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)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2017

Item 1.  Reports to Stockholders.

Annual Report	9/30/2017

Oppenheimer

Global Strategic

Income Fund

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	76
Consolidated Statement of Operations	78
Consolidated Statements of Changes in Nets Assets	80
Consolidated Financial Highlights	81
Notes to Consolidated Financial Statements	93
Report of Independent Registered Public Accounting Firm	124
Federal Income Tax Information	125
Board Approval of the Fund’s Investment Advisory, Sub-Advisory and Sub-Sub Advisory Agreements	126
Portfolio Proxy Voting Policies and Procedures; Updates to Statements of Investments	129
Trustees and Officers	130
Privacy Policy Notice	137

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays     U.S. Aggregate Bond     Index
1-Year	4.45%	-0.51%	0.07%
5-Year	2.83	1.84	2.06
10-Year	4.45	3.95	4.27

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

2        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 4.45% during the reporting period, outperforming the 0.07% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

MARKET OVERVIEW

Markets in general turned to “risk-on” mode after the surprise election of Donald Trump, with equities climbing and credit spreads narrowing to the tight levels from early 2015, and U.S. Treasury yields climbing to levels not experienced since 2014. The U.S. dollar rallied over the fourth quarter of 2016, particularly immediately following Mr. Trump’s victory. However, much of the move was reversed over the first quarter of 2017 when the greenback depreciated against most currencies, especially against Emerging Market (EM) currencies. This trend resumed through the end of the reporting period. In

addition, EM local assets reversed most of the losses they experienced in the months after the Presidential election, and rallied year to date in 2017.

Global economic data continued to improve during the reporting period. The cyclical uptick is encouraging with improvements in global investment, trade, and industrial production. Business and consumer confidence are at cyclical highs in many countries. Growth expectations remain upbeat in several countries and regions, including the Eurozone, Japan, Canada, Australia, Sweden, Eastern

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

3        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Europe and parts of Asia. Latin America is a different story, with growth more challenged overall, except for Brazil.

In the U.S., while devastating hurricanes swept through the country during the period, gross domestic product (GDP) remained on its 2% growth trend through the end of the reporting period. In the short term, severe storms typically reduce economic activity but then lead to rebuilding in later months. The medium-term course of the economy should not be affected, in our view. Private consumption, the driving force of the economy in recent years, is growing at a moderate rate. Additionally, business fixed investment has gained momentum in recent months, and headwinds from international trade turned into tailwinds as lagged effects of past dollar strength diminishes. In fact, dollar weakness typically leads to global growth momentum gains.

International economic and geopolitical concerns were somewhat elevated in the closing months of the period, with tensions in North Korea and the Catalan independence referendum. The German election led to mixed results for Chancellor Merkel, with a complicated coalition-building process that is not expected to be resolved until the end of the year. Nevertheless, Merkel still calls the shots and, in cooperation with French President Macron, a modest reform agenda on Eurozone governance is expected in the coming year or two. Markets are keeping an eye on developments in North Korea, which remains unpredictable.

With the U.S. expansion continuing, the Federal Reserve is near to reaching its dual mandates of full employment and price stability. While inflation has surprised to the downside for a few months now, the Fed sees it as temporary and has begun its balance sheet normalization program. The Fed continues to signal one more hike this year, likely in December, and three hikes next year. The market is increasingly pricing in a December hike, but not more than one hike for 2018. The reaction to balance sheet normalization and hikes has been orderly.

FUND REVIEW

For the one-year reporting period, the Fund’s strongest absolute results stemmed from its exposure to high yield, emerging market credit and senior loans as well as an underweight in duration.

In High Yield, the Fund benefited most from its exposure to the energy sector. Oil prices rose over the closing months of the reporting period. The rise in oil prices was generally a result of improved fundamentals due to better than expected demand growth globally, lower OECD (Organization for Economic Co-operation and Development) countries’ oil inventories, and continued strong compliance with the OPEC (Organization of the Petroleum Exporting Countries) production cuts announced last year. In addition, sentiment improved as the working oil rig count flattened in the U.S. during the third quarter of 2017, which indicated that growth in U.S. oil shale drilling activity was moderating.

4        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The Fund also benefited from its exposure to Services and Gaming, Lodging and Leisure.

Emerging market credit has outperformed U.S. and European markets so far in 2017. The Fund maintained an overall neutral position, but with a greater tilt toward higher-yielding credits, in particular state-owned oil & gas companies that have been repairing their credit profiles but offered a significant yield advantage over their government bonds. The main contributors to performance included Brazil and Ukraine.

We increased our allocation to senior loans during the reporting period, which currently represent roughly 14% of the portfolio at period end. This exposure performed well during the reporting period, and we continue to believe the current market environment can be supportive of senior loans.

Detractors from performance included the Fund’s exposure to catastrophe bonds that were affected by the hurricanes in Texas and Florida.

MARKET OUTLOOK & PORTFOLIO POSITIONING

Our market outlook based on positive sentiment indicators and synchronized global growth close to 3.5% remains positive. Credit

fundamentals in High Yield have been improving modestly due to earnings growth and a lack of capital expenditures. Higher commodity prices, driven by rising demand, even in oil, have had a positive effect especially on High Yield and EM credits. Given our expectation that growth will stabilize around current levels, our outlook remains positive.

Two potential headwinds to future returns are valuations that are rich relative to historical levels and any negative market response to changes in central bank policy. Valuations appearing somewhat rich at this point in the cycle are not unusual, especially when growth is positive and fundamentals are improving. With respect to central bank policy, the biggest unknown is who will be appointed the next Chairperson of the Federal Reserve. The Fed’s framework for normalizing the balance sheet and increasing policy rates is already laid out and we don’t expect significant changes, but the announcement of the new Chair is likely to produce at least a short-term response from the markets.

Solid economic fundamentals and positive earnings growth lead us to continue to like High Yield corporate bonds, though we have reduced our exposure recently based on valuation. We like Senior Floating Rate Loans for similar reasons. In our view, loans should

5        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

outperform other credit sectors if the Fed hikes rates at a more aggressive pace than the market expects. In addition, we continue to look for opportunities to add to our

MBS & CMBS position on any back up in spreads. Outside of the U.S., we like EM Local and Credit bonds based on robust growth combined with stable to falling inflation.

	Michael Mata Portfolio Manager		Krishna Memani Portfolio Manager
	Ruta Ziverte Portfolio Manager		Chris Kelly Portfolio Manager

6        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	41.9%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	1.8
Oppenheimer Master Event-Linked Bond Fund, LLC	1.9
Oppenheimer Master Loan Fund, LLC	13.3
Oppenheimer Ultra-Short Duration Fund	3.9
Mortgage-Backed Obligations Government Agency	10.8
Non-Agency	9.4
Foreign Government Obligations	10.7
Asset-Backed Securities	3.5
Preferred Stocks	0.8
Short-Term Notes	0.8
Structured Securities	0.4
Common Stocks	0.3
Corporate Loans	0.2
Over-the-Counter Interest Rate Swaptions Purchased	0.2
Over-the-Counter Options Purchased	0.1
Rights, Warrants and Certificates	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	78.8%
Latin & South America	5.7
Emerging Europe	4.1
Asia	3.8
Middle East/Africa	3.9
Europe	3.7

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017, and are based on the total market value of investments.

7        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TOP TEN GEOGRAPHICAL HOLDINGS

United States	77.4%
Russia	2.0
Brazil	2.0
Canada	1.4
Indonesia	1.2
Mexico	1.2
South Africa	1.1
Egypt	1.0
United Kingdom	0.9
Turkey	0.8

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2017, and are based on total market value of investments.

8        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/17

	Inception     Date		1-Year		5-Year		10-Year
Class A (OPSIX)		10/16/89		4.45%		2.83%		4.45%
Class B (OPSGX)		11/30/92		3.65		1.97		3.92
Class C (OSICX)		5/26/95		3.67		2.01		3.67
Class I (OSIIX)		1/27/12		4.89		3.21		4.09*
Class R (OSINX)		3/1/01		4.19		2.49		4.08
Class Y (OSIYX)		1/26/98		4.70		3.08		4.72

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/17

	Inception     Date		1-Year		5-Year		10-Year
Class A (OPSIX)		10/16/89		-0.51%		1.84%		3.95%
Class B (OPSGX)		11/30/92		-1.35		1.62		3.92
Class C (OSICX)		5/26/95		2.67		2.01		3.67
Class I (OSIIX)		1/27/12		4.89		3.21		4.09*
Class R (OSINX)		3/1/01		4.19		2.49		4.08
Class Y (OSIYX)		1/26/98		4.70		3.08		4.72

*Shows performance since inception.

STANDARDIZED YIELDS For the 30 Days Ended 9/30/17		UNSUBSIDIZED STANDARDIZED YIELDS For the 30 Days Ended 9/30/17
Class A	4.21%	Class A	4.13%
Class B	3.62	Class B	3.54
Class C	3.66	Class C	3.58
Class I	4.86	Class I	4.80
Class R	4.18	Class R	4.09
Class Y	4.67	Class Y	4.59

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: 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 of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after

9        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

conversion. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended September 30, 2017 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and then annualized. Falling share prices will tend to artificially raise yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended September 30, 2017. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. 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, 2017.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended September 30, 2017” to estimate the expenses you paid on your account during this period.

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

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

11        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value April 1, 2017		Ending Account Value September 30, 2017		Expenses     Paid During     6 Months Ended     September 30, 2017
Class A	$	1,000.00	$	1,031.90	$	5.16
Class B		1,000.00		1,025.30		9.13
Class C		1,000.00		1,025.40		9.03
Class I		1,000.00		1,031.50		3.01
Class R		1,000.00		1,028.00		6.48
Class Y		1,000.00		1,033.10		3.93
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.00		5.13
Class B		1,000.00		1,016.09		9.09
Class C		1,000.00		1,016.19		8.99
Class I		1,000.00		1,022.11		3.00
Class R		1,000.00		1,018.70		6.45
Class Y		1,000.00		1,021.21		3.91

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2017 are as follows:

Class	Expense Ratios
Class A		1.01	%
Class B		1.79
Class C		1.77
Class I		0.59
Class R		1.27
Class Y		0.77

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

12        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2017

	Principal Amount		Value
Asset-Backed Securities—3.7%
American Credit Acceptance Receivables Trust:
Series 2015-1, Cl. B, 2.85%, 2/12/211	$	469,205	$	469,725
Series 2015-3, Cl. B, 3.56%, 10/12/211		660,567		664,237
Series 2015-3, Cl. C, 4.84%, 10/12/211		725,000		742,259
Series 2015-3, Cl. D, 5.86%, 7/12/221		550,000		566,309
Series 2016-4, Cl. B, 2.11%, 2/12/211		985,000		985,889
Series 2017-3, Cl. B, 2.25%, 1/11/211		305,000		304,564
AmeriCredit Automobile Receivables Trust:
Series 2013-2, Cl. E, 3.41%, 10/8/201		3,650,000		3,652,374
Series 2013-3, Cl. D, 3.00%, 7/8/19		1,540,000		1,546,407
Series 2013-4, Cl. D, 3.31%, 10/8/19		1,505,000		1,515,365
Series 2017-2, Cl. D, 3.42%, 4/18/23		2,270,000		2,294,989
Cabela’s Credit Card Master Note Trust:
Series 2013-2A, Cl. A2, 1.884% [LIBOR01M+65], 8/16/211,2		780,000		783,562
Series 2016-1, Cl. A1, 1.78%, 6/15/22		2,545,000		2,541,351
Series 2016-1, Cl. A2, 2.084% [LIBOR01M+85], 6/15/222		4,605,000		4,648,119
Capital Auto Receivables Asset Trust, Series 2014-1, Cl. D, 3.39%, 7/22/19		580,000		583,572
Capital One Multi-Asset Execution Trust:
Series 2016-A1, Cl. A1, 1.684% [LIBOR01M+45], 2/15/222		3,060,000		3,076,972
Series 2016-A3, Cl. A3, 1.34%, 4/15/22		2,655,000		2,636,171
CarFinance Capital Auto Trust:
Series 2014-1A, Cl. D, 4.90%, 4/15/201		1,005,000		1,025,875
Series 2015-1A, Cl. A, 1.75%, 6/15/211		217,477		217,437
CarMax Auto Owner Trust:
Series 2014-2, Cl. D, 2.58%, 11/16/20		1,365,000		1,368,177
Series 2015-2, Cl. D, 3.04%, 11/15/21		525,000		530,173
Series 2015-3, Cl. D, 3.27%, 3/15/22		1,805,000		1,818,850
Series 2016-1, Cl. D, 3.11%, 8/15/22		1,370,000		1,375,241
Series 2016-3, Cl. D, 2.94%, 1/17/23		915,000		906,839
Series 2016-4, Cl. D, 2.91%, 4/17/23		2,040,000		2,016,174
Series 2017-1, Cl. D, 3.43%, 7/17/23		1,775,000		1,778,697
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/231		1,725,000		1,718,998
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.604% [LIBOR01M+37], 4/15/212		1,925,000		1,933,911
Citibank Credit Card Issuance Trust, Series 2014-A6, Cl. A6, 2.15%, 7/15/21		4,335,000		4,364,293
CPS Auto Receivables Trust:
Series 2013-C, Cl. D, 6.59%, 8/15/191		620,000		634,452
Series 2017-C, Cl. A, 1.78%, 9/15/201		631,810		631,584
Series 2017-C, Cl. B, 2.30%, 7/15/211		740,000		739,045
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/211		160,000		160,979
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.467% [US0001M+23], 4/25/362		1,467,043		1,469,796
Discover Card Execution Note Trust:
Series 2012-A6, Cl. A6, 1.67%, 1/18/22		2,315,000		2,311,742
Series 2016-A1, Cl. A1, 1.64%, 7/15/21		4,225,000		4,224,360
Series 2016-A4, Cl. A4, 1.39%, 3/15/22		4,715,000		4,679,325

13        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/211	$	3,040,000	$	3,105,918
Series 2015-CA, Cl. D, 4.20%, 9/15/211		5,370,000		5,515,037
Series 2015-DA, Cl. C, 3.38%, 11/15/211		3,511,472		3,543,314
Series 2016-BA, Cl. C, 3.19%, 7/15/221		1,285,000		1,298,293
Series 2016-CA, Cl. C, 3.02%, 11/15/211		1,085,000		1,098,740
Series 2016-CA, Cl. D, 4.18%, 3/15/241		1,240,000		1,281,199
Series 2017-1, Cl. B, 2.36%, 3/15/21		1,155,000		1,157,271
Series 2017-2, Cl. B, 2.25%, 6/15/21		735,000		735,679
Series 2017-2, Cl. C, 2.75%, 9/15/23		810,000		809,173
Series 2017-AA, Cl. C, 2.98%, 1/18/221		920,000		930,010
Series 2017-AA, Cl. D, 4.16%, 5/15/241		1,600,000		1,628,173
Series 2017-BA, Cl. D, 3.72%, 10/17/221		1,685,000		1,696,027
DT Auto Owner Trust:
Series 2014-1A, Cl. D, 3.98%, 1/15/211		1,375,788		1,379,349
Series 2014-2A, Cl. D, 3.68%, 4/15/211		5,235,668		5,272,364
Series 2014-3A, Cl. D, 4.47%, 11/15/211		5,640,000		5,746,686
Series 2015-1A, Cl. D, 4.26%, 2/15/221		8,075,000		8,181,927
Series 2015-2A, Cl. D, 4.25%, 2/15/221		2,410,000		2,454,148
Series 2015-3A, Cl. D, 4.53%, 10/17/221		7,470,000		7,609,088
Series 2016-1A, Cl. B, 2.79%, 5/15/201		810,716		811,603
Series 2016-4A, Cl. E, 6.49%, 9/15/231		555,000		573,264
Series 2017-1A, Cl. C, 2.70%, 11/15/221		405,000		405,256
Series 2017-1A, Cl. D, 3.55%, 11/15/221		1,120,000		1,121,073
Series 2017-1A, Cl. E, 5.79%, 2/15/241		1,160,000		1,179,186
Series 2017-2A, Cl. B, 2.44%, 2/15/211		605,000		606,295
Series 2017-2A, Cl. D, 3.89%, 1/15/231		1,330,000		1,341,394
Series 2017-3A, Cl. B, 2.40%, 5/17/211		1,055,000		1,054,440
Series 2017-3A, Cl. E, 5.60%, 8/15/241		1,245,000		1,254,797
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		745,755		739,459
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.734% [LIBOR01M+50], 11/16/201,2		3,480,000		3,494,691
Exeter Automobile Receivables Trust:
Series 2013-2A, Cl. D, 6.81%, 8/17/201		2,440,421		2,485,278
Series 2014-2A, Cl. C, 3.26%, 12/16/191		481,291		484,198
Series 2017-3A, Cl. A, 2.05%, 12/15/211		1,190,000		1,189,334
First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/201		2,110,000		2,118,927
Flagship Credit Auto Trust:
Series 2013-2, Cl. D, 6.26%, 2/16/211		395,000		400,583
Series 2014-1, Cl. D, 4.83%, 6/15/201		130,000		132,493
Series 2014-2, Cl. A, 1.43%, 12/16/191		15,499		15,500
Series 2015-3, Cl. D, 7.12%, 11/15/221		1,945,000		2,038,126
Series 2016-1, Cl. C, 6.22%, 6/15/221		2,725,000		2,893,307
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21		850,000		846,679
Navistar Financial Dealer Note Master Owner Trust II:
Series 2016-1, Cl. D, 4.537% [LIBOR01M+330], 9/27/211,2		595,000		596,040

