NV, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00%, 10/29/212,3	EUR		1,500,000		1,657,943
Amaya BV, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.00%, 7/29/223			682,500		684,633
Asurion LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.50%, 3/3/213			12,205,078		11,085,262
Caesars Entertainment Operating Co., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 9.75%, 1/29/183,12			3,283,500		2,994,142
Caesars Entertainment Resort Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.00%, 10/11/203			6,709,963		6,273,815
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25%, 5/10/213			3,172,838		2,792,097
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 6.948%, 1/30/192,3			13,689,571		11,396,568
Clear Channel Communications, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche E, 7.671%, 7/30/193			3,511,153		2,944,980
Entegra TC LLC, Sr. Sec. Credit Facilities Exit 3rd Lien Term Loan, 8.973%, 10/3/203,14			5,295,489		5,209,438
NFR Energy LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 8.75%, 12/31/183,8			4,445,000		833,437
NTELOS, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.75%, 11/9/193			1,049,486		1,050,798
Orchard Acquisition Co. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 9.00%, 2/8/193			1,067,074		928,354
Quicksilver Resources, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/21/193,8			12,760,000		5,678,200
Revel Entertainment, Inc., Sr. Sec. Credit Facilities 2nd Lien Exit Term Loan, 0.00%, 5/20/183,8,14			5,285,760		26,434
TWCC Holding Corp., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.00%, 6/26/203			6,570,000		6,184,012
Total Corporate Loans (Cost $81,753,727)					62,037,925
Corporate Bonds and Notes—57.5%
Consumer Discretionary—10.9%
Auto Components—1.2%
Affinia Group, Inc., 7.75% Sr. Unsec. Nts., 5/1/21			8,735,000		9,215,425
BorgWarner, Inc., 4.375% Sr. Unsec. Nts., 3/15/45			574,000		517,378
Gates Global LLC/Gates Global Co., 6% Sr. Unsec. Nts., 7/15/221			11,470,000		9,290,700
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,895,000		4,768,066
6.75% Sr. Unsec. Nts., 10/28/19	GBP		5,380,000		9,252,728
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22			12,140,000		12,261,400
Lear Corp., 4.75% Sr. Unsec. Nts., 1/15/23			8,810,000		8,677,850
MPG Holdco I, Inc., 7.375% Sr. Unsec. Nts., 10/15/22			11,075,000		11,573,375
					65,556,922
Automobiles—0.7%
Daimler Finance North America LLC, 8.50% Sr. Unsec. Unsub. Nts., 1/18/31			965,000		1,372,466

26      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Automobiles (Continued)
Ford Motor Co., 4.75% Sr. Unsec. Nts., 1/15/43		$	8,290,000	$	7,809,611
Ford Motor Credit Co. LLC, 3.664% Sr. Unsec. Nts., 9/8/24			4,078,000		3,966,870
General Motors Co.:
5.00% Sr. Unsec. Nts., 4/1/35			6,715,000		6,241,854
6.25% Sr. Unsec. Nts., 10/2/43			1,620,000		1,718,457
General Motors Financial Co., Inc., 3% Sr. Unsec. Nts., 9/25/17			1,765,000		1,785,158
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45			480,000		481,520
Hyundai Capital America, 4% Sr. Unsec. Nts., 6/8/171			1,747,000		1,808,156
Jaguar Land Rover Automotive plc, 5.625% Sr. Unsec. Nts., 2/1/231			6,210,000		6,124,613
Volkswagen International Finance NV, 2.50% Jr. Sub. Perpetual Bonds3,13	EUR		2,225,000		1,966,303
ZF North America Capital, Inc.:
4.50% Sr. Unsec. Nts., 4/29/221			3,245,000		3,078,694
4.75% Sr. Unsec. Nts., 4/29/251			1,856,000		1,702,880
					38,056,582
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23			5,694,000		5,508,945
Hotels, Restaurants & Leisure—2.0%
1011778 B.C. ULC/New Red Finance, Inc., 6% Sec. Nts., 4/1/221			6,895,000		7,015,663
Boyd Gaming Corp., 6.875% Sr. Unsec. Nts., 5/15/23			4,200,000		4,284,000
Brinker International, Inc., 2.60% Sr. Unsec. Nts., 5/15/18			180,000		181,493
Caesars Entertainment Resort Properties LLC, 11% Sec. Nts., 10/1/21			5,175,000		4,722,188
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.375% Sec. Nts., 5/1/22			2,330,000		1,834,875
Carnival Corp., 1.20% Sr. Unsec. Nts., 2/5/16			1,573,000		1,574,809
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21			5,045,000		5,120,675
Greektown Holdings LLC/Greektown Mothership Corp., 8.875% Sr. Sec. Nts., 3/15/191			9,480,000		9,764,400
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221			6,310,000		5,899,850
Isle of Capri Casinos, Inc., 5.875% Sr. Unsec. Nts., 3/15/21			2,915,000		3,017,025
Landry’s, Inc., 9.375% Sr. Unsec. Nts., 5/1/201			12,985,000		13,910,181
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22			1,171,000		1,175,178
MCE Finance Ltd., 5% Sr. Unsec. Nts., 2/15/211			7,415,000		6,562,275
Merlin Entertainments plc, 2.75% Sr. Unsec. Nts., 3/15/221	EUR		6,815,000		7,177,381
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23			3,750,000		3,646,875
6.625% Sr. Unsec. Nts., 12/15/21			6,385,000		6,576,550
6.75% Sr. Unsec. Nts., 10/1/20			5,060,000		5,249,750
NCL Corp. Ltd., 5.25% Sr. Unsec. Nts., 11/15/191			4,255,000		4,358,737
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201			4,035,000		3,944,213
Pinnacle Entertainment, Inc., 6.375% Sr. Unsec. Nts., 8/1/21			5,655,000		6,013,131
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/087,8			14,750,000		—
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming
Finance Corp., 6.375% Sr. Sec. Nts., 6/1/211			4,285,000		4,049,325
Viking Cruises Ltd., 8.50% Sr. Unsec. Nts., 10/15/221			6,380,000		7,018,000

27      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Wyndham Worldwide Corp., 2.95% Sr. Unsec. Nts., 3/1/17		$	1,807,000	$	1,829,607
					114,926,181
Household Durables—0.6%
Arcelik AS, 5% Sr. Unsec. Nts., 4/3/231			1,335,000		1,190,686
Jarden Corp., 6.125% Sr. Unsec. Nts., 11/15/22			3,295,000		3,410,325
KB Home:
7.00% Sr. Unsec. Nts., 12/15/21			5,900,000		5,944,250
7.625% Sr. Unsec. Nts., 5/15/23			3,415,000		3,457,687
Lennar Corp.:
4.75% Sr. Unsec. Nts., 11/15/22			1,910,000		1,863,778
4.75% Sr. Unsec. Nts., 5/30/25			5,889,000		5,653,440
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20			9,805,000		10,711,963
Toll Brothers Finance Corp., 4.375% Sr. Unsec. Nts., 4/15/23			1,798,000		1,775,525
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17			840,000		843,036
					34,850,690
Leisure Equipment & Products—0.0%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18			1,942,000		1,934,477
Media—3.8%
21st Century Fox America, Inc., 6.15% Sr. Unsec. Nts., 2/15/41			679,000		779,474
Altice Financing SA, 6.50% Sec. Nts., 1/15/221			13,495,000		13,063,295
Altice Finco SA, 8.125% Sec. Nts., 1/15/241			5,345,000		5,104,475
Altice Luxembourg SA, 7.25% Sr. Sec. Nts., 5/15/221	EUR		12,110,000		12,820,122
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27			10,973,000		11,905,705
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% Sr. Unsec. Nts., 5/1/231			9,315,000		8,598,863
5.75% Sr. Unsec. Nts., 9/1/23			6,025,000		5,746,344
CCO Safari II LLC:
4.908% Sr. Sec. Nts., 7/23/251			564,000		562,389
6.484% Sr. Sec. Nts., 10/23/451			938,000		948,123
Comcast Corp., 4.65% Sr. Unsec. Unsub. Nts., 7/15/42			1,129,000		1,164,201
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24			18,115,000		15,443,037
6.75% Sr. Unsec. Nts., 6/1/21			2,985,000		2,858,137
Entercom Radio LLC, 10.50% Sr. Unsec. Nts., 12/1/19			3,565,000		3,752,162
Gannett Co., Inc., 5.50% Sr. Unsec. Nts., 9/15/241			5,115,000		4,987,125
Gray Television, Inc., 7.50% Sr. Unsec. Nts., 10/1/20			9,890,000		10,174,338
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19			2,625,000		2,254,219
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24			888,000		893,677
Lamar Media Corp., 5% Sr. Unsec. Sub. Nts., 5/1/23			1,885,000		1,866,150
LIN Television Corp., 6.375% Sr. Unsec. Nts., 1/15/21			6,910,000		7,212,313
Nexstar Broadcasting, Inc.:
6.125% Sr. Unsec. Nts., 2/15/221			3,860,000		3,821,400
6.875% Sr. Unsec. Nts., 11/15/20			6,950,000		7,184,563
Numericable SFR SAS, 6% Sr. Sec. Nts., 5/15/221			13,410,000		12,957,413
Scripps Networks Interactive, Inc., 2.70% Sr. Unsec. Nts., 12/15/16			1,810,000		1,837,613

28      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Media (Continued)
Sinclair Television Group, Inc.:
5.625% Sr. Unsec. Nts., 8/1/241		$	6,005,000	$	5,479,563
6.125% Sr. Unsec. Nts., 10/1/22			8,300,000		8,258,500
Sky plc, 3.75% Sr. Unsec. Nts., 9/16/241			963,000		951,381
Thomson Reuters Corp., 1.65% Sr. Unsec. Nts., 9/29/17			1,880,000		1,880,026
Time Warner Cable, Inc., 4.50% Sr. Unsec. Unsub. Nts., 9/15/42			649,000		515,187
Time Warner, Inc.:
4.65% Sr. Unsec. Nts., 6/1/44			7,137,000		6,839,922
4.85% Sr. Unsec. Nts., 7/15/45			1,130,000		1,113,972
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/221			2,750,000		2,674,375
Univision Communications, Inc., 5.125% Sr. Sec. Nts., 2/15/251			3,470,000		3,261,800
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/231	EUR		11,750,000		14,133,183
UPCB Finance VI Ltd., 6.875% Sr. Sec. Nts., 1/15/221			7,425,000		7,833,375
Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/23	GBP		4,195,000		6,586,391
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/261			1,870,000		1,725,075
6.00% Sr. Sec. Nts., 4/15/21	GBP		11,362,500		17,440,091
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/241			1,610,000		1,465,100
					216,093,079
Multiline Retail—0.4%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/231			19,245,000		20,062,913
Kohl’s Corp., 5.55% Sr. Unsec. Nts., 7/17/45			597,000		587,262
Neiman Marcus Group Ltd., Inc., 8.75% Sr. Unsec. Nts., 10/15/211,14			4,010,000		4,150,350
					24,800,525
Specialty Retail—1.4%
Apex Tool Group LLC, 7% Sr. Unsec. Nts., 2/1/211			11,980,000		9,883,500
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21			1,802,000		1,892,100
CST Brands, Inc., 5% Sr. Unsec. Nts., 5/1/23			3,795,000		3,785,512
GameStop Corp., 5.50% Sr. Unsec. Nts., 10/1/191			8,390,000		8,675,679
Home Depot, Inc. (The), 4.875% Sr. Unsec. Nts., 2/15/44			592,000		658,971
L Brands, Inc., 6.625% Sr. Unsec. Nts., 4/1/21			12,016,000		13,397,840
Lowe’s Cos, Inc., 4.375% Sr. Unsec. Nts., 9/15/45			5,706,000		5,789,844
Men’s Wearhouse, Inc. (The), 7% Sr. Unsec. Nts., 7/1/22			1,749,000		1,810,442
Michaels Stores, Inc., 5.875% Sr. Sub. Nts., 12/15/201			9,795,000		10,260,263
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24			1,660,000		1,653,048
Sally Holdings LLC/Sally Capital, Inc., 5.75% Sr. Unsec. Nts., 6/1/22			8,285,000		8,678,538
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24			876,000		886,524
Stackpole International Intermediate Co., 7.75% Sr. Sec. Nts., 10/15/211			10,105,000		11,039,713
					78,411,974
Textiles, Apparel & Luxury Goods—0.7%
American Achievement Corp., 10.875% Sec. Nts., 4/15/161			3,970,000		3,940,225
Levi Strauss & Co.:
5.00% Sr. Unsec. Nts., 5/1/25			8,225,000		8,101,625
6.875% Sr. Unsec. Nts., 5/1/22			1,405,000		1,513,887
New Look Secured Issuer plc, 6.50% Sr. Sec. Nts., 7/1/221	GBP		4,625,000		6,675,436

29      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Textiles, Apparel & Luxury Goods (Continued)
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22	$	7,020,000	$	6,826,950
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		6,995,000		6,960,025
William Carter Co., 5.25% Sr. Unsec. Nts., 8/15/21		2,475,000		2,561,625
				36,579,773
Consumer Staples—1.9%
Beverages—0.2%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		1,198,000		1,688,989
Constellation Brands, Inc., 4.75% Sr. Unsec. Nts., 11/15/24		7,630,000		7,725,375
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		1,162,000		1,208,657
				10,623,021
Food & Staples Retailing—0.6%
Cencosud SA, 5.15% Sr. Unsec. Nts., 2/12/251		5,135,000		5,033,799
CVS Health Corp.:
5.125% Sr. Unsec. Nts., 7/20/45		489,000		528,286
5.30% Sr. Unsec. Nts., 12/5/43		438,000		485,362
Delhaize Group:
5.70% Sr. Unsec. Nts., 10/1/40		799,000		848,333
6.50% Sr. Unsec. Nts., 6/15/17		216,000		232,747
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		6,160,000		6,360,200
Kroger Co. (The):
6.40% Sr. Unsec. Nts., 8/15/17		1,673,000		1,822,817
6.90% Sr. Unsec. Nts., 4/15/38		450,000		568,389
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		5,295,000		5,745,075
Rite Aid Corp.:
6.125% Sr. Unsec. Nts., 4/1/231		6,300,000		6,276,375
6.75% Sr. Unsec. Nts., 6/15/21		5,685,000		5,841,337
Wal-Mart Stores, Inc., 4.30% Sr. Unsec. Nts., 4/22/44		992,000		1,017,207
				34,759,927
Food Products—0.7%
BRF SA, 4.75% Sr. Unsec. Nts., 5/22/241		2,160,000		2,052,000
Bunge Ltd. Finance Corp.:
3.20% Sr. Unsec. Nts., 6/15/17		1,860,000		1,895,377
8.50% Sr. Unsec. Nts., 6/15/19		1,200,000		1,436,083
Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875% Sr. Sec. Nts., 2/1/21		3,095,000		3,300,044
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		4,255,000		4,329,462
Ingredion, Inc., 1.80% Sr. Unsec. Nts., 9/25/17		1,905,000		1,899,876
JM Smucker Co., 1.75% Sr. Unsec. Nts., 3/15/181		1,494,000		1,498,318
Kraft Foods Group, Inc., 5% Sr. Unsec. Nts., 6/4/42		441,000		454,253
Kraft Heinz Foods Co.:
3.95% Sr. Unsec. Nts., 7/15/251		961,000		985,637
4.875% Sec. Nts., 2/15/251		3,785,000		4,044,159
5.20% Sr. Unsec. Nts., 7/15/451		219,000		232,959
Marfrig Holdings Europe BV, 6.875% Sr. Unsec. Nts., 6/24/191		1,165,000		1,010,637
Minerva Luxembourg SA, 7.75% Sr. Unsec. Nts., 1/31/231		1,475,000		1,298,000
Pilgrim’s Pride Corp., 5.75% Sr. Unsec. Nts., 3/15/251		2,735,000		2,693,975

30      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Food Products (Continued)
Post Holdings, Inc.:
6.75% Sr. Unsec. Nts., 12/1/211		$	2,475,000	$	2,481,188
7.375% Sr. Unsec. Nts., 2/15/22			6,820,000		6,964,925
Premier Foods Finance plc, 5.588% Sr. Sec. Nts., 3/16/203	GBP		1,500,000		2,044,482
TreeHouse Foods, Inc., 4.875% Sr. Unsec. Nts., 3/15/22			1,764,000		1,689,030
Tyson Foods, Inc., 4.875% Sr. Unsec. Nts., 8/15/34			580,000		593,135
					40,903,540
Household Products—0.1%
Spectrum Brands, Inc.:
6.125% Sr. Unsec. Nts., 12/15/241			1,030,000		1,066,050
6.375% Sr. Unsec. Nts., 11/15/20			4,920,000		5,229,345
					6,295,395
Personal Products—0.1%
Revlon Consumer Products Corp., 5.75% Sr. Unsec. Nts., 2/15/21			6,240,000		6,084,000
Tobacco—0.2%
Altria Group, Inc., 10.20% Sr. Unsec. Nts., 2/6/39			1,028,000		1,667,228
Imperial Tobacco Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181			1,840,000		1,840,300
Reynolds American, Inc.:
5.85% Sr. Unsec. Nts., 8/15/45			835,000		932,698
6.75% Sr. Unsec. Nts., 6/15/17			1,405,000		1,521,588
Vector Group Ltd., 7.75% Sr. Sec. Nts., 2/15/21			5,790,000		6,130,162
					12,091,976
Energy—5.6%
Energy Equipment & Services—0.6%
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/227			4,330,000		3,940,300
GNL Quintero SA, 4.634% Sr. Unsec. Nts., 7/31/291			1,255,000		1,237,582
Halliburton Co., 4.75% Sr. Unsec. Nts., 8/1/43			440,000		438,148
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25			743,000		741,348
Hornbeck Offshore Services, Inc., 5.875% Sr. Unsec. Nts., 4/1/20			4,215,000		3,329,850
Pertamina Persero PT, 5.625% Sr. Unsec. Nts., 5/20/431			9,830,000		7,690,658
Precision Drilling Corp., 6.625% Sr. Unsec. Nts., 11/15/20			4,250,000		3,729,375
Seadrill Ltd., 6.50% Sr. Unsec. Nts., 10/5/15			1,770,000		1,767,787
Sinopec Group Overseas Development 2014 Ltd., 1.75% Sr. Unsec. Nts., 4/10/171			1,908,000		1,908,933
Sinopec Group Overseas Development 2015 Ltd.:
2.50% Sr. Unsec. Nts., 4/28/201			5,475,000		5,403,726
3.25% Sr. Unsec. Nts., 4/28/251			2,740,000		2,622,166
Weatherford International Ltd., 5.95% Sr. Unsec. Nts., 4/15/42			410,000		295,990
					33,105,863
Oil, Gas & Consumable Fuels—5.0%
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44			6,217,000		5,554,330
6.20% Sr. Unsec. Nts., 3/15/40			1,033,000		1,096,935
Antero Resources Corp., 6% Sr. Unsec. Nts., 12/1/20			5,270,000		4,901,100
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43			547,000		495,671
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			5,440,000		5,323,589

31      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Bill Barrett Corp., 7.625% Sr. Unsec. Nts., 10/1/19	$	2,770,000	$	2,008,250
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		1,051,000		975,630
Buckeye Partners LP, 6.05% Sr. Unsec. Nts., 1/15/18		846,000		892,906
California Resources Corp., 5.50% Sr. Unsec. Nts., 9/15/21		8,655,000		5,322,825
Canadian Natural Resources Ltd.:
1.75% Sr. Unsec. Nts., 1/15/18		739,000		730,936
5.90% Sr. Unsec. Nts., 2/1/18		835,000		899,739
Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		4,950,000		4,368,375
Cenovus Energy, Inc., 5.20% Sr. Unsec. Nts., 9/15/43		524,000		458,979
Chaparral Energy, Inc., 7.625% Sr. Unsec. Nts., 11/15/22		1,675,000		502,500
Chesapeake Energy Corp., 4.875% Sr. Unsec. Nts., 4/15/22		6,380,000		4,194,850
Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 6/1/24		1,006,000		981,579
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50% Sr. Unsec. Nts., 12/15/19		6,410,000		4,038,300
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/231		1,300,000		1,348,002
Columbia Pipeline Group, Inc., 4.50% Sr. Unsec. Nts., 6/1/251		1,006,000		978,821
Concho Resources, Inc., 5.50% Sr. Unsec. Unsub. Nts., 4/1/23		8,280,000		7,907,400
CONSOL Energy, Inc., 5.875% Sr. Unsec. Nts., 4/15/22		4,785,000		3,241,837
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/231		2,425,000		1,830,875
DCP Midstream LLC, 5.375% Sr. Unsec. Nts., 10/15/151		1,047,000		1,048,076
Delek & Avner Tamar Bond Ltd., 5.082% Sr. Sec. Nts., 12/30/231		1,855,000		1,859,637
Denbury Resources, Inc., 4.625% Sr. Sub. Nts., 7/15/23		6,750,000		3,678,750
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		6,287,000		5,580,894
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		3,545,000		3,208,225
7.50% Sr. Sec. Nts., 10/15/20		5,895,000		5,968,688
Energy XXI Gulf Coast, Inc., 11% Sec. Nts., 3/15/201		3,505,000		1,664,875
EnLink Midstream Partners LP, 2.70% Sr. Unsec. Nts., 4/1/19		1,527,000		1,510,441
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		532,000		470,606
4.90% Sr. Unsec. Nts., 5/15/46		188,000		169,463
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.375% Sr. Unsec. Nts., 6/15/23		3,425,000		2,551,625
7.75% Sr. Unsec. Nts., 9/1/22		8,205,000		6,605,025
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/221		5,870,000		5,363,507
Genesis Energy LP/Genesis Energy Finance Corp., 5.75% Sr. Unsec. Nts., 2/15/21		5,155,000		4,716,825
Halcon Resources Corp., 8.875% Sr. Unsec. Nts., 5/15/21		2,165,000		660,325
Husky Energy, Inc., 6.20% Sr. Unsec. Nts., 9/15/17		1,058,000		1,129,876
Indian Oil Corp. Ltd.:
5.625% Sr. Unsec. Nts., 8/2/21		1,360,000		1,489,320
5.75% Sr. Unsec. Nts., 8/1/23		5,150,000		5,646,038
KazMunayGas National Co. JSC, 5.75% Sr. Unsec. Nts., 4/30/431		3,325,000		2,415,613
Kinder Morgan, Inc., 5% Sr. Unsec. Nts., 2/15/211		1,388,000		1,413,901
Laredo Petroleum, Inc., 5.625% Sr. Unsec. Nts., 1/15/22		5,295,000		4,765,500