14        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Asset-Backed Securities (Continued)
Navistar Financial Dealer Note Master Owner Trust II: (Continued)
Series 2017-1, Cl. C, 2.787% [LIBOR01M+155], 6/27/221,2	$	435,000	$	435,180
Series 2017-1, Cl. D, 3.537% [LIBOR01M+230], 6/27/221,2		505,000		505,207
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20		1,700,000		1,702,469
Santander Drive Auto Receivables Trust:
Series 2013-4, Cl. E, 4.67%, 1/15/201		1,580,000		1,584,913
Series 2013-A, Cl. E, 4.71%, 1/15/211		1,220,000		1,236,976
Series 2015-5, Cl. D, 3.65%, 12/15/21		2,420,000		2,474,648
Series 2016-2, Cl. D, 3.39%, 4/15/22		880,000		892,681
Series 2017-1, Cl. D, 3.17%, 4/17/23		1,215,000		1,219,919
Series 2017-1, Cl. E, 5.05%, 7/15/241		1,385,000		1,416,130
Series 2017-3, Cl. D, 3.20%, 11/15/23		2,880,000		2,868,329
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221		850,000		850,256
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/221		1,400,000		1,449,966
Series 2017-2A, Cl. E, 4.63%, 7/15/243		1,845,000		1,840,418
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		1,195,000		1,200,727
Series 2016-B, Cl. A, 1.44%, 6/15/22		2,860,000		2,854,719
Series 2017-A, Cl. A, 2.12%, 3/15/24		3,060,000		3,062,381
Series 2017-B, Cl. A, 1.98%, 6/15/23		2,260,000		2,261,227
Total Asset-Backed Securities (Cost $167,021,187)				167,998,278
Mortgage-Backed Obligations—21.9%
Government Agency—11.7%
FHLMC/FNMA/FHLB/Sponsored—10.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		498,862		547,357
5.50%, 9/1/39		1,293,486		1,429,193
6.00%, 1/1/19-7/1/24		585,323		641,600
6.50%, 4/1/18-6/1/35		515,375		574,499
7.00%, 8/1/21-3/1/35		777,020		875,441
7.50%, 1/1/32-2/1/32		1,363,338		1,630,577
8.50%, 8/1/31		42,826		47,926
10.00%, 5/1/20		1,533		1,549
Federal Home Loan Mortgage Corp. Non Gold Pool:
10.00%, 4/1/20		3,790		3,799
10.50%, 5/1/20		12,182		12,893
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 53.99%, 4/1/274		120,146		23,736
Series 192, Cl. IO, 94.208%, 2/1/284		54,896		10,495
Series 205, Cl. IO, 41.81%, 9/1/294		317,428		69,061
Series 206, Cl. IO, 0.00%, 12/15/294,5		141,234		37,794
Series 207, Cl. IO, 0.00%, 4/1/304,5		118,132		26,883
Series 214, Cl. IO, 0.00%, 6/1/314,5		91,638		20,742
Series 243, Cl. 6, 9.701%, 12/15/324		278,307		48,968

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:
Series 1360, Cl. PZ, 7.50%, 9/15/22	$	1,011,693	$	1,102,300
Series 151, Cl. F, 9.00%, 5/15/21		923		984
Series 1590, Cl. IA, 2.284% [LIBOR01M+105], 10/15/232		733,735		750,029
Series 1674, Cl. Z, 6.75%, 2/15/24		28,415		30,919
Series 2034, Cl. Z, 6.50%, 2/15/28		7,963		8,836
Series 2042, Cl. N, 6.50%, 3/15/28		7,772		8,576
Series 2043, Cl. ZP, 6.50%, 4/15/28		835,255		923,040
Series 2053, Cl. Z, 6.50%, 4/15/28		7,072		7,854
Series 2116, Cl. ZA, 6.00%, 1/15/29		406,836		446,120
Series 2122, Cl. F, 1.684% [LIBOR01M+45], 2/15/292		20,537		20,596
Series 2279, Cl. PK, 6.50%, 1/15/31		12,783		14,373
Series 2326, Cl. ZP, 6.50%, 6/15/31		122,506		135,875
Series 2344, Cl. FP, 2.184% [LIBOR01M+95], 8/15/312		271,683		279,226
Series 2368, Cl. PR, 6.50%, 10/15/31		14,112		16,025
Series 2401, Cl. FA, 1.884% [LIBOR01M+65], 7/15/292		33,213		33,767
Series 2412, Cl. GF, 2.184% [LIBOR01M+95], 2/15/322		373,472		383,856
Series 2427, Cl. ZM, 6.50%, 3/15/32		543,391		601,062
Series 2451, Cl. FD, 2.234% [LIBOR01M+100], 3/15/322		162,391		167,207
Series 2461, Cl. PZ, 6.50%, 6/15/32		63,425		74,138
Series 2464, Cl. FI, 2.234% [LIBOR01M+100], 2/15/322		148,660		152,243
Series 2470, Cl. AF, 2.234% [LIBOR01M+100], 3/15/322		262,002		269,773
Series 2470, Cl. LF, 2.234% [LIBOR01M+100], 2/15/322		152,038		155,702
Series 2475, Cl. FB, 2.234% [LIBOR01M+100], 2/15/322		208,226		212,961
Series 2517, Cl. GF, 2.234% [LIBOR01M+100], 2/15/322		125,708		128,738
Series 2551, Cl. LF, 1.734% [LIBOR01M+50], 1/15/332		19,196		19,283
Series 2564, Cl. MP, 5.00%, 2/15/18		3,689		3,705
Series 2585, Cl. HJ, 4.50%, 3/15/18		1,828		1,834
Series 2635, Cl. AG, 3.50%, 5/15/32		212,605		218,690
Series 2668, Cl. AZ, 4.00%, 9/15/18		20,747		20,848
Series 2676, Cl. KY, 5.00%, 9/15/23		374,674		394,314
Series 2707, Cl. QE, 4.50%, 11/15/18		54,591		55,102
Series 2770, Cl. TW, 4.50%, 3/15/19		14,962		15,125
Series 3010, Cl. WB, 4.50%, 7/15/20		3,718		3,800
Series 3025, Cl. SJ, 20.224% [(3.667) x LIBOR01M+2,475], 8/15/352		315,617		462,951
Series 3741, Cl. PA, 2.15%, 2/15/35		256,769		257,105
Series 3815, Cl. BD, 3.00%, 10/15/20		6,399		6,432
Series 3840, Cl. CA, 2.00%, 9/15/18		4,528		4,525
Series 3848, Cl. WL, 4.00%, 4/15/40		547,736		563,440
Series 3857, Cl. GL, 3.00%, 5/15/40		12,993		13,253
Series 3917, Cl. BA, 4.00%, 6/15/38		260,328		267,606
Series 4221, Cl. HJ, 1.50%, 7/15/23		561,156		557,302
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 39.645%, 3/15/284		17,044		3,559
Series 2049, Cl. PL, 82.103%, 4/15/284		92,434		19,545
Series 2074, Cl. S, 99.999%, 7/17/284		81,093		11,640
Series 2079, Cl. S, 99.999%, 7/17/284		140,485		20,482

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 2177, Cl. SB, 99.999%, 8/15/294	$	91,836	$	19,143
Series 2526, Cl. SE, 55.52%, 6/15/294		167,829		31,603
Series 2682, Cl. TQ, 99.999%, 10/15/334		650,608		119,986
Series 2795, Cl. SH, 94.431%, 3/15/244		1,126,692		108,500
Series 2920, Cl. S, 99.999%, 1/15/354		1,172,966		194,092
Series 2922, Cl. SE, 12.361%, 2/15/354		78,785		13,675
Series 2981, Cl. AS, 8.733%, 5/15/354		601,810		88,187
Series 2981, Cl. BS, 99.999%, 5/15/354		1,375,035		223,778
Series 3004, Cl. SB, 99.999%, 7/15/354		1,753,936		196,873
Series 3397, Cl. GS, 0.00%, 12/15/374,5		364,092		62,882
Series 3424, Cl. EI, 0.00%, 4/15/384,5		143,139		14,122
Series 3450, Cl. BI, 18.643%, 5/15/384		568,409		90,277
Series 3606, Cl. SN, 17.569%, 12/15/394		299,881		48,991
Series 3659, Cl. IE, 0.00%, 3/15/194,5		220,040		5,015
Series 3685, Cl. EI, 0.00%, 3/15/194,5		57,939		655
Federal National Mortgage Assn.:
2.50%, 10/1/476		16,460,000		16,569,948
3.00%, 10/1/326		55,335,000		56,845,907
3.50%, 10/1/476		85,735,000		88,357,284
4.00%, 10/1/476		37,495,000		39,466,417
4.50%, 10/1/476		187,600,000		201,325,576
5.00%, 10/1/476		3,975,000		4,336,142
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 99.999%, 12/25/414		34,264,797		505,173
Series 2001-T3, Cl. IO, 99.999%, 11/25/404		5,580,734		222,949
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		224,951		230,741
5.00%, 2/1/18-12/1/21		277,760		284,413
5.50%, 1/1/22-5/1/36		533,799		586,906
6.00%, 1/1/19		38		39
6.50%, 4/1/18-1/1/34		2,728,414		3,100,078
7.00%, 9/1/21-4/1/34		4,361,586		5,056,496
7.50%, 2/1/27-3/1/33		2,107,383		2,468,063
8.50%, 7/1/32		16,268		17,547
9.50%, 3/15/21		5,740		5,831
11.00%, 2/1/26		85,527		90,639
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/234		118,841		17,854
Series 247, Cl. 2, 99.999%, 10/25/234		57,440		8,129
Series 252, Cl. 2, 99.999%, 11/25/234		14,623		2,237
Series 254, Cl. 2, 99.999%, 1/25/244		43,080		6,782
Series 301, Cl. 2, 11.045%, 4/25/294		152,175		34,806
Series 303, Cl. IO, 74.634%, 11/25/294		154,913		38,485
Series 313, Cl. 2, 99.999%, 6/25/314		1,222,748		266,941
Series 319, Cl. 2, 3.831%, 2/25/324		408,286		92,858
Series 321, Cl. 2, 11.323%, 4/25/324		721,074		172,240
Series 324, Cl. 2, 0.00%, 7/25/324,5		311,716		71,471

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 328, Cl. 2, 0.00%, 12/25/324,5	$	273,188		$	62,880
Series 331, Cl. 5, 99.999%, 2/25/334		631,020			119,039
Series 332, Cl. 2, 0.00%, 3/25/334,5		1,195,101			277,271
Series 334, Cl. 10, 0.00%, 2/25/334,5		512,243			92,213
Series 334, Cl. 12, 0.00%, 3/25/334,5		735,419	��		162,277
Series 339, Cl. 7, 0.00%, 11/25/334,5		1,503,522			330,091
Series 345, Cl. 9, 0.00%, 1/25/344,5		436,569			87,485
Series 351, Cl. 10, 0.00%, 4/25/344,5		188,043			42,657
Series 351, Cl. 8, 0.00%, 4/25/344,5		341,731			68,728
Series 356, Cl. 10, 0.00%, 6/25/354,5		244,275			51,058
Series 356, Cl. 12, 0.00%, 2/25/354,5		117,991			26,081
Series 362, Cl. 13, 0.00%, 8/25/354,5		17,410			4,019
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		38,557			42,865
Series 1997-45, Cl. CD, 8.00%, 7/18/27		396,544			460,284
Series 1998-58, Cl. PC, 6.50%, 10/25/28		232,106			259,477
Series 1999-14, Cl. MB, 6.50%, 4/25/29		12,776			14,180
Series 1999-54, Cl. LH, 6.50%, 11/25/29		437,199			488,729
Series 2001-19, Cl. Z, 6.00%, 5/25/31		169,600			190,957
Series 2001-65, Cl. F, 1.837% [LIBOR01M+60], 11/25/312		310,251			315,131
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		354,304			396,557
Series 2002-21, Cl. PE, 6.50%, 4/25/32		422,436			479,674
Series 2002-29, Cl. F, 2.237% [LIBOR01M+100], 4/25/322		168,368			172,554
Series 2002-64, Cl. FJ, 2.237% [LIBOR01M+100], 4/25/322		51,749			53,036
Series 2002-68, Cl. FH, 1.734% [LIBOR01M+50], 10/18/322		109,265			109,785
Series 2002-81, Cl. FM, 1.737% [LIBOR01M+50], 12/25/322		207,710			209,386
Series 2002-84, Cl. FB, 2.237% [LIBOR01M+100], 12/25/322		34,501			35,317
Series 2003-100, Cl. PA, 5.00%, 10/25/18		102,911			103,753
Series 2003-11, Cl. FA, 2.237% [LIBOR01M+100], 9/25/322		47,080			48,194
Series 2003-112, Cl. AN, 4.00%, 11/25/18		40,207			40,443
Series 2003-116, Cl. FA, 1.637% [LIBOR01M+40], 11/25/332		114,094			114,230
Series 2003-84, Cl. GE, 4.50%, 9/25/18		7,503			7,565
Series 2004-25, Cl. PC, 5.50%, 1/25/34		38,519			39,235
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000			3,218,449
Series 2005-71, Cl. DB, 4.50%, 8/25/25		818,880			850,270
Series 2006-11, Cl. PS, 20.03% [(3.667) x LIBOR01M+2,456.67], 3/25/362		344,684			528,686
Series 2006-46, Cl. SW, 19.663% [(3.667) x LIBOR01M+2,419.92], 6/25/362		458,649			669,030
Series 2008-75, Cl. DB, 4.50%, 9/25/23		95,183			96,071
Series 2009-113, Cl. DB, 3.00%, 12/25/20		184,051			185,153
Series 2009-36, Cl. FA, 2.177% [LIBOR01M+94], 6/25/372		233,984			239,123
Series 2009-70, Cl. TL, 4.00%, 8/25/19		129,257			129,847
Series 2010-43, Cl. KG, 3.00%, 1/25/21		63,949			64,461
Series 2011-122, Cl. EC, 1.50%, 1/25/20		155,281			154,770
Series 2011-15, Cl. DA, 4.00%, 3/25/41		264,718			272,657
Series 2011-3, Cl. EL, 3.00%, 5/25/20		311,535			313,019
Series 2011-3, Cl. KA, 5.00%, 4/25/40		798,907			852,341

18        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2011-38, Cl. AH, 2.75%, 5/25/20	$	4,545	$	4,555
Series 2011-6, Cl. BA, 2.75%, 6/25/20		135,712		136,670
Series 2011-82, Cl. AD, 4.00%, 8/25/26		149,926		151,835
Series 2011-88, Cl. AB, 2.50%, 9/25/26		73,328		73,545
Series 2012-20, Cl. FD, 1.637% [LIBOR01M+40], 3/25/422		1,106,043		1,107,266
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 35.275%, 11/18/314		352,153		68,907
Series 2001-63, Cl. SD, 36.45%, 12/18/314		10,171		1,941
Series 2001-68, Cl. SC, 23.077%, 11/25/314		7,160		1,359
Series 2001-81, Cl. S, 42.512%, 1/25/324		93,470		18,303
Series 2002-28, Cl. SA, 43.672%, 4/25/324		80,758		15,398
Series 2002-38, Cl. SO, 53.863%, 4/25/324		100,331		18,952
Series 2002-39, Cl. SD, 47.314%, 3/18/324		156,100		31,940
Series 2002-48, Cl. S, 43.99%, 7/25/324		124,743		25,067
Series 2002-52, Cl. SL, 41.316%, 9/25/324		76,989		15,183
Series 2002-53, Cl. SK, 47.516%, 4/25/324		97,305		20,352
Series 2002-56, Cl. SN, 45.638%, 7/25/324		171,080		34,378
Series 2002-65, Cl. SC, 70.772%, 6/25/264		319,782		51,582
Series 2002-77, Cl. IS, 48.49%, 12/18/324		170,934		38,519
Series 2002-77, Cl. SH, 43.425%, 12/18/324		133,045		27,527
Series 2002-89, Cl. S, 44.605%, 1/25/334		960,295		209,006
Series 2002-9, Cl. MS, 39.079%, 3/25/324		134,700		26,312
Series 2003-13, Cl. IO, 41.338%, 3/25/334		729,443		177,189
Series 2003-26, Cl. DI, 36.759%, 4/25/334		456,499		106,710
Series 2003-26, Cl. IK, 43.219%, 4/25/334		80,000		18,747
Series 2003-33, Cl. SP, 99.999%, 5/25/334		406,494		94,845
Series 2003-4, Cl. S, 39.916%, 2/25/334		196,939		44,691
Series 2003-46, Cl. IH, 0.00%, 6/25/234,5		59,871		6,218
Series 2004-56, Cl. SE, 21.617%, 10/25/334		437,327		85,236
Series 2005-12, Cl. SC, 25.802%, 3/25/354		36,976		5,720
Series 2005-14, Cl. SE, 43.808%, 3/25/354		278,291		41,928
Series 2005-40, Cl. SA, 99.999%, 5/25/354		1,676,292		250,327
Series 2005-40, Cl. SB, 99.999%, 5/25/354		735,073		99,045
Series 2005-52, Cl. JH, 20.951%, 5/25/354		899,058		140,519
Series 2006-90, Cl. SX, 99.999%, 9/25/364		1,735,944		290,740
Series 2007-88, Cl. XI, 26.88%, 6/25/374		2,749,040		471,550
Series 2008-55, Cl. SA, 0.00%, 7/25/384,5		137,446		14,666
Series 2009-8, Cl. BS, 0.00%, 2/25/244,5		15,692		725
Series 2010-95, Cl. DI, 39.516%, 11/25/204		392,129		10,680
Series 2011-96, Cl. SA, 10.872%, 10/25/414		458,503		79,859
Series 2012-134, Cl. SA, 8.084%, 12/25/424		1,304,570		269,730
Series 2012-40, Cl. PI, 5.516%, 4/25/414		3,390,462		510,062
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29		2,586		483
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/224,5		2,562,676		7,458

19        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 1995-2B, Cl. 2IO, 0.00%, 6/15/254,5	$	264,574	$	5,118
Series 1995-3, Cl. 1IO, 0.00%, 9/15/254,5		8,539,125		19,909
				453,556,765
GNMA/Guaranteed—1.6%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		376,122		399,103
8.00%, 1/15/28-9/15/28		267,686		285,399
Government National Mortgage Assn. II Pool:
2.125% [H15T1Y+150], 7/20/272		2,586		2,679
3.50%, 10/1/476		29,470,000		30,630,382
4.00%, 10/1/476		39,835,000		41,946,567
7.00%, 1/20/30		59,662		69,902
11.00%, 10/20/19		520		522
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17, Cl. AI, 47.728%, 4/16/374		1,120,431		202,330
Series 2011-52, Cl. HS, 25.563%, 4/16/414		1,993,176		300,168
				73,837,052
Non-Agency—10.2%
Commercial—4.0%
BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 2.69% [H15T1Y+210], 9/26/351,2		148,963		149,977
Series 2012-RR6, Cl. RR6, 2.054%, 11/26/361		211,012		190,857
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/243,4,5,7		88,531		2,269
CD Commercial Mortgage Trust:
Series 2016-CD2, Cl. AM, 3.668%, 11/10/498		1,000,000		1,031,133
Series 2017-CD3, Cl. AS, 3.833%, 2/10/50		1,270,000		1,328,230
COMM Mortgage Trust:
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461		2,825,000		2,847,482
Series 2013-CR7, Cl. D, 4.427%, 3/10/461,8		8,505,000		6,766,556
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		70,000		73,415
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		690,000		731,082
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		4,914,694
Series 2015-CR23, Cl. AM, 3.801%, 5/10/48		3,210,000		3,316,902
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 26.185%, 12/10/454		8,510,368		491,952
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49		1,775,000		1,800,948
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.456% [US0001M+22], 7/22/361,2		920,000		870,499
FREMF Mortgage Trust:
Series 2011-K702, Cl. B, 4.93%, 4/25/441,8		395,000		398,896
Series 2012-K20, Cl. C, 4.005%, 5/25/451,8		12,875,000		13,028,926
Series 2013-K25, Cl. C, 3.744%, 11/25/451,8		1,975,000		1,966,700
Series 2013-K26, Cl. C, 3.722%, 12/25/451,8		335,000		333,907
Series 2013-K27, Cl. C, 3.615%, 1/25/461,8		4,187,000		4,150,492