32      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/237	$	3,530,000	$	3,680,025
Linn Energy LLC/Linn Energy Finance Corp., 7.75% Sr. Unsec. Nts., 2/1/21		4,775,000		1,122,125
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
4.875% Sr. Unsec. Nts., 12/1/24		5,430,000		4,995,600
4.875% Sr. Unsec. Nts., 6/1/25		968,000		892,786
MEG Energy Corp., 6.50% Sr. Unsec. Nts., 3/15/211		11,850,000		9,776,250
Memorial Production Partners LP/Memorial Production Finance Corp., 7.625% Sr. Unsec. Nts., 5/1/21		2,640,000		1,795,200
Murray Energy Corp., 11.25% Sec. Nts., 4/15/211		10,010,000		5,305,300
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125% Sr. Sec. Nts., 11/15/211		3,990,000		3,705,713
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		6,075,000		5,801,625
Noble Energy, Inc., 5.625% Sr. Unsec. Nts., 5/1/21		4,820,000		4,854,661
Novatek OAO via Novatek Finance Ltd., 4.422% Sr. Unsec. Nts., 12/13/221		2,245,000		1,945,899
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23		2,350,000		1,833,000
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23		4,170,000		4,026,635
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/181		6,450,000		6,271,071
5.45% Sr. Unsec. Nts., 10/14/211		6,555,000		6,391,761
Pacific Exploration & Production Corp., 5.625% Sr. Unsec. Nts., 1/19/251		3,410,000		1,214,813
Peabody Energy Corp., 6% Sr. Unsec. Nts., 11/15/18		3,505,000		928,825
Petrobras Global Finance BV:
3.50% Sr. Unsec. Nts., 2/6/17		2,160,000		1,925,100
4.375% Sr. Unsec. Nts., 5/20/23		1,305,000		854,775
4.875% Sr. Unsec. Nts., 3/17/20		1,930,000		1,418,550
5.375% Sr. Unsec. Nts., 1/27/21		3,555,000		2,602,971
5.625% Sr. Unsec. Nts., 5/20/43		1,775,000		1,096,063
5.75% Sr. Unsec. Nts., 1/20/20		1,185,000		891,713
Petroleos de Venezuela SA, 6% Sr. Unsec. Nts., 11/15/261		5,340,000		1,721,883
Petroleos Mexicanos, 5.50% Sr. Unsec. Nts., 6/27/441		1,665,000		1,344,488
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		384,000		348,899
Pioneer Natural Resources Co., 6.65% Sr. Unsec. Nts., 3/15/17		712,000		754,299
Range Resources Corp.:
5.00% Sr. Sub. Nts., 8/15/22		5,365,000		4,774,850
5.00% Sr. Sub. Nts., 3/15/23		979,000		870,698
Regency Energy Partners LP/Regency Energy Finance Corp., 5% Sr. Unsec. Nts., 10/1/22		1,260,000		1,232,368
Reliance Industries Ltd., 4.125% Sr. Unsec. Nts., 1/28/251		5,400,000		5,356,838
Reliance Industries Ltd., 5.875% Sr. Unsec. Perpetual Bonds1,13		255,000		248,306
Rice Energy, Inc., 6.25% Sr. Unsec. Nts., 5/1/22		4,705,000		4,219,820
Sabine Pass Liquefaction LLC:
5.625% Sr. Sec. Nts., 4/15/23		6,300,000		5,685,750
5.75% Sr. Sec. Nts., 5/15/24		1,765,000		1,579,675
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		2,490,000		1,680,750
7.75% Sr. Unsec. Nts., 6/15/21		3,315,000		2,469,675

33      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
SandRidge Energy, Inc., 8.75% Sec. Nts., 6/1/201		$	2,520,000	$	1,532,475
SM Energy Co., 6.50% Sr. Unsec. Nts., 1/1/23			5,965,000		5,577,275
Southwestern Energy Co., 4.95% Sr. Unsec. Nts., 1/23/25			1,064,000		948,623
Spectra Energy Partners LP, 4.75% Sr. Unsec. Nts., 3/15/24			1,460,000		1,512,240
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50% Sr. Unsec. Nts., 8/15/22			4,260,000		3,684,900
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.125% Sr. Unsec. Nts., 11/15/191			6,675,000		6,024,188
5.00% Sr. Unsec. Nts., 1/15/181			4,985,000		4,773,138
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
5.875% Sr. Unsec. Nts., 10/1/20			3,663,000		3,571,425
6.25% Sr. Unsec. Nts., 10/15/221			2,805,000		2,748,900
Thai Oil PCL, 4.875% Sr. Unsec. Nts., 1/23/431			585,000		548,623
TOTAL SA, 2.25% Jr. Sub. Perpetual Bonds3,13	EUR		6,720,000		6,954,784
Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/201			5,058,000		3,578,535
Western Gas Partners LP, 4% Sr. Unsec. Nts., 7/1/22			1,226,000		1,188,378
Whiting Petroleum Corp., 5.75% Sr. Unsec. Nts., 3/15/21			6,620,000		5,762,710
Williams Partners LP/ACMP, 6.125% Sr. Unsec. Nts., 7/15/22			4,205,000		4,251,078
Woodside Finance Ltd., 4.60% Sr. Unsec. Unsub. Nts., 5/10/211			1,445,000		1,504,658
WPX Energy, Inc.:
5.25% Sr. Unsec. Nts., 9/15/24			2,845,000		2,304,450
6.00% Sr. Unsec. Nts., 1/15/22			4,125,000		3,568,125
YPF SA, 8.50% Sr. Unsec. Nts., 7/28/251			1,750,000		1,526,875
					287,150,779
Financials—11.6%
Capital Markets—1.1%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241			1,422,000		1,435,735
Blackstone Holdings Finance Co. LLC, 4.45% Sr. Unsec. Nts., 7/15/451			1,901,000		1,797,703
Credit Suisse Group AG:
7.50% Jr. Sub. Perpetual Bonds1,3,13			5,335,000		5,571,207
7.50% Jr. Sub. Perpetual Bonds3,13			7,405,000		7,735,619
Credit Suisse, New York, 3.625% Sr. Unsec. Nts., 9/9/24			2,304,000		2,311,368
Deutsche Bank AG, 4.50% Sub. Nts., 4/1/25			1,960,000		1,903,372
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/217			9,435,000		9,246,300
Goldman Sachs Group, Inc. (The):
5.15% Sub. Nts., 5/22/45			1,354,000		1,334,770
5.70% Jr. Sub. Perpetual Bonds, Series L3,13			1,836,000		1,831,410
KCG Holdings, Inc., 6.875% Sr. Sec. Nts., 3/15/201			11,915,000		11,051,163
KKR Group Finance Co. III LLC, 5.125% Sr. Unsec. Nts., 6/1/441			1,585,000		1,549,526
Lazard Group LLC, 3.75% Sr. Unsec. Nts., 2/13/25			1,415,000		1,353,351
Morgan Stanley:
4.30% Sr. Unsec. Nts., 1/27/45			1,125,000		1,072,434
5.00% Sub. Nts., 11/24/25			1,735,000		1,849,158
5.45% Jr. Sub. Perpetual Bonds, Series H3,13			1,885,000		1,858,045
Nomura Holdings, Inc., 2% Sr. Unsec. Nts., 9/13/16			1,888,000		1,897,827
Schaeffler Finance BV:
3.25% Sr. Sec. Nts., 5/15/251	EUR		2,020,000		2,123,597

34      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Capital Markets (Continued)
Schaeffler Finance BV: (Continued)
4.75% Sr. Sec. Nts., 5/15/231		$	405,000	$	392,850
UBS Preferred Funding Trust V, 6.243% Jr. Sub. Perpetual Bonds, Series 13,13			2,476,000		2,518,835
Walter Investment Management Corp., 7.875% Sr. Unsec. Nts., 12/15/21			6,115,000		5,251,256
					64,085,526
Commercial Banks—6.0%
ABN AMRO Bank NV, 4.75% Sub. Nts., 7/28/251			24,070,000		23,946,184
Altice Luxembourg SA, 6.25% Sr. Unsec. Nts., 2/15/251	EUR		3,830,000		3,775,004
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/128			1,186,225		—
Banco Bilbao Vizcaya Argentaria Colombia SA, 4.875% Sub. Nts., 4/21/251			2,190,000		2,090,793
Banco Bilbao Vizcaya Argentaria SA, 7% Jr. Sub. Perpetual Bonds3,13	EUR		15,575,000		16,983,645
Banco Continental SA via Continental Senior Trustees Cayman Ltd., 5.50% Sr. Unsec. Nts., 11/18/201			3,050,000		3,290,950
Bank of America Corp., 7.75% Jr. Sub. Nts., 5/14/38			1,365,000		1,883,405
Barclays plc:
3.65% Sr. Unsec. Nts., 3/16/25			1,591,000		1,521,756
7.00% Jr. Sub. Perpetual Bonds3,13	GBP		13,963,000		20,348,915
BNP Paribas SA:
4.375% Sub. Nts., 9/28/251			1,768,000		1,727,882
5.945% Jr. Sub. Perpetual Bonds3,13	GBP		12,475,000		18,885,709
7.375% Jr. Sub. Perpetual Bonds1,3,13			6,895,000		6,946,712
BPCE SA, 2.75% Sub. Nts., 7/8/263	EUR		7,735,000		8,616,598
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/237			4,298,219		3,739,451
CIT Group, Inc., 5% Sr. Unsec. Nts., 8/15/22			9,670,000		9,682,087
Citigroup, Inc.:
4.45% Sub. Nts., 9/29/27			9,357,000		9,309,953
4.65% Sr. Unsec. Nts., 7/30/45			1,480,000		1,480,841
6.675% Sub. Nts., 9/13/43			888,000		1,091,766
5.95% Jr. Sub. Perpetual Bonds, Series D3,13			1,912,000		1,857,030
Citizens Financial Group, Inc., 5.50% Jr. Sub. Perpetual Bonds1,3,13			1,924,000		1,880,710
Commerzbank AG, 8.125% Sub. Nts., 9/19/231			8,480,000		9,865,293
Constellis Holdings LLC/Constellis Finance Corp., 9.75% Sr. Sec. Nts., 5/15/201			6,300,000		5,756,625
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands), 4.375% Sub. Nts., 8/4/25			8,626,000		8,652,930
Corp. Financiera de Desarrollo SA:
4.75% Sr. Unsec. Nts., 2/8/221			910,000		928,200
4.75% Sr. Unsec. Nts., 7/15/251			2,615,000		2,546,356
Corpbanca SA, 3.875% Sr. Unsec. Nts., 9/22/191			4,955,000		5,014,262
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/231			2,320,000		2,215,600
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds3,7,13			1,551,000		1,768,450
Danske Bank, 5.684% Jr. Sub. Perpetual Bonds3,13	GBP		8,930,000		13,728,376
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		133,000,000		2,132,046
9.70% Sr. Unsec. Nts., 11/21/18	INR		150,000,000		2,419,264

35      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Commercial Banks (Continued)
Export-Import Bank of Korea, 2.875% Sr. Unsec. Nts., 1/21/25		$	5,085,000	$	4,974,925
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/221			6,855,000		6,200,347
HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds3,13	GBP		4,030,000		6,474,065
HSBC Holdings plc, 6.375% Jr. Sub. Perpetual Bonds3,13			9,250,000		8,856,875
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/221,3			2,265,000		2,302,318
ICICI Bank Ltd. (Dubai), 4.75% Sr. Unsec. Nts., 11/25/161			4,065,000		4,200,804
Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/241			10,085,000		9,972,925
JPMorgan Chase & Co.:
4.25% Sub. Nts., 10/1/27			7,000,000		6,991,047
6.75% Jr. Sub. Perpetual Bonds, Series S3,13			1,560,000		1,626,300
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/243			1,270,000		1,280,770
Lloyds Banking Group plc, 6.413% Jr. Sub. Perpetual Bonds1,3,13			1,702,000		1,899,857
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		50,000,000		767,579
NN Group NV, 4.625% Sub. Nts., 4/8/443	EUR		8,540,000		9,517,499
OPE KAG Finance Sub, Inc., 7.875% Sr. Unsec. Nts., 7/31/231			5,090,000		5,179,075
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds1,3,13	GBP		500,000		794,194
Regions Bank, Birmingham AL, 2.25% Sr. Unsec. Nts., 9/14/18			1,472,000		1,479,020
Regions Financial Corp., 7.375% Sub. Nts., 12/10/37			714,000		905,588
Royal Bank of Scotland Group plc:
7.50% Jr. Sub. Perpetual Bonds3,13			5,115,000		5,116,586
8.00% Jr. Sub. Perpetual Bonds3,13			5,140,000		5,191,400
7.64% Jr. Sub. Perpetual Bonds, Series U3,13			4,465,000		4,777,550
Santander UK Group Holdings plc, 4.75% Sub. Nts., 9/15/251			10,625,000		10,556,809
Skandinaviska Enskilda Banken AB, 5.75% Jr. Sub. Perpetual Bonds3,13			3,710,000		3,528,318
Societe Generale SA:
2.625% Sub. Nts., 2/27/25	EUR		8,375,000		8,750,502
5.922% Jr. Sub. Perpetual Bonds1,3,13			1,685,000		1,710,275
8.00% Jr. Sub. Perpetual Bonds1,3,13			13,720,000		13,531,350
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/231	EUR		4,955,000		5,216,058
Standard Chartered plc, 6.50% Jr. Sub. Perpetual Bonds3,13			—		—
SunTrust Banks, Inc., 5.625% Jr. Sub. Perpetual Bonds3,13			1,812,000		1,816,530
Turkiye Vakiflar Bankasi TAO, 6.875% Sub. Nts., 2/3/251,3			3,005,000		2,790,894
Wells Fargo & Co.:
5.875% Jr. Sub. Perpetual Bonds3,13			675,000		691,875
5.90% Jr. Sub. Perpetual Bonds, Series S3,13			1,455,000		1,458,638
Woori Bank:
4.75% Sub. Nts., 4/30/241			5,611,000		5,808,631
5.00% Jr. Sub. Nts., 6/10/451,3			960,000		950,382
					339,405,779
Consumer Finance—0.7%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231			6,305,000		5,516,875
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22			6,170,000		6,077,450
8.00% Sr. Unsec. Nts., 11/1/31			1,492,000		1,733,987
Capital One Financial Corp.:
3.20% Sr. Unsec. Nts., 2/5/25			1,541,000		1,471,784

36      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Consumer Finance (Continued)
Capital One Financial Corp.: (Continued)
5.55% Jr. Sub. Perpetual Bonds3,13		$	1,893,000	$	1,874,070
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25			2,942,000		2,855,938
Navient Corp.:
6.125% Sr. Unsec. Nts., 3/25/24			7,960,000		6,387,900
7.25% Sr. Unsec. Nts., 1/25/22			6,570,000		5,765,175
Speedy Cash Intermediate Holdings Corp., 10.75% Sec. Nts., 5/15/181			5,220,000		4,149,900
TMX Finance LLC/TitleMax Finance Corp., 8.50% Sr. Sec. Nts., 9/15/181			6,905,000		5,472,213
					41,305,292
Diversified Financial Services—0.7%
Baggot Securities Ltd., 10.24% Jr. Sub. Perpetual Bonds1,13	EUR		9,100,000		10,320,936
Banco BTG Pactual SA (Cayman Islands), 4% Sr. Unsec. Nts., 1/16/201			2,145,000		1,705,275
Corp. Financiera de Desarrollo SA, 5.25% Sub. Nts., 7/15/291,3			1,265,000		1,246,025
FTE Verwaltungs GmbH, 9% Sr. Sec. Nts., 7/15/201	EUR		4,670,000		5,257,395
Global Bank Corp., 5.125% Sr. Unsec. Nts., 10/30/191			3,895,000		3,943,687
Intercorp Peru Ltd., 5.875% Sr. Unsec. Nts., 2/12/251			1,180,000		1,123,950
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/357,17	MXN		20,232,960		112,454
McGraw Hill Financial, Inc., 2.50% Sr. Unsec. Nts., 8/15/181			463,000		466,863
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/181			3,260,000		3,463,750
Nationwide Building Society, 3.90% Sr. Unsec. Nts., 7/21/251			1,840,000		1,883,899
Odebrecht Finance Ltd., 5.25% Sr. Unsec. Nts., 6/27/291			1,910,000		1,012,300
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251			992,000		1,001,394
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		130,000,000		1,995,381
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		190,000,000		2,996,628
Voya Financial, Inc., 5.65% Jr. Sub. Nts., 5/15/533			1,795,000		1,818,335
					38,348,272
Insurance—1.4%
Assicurazioni Generali SpA, 7.75% Sub. Nts., 12/12/423	EUR		5,265,000		6,918,538
Aviva plc:
5.902% Jr. Sub. Perpetual Bonds3,13	GBP		1,850,000		2,874,549
6.125% Jr. Sub. Perpetual Bonds3,13	GBP		8,270,000		12,995,359
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45			1,433,000		1,483,695
CNO Financial Group, Inc., 4.50% Sr. Unsec. Nts., 5/30/20			6,170,000		6,308,825
Five Corners Funding Trust, 4.419% Unsec. Nts., 11/15/231			1,403,000		1,470,455
HUB International Ltd., 7.875% Sr. Unsec. Nts., 10/1/211			8,130,000		7,784,475
Liberty Mutual Group, Inc.:
4.25% Sr. Unsec. Nts., 6/15/231			1,650,000		1,709,860
4.85% Sr. Unsec. Nts., 8/1/441			1,077,000		1,051,805
MetLife, Inc., 5.25% Jr. Sub. Perpetual Bonds3,13			1,336,000		1,329,320
National Financial Partners Corp., 9% Sr. Unsec. Nts., 7/15/211			7,546,000		7,310,187
Prudential Financial, Inc., 5.375% Jr. Sub. Nts., 5/15/453			1,514,000		1,504,538
Sogecap SA, 4.125% Sub. Perpetual Bonds3,13	EUR		6,900,000		7,100,850
Swiss Reinsurance Co. via ELM BV, 6.302% Sub. Perpetual Bonds3,13	GBP		8,265,000		13,223,869

37      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Insurance (Continued)
TIAA Asset Management Finance Co. LLC, 4.125% Sr. Unsec. Nts., 11/1/241		$	1,718,000	$	1,755,281
Unum Group, 7.125% Sr. Unsec. Nts., 9/30/16			1,636,000		1,725,267
XLIT Ltd., 6.50% Jr. Sub. Perpetual Bonds3,13			1,085,000		864,203
					77,411,076
Real Estate Investment Trusts (REITs)—0.8%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20			825,000		824,248
5.90% Sr. Unsec. Nts., 11/1/21			841,000		953,425
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/348,17	MXN		17,961,653		—
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23			7,005,000		6,024,300
Corrections Corp. of America, 4.625% Sr. Unsec. Nts., 5/1/23			1,915,000		1,847,975
CTR Partnership LP/CareTrust Capital Corp., 5.875% Sr. Unsec. Nts., 6/1/21			4,965,000		5,089,125
DuPont Fabros Technology LP, 5.875% Sr. Unsec. Nts., 9/15/21			2,320,000		2,389,600
Equinix, Inc.:
4.875% Sr. Unsec. Nts., 4/1/20			2,335,000		2,387,538
5.375% Sr. Unsec. Nts., 1/1/22			4,420,000		4,420,000
First Industrial LP, 7.50% Sr. Unsec. Nts., 12/1/17			1,627,000		1,795,998
HCP, Inc., 5.625% Sr. Unsec. Nts., 5/1/17			555,000		588,801
Highwoods Realty LP, 7.50% Sr. Unsec. Nts., 4/15/18			1,636,000		1,844,055
Host Hotels & Resorts LP, 3.75% Sr. Unsec. Nts., 10/15/23			1,097,000		1,075,957
Iron Mountain, Inc., 6% Sr. Unsec. Nts., 10/1/201			2,080,000		2,105,376
iStar, Inc., 4.875% Sr. Unsec. Nts., 7/1/18			6,445,000		6,259,706
Kimco Realty Corp., 4.30% Sr. Unsec. Nts., 2/1/18			1,620,000		1,703,168
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			6,140,000		6,270,475
Prologis LP, 4% Sr. Unsec. Nts., 1/15/18			974,000		1,018,086
Regency Centers LP, 5.875% Sr. Unsec. Nts., 6/15/17			212,000		226,208
WEA Finance LLC/Westfield UK & Europe Finance plc, 1.75% Sr. Unsec. Nts., 9/15/171			1,304,000		1,295,926
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18			389,000		391,195
					48,511,162
Real Estate Management & Development—0.4%
Brookfield Residential Properties, Inc., 6.50% Sr. Unsec. Nts., 12/15/201			6,075,000		6,029,437
EMG SUKUK Ltd., 4.564% Sr. Unsec. Nts., 6/18/24			4,220,000		4,364,345
Realogy Group LLC, 9.00% Sr. Sec. Nts., 1/15/207			2,890,000		3,059,788
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25% Sr. Unsec. Nts., 12/1/211			4,975,000		5,030,969
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/191	EUR		3,210,000		3,753,015
					22,237,554