20        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
FREMF Mortgage Trust: (Continued)
Series 2013-K28, Cl. C, 3.61%, 6/25/461,8	$	7,865,000	$	7,790,429
Series 2013-K29, Cl. C, 3.601%, 5/25/461,8		4,700,000		4,641,181
Series 2013-K712, Cl. C, 3.481%, 5/25/451,8		660,000		666,120
Series 2013-K713, Cl. C, 3.274%, 4/25/461,8		420,000		421,786
Series 2014-K41, Cl. B, 3.962%, 11/25/471,8		7,635,000		7,820,900
Series 2014-K714, Cl. C, 3.98%, 1/25/471,8		200,000		202,371
Series 2014-K715, Cl. C, 4.266%, 2/25/461,8		25,000		25,479
Series 2015-K44, Cl. B, 3.81%, 1/25/481,8		7,345,000		7,412,564
Series 2015-K45, Cl. B, 3.714%, 4/25/481,8		13,050,000		13,092,198
Series 2015-K721, Cl. B, 3.681%, 11/25/471,8		3,970,000		3,997,690
Series 2017-K62, Cl. B, 4.004%, 1/25/501,8		6,522,000		6,673,764
Series 2017-K724, Cl. B, 3.601%, 11/25/231,8		4,465,000		4,445,241
GS Mortgage Securities Trust, Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		423,771
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		2,345,000		2,385,019
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		2,395,000		2,576,692
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		310,000		312,996
Series 2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,764,413
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.52%, 7/25/358		244,109		250,923
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.386%, 7/26/361,8		11,963,688		11,451,218
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24, Cl. B, 4.116%, 11/15/478		1,655,000		1,697,458
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		6,680,000		6,993,563
Series 2014-C26, Cl. AS, 3.80%, 1/15/48		3,770,000		3,885,023
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49		1,755,000		1,755,157
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,7,8		60,714		47,662
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,599,130
Series 2014-C14, Cl. B, 4.796%, 2/15/478		680,000		728,276
Series 2016-C30, Cl. AS, 3.175%, 9/15/49		2,865,000		2,815,943
Morgan Stanley Re-Remic Trust:
Series 2012-R3, Cl. 1A, 2.754%, 11/26/361,8		933,077		927,913
Series 2012-R3, Cl. 1B, 2.754%, 11/26/361,8		12,374,546		11,347,374
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.078%, 6/26/461,8		157,960		158,502
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.372%, 8/25/348		9,099,072		9,157,441
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.055%, 5/10/631,8		7,532,194		6,332,556
Wells Fargo Commercial Mortgage Trust:
Series 2015-C29, Cl. AS, 4.013%, 6/15/488		2,090,000		2,191,523
Series 2016-C37, Cl. AS, 4.018%, 12/15/49		2,465,000		2,596,030
WF-RBS Commercial Mortgage Trust:
Series 2012-C7, Cl. E, 4.981%, 6/15/451,8		660,000		554,896
Series 2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,851,613

21        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
WF-RBS Commercial Mortgage Trust: (Continued)
Series 2014-C20, Cl. AS, 4.176%, 5/15/47	$	1,455,000	$	1,532,610
Series 2014-LC14, Cl. AS, 4.351%, 3/15/478		1,135,000		1,210,894
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 32.62%, 3/15/441,4		15,937,660		532,755
				178,665,991
Residential—6.2%
Bear Stearns ARM Trust:
Series 2005-2, Cl. A1, 3.26% [H15T1Y+245], 3/25/352		391,102		395,847
Series 2006-1, Cl. A1, 2.91% [H15T1Y+225], 2/25/362		76,693		76,994
Chase Funding Trust, Series 2003-2, Cl. 2A2, 1.797% [US0001M+56], 2/25/332		15,989		15,101
CHL Mortgage Pass-Through Trust:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		1,669,634		1,667,408
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		1,581,803		1,589,197
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 3.27%, 5/25/358		2,156,784		2,168,256
Series 2006-AR1, Cl. 1A1, 3.21% [H15T1Y+240], 10/25/352		607,373		610,778
Series 2009-8, Cl. 7A2, 3.177%, 3/25/361,8		29,534,922		28,354,665
Series 2012-8, Cl. 1A1, 3.386%, 10/25/351,8		517,089		520,383
Series 2014-8, Cl. 1A2, 1.526% [US0001M+29], 7/20/361,2		1,635,000		1,570,311
Connecticut Avenue Securities:
Series 2014-C02, Cl. 1M1, 2.187% [US0001M+95], 5/25/242		1,011,618		1,015,570
Series 2014-C02, Cl. 2M1, 2.187% [US0001M+95], 5/25/242		167,159		167,298
Series 2014-C03, Cl. 1M1, 2.437% [US0001M+120], 7/25/242		469,584		470,124
Series 2014-C03, Cl. 1M2, 4.237% [US0001M+300], 7/25/242		2,330,000		2,454,945
Series 2014-C03, Cl. 2M1, 2.437% [US0001M+120], 7/25/242		37,559		37,578
Series 2015-C03, Cl. 1M2, 6.237% [US0001M+500], 7/25/252		4,129,001		4,569,549
Series 2015-C04, Cl. 1M1, 2.837% [US0001M+160], 4/25/282		59,343		59,361
Series 2016-C03, Cl. 1M1, 3.237% [US0001M+200], 10/25/282		244,869		249,059
Series 2016-C06, Cl. 1M2, 5.487% [US0001M+425], 4/25/292		10,705,000		11,806,355
Series 2016-C07, Cl. 2M1, 2.537% [US0001M+130], 5/25/292		1,497,564		1,505,073
Series 2016-C07, Cl. 2M2, 5.587% [US0001M+435], 5/25/292		13,370,000		14,552,753
Series 2017-C01, Cl. 1M2, 4.787% [US0001M+355], 7/25/292		11,610,000		12,258,247
Series 2017-C02, Cl. 2M1, 2.387% [US0001M+115], 9/25/292		2,599,713		2,618,648
Series 2017-C02, Cl. 2M2, 4.887% [US0001M+365], 9/25/292		4,030,000		4,268,495

22        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Residential (Continued)
Connecticut Avenue Securities: (Continued)
Series 2017-C03, Cl. 1M1, 2.187% [US0001M+95], 10/25/292	$	1,741,680	$	1,750,469
Series 2017-C04, Cl. 2M2, 4.087% [US0001M+285], 11/25/292		9,095,000		9,229,950
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 1.464% [US0001M+23], 12/15/352		91,867		82,497
Series 2006-H, Cl. 2A1A, 1.384% [US0001M+15], 11/15/362		64,217		47,938
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.536%, 7/25/358		390,176		393,092
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/358		421,187		428,668
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.547% [US0001M+31], 7/25/352		74,232		74,295
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.337% [US0001M+10], 8/25/362		3,933,094		2,047,399
Merrill Lynch Mortgage Investors Trust, Series 2005-A1, Cl. 2A1, 3.192%, 12/25/348		84,281		86,178
RALI Trust:
Series 2005-QA4, Cl. A32, 3.847%, 4/25/358		7,495		141
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		64,557		57,785
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35		5,341,719		5,104,288
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2, Cl. M2, 5.487% [US0001M+425], 11/25/232		2,535,000		2,790,490
Series 2014-DN1, Cl. M3, 5.737% [US0001M+450], 2/25/242		2,085,000		2,397,427
Series 2014-DN2, Cl. M3, 4.837% [US0001M+360], 4/25/242		555,000		607,099
Series 2014-DN4, Cl. M3, 5.787% [US0001M+455], 10/25/242		14,292,685		15,499,745
Series 2014-HQ2, Cl. M3, 4.987% [US0001M+375], 9/25/242		18,815,000		21,111,740
Series 2015-HQA2, Cl. M2, 4.037% [US0001M+280], 5/25/282		1,251,106		1,292,561
Series 2016-DNA1, Cl. M2, 4.137% [US0001M+290], 7/25/282		1,275,000		1,317,805
Series 2016-DNA2, Cl. M1, 2.487% [US0001M+125], 10/25/282		1,244,387		1,245,555
Series 2016-DNA2, Cl. M3, 5.887% [US0001M+465], 10/25/282		10,693,000		12,001,064
Series 2016-DNA3, Cl. M1, 2.337% [US0001M+110], 12/25/282		1,229,608		1,232,645
Series 2016-DNA3, Cl. M3, 6.237% [US0001M+500], 12/25/282		7,155,000		8,162,858
Series 2016-DNA4, Cl. M1, 2.037% [US0001M+80], 3/25/292		957,941		958,690
Series 2016-DNA4, Cl. M3, 5.037% [US0001M+380], 3/25/292		13,920,000		15,061,737
Series 2016-HQA2, Cl. M1, 2.437% [US0001M+120], 11/25/282		693,603		694,422

23        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Residential (Continued)
Structured Agency Credit Risk Debt Nts.: (Continued)
Series 2016-HQA3, Cl. M1, 2.037% [US0001M+80], 3/25/292		$	3,561,477	$	3,568,865
Series 2016-HQA3, Cl. M3, 5.087% [US0001M+385], 3/25/292			15,820,000		17,184,216
Series 2016-HQA4, Cl. M1, 2.037% [US0001M+80], 4/25/292			2,480,674		2,482,079
Series 2016-HQA4, Cl. M3, 5.137% [US0001M+390], 4/25/292			9,480,000		10,297,393
Series 2017-DNA1, Cl. M2, 4.487% [US0001M+325], 7/25/292			11,970,000		12,525,521
Series 2017-HQA1, Cl. M1, 2.437% [US0001M+120], 8/25/292			2,350,994		2,370,764
Series 2017-HQA1, Cl. M2, 4.787% [US0001M+355], 8/25/292			13,575,000		14,271,281
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 3.015%, 10/25/338			132,894		136,543
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 3.119%, 2/25/358			2,992,788		3,056,128
Series 2005-AR15, Cl. 1A2, 3.561%, 9/25/358			634,359		616,127
Series 2005-AR15, Cl. 1A6, 3.561%, 9/25/358			6,274,207		6,049,714
Series 2005-AR4, Cl. 2A2, 3.335%, 4/25/358			180,357		181,404
Series 2006-AR10, Cl. 1A1, 3.304%, 7/25/368			528,532		515,695
Series 2006-AR10, Cl. 5A5, 3.386%, 7/25/368			1,034,404		1,043,308
Series 2006-AR2, Cl. 2A3, 3.177%, 3/25/368			3,830,092		3,864,593
Series 2006-AR7, Cl. 2A4, 3.332%, 5/25/368			2,560,878		2,473,754
Series 2006-AR8, Cl. 2A1, 3.41%, 4/25/368			2,055,628		2,080,884
					279,396,802
Total Mortgage-Backed Obligations (Cost $961,852,739)					985,456,610
Foreign Government Obligations—11.6%
Angola—0.1%
Republic of Angola, 9.50% Sr. Unsec. Nts., 11/12/251			3,490,000		3,757,980
Argentina—0.4%
Argentine Republic:
5.375% Sr. Unsec. Nts., 1/20/231	EUR		1,215,000		1,479,402
6.50% Sr. Unsec. Nts., 2/15/231			1,555,000		1,643,106
6.875% Sr. Unsec. Nts., 1/26/27			2,100,000		2,271,150
7.125% Sr. Unsec. Nts., 6/28/171			570,000		570,285
7.50% Sr. Unsec. Nts., 4/22/26			1,685,000		1,895,625
7.625% Sr. Unsec. Nts., 4/22/46			2,130,737		2,370,445
7.875% Sr. Unsec. Nts., 6/15/271			2,315,000		2,514,785
9.125% Sr. Unsec. Nts., 3/16/241			1,540,000		1,774,850
16.00% Bonds, 10/17/23	ARS		25,715,000		1,550,326
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		1,536,729
					17,606,703

24        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Belarus—0.0%
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/231		$	1,455,000	$	1,568,090
Brazil—0.8%
Federative Republic of Brazil:
6.00% Sr. Unsec. Nts., 4/7/26			3,535,000		3,932,687
10.00% Unsec. Nts., 1/1/19	BRL		72,700,000		23,686,863
17.517% Unsec. Nts., 5/15/4513	BRL		5,100,000		5,459,330
17.546% Unsec. Nts., 5/15/5513	BRL		4,665,000		5,117,201
					38,196,081
Chile—0.2%
Republic of Chile, 4.50% Bonds, 3/1/21	CLP		6,931,500,000		11,127,614
Colombia—0.3%
Republic of Colombia:
4.00% Sr. Unsec. Nts., 2/26/24			1,060,000		1,105,845
6.125% Sr. Unsec. Nts., 1/18/41			5,585,000		6,581,923
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000		6,085,789
					13,773,557
Croatia—0.2%
Republic of Croatia:
3.875% Sr. Unsec. Nts., 5/30/22	EUR		4,065,000		5,419,437
6.75% Sr. Unsec. Nts., 11/5/191			3,475,000		3,769,232
					9,188,669
Dominican Republic—0.2%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/271			5,660,000		6,098,650
6.85% Sr. Unsec. Nts., 1/27/451			2,825,000		3,167,531
					9,266,181
Ecuador—0.2%
Republic of Ecuador:
9.625% Sr. Unsec. Nts., 6/2/271			1,025,000		1,078,813
9.65% Sr. Unsec. Nts., 12/13/261			2,850,000		3,021,000
10.75% Sr. Unsec. Nts., 3/28/221			4,265,000		4,776,800
					8,876,613
Egypt—0.2%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/221			2,855,000		2,960,010
8.50% Sr. Unsec. Nts., 1/31/471			4,270,000		4,773,211
					7,733,221
Gabon—0.1%
Gabonese Republic, 6.375% Bonds, 12/12/241			4,735,000		4,639,244

25        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Honduras—0.1%
Republic of Honduras, 8.75% Sr. Unsec. Nts., 12/16/201		$	3,350,000	$	3,830,189
Hungary—0.3%
Hungary:
5.75% Sr. Unsec. Nts., 11/22/23			6,491,000		7,533,253
Series 25/B, 5.50% Bonds, 6/24/25	HUF		1,211,000,000		5,653,261
					13,186,514
India—0.3%
Republic of India, 8.20% Sr. Unsec. Nts., 9/24/25	INR		734,400,000		12,095,035
Indonesia—1.0%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			1,655,000		1,760,506
4.55% Sr. Unsec. Nts., 3/29/261			2,755,000		2,937,519
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/251	EUR		845,000		1,103,978
3.70% Sr. Unsec. Nts., 1/8/221			2,065,000		2,144,895
3.75% Sr. Unsec. Nts., 6/14/281	EUR		1,380,000		1,827,534
3.85% Sr. Unsec. Nts., 7/18/271			2,895,000		2,980,443
4.125% Sr. Unsec. Nts., 1/15/251			1,010,000		1,062,492
4.75% Sr. Unsec. Nts., 7/18/471			2,895,000		3,055,924
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		114,495,000,000		9,133,010
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		210,905,000,000		17,804,178
					43,810,479
Iraq—0.1%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/281			1,570,000		1,472,895
6.752% Sr. Unsec. Nts., 3/9/231			2,890,000		2,879,891
					4,352,786
Ivory Coast—0.2%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/251	EUR		2,985,000		3,660,814
5.75% Sr. Unsec. Nts., 12/31/32			2,033,255		1,992,574
6.125% Sr. Unsec. Nts., 6/15/331			3,495,000		3,455,618
					9,109,006
Jamaica—0.1%
Commonwealth of Jamaica:
7.875% Sr. Unsec. Nts., 7/28/45			2,875,000		3,550,625
8.00% Sr. Unsec. Nts., 3/15/39			1,140,000		1,415,025
					4,965,650
Kazakhstan—0.1%
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/441			2,790,000		2,862,972

26        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Lebanon—0.0%
Lebanese Republic, 6.10% Sr. Unsec. Nts., 10/4/22		$	1,430,000	$	1,433,017
Malaysia—0.2%
Malaysia, 5.734% Sr. Unsec. Nts., 7/30/19	MYR		35,697,000		8,820,697
Mexico—0.4%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		8,839,905
Series M20, 10.00% Bonds, 12/5/24	MXN		171,380,000		11,152,876
					19,992,781
Peru—0.2%
Republic of Peru:
5.70% Unsec. Nts., 8/12/241	PEN		14,655,000		4,769,932
8.20% Sr. Unsec. Nts., 8/12/261	PEN		9,165,000		3,474,252
					8,244,184
Poland—0.3%
Republic of Poland:
2.25% Bonds, 4/25/22	PLN		37,200,000		10,034,438
2.50% Bonds, 7/25/27	PLN		18,350,000		4,669,881
					14,704,319
Romania—0.4%
Romania:
2.375% Sr. Unsec. Nts., 4/19/271	EUR		2,945,000		3,555,523
3.875% Sr. Unsec. Nts., 10/29/351	EUR		985,000		1,238,070
4.875% Sr. Unsec. Nts., 1/22/241			3,575,000		3,948,945
5.95% Bonds, 6/11/21	RON		25,540,000		7,325,137
					16,067,675
Russia—1.7%
Russian Federation:
Series 6208, 7.50% Bonds, 2/27/19	RUB		2,560,730,000		44,527,563
Series 6209, 7.60% Bonds, 7/20/22	RUB		480,415,000		8,402,747
Series 6211, 7.00% Bonds, 1/25/23	RUB		805,490,000		13,692,770
Series 6217, 7.50% Bonds, 8/18/21	RUB		674,770,000		11,740,482
					78,363,562
Senegal—0.1%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/241			1,570,000		1,681,282
6.25% Unsec. Nts., 5/23/331			1,470,000		1,515,996
					3,197,278
Serbia—0.2%
Republic of Serbia:
5.25% Sr. Unsec. Nts., 11/21/171			2,970,000		2,984,090

27        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Serbia (Continued)
Republic of Serbia: (Continued) 5.875% Unsec. Nts., 12/3/181		$	6,100,000	$	6,332,202
					9,316,292
South Africa—1.1%
Republic of South Africa:
Series 2023, 7.75% Bonds, 2/28/23	ZAR		62,500,000		4,585,874
Series 2037, 8.50% Bonds, 1/31/37	ZAR		94,715,000		6,306,678
Series 2048, 8.75% Bonds, 2/28/48	ZAR		25,700,000		1,717,704
Series R186, 10.50% Bonds, 12/21/26	ZAR		469,800,000		38,958,691
					51,568,947
Sri Lanka—0.3%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/221			3,210,000		3,422,091
6.00% Sr. Unsec. Nts., 1/14/191			4,380,000		4,528,114
6.20% Sr. Unsec. Nts., 5/11/271			1,180,000		1,240,096
6.25% Sr. Unsec. Nts., 10/4/201			1,445,000		1,543,094
6.85% Sr. Unsec. Nts., 11/3/251			1,315,000		1,446,863
					12,180,258
Thailand—0.1%
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		176,600,000		5,328,867
Turkey—0.6%
Republic of Turkey:
5.75% Sr. Unsec. Nts., 5/11/47			2,860,000		2,817,872
8.80% Bonds, 11/14/18	TRY		30,930,000		8,438,809
9.00% Bonds, 7/24/24	TRY		5,500,000		1,422,873
10.60% Bonds, 2/11/26	TRY		14,000,000		3,862,663
11.00% Bonds, 3/2/22	TRY		18,230,000		5,157,479
11.00% Bonds, 2/24/27	TRY		11,000,000		3,150,650
					24,850,346
Ukraine—0.8%
Ukraine:
7.375% Sr. Unsec. Nts., 9/25/321			12,215,000		11,921,229
7.75% Sr. Unsec. Nts., 9/1/20			2,835,000		3,011,649
7.75% Sr. Unsec. Nts., 9/1/22			2,960,000		3,146,835
7.75% Sr. Unsec. Nts., 9/1/23			6,565,000		6,903,097
7.75% Sr. Unsec. Nts., 9/1/24			4,350,000		4,551,188
7.75% Sr. Unsec. Nts., 9/1/25			5,780,000		5,996,617
					35,530,615
Uruguay—0.2%
Oriental Republic of Uruguay:
5.10% Sr. Unsec. Nts., 6/18/50			8,395,000		8,873,515

28        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Uruguay (Continued)
Oriental Republic of Uruguay: (Continued)
9.875% Sr. Unsec. Nts., 6/20/221	UYU		36,445,000	$	1,361,475
					10,234,990
Vietnam—0.1%
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/241			3,120,000		3,338,419
Total Foreign Government Obligations (Cost $506,992,965)					523,118,831
Corporate Loans—0.2%
Caesars Entertainment Resort Properties LLC, Sr. Sec.
Credit Facilities 1st Lien Term Loan, Tranche B, 4.735% [LIBOR12+350], 10/11/202			2,973,182		2,978,945
Clear Channel Communications, Inc., Extended Sr. Sec.
Credit Facilities 1st Lien Term Loan, Tranche D, 8.083% [LIBOR4+675], 1/30/192,6			2,135,000		1,652,490
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.481% [LIBOR12+325], 10/25/202			3,581,443		2,680,488
Total Corporate Loans (Cost $7,635,812)					7,311,923
Corporate Bonds and Notes—45.3%
Consumer Discretionary—8.6%
Auto Components—0.3%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/251			3,630,000		3,711,675
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/261			650,000		666,250
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261			3,645,000		3,945,712
Goodyear Tire & Rubber Co. (The), 5% Sr. Unsec. Nts., 5/31/26			1,940,000		2,029,725
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375% Sr. Sec. Nts., 12/15/231			1,635,000		1,778,063
Lear Corp., 3.80% Sr. Unsec. Nts., 9/15/27			1,476,000		1,472,772
Tenneco, Inc., 5% Sr. Unsec. Nts., 7/15/26			1,460,000		1,500,150
					15,104,347
Automobiles—0.5%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/221			1,370,000		1,474,298
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/201			2,150,000		2,152,983
8.50% Sr. Unsec. Unsub. Nts., 1/18/31			1,421,000		2,128,712
Ford Motor Credit Co. LLC:
2.425% Sr. Unsec. Nts., 6/12/20			1,649,000		1,649,942
3.664% Sr. Unsec. Nts., 9/8/24			2,957,000		2,970,505
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43			1,110,000		1,272,247
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22			2,228,000		2,247,532
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45			760,000		805,696

29        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Automobiles (Continued)
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191	$	2,678,000	$	2,639,466
Nissan Motor Acceptance Corp., 2.15% Sr. Unsec. Nts., 9/28/201		1,561,000		1,563,156
Volkswagen Group of America Finance LLC, 1.60% Sr. Unsec. Nts., 11/20/171		2,855,000		2,855,122
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/251		1,866,000		1,975,628
				23,735,287
Distributors—0.1%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		4,199,000		4,372,209
Diversified Consumer Services—0.1%
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20		1,990,000		1,781,050
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24		1,860,000		1,983,225
				3,764,275
Hotels, Restaurants & Leisure—2.1%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		2,150,000		2,163,438
5.00% Sec. Nts., 10/15/251,6		3,555,000		3,634,988
6.00% Sec. Nts., 4/1/221		1,596,000		1,647,272
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		2,190,000		2,311,326
5.00% Sr. Unsec. Nts., 4/1/251		1,283,000		1,376,017
Boyd Gaming Corp.:
6.375% Sr. Unsec. Nts., 4/1/26		690,000		754,687
6.875% Sr. Unsec. Nts., 5/15/23		1,835,000		1,969,194
CEC Entertainment, Inc., 8% Sr. Unsec. Nts., 2/15/22		2,580,000		2,689,650
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21		1,245,000		1,290,131
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25% Sr. Unsec. Nts., 10/15/251,6		3,560,000		3,560,000
Eldorado Resorts, Inc., 6% Sr. Unsec. Nts., 4/1/25		1,800,000		1,899,360
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241		1,070,000		1,126,175
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/251		3,910,000		3,988,200
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/24		1,455,000		1,487,737
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/241		3,630,000		3,993,907
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		6,310,000		7,007,255
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		3,570,000		3,686,025
5.25% Sr. Unsec. Nts., 6/1/261		2,915,000		3,097,187
Landry’s, Inc., 6.75% Sr. Unsec. Nts., 10/15/241		5,485,000		5,560,419
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22		1,171,000		1,194,221
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251		3,750,000		3,776,311

30        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24	$	3,510,000	$	3,820,916
MGM Resorts International:
6.00% Sr. Unsec. Nts., 3/15/23		3,630,000		4,011,150
6.625% Sr. Unsec. Nts., 12/15/21		3,430,000		3,867,325
Mohegan Gaming & Entertainment, 7.875% Sr. Unsec. Nts., 10/15/241		2,255,000		2,418,487
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		3,600,000		3,744,000
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201		1,635,000		1,606,388
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/081,7,9		14,750,000		—
Scientific Games International, Inc., 10% Sr. Unsec. Nts., 12/1/22		4,828,000		5,365,115
Silversea Cruise Finance Ltd., 7.25% Sr. Sec. Nts., 2/1/251		1,445,000		1,553,375
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241		1,455,000		1,484,100
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/251		3,585,000		3,531,225
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271		1,420,000		1,428,449
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25% Sr. Unsec. Nts., 5/15/271		1,075,000		1,096,489
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		355,000		362,544
5.50% Sr. Unsec. Nts., 10/1/271		355,000		360,991
				92,864,054
Household Durables—1.3%
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/253		2,890,000		3,142,875
AV Homes, Inc., 6.625% Sr. Unsec. Nts., 5/15/22		3,585,000		3,701,512
Beazer Homes USA, Inc.:
5.875% Sr. Unsec. Nts., 10/15/271,6		2,485,000		2,491,212
6.75% Sr. Unsec. Nts., 3/15/25		3,570,000		3,777,417
7.25% Sr. Unsec. Nts., 2/1/23		2,410,000		2,518,450
8.75% Sr. Unsec. Nts., 3/15/22		2,270,000		2,519,700
K Hovnanian Enterprises, Inc., 10% Sec. Nts., 7/15/221		1,425,000		1,482,000
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23		3,085,000		3,543,739
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		240,000		247,747
4.75% Sr. Unsec. Nts., 5/30/25		6,839,000		7,172,401
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/251		2,135,000		2,191,044
Mattamy Group Corp., 6.50% Sr. Unsec. Nts., 10/1/251		710,000		731,300
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20		1,210,000		1,337,050
Newell Brands, Inc.:
2.15% Sr. Unsec. Nts., 10/15/18		1,170,000		1,174,637
5.00% Sr. Unsec. Nts., 11/15/23		1,900,000		2,026,372
5.50% Sr. Unsec. Nts., 4/1/46		722,000		855,482
PulteGroup, Inc.:
5.00% Sr. Unsec. Nts., 1/15/27		3,662,000		3,822,213
5.50% Sr. Unsec. Nts., 3/1/26		2,195,000		2,401,659

31        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Household Durables (Continued)
PulteGroup, Inc.: (Continued) 6.00% Sr. Unsec. Nts., 2/15/35	$	245,000	$	256,638
Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/231		735,000		780,019
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/233		3,050,000		3,248,250
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		4,197,000		4,401,604
4.875% Sr. Unsec. Nts., 3/15/27		835,000		864,309
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17		840,000		840,046
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		2,891,000		2,970,503
				58,498,179
Internet & Catalog Retail—0.1%
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44		771,000		893,348
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		4,255,000		4,321,129
				5,214,477
Leisure Equipment & Products—0.1%
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18		1,942,000		1,939,328
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26		3,695,000		3,809,615
				5,748,943
Media—2.8%
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46		961,000		1,027,954
Altice Financing SA, 6.50% Sec. Nts., 1/15/221		3,800,000		3,961,500
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		1,905,000		2,066,925
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		2,185,000		2,157,687
5.875% Sr. Sub. Nts., 11/15/26		2,175,000		2,142,375
6.125% Sr. Sub. Nts., 5/15/27		1,440,000		1,429,200
AMC Networks, Inc., 4.75% Sr. Unsec. Nts., 8/1/25		1,425,000		1,442,812
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		3,538,000		4,024,475
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251		725,000		790,467
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.00% Sr. Unsec. Nts., 2/1/281		2,845,000		2,859,225
5.125% Sr. Unsec. Nts., 5/1/271		2,881,000		2,927,816
5.75% Sr. Unsec. Nts., 2/15/261		3,250,000		3,420,625
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/201		1,351,000		1,383,086
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/471		1,429,000		1,484,158
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		1,460,000		1,481,900
Clear Channel International BV, 8.75% Sr. Unsec. Nts., 12/15/201		710,000		749,050
Clear Channel Worldwide Holdings, Inc.:
Series B, 6.50% Sr. Unsec. Nts., 11/15/22		4,115,000		4,259,025
Series B, 7.625% Sr. Sub. Nts., 3/15/20		5,490,000		5,441,962

32        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Media (Continued)
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22	$	2,216,000	$	2,946,863
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		3,305,000		3,350,444
5.50% Sr. Unsec. Nts., 4/15/271		2,180,000		2,272,650
10.875% Sr. Unsec. Nts., 10/15/251		2,070,000		2,564,213
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		8,445,000		8,879,495
7.75% Sr. Unsec. Nts., 7/1/26		715,000		822,250
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		2,170,000		2,186,275
5.875% Sr. Unsec. Nts., 7/15/261		4,790,000		4,945,675
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19		4,005,000		3,073,837
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24		842,000		885,482
Lions Gate Entertainment Corp., 5.875% Sr. Unsec. Nts., 11/1/241		3,685,000		3,887,675
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		705,000		713,813
Myriad International Holdings BV, 4.85% Sr. Unsec. Nts., 7/6/271		1,450,000		1,502,925
Nexstar Broadcasting, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		2,815,000		2,920,563
Salem Media Group, Inc., 6.75% Sr. Sec. Nts., 6/1/241		2,120,000		2,215,400
SFR Group SA, 6% Sr. Sec. Nts., 5/15/221		2,425,000		2,537,156
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		2,740,000		2,818,775
Sirius XM Radio, Inc.:
3.875% Sr. Unsec. Nts., 8/1/221		1,210,000		1,243,517
5.375% Sr. Unsec. Nts., 7/15/261		2,910,000		3,070,050
Sky plc:
3.75% Sr. Unsec. Nts., 9/16/241		1,253,000		1,287,138
6.10% Sr. Unsec. Nts., 2/15/181		936,000		951,337
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241		1,780,000		1,880,125
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42		1,379,000		1,311,023
Time Warner, Inc., 3.875% Sr. Unsec. Nts., 1/15/26		600,000		610,132
Townsquare Media, Inc., 6.50% Sr. Unsec. Nts., 4/1/231		710,000		723,313
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		1,990,000		2,079,550
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		735,000		751,538
5.125% Sr. Sec. Nts., 2/15/251		5,925,000		5,991,656
Viacom, Inc.:
2.25% Sr. Unsec. Nts., 2/4/22		550,000		526,848
3.45% Sr. Unsec. Nts., 10/4/26		665,000		639,989
4.375% Sr. Unsec. Nts., 3/15/43		1,647,000		1,423,225
Virgin Media Secured Finance plc:
5.25% Sr. Sec. Nts., 1/15/261		1,694,000		1,770,230
5.50% Sr. Sec. Nts., 8/15/261		2,095,000		2,212,844
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/271		5,290,000		5,433,835
				123,480,083

33        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Multiline Retail—0.2%
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23	$	5,981,000	$	6,337,468
Specialty Retail—0.7%
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19		515,000		512,327
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21		1,610,000		1,748,480
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/191		3,600,000		3,694,500
6.75% Sr. Unsec. Nts., 3/15/211		3,860,000		4,033,700
Guitar Center, Inc., 6.50% Sr. Sec. Nts., 4/15/191		1,005,000		917,062
L Brands, Inc.:
5.625% Sr. Unsec. Nts., 2/15/22		2,312,000		2,479,389
6.875% Sr. Unsec. Nts., 11/1/35		6,270,000		6,144,600
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/251		1,425,000		1,483,781
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27		720,000		776,700
PetSmart, Inc.:
5.875% Sr. Sec. Nts., 6/1/251		1,430,000		1,254,825
7.125% Sr. Unsec. Nts., 3/15/231		3,790,000		2,966,812
8.875% Sr. Unsec. Nts., 6/1/251		715,000		569,319
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		1,660,000		1,686,938
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25		1,320,000		1,359,600
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24		1,741,000		1,725,767
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/27		1,800,000		1,854,000
				33,207,800
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		1,250,000		1,307,812
4.875% Sr. Unsec. Nts., 5/15/261		3,793,000		3,958,944
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25		1,762,000		1,865,518
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22		1,182,000		1,211,550
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21		3,995,000		4,129,831
Wrangler Buyer Corp., 6% Sr. Unsec. Nts., 10/1/251		710,000		725,975
				13,199,630
Consumer Staples—2.7%
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc.:
1.90% Sr. Unsec. Nts., 2/1/19		2,878,000		2,886,141
3.65% Sr. Unsec. Nts., 2/1/26		1,366,000		1,415,082
4.90% Sr. Unsec. Nts., 2/1/46		787,000		899,253
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39		1,198,000		1,903,982
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241		2,770,000		2,808,999
Molson Coors Brewing Co.:
1.45% Sr. Unsec. Nts., 7/15/19		1,018,000		1,007,258
2.10% Sr. Unsec. Nts., 7/15/21		2,432,000		2,399,573
4.20% Sr. Unsec. Nts., 7/15/46		347,000		346,909

34        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Beverages (Continued)
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221	$	2,089,000	$	2,246,109
				15,913,306
Food & Staples Retailing—0.7%
Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./
Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24		2,190,000		2,050,387
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231		1,840,000		1,140,800
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		4,205,000		4,131,412
Kroger Co. (The):
2.00% Sr. Unsec. Nts., 1/15/19		114,000		114,226
6.80% Sr. Unsec. Nts., 12/15/18		812,000		858,376
6.90% Sr. Unsec. Nts., 4/15/38		614,000		768,807
New Albertson’s, Inc., 7.45% Sr. Unsec. Nts., 8/1/29		2,195,000		1,712,100
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		5,295,000		5,688,404
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/241		1,460,000		1,511,100
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/231		5,490,000		5,359,613
Simmons Foods, Inc., 7.875% Sec. Nts., 10/1/211		2,575,000		2,736,903
SUPERVALU, Inc.:
6.75% Sr. Unsec. Nts., 6/1/21		2,195,000		2,090,738
7.75% Sr. Unsec. Nts., 11/15/22		1,620,000		1,526,850
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241		365,000		384,163
				30,073,879
Food Products—1.0%
Adecoagro SA, 6% Sr. Unsec. Nts., 9/21/271		1,534,000		1,534,767
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		720,000		736,200
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		1,712,000		1,652,137
8.50% Sr. Unsec. Nts., 6/15/19		2,191,000		2,420,706
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		4,830,000		4,914,525
Dole Food Co., Inc., 7.25% Sr. Sec. Nts., 6/15/251		2,160,000		2,346,300
JBS USA LUX SA/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/251		3,775,000		3,779,719
Kraft Heinz Foods Co.: 3.95% Sr. Unsec. Nts., 7/15/25		1,486,000		1,532,476
4.375% Sr. Unsec. Nts., 6/1/46		1,587,000		1,561,516
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		1,432,000		1,507,180
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/261		1,605,000		1,627,470
Mondelez International Holdings Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191		2,771,000		2,750,824
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251		2,735,000		2,830,725
5.875% Sr. Unsec. Nts., 9/30/271		710,000		729,525
Post Holdings, Inc., 5.75% Sr. Unsec. Nts., 3/1/271		2,135,000		2,209,725
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201		2,628,000		2,638,644
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/241		4,517,000		4,850,129
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27		1,248,000		1,264,314

35        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Food Products (Continued)
WhiteWave Foods Co. (The), 5.375% Sr. Unsec. Nts., 10/1/22	$	2,030,000	$	2,287,766
				43,174,648
Household Products—0.1%
Kronos Acquisition Holdings, Inc., 9% Sr. Unsec. Nts., 8/15/231		1,800,000		1,759,500
Reckitt Benckiser Treasury Services plc, 2.375% Sr. Unsec. Nts., 6/24/221		2,200,000		2,195,336
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		1,115,000		1,200,019
				5,154,855
Personal Products—0.3%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		8,670,000		9,038,475
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22		255,000		274,762
Revlon Consumer Products Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		6,320,000		5,545,800
6.25% Sr. Unsec. Nts., 8/1/24		1,455,000		1,131,263
				15,990,300
Tobacco—0.3%
Altria Group, Inc., 4% Sr. Unsec. Nts., 1/31/24		1,663,000		1,767,316
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/271		1,226,000		1,232,220
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181		2,769,000		2,770,613
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45		881,000		1,081,133
Vector Group Ltd., 6.125% Sr. Sec. Nts., 2/1/251		4,910,000		5,094,125
				11,945,407
Energy—7.8%
Energy Equipment & Services—1.2%
Calfrac Holdings LP, 7.50% Sr. Unsec. Nts., 12/1/201		2,495,000		2,410,794
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25		1,960,000		1,656,200
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/251		720,000		747,000
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45		556,000		611,843
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25		1,403,000		1,485,408
McDermott International, Inc., 8% Sec. Nts., 5/1/211		3,745,000		3,885,437
Noble Holding International Ltd., 7.75% Sr. Unsec. Nts., 1/15/24		2,175,000		1,941,188
Parker Drilling Co., 6.75% Sr. Unsec. Nts., 7/15/22		4,500,000		3,611,250
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/431		2,960,000		3,192,304
6.45% Sr. Unsec. Nts., 5/30/441		7,530,000		8,948,712
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22		4,200,000		3,570,000
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		5,080,000		4,991,100
Schlumberger Holdings Corp.:
1.90% Sr. Unsec. Nts., 12/21/171		2,332,000		2,334,261