38      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Thrifts & Mortgage Finance—0.5%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		190,000,000	$	2,910,451
8.95% Sec. Nts., 10/19/20	INR		94,000,000		1,465,360
Jefferies Finance LLC/JFIN Co.-Issuer Corp.:
6.875% Sr. Unsec. Nts., 4/15/221			2,335,000		2,136,525
7.375% Sr. Unsec. Nts., 4/1/201			3,755,000		3,637,844
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/251			6,435,000		6,121,294
Radian Group, Inc., 5.25% Sr. Unsec. Nts., 6/15/20			11,665,000		11,613,907
					27,885,381
Health Care—4.1%
Biotechnology—0.1%
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45			490,000		496,581
Celgene Corp.:
3.875% Sr. Unsec. Nts., 8/15/25			925,000		927,454
5.00% Sr. Unsec. Nts., 8/15/45			250,000		249,074
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46			788,000		793,701
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20			2,035,000		1,917,987
					4,384,797
Health Care Equipment & Supplies—0.4%
Becton Dickinson & Co., 3.875% Sr. Unsec. Nts., 5/15/24			805,000		830,906
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/211			4,200,000		4,105,500
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231			2,080,000		2,095,600
Hologic, Inc., 5.25% Sr. Unsec. Nts., 7/15/221			6,870,000		6,955,875
Jaguar Holding Co. II/Pharmaceutical Product Development LLC,
6.375% Sr. Unsec. Nts., 8/1/231			6,955,000		6,781,125
Zimmer Biomet Holdings, Inc., 3.55% Sr. Unsec. Nts., 4/1/25			580,000		569,322
					21,338,328
Health Care Providers & Services—2.5%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23			2,810,000		2,831,075
6.125% Sr. Unsec. Nts., 3/15/21			1,560,000		1,630,200
Amsurg Corp.:
5.625% Sr. Unsec. Nts., 11/30/20			1,125,000		1,147,500
5.625% Sr. Unsec. Nts., 7/15/22			2,840,000		2,847,100
Cardinal Health, Inc., 3.50% Sr. Unsec. Nts., 11/15/24			898,000		899,687
Centene Corp., 4.75% Sr. Unsec. Nts., 5/15/22			8,435,000		8,435,000
CHS/Community Health Systems, Inc.:
5.125% Sr. Sec. Nts., 8/1/21			1,805,000		1,841,100
6.875% Sr. Unsec. Nts., 2/1/22			12,910,000		13,216,096
7.125% Sr. Unsec. Nts., 7/15/20			1,340,000		1,396,950
DaVita HealthCare Partners, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25			3,505,000		3,373,562
5.125% Sr. Unsec. Nts., 7/15/24			10,355,000		10,188,026
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221			9,575,000		9,503,187
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20			8,060,000		6,165,900
Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/241			3,930,000		3,894,630

39      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

			Principal Amount		Value
Health Care Providers & Services (Continued)
Fresenius Medical Care US Finance II, Inc.: (Continued)
5.875% Sr. Unsec. Nts., 1/31/221			$	3,071,000	$	3,309,003
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25				2,110,000		2,099,450
5.875% Sr. Unsec. Nts., 5/1/23				4,520,000		4,700,800
7.50% Sr. Unsec. Nts., 2/15/22				8,510,000		9,637,575
HealthSouth Corp.:
5.75% Sr. Unsec. Nts., 11/1/24				5,905,000		5,845,950
5.75% Sr. Unsec. Nts., 11/1/241				3,320,000		3,286,800
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22				4,220,000		4,204,175
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25				2,730,000		2,649,086
LifePoint Health, Inc., 5.50% Sr. Unsec. Nts., 12/1/21				6,785,000		6,861,331
McKesson Corp., 4.883% Sr. Unsec. Nts., 3/15/44				783,000		790,807
Medco Health Solutions, Inc., 7.125% Sr. Unsec. Nts., 3/15/18				800,000		898,199
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251				2,735,000		2,570,900
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21				5,825,000		5,708,500
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23				13,510,000		13,442,450
8.125% Sr. Unsec. Nts., 4/1/22				4,355,000		4,639,817
Universal Health Services, Inc., 4.75% Sr. Sec. Nts., 8/1/221				3,000,000		3,067,500
						141,082,356
Life Sciences Tools & Services—0.1%
Quintiles Transnational Corp., 4.875% Sr. Unsec. Nts., 5/15/231				4,905,000		4,868,213
Thermo Fisher Scientific, Inc.:
4.15% Sr. Unsec. Nts., 2/1/24				700,000		726,545
5.30% Sr. Unsec. Nts., 2/1/44				166,000		175,405
						5,770,163
Pharmaceuticals—1.0%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25				940,000		930,321
4.70% Sr. Unsec. Nts., 5/14/45				376,000		366,460
Actavis Funding SCS:
1.85% Sr. Unsec. Nts., 3/1/17				1,935,000		1,940,132
3.80% Sr. Unsec. Nts., 3/15/25				1,647,000		1,596,472
4.75% Sr. Unsec. Nts., 3/15/45				814,000		742,289
Almirall SA, 4.625% Sr. Unsec. Nts., 4/1/21	EUR			6,295,000		7,286,562
Concordia Healthcare Corp., 7% Sr. Unsec. Nts., 4/15/231				4,905,000		4,291,875
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231				7,500,000		7,228,125
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/231				3,430,000		3,404,275
6.00% Sr. Unsec. Nts., 2/1/251		��		660,000		647,625
Hospira, Inc.:
5.20% Sr. Unsec. Nts., 8/12/20				301,000		340,985
6.05% Sr. Unsec. Nts., 3/30/17				777,000		829,928
Mallinckrodt International Finance SA, 3.50% Sr. Unsec. Nts., 4/15/18				1,508,000		1,470,300
Mallinckrodt International Finance SA/Mallinckrodt CB LLC: 4.875% Sr. Unsec. Nts., 4/15/201				3,505,000		3,360,419

40      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Pharmaceuticals (Continued)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC: (Continued)
5.50% Sr. Unsec. Nts., 4/15/251	$	3,505,000	$	3,136,975
5.75% Sr. Unsec. Nts., 8/1/221		5,010,000		4,853,437
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/201		2,805,000		2,733,122
5.50% Sr. Unsec. Nts., 3/1/231		7,025,000		6,673,750
5.875% Sr. Unsec. Nts., 5/15/231		1,645,000		1,581,256
7.25% Sr. Unsec. Nts., 7/15/221		4,505,000		4,645,781
				58,060,089
Industrials—7.7%
Aerospace & Defense—1.4%
Aerojet Rocketdyne Holdings, Inc., 7.125% Sec. Nts., 3/15/21		12,010,000		12,490,400
BOC Aviation Pte Ltd., 3% Sr. Unsec. Nts., 3/30/201		3,840,000		3,812,759
CBC Ammo LLC/CBC FinCo, Inc., 7.25% Sr. Unsec. Nts., 11/15/211		11,715,000		10,777,800
DigitalGlobe, Inc., 5.25% Sr. Unsec. Nts., 2/1/211		1,385,000		1,308,825
Embraer Netherlands Finance BV, 5.05% Sr. Unsec. Nts., 6/15/25		3,080,000		2,857,470
Erickson, Inc., 8.25% Sec. Nts., 5/1/20		9,804,000		6,813,780
KLX, Inc., 5.875% Sr. Unsec. Nts., 12/1/221		9,520,000		9,308,751
Kratos Defense & Security Solutions, Inc., 7% Sr. Sec. Nts., 5/15/19		5,419,000		4,416,485
L-3 Communications Corp.:
1.50% Sr. Unsec. Nts., 5/28/17		519,000		514,465
3.95% Sr. Unsec. Nts., 11/15/16		656,000		672,764
LMI Aerospace, Inc., 7.375% Sec. Nts., 7/15/19		6,525,000		6,329,250
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		510,000		528,534
Sequa Corp., 7% Sr. Unsec. Nts., 12/15/177		7,194,000		3,740,880
Spirit AeroSystems, Inc., 5.25% Sr. Unsec. Nts., 3/15/22		6,510,000		6,672,750
Textron, Inc., 4.30% Sr. Unsec. Nts., 3/1/24		894,000		921,899
Triumph Group, Inc., 5.25% Sr. Unsec. Nts., 6/1/22		7,700,000		7,122,500
				78,289,312
Air Freight & Couriers—0.5%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211		11,255,000		10,016,950
Pelabuhan Indonesia II PT, 4.25% Sr. Unsec. Nts., 5/5/251		2,740,000		2,400,733
SPL Logistics Escrow LLC/SPL Logistics Finance Corp., 8.875% Sr. Sec. Nts., 8/1/201		9,365,000		9,880,075
XPO Logistics, Inc., 7.875% Sr. Unsec. Nts., 9/1/191		5,625,000		5,505,469
				27,803,227
Airlines—0.4%
Air Canada, 6.75% Sr. Sec. Nts., 10/1/191		11,810,000		12,401,681
Air Medical Merger Sub Corp., 6.375% Sr. Unsec. Nts., 5/15/231		3,505,000		3,207,075
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/251		3,483,326		3,531,222
US Airways 2011-1 Class A Pass Through Trust, 7.125% Pass-Through Certificates, 10/22/23		3,864,248		4,497,019
				23,636,997

41      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Building Products—0.5%
Building Materials Corp. of America:
5.375% Sr. Unsec. Nts., 11/15/241		$	5,665,000	$	5,622,513
6.75% Sr. Unsec. Nts., 5/1/211			7,285,000		7,785,844
Nortek, Inc., 8.50% Sr. Unsec. Nts., 4/15/21			11,515,000		12,148,325
Owens Corning, 4.20% Sr. Unsec. Nts., 12/15/22			1,598,000		1,621,917
					27,178,599
Commercial Services & Supplies—1.4%
ADT Corp. (The), 5.25% Sr. Unsec. Nts., 3/15/20			3,410,000		3,520,825
Affinion Group, Inc., 7.875% Sr. Unsec. Nts., 12/15/18			9,880,000		7,311,200
Cenveo Corp.:
6.00% Sr. Sec. Nts., 8/1/191			8,790,000		7,515,450
8.50% Sec. Nts., 9/15/221			1,460,000		1,000,100
First Data Corp., 6.75% Sr. Sec. Nts., 11/1/201			7,396,000		7,747,310
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20			9,645,000		8,728,725
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24			2,221,000		2,243,088
Quad/Graphics, Inc., 7% Sr. Unsec. Nts., 5/1/22			8,255,000		7,429,500
R.R. Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21			6,665,000		6,956,594
Tyco International Finance SA, 5.125% Sr. Unsec. Nts., 9/14/45			6,967,000		7,317,363
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221			20,845,000		19,333,738
					79,103,893
Electrical Equipment—0.4%
EnerSys, 5% Sr. Unsec. Nts., 4/30/231			6,305,000		6,147,375
General Cable Corp., 5.75% Sr. Unsec. Nts., 10/1/22			7,945,000		6,872,425
Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/231			993,000		952,039
5.625% Sr. Unsec. Nts., 11/1/241			8,190,000		8,200,237
					22,172,076
Industrial Conglomerates—0.2%
Alfa SAB de CV, 5.25% Sr. Unsec. Nts., 3/25/241			2,615,000		2,680,375
CITIC Ltd.:
6.625% Sr. Unsec. Nts., 4/15/21			1,270,000		1,426,604
6.80% Sr. Unsec. Nts., 1/17/23			2,630,000		2,990,081
7.875% Sub. Perpetual Bonds3,13			1,270,000		1,289,261
General Electric Capital Corp., 6.25% Jr. Sub. Perpetual Bonds, Series B3,13			3,971,000		4,313,499
Synchrony Financial:
4.25% Sr. Unsec. Nts., 8/15/24			446,000		445,324
4.50% Sr. Unsec. Nts., 7/23/25			1,465,000		1,479,919
					14,625,063
Machinery—1.0%
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/227			9,160,000		9,068,400
Cleaver-Brooks, Inc., 8.75% Sr. Sec. Nts., 12/15/191			8,635,000		8,203,250
Crane Co., 4.45% Sr. Unsec. Nts., 12/15/23			425,000		446,194
EnPro Industries, Inc., 5.875% Sr. Unsec. Nts., 9/15/22			5,690,000		5,746,900
Ingersoll-Rand Global Holding Co. Ltd., 4.25% Sr. Unsec. Nts., 6/15/23			1,490,000		1,546,534
Joy Global, Inc., 6% Sr. Unsec. Nts., 11/15/16			322,000		331,745
KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/201	EUR		4,990,000		5,827,948

42      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount			Value
Machinery (Continued)
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		$	10,795,000		$	10,336,213
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21			6,985,000			5,631,656
SKF AB, 2.375% Sr. Unsec. Nts., 10/29/20	EUR		805,000			950,322
Terex Corp., 6% Sr. Unsec. Nts., 5/15/21			5,730,000			5,572,425
Xerium Technologies, Inc., 8.875% Sr. Unsec. Nts., 6/15/18			4,990,000			5,074,206
Xylem, Inc., 3.55% Sr. Unsec. Nts., 9/20/16			1,691,000			1,726,702
						60,462,495
Marine—0.1%
AP Moeller-Maersk, 3.875% Unsec. Nts., 9/28/251			963,000			955,970
Navios Maritime Holdings, Inc./Navios Maritime Finance II US,
Inc., 7.375% Sr. Nts., 1/15/221			4,220,000			3,412,925
				��
						4,368,895
Professional Services—0.3%
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22			8,420,000			8,746,275
Nielsen Finance LLC/Nielsen Finance Co., 5% Sr. Unsec. Nts., 4/15/221			7,445,000			7,230,956
						15,977,231
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr.
Unsec. Nts., 3/15/251			6,300,000			5,851,125
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35			341,000			350,909
ERAC USA Finance LLC, 4.50% Sr. Unsec. Nts., 2/15/451			562,000			522,090
Kansas City Southern de Mexico SA de CV, 3% Sr. Unsec. Nts., 5/15/23			1,515,000			1,468,782
Penske Truck Leasing Co. LP/PTL Finance Corp.:
2.50% Sr. Unsec. Nts., 3/15/161			1,874,000			1,885,651
4.25% Sr. Unsec. Nts., 1/17/231			901,000			920,483
Transnet SOC Ltd., 4% Sr. Unsec. Nts., 7/26/221			6,360,000			5,894,925
						16,893,965
Trading Companies & Distributors—1.0%
Air Lease Corp., 3.875% Sr. Unsec. Nts., 4/1/21			1,842,000			1,869,630
Autoridad del Canal de Panama, 4.95% Sr. Unsec. Nts., 7/29/351,2			1,330,000			1,329,243
Building Materials Corp. of America, 6% Sr. Unsec. Nts., 10/15/251,2			5,205,000			5,283,075
Fly Leasing Ltd.:
6.375% Sr. Unsec. Nts., 10/15/21			5,555,000			5,624,437
6.75% Sr. Unsec. Nts., 12/15/20			9,130,000			9,381,075
HD Supply, Inc.:
5.25% Sr. Sec. Nts., 12/15/211			12,890,000			13,002,787
7.50% Sr. Unsec. Nts., 7/15/20			3,575,000			3,735,875
International Lease Finance Corp., 5.875% Sr. Unsec. Nts., 8/15/22			1,671,000			1,783,793
Jurassic Holdings III, Inc., 6.875% Sec. Nts., 2/15/211			11,305,000			7,998,288

43      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Trading Companies & Distributors (Continued)
United Rentals North America, Inc., 4.625% Sr. Sec. Nts.,
7/15/23		$	6,310,000	$	6,136,475
					56,144,678
Transportation Infrastructure—0.2%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371			6,640,000		7,055,000
Sydney Airport Finance Co. Pty Ltd., 3.375% Sr. Sec. Nts.,
4/30/251			2,705,000		2,616,449
					9,671,449
Information Technology—3.3%
Communications Equipment—0.6%
Alcatel-Lucent USA, Inc., 6.75% Sr. Unsec. Nts., 11/15/201			5,303,000		5,588,036
Avaya, Inc., 7% Sr. Sec. Nts., 4/1/191			8,225,000		6,559,438
Blue Coat Holdings, Inc., 8.375% Sr. Unsec. Nts., 6/1/231			4,105,000		4,115,263
CommScope Technologies Finance LLC, 6% Sr. Sec. Nts., 6/15/251			2,740,000		2,635,551
Infor US, Inc.:
5.75% Sr. Sec. Nts., 8/15/201			1,040,000		1,036,750
6.50% Sr. Unsec. Nts., 5/15/221			4,165,000		3,831,800
Motorola Solutions, Inc., 3.50% Sr. Unsec. Nts., 3/1/23			1,355,000		1,223,493
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231			2,055,000		2,065,275
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231			4,900,000		4,471,250
ViaSat, Inc., 6.875% Sr. Unsec. Nts., 6/15/20			2,997,000		3,150,596
					34,677,452
Electronic Equipment, Instruments, & Components—0.3%
Arrow Electronics, Inc., 3.50% Sr. Unsec. Nts., 4/1/22			1,950,000		1,930,026
Avnet, Inc., 4.875% Sr. Unsec. Unsub. Nts., 12/1/22			509,000		531,758
Belden, Inc., 5.50% Sr. Sub. Nts., 9/1/221			5,245,000		5,100,762
CDW LLC/CDW Finance Corp., 5% Sr. Unsec. Nts., 9/1/23			2,105,000		2,125,608
Flextronics International Ltd., 4.75% Sr. Unsec. Nts., 6/15/251			1,495,000		1,451,974
Zebra Technologies Corp., 7.25% Sr. Unsec. Nts., 10/15/221			5,870,000		6,266,225
					17,406,353
Internet Software & Services—0.5%
Baidu, Inc., 4.125% Sr. Unsec. Nts., 6/30/25			2,720,000		2,668,045
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/201	EUR		6,920,000		8,088,207
EarthLink Holdings Corp., 7.375% Sr. Sec. Nts., 6/1/20			10,640,000		10,985,800
IAC/InterActiveCorp, 4.75% Sr. Unsec. Nts., 12/15/22			1,470,000		1,354,238
VeriSign, Inc., 5.25% Sr. Unsec. Nts., 4/1/25			1,955,000		1,945,225
					25,041,515
IT Services—0.6%
Ceridian HCM Holding, Inc., 11% Sr. Unsec. Nts., 3/15/211			700,000		643,125
Fidelity National Information Services, Inc., 3.50% Sr. Unsec. Nts., 4/15/23			906,000		862,454
First Data Corp.:
8.25% Sec. Nts., 1/15/211			11,525,000		12,000,406
10.625% Sr. Unsec. Nts., 6/15/21			12,040,000		13,228,950
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201			5,845,000		5,289,725