36        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Energy Equipment & Services (Continued)
Schlumberger Holdings Corp.: (Continued)
4.00% Sr. Unsec. Nts., 12/21/251	$	1,434,000	$	1,504,963
SESI LLC, 7.75% Sr. Unsec. Nts., 9/15/241		2,135,000		2,215,063
Transocean, Inc., 9% Sr. Unsec. Nts., 7/15/231		3,000,000		3,247,500
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/251		1,085,000		1,019,900
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21		2,675,000		2,695,063
Weatherford International Ltd., 9.875% Sr. Unsec. Nts., 2/15/241		3,571,000		3,945,955
				54,013,941
Oil, Gas & Consumable Fuels—6.6%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875% Sr. Unsec. Nts., 12/15/241		2,125,000		2,305,625
Anadarko Petroleum Corp.:
4.50% Sr. Unsec. Nts., 7/15/44		496,000		473,592
6.20% Sr. Unsec. Nts., 3/15/40		504,000		587,199
Andeavor, 5.125% Sr. Unsec. Nts., 12/15/261		2,247,000		2,469,231
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.25% Sr. Unsec. Nts., 1/15/25		1,884,000		2,025,300
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43		721,000		727,264
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6% Sr. Unsec. Nts., 2/15/251		3,145,000		3,337,631
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241		3,400,000		3,116,100
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25		2,830,000		2,913,315
Bill Barrett Corp.:
7.00% Sr. Unsec. Nts., 10/15/22		3,755,000		3,623,575
8.75% Sr. Unsec. Nts., 6/15/25		1,435,000		1,384,775
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/221		1,680,000		1,751,400
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		1,121,000		1,194,431
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19		2,832,000		2,831,696
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26		663,000		655,055
California Resources Corp., 8% Sec. Nts., 12/15/221		1,803,000		1,178,711
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50% Sr. Unsec. Nts., 4/15/21		5,310,000		5,213,756
Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23		1,205,000		1,229,100
Cenovus Energy, Inc., 5.40% Sr. Unsec. Nts., 6/15/471		246,000		247,458
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/271		1,430,000		1,480,050
7.00% Sr. Sec. Nts., 6/30/24		5,020,000		5,729,075
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		1,435,000		1,449,350
8.00% Sec. Nts., 12/15/221		1,805,000		1,953,912
8.00% Sr. Unsec. Nts., 1/15/251		715,000		723,938
8.00% Sr. Unsec. Nts., 6/15/271,6		710,000		704,675
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19		2,853,000		2,849,146
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		201,825
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance
Corp., 12% Sec. Nts., 11/1/21		4,135,000		4,362,425

37        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Columbia Pipeline Group, Inc.:
3.30% Sr. Unsec. Nts., 6/1/20	$	2,258,000	$	2,312,215
4.50% Sr. Unsec. Nts., 6/1/25		1,166,000		1,247,213
ConocoPhillips Co.:
4.95% Sr. Unsec. Nts., 3/15/26		322,000		363,452
5.95% Sr. Unsec. Nts., 3/15/46		578,000		745,389
CONSOL Energy, Inc.:
5.875% Sr. Unsec. Nts., 4/15/22		1,230,000		1,248,450
8.00% Sr. Unsec. Nts., 4/1/23		1,715,000		1,830,865
Continental Resources, Inc., 5% Sr. Unsec. Nts., 9/15/22		1,535,000		1,565,700
Cosan Ltd., 5.95% Sr. Unsec. Nts., 9/20/241		1,060,000		1,086,765
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		3,980,000		4,079,500
Denbury Resources, Inc.:
4.625% Sr. Sub. Nts., 7/15/23		2,130,000		1,128,900
5.50% Sr. Sub. Nts., 5/1/22		1,822,000		1,052,205
6.375% Sr. Sub. Nts., 8/15/21		2,209,000		1,336,445
9.00% Sec. Nts., 5/15/211		2,975,000		2,919,219
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		713,000		724,051
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		10,000		10,787
7.50% Sr. Sec. Nts., 10/15/20		2,470,000		2,794,187
Energy Transfer LP, 5.30% Sr. Unsec. Nts., 4/15/47		723,000		726,930
EnLink Midstream Partners LP, 4.85% Sr. Unsec. Nts., 7/15/26		681,000		713,569
Enterprise Products Operating LLC:
4.85% Sr. Unsec. Nts., 8/15/42		363,000		397,113
4.90% Sr. Unsec. Nts., 5/15/46		300,000		328,848
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/21		3,560,000		3,804,750
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Unsec. Nts., 9/1/22		1,785,000		1,137,937
8.00% Sr. Sec. Nts., 11/29/241		3,625,000		3,679,375
8.00% Sec. Nts., 2/15/251		2,890,000		2,265,037
9.375% Sr. Unsec. Nts., 5/1/20		1,810,000		1,515,875
EQT Corp., 6.50% Sr. Unsec. Nts., 4/1/18		1,198,000		1,223,490
Extraction Oil & Gas, Inc., 7.375% Sr. Unsec. Nts., 5/15/241		710,000		741,950
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50% Sec. Nts., 4/1/231		3,600,000		3,168,000
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/221		6,835,000		7,173,674
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75% Sr. Unsec. Nts., 2/15/21		1,525,000		1,538,344
6.00% Sr. Unsec. Nts., 5/15/23		2,345,000		2,339,137
6.50% Sr. Unsec. Nts., 10/1/25		2,135,000		2,121,656
Geopark Ltd., 6.50% Sr. Sec. Nts., 9/21/241		1,230,000		1,239,225
Gulfport Energy Corp., 6% Sr. Unsec. Nts., 10/15/24		2,840,000		2,875,500
Halcon Resources Corp.:
6.75% Sr. Unsec. Nts., 2/15/251		1,425,000		1,482,000
12.00% Sec. Nts., 2/15/221		844,000		1,021,240

38        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Holly Energy Partners LP/Holly Energy Finance Corp., 6% Sr. Unsec. Nts., 8/1/241		$	710,000	$	748,162
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23			4,010,000		4,536,200
Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.75% Sr. Unsec. Nts., 4/1/22			6,062,000		4,985,995
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/231			1,295,000		1,320,259
5.75% Sr. Unsec. Nts., 4/19/471			5,580,000		5,515,395
6.375% Sr. Unsec. Nts., 4/9/211			4,505,000		4,935,971
7.00% Sr. Unsec. Nts., 5/5/201			4,125,000		4,506,191
Kinder Morgan, Inc., 5.55% Sr. Unsec. Nts., 6/1/45			2,000,000		2,163,844
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/233			1,300,000		1,371,500
Marathon Oil Corp., 4.40% Sr. Unsec. Nts., 7/15/27			1,265,000		1,293,827
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251			1,435,000		1,402,713
7.00% Sr. Unsec. Nts., 3/31/241			3,925,000		3,385,313
Murphy Oil Corp., 6.875% Sr. Unsec. Nts., 8/15/24			2,120,000		2,265,729
Murray Energy Corp., 11.25% Sec. Nts., 4/15/211			8,680,000		5,208,000
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24			1,485,000		1,600,088
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25			3,595,000		3,361,325
6.875% Sr. Unsec. Nts., 10/15/21			1,770,000		1,778,850
7.50% Sr. Unsec. Nts., 11/1/23			3,050,000		3,050,000
Noble Energy, Inc., 5.05% Sr. Unsec. Nts., 11/15/44			711,000		736,145
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/221			1,585,000		1,633,422
NuStar Logistics LP, 5.625% Sr. Unsec. Nts., 4/28/27			2,155,000		2,278,913
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23			5,755,000		5,870,100
ONEOK Partners LP, 4.90% Sr. Unsec. Nts., 3/15/25			971,000		1,039,692
ONEOK, Inc., 7.50% Sr. Unsec. Nts., 9/1/23			4,070,000		4,881,110
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Sec. Nts., 11/15/23			4,880,000		5,050,800
7.25% Sr. Unsec. Nts., 6/15/251			2,130,000		2,183,250
Peabody Energy Corp.:
6.00% Sr. Sec. Nts., 11/15/187,9,10			3,195,000		3
6.375% Sr. Sec. Nts., 3/31/251			1,440,000		1,485,000
10.00% Sr. Sec. Nts., 3/15/227,9,10			5,950,000		6
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			4,960,000		4,915,360
5.299% Sr. Unsec. Nts., 1/27/251			2,270,000		2,269,433
5.999% Sr. Unsec. Nts., 1/27/281			12,462,000		12,477,578
6.125% Sr. Unsec. Nts., 1/17/22			4,020,000		4,331,550
6.85% Sr. Unsec. Nts., 6/5/15			5,680,000		5,425,820
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/2411	EUR		620,000		780,609
3.75% Sr. Unsec. Nts., 4/16/26	EUR		3,090,000		3,755,004
4.625% Sr. Unsec. Nts., 9/21/23			7,205,000		7,460,057
5.375% Sr. Unsec. Nts., 3/13/221			1,460,000		1,561,762

39        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petroleos Mexicanos: (Continued)
6.375% Sr. Unsec. Nts., 2/4/21	$	2,850,000	$	3,129,329
6.75% Sr. Unsec. Nts., 9/21/471		5,250,000		5,598,600
6.875% Sr. Unsec. Nts., 8/4/26		2,155,000		2,456,700
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25		1,193,000		1,191,990
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/2711		870,000		884,164
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20		6,665,000		6,814,963
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28		1,293,000		1,305,491
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/241		1,935,000		1,964,596
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23		2,845,000		2,460,925
7.75% Sr. Unsec. Nts., 6/15/21		1,245,000		1,185,863
SemGroup Corp./Rose Rock Finance Corp., 5.625% Sr. Unsec. Nts., 11/15/23		1,610,000		1,573,775
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46		875,000		886,672
Southwestern Energy Co., 7.50% Sr. Unsec. Nts., 4/1/26		710,000		738,400
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25		1,440,000		1,468,800
Sunoco Logistics Partners Operations LP, 4% Sr. Unsec. Nts., 10/1/27		1,374,000		1,371,037
Sunoco LP/Sunoco Finance Corp., 6.375% Sr. Unsec. Nts., 4/1/23		2,145,000		2,289,788
SURA Asset Management SA, 4.375% Sr. Unsec. Nts., 4/11/271		2,015,000		2,055,300
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50% Sr. Unsec. Nts., 9/15/241		1,850,000		1,910,125
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/221		980,000		985,635
Ultra Resources, Inc.:
6.875% Sr. Unsec. Nts., 4/15/221		1,080,000		1,102,950
7.125% Sr. Unsec. Nts., 4/15/251		1,415,000		1,430,919
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/261		1,430,000		1,481,838
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/251		1,425,000		1,426,781
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27		1,041,000		1,041,142
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23		3,260,000		3,671,575
YPF SA, 6.95% Sr. Unsec. Nts., 7/21/271		2,915,000		3,102,277
				295,753,214
Financials—8.0%
Capital Markets—2.0%
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241		1,439,000		1,471,283
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271,6		1,020,000		1,007,407
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25		2,590,000		2,665,536
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		1,364,000		1,417,256
Credit Suisse Group AG, 7.125% [USSW5+510.8] Jr. Sub. Perpetual Bonds2,12		1,655,000		1,787,400

40        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Capital Markets (Continued)
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26	$	1,075,000	$	1,155,218
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/231		3,800,000		4,104,000
10.75% Sr. Unsec. Nts., 9/1/241		2,280,000		2,439,600
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/211		4,385,000		4,471,837
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds2,12		4,873,000		5,201,928
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/261		2,900,000		2,989,320
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/241		3,840,000		4,001,472
5.75% Sec. Nts., 1/15/241		2,745,000		2,882,250
7.00% Sr. Unsec. Nts., 12/1/231		5,690,000		6,090,007
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251		4,335,000		4,508,400
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		1,451,000		1,456,343
3.75% Sr. Unsec. Nts., 2/25/26		1,395,000		1,430,062
5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L2,12		1,351,000		1,398,285
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/221		3,465,000		3,731,008
Macquarie Bank Ltd. (London), 6.125% [USSW5+370.3] Jr. Sub. Perpetual Bonds1,2,12		2,097,000		2,175,008
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/221		925,000		942,289
Morgan Stanley:
4.375% Sr. Unsec. Nts., 1/22/47		1,776,000		1,894,305
5.00% Sub. Nts., 11/24/25		2,236,000		2,453,845
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241		1,460,000		1,573,150
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261		2,349,000		2,478,195
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/322		1,097,000		1,098,264
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231		1,460,000		1,614,848
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		1,584,000		1,588,783
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211		1,090,000		1,103,625
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18		2,748,000		2,767,270
Springleaf Finance Corp.:
6.125% Sr. Unsec. Nts., 5/15/22		2,150,000		2,282,333
8.25% Sr. Unsec. Nts., 12/15/20		1,465,000		1,659,113
Staples, Inc., 8.50% Sr. Unsec. Nts., 9/15/251		4,975,000		4,850,625
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27		1,539,000		1,555,881
UBS Group AG, 7.125% [USSW5+588.3]Jr. Sub. Perpetual Bonds2,12		1,925,000		2,089,100
UBS Group Funding Switzerland AG: 4.125% Sr. Unsec. Nts., 4/15/261		926,000		973,223

41        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Capital Markets (Continued)
UBS Group Funding Switzerland AG: (Continued) 4.253% Sr. Unsec. Nts., 3/23/281	$	1,044,000	$	1,096,841
VFH Parent LLC/Orchestra Co.-Issuer, Inc., 6.75% Sec. Nts., 6/15/221		715,000		746,281
				89,151,591
Commercial Banks—3.0%
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/282		2,975,000		3,073,300
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/127,9		1,186,225		—
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Unsec. Nts., 5/19/22		2,529,000		2,533,099
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% [USISDA05+516.8] Jr. Sub. Perpetual Bonds1,2,12		2,350,000		2,661,375
Banco Bilbao Vizcaya Argentaria SA, 9% [USSW5+826.2] Jr. Sub. Perpetual Bonds2,12		2,055,000		2,130,264
Banco Macro SA, 6.75% [USSW5+546.3] Sub. Nts., 11/4/261,2		765,000		809,286
Banco Mercantil del Norte SA (Grand Cayman):
6.875% [H15T5Y+503.5] Jr. Sub. Perpetual Bonds1,2,12		1,161,000		1,237,916
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,12		1,069,000		1,168,951
Banco Santander SA, 6.375% [USSW5+478.8] Jr. Sub. Perpetual Bonds2,12		1,750,000		1,786,449
Bank of America Corp.:
3.248% Sr. Unsec. Nts., 10/21/27		1,928,000		1,890,916
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/282		1,327,000		1,363,785
6.30% [US0003M+455.3] Jr. Sub. Perpetual Bonds2,12		1,662,000		1,882,215
7.75% Jr. Sub. Nts., 5/14/38		1,661,000		2,446,591
8.00% [US0003M+363] Jr. Sub. Perpetual Bonds, Series K2,12		2,012,000		2,043,287
Bank of China Ltd., 5% Sub. Nts., 11/13/241		625,000		672,833
Barclays plc:
4.375% Sr. Unsec. Nts., 1/12/26		2,345,000		2,451,543
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds2,12		2,050,000		2,236,841
BNP Paribas SA:
4.625% Sub. Nts., 3/13/271		1,701,000		1,803,453
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,12		2,045,000		2,252,056
BPCE SA, 4.50% Sub. Nts., 3/15/251		1,690,000		1,756,344
CIT Group, Inc., 5.80% [US0003M+397.2] Jr. Sub. Perpetual Bonds2,12		1,867,000		1,944,014
Citigroup, Inc.:
4.281% [US0003M+183.9] Sr. Unsec. Nts., 4/24/482		2,472,000		2,589,434
4.75% Sub. Nts., 5/18/46		1,221,000		1,331,979
6.125% [US0003M+447.8] Jr. Sub. Perpetual Bonds2,12		1,315,000		1,408,694
Citizens Bank NA (Providence RI):
2.55% Sr. Unsec. Nts., 5/13/21		1,434,000		1,440,883
2.65% Sr. Unsec. Nts., 5/26/22		609,000		609,628
Commonwealth Bank of Australia, 3.15% Sr. Unsec. Nts., 9/19/271		2,000,000		1,983,386

42        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial Banks (Continued)
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22	$	2,546,000	$	2,535,945
Credit Agricole SA, 4.375% Sub. Nts., 3/17/251		2,863,000		2,980,394
Fifth Third Bancorp, 5.10% [US0003M+303.33] Jr. Sub. Perpetual Bonds2,12		695,000		714,113
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		1,456,000		1,497,906
First Republic Bank, 4.375% Sub. Nts., 8/1/46		1,045,000		1,042,173
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/251		1,398,000		1,421,757
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/211		1,735,000		1,780,110
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/271		2,995,000		3,032,438
HSBC Holdings plc:
4.041% [US0003M+154.6] Sr. Unsec. Nts., 3/13/282		1,220,000		1,275,016
6.375% [USISDA05+370.5] Jr. Sub. Perpetual Bonds2,12		2,075,000		2,207,412
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21		1,568,000		1,608,586
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/271		2,018,000		2,029,367
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/282		1,963,000		1,982,428
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/282		3,893,000		3,999,493
6.125% [US0003M+333] Jr. Sub. Perpetual Bonds2,12		1,740,000		1,918,350
7.90% [US0003M+347] Jr. Sub. Perpetual Bonds, Series 12,12		1,980,000		2,041,875
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		3,770,000		3,892,525
Krung Thai Bank PCL (Cayman Islands), 5.20% [H15T5Y+353.5] Sub. Nts., 12/26/242		1,305,000		1,357,171
Lloyds Banking Group plc, 6.413% [US0003M+149.5] Jr. Sub. Perpetual Bonds1,2,12		1,702,000		1,940,280
Manufacturers & Traders Trust Co., 2.50% Sr. Unsec. Nts., 5/18/22		2,185,000		2,193,380
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		2,273,000		2,280,148
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18		1,472,000		1,478,503
Regions Financial Corp., 2.75% Sr. Unsec. Nts., 8/14/22		1,656,000		1,654,516
Royal Bank of Scotland Group plc, 3.498% [US0003M+148] Sr. Unsec. Nts., 5/15/232		1,801,000		1,813,929
Sberbank of Russia Via SB Capital SA, 5.50% [H15T5Y+402.3] Sub. Nts., 2/26/241,2		4,190,000		4,284,841
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,12		2,155,000		2,338,175
Standard Chartered plc:
2.821% [US0003M+151] Jr. Sub. Perpetual Bonds1,2,12		400,000		343,000
7.50% [USSW5+630.1] Jr. Sub. Perpetual Bonds1,2,12		2,195,000		2,348,650
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26		1,100,000		1,088,759
SunTrust Banks, Inc., 5.05% [US0003M+310.2] Jr. Sub. Perpetual Bonds2,12		1,891,000		1,938,275
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/211		720,000		730,800
Turkiye Garanti Bankasi AS, 6.125% [USSW5+422] Sub. Nts., 5/24/271,2		1,650,000		1,656,306
Turkiye Is Bankasi, 6% Sub. Nts., 10/24/221		1,465,000		1,485,944