44      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
IT Services (Continued)
Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18		$	1,548,000	$	1,550,734
Xerox Corp.:
2.95% Sr. Unsec. Nts., 3/15/17			667,000		678,636
6.75% Sr. Unsec. Nts., 2/1/17			332,000		353,524
					34,607,554
Semiconductors & Semiconductor Equipment—0.5%
Freescale Semiconductor, Inc., 6% Sr. Sec. Nts., 1/15/221			13,415,000		14,052,212
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45			480,000		498,180
Micron Technology, Inc.:
5.25% Sr. Unsec. Nts., 8/1/231			6,235,000		5,814,138
5.50% Sr. Unsec. Nts., 2/1/25			1,935,000		1,775,363
5.875% Sr. Unsec. Nts., 2/15/22			4,160,000		4,118,400
					26,258,293
Software—0.4%
Activision Blizzard, Inc., 5.625% Sr. Unsec. Nts., 9/15/211			2,385,000		2,516,175
Autodesk, Inc.:
1.95% Sr. Unsec. Nts., 12/15/17			1,393,000		1,402,134
4.375% Sr. Unsec. Nts., 6/15/25			560,000		562,835
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211			4,066,000		3,301,084
Interactive Data Corp., 5.875% Sr. Unsec. Nts., 4/15/191			5,555,000		5,579,303
Italics Merger Sub, Inc., 7.125% Sr. Unsec. Nts., 7/15/231			5,350,000		5,122,625
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231			1,788,000		1,777,942
Oracle Corp., 3.40% Sr. Unsec. Nts., 7/8/24			1,310,000		1,331,222
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211			2,195,000		2,197,744
					23,791,064
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45			1,022,000		1,009,975
Denali Borrower LLC/Denali Finance Corp., 5.625% Sr. Sec. Nts.,
10/15/201			9,130,000		9,513,459
Hewlett Packard Enterprise Co.:
2.45% Sr. Unsec. Nts., 10/5/171,2			2,322,000		2,320,700
6.20% Sr. Unsec. Nts., 10/15/351,2			5,169,000		5,166,002
6.35% Sr. Unsec. Nts., 10/15/451,2			6,458,000		6,453,609
					24,463,745
Materials—5.0%
Chemicals—1.4%
ADS Waste Holdings, Inc., 8.25% Sr. Unsec. Nts., 10/1/20			3,460,000		3,468,650
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25			774,000		734,546
4.125% Sr. Unsec. Nts., 3/15/35			388,000		343,870
Arkema SA, 4.75% Jr. Sub. Perpetual Bonds3,13	EUR		7,800,000		8,751,115
Blue Cube Spinco, Inc., 9.75% Sr. Unsec. Nts., 10/15/231,2			3,470,000		3,626,150
Braskem Finance Ltd.:
5.375% Sr. Unsec. Nts., 5/2/221			2,080,000		1,653,600
6.45% Sr. Unsec. Nts., 2/3/24			2,050,000		1,696,375
Chemours Co.:
6.625% Sr. Unsec. Nts., 5/15/231			3,500,000		2,362,500

45      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Chemicals (Continued)
Chemours Co.: (Continued)
7.00% Sr. Unsec. Nts., 5/15/251		$	5,490,000	$	3,623,400
Eastman Chemical Co., 3% Sr. Unsec. Nts., 12/15/15			797,000		800,241
Hexion, Inc., 6.625% Sr. Sec. Nts., 4/15/20			8,275,000		7,075,125
Huntsman International LLC, 5.125% Sr. Unsec. Nts., 11/15/221			6,755,000		5,809,300
INEOS Group Holdings SA:
5.875% Sec. Nts., 2/15/191			3,110,000		2,903,963
6.125% Sr. Unsec. Nts., 8/15/181			4,605,000		4,357,481
LYB International Finance BV, 5.25% Sr. Unsec. Nts., 7/15/43			535,000		534,693
Methanex Corp., 4.25% Sr. Unsec. Nts., 12/1/24			1,075,000		1,037,390
Mexichem SAB de CV , 5.875% Sr. Unsec. Nts., 9/17/441			3,110,000		2,643,500
Momentive Performance Materials, Inc., 3.88% Sr. Sec. Nts., 10/24/21			5,160,000		4,050,600
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		3,010,000		3,386,178
4.625% Sr. Unsec. Nts., 7/15/24			5,580,000		5,729,237
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/221			5,230,000		4,523,950
Rockwood Specialties Group, Inc., 4.625% Sr. Unsec. Nts., 10/15/20			1,815,000		1,879,178
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/201			6,995,000		6,470,375
Tronox Finance LLC, 6.375% Sr. Unsec. Nts., 8/15/20			6,020,000		3,852,800
Valspar Corp. (The), 3.95% Sr. Unsec. Nts., 1/15/26			1,287,000		1,317,349
					82,631,566
Construction Materials—0.4%
Cemex SAB de CV:
4.375% Sr. Sec. Nts., 3/5/231	EUR		1,365,000		1,384,394
4.75% Sr. Sec. Nts., 1/11/221	EUR		755,000		801,847
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451			1,262,000		1,259,412
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/251,3			2,545,000		2,226,875
HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR		1,890,000		2,182,634
7.50% Sr. Unsec. Nts., 4/3/20	EUR		1,720,000		2,318,902
8.00% Sr. Unsec. Nts., 1/31/17	EUR		1,980,000		2,404,915
James Hardie International Finance Ltd., 5.875% Sr. Unsec. Nts., 2/15/231			1,747,000		1,777,573
Lafarge SA:
4.75% Sr. Unsec. Nts., 9/30/20	EUR		2,790,000		3,578,990
5.375% Sr. Unsec. Nts., 6/26/17	EUR		1,490,000		1,800,769
Union Andina de Cementos SAA, 5.875% Sr. Unsec. Nts., 10/30/211			1,215,000		1,172,475
					20,908,786
Containers & Packaging—1.3%
Ball Corp.:
4.00% Sr. Unsec. Nts., 11/15/23			1,880,000		1,776,600
5.00% Sr. Unsec. Nts., 3/15/22			3,675,000		3,702,562
Berry Plastics Corp.:
5.125% Sec. Nts., 7/15/23			6,160,000		5,836,600

46      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Containers & Packaging (Continued)
Berry Plastics Corp.: (Continued)
5.50% Sec. Nts., 5/15/22		$	3,065,000	$	2,976,881
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191			6,615,000		6,300,787
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr.
Unsec. Nts., 1/15/23			6,360,000		6,280,500
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/241			6,505,000		5,773,188
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221			3,715,000		3,543,181
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23			1,980,000		2,071,678
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds
Group Issuer Luxembourg SA, 5.75% Sr. Sec. Nts., 10/15/20			13,305,000		13,471,313
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221			3,550,000		3,523,375
5.125% Sr. Unsec. Nts., 12/1/241			3,550,000		3,487,875
6.50% Sr. Unsec. Nts., 12/1/201			6,780,000		7,458,000
Smurfit Kappa Acquisitions, 4.875% Sr. Sec. Nts., 9/15/181			6,335,000		6,540,888
					72,743,428
Metals & Mining—1.6%
ABJA Investment Co. Pte Ltd.:
4.95% Sr. Unsec. Nts., 5/3/23	SGD		500,000		333,368
5.95% Sr. Unsec. Nts., 7/31/24			895,000		793,940
Alcoa, Inc., 5.125% Sr. Unsec. Nts., 10/1/24			6,005,000		5,689,738
Aleris International, Inc.:
7.625% Sr. Unsec. Nts., 2/15/18			7,695,000		7,521,862
7.875% Sr. Unsec. Nts., 11/1/20			7,960,000		7,761,796
ArcelorMittal:
2.875% Sr. Unsec. Nts., 7/6/20	EUR		5,985,000		5,870,102
5.25% Sr. Unsec. Nts., 2/25/17			10,335,000		10,257,487
Constellium NV, 5.75% Sr. Unsec. Nts., 5/15/241			7,260,000		5,553,900
First Quantum Minerals Ltd., 7.25% Sr. Unsec. Nts., 5/15/221			6,185,000		3,850,162
Freeport-McMoRan, Inc., 3.875% Sr. Unsec. Nts., 3/15/23			625,000		467,969
Gestamp Funding Luxembourg SA:
5.625% Sr. Sec. Nts., 5/31/20			2,730,000		2,743,650
5.875% Sr. Sec. Nts., 5/31/20	EUR		320,000		361,240
5.875% Sr. Sec. Nts., 5/31/201	EUR		5,550,000		6,264,187
Glencore Finance Canada Ltd.:
3.60% Sr. Unsec. Nts., 1/15/171			1,564,000		1,454,082
4.95% Sr. Unsec. Nts., 11/15/211			4,835,000		4,015,086
Glencore Funding LLC:
4.125% Sr. Unsec. Nts., 5/30/231			8,455,000		6,663,411
4.625% Sr. Unsec. Nts., 4/29/241			338,000		260,260
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44			518,000		481,390
JMC Steel Group, Inc., 8.25% Sr. Nts., 3/15/181			5,050,000		3,459,250
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/201			780,000		738,036
Southern Copper Corp.:
3.875% Sr. Unsec. Nts., 4/23/25			910,000		825,061
5.875% Sr. Unsec. Nts., 4/23/45			4,620,000		3,756,707
Steel Dynamics, Inc., 5.125% Sr. Unsec. Nts., 10/1/21			3,780,000		3,600,450
Thompson Creek Metals Co., Inc., 7.375% Sr. Unsec. Nts., 6/1/18			3,300,000		1,905,750

47      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Metals & Mining (Continued)
Vedanta Resources plc, 8.25% Sr. Unsec. Nts., 6/7/211	$	3,410,000	$	2,414,007
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75% Sr. Sec. Nts., 12/15/181		4,770,000		4,603,050
Yamana Gold, Inc., 4.95% Sr. Unsec. Nts., 7/15/24		915,000		819,298
				92,465,239
Paper & Forest Products—0.3%
International Paper Co.:
4.80% Sr. Unsec. Nts., 6/15/44		761,000		705,507
5.15% Sr. Unsec. Nts., 5/15/46		5,878,000		5,767,294
Inversiones CMPC SA, 6.125% Sr. Unsec. Nts., 11/5/191		765,000		842,423
PaperWorks Industries, Inc., 9.50% Sr. Sec. Nts., 8/15/191		3,730,000		3,618,100
Sappi Papier Holding GmbH, 6.625% Sr. Sec. Nts., 4/15/211		5,190,000		5,274,338
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/211		1,110,000		1,082,250
				17,289,912
Telecommunication Services—3.5%
Diversified Telecommunication Services—2.6%
AT&T, Inc., 4.35% Sr. Unsec. Nts., 6/15/45		2,772,000		2,379,108
British Telecommunications plc, 9.625% Sr. Unsec. Nts., 12/15/30		1,271,000		1,900,634
CenturyLink, Inc., 6.45% Sr. Unsec. Nts., 6/15/21		7,585,000		7,016,125
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/201		19,210,000		18,201,475
Colombia Telecomunicaciones SA ESP:
5.375% Sr. Unsec. Nts., 9/27/221		1,890,000		1,676,430
8.50% Sub. Perpetual Bonds1,3,13		1,080,000		1,012,500
Deutsche Telekom International Finance BV, 5.75% Sr. Unsec. Nts., 3/23/16		1,800,000		1,841,306
Digicel Ltd., 6.75% Sr. Unsec. Nts., 3/1/231		8,155,000		7,380,275
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15% Sr. Unsec. Nts., 3/15/42		6,315,000		5,957,975
FairPoint Communications, Inc., 8.75% Sr. Sec. Nts., 8/15/191		6,385,000		6,664,344
Frontier Communications Corp.:
7.125% Sr. Unsec. Nts., 1/15/23		6,580,000		5,441,002
7.625% Sr. Unsec. Nts., 4/15/24		1,760,000		1,478,400
10.50% Sr. Unsec. Nts., 9/15/221		5,031,000		4,905,225
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		7,530,000		4,922,737
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30		8,177,000		10,807,827
Level 3 Financing, Inc., 5.625% Sr. Unsec. Nts., 2/1/23		5,830,000		5,749,838
Orange SA, 2.75% Sr. Unsec. Nts., 9/14/16		501,000		508,958
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		20,065,000		21,870,850
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		1,787,000		1,828,735
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		680,000		800,116
T-Mobile USA, Inc., 6.25% Sr. Unsec. Nts., 4/1/21		8,025,000		8,016,975
Verizon Communications, Inc.:
3.50% Sr. Unsec. Nts., 11/1/24		750,000		740,802
4.50% Sr. Unsec. Nts., 9/15/20		3,283,000		3,554,878
4.522% Sr. Unsec. Nts., 9/15/48		9,722,000		8,582,990

48      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Diversified Telecommunication Services (Continued)
Verizon Communications, Inc.: (Continued)
5.012% Sr. Unsec. Nts., 8/21/54		$	435,000	$	399,487
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23			3,485,000		2,524,360
7.75% Sr. Unsec. Nts., 10/1/21			6,545,000		5,105,100
Zayo Group LLC/Zayo Capital, Inc., 6% Sr. Unsec. Nts., 4/1/231			6,320,000		6,146,200
					147,414,652
Wireless Telecommunication Services—0.9%
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/221			2,235,000		1,938,863
Empresa Nacional de Telecomunicaciones SA, 4.75% Sr. Unsec. Nts., 8/1/261			2,815,000		2,719,298
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/251			1,745,000		1,583,588
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/231			2,265,000		2,049,825
Sprint Corp., 7.875% Sr. Unsec. Nts., 9/15/23			12,560,000		10,197,150
Telefonica Europe BV, 6.75% Jr. Sub. Perpetual Bonds3,13	GBP		11,930,000		18,470,185
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds3,13	EUR		5,600,000		6,519,958
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/201	EUR		6,655,000		7,364,604
					50,843,471
Utilities—3.9%
Electric Utilities—1.9%
AEP Texas Central Co., 3.85% Sr. Unsec. Nts., 10/1/251			885,000		897,325
American Transmission Systems, Inc., 5% Sr. Unsec. Nts., 9/1/441			476,000		489,938
EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/211			15,551,000		16,450,345
6.00% Sr. Unsec. Nts., 2/2/181			2,325,000		2,474,684
Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds1,3,13			6,925,000		6,691,281
5.625% Jr. Sub. Perpetual Bonds1,3,13			3,490,000		3,461,207
6.00% Jr. Sub. Perpetual Bonds3,13	GBP		3,065,000		4,624,477
EnBW Energie Baden-Wuerttemberg AG, 3.625% Jr. Sub. Nts., 4/2/763	EUR		9,465,000		9,555,335
Enel Finance International NV, 6.25% Sr. Unsec. Nts., 9/15/171			1,720,000		1,865,008
Enel SpA, 5% Sub. Nts., 1/15/753	EUR		12,055,000		13,828,862
Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/231			3,970,000		3,731,800
7.125% Sr. Unsec. Nts., 2/11/251			2,545,000		2,406,527
Exelon Corp., 3.95% Sr. Unsec. Nts., 6/15/25			1,853,000		1,874,715
Israel Electric Corp. Ltd.:
6.875% Sr. Sec. Nts., 6/21/231			3,205,000		3,654,469
7.25% Sr. Sec. Nts., 1/15/191			9,365,000		10,582,450
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43			1,043,000		1,112,904
MMC Energy. Inc., 8.875% Sr. Unsec. Nts., 10/15/208,15			3,950,000		4
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		421,000,000		9,313,522
NextEra Energy Capital Holdings, Inc., 1.586% Sr. Unsec. Nts., 6/1/17			1,893,000		1,894,401
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/211			5,340,000		5,393,400
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		90,000,000		1,393,116
PPL Capital Funding, Inc., 4.20% Sr. Sec. Nts., 6/15/22			3,249,000		3,420,583

49      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Electric Utilities (Continued)
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		$	1,570,000	$	1,786,186
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251			1,195,000		1,203,273
					108,105,812
Gas Utilities—0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75% Sr. Unsec. Nts., 5/20/20			1,575,000		1,602,562
Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/211			2,545,000		2,646,800
Ferrellgas LP/Ferrellgas Finance Corp., 6.50% Sr. Unsec. Nts., 5/1/21			3,896,000		3,662,240
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/231			2,525,000		2,493,438
					10,405,040
Independent Power and Renewable Electricity Producers—1.1%
AES Corp., 7.375% Sr. Unsec. Nts., 7/1/21			3,745,000		3,904,162
AES Gener SA, 5% Sr. Unsec. Nts., 7/14/251			1,765,000		1,794,329
Calpine Corp.:
5.375% Sr. Unsec. Nts., 1/15/23			1,495,000		1,401,562
7.875% Sr. Sec. Nts., 1/15/231			2,767,000		2,974,525
Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/241			5,365,000		5,461,946
Dynegy, Inc.:
5.875% Sr. Unsec. Nts., 6/1/23			1,485,000		1,385,691
7.375% Sr. Unsec. Nts., 11/1/22			4,420,000		4,475,250
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.75% Sec. Nts., 3/1/221,8			4,185,323		4,467,832
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18			10,710,000		9,960,300
Hero Asia Investment Ltd., 2.875% Sr. Unsec. Nts., 10/3/17			1,270,000		1,275,631
Infinis plc, 7% Sr. Sec. Nts., 2/15/197	GBP		5,400,000		8,321,607
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28			4,822,757		4,998,494
NRG Energy, Inc.:
6.25% Sr. Unsec. Nts., 5/1/24			2,225,000		1,974,688
6.625% Sr. Unsec. Nts., 3/15/23			5,210,000		4,819,250
NRG Yield Operating LLC, 5.375% Sr. Unsec. Nts., 8/15/24			1,813,000		1,599,973
					58,815,240
Multi-Utilities—0.7%
Centrica plc, 3% Sub. Nts., 4/10/763	EUR		10,140,000		10,402,632
CMS Energy Corp., 3.875% Sr. Unsec. Nts., 3/1/24			2,220,000		2,278,492
Dominion Gas Holdings LLC, 4.60% Sr. Unsec. Nts., 12/15/44			743,000		709,213
Empresa Electrica Guacolda SA, 4.56% Sr. Unsec. Nts., 4/30/251			1,920,000		1,822,984
InterGen NV, 7% Sr. Sec. Nts., 6/30/231			10,570,000		9,037,350
NGG Finance plc, 4.25% Sub. Nts., 6/18/763	EUR		12,325,000		14,384,531
NiSource Finance Corp., 4.80% Sr. Unsec. Nts., 2/15/44			244,000		253,510
Puget Energy, Inc., 3.65% Sr. Sec. Nts., 5/15/251			935,000		924,964

50      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Multi-Utilities (Continued)
TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17		$	1,557,000	$	1,712,697
					41,526,373
Total Corporate Bonds and Notes (Cost $3,501,014,296)					3,263,282,799
		Shares
Common Stocks—0.2%
Arco Capital Corp. Ltd.7,15,16			2,494,716		—
Entegra Etc., Series A16			16,217		4,581,303
JP Morgan International, GDR16			1,681,847		—
Kaiser Aluminum Corp.			1,399		112,277
Nortek, Inc.16			86,282		5,462,513
Premier Holdings Ltd.16			1,088,661		—
Revel Entertainment, Inc.16			62,473		—
Wallace Theater Holdings, Inc.7,16			6,170		62
Total Common Stocks (Cost $16,905,135)					10,156,155
		Units
Rights, Warrants and Certificates—0.0%
MediaNews Group, Inc. Wts., Strike Price $0.001, Exp. 3/19/1716
(Cost $24,912,707)			88,579		—
		Shares
Structured Securities—0.6%
Credit Suisse First Boston International, Moitk Total Return
Linked Nts., 21%, 3/30/118	RUB		196,587,000		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian
Specialized Construction & Installation Administration Total
Return Linked Nts., 13%, 5/24/108	RUB		335,100,000		—
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01% Sr. Sec. Nts., 4/30/251,9			3,595,393		2,248,776
3.138% Sr. Sec. Nts., 4/30/251,9			3,535,300		2,211,190
3.191% Sr. Sec. Nts., 4/30/251,9			4,401,735		2,753,111
3.241% Sr. Sec. Nts., 4/30/251,9			5,023,913		3,142,258
3.269% Sr. Sec. Nts., 4/30/251,9			4,013,519		2,510,296
3.346% Sr. Sec. Nts., 4/30/251,9			3,772,536		2,359,571
3.905% Sr. Sec. Nts., 4/30/251,9			4,581,084		2,865,286
4.005% Sr. Sec. Nts., 4/30/251,9			3,955,033		2,473,716
40.934% Sr. Sec. Nts., 12/31/177,17	BRL		21,630,000		11,815,707
LB Peru Trust II Certificates, Series 1998-A, 99.999%, 2/28/168,9			115,443		—
Morgan Stanley, Russian Federation Total Return Linked Bonds,
Series 007, Cl. VR, 5%, 8/22/34	RUB		124,723,320		842,371
Total Structured Securities (Cost $57,465,870)					33,222,282

Counterparty			Exercise Price		Expiration Date			Contracts
Over-the-Counter Options Purchased—0.1%
EUR Currency Put16	DEU	USD		1.020		11/18/15	EUR		113,105,000	24,318
EUR Currency Put16	DEU	USD		1.080		11/18/15	EUR		113,105,000	537,588

51      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counterparty

Exercise Price

Expiration Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

ILS Currency Put16

GSG

ILS

4.000

10/22/15

ILS

75,280,000

$

57,062

INR Currency Call16

BOA

INR

67.200

8/24/16

INR

1,266,100,000

335,517

INR Currency Call16

GSG

INR

66.600

8/25/16

INR

3,796,000,000

808,548

INR Currency Call16

JPM

INR

67.185

8/24/16

INR

2,531,680,000

668,364

INR Currency Call16

JPM

INR

64.830

11/17/15

INR

2,444,300,000

114,882

INR Currency Call16

GSG

INR

64.750

11/18/15

INR

2,428,000,000

106,832

JPY Currency Call16

HSBC

KRW

10.500

12/4/15

JPY

8,992,000,000

616,943

MXN Currency Call16

JPM

MXN

15.060

4/11/16

MXN

565,200,000

113,040

SX5E Index Call16

CITNA-B

EUR

3500.000

10/16/15

EUR

24,195

10,818

SX5E Index Call16,18

CITNA-B

EUR

3500.000

12/18/15

EUR

10,500

111,080

ZAR Currency Call16

BAC

ZAR

12.890

3/2/16

ZAR

242,890,000

178,038

ZAR Currency Call16

JPM

ZAR

12.890

3/2/16

ZAR

242,890,000

178,038

ZAR Currency Call16

GSG

ZAR

13.022

3/4/16

ZAR

490,730,000

436,259

Total Over-the-Counter Options Purchased (Cost $9,017,111)

4,297,327

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

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

Interest Rate Swap maturing 1/2/17 Call16

BOA

Receive

BZDI

12.545%

1/4/16

BRL

94,000

7,000

52      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest Rate Swap maturing 1/2/19 Call16

BOA

Receive

BZDI

11.420%

1/4/16

BRL

94,000

$

4,338

Interest Rate Swap maturing 1/4/21 Call16

BOA

Receive

Three-Month USD BBA LIBOR

1.498

12/30/15

USD

301,500

2,192,810

Interest Rate Swap maturing 1/4/21 Call16

BOA

Receive

BZDI

11.380

1/4/16

BRL

84,340

4,368

Interest Rate Swap maturing 11/16/20 Call16

UBS

Receive

Three-Month USD BBA LIBOR

1.753

11/12/15

USD

150,000

157,261

Interest Rate Swap maturing 11/16/20 Call16

BAC

Receive

Three-Month USD BBA LIBOR

1.765

11/12/15

USD

150,000

146,227

Interest Rate Swap maturing 12/17/25 Call16

GSG

Receive

Six-Month AUD BBR BBSW

3.405

12/16/16

AUD

15,060

34,292

Interest Rate Swap maturing 12/18/25 Call16

BOA

Receive

Six-Month AUD BBR BBSW

3.400

12/17/15

AUD

11,200

26,499

Interest Rate Swap maturing 4/24/18 Call16

DEU

Pay

If the “FRO2” is less than 0.40% at Fixing Date then the Floating Rate will be calculated as MAX[0; (FRO 1-Strike Swap Rate)]

0.800

4/24/18

EUR

147,400

600,247

53      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest Rate Swap maturing 5/30/33 Put16

BAC

Receive

Six-Month GBP BBA LIBOR

3.990%

5/30/23

GBP

4,350

$

247,310

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $5,961,525)

3,420,352

	Shares
Investment Companies—15.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.18%19,20		341,110,725		341,110,725
Oppenheimer Master Event-Linked Bond Fund, LLC19		8,999,990		135,936,711
Oppenheimer Master Loan Fund, LLC19		21,762,525		318,645,060
Oppenheimer Ultra-Short Duration Fund, Cl. Y19		12,496,896		62,609,447
Total Investment Companies (Cost $874,166,405)				858,301,943
Total Investments, at Value (Cost $6,028,061,390)		99 .6%		5,653,955,006
Net Other Assets (Liabilities)		0.4		22,536,177
Net Assets		100.0%	$	5,676,491,183

Footnotes to Consolidated Statement of Investments

1. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,833,918,385 or 32.31% of the Fund’s net assets at period end.

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

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

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $15,247,113 or 0.27% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

6. 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.

7. Restricted security. The aggregate value of restricted securities at period end was $59,770,748, which represents 1.05% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/22		3/3/14 - 12-30-14	$	9,151,318	$	9,068,400	$	(82,918	)
Arco Capital Corp. Ltd.		6/28/13		—		—		—
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23		7/25/13 - 12/4/14		4,423,539		3,739,451		(684,088	)
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		3/19/15		1,809,222		1,768,450		(40,772	)

54      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 40.934% Sr. Sec. Nts., 12/31/17		9/19/07		$    10,570,936		$    11,815,707		$    1,244,771
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/21		7/11/14 - 10/28/14		9,333,497		9,246,300		(87,197)
Eletson Holdings, 9.625% Sr. Sec. Nts., 1/15/22		12/12/13 - 10/28/14		4,276,664		3,940,300		(336,364)
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13 - 7/24/15		9,015,449		8,321,607		(693,842)
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		1,842,443		112,454		(1,729,989)
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		5/8/13 - 4/17/14		3,602,561		3,680,025		77,464
NC Finance Trust, Series 1999-I, Cl. D, 8.75%, 1/25/29		8/10/10		4,811,624		1,277,324		(3,534,300)
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/08		3/6/98		14,317,825		—		(14,317,825)
Realogy Group LLC, 9% Sr. Sec. Nts., 1/15/20		1/25/12 - 2/1/12		2,880,475		3,059,788		179,313
Sequa Corp., 7% Sr. Unsec. Nts., 12/15/17		1/8/15 - 1/30/15		6,584,514		3,740,880		(2,843,634)
Wallace Theater Holdings, Inc.		3/28/13		62		62		—
				$    82,620,129		$    59,770,748		$    (22,849,381	)

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

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

10. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements

under certain derivative contracts. The aggregate market value of such securities is $8,331,833. See Note 6 of the accompanying Consolidated Notes.

11. 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 $3,215,146. See Note 6 of the accompanying Consolidated Notes.

12. Subject to a forbearance agreement. Rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

13. 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.

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

15. Security received as the result of issuer reorganization.

16. Non-income producing security.

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

18. Knock-out option becomes eligible for exercise if at any time the EURO STOXX 50 Index is greater than or equal to 3,900.

55      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

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

	Shares September 30, 2014		Gross Additions			Gross Reductions		Shares September 30, 2015
American Media Operations, Inc.		801,816		—			801,816		—
Oppenheimer Institutional Money
Market Fund, Cl. E		63,281,949		2,447,048,041			2,169,219,265		341,110,725
Oppenheimer Master Event-Linked
Bond Fund, LLC		11,333,398		2,350			2,335,758		8,999,990
Oppenheimer Master Loan Fund, LLC		25,326,303		—			3,563,778		21,762,525
Oppenheimer Ultra-Short Duration
Fund, Cl. Y		16,857,724		6,294,840	a		10,655,668		12,496,896

	Value		Income			Realized Gain (Loss)
American Media Operations, Inc.	$	—	$	—		$	(23,257,098	)
Oppenheimer Institutional Money Market Fund, Cl. E		341,110,725		247,798			—
Oppenheimer Master Event-Linked Bond Fund, LLC		135,936,711		8,003,714	b		3,183,465	b
Oppenheimer Master Loan Fund, LLC		318,645,060		18,214,776	c		(6,201,234	) c
Oppenheimer Ultra-Short Duration Fund, Cl. Y		62,609,447		445,062			2,742
Total	$	858,301,943	$	26,911,350		$	(26,272,125	)

a. All or portion is result of a corporate action.

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

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

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

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

Geographic Holdings (Unaudited)	Value		Percent
United States	$	3,876,487,546		68.6%
United Kingdom		200,293,246		3.5
India		149,626,513		2.7
France		124,792,037		2.2
Brazil		108,522,938		1.9
Netherlands		102,489,351		1.8
Mexico		98,694,201		1.8
Canada		75,559,900		1.3
Italy		69,908,995		1.2
Spain		62,921,783		1.1
Germany		60,909,231		1.1
Luxembourg		56,025,383		1.0
Supranational		51,763,210		0.9
South Africa		49,998,771		0.9
Peru		45,533,316		0.8
Switzerland		39,738,651		0.7
Indonesia		38,852,302		0.7
Israel		34,321,389		0.6
Ireland		33,990,950		0.6
Hungary		28,024,783		0.5
China		27,494,725		0.5

56      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Unaudited / Continued)	Value		Percent
Colombia	$	27,486,742		0.5%
Panama		23,865,224		0.4
Chile		22,145,378		0.4
Australia		19,918,228		0.4
Portugal		18,925,029		0.3
Dominican Republic		17,670,740		0.3
United Arab Emirates		16,589,673		0.3
Jamaica		15,928,600		0.3
Denmark		14,684,346		0.3
South Korea		13,542,093		0.2
Sri Lanka		12,065,296		0.2
Russia		10,939,637		0.2
Morocco		10,173,466		0.2
Philippines		9,313,522		0.2
Belgium		8,108,037		0.1
Austria		6,519,958		0.1
Ivory Coast		6,016,620		0.1
Jersey, Channel Islands		5,899,850		0.1
Serbia		5,723,956		0.1
Egypt		4,655,287		0.1
Paraguay		4,547,438		0.1
Sweden		4,478,640		0.1
Turkey		3,981,580		0.1
Greece		3,940,300		0.1
Singapore		3,812,759		0.1
Uruguay		3,779,600		0.1
Zambia		3,744,450		0.1
Japan		2,514,771		0.1
Cayman Islands		2,504,188		0.0
Kazakhstan		2,415,613		0.0
Venezuela		2,010,308		0.0
Bermuda		1,848,223		0.0
Vietnam		1,848,127		0.0
Thailand		1,829,393		0.0
Norway		1,767,788		0.0
Argentina		1,526,875		0.0
Eurozone		1,284,050		0.0
Total	$	5,653,955,006		100.0%

Forward Currency Exchange Contracts as of September 30, 2015
Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		11/2015	USD		29,138	KRW		34,573,000	$	5,279	$	—
BAC		10/2015	USD		956	RUB		56,800		88,223		—
BNP		10/2015	CLP		20,724,000	USD		30,522		—		774,685
BNP		10/2015	MXN		495,700	USD		29,545		—		222,293
BNP		10/2015	USD		15,085	CLP		10,540,000		—		58,190
BNP		10/2015	USD		29,515	MXN		501,200		—		133,221
BOA		10/2015	CLP		10,181,000	USD		15,094		—		494,520
BOA		11/2015	EUR		56,635	USD		63,384		—		51,267
BOA		11/2015	GBP		1,250	USD		1,936		—		45,381
BOA		11/2015	HUF		4,688,000	USD		16,394		309,129		—
BOA		10/2015	IDR		54,642,000	USD		3,692		39,331		—

57      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)				Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BOA		02/2016	INR			2,066,000		USD	30,273	$	420,816	$	—
BOA		11/2015	NZD			23,210		USD	15,039		—		238,157
BOA		11/2015	SGD			41,580		USD	29,566		—		382,540
BOA		11/2015	TWD			969,000		USD	29,349		—		73,153
BOA		11/2015	USD			45,324		AUD	61,630		2,167,530		—
BOA		11/2015	USD			30,304		CAD	39,675		581,034		—
BOA		11/2015	USD			40,068		EUR	35,865		412,114		446,520
BOA		11/2015	USD			3,142		GBP	2,030		71,942		—
BOA		10/2015	USD			24,159		IDR	333,331,000		1,441,358		—
BOA		10/2015 - 02/2016	USD			160,025		INR	10,800,000		—		1,832,009
BOA		10/2015	USD			29,269		KRW	35,066,000		—		296,438
BOA		11/2015 - 12/2015	USD			107,234		MXN	1,712,350		6,471,401		—
BOA		06/2016	USD			9,114		PHP	434,000		—		14,099
BOA		11/2015	USD			30,106		SGD	41,580		922,554		—
BOA		12/2015	USD			9,674		ZAR	133,160		171,598		—
CITNA-B		11/2015	AUD			83,125		USD	59,170		—		955,958
CITNA-B		10/2015	BRL			214,500		USD	53,991		114,396		—
CITNA-B		10/2015	CLP			20,503,000		USD	29,687		57,423		287,827
CITNA-B		11/2015	EUR			10,750		USD	12,092		38,120		108,631
CITNA-B		11/2015	GBP			1,325		USD	2,060		—		56,570
CITNA-B		11/2015	JPY			3,463,000		USD	28,896		—		11,806
CITNA-B		12/2015	MXN			300,350		USD	18,564		—		892,972
CITNA-B		11/2015	USD	��		18		AUD	25		574		—
CITNA-B		10/2015	USD			67,368		BRL	214,500		13,262,907		—
CITNA-B		10/2015	USD			29,535		CLP	20,503,000		77,864		—
CITNA-B		11/2015	USD			8,475		EUR	7,715		—		151,812
CITNA-B		11/2015	USD			1,578		GBP	995		73,359		—
CITNA-B		11/2015	USD			32		HUF	9,000		131		—
CITNA-B		11/2015	USD			29,960		NZD	45,795		756,189		—
CITNA-B		11/2015	USD			364		SGD	490		19,913		—
CITNA-B		12/2015	USD			34,300		ZAR	454,640		1,858,118		—
DEU		10/2015	AUD			40,770		USD	29,300		—		710,609
DEU		10/2015	BRL			151,150		USD	37,693		432,600		—
DEU		11/2015	EUR			1,910		USD	2,140		681		5,311
DEU		11/2015	MXN			493,700		USD	29,022		102,099		—
DEU		11/2015	USD			29,055		AUD	41,605		—		69,280
DEU		10/2015 - 11/2015	USD			75,641		BRL	303,580		—		484,142
DEU		11/2015	USD			1,163		EUR	1,035		5,144		—
DEU		10/2015	USD			28,655		ZAR	393,680		367,486		—
DEU		10/2015	ZAR			393,680		USD	28,448		—		160,699
GSCO-OT		11/2015	AUD			40,790		USD	30,011		—		1,455,573
GSCO-OT		10/2015	BRL			119,530		USD	29,991		159,243		—
GSCO-OT		11/2015	CAD			38,530		USD	30,241		—		1,375,704
GSCO-OT		11/2015	EUR			43,035		USD	47,025		1,094,695		—
GSCO-OT		10/2015	USD			59,374		AUD	82,185		1,743,621		—
GSCO-OT		10/2015 - 12/2015	USD			44,050		BRL	152,320		5,899,895		107,514
GSCO-OT		11/2015	USD			30,091		CAD	38,530		1,225,378		—
GSCO-OT		11/2015	USD			50,656		EUR	46,075		57		868,040
GSCO-OT		11/2015	USD			16,412		HUF	4,679,000		—		259,175
GSCO-OT		11/2015	USD			42,203		INR	2,837,940		—		708,975
HSBC		10/2015	CLP			20,504,000		USD	29,345		113,201		—

58      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)				Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
HSBC		11/2015	EUR			14,250		USD	15,922	$	48,867	$	36,245
HSBC		10/2015	KRW			35,066,000		USD	29,359		206,748		—
HSBC		10/2015	USD			29,507		CLP	20,504,000		48,964		—
HSBC		11/2015	USD			269,950		EUR	244,490		19,229		3,469,612
HSBC		11/2015	USD			5,520		GBP	3,590		90,841		—
JPM		10/2015	AUD			41,415		USD	29,477		—		435,425
JPM		10/2015	BRL			234,290		USD	57,717		1,380,032		—
JPM		01/2016	CNH			171,900		USD	27,953		—		1,272,020
JPM		11/2015	EUR			64,385		USD	71,398		808,527		208,302
JPM		11/2015	GBP			1,710		USD	2,586		341		—
JPM		10/2015	IDR	��		52,171,000		USD	3,521		41,121		—
JPM		11/2015	INR			4,205,360		USD	63,551		37,157		—
JPM		11/2015	MXN			36,000		USD	2,138		—		18,916
JPM		11/2015	NZD			22,585		USD	14,791		—		388,667
JPM		11/2015	USD			14,938		AUD	20,655		466,834		—
JPM		10/2015	USD			62,013		BRL	234,290		2,972,839		57,065
JPM		01/2016	USD			27,286		CNH	171,900		604,242		—
JPM		11/2015	USD			102,243		EUR	92,245		259,725		1,169,635
JPM		10/2015 - 01/2016	USD			5,414		GBP	3,560		29,573		358
JPM		12/2015	USD			29,393		HUF	8,100,000		530,775		—
JPM		11/2015 - 02/2016	USD			161,834		INR	10,774,000		—		822,690
JPM		11/2015	USD			29,368		TWD	969,000		92,277		—
MSCO		10/2015	BRL			267,280		USD	72,363		2,397,089		7,341,897
MSCO		11/2015	EUR			17,265		USD	19,322		130,716		145,627
MSCO		11/2015	GBP			1,295		USD	2,034		—		75,842
MSCO		10/2015	MXN			495,700		USD	29,554		—		231,603
MSCO		10/2015 - 12/2015	USD			69,048		BRL	274,800		—		218,646
MSCO		11/2015	USD			52,599		EUR	47,685		50,573		775,377
MSCO		11/2015	USD			202,132		GBP	132,430		1,847,753		—
MSCO		11/2015	USD			28,787		JPY	3,463,000		—		97,414
MSCO		10/2015	USD			29,444		MXN	490,200		446,287		—
RBS		11/2015	GBP			18,820		USD	29,386		—		923,286
RBS		11/2015	USD			8,821		EUR	7,885		6,315		2,336
TDB		10/2015	BRL			158,570		USD	39,913		84,568		—
TDB		11/2015	CAD			39,675		USD	30,112		—		389,213
TDB		11/2015	EUR			18,920		USD	21,658		1,642		501,770
TDB		10/2015 - 01/2016	USD			92,135		BRL	327,820		10,357,594		—
TDB		11/2015	USD			14,209		COP	43,337,000		256,577		—
TDB		11/2015	USD			288		EUR	255		3,306		—
TDB		12/2015	USD			21,563		ZAR	295,200		498,549		—
TDB		12/2015	ZAR			87,590		USD	6,207		43,356		—
Total Unrealized Appreciation and Depreciation										$	64,267,820	$	32,315,017

Futures Contracts as of September 30, 2015

Description

Exchange

Buy/Sell

Expiration Date

Number of Contracts

Value

Unrealized Appreciation (Depreciation)

United States Treasury Long Bonds

CBT

Sell

12/21/15

937

$

147,431,094

$

(1,584,213)

United States Treasury Nts., 2 yr.

CBT

Buy

12/31/15

742

162,521,188

147,589

59      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Futures Contracts (Continued)
Description	Exchange		Buy/Sell		Expiration Date		Number of Contracts		Value		Unrealized Appreciation (Depreciation)
United States Treasury Nts., 2 yr.		CBT		Sell		12/31/15		606	$	132,732,938	$	(160,893)
United States Treasury Nts., 5 yr.		CBT		Buy		12/31/15		21		2,530,828		16,514
United States Treasury Nts., 10 yr.		CBT		Sell		12/21/15		819		105,433,453		(933,347)
United States Ultra Bonds		CBT		Buy		12/21/15		806		129,287,438		(178,909)
											$	(2,693,259)

Over-the-Counter Options Written at September 30, 2015
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts			Premiums Received		Value
BRL Currency Put		GSG	JPY		25.000		9/12/16		BRL	(75,000,000)	$	1,149,641	$	(1,404,681)
EUR Currency Put		DEU	USD		1.050		11/18/15		EUR	(226,205,000)		1,283,614		(293,388)
EUR Currency Call1		GSG	MXN		18.000		7/20/16		EUR	(28,125,000)		1,035,767		(2,993,040)
ILS Currency Put		GSG	ILS		4.100		10/22/15		ILS	(77,170,000)		26,163		(10,572)
INR Currency Put		BOA	INR		81.250		8/24/16		INR	(1,530,840,000)		260,007		(148,492)
INR Currency Put		GSG	INR		81.440		8/25/16		INR	(4,642,000,000)		848,146		(440,990)
INR Currency Put		GSG	INR		68.850		11/18/15		INR	(2,582,000,000)		273,763		(67,132)
INR Currency Put		JPM	INR		81.500		8/24/16		INR	(3,071,100,000)		583,732		(288,683)
JPY Currency Call		HSBC	KRW		10.900		12/4/15		JPY	(8,992,000,000)		614,938		(283,099)
KRW Currency Call		JPM	KRW		1159.000		11/16/15		KRW	(43,700,000,000)		388,227		(262,200)
SX5E Index Call		CITNA-B	USD		3650.000		10/16/15		EUR	(24,195)		168,333		(1,479)
ZAR Currency Put		BAC	ZAR		16.388		3/2/16		ZAR	(308,790,000)		299,415		(322,376)
ZAR Currency Put		BOA	ZAR		17.000		9/14/16		ZAR	(320,000,000)		697,336		(757,120)
ZAR Currency Put		GSG	ZAR		16.754		3/4/16		ZAR	(631,400,000)		613,537		(563,209)
ZAR Currency Put		JPM	ZAR		16.388		3/2/16		ZAR	(308,790,000)		326,173		(322,377)
Total Over-the-Counter Options Written											$	8,568,792	$	(8,158,838)

1. Knock-out option becomes eligible for exercise if at any time spot rates are less than or equal to 16.5 MXN per 1 EUR.