43        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Banks (Continued)
Turkiye Vakiflar Bankasi TAO:
5.625% Sr. Unsec. Nts., 5/30/221	$	2,635,000	$	2,681,903
6.875% [USSW5+543.9] Sub. Nts., 2/3/251,2		1,365,000		1,397,801
UniCredit SpA, 8% [USSW5+518] Jr. Sub. Perpetual Bonds2,12		1,680,000		1,775,474
US Bancorp:
3.10% Sub. Nts., 4/27/26		1,465,000		1,459,201
3.15% Sr. Unsec. Nts., 4/27/27		615,000		619,098
Wachovia Capital Trust III, 5.57% [US0003M+93] Jr. Sub.
Perpetual Bonds2,12		2,650,000		2,659,938
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/282		2,055,000		2,083,155
4.75% Sub. Nts., 12/7/46		1,434,000		1,577,259
Westpac Banking Corp. (New Zealand), 5%
[USISDA05+288.8] Jr. Sub. Perpetual Bonds2,12		1,820,000		1,819,636
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/241		4,160,000		4,194,062
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/221		1,835,000		1,900,388
				134,569,002
Consumer Finance—0.8%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231		3,885,000		3,574,200
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22		3,065,000		3,218,250
5.75% Sub. Nts., 11/20/25		3,370,000		3,666,391
8.00% Sr. Unsec. Nts., 11/1/31		1,140,000		1,476,186
American Express Co.:
2.50% Sr. Unsec. Nts., 8/1/22		998,000		997,680
4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds2,12		2,142,000		2,184,840
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27		1,541,000		1,556,795
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27		1,017,000		1,029,763
Discover Financial Services:
3.75% Sr. Unsec. Nts., 3/4/25		993,000		998,121
4.10% Sr. Unsec. Nts., 2/9/27		986,000		1,003,357
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191		1,840,000		1,949,641
Financiera Independencia SAB de CV SOFOM ENR, 8% Sr. Unsec. Nts., 7/19/241		985,000		1,021,937
Minejesa Capital BV:
4.625% Sr. Sec. Nts., 8/10/301		1,155,000		1,179,246
5.625% Sr. Sec. Nts., 8/10/371		2,020,000		2,117,584
Navient Corp.:
6.50% Sr. Unsec. Nts., 6/15/22		1,425,000		1,513,165
6.625% Sr. Unsec. Nts., 7/26/21		1,475,000		1,581,937
6.75% Sr. Unsec. Nts., 6/25/25		1,865,000		1,944,263
7.25% Sr. Unsec. Nts., 1/25/22		6,570,000		7,210,575
				38,223,931
Diversified Financial Services—0.2%
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18		790,000		792,167
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/353,7 MXN		20,232,960		111,109
Park Aerospace Holdings Ltd., 5.50% Sr. Unsec. Nts., 2/15/241		2,895,000		3,046,987

44        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Diversified Financial Services (Continued)
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251		$	961,000	$	979,967
Precision Castparts Corp., 2.50% Sr. Unsec. Nts., 1/15/23			1,476,000		1,480,174
Voya Financial, Inc., 5.65% [US0003M+358] Jr. Sub. Nts., 5/15/532			2,390,000		2,544,155
					8,954,559
Insurance—0.4%
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45			1,527,000		1,607,216
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/271			646,000		635,298
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27			2,116,000		2,102,791
Credivalores-Crediservicios SAS, 9.75% Sr. Unsec. Nts., 7/27/221			990,000		1,035,045
Genworth Holdings, Inc., 7.70% Sr. Unsec. Nts., 6/15/20			1,420,000		1,432,425
Manulife Financial Corp., 4.061% [USSW5+164.7] Sub. Nts., 2/24/322			1,570,000		1,591,815
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47			1,012,000		1,084,752
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds2,12			2,721,000		2,812,045
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/241			1,851,000		1,951,136
Prudential Financial, Inc.:
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/442			1,981,000		2,108,527
5.375% [US0003M+303.1] Jr. Sub. Nts., 5/15/452			455,000		492,537
					16,853,587
Real Estate Investment Trusts (REITs)—1.2%
American Tower Corp.:
2.80% Sr. Unsec. Nts., 6/1/20			1,822,000		1,850,442
5.90% Sr. Unsec. Nts., 11/1/21			841,000		944,190
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/347,9,13	MXN		17,961,653		—
Boston Properties LP, 3.70% Sr. Unsec. Nts., 11/15/18			1,798,000		1,828,695
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27			1,222,000		1,223,310
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27			2,165,000		2,359,850
5.875% Sr. Unsec. Nts., 1/15/26			2,315,000		2,549,394
FelCor Lodging LP, 6% Sr. Unsec. Nts., 6/1/25			3,065,000		3,302,537
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			2,390,000		2,626,012
HCP, Inc., 2.625% Sr. Unsec. Nts., 2/1/20			753,000		759,320
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			2,915,000		3,068,038
Iron Mountain, Inc., 4.875% Sr. Unsec. Nts., 9/15/271			2,135,000		2,185,706
iStar, Inc.:
4.625% Sr. Unsec. Nts., 9/15/20			2,135,000		2,188,375
5.00% Sr. Unsec. Nts., 7/1/19			1,160,000		1,175,950
5.25% Sr. Unsec. Nts., 9/15/22			2,135,000		2,172,363
6.00% Sr. Unsec. Nts., 4/1/22			4,325,000		4,487,188

45        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26	$	1,825,000	$	1,986,969
MPT Operating Partnership LP/MPT Finance Corp.:
5.00% Sr. Unsec. Nts., 10/15/27		2,135,000		2,193,713
6.375% Sr. Unsec. Nts., 3/1/24		2,195,000		2,378,831
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25		2,990,000		3,143,237
SBA Communications Corp., 4% Sr. Unsec. Nts., 10/1/221,6		2,140,000		2,149,797
Starwood Property Trust, Inc., 5% Sr. Unsec. Nts., 12/15/21		2,175,000		2,275,594
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261		3,260,000		3,471,900
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.125% Sr. Unsec. Nts., 12/15/241		2,175,000		1,847,391
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23		3,360,000		2,982,000
VEREIT Operating Partnership LP, 3% Sr. Unsec. Nts., 2/6/19		934,000		942,586
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18		389,000		390,010
				56,483,398
Real Estate Management & Development—0.2%
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/231		1,455,000		1,526,841
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/231		3,650,000		3,768,625
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/251		3,045,000		3,159,187
				8,454,653
Thrifts & Mortgage Finance—0.2%
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/251		1,070,000		1,126,175
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/251		3,850,000		4,061,750
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24		1,780,000		1,820,050
				7,007,975
Health Care—3.7%
Biotechnology—0.3%
AbbVie, Inc.:
3.60% Sr. Unsec. Nts., 5/14/25		1,458,000		1,513,537
4.70% Sr. Unsec. Nts., 5/14/45		436,000		476,902
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45		562,000		656,849
Celgene Corp.:
2.125% Sr. Unsec. Nts., 8/15/18		2,765,000		2,777,088
3.875% Sr. Unsec. Nts., 8/15/25		1,403,000		1,482,248
5.00% Sr. Unsec. Nts., 8/15/45		299,000		339,142
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		1,001,000		1,127,871
Shire Acquisitions Investments Ireland DAC:
1.90% Sr. Unsec. Nts., 9/23/19		2,780,000		2,775,505
3.20% Sr. Unsec. Nts., 9/23/26		1,993,000		1,967,719
				13,116,861

46        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Health Care Equipment & Supplies—0.4%
Abbott Laboratories:
2.35% Sr. Unsec. Nts., 11/22/19	$	2,663,000	$	2,685,732
3.75% Sr. Unsec. Nts., 11/30/26		2,068,000		2,125,123
Becton Dickinson & Co.:
2.404% Sr. Unsec. Nts., 6/5/20		1,589,000		1,595,322
3.70% Sr. Unsec. Nts., 6/6/27		1,881,000		1,899,502
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25		1,975,000		2,053,209
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/211		1,720,000		1,655,500
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231		2,080,000		2,204,800
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/231		1,505,000		1,578,369
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45		1,132,000		1,290,813
				17,088,370
Health Care Providers & Services—1.8%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		2,305,000		2,431,775
6.50% Sr. Unsec. Nts., 3/1/24		730,000		787,487
Aetna, Inc., 2.80% Sr. Unsec. Nts., 6/15/23		1,852,000		1,863,679
Cardinal Health, Inc., 3.41% Sr. Unsec. Nts., 6/15/27		1,250,000		1,256,252
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		5,515,000		5,783,856
6.125% Sr. Unsec. Nts., 2/15/24		735,000		796,556
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		4,970,000		4,926,512
6.875% Sr. Unsec. Nts., 2/1/22		4,300,000		3,391,625
7.125% Sr. Unsec. Nts., 7/15/20		995,000		901,719
8.00% Sr. Unsec. Nts., 11/15/19		2,620,000		2,561,050
DaVita, Inc., 5.125% Sr. Unsec. Nts., 7/15/24		3,875,000		3,865,312
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221		1,740,000		1,813,950
Fresenius Medical Care US Finance II, Inc.:
4.75% Sr. Unsec. Nts., 10/15/241		2,335,000		2,530,830
5.875% Sr. Unsec. Nts., 1/31/221		3,126,000		3,515,670
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		2,110,000		2,228,688
5.50% Sr. Sec. Nts., 6/15/47		3,570,000		3,708,338
7.50% Sr. Unsec. Nts., 2/15/22		6,600,000		7,587,954
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24		4,380,000		4,506,473
IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19		5,150,000		5,172,531
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22		1,585,000		1,442,350
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25		1,575,000		1,608,405
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		3,295,000		3,325,637
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		2,675,000		2,768,625
Tenet Healthcare Corp.:
6.75% Sr. Unsec. Nts., 6/15/23		4,700,000		4,517,875
7.50% Sec. Nts., 1/1/221		1,450,000		1,538,813

47        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Health Care Providers & Services (Continued)
Tenet Healthcare Corp.: (Continued) 8.125% Sr. Unsec. Nts., 4/1/22	$	2,880,000	$	2,937,600
UnitedHealth Group, Inc., 2.75% Sr. Unsec. Nts., 2/15/23		1,970,000		1,992,449
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20		2,075,000		2,111,313
				81,873,324
Life Sciences Tools & Services—0.2%
Quintiles IMS, Inc.:
4.875% Sr. Unsec. Nts., 5/15/231		2,000,000		2,090,000
5.00% Sr. Unsec. Nts., 10/15/261		2,296,000		2,439,500
Thermo Fisher Scientific, Inc.:
3.20% Sr. Unsec. Nts., 8/15/27		1,215,000		1,198,061
4.15% Sr. Unsec. Nts., 2/1/24		877,000		937,045
West Street Merger Sub, Inc., 6.375% Sr. Unsec. Nts., 9/1/251		2,135,000		2,135,000
				8,799,606
Pharmaceuticals—1.0%
Allergan Funding SCS:
2.35% Sr. Unsec. Nts., 3/12/18		2,318,000		2,324,944
3.80% Sr. Unsec. Nts., 3/15/25		1,680,000		1,746,850
Concordia International Corp., 7% Sr. Unsec. Nts., 4/15/231		1,745,000		292,287
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:
6.00% Sr. Unsec. Nts., 7/15/231		3,430,000		2,846,900
6.00% Sr. Unsec. Nts., 2/1/251		660,000		537,900
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231		4,610,000		3,780,200
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		870,000		870,000
5.50% Sr. Unsec. Nts., 4/15/251		3,345,000		3,027,225
5.75% Sr. Unsec. Nts., 8/1/221		2,810,000		2,760,825
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		1,100,000		1,188,000
Valeant Pharmaceuticals International, Inc.:
5.375% Sr. Unsec. Nts., 3/15/201		2,105,000		2,110,262
5.50% Sr. Unsec. Nts., 3/1/231		2,805,000		2,468,400
5.875% Sr. Unsec. Nts., 5/15/231		3,990,000		3,536,137
6.125% Sr. Unsec. Nts., 4/15/251		5,910,000		5,208,188
6.375% Sr. Unsec. Nts., 10/15/201		1,440,000		1,444,954
6.75% Sr. Unsec. Nts., 8/15/211		3,090,000		3,039,788
7.00% Sr. Sec. Nts., 3/15/241		2,160,000		2,305,800
7.25% Sr. Unsec. Nts., 7/15/221		3,355,000		3,283,706
7.50% Sr. Unsec. Nts., 7/15/211		2,160,000		2,160,000
Zoetis, Inc., 3% Sr. Unsec. Nts., 9/12/27		597,000		588,900
				45,521,266
Industrials—3.8%
Aerospace & Defense—0.7%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		1,884,000		1,956,824
Bombardier, Inc., 8.75% Sr. Unsec. Nts., 12/1/211		4,640,000		4,997,280

48        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Aerospace & Defense (Continued)
DAE Funding LLC:
4.50% Sr. Unsec. Nts., 8/1/221	$	710,000	$	729,436
5.00% Sr. Unsec. Nts., 8/1/241		710,000		729,525
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27		2,835,000		3,073,849
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20		3,054,000		2,015,640
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27		972,000		993,098
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		1,325,000		1,477,544
Textron, Inc.:
3.65% Sr. Unsec. Nts., 3/15/27		645,000		652,243
4.30% Sr. Unsec. Nts., 3/1/24		894,000		949,237
TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/26		3,545,000		3,640,290
Triumph Group, Inc.:
5.25% Sr. Unsec. Nts., 6/1/22		5,055,000		4,928,625
7.75% Sr. Unsec. Nts., 8/15/251		3,555,000		3,750,525
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/188		506,000		506,322
				30,400,438
Air Freight & Couriers—0.1%
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211		2,120,000		2,067,000
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47		498,000		519,511
XPO Logistics, Inc., 6.125% Sr. Unsec. Nts., 9/1/231		1,110,000		1,162,725
				3,749,236
Airlines—0.1%
American Airlines Group, Inc., 4.625% Sr. Unsec. Nts., 3/1/201		2,450,000		2,529,625
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/241		1,010,000		1,074,640
				3,604,265
Building Products—0.2%
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/276		1,769,000		1,760,756
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26		1,683,000		1,662,051
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/241		4,035,000		4,308,573
USG Corp., 4.875% Sr. Unsec. Nts., 6/1/271		1,230,000		1,286,888
				9,018,268
Commercial Services & Supplies—0.7%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,400,000		1,456,000
APX Group, Inc., 7.625% Sr. Unsec. Nts., 9/1/231		710,000		749,937
ARD Finance SA, 7.875% Sr. Sec. Nts., 9/15/2314		2,505,000		2,680,350
Cenveo Corp., 6% Sr. Sec. Nts., 8/1/191		1,660,000		1,323,850
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		3,660,000		3,727,454
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		4,495,000		4,472,525
5.875% Sr. Unsec. Nts., 7/1/25		1,430,000		1,410,337
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/221		1,965,000		2,053,425
Multi-Color Corp., 4.875% Sr. Unsec. Nts., 11/1/251,6		710,000		720,650
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24		2,126,000		2,057,963

49        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18	$	2,331,000	$	2,360,624
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		3,540,000		3,752,400
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/251		710,000		727,750
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45		530,000		561,948
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221		1,815,000		1,837,687
				29,892,900
Construction & Engineering—0.1%
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/353		1,105,000		1,279,037
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/251		2,155,000		2,343,563
				3,622,600
Electrical Equipment—0.1%
Sensata Technologies BV:
4.875% Sr. Unsec. Nts., 10/15/231		2,400,000		2,532,000
5.625% Sr. Unsec. Nts., 11/1/241		3,550,000		3,922,750
				6,454,750
Industrial Conglomerates—0.1%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201		1,485,000		1,607,513
Grupo KUO SAB de CV, 5.75% Sr. Unsec. Nts., 7/7/271		1,255,000		1,324,025
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		1,395,000		1,443,825
Roper Technologies, Inc.:
3.80% Sr. Unsec. Nts., 12/15/26		500,000		515,445
3.85% Sr. Unsec. Nts., 12/15/25		918,000		950,595
				5,841,403
Machinery—0.5%
Allison Transmission, Inc.:
4.75% Sr. Unsec. Nts., 10/1/271		715,000		721,256
5.00% Sr. Unsec. Nts., 10/1/241		1,455,000		1,513,709
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/221		3,030,000		3,143,625
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25% Sec. Nts., 3/15/241		3,650,000		3,937,437
CD&R Waterworks Merger Sub LLC, 6.125% Sr. Unsec. Nts., 8/15/251		710,000		735,063
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19		2,880,000		2,878,247
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		3,570,000		3,779,738
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		1,725,000		1,842,628
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21		2,085,000		2,098,083
Park-Ohio Industries, Inc., 6.625% Sr. Unsec. Nts., 4/15/27		780,000		844,350
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18		651,000		655,252
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251		725,000		764,875
Wabash National Corp., 5.50% Sr. Unsec. Nts., 10/1/251		355,000		362,988
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26		1,102,000		1,085,306
				24,362,557

50        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Professional Services—0.2%
Atento Luxco 1 SA, 6.125% Sr. Sec. Nts., 8/10/221	$	1,760,000	$	1,844,049
Brand Energy & Infrastructure Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251		715,000		775,775
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22		5,445,000		5,642,381
				8,262,205
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251		2,065,000		2,072,744
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35		341,000		386,031
DAE Funding LLC, 4% Sr. Unsec. Nts., 8/1/201		710,000		725,975
GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/211		1,465,000		1,569,015
Hertz Corp. (The):
6.75% Sr. Unsec. Nts., 4/15/19		1,420,000		1,417,338
7.375% Sr. Unsec. Nts., 1/15/21		710,000		716,212
7.625% Sec. Nts., 6/1/221		715,000		739,131
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46		697,000		774,129
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261		1,983,000		1,961,826
				10,362,401
Trading Companies & Distributors—0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65% Sr. Unsec. Nts., 7/21/27		2,551,000		2,545,600
Air Lease Corp.:
3.00% Sr. Unsec. Nts., 9/15/23		1,170,000		1,168,317
3.625% Sr. Unsec. Nts., 4/1/27		1,121,000		1,123,519
Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23		730,000		782,925
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/231		1,030,000		1,099,525
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/246		1,425,000		1,435,688
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/251		2,130,000		2,252,475
HD Supply, Inc., 5.75% Sr. Unsec. Nts., 4/15/241		1,465,000		1,571,212
Herc Rentals, Inc.:
7.50% Sec. Nts., 6/1/221		1,967,000		2,136,654
7.75% Sec. Nts., 6/1/241		1,313,000		1,431,170
Rumo Luxembourg Sarl, 7.375% Sr. Unsec. Nts., 2/9/241		1,135,000		1,231,475
Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/251		3,720,000		4,076,971
United Rentals North America, Inc.:
4.625% Sr. Unsec. Nts., 10/15/25		710,000		720,650
4.875% Sr. Unsec. Nts., 1/15/28		3,553,000		3,575,206
5.875% Sr. Unsec. Nts., 9/15/26		3,650,000		3,978,500
				29,129,887
Transportation Infrastructure—0.2%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371		2,400,000		2,972,100
Mexico City Airport Trust, 5.50% Sr. Sec. Nts., 7/31/471		1,890,000		1,922,886