Centrally Cleared Credit Default Swaps at September 30, 2015
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.EM.23		Buy		1.000	%		6/20/20	USD		7,035	$	(675,751	)	$	876,696
CDX.EM.23		Buy		1.000			6/20/20	USD		7,040		(750,542	)		877,319
CDX.EM.23		Buy		1.000			6/20/20	USD		7,040		(683,271	)		877,319
CDX.EM.23		Buy		1.000			6/20/20	USD		7,040		(669,582	)		877,319
CDX.HY 24		Sell		5.000			6/20/20	USD		114,345		(3,237,247	)		2,219,430
Total Cleared Credit Default Swaps											$	(6,016,393	)	$	5,728,083

Over-the-Counter Credit Default Swaps at September 30, 2015

Reference Asset

Counterparty

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/(Paid)

Value

Alpha Bank AE

BAC

Buy

5.000%

3/20/17

EUR

3,500

$

(410,800

)

$

725,394

Banco Bilbao Vizcaya Argentaria Sociedad Anonima

UBS

Sell

3.000

12/20/17

EUR

470

(223

)

21,771

60      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000	%		12/20/17	EUR		470	$	(223	)	$	21,771
Banco Santander SA		UBS		Sell		3.000			9/20/17	EUR		900		(3,420	)		35,555
Brazilian Government International		CITNA-B		Buy		1.000			12/20/20	USD		8,279		(1,376,006	)		1,419,225
Colombia Government International		BOA		Buy		1.000			9/20/20	USD		6,540		(263,120	)		469,570
Colombia Government International		BOA		Buy		1.000			12/20/20	USD		4,005		(244,049	)		295,862
Colombia Government International		DEU		Buy		1.000			12/20/20	USD		4,005		(236,751	)		295,862
Hellenic Republic		BAC		Sell		1.000			3/20/20	USD		1,435		545,380			(507,475	)
Hellenic Republic		BAC		Sell		1.000			3/20/20	USD		1,435		509,505			(507,475	)
Indonesia Government International		BAC		Buy		1.000			12/20/20	USD		6,690		(431,786	)		555,934
Indonesia Government International		BAC		Buy		1.000			12/20/20	USD		2,370		(202,173	)		190,920
Indonesia Government International		BNP		Buy		1.000			12/20/20	USD		2,370		(204,654	)		190,920
Indonesia Government International		BNP		Buy		1.000			12/20/20	USD		5,350		(329,617	)		444,581
Indonesia Government International		BOA		Buy		1.000			9/20/20	USD		6,760		(470,197	)		521,883
Mexico Government International		CITNA-B		Buy		1.000			12/20/20	USD		6,645		(288,025	)		266,090
Mexico Government International		CITNA-B		Buy		1.000			9/20/20	USD		6,750		(201,058	)		263,605
Mexico Government International		DEU		Buy		1.000			9/20/20	USD		6,709		(162,159	)		262,004
Mexico Government International		GSG		Buy		1.000			9/20/20	USD		6,750		(160,825	)		263,605
Mexico Government International		JPM		Buy		1.000			9/20/20	USD		6,750		(163,899	)		263,605
Mexico Government International		JPM		Buy		1.000			9/20/20	USD		6,710		(161,599	)		262,043
Penerbangan Malaysia Bhd		BAC		Buy		1.000			9/20/20	USD		4,025		(152,222	)		251,595
Penerbangan Malaysia Bhd		BAC		Buy		1.000			12/20/20	USD		2,370		(166,366	)		153,582
Penerbangan Malaysia Bhd		BNP		Buy		1.000			12/20/20	USD		2,675		(136,335	)		173,421

61      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
Penerbangan Malaysia Bhd		BNP		Buy		1.000	%		9/20/20	USD		4,025	$	(163,052	)	$	251,595
Penerbangan Malaysia Bhd		BNP		Buy		1.000			12/20/20	USD		2,675		(107,027	)		180,151
Penerbangan Malaysia Bhd		BNP		Buy		1.000			12/20/20	USD		3,970		(205,902	)		257,376
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20	USD		1,185		(82,158	)		76,791
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20	USD		2,370		(162,263	)		153,582
Penerbangan Malaysia Bhd		BOA		Buy		1.000			9/20/20	USD		5,365		(214,961	)		335,356
Penerbangan Malaysia Bhd		BOA		Buy		1.000			12/20/20	USD		5,295		(276,997	)		343,276
Penerbangan Malaysia Bhd		JPM		Buy		1.000			12/20/20	USD		4,015		(169,465	)		270,395
Republic of Indonesia		BNP		Buy		1.000			9/20/20	USD		4,055		(285,453	)		313,053
Republic of Indonesia		BNP		Buy		1.000			6/20/20	USD		6,415		(237,592	)		442,560
Republic of Turkey		BNP		Buy		1.000			12/20/20	USD		6,695		(607,359	)		698,735
Republic of Turkey		BNP		Buy		1.000			12/20/20	USD		6,690		(559,757	)		698,213
Republic of Turkey		BNP		Buy		1.000			12/20/20	USD		6,702		(634,599	)		699,466
Republic of Turkey		GSG		Buy		1.000			3/20/20	USD		10,554		(507,629	)		912,776
Republic of Turkey		GSG		Buy		1.000			12/20/20	USD		13,389		(1,276,317	)		1,397,366
Republic of Turkey		HSBC		Buy		1.000			3/20/20	USD		7,655		(361,356	)		662,052
Republic of Turkey		HSBC		Buy		1.000			12/20/20	USD		6,702		(644,765	)		699,466
Republic of Turkey		MOS-A		Buy		1.000			9/20/20	USD		6,711		(523,816	)		663,613
Republic of Turkey		MOS-A		Buy		1.000			12/20/20	USD		3,980		(366,594	)		405,369
Russian Foreign Bond - Eurobon		BNP		Buy		1.000			12/20/20	USD		4,647		(563,057	)		583,801
Russian Foreign Bond - Eurobon		BNP		Buy		1.000			12/20/20	USD		3,098		(383,592	)		389,201
Russian Foreign Bond - Eurobon		CITNA-B		Buy		1.000			9/20/20	USD		7,855		(880,704	)		941,810
Russian Foreign Bond - Eurobon		GSG		Buy		1.000			9/20/20	USD		7,764		(945,865	)		930,899
Russian Foreign Bond - Eurobon		HSBC		Buy		1.000			9/20/20	USD		7,863		(881,109	)		942,769
State Bank of India		BNP		Sell		1.000			9/20/19	USD		5,225		215,578			(113,942	)
Total Over-the-Counter Credit Default Swaps													$	(15,536,433	)	$	19,469,577

62      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)			Amount Recoverable*			Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt	$	5,225,000			—			BBB-
Non-Investment Grade Corporate Debt Indexes	$	114,345,000			—			B
Investment Grade Single Name Corporate Debt		1,840,000	EUR		—	EUR		BBB- to BBB
Non-Investment Grade Sovereign Debt	$	2,870,000		$	—			CCC+
Total USD	$	122,440,000		$	—
Total EUR		1,840,000	EUR		—	EUR

* The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

** The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund.

Over-the-Counter Currency Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Value

BOA

Pay

Six-Month USD BBA LIBOR

6.820%

5/13/18

INR

885,920

USD

13,875

$

(155,306)

BOA

Pay

Six-Month USD BBA LIBOR

6.520

4/28/18

INR

1,785,600

USD

28,142

(648,614

)

BOA

Pay

Six-Month USD BBA LIBOR

6.670

5/27/18

INR

1,785,000

USD

28,066

(605,452)

BOA

Receive

Three-Month USD BBA LIBOR

2.970

12/28/16

USD

15,008

CNH

97,400

(283,418)

BOA

Receive

Three-Month USD BBA LIBOR

2.960

12/22/16

USD

32,795

CNH

211,600

(403,908)

BOA

Pay

Six-Month USD BBA LIBOR

6.330

4/15/18

INR

865,106

USD

13,875

(599,718)

63      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Currency Swaps (Continued)

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount Currency Received (000’s)

Notional Amount Currency Delivered (000’s)

Value

BOA

Pay

Six-Month USD BBA LIBOR

6.330%

3/31/20

INR

438,690

USD

7,009

$

(299,149)

BOA

Pay

Six-Month USD BBA LIBOR

6.250

3/25/20

INR

435,530

USD

6,991

(544,636)

BOA

Pay

Six-Month USD BBA LIBOR

6.300

4/13/18

INR

864,425

USD

13,886

(628,067)

GSG

Pay

Six-Month USD BBA LIBOR

6.300

4/9/18

INR

1,754,250

USD

28,158

(909,616)

GSG

Pay

Six-Month USD BBA LIBOR

6.450

3/27/18

INR

2,709,100

USD

43,471

(2,390,808)

Total Over-the-Counter Currency Swap

$

(7,468,692

)

Centrally Cleared Interest Rate Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Receive

Three-Month USD BBA LIBOR

2.020

%

9/18/25

USD

4,050

$

9,486

BOA

Pay

Three-Month AUD BBR BBSW

2.020

9/7/18

AUD

46,300

6,569

BOA

Receive

Three-Month USD BBA LIBOR

1.095

9/25/18

USD

16,310

(55,562)

BOA

Pay

Three-Month AUD BBR BBSW

2.150

9/21/18

AUD

21,365

61,119

BOA

Receive

Three-Month USD BBA LIBOR

2.019

9/18/25

USD

4,150

9,245

BOA

Receive

Six-Month AUD BBR BBSW

2.985

9/7/25

AUD

15,200

(102,536)

DEU

Pay

Six-Month PLN WIBOR WIBO

2.170

8/28/20

PLN

59,200

141,060

GSG

Pay

Six-Month PLN WIBOR WIBO

2.145

6/29/18

PLN

188,475

611,317

JPM

Receive

Three-Month HUF BUBOR

1.910

7/8/17

HUF

10,950,000

(144,648)

JPM

Receive

Three-Month HUF BUBOR

1.775

7/18/17

HUF

10,760,000

(87,085)

Total of Centrally Cleared Interest Rate Swaps

$

448,965

64      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaps at September 30, 2015

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

BAC

Pay

MXN TIIE BANXICO

3.600%

2/29/16

MXN

2,737,500

$

55,317

BAC

Pay

MXN TIIE BANXICO

6.395

9/18/25

MXN

79,100

298

BOA

Pay

Three-Month MYR KLIBOR BNM

4.060

7/24/20

MYR

62,270

(146,854)

BOA

Receive

Three-Month MYR KLIBOR BNM

3.730

7/24/16

MYR

290,585

81,981

BOA

Pay

MXN TIIE BANXICO

6.395

9/18/25

MXN

81,000

305

BOA

Pay

BZDI

13.975

1/2/18

BRL

122,600

(836,720)

BOA

Receive

NSERO

7.360

7/30/16

INR

6,230,000

(313,890)

BOA

Receive

Six-Month INR MIBOR OIS Compound

7.000

5/12/18

INR

900,000

(68,565)

BOA

Receive

Six-Month INR MIBOR OIS Compound

6.980

7/30/20

INR

1,415,000

191,322

CITNA-B

Pay

Six-Month CLP TNA

3.750

5/14/18

CLP

3,750,000

(36,464)

GSG

Pay

Three-Month MYR KLIBOR BNM

4.440

3/16/25

MYR

90,000

(392,702)

GSG

Pay

Three-Month COP IBR OIS

7.340

9/18/25

COP

13,930,000

(28,903)

GSG

Pay

BZDI

13.145

1/2/17

BRL

115,050

(757,442)

GSG

Pay

Six-Month CLP TNA

4.107

5/28/20

CLP

7,500,000

(56,026)

GSG

Pay

MXN TIIE BANXICO

3.600

2/29/16

MXN

2,722,125

35,571

GSG

Pay

Six-Month CLP TNA

4.170

5/27/20

CLP

2,440,000

(9,126)

GSG

Pay

Six-Month CLP TNA

3.675

5/11/18

CLP

12,000,000

(160,273)

JPM

Receive

BZDI

15.520

1/2/25

BRL

27,140

(113,213)

JPM

Pay

Three-Month COP IBR OIS

7.280

9/18/25

COP

15,060,000

(52,038)

JPM

Receive

Three-Month CNY CNREPOFIX=CFXS

2.630

6/26/20

CNY

124,395

82,785

SIB

Receive

BZDI

15.530

1/2/25

BRL

28,270

(119,431)

Total Over-the-Counter Interest Rate Swaps

$

(2,644,068

)

Over-the-Counter Interest Rate Swaptions Written at September 30, 2015

Pay/Receive Floating

Floating

Fixed

Expiration

Notional Amount

Premiums

Description

Counterparty

Rate

Rate

Rate

Date

(000’s)

Received

Value

Interest Rate Swap maturing 11/16/20 Call

BAC

Pay

Three-Month USD BBA LIBOR

1.965%

11/12/15

USD

300,000

$

1,172,680

$

(84,861)

Interest Rate Swap maturing 1/2/18 Call

BOA

Pay

BZDI

12.900

1/4/16

BRL

113,200

236,866

(1,767,863)

Interest Rate Swap maturing 1/4/21 Call

BOA

Pay

Three-Month USD BBA LIBOR

1.698

12/30/15

USD

603,000

2,412,000

(2,386,674)

Interest Rate Swap maturing 12/18/18 Call

BOA

Pay

Three-Month AUD BBR BBSW

2.430

12/17/15

AUD

33,700

51,188

(20,438)

Interest Rate Swap maturing 1/4/21 Call

BOA

Pay

BZDI

12.580

1/4/16

BRL

84,340

161,835

(3,355,316)

65      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

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

Pay/Receive Floating

Floating

Fixed

Expiration

Notional Amount

Premiums

Description

Counterparty

Rate

Rate

Rate

Date

(000’s)

Received

Value

Interest Rate Swap maturing 1/2/17 Call

BOA

Pay

BZDI

14.320%

1/4/16

BRL

94,000

$

65,039

$

(431,177)

Interest Rate Swap maturing 1/2/19 Call

BOA

Pay

BZDI

14.750

1/4/16

BRL

94,000

105,301

(1,217,878)

Interest Rate Swap maturing 12/17/18 Call

GSG

Pay

Three-Month AUD BBR BBSW

2.440

12/16/15

AUD

45,360

52,390

(26,305)

Interest Rate Swap maturing 11/19/20 Call

JPM

Pay

MXN TIIE BANXICO

5.950

11/25/15

MXN

555,400

599,879

(37,439)

Interest Rate Swap maturing 1/2/18 Call

JPM

Pay

BZDI

12.900

1/4/16

BRL

113,200

236,866

(506,909)

Interest Rate Swap maturing 11/16/20 Call

UBS

Pay

Three-Month USD BBA LIBOR

1.953

11/12/15

USD

300,000

1,200,000

(92,022)

Total Over-the-Counter Interest Rate Swaptions Written

$

6,294,044

$

(9,926,882

)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
GSG	Goldman Sachs Group, Inc. (The)
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS-A	Morgan Stanley
MSCO	Morgan Stanley Capital Services, Inc.
RBS	Royal Bank of Scotland plc (The)
SIB	Banco Santander SA
TDB	Toronto Dominion Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNH	Offshore Chinese Renminbi
CNY	Chinese Renminbi
COP	Colombian Peso
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah

66      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Currency abbreviations (Continued)
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SGD	Singapore Dollar
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBR BBSW	Bank Bill Swap Reference Rate (Australian Financial Market)
BNM	Bank Negra Malaysia
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CDX.EM.23	Markit CDX High Yield Index
CDX.HY.24	Markit CDX High Yield Index
CNREPOFIX=CFXS	Repurchase Fixing Rates
FRO1	Floating Rate Option 30 yr. rate
FRO2	Floating Rate Option 10 yr. rate
IBR	Indicator Bancario de Referencia
KLIBOR	Kuala Lumpur Interbank offered Rate
MIBOR	Mumbai Interbank Offered Rate
NSERO	Indian Rupee Floating Rate
OIS	Overnight Index Swap
SX5E	The EURO STOXX 50 Index
TIIE	Interbank Equilibrium Interest Rate
TNA	Non-Deliverable CLP Camara
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
Exchange Abbreviations
CBT	Chicago Board of Trade

See accompanying Notes to Consolidated Financial Statements.

67      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES September 30, 2015

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $5,153,894,985)	$	4,795,653,063
Affiliated companies (cost $874,166,405)		858,301,943
		5,653,955,006
Cash		128,705,405
Cash—foreign currencies (cost $13,298,245)		13,309,542
Cash used for collateral on centrally cleared swaps		5,590,892
Unrealized appreciation on forward currency exchange contracts		64,267,820
Swaps, at value (premiums paid $16,806,896)		21,046,048
Centrally cleared swaps, at value (premiums paid $6,016,393 )		6,566,879
Receivables and other assets:
Investments sold (including $75,678,698 sold on a when-issued or delayed delivery basis)		168,295,524
Interest, dividends and principal paydowns		70,887,074
Shares of beneficial interest sold		1,247,576
Variation margin receivable		596,971
Other		720,937
Total assets		6,135,189,674
Liabilities
Unrealized depreciation on forward currency exchange contracts		32,315,017
Options written, at value (premiums received $8,568,792)		8,158,838
Swaps, at value (premiums received $1,270,463)		11,689,231
Centrally cleared swaps, at value		389,831
Swaptions written, at value (premiums received $6,294,044)		9,926,882
Payables and other liabilities:
Investments purchased (including $274,506,787 purchased on a when-issued or delayed delivery basis)		308,826,413
Shares of beneficial interest redeemed		82,890,711
Dividends		2,141,404
Distribution and service plan fees		1,139,525
Variation margin payable		566,385
Trustees’ compensation		309,357
Shareholder communications		78,733
Other		266,164
Total liabilities		458,698,491
Net Assets	$	5,676,491,183
Composition of Net Assets
Par value of shares of beneficial interest	$	1,465,843
Additional paid-in capital		6,848,369,872
Accumulated net investment income		803,504
Accumulated net realized loss on investments and foreign currency transactions		(820,466,639)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(353,681,397)
Net Assets	$	5,676,491,183

68      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,008,782,636 and 1,034,802,518 shares of beneficial interest outstanding)	$	3.87
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	4.06
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $76,275,840 and 19,620,195 shares of beneficial interest outstanding)	$	3.89
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $977,068,879 and 252,725,312 shares of beneficial interest outstanding)	$	3.87
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $48,488,422 and 12,575,116 shares of beneficial interest outstanding)	$	3.86
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $162,623,328 and 41,951,190 shares of beneficial interest outstanding)	$	3.88
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $403,252,078 and 104,168,896 shares of beneficial interest outstanding)	$	3.87

See accompanying Notes to Consolidated Financial Statements.

69      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended September 30, 2015

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	8,000,966
Dividends		2,748
Net expenses		(594,176	)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		7,409,538
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		18,112,805
Dividends		101,971
Net expenses		(1,155,608	)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		17,059,168
Total allocation of net investment income from master funds		24,468,706
Investment Income
Interest (net of foreign withholding taxes of $962,748)		313,189,046
Fee income on when-issued securities		5,894,042
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $527,325)		143,595
Affiliated companies		692,860
Total investment income		319,919,543
Expenses
Management fees		33,470,556
Distribution and service plan fees:
Class A		10,749,744
Class B		978,305
Class C		10,865,103
Class R		874,071
Transfer and shareholder servicing agent fees:
Class A		9,757,904
Class B		215,688
Class C		2,393,791
Class I		36,441
Class R		385,999
Class Y		999,413
Shareholder communications:
Class A		542,361
Class B		33,369
Class C		130,315
Class I		245
Class R		16,776
Class Y		34,257
Custodian fees and expenses		658,465
Trustees’ compensation		152,760
Borrowing fees		18,347
Other		454,537
Total expenses		72,768,447

70      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Expenses (Continued)
Less reduction to custodian expenses	$	(23,088	)
Less waivers and reimbursements of expenses		(2,731,025	)
Net expenses		70,014,334
Net Investment Income		274,373,915
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies (includes premiums on options and swaptions exercised)(net of foreign capital gains tax of $309,388)		(130,169,172	)
Affiliated companies		(23,254,356	)
Closing and expiration of option contracts written		2,622,676
Closing and expiration of futures contracts		3,458,021
Foreign currency transactions		20,788,939
Distributions received from affiliate companies		18,369
Swap contracts		(10,676,259	)
Closing and expiration of swaption contracts written		2,828,427
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		3,183,465
Oppenheimer Master Loan Fund, LLC		(6,201,234	)
Net realized loss		(137,401,124	)
Net change in unrealized appreciation/depreciation on:
Investments		(214,238,782	)
Translation of assets and liabilities denominated in foreign currencies		(18,170,505	)
Futures contracts		712,821
Option contracts written		723,082
Swap contracts		(7,252,563	)
Swaption contracts written		(3,858,174	)
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(3,897,762	)
Oppenheimer Master Loan Fund, LLC		(8,160,329	)
Net change in unrealized appreciation/depreciation		(254,142,212	)
Net Decrease in Net Assets Resulting from Operations	$	(117,169,421	)

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 2 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

71      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATEDSTATEMENTSOFCHANGESINNETASSETS

	Year Ended September 30, 2015			Year Ended September 30, 2014
Operations
Net investment income	$	274,373,915		$	326,464,792
Net realized loss		(137,401,124	)		(87,499,091	)
Net change in unrealized appreciation/depreciation		(254,142,212	)		99,674,354
Net increase (decrease) in net assets resulting from operations		(117,169,421	)		338,640,055
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(185,576,340	)		(176,707,269	)
Class B		(3,404,527	)		(4,488,345	)
Class C		(37,752,574	)		(35,243,684	)
Class I		(5,573,037	)		(4,077,684	)
Class R1		(6,913,849	)		(6,273,422	)
Class Y		(20,063,825	)		(19,216,593	)
		(259,284,152	)		(246,006,997	)
Tax return of capital distribution:
Class A		(10,529,880	)		(57,344,030	)
Class B		(193,178	)		(1,456,532	)
Class C		(2,142,137	)		(1,437,078	)
Class I		(316,222	)		(1,323,267	)
Class R1		(392,302	)		(2,035,815	)
Class Y		(1,138,451	)		(16,236,058	)
		(14,712,170	)		(79,832,780	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(493,903,645	)		(834,953,045	)
Class B		(40,524,362	)		(83,663,145	)
Class C		(112,628,082	)		(183,247,959	)
Class I		(62,804,037	)		31,512,160
Class R1		(12,473,547	)		(22,838,150	)
Class Y		(126,492,964	)		(14,482,089	)
		(848,826,637	)		(1,107,672,228	)
Net Assets
Total decrease		(1,239,992,380	)		(1,094,871,950	)
Beginning of period		6,916,483,563			8,011,355,513
End of period (including accumulated net investment income (loss) of $803,504 and $(45,383,433), respectively)	$	5,676,491,183		$	6,916,483,563

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

See accompanying Notes to Consolidated Financial Statements.

72      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATEDFINANCIALHIGHLIGHTS

Class A	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 20121			Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	4.13		$	4.13		$	4.30		$	4.05		$	4.32
Income (loss) from investment operations:
Net investment income2		0.18			0.19			0.23			0.25			0.27
Net realized and unrealized gain (loss)		(0.26	)		0.00	3		(0.17	)		0.25			(0.28	)
Total from investment operations		(0.08	)		0.19			0.06			0.50			(0.01	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17	)		(0.14	)		(0.18	)		(0.24	)		(0.26	)
Tax return of capital distribution		(0.01	)		(0.05	)		(0.05	)		(0.01	)		0.00
Total dividends and/or distributions to shareholders		(0.18	)		(0.19	)		(0.23	)		(0.25	)		(0.26	)
Net asset value, end of period	$	3.87		$	4.13		$	4.13		$	4.30		$	4.05
Total Return, at Net Asset Value4		(2.06	)%		4.62	%		1.30	%		12.61	%		(0.31	)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,008,783		$	4,774,652		$	5,599,883		$	6,276,192		$	5,857,280
Average net assets (in thousands)	$	4,432,764		$	5,171,641		$	6,198,248		$	5,865,852		$	6,278,335
Ratios to average net assets:5,6
Net investment income		4.43%			4.53%			5.39%			5.99%			6.23%
Expenses excluding interest and fees from borrowings		1.05%			1.00%			0.96%			0.98%			0.97%
Interest and fees from borrowings		0.00%7			0.00%			0.00%			0.00%			0.00%7
Total expenses8		1.05%			1.00%			0.96%			0.98%			0.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%			0.97%			0.93%			0.93%			0.92%
Portfolio turnover rate9		79%			93%			95%			74%			53%

73      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

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

7. Less than 0.005%.

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

Year Ended September 30, 2015	1.06%
Year Ended September 30, 2014	1.01%
Year Ended September 30, 2013	0.96%
Year Ended September 28, 2012	0.98%
Year Ended September 30, 2011	0.97%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826

See accompanying Notes to Consolidated Financial Statements.

74      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class B	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 20121			Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	4.14		$	4.14		$	4.32		$	4.06		$	4.33
Income (loss) from investment operations:
Net investment income2		0.15			0.16			0.19			0.21			0.23
Net realized and unrealized gain (loss)		(0.25)			(0.01)			(0.18)			0.26			(0.28)
Total from investment operations		(0.10)			0.15			0.01			0.47			(0.05)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14)			(0.12)			(0.15)			(0.20)			(0.22)
Tax return of capital distribution		(0.01)			(0.03)			(0.04)			(0.01)			0.00
Total dividends and/or distributions to shareholders		(0.15)			(0.15)			(0.19)			(0.21)			(0.22)
Net asset value, end of period	$	3.89		$	4.14		$	4.14		$	4.32		$	4.06
Total Return, at Net Asset Value3		(2.54)	%		3.76	%		0.15	%		11.84	%		(1.21)	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	76,276		$	122,339		$	205,204		$	282,504		$	284,757
Average net assets (in thousands)	$	97,858		$	160,934		$	252,333		$	272,336		$	320,622
Ratios to average net assets:4,5
Net investment income		3.66%			3.71%			4.50%			5.08%			5.31%
Expenses excluding interest and fees from borrowings		1.83%			1.83%			1.87%			1.89%			1.89%
Interest and fees from borrowings		0.00%6			0.00%			0.00%			0.00%			0.00%6
Total expenses7		1.83%			1.83%			1.87%			1.89%			1.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%			1.80%			1.84%			1.84%			1.84%
Portfolio turnover rate8		79%			93%			95%			74%			53%

75      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2015	1.84%
Year Ended September 30, 2014	1.84%
Year Ended September 30, 2013	1.87%
Year Ended September 28, 2012	1.89%
Year Ended September 30, 2011	1.89%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826

See accompanying Notes to Consolidated Financial Statements.

76      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class C	Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	4.12	$	4.12	$	4.30	$	4.04	$	4.31
Income (loss) from investment operations:
Net investment income2		0.15		0.16		0.20		0.22		0.24
Net realized and unrealized gain (loss)		(0.25)		0.003		(0.18)		0.26		(0.28)
Total from investment operations		(0.10)		0.16		0.02		0.48		(0.04)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14)		(0.12)		(0.15)		(0.21)		(0.23)
Tax return of capital distribution		(0.01)		(0.04)		(0.05)		(0.01)		0.00
Total dividends and/or distributions to shareholders		(0.15)		(0.16)		(0.20)		(0.22)		(0.23)
Net asset value, end of period	$	3.87	$	4.12	$	4.12	$	4.30	$	4.04
Total Return, at Net Asset Value4		(2.56)%		3.84%		0.30%		12.05%		(1.08)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	977,069	$	1,156,140	$	1,337,248	$	1,522,039	$	1,384,378
Average net assets (in thousands)	$	1,087,495	$	1,236,681	$	1,510,477	$	1,411,513	$	1,453,972
Ratios to average net assets:5,6
Net investment income		3.67%		3.78%		4.65%		5.24%		5.48%
Expenses excluding interest and fees from borrowings		1.80%		1.76%		1.71%		1.73%		1.73%
Interest and fees from borrowings		0.00%7		0.00%		0.00%		0.00%		0.00%7
Total expenses8		1.80%		1.76%		1.71%		1.73%		1.73%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.76%		1.73%		1.68%		1.68%		1.68%
Portfolio turnover rate9		79%		93%		95%		74%		53%

77      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

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

7. Less than 0.005%.

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

Year Ended September 30, 2015	1.81%
Year Ended September 30, 2014	1.77%
Year Ended September 30, 2013	1.71%
Year Ended September 28, 2012	1.73%
Year Ended September 30, 2011	1.73%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826

See accompanying Notes to Consolidated Financial Statements.

78      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class I	Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Period Ended September 28, 20121,2
Per Share Operating Data
Net asset value, beginning of period	$	4.11	$	4.11	$	4.29	$	4.17
Income (loss) from investment operations:
Net investment income3		0.20		0.20		0.24		0.18
Net realized and unrealized gain (loss)		(0.25)		0.004		(0.18)		0.11
Total from investment operations		(0.05)		0.20		0.06		0.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.15)		(0.19)		(0.16)
Tax return of capital distribution		(0.01)		(0.05)		(0.05)		(0.01)
Total dividends and/or distributions to shareholders		(0.20)		(0.20)		(0.24)		(0.17)
Net asset value, end of period	$	3.86	$	4.11	$	4.11	$	4.29
Total Return, at Net Asset Value5		(1.41)%		5.05%		1.43%		7.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	48,488	$	119,074	$	87,639	$	51,011
Average net assets (in thousands)	$	121,467	$	109,381	$	76,202	$	17,870
Ratios to average net assets:6,7
Net investment income		4.87%		4.93%		5.69%		6.37%
Expenses excluding interest and fees from borrowings		0.60%		0.59%		0.60%		0.64%
Interest and fees from borrowings		0.00%8		0.00%		0.00%		0.00%
Total expenses9		0.60%		0.59%		0.60%		0.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.57%		0.56%		0.57%		0.60%
Portfolio turnover rate10		79%		93%		95%		74%

79      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

4. Less than $0.005.

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

6. Annualized for periods less than one full year.

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

8. Less than 0.005%.

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

Year Ended September 30, 2015	0.61%
Year Ended September 30, 2014	0.60%
Year Ended September 30, 2013	0.60%
Period Ended September 28, 2012	0.64%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Period Ended September 28, 2012		$9,325,024,559		$7,885,278,752

See accompanying Notes to Consolidated Financial Statements.

80      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R	Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	4.13	$	4.13	$	4.31	$	4.05	$	4.32
Income (loss) from investment operations:
Net investment income2		0.17		0.18		0.22		0.23		0.25
Net realized and unrealized gain (loss)		(0.25)		0.003		(0.19)		0.26		(0.28)
Total from investment operations		(0.08)		0.18		0.03		0.49		(0.03)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)		(0.14)		(0.16)		(0.22)		(0.24)
Tax return of capital distribution		(0.01)		(0.04)		(0.05)		(0.01)		0.00
Total dividends and/or distributions to shareholders		(0.17)		(0.18)		(0.21)		(0.23)		(0.24)
Net asset value, end of period	$	3.88	$	4.13	$	4.13	$	4.31	$	4.05
Total Return, at Net Asset Value4		(2.06)%		4.31%		0.68%		12.42%		(0.73)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	162,623	$	185,991	$	208,523	$	238,666	$	225,889
Average net assets (in thousands)	$	175,389	$	196,503	$	233,104	$	229,983	$	237,655
Ratios to average net assets:5,6
Net investment income		4.17%		4.24%		5.01%		5.59%		5.81%
Expenses excluding interest and fees from borrowings		1.30%		1.30%		1.34%		1.38%		1.39%
Interest and fees from borrowings		0.00%7		0.00%		0.00%		0.00%		0.00%7
Total expenses8		1.30%		1.30%		1.34%		1.38%		1.39%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.26%		1.27%		1.31%		1.33%		1.34%
Portfolio turnover rate9		79%		93%		95%		74%   `		53%

81      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated Notes.

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

3. Less than $0.005.

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

5. Annualized for periods less than one full year.

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

7. Less than 0.005%.

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

Year Ended September 30, 2015	1.31%
Year Ended September 30, 2014	1.31%
Year Ended September 30, 2013	1.34%
Year Ended September 28, 2012	1.38%
Year Ended September 30, 2011	1.39%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826

See accompanying Notes to Consolidated Financial Statements.

82      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class Y	Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013		Year Ended September 28, 20121		Year Ended September 30, 2011
Per Share Operating Data
Net asset value, beginning of period	$	4.13	$	4.12	$	4.30	$	4.05	$	4.31
Income (loss) from investment operations:
Net investment income2		0.19		0.20		0.24		0.26		0.28
Net realized and unrealized gain (loss)		(0.26)		0.01		(0.18)		0.25		(0.27)
Total from investment operations		(0.07)		0.21		0.06		0.51		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.18)		(0.15)		(0.18)		(0.25)		(0.27)
Tax return of capital distribution		(0.01)		(0.05)		(0.06)		(0.01)		0.00
Total dividends and/or distributions to shareholders		(0.19)		(0.20)		(0.24)		(0.26)		(0.27)
Net asset value, end of period	$	3.87	$	4.13	$	4.12	$	4.30	$	4.05
Total Return, at Net Asset Value3		(1.83)%		5.13%		1.30%		12.82%		0.13%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	403,252	$	558,288	$	572,859	$	729,210	$	706,842
Average net assets (in thousands)	$	453,869	$	533,576	$	678,607	$	729,460	$	718,536
Ratios to average net assets:4,5
Net investment income		4.68%		4.78%		5.64%		6.17%		6.44%
Expenses excluding interest and fees from borrowings		0.80%		0.76%		0.72%		0.79%		0.77%
Interest and fees from borrowings		0.00%6		0.00%		0.00%		0.00%		0.00%6
Total expenses7		0.80%		0.76%		0.72%		0.79%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.73%		0.69%		0.74%		0.72%
Portfolio turnover rate8		79%		93%		95%		74%		53%

83      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. September 28, 2012 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Consolidated 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2015	0.81%
Year Ended September 30, 2014	0.77%
Year Ended September 30, 2013	0.72%
Year Ended September 28, 2012	0.79%
Year Ended September 30, 2011	0.77%

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

	Purchase Transactions		Sale Transactions
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307
Year Ended September 28, 2012		$9,325,024,559		$7,885,278,752
Year Ended September 30, 2011		$3,961,769,663		$3,820,541,826

See accompanying Notes to Consolidated Financial Statements.

84      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2015

1. Organization

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

    The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not subject to a CDSC upon redemption. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

    The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

    The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 428,546 shares with net assets of $37,663,439 in the Subsidiary.

Other financial information at period end:

Total market value of investments*	$	—
Net assets	$	37,663,439
Net income (loss)	$	(70,428	)
Net realized gain (loss)	$	—
Net change in unrealized appreciation/depreciation	$	—

* At period end, the subsidiary only held cash.

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

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

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

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

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2. Significant Accounting Policies (Continued)

expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, 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 and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

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

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

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

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

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

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

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

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4,5		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$794,678,326		$373,468,614

1. At period end, the Fund had $793,398,093 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	20,567,236
2017		114,107,166
2018		240,345,967
No expiration		418,377,724
Total	$	793,398,093

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2. Significant Accounting Policies (Continued)

Of these losses, $25,186,034 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 9/30/16 to 9/30/17.

2. The Fund had $2,279 of post-October passive foreign investment company losses which were deferred.

3. The Fund had $1,277,954 of straddle losses which were deferred.

6. During the reporting period, the Fund did not utilize any capital loss carryforward.

5. During the previous reporting period, the Fund utilized $34,982,322 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Increase to Accumulated Net Realized Loss on Investments
$13,446,332		$45,809,344		$32,363,012

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2015		Year Ended September 30, 2014
Distributions paid from:
Ordinary income	$	259,284,152	$	246,006,997
Return of capital		14,712,170		79,832,780
Total	$	273,996,322	$	325,839,777

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

Federal tax cost of securities	$	6,021,781,452
Federal tax cost of other investments		(42,509,131)
Total federal tax cost	$	5,979,272,321
Gross unrealized appreciation	$	88,924,183
Gross unrealized depreciation		(462,392,797)
Net unrealized depreciation	$	(373,468,614)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Recent Accounting Pronouncement. In May 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2015-07. This is an update to Fair Value Measurement Topic 820. Under the amendments in this ASU, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. At period end, the Manager does not believe the adoption of the ASU will have a material effect on the financial statements or disclosures.

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

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

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

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3. Securities Valuation (Continued)

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

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

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

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

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

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

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

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

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

Security Type (Continued)	Standard inputs generally considered by third-party pricing vendors
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities	Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps	Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

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

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

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3. Securities Valuation (Continued)

Classifications

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

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

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

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

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

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	134,026,746	$	51,763,210	$	185,789,956
Mortgage-Backed Obligations		—		665,306,846		1,376,932		666,683,778
U.S. Government Obligations		—		132,480,497		—		132,480,497
Foreign Government Obligations		—		434,281,992		—		434,281,992
Corporate Loans		—		62,011,491		26,434		62,037,925
Corporate Bonds and Notes		—		3,253,856,819		9,425,980		3,263,282,799
Common Stocks		5,574,790		4,581,303		62		10,156,155
Rights, Warrants and Certificates		—		—		—		—
Structured Securities		—		20,564,204		12,658,078		33,222,282
Over-the-Counter Options
Purchased		—		4,297,327		—		4,297,327
Over-the-Counter Interest Rate
Swaptions Purchased		—		3,420,352		—		3,420,352
Investment Companies		403,720,172		454,581,771		—		858,301,943
Total Investments, at Value		409,294,962		5,169,409,348		75,250,696		5,653,955,006
Other Financial Instruments:
Swaps, at value		—		21,046,048		—		21,046,048
Centrally cleared swaps, at value		—		6,566,879		—		6,566,879
Futures contracts		164,103		—		—		164,103
Forward currency exchange contracts		—		64,267,820		—		64,267,820
Total Assets	$	409,459,065	$	5,261,290,095	$	75,250,696	$	5,745,999,856

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(11,689,231	)	$	—	$	(11,689,231)
Centrally cleared swaps, at value		—			(389,831	)		—		(389,831)
Options written, at value		—			(8,158,838	)		—		(8,158,838)
Futures contracts		(2,857,362	)		—			—		(2,857,362)
Forward currency exchange contracts		—			(32,315,017)			—		(32,315,017)
Swaptions written, at value		—			(9,926,882)			—		(9,926,882)
Total Liabilities	$	(2,857,362)		$	(62,479,799)		$	—	$	(65,337,161)

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

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

	Transfers out of Level 2*			Transfers into Level 3*
Assets Table
Investments, at Value:
Non-Convertible Corporate Bonds and Notes	$	(151,784	)	$	151,784
Total Assets	$	(151,784	)	$	151,784

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

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

	Value as of September 30, 2014		Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Asset-Backed Securities	$	57,539,985	$	(889,305	)	$	(889,234	)	$	431,605
Mortgage-Backed Obligations		15,758,048		3,941,024			(3,312,327	)		12,445
Corporate Loans		1,189,296		—			(1,162,862	)		—
Corporate Bonds and Notes		11,469,375		(19,982,647	)		24,902,959			1,862
Common Stocks		2,341		—			(2,279	)		—
Structured Securities		25,082,620		(1,320,049)			(3,035,719)			276,656
Total Assets	$	111,041,665	$	(18,250,977)		$	16,500,538		$	722,568

a. Included in net investment income.

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3. Securities Valuation (Continued)

	Sales		Transfers into Level 3		Value as of September 30, 2015
Assets Table Continued
Investments, at Value:
Asset-Backed Securities	$	(4,429,841)	$	—	$	51,763,210
Mortgage-Backed Obligations		(15,022,258)		—		1,376,932
Corporate Loans		—		—		26,434
Corporate Bonds and Notes		(7,117,353)		151,784		9,425,980
Common Stocks		—		—		62
Structured Securities		(8,345,430)		—		12,658,078
Total Assets	$	(34,914,882)	$	151,784	$	75,250,696

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

	Change in unrealized appreciation/depreciation
Assets Table
Investments, at Value:
Asset-Backed Securities	$	(756,822)
Mortgage-Backed Obligations		708,763
Corporate Loans		(1,162,862)
Corporate Bonds and Notes		(638,791)
Structured Securities		(4,695,121)
Total	$	(6,544,833)

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

	Value as of September 30, 2015		Valuation Technique	Unobservable input	Range of Unobservable Inputs	Unobservable Input Used
Assets Table
Investments, at Value:
Asset-Backed Securities	$	51,763,210	Pricing service	N/A	N/A		N/A(a)
Mortgage-Backed Obligations		1,277,324	Broker quotes	N/A	N/A		N/A(a)
Mortgage-Backed Obligations		99,608	Pricing service	N/A	N/A		N/A(a)
Corporate Loans		26,434	Pricing service	N/A	N/A		N/A(a)
Corporate Bonds and Notes		9,425,976	Broker quotes	N/A	N/A		N/A(a)
Corporate Bonds and Notes		4	Estimated Recovery proceeds	Nominal value	N/A		0.0001% of par (b)
Common Stock		62	Estimated Recovery proceeds	Nominal value	N/A		$0.01/ share (c)
Structured Securities		12,658,078	Broker quotes	N/A	N/A		N/A(a)
Total	$	75,250,696

95      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

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

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

4. Investments and Risks

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

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

96      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

4. Investments and Risks (Continued)

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

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated Fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

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 (“Master Loan”) and Oppenheimer Master Event-Linked Bond Fund, LLC (“Master Event-Linked Bond”) (the “Master Funds”). Each Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

    The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 25.1% of Master Loan and 44.1% of Master Event-Linked Bond at period end.

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

97      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

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

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

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$274,506,787
Sold securities		75,678,698

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.

98      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

4. Investments and Risks (Continued)

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

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

    At period end, the counterparty pledged $337,000 of collateral to the Fund for forward roll transactions.

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

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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

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

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

Cost	$	69,775,174
Market Value	$	12,283,231
Market Value as % of Net Assets		0.22%

99      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. At period end, securities with an aggregate market value of $2,994,142, representing 0.05% of the Fund’s net assets, were subject to these forbearance agreements.

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

5. Market Risk Factors

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

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

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

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

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

100      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

5. Market Risk Factors (Continued)

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

6. Use of Derivatives

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

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

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

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

Forward Currency Exchange Contracts

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

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

101      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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

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

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

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

    During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $1,050,882,152 and $1,993,386,162, respectively.

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

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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

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

102      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

Consolidated Statement of Operations. Realized gains (losses) are reported in the Consolidated Statement of Operations at the closing or expiration of futures contracts.

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

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

    During the reporting period, the Fund had an ending monthly average market value of $464,904,856 and $408,882,472 on futures contracts purchased and sold, respectively.

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

Option Activity

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

    Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Consolidated Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Consolidated Statement of Operations.