51        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Transportation Infrastructure (Continued)
United Continental Holdings, Inc., 4.25% Sr. Unsec. Nts., 10/1/22	$	2,135,000	$	2,153,681
				7,048,667
Information Technology—2.5%
Communications Equipment—0.2%
CommScope Technologies LLC, 6% Sr. Unsec. Nts., 6/15/251		1,545,000		1,658,944
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221		1,200,000		1,264,500
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22		3,680,000		3,834,082
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231		2,055,000		2,137,200
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231		1,605,000		1,534,781
ViaSat, Inc., 5.625% Sr. Unsec. Nts., 9/15/251		710,000		718,023
				11,147,530
Electronic Equipment, Instruments, & Components—0.2%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		1,840,000		1,839,105
CDW LLC/CDW Finance Corp.:
5.00% Sr. Unsec. Nts., 9/1/23		1,320,000		1,384,772
5.50% Sr. Unsec. Nts., 12/1/24		417,000		466,523
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		1,888,000		1,950,174
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/251		2,135,000		2,165,691
				7,806,265
Internet Software & Services—0.4%
Affinion Group, Inc., 14.00% Sr. Unsec. Nts., 11/10/223,14		6,401,815		5,569,579
j2 Cloud Services LLC/j2 Global Co.-Obligor, Inc., 6% Sr. Unsec. Nts., 7/15/251		2,140,000		2,249,675
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241		3,990,000		4,264,313
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		2,844,000		2,943,540
5.25% Sr. Unsec. Nts., 4/1/25		759,000		823,515
				15,850,622
IT Services—0.7%
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/251		1,425,000		1,442,812
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26		1,078,000		1,069,764
Conduent Finance, Inc./Conduent Business Services LLC, 10.50% Sr. Unsec. Nts., 12/15/241		4,950,000		5,853,375
DXC Technology Co.:
2.875% Sr. Unsec. Nts., 3/27/20		1,864,000		1,889,676
4.75% Sr. Unsec. Nts., 4/15/27		1,857,000		1,989,225
Exela Intermediate LLC/Exela Finance, Inc., 10% Sr. Sec. Nts., 7/15/231		2,135,000		2,108,312
Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18		1,895,000		1,917,563
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251		2,160,000		2,284,200
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201		5,540,000		5,720,050
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		4,690,000		4,842,425

52        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	$	1,553,494
				30,670,896
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45		612,000		732,640
Micron Technology, Inc., 5.25% Sr. Unsec. Nts., 8/1/231		1,675,000		1,755,400
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231		3,735,000		4,024,462
QUALCOMM, Inc., 3.25% Sr. Unsec. Nts., 5/20/27		1,252,000		1,263,674
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241		725,000		770,312
				8,546,488
Software—0.6%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		654,000		694,950
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		3,491,000		3,591,366
Dell International LLC/EMC Corp.:
3.48% Sr. Sec. Nts., 6/1/191		2,847,000		2,902,632
5.875% Sr. Unsec. Nts., 6/15/211		1,205,000		1,262,744
6.02% Sr. Sec. Nts., 6/15/261		1,666,000		1,852,612
7.125% Sr. Unsec. Nts., 6/15/241		2,190,000		2,420,332
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231		1,775,000		1,792,750
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231		1,211,000		1,274,577
Oracle Corp.:
2.40% Sr. Unsec. Nts., 9/15/23		1,663,000		1,654,336
2.95% Sr. Unsec. Nts., 5/15/25		1,469,000		1,482,267
Symantec Corp., 5% Sr. Unsec. Nts., 4/15/251		1,385,000		1,451,660
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		2,330,000		2,554,262
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231		3,270,000		3,490,725
VMware, Inc.:
2.30% Sr. Unsec. Nts., 8/21/20		751,000		753,579
3.90% Sr. Unsec. Nts., 8/21/27		1,235,000		1,250,406
				28,429,198
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		1,362,000		1,488,382
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221		1,085,000		1,163,662
Hewlett Packard Enterprise Co.:
2.10% Sr. Unsec. Nts., 10/4/191		1,983,000		1,984,399
2.45% Sr. Unsec. Nts., 10/5/17		690,000		690,033
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		1,535,000		1,641,069
NetApp, Inc., 2% Sr. Unsec. Nts., 9/27/19		1,114,000		1,114,004
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24		2,540,000		2,990,850
				11,072,399
Materials—3.8%
Chemicals—1.3%
Agrium, Inc.:
3.375% Sr. Unsec. Nts., 3/15/25		918,000		924,749
4.125% Sr. Unsec. Nts., 3/15/35		388,000		395,215

53        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Chemicals (Continued)
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261		$	1,249,000	$	1,308,763
Chemours Co. (The):
5.375% Sr. Unsec. Nts., 5/15/27			1,075,000		1,120,687
6.625% Sr. Unsec. Nts., 5/15/23			1,220,000		1,303,875
CYDSA SAB de CV, 6.25% Sr. Unsec. Nts., 10/4/271			1,430,000		1,404,017
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19			2,387,000		2,397,207
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20			5,065,000		4,558,500
10.375% Sr. Sec. Nts., 2/1/221			2,760,000		2,663,400
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/261			1,065,000		1,131,562
Koppers, Inc., 6% Sr. Unsec. Nts., 2/15/251			1,445,000		1,556,988
Kraton Polymers LLC/Kraton Polymers Capital Corp.:
7.00% Sr. Unsec. Nts., 4/15/251			720,000		775,800
10.50% Sr. Unsec. Nts., 4/15/231			2,960,000		3,396,600
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/241			715,000		725,725
5.25% Sr. Unsec. Nts., 8/1/231			1,465,000		1,514,444
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/21	EUR		3,340,000		4,213,220
4.625% Sr. Unsec. Nts., 7/15/24			3,725,000		4,003,593
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/221			1,910,000		1,984,013
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23			2,156,000		2,303,514
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			5,040,000		5,329,800
RPM International, Inc.:
3.45% Sr. Unsec. Unsub. Nts., 11/15/22			2,047,000		2,143,258
3.75% Sr. Unsec. Nts., 3/15/27			649,000		658,815
Sherwin-Williams Co. (The), 3.95% Sr. Unsec. Nts., 1/15/26			1,287,000		1,338,764
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/201			2,850,000		2,009,250
Tronox Finance LLC, 7.50% Sr. Unsec. Nts., 3/15/221			1,215,000		1,286,381
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/251			1,420,000		1,459,050
Valvoline, Inc., 4.375% Sr. Unsec. Nts., 8/15/251			1,425,000		1,451,861
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/251			2,140,000		2,230,950
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261			1,720,000		1,697,688
					57,287,689
Construction Materials—0.2%
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451			932,000		1,069,778
James Hardie International Finance DAC, 5.875% Sr. Unsec. Nts., 2/15/231			1,237,000		1,305,035
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261			669,000		663,585
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/271			1,445,000		1,530,616
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/251			715,000		738,524
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24			2,200,000		2,381,500

54        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Construction Materials (Continued)
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27	$	1,835,000	$	1,880,875
				9,569,913
Containers & Packaging—0.7%
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191		5,265,000		5,212,350
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		2,880,000		3,038,400
Graphic Packaging International, Inc., 4.125% Sr. Unsec. Nts., 8/15/24		2,165,000		2,248,352
International Paper Co.:
3.00% Sr. Unsec. Nts., 2/15/27		1,020,000		992,446
4.80% Sr. Unsec. Nts., 6/15/44		1,011,000		1,090,797
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/271		1,655,000		1,646,559
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221		1,360,000		1,445,000
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23		1,991,000		2,158,254
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231		2,185,000		2,282,997
7.00% Sr. Unsec. Nts., 7/15/241		4,065,000		4,336,847
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221		1,615,000		1,724,013
5.125% Sr. Unsec. Nts., 12/1/241		1,915,000		2,070,594
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251		2,105,000		2,178,675
				30,425,284
Metals & Mining—1.3%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24		3,185,000		3,404,606
AK Steel Corp.:
6.375% Sr. Unsec. Nts., 10/15/25		3,560,000		3,524,400
7.00% Sr. Unsec. Nts., 3/15/27		1,715,000		1,755,731
Alcoa Nederland Holding BV:
6.75% Sr. Unsec. Nts., 9/30/241		710,000		789,875
7.00% Sr. Unsec. Nts., 9/30/261		690,000		784,875
Aleris International, Inc.:
7.875% Sr. Unsec. Nts., 11/1/20		4,010,000		4,030,050
9.50% Sr. Sec. Nts., 4/1/211		1,440,000		1,540,800
Allegheny Technologies, Inc., 5.875% Sr. Unsec. Nts., 8/15/23		1,425,000		1,546,125
Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/241		598,000		596,987
4.00% Sr. Unsec. Nts., 9/11/271		980,000		969,714
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/24		2,145,000		2,153,044
Constellium NV:
5.75% Sr. Unsec. Nts., 5/15/241		1,535,000		1,542,675
6.625% Sr. Unsec. Nts., 3/1/251		1,445,000		1,482,931
First Quantum Minerals Ltd.:
7.25% Sr. Unsec. Nts., 5/15/221		2,520,000		2,605,050
7.25% Sr. Unsec. Nts., 4/1/231		2,160,000		2,230,200
Freeport-McMoRan, Inc.:
4.55% Sr. Unsec. Nts., 11/14/24		1,420,000		1,428,520

55        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Metals & Mining (Continued)
Freeport-McMoRan, Inc.: (Continued)
5.40% Sr. Unsec. Nts., 11/14/34	$	2,605,000	$	2,500,800
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44		669,000		753,569
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		1,455,000		1,582,342
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19		2,995,000		3,064,634
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/271		2,140,000		2,164,075
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/201		725,000		765,880
Metinvest BV, 9.373% Sr. Sec. Nts., 12/31/2114		1,474,390		1,495,326
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/231		2,820,000		2,952,836
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		2,620,000		3,415,794
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251		715,000		741,812
Teck Resources Ltd.:
5.20% Sr. Unsec. Nts., 3/1/42		3,570,000		3,570,000
6.125% Sr. Unsec. Nts., 10/1/35		1,605,000		1,805,625
United States Steel Corp., 6.875% Sr. Unsec. Nts., 8/15/25		1,425,000		1,464,187
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/233		2,135,000		2,412,550
				59,075,013
Paper & Forest Products—0.3%
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/251		2,135,000		2,129,662
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		2,184,000		2,255,766
Mercer International, Inc.:
6.50% Sr. Unsec. Nts., 2/1/24		1,445,000		1,506,413
7.75% Sr. Unsec. Nts., 12/1/22		1,445,000		1,538,925
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/261		3,270,000		3,521,136
Tembec Industries, Inc., 9% Sr. Sec. Nts., 12/15/191		4,190,000		4,311,510
				15,263,412
Telecommunication Services—2.3%
Diversified Telecommunication Services—1.6%
AT&T, Inc.:
3.40% Sr. Unsec. Nts., 8/14/24		1,018,000		1,020,690
3.80% Sr. Unsec. Nts., 3/15/22		2,249,000		2,344,460
4.35% Sr. Unsec. Nts., 6/15/45		1,120,000		1,031,358
4.90% Sr. Unsec. Nts., 8/14/37		1,391,000		1,411,788
5.15% Sr. Unsec. Nts., 2/14/50		1,391,000		1,407,141
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30		2,012,000		3,050,253
CB Escrow Corp., 8% Sr. Unsec. Nts., 10/15/251,6		710,000		717,100
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		2,150,000		2,066,688
Series S, 6.45% Sr. Unsec. Nts., 6/15/21		2,900,000		3,032,037
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		3,515,000		3,647,551
Cincinnati Bell Telephone Co. LLC, 6.30% Sr. Unsec. Nts., 12/1/28		1,420,000		1,401,994
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/271		1,275,000		1,291,903

56        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Frontier Communications Corp.:
8.75% Sr. Unsec. Nts., 4/15/22	$	1,565,000	$	1,283,300
10.50% Sr. Unsec. Nts., 9/15/22		8,280,000		7,245,000
11.00% Sr. Unsec. Nts., 9/15/25		4,515,000		3,860,325
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/221		1,020,000		1,117,084
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26		3,490,000		3,584,893
5.625% Sr. Unsec. Nts., 2/1/23		1,325,000		1,368,964
Qwest Capital Funding, Inc., 7.75% Sr. Unsec. Nts., 2/15/31		720,000		672,300
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		2,155,000		2,113,549
Telefonica Emisiones SAU:
3.192% Sr. Unsec. Nts., 4/27/18		1,787,000		1,801,715
4.103% Sr. Unsec. Nts., 3/8/27		701,000		726,375
5.213% Sr. Unsec. Nts., 3/8/47		876,000		967,296
7.045% Sr. Unsec. Unsub. Nts., 6/20/36		846,000		1,123,371
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		2,165,000		2,247,313
5.125% Sr. Unsec. Nts., 4/15/25		2,165,000		2,267,838
5.375% Sr. Unsec. Nts., 4/15/27		1,080,000		1,166,724
6.00% Sr. Unsec. Nts., 4/15/24		2,925,000		3,111,469
Verizon Communications, Inc.:
1.75% Sr. Unsec. Nts., 8/15/21		911,000		892,332
4.125% Sr. Unsec. Nts., 8/15/46		1,129,000		1,029,880
4.522% Sr. Unsec. Nts., 9/15/48		1,417,000		1,376,015
Windstream Services LLC:
6.375% Sr. Unsec. Nts., 8/1/23		3,310,000		2,358,375
7.75% Sr. Unsec. Nts., 10/1/21		1,495,000		1,121,250
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/271		715,000		759,688
6.00% Sr. Unsec. Nts., 4/1/23		3,920,000		4,168,724
				68,786,743
Wireless Telecommunication Services—0.7%
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/231		1,500,000		1,584,484
C&W Senior Financing Designated Activity Co., 6.875% Sr. Unsec. Nts., 9/15/271		1,730,000		1,803,525
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		5,555,000		5,997,733
7.00% Sr. Unsec. Nts., 3/1/201		2,100,000		2,299,500
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		7,085,000		7,988,338
7.875% Sr. Unsec. Nts., 9/15/23		5,445,000		6,329,813
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/223		3,585,000		3,746,325
VimpelCom Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/241		2,920,000		2,995,278
				32,744,996

57        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Utilities—2.1%
Electric Utilities—0.7%
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251	$	995,000	$	1,038,830
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/241		1,275,000		1,317,419
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26		1,021,000		1,029,628
Duke Energy Corp.:
3.15% Sr. Unsec. Nts., 8/15/27		1,217,000		1,208,475
3.75% Sr. Unsec. Nts., 9/1/46		1,080,000		1,044,225
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23		1,602,000		1,623,751
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		1,640,000		1,658,540
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19		1,244,000		1,244,887
Enel Finance International NV, 3.625% Sr. Unsec. Nts., 5/25/271		1,254,000		1,258,545
Entergy Texas, Inc., 7.125% Sec. Nts., 2/1/19		768,000		819,193
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		623,000		654,684
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46		602,000		671,209
Intelsat Jackson Holdings SA, 9.75% Sr. Unsec. Nts., 7/15/251		2,140,000		2,166,750
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43		560,000		659,838
NextEra Energy Operating Partners LP:
4.25% Sr. Unsec. Nts., 9/15/241		916,000		937,755
4.50% Sr. Unsec. Nts., 9/15/271		710,000		725,087
Pacific Gas & Electric Co., 3.40% Sr. Unsec. Nts., 8/15/24		1,584,000		1,640,964
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211		2,206,000		2,389,188
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18		1,570,000		1,628,615
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47		908,000		941,585
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19		2,388,000		2,384,043
TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17		1,940,000		1,947,241
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251		1,304,000		1,365,204
				30,355,656
Gas Utilities—0.1%
Ferrellgas LP/Ferrellgas Finance Corp.:
6.50% Sr. Unsec. Nts., 5/1/21		1,966,000		1,916,850
6.75% Sr. Unsec. Nts., 6/15/23		2,500,000		2,418,750
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27		1,800,000		1,791,000
				6,126,600
Independent Power and Renewable Electricity Producers—0.9%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		1,630,000		1,771,810
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/241		1,275,000		1,369,758
AES Corp., 6% Sr. Unsec. Nts., 5/15/26		2,750,000		2,970,000
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221		1,265,000		1,296,625

58        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261	$	2,135,000	$	2,135,000
5.75% Sr. Unsec. Nts., 1/15/25		3,265,000		3,097,669
Dynegy, Inc.:
7.375% Sr. Unsec. Nts., 11/1/22		4,420,000		4,629,950
8.00% Sr. Unsec. Nts., 1/15/251		3,990,000		4,149,600
8.125% Sr. Unsec. Nts., 1/30/261		3,560,000		3,671,250
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18		4,665,000		3,440,437
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28		1,334,783		1,274,718
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 1/15/27		1,780,000		1,873,450
7.25% Sr. Unsec. Nts., 5/15/26		3,065,000		3,302,538
Talen Energy Supply LLC:
4.625% Sr. Unsec. Nts., 7/15/191		294,000		291,060
6.50% Sr. Unsec. Nts., 6/1/25		5,505,000		4,211,325
				39,485,190
Multi-Utilities—0.4%
AssuredPartners, Inc., 7% Sr. Unsec. Nts., 8/15/251		1,603,000		1,645,079
Dominion Energy, Inc.:
1.875% Sr. Unsec. Nts., 1/15/19		1,193,000		1,191,772
4.90% Sr. Unsec. Nts., 8/1/41		861,000		958,425
InterGen NV, 7% Sr. Sec. Nts., 6/30/231		3,100,000		3,038,000
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271		3,405,000		3,387,617
NGPL PipeCo LLC:
4.875% Sr. Unsec. Nts., 8/15/271		1,070,000		1,123,875
7.768% Sr. Unsec. Nts., 12/15/371		1,780,000		2,225,000
NiSource Finance Corp.:
3.49% Sr. Unsec. Nts., 5/15/27		1,833,000		1,858,255
6.80% Sr. Unsec. Nts., 1/15/19		378,000		400,871
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19		2,250,000		2,226,322
Virginia Electric & Power Co., 2.95% Sr. Unsec. Nts., 1/15/22		1,684,000		1,718,899
				19,774,115
Total Corporate Bonds and Notes (Cost $2,016,091,759)				2,037,812,011
		Shares
Preferred Stocks—0.9%
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		34,225		917,230
American Homes 4 Rent, 6.50% Cum. Cv., Series D, Non-Vtg.		35,000		966,000
Arch Capital Group Ltd., 5.25% Non-Cum., Non-Vtg.		39,075		965,152
BB&T Corp., 5.625% Non-Cv.		28,675		764,189
Carlyle Group LP (The), 5.875% Non-Cum., Series A, Non-Vtg.15		36,540		934,693
Citigroup Capital XIII, 7.681% [US0003M + 637], Cum., Non-Vtg.2		53,125		1,475,812
Digital Realty Trust, Inc., 6.625% Cum., Series C, Non-Vtg.15		10,657		300,847
Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.		25,200		683,424
Dominion Energy, Inc., 5.25% Cum.		37,800		974,862