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

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

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

    During the reporting period, the Fund had an ending monthly average market value of $3,956,381 and $2,948,192 on purchased call options and purchased put options, respectively.

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

103      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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

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

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

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

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

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

    During the reporting period, the Fund had an ending monthly average market value of $3,015,127 and $7,883,962 on written call options and written put options, respectively.

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

Written option activity for the reporting period was as follows:

	Number of Contracts		Amount of Premiums
Options outstanding as of September 30, 2014		415,464,865,714	$	2,286,604
Options written		764,052,045,841		80,667,739
Options closed or expired		(376,251,192)		(2,622,676)
Options exercised		(1,112,647,216,168)		(71,762,875)
Options outstanding as of September 30, 2015		66,493,444,195	$	8,568,792

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction

104      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

(“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

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

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

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

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

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

    If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the

105      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

swap less the market value of specified debt securities issued by the reference asset. Upon exercise of the contract the difference between such value and the notional amount is recorded as realized gain (loss) and is included on the Consolidated Statement of Operations.

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

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

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

    For the reporting period, the Fund had ending monthly average notional amounts of $67,752,557 and $95,957,171 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

    The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts. These currency swap contracts increase exposure to, or decrease exposure away from, foreign exchange and interest rate risk.

    For the reporting period, the Fund had ending monthly average notional amounts of $3,735,392 and $152,999,713 on currency swaps which pay a fixed rate and which receive a fixed rate, respectively.

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

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

106      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

    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 reporting period, the Fund had ending monthly average notional amounts of $257,446,602 and $297,422,672 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

Swaption Transactions

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

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

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

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

    The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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

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

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

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

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

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

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

    During the reporting period, the Fund had an ending monthly average market value of $6,552,782 and $8,526,941 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:

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6. Use of Derivatives (Continued)

	Notional Amount		Amount of Premiums
Swaptions outstanding as of September 30, 2014		1,432,400,000	$	3,415,478
Swaptions written		12,719,278,435		53,771,491
Swaptions closed or expired		(1,488,894,435)		(2,828,427)
Swaptions exercised		(9,214,584,000)		(48,064,498)
Swaptions outstanding as of September 30, 2015		3,448,200,000	$	6,294,044

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

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

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

    At period end, the Fund has required certain counterparties to post collateral of $42,949,908.

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

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

    The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

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

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

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

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

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

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6. Use of Derivatives (Continued)

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at September 30, 2015:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	18,049,267	$	(18,049,267)	$	—	$	—	$	—
Barclays Bank plc		2,598,117		(1,422,187)		—		(1,010,000)		165,930
BNP Paribas		5,323,073		(1,302,331)		(3,250,560)		—		770,182
Citibank NA		19,271,622		(2,503,519)		(16,768,103)		—		—
Deutsche Bank AG		2,628,029		(1,723,429)		—		(672,598)		232,002
Goldman Sachs Bank USA		10,122,889		(4,774,981)		(1,826,355)		—		3,521,55
Goldman Sachs Group, Inc. (The)		4,983,210		(4,983,210)		—		—		—
HSBC Bank USA NA		3,449,080		(3,449,080)		—		—		—
JPMorgan Chase Bank NA		9,176,595		(5,955,937)		(3,220,658)		—		—
Morgan Stanley		1,068,982		—		—		—		1,068,98
Morgan Stanley Capital Services, Inc.		4,872,418		(4,872,418)		—		—		—
Royal Bank of Scotland plc (The)		6,315		(6,315)		—		—		—
Toronto Dominion Bank		11,245,592		(890,983)		(10,354,609)		—		—
UBS AG		236,358		(92,022)		(144,336)		—		—
	$	93,031,547	$	(50,025,679)	$	(35,564,621)	$	(1,682,598)	$	5,758,649

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

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

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at September 30, 2015:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Banco Santander SA	$	(119,431)	$	—	$	—	$	—	$	(119,431)
Bank of America NA		(19,493,339)		18,049,267		—		—		(1,444,072)
Barclays Bank plc		(1,422,187)		1,422,187		—		—		—
BNP Paribas		(1,302,331)		1,302,331		—		—		—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities (Continued)
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Citibank NA	$	(2,503,519)	$	2,503,519	$	—	$	—	$	—
Deutsche Bank AG		(1,723,429)		1,723,429		—		—		—
Goldman Sachs Bank USA		(4,774,981)		4,774,981		—		—		—
Goldman Sachs Group, Inc. (The)		(10,210,825)		4,983,210		1,414,183		—		(3,813,432)
HSBC Bank USA NA		(3,788,956)		3,449,080		339,876		—		—
JPMorgan Chase Bank NA		(5,955,937)		5,955,937		—		—		—
Morgan Stanley Capital Services, Inc.		(8,886,406)		4,872,418		4,013,988		—		—
Royal Bank of Scotland plc (The)		(925,622)		6,315		750,885		—		(168,422)
Toronto Dominion Bank		(890,983)		890,983		—		—		—
UBS AG		(92,022)		92,022		—		—		—
	$	(62,089,968)	$	50,025,679	$	6,518,932	$	—	$	(5,545,357)

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

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

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

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	20,598,469	Swaps, at value	$	1,128,892
Forward currency exchange contracts				Swaps, at value		7,468,692
Interest rate contracts	Swaps, at value		447,579	Swaps, at value		3,091,647
Credit contracts	Centrally cleared swaps, at value		5,728,083
Interest rate contracts	Centrally cleared swaps, at value		838,796	Centrally cleared swaps, at value		389,831
Interest rate contracts	Variation margin receivable		596,971 *	Variation margin payable		566,385 *
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		64,267,820	Unrealized depreciation on forward currency exchange contracts		32,315,017

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6. Use of Derivatives (Continued)

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments (Continued)	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Equity contracts				Options written, at value	$	1,479
Forward currency exchange contracts				Options written, at value		8,157,359
Interest rate contracts				Swaptions written, at value		9,926,882
Equity contracts	Investments, at value	$	121,898**
Forward currency exchange contracts	Investments, at value		4,175,429**
Interest rate contracts	Investments, at value		3,420,352**
Total		$	100,195,397		$	63,046,184

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

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

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment from unaffiliated companies (including premiums on options and swaptions exercised)*		Closing and expiration of swaption contracts written		Closing and expiration of option contracts written		Closing and expiration of futures contracts
Credit contracts	$	1,939,547	$	717,060	$	—	$	—
Equity contracts		(932,887)		—		—		—
Forward currency exchange contracts		9,687,110		178,272		2,622,676		—
Interest rate contracts		(16,783,542)		1,933,095		—		3,458,021
Total	$	(6,089,772)	$	2,828,427	$	2,622,676	$	3,458,021

Amount of Realized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Foreign currency transactions			Swap contracts		Total
Credit contracts	$	—		$	541,070	$	3,197,677
Equity contracts		—			—		(932,887)
Forward currency exchange contracts		214,940,122	��		(1,175,688)		226,252,492
Interest rate contracts		—			(10,041,641)		(21,434,067)
Total	$	214,940,122		$	(10,676,259)	$	207,083,215

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investments*		Option contracts written		Swaption contracts written		Futures contracts		Translation of assets and liabilities denominated in foreign currencies
Credit contracts	$	—	$	—	$	(83,393)	$	—	$	—
Equity contracts		(1,140,033)		166,854		—		—		—
Forward currency exchange contracts		(3,655,093)		571,659		—		—		(22,915,643)
Interest rate contracts		322,118		(15,431)		(3,774,781)		712,821		—
Total	$	(4,473,008)	$	723,082	$	(3,858,174)	$	712,821	$	(22,915,643)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives (Continued)
Derivatives Not Accounted for as Hedging Instruments	Swap contracts		Total
Credit contracts	$	2,347,056	$	2,263,663
Equity contracts		—		(973,179)
Forward currency exchange contracts		(8,731,530)		(34,730,607)
Interest rate contracts		(868,089)		(3,623,362)
Total	$	(7,252,563)	$	(37,063,485)

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

7. Shares of Beneficial Interest

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

	Year Ended September 30, 2015				Year Ended September 30, 2014
	Shares		Amount		Shares		Amount
Class A
Sold		68,400,560	$	278,300,866		101,533,983	$	422,869,930
Dividends and/or distributions reinvested		42,817,451		173,828,230		49,317,520		205,575,811
Redeemed		(232,876,356)		(946,032,741)		(351,720,358)		(1,463,398,786)
Net decrease		(121,658,345)	$	(493,903,645)		(200,868,855)	$	(834,953,045)
Class B
Sold		466,912	$	1,901,624		774,596	$	3,236,817
Dividends and/or distributions reinvested		821,628		3,352,308		1,304,079		5,451,626
Redeemed		(11,196,288)		(45,778,294)		(22,118,140)		(92,351,588)
Net decrease		(9,907,748)	$	(40,524,362)		(20,039,465)	$	(83,663,145)

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7. Shares of Beneficial Interest (Continued)

	Year Ended September 30, 2015					Year Ended September 30, 2014
	Shares		Amount			Shares			Amount
Class C
Sold		21,054,324	$	85,444,126			25,235,204		$	104,865,059
Dividends and/or distributions reinvested		8,937,628		36,199,390			10,042,702			41,761,277
Redeemed		(57,856,885)		(234,271,598	)		(79,469,750	)		(329,874,295)
Net decrease		(27,864,933)	$	(112,628,082)			(44,191,844	)	$	(183,247,959)
Class I
Sold		7,005,239	$	28,312,752			11,798,207		$	48,755,740
Dividends and/or distributions reinvested		1,464,116		5,913,478			1,294,892			5,376,246
Redeemed		(24,852,733)		(97,030,267	)		(5,459,391	)		(22,619,826)
Net increase (decrease)		(16,383,378)	$	(62,804,037)			7,633,708		$	31,512,160
Class R1
Sold		6,513,564	$	26,478,665			8,186,332		$	34,072,516
Dividends and/or distributions reinvested		1,699,083		6,896,561			1,848,046			7,705,911
Redeemed		(11,279,468)		(45,848,773	)		(15,526,169	)		(64,616,577)
Net decrease		(3,066,821)	$	(12,473,547)			(5,491,791)		$	(22,838,150)
Class Y
Sold		26,781,581	$	108,739,766			49,696,662		$	206,924,123
Dividends and/or distributions reinvested		4,799,636		19,488,556			5,549,578			23,106,367
Redeemed		(62,726,804)		(254,721,286	)		(58,883,446	)		(244,512,579)
Net decrease		(31,145,587)	$	(126,492,964)			(3,637,206)		$	(14,482,089)

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

8. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities		$4,512,756,254		$4,951,710,129
U.S. government and government agency obligations		168,153,058		271,369,932
To Be Announced (TBA) mortgage-related securities		4,009,637,043		4,100,638,359

9. Fees and Other Transactions with Affiliates

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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

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

    The Fund’s effective management fee for the reporting period was 0.52% of average annual net assets before any Subsidiary management fees or any applicable waivers.

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

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

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

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

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9. Fees and Other Transactions with Affiliates (Continued)

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

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
September 30, 2015		$758,598		$12,756		$164,301		$36,992		$3,950

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 reporting period, the Manager waived $40,662.

    The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in underlying funds managed by the Manager or its affiliates. During the reporting period, the Manager waived fees and/or reimbursed the Fund $2,090,363 for management fees.

    During the reporting period, the Manager also voluntarily reimbursed $600,000 of additional Fund expenses.

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

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained

118      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

11. Pending Litigation (Continued)

misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

    OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

119      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Global Strategic Income Fund:

We have audited the accompanying consolidated statement of assets and liabilities of Oppenheimer Global Strategic Income Fund and subsidiary, including the consolidated statement of investments, as of September 30, 2015, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended. These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits.

    We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

    In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Strategic Income Fund and subsidiary as of September 30, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the consolidated financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

November 25, 2015

120      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

    Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 0.26% to arrive at the amount eligible for the corporate dividend-received deduction.

    A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $670,920 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2015, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

    Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $131,496,282 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

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

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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

    The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

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

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

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

    The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that

122      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Michael Mata, Krishna Memani, and Hemant Baijal, the portfolio managers for the Fund, and the Managers’ investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

    Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the multisector bond fund category. The Board considered that the Fund underperformed its category median for one-, three-, five- and ten-year periods. The Board considered that for the one-, three- and ten-year periods, the Fund’s performance was in the fourth quintile of its peer category and that for the five-year period, the Fund’s performance was in the third quintile of its peer category. The Board considered several factors that contributed to the Fund’s underperformance, noting that the Fund’s emerging market local debt position was a negative contributor for the one-year period and that high yield bond security selection underperformed over the one- and three-year periods. The Board also noted that two portfolio managers were recently added to the Fund’s investment team: one in July 2014 and the other in March 2015, and that the Fund outperformed its benchmark and ranked in the 23rd percentile for the year-to-date period ended April 30, 2015.

    Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Adviser. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load multisector bond funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee was lower than its peer group median and category median, and that the Fund’s total expenses were lower than the peer group median and equal to the category median. The Board also noted that the Fund’s contractual management fees and total expenses rank in the second and third quintile of their

123      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited/ Continued

peer group, respectively. Within the total asset range of $5 billion to $10 billion, the Fund’s effective management fee rate was lower than its category median and its peer group median.

    Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow. The Board considered that the current management fee breakpoints are appropriate given the Fund’s current asset level.

    Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

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

    Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2016. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

124      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

SPECIAL SHAREHOLDER MEETING Unaudited

    On May 1, 2015, a shareholder meeting of Oppenheimer Global Strategic Income Fund (the “Fund”) was held at which the proposals below were approved as described in the Fund’s proxy statement dated February 27, 2015 (the “Proxy Statement”). The following is a report of the votes cast:

Proposal 1: To approve the election of Arthur P. Steinmetz as Trustee for the Fund.

Nominee/Proposal	For	Withheld
Arthur P. Steinmetz	789,867,457		31,064,519

Proposal 2: To approve a new investment sub-sub-advisory agreement with Apollo Credit Management, LLC.

For	Against	Abstain
594,146,436	32,737,660		50,681,335

Proposal 3: To approve the implementation of a manager of managers arrangement with respect to the Fund.

For	Against	Abstain
572,661,026	58,833,020		46,071,387

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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES

TO CONSOLIDATED STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Sam Freedman, Chairman of the Board of Trustees (since 2013) and Trustee (since 1996) Year of Birth: 1940	Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Sub-Adviser and with subsidiary or affiliated companies of the Sub-Adviser (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Freedman has served on the Boards of certain Oppenheimer funds since 1996, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (since 2005); Chairman of the Board (2006-December 2011) and Director (June 2002-December 2011) of UNUMProvident (insurance company); Director of Northwestern Energy Corp. (public utility corporation) (November 2004-December 2009); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Sub-Adviser; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Sub-Adviser), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Fossel has served on the Boards of certain Oppenheimer funds since 1990, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Richard F. Grabish, Trustee (since 2012) Year of Birth: 1948	Formerly Senior Vice President and Assistant Director of Sales and Marketing (March 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Grabish has served on the Boards of certain Oppenheimer funds since 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Beverly L. Hamilton, Trustee (since 2002) Year of Birth: 1946	Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Chairman (since

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TRUSTEES AND OFFICERS Unaudited / Continued

Beverly L. Hamilton, Continued	2010) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); Director of The California Endowment (philanthropic organization) (April 2002-April 2008); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005); Vice Chairman (2006-2009) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Hamilton has served on the Boards of certain Oppenheimer funds since 2002, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth: 1951	Board Chair (2008-Present) and Director (2004-Present), United Educators (insurance company); Trustee (since 2000) and Chair (since 2010), Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994-2005). Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Herget has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Robert J. Malone, Trustee (since 2002) Year of Birth: 1944	Chairman of the Board (since 2012) and Director (since August 2005) of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (since August 2003); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Board of Directors of Opera Colorado Foundation (non-profit organization) (2008-2012); Director of Colorado UpLIFT (charitable organization) (1986-2010); Director of Jones Knowledge, Inc. (2006-2010); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996- April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of U.S. Exploration, Inc. (oil and gas exploration) (1997- February 2004); Chairman of the Board (1991-1994) and Trustee (1985- 1994) of Regis University; and Chairman of the Board (1990-1991 and Trustee (1984-1999) of Young Presidents Organization. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, during which time he has become

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Robert J. Malone, Continued	familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
F. William Marshall, Jr., Trustee (since 2000) Year of Birth: 1942	Trustee Emeritus of Worcester Polytech Institute (WPI) (private university) (since 2009); Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996), MML Series Investment Fund (investment company) (since 1996) and Mass Mutual Premier Funds (investment company) (since January 2012); President and Treasurer of the SIS Funds (private charitable fund) (January 1999-March 2011); Former Trustee of WPI (1985-2008); Former Chairman of the Board (2004-2006) and Former Chairman of the Investment Committee of WPI (1994-2008); Chairman of SIS Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999); and Former President and Chief Executive Officer of SIS Bancorp. (1993-1999). Oversees 42 portfolios in the OppenheimerFunds complex. Mr. Marshall has served on the Boards of certain Oppenheimer funds since 2000, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Karen L. Stuckey, Trustee (since 2012) Year of Birth: 1953	Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006) and member of Executive, Nominating and Audit Committees and Chair of Finance Committee of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 38 portfolios in the OppenheimerFunds complex. Ms. Stuckey has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
James D. Vaughn, Trustee (since 2012) Year of Birth: 1945	Retired; former managing partner (1994-2001) of Denver office of Deloitte & Touche LLP, (held various positions 1969-1993); Trustee and Chairman of the Audit Committee of Schroder Funds (2003-2012); Board member and Chairman of Audit Committee of AMG National Trust Bank (since 2005); Trustee and Investment Committee member, University of South Dakota Foundation (since 1996); Board member, Audit Committee Member and past Board Chair, Junior Achievement (since 1993); former Board member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network. Oversees 38 portfolios in the OppenheimerFunds complex. Mr. Vaughn has served on the Boards of certain Oppenheimer funds since 2012, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

129      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERS Unaudited / Continued

INTERESTED TRUSTEE AND OFFICER

Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Baijal, Mata, Memani, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Michael Mata, Vice President (since 2014) Year of Birth: 1963	Senior Vice President of the Sub-Adviser and the Head of Multi-Sector Fixed Income (since July 2014). Portfolio manager with ING Investment Management and Head of Multi-Sector Fixed-Income (August 2004-December 2013), managing the Global Bond and Core Plus strategies and the macro and quantitative research teams, along with the emerging markets sovereign team. Senior Vice President and Senior Risk Manager at Putnam Investments (March 2000-August 2004) and a Vice President and Risk Manager for Fixed Income Trading at Lehman Brothers (September 1994-March 2000). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Krishna Memani, Vice President (since 2009) Year of Birth: 1960	President of the Sub-Adviser (since January 2013); Executive Vice President of the Manager (since January 2014) and Chief Investment Officer of the OppenheimerFunds advisory entities (since January 2014). Chief Investment Officer, Fixed Income of the Sub-Adviser (January 2013-December 2013); Head of the Investment Grade Fixed Income Team of the Sub-Adviser (March 2009-January 2014); Director of Fixed Income of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (March 2009- December 2012) and Senior Vice President of OFI Global Institutional, Inc. (April 2009-December 2012). Managing Director and Head of the U.S. and European Credit Analyst Team at Deutsche Bank Securities (June 2006- January 2009). Chief Credit Strategist at Credit Suisse Securities (August

130      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Krishna Memani, Continued	2002-March 2006). Managing Director and Senior Portfolio Manager at Putnam Investments (September 1998-June 2002). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Hemant Baijal, Vice President (since 2015) Year of Birth: 1962	Vice President and Senior Portfolio Manager of the Sub-Adviser (since July 2011) and Co-Head of the Global Debt Team (since January 2015). Co-founder, Partner and Portfolio Manager of Six Seasons Global Asset Management (January 2009-December 2010). Partner and Portfolio Manager of Aravali Partners, LLC (September 2006-December 2008); Partner and Portfolio Manager at Havell Capital Management, LLC (November 1996- August 2006). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011- December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May

131      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Mary Ann Picciotto, Continued

2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1959

Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request, by calling 1.800.CALL OPP (225.5677).

132      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Sub-Sub-Adviser	Apollo Credit Management, LLC
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Ropes & Gray LLP

^© 2015 OppenheimerFunds, Inc. All rights reserved.

133      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE

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

Information Sources

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

● Applications or other forms

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

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

● Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

134      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Internet Security and Encryption

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

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

135      OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	OppenheimerFunds® The Right Way to Invest
	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800 CALL OPP (800 225 5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am–8pm ET.
Visit Us oppenheimerfunds.com
Call Us 800 225 5677
Follow Us	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RA0230.001.0915     November 23, 2015

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $82,400 in fiscal 2015 and $62,100 in fiscal 2014.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $1,500 in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $185,479 in fiscal 2015 and $1,042,959 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, system conversion testing, and corporate restructuring.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,090 in fiscal 2015 and $1,450 in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $628,126 in fiscal 2015 and $467,462 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $819,195 in fiscal 2015 and $1,511,871 in fiscal 2014 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. 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 9/30/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Global Strategic Income Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/17/2015