59        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Preferred Stocks (Continued)
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.		37,700	$	974,545
eBay, Inc., 6% Cv.		34,600		935,238
Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg.8		44,200		1,325,558
First Republic Bank, 7% Non-Cum.		25,975		691,195
GMAC Capital Trust I, 7.10% [US0003M + 578.5], Jr. Sub., Non-Vtg.2		54,825		1,447,380
Goldman Sachs Group, Inc. (The), 6.30% Non-Cum., Series N, Non-Vtg.		90,275		2,482,562
Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg.8		59,125		1,795,035
Huntington Bancshares, Inc., 6.25% Non-Cum., Non-Vtg.		27,300		748,566
KeyCorp, 6.125% Non-Cum., Non-Vtg.8		78,200		2,298,298
Morgan Stanley, 5.85% Non-Cum., Non-Vtg.8		57,175		1,563,164
Morgan Stanley, 6.375% Non-Cum., Non-Vtg.8		54,200		1,536,028
NextEra Energy Capital Holding, Inc., 5.25% Jr. Sub., Non-Vtg.		37,375		954,557
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.		27,175		707,365
Peabody Energy Corp., 8.50% Cv., Series A, Vtg.15		6,227		390,495
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg.8		50,625		1,453,444
Prudential Financial, Inc., 5.75% Jr. Sub.		28,600		731,874
Public Storage, 6% Cum., Non-Vtg.		39,425		1,030,964
Qwest Corp., 7% Sr. Unsec.		53,125		1,431,719
Regions Financial Corp., 6.375% Non-Cum., Series A		26,600		676,970
Senior Housing Properties Trust, 5.625% Cv.		37,850		961,012
Southern Co. (The), 5.25% Jr. Sub.		41,275		1,052,925
State Street Corp., 6% Non-Cum., Non-Vtg.		51,650		1,377,506
US Bancorp, 6.50% Non-Cum., Non-Vtg.8		54,000		1,574,100
Validus Holdings Ltd., 5.80% Non-Cum.		36,350		914,203
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.		42,050		1,070,593
Wells Fargo & Co., 5.625% Non-Cum., Non-Vtg.		13,730		359,589
Wells Fargo & Co., 6.625% Non-Cum Non-Vtg.8		31,525		911,388
Zions Bancorporation, 6.30% Non-Cum.8		30,162		836,091
Total Preferred Stocks (Cost $39,026,679)				40,214,573
Common Stocks—0.3%
Arco Capital Corp. Ltd.1,7,10,15		2,494,716		—
Carrizo Oil & Gas, Inc.15		30,616		524,452
Dynegy, Inc.15		272,001		2,662,890
EP Energy Corp., Cl. A15		514,297		1,676,608
Frontier Communications Corp.		40,226		474,264
JSC Astana Finance, GDR3,7,15		1,681,847		—
Newfield Exploration Co.15		20,203		599,423
Parsley Energy, Inc., Cl. A15		24,793		653,048
Peabody Energy Corp.15		64,512		1,871,493
Premier Holdings Ltd.7,15		1,088,661		—
Quicksilver Resources, Inc.7,15		12,760,000		269,236
Range Resources Corp.		52,103		1,019,656
RSP Permian, Inc.15		18,706		647,041
Sabine Oil15		2,464		109,648

60        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Shares		Value
Common Stocks (Continued)
Schlumberger Ltd.			9,836	$	686,159
SM Energy Co.			35,520		630,125
Valeant Pharmaceuticals International, Inc.15			237,651		3,405,539
Total Common Stocks (Cost $35,371,388)					15,229,582
		Units
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Strike Price $1, Exp. 11/10/227,15			25,422		243,034
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2615			7,816		52,758
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2615			1,392		8,004
Total Rights, Warrants and Certificates (Cost $1,590,968)					303,796
		Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/251,16		$	2,876,315		1,422,840
3.054%, 4/30/251,16			3,664,867		1,812,917
3.098%, 4/30/251,16			3,164,026		1,565,163
3.131%, 4/30/251,16			2,828,240		1,399,058
3.179%, 4/30/251,16			3,521,388		1,741,941
3.231%, 4/30/251,16			4,019,131		1,988,162
3.265%, 4/30/251,16			3,210,815		1,588,308
3.346%, 4/30/251,16			3,018,029		1,492,942
74.66%, 12/31/173,7,13	BRL		14,420,000		7,905,507
LB Peru Trust II Certificates, Series 1998-A, 99.999%, 2/28/167,9,16			115,443		—
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5%, 8/22/347	RUB		100,368,564		768,957
Total Structured Securities (Cost $32,125,828)					21,685,795
Short-Term Notes—0.9%
Arab Republic of Egypt Treasury Bills, 19.026%, 11/14/1716	EGP		438,975,000		24,387,013
Egypt Treasury Bills:
18.696%, 2/27/1816	EGP		145,500,000		7,719,307
21.693%, 1/16/1816	EGP		131,200,000		7,075,456
Total Short-Term Notes (Cost $38,329,390)					39,181,776

Counterparty

Exercise     Price

Expiration     Date

Notional     Amount     (000’s)

Contracts     (000’s)

Over-the-Counter Options Purchased—0.0%

BRL

BRL Currency Call15

BNP

BRL

3.120

12/13/17

BRL  156,000

113,465

292,740

BRL

BRL Currency Call15

BAC

BRL

3.105

12/7/17

BRL  155,250

114,885

233,331

CNH

CNH Currency Call15,19

BNP

CNH

6.500

11/10/17

CNH  2,000

1,455

89,120

61        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Notional

Exercise Expiration

Amount

Contracts

Counterparty

Price

Date

(000’s)

(000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR

EUR Currency Put15

BAC

NOK

9.260

11/16/17

EUR 80,000

58,215

$

238,536

IDR

IDR Currency Call15

HSBC

IDR

13525.000

IDR 12/28/17676,250,000

513,950,000

513,950

JPY

JPY Currency Call15

BNP

JPY

109.000

12/22/17

JPY 10,900,000

7,924,000

673,540

SGD

SGD Currency Put15

BAC

SGD

1.366

11/3/17

SGD 136,600

102,450

217,809

SGD

SGD Currency Put15

GSCO-OT

SGD

1.362

12/1/17

SGD 68,100

49,555

205,801

EUR

SX5E Index Put15

JPM

EUR

3407.650

6/15/18

EUR 91,202

21

52,334

Total Over-the-Counter Options Purchased (Cost $5,015,670)

2,517,161

		Pay/Receive							Notional
		Floating	Floating	Fixed Expiration					Amount
Counterparty		Rate	Rate	Rate			Date		(000’s)
Over-the-Counter Interest Rate Swaptions Purchased—0.2%
Interest Rate Swap Maturing 10/17/47 Call15	BAC	Pay	Six-Month EUR EURIBOR		1.615	%		10/13/17		EUR 25,900	339,882
Interest Rate Swap Maturing 11/10/47 Call15	CITNA-B	Receive	Three- Month USD BBA LIBOR		2.550			11/8/17		USD 50,320	736,444
Interest Rate Swap Maturing 12/14/22 Call15	CITNA-B	Receive	Three- Month USD BBA LIBOR		1.960			12/12/17		USD 228,000	1,605,393
Interest Rate Swap Maturing 12/15/27 Call15	UBS	Receive	Three- Month USD BBA LIBOR		2.250			12/13/17		USD 114,000	1,473,295
Interest Rate Swap Maturing 12/22/18 Call15	CITNA-B	Receive	Three- Month USD BBA LIBOR		1.600			12/20/17		USD 1,091,500	1,154,796

62        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Pay/Receive					Notional
		Floating	Floating	Fixed Expiration			Amount
Counterparty		Rate	Rate	Rate	Date		(000’s)		Value
Over-the-Counter Interest Rate Swaptions Purchased (Continued)
Interest Rate Swap Maturing 12/22/18 Call15	CITNA-B	Receive	Three- Month USD BBA LIBOR	1.800%		12/20/17		USD 1,091,500	$	212,613
Interest Rate Swap Maturing 12/29/47 Call15	CITNA-B	Receive	Three- Month USD BBA LIBOR	2.530		12/27/17		USD 50,320		1,303,691
Interest Rate Swap Maturing 3/13/28 Call15	BAC	Receive	Six-Month GBP BBA LIBOR	1.440		3/12/18		GBP 76,000		1,785,519
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $6,460,937)										8,611,633

	Shares
Investment Companies—22.6%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.98%17,18		86,779,823		86,779,823
Oppenheimer Master Event-Linked Bond Fund, LLC17		6,320,389		96,270,049
Oppenheimer Master Loan Fund, LLC17		38,995,828		646,607,370
Oppenheimer Ultra-Short Duration Fund, Cl. Y17		37,732,519		189,039,922
Total Investment Companies (Cost $1,028,784,473)				1,018,697,164
Total Investments, at Value (Cost $4,846,299,795)		108.1%		4,868,139,133
Net Other Assets (Liabilities)		(8.1)		(365,329,887)
Net Assets		100.0%	$	4,502,809,246

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 $1,319,794,895 or 29.31% of the Fund’s net assets at period end.

2. Represents the current interest rate for a variable or increasing rate security, determined as [Referenced Rate + Basis-point spread].

3. Restricted security. The aggregate value of restricted securities at period end was $30,629,419, which represents 0.68% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

63        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/22		11/8/10-1/31/13	$	5,473,863	$	5,569,579	$	95,716
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/25		2/2/17		2,896,011		3,142,875		246,864
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997- CTL1, Cl. IO, 0%, 6/22/24		4/21/97	$	99,485	$	2,269	$	(97,216	)
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds, 74.66% Sr. Sec. Nts., 12/31/17		9/19/07		7,311,597		7,905,507		593,910
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35		2/12/16-9/9/16		1,109,545		1,279,037		169,492
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		1,842,161		111,109		(1,731,052	)
JSC Astana Finance, GDR		6/5/15		—		—		—
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		4/17/14		1,349,325		1,371,500		22,175
Taylor Morrison Communities, Inc./ Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/23		1/22/16-1/27/16		2,903,903		3,248,250		344,347
Trilogy International Partners LLC/ Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/22		4/21/17		3,567,290		3,746,325		179,035
Westlake Automobile Receivables Trust, Series 2017-2A, Cl. E, 4.63%, 7/15/24		8/1/17		1,844,992		1,840,418		(4,574	)
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23		12/8/16		2,330,704		2,412,550		81,846
			$	30,728,876	$	30,629,419	$	(99,457	)

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 $9,160,280 or 0.20% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

6. 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.

7. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

8. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

9. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Consolidated Notes.

10. Security received as the result of issuer reorganization.

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

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

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

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

64        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Statement of Investments (Continued)

15. Non-income producing security.

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

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

	Shares September 30, 2016		Gross Additions			Gross Reductions			Shares September 30, 2017
Oppenheimer Institutional
Government Money Market Fund, Cl. E		391,270,487		1,209,746,429			1,514,237,093			86,779,823
Oppenheimer Master Event-Linked Bond Fund, LLC		6,701,817		—			381,428			6,320,389
Oppenheimer Master Loan Fund, LLC		30,338,936		10,569,776			1,912,884			38,995,828
Oppenheimer Ultra-Short Duration Fund, Cl. Y		24,645,140		13,087,379			—			37,732,519
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Oppenheimer Institutional
Government Money Market Fund, Cl. E	$	86,779,823	$	1,206,238		$	—		$	—
Oppenheimer Master Event-Linked Bond Fund, LLC		96,270,049		6,634,319	a		(302,894)	a		(10,201,183	)a
Oppenheimer Master Loan Fund, LLC		646,607,370		35,964,866	b		2,498,851	b		(2,101,333	)b
Oppenheimer Ultra-Short Duration Fund, Cl. Y		189,039,922		1,566,881			—			(1	)
Total	$	1,018,697,164	$	45,372,304		$	2,195,957		$	(12,302,517	)

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

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

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

19. One-Touch Binary option becomes eligible for exercise if at exercise date and time spot rates are less than or equal to 6.5 CNH per 1 USD.

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

Geographic Holdings (Unaudited)	Value		Percent
United States	$	3,770,104,340		77.4	%
Russia		99,674,180		2.0
Brazil		96,412,704		2.0
Canada		66,747,396		1.4
Indonesia		58,430,041		1.2
Mexico		56,397,584		1.2
South Africa		53,071,872		1.1
Egypt		46,914,997		1.0

65        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Geographic Holdings (Unaudited) (Continued)	Value		Percent
United Kingdom	$	43,709,867		0.9%
Turkey		39,806,161		0.8
Ukraine		37,025,942		0.8
India		36,757,376		0.8
Netherlands		34,774,334		0.7
Peru		25,802,872		0.5
Argentina		25,487,536		0.5
Kazakhstan		22,528,406		0.5
Colombia		18,142,939		0.4
Luxembourg		18,082,700		0.4
France		17,863,330		0.4
Germany		16,450,848		0.3
Romania		16,067,675		0.3
Poland		14,704,319		0.3
Ireland		14,001,146		0.3
Chile		13,441,479		0.3
Hungary		13,186,514		0.3
Australia		12,477,539		0.3
Sri Lanka		12,180,258		0.3
Dominican Republic		11,037,991		0.2
Spain		10,379,519		0.2
Uruguay		10,234,990		0.2
Switzerland		9,449,162		0.2
Serbia		9,316,292		0.2
Croatia		9,188,669		0.2
Ivory Coast		9,109,006		0.2
Ecuador		8,876,613		0.2
Malaysia		8,820,697		0.2
Belgium		8,475,958		0.2
Thailand		6,686,038		0.1
New Zealand		6,619,844		0.1
Hong Kong		6,414,954		0.1
United Arab Emirates		6,142,671		0.1
China		5,455,733		0.1
Italy		5,063,386		0.1
Jamaica		4,965,650		0.1
Gabon		4,639,244		0.1
Iraq		4,352,786		0.1
Honduras		3,830,189		0.1
Angola		3,757,980		0.1
Vietnam		3,338,419		0.1
Morocco		3,325,637		0.1
Senegal		3,197,278		0.1
Kuwait		2,989,320		0.1
Mauritius		2,561,125		0.1
Bermuda		2,400,840		0.0
Israel		2,066,925		0.0
Nigeria		1,900,388		0.0
Panama		1,780,110		0.0
Norway		1,697,688		0.0

66        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Portugal	$	1,658,540		0.0%
Belarus		1,568,090		0.0
Bahamas		1,553,375		0.0
Lebanon		1,433,017		0.0
Guernsey		1,155,218		0.0
Macau		723,534		0.0
Japan		673,540		0.0
Eurozone		630,752		0.0
Singapore		423,610		0.0
Total	$	4,868,139,133		100.0	%

Forward Currency Exchange Contracts as of September 30, 2017

Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		10/2017		BRL	35,360		USD	11,303	$	—	$	138,652
BAC		12/2017		CLP	22,832,000		USD	36,483		—		875,047
BAC		10/2017 - 04/2018		IDR	1,068,069,000		USD	78,297		307,510		—
BAC		12/2017		MXN	192,700		USD	10,666		—		216,902
BAC		12/2017		MYR	61,785		USD	14,478		140,326		—
BAC		10/2017		USD	11,179		BRL	35,360		14,338		64
BAC		12/2017		USD	42,281		CLP	26,620,000		764,905		—
BAC		12/2017		USD	11,260		COP	33,059,000		102,096		—
BAC		12/2017		USD	22,249		EUR	18,835		—		112,075
BAC		12/2017 - 04/2018		USD	102,135		IDR	1,407,024,000		—		709,006
BAC		12/2017		USD	11,386		MXN	205,800		227,110		—
BAC		12/2017		ZAR	23,370		USD	1,751		—		46,763
BOA		12/2017		COP	32,744,000		USD	11,044		7,958		—
BOA		03/2018		CZK	215,400		USD	10,016		—		124,409
BOA		12/2017		EUR	18,835		USD	22,294		67,310		—
BOA		10/2017		IDR	303,359,000		USD	22,686		—		177,584
BOA		12/2017		INR	3,920,000		USD	60,714		—		1,291,258
BOA		12/2017		TWD	84,302		USD	2,828		—		42,654
BOA		03/2018		USD	22,729		EUR	18,790		317,924		—
BOA		10/2017		USD	862		IDR	11,527,500		6,748		—
BOA		12/2017		USD	33,569		ZAR	452,050		602,192		—
CITNA-B		03/2018		EUR	18,790		USD	22,557		—		146,227
CITNA-B		12/2017		MXN	332,700		USD	18,601		—		561,138
CITNA-B		12/2017		PEN	40,070		USD	12,352		—		122,223
CITNA-B		12/2017		USD	22,500		COP	66,284,000		128,071		—
CITNA-B		11/2017 - 01/2018		USD	22,360		EGP	419,485		—		1,014,962
CITNA-B		12/2017		USD	10,805		MXN	194,800		242,330		—
GSCO-OT		10/2017		BRL	21,540		USD	6,799		1,825		—
GSCO-OT		12/2017		MYR	3,575		USD	851		—		5,465
GSCO-OT		10/2017		USD	6,847		BRL	21,540		45,940		—
GSCO-OT		11/2017		USD	3,836		EGP	71,690		—		180,978
GSCO-OT		12/2017		USD	3,370		MYR	14,190		12,478		—
HSBC		12/2017		CNH	26,170		USD	3,957		—		38,712
HSBC		12/2017		COP	241,000		USD	82		—		882
HSBC		12/2017		SGD	32,920		USD	24,237		53,973		—
HSBC		12/2017		USD	24,324		SGD	32,920		33,150		—

67        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
JPM		11/2017		ARS	197,910		USD	11,056	$	89,667	$	—
JPM		10/2017		BRL	35,380		USD	11,405		138		234,342
JPM		12/2017		CLP	14,372,000		USD	22,530		—		115,954
JPM		12/2017		COP	102,919,000		USD	34,973		—		236,716
JPM		10/2017 - 04/2018		IDR	479,005,000		USD	35,044		75,376		127,180
JPM		12/2017 - 03/2018		PHP	58,000		USD	1,142		1,901		15,748
JPM		12/2017		THB	396,300		USD	11,991		—		97,522
JPM		10/2017		USD	11,262		BRL	35,380		91,209		—
JPM		12/2017		USD	13,225		COP	38,933,000		84,427		—
JPM		03/2018		USD	29,640		EUR	24,465		460,311		—
JPM		12/2017		USD	26,252		INR	1,720,000		178,279		—
JPM		12/2017		USD	591		RON	2,285		3,580		—
JPM		12/2017		USD	29,274		RUB	1,715,400		—		49,440
JPM		12/2017		USD	2,103		TRY	7,450		59,842		—
JPM		12/2017		USD	22,942		TWD	691,000		111,045		—
JPM		12/2017		USD	10,945		ZAR	147,930		156,713		—
JPM		12/2017		ZAR	436,150		USD	32,447		—		639,701
TDB		10/2017 - 11/2017		BRL	57,760		USD	18,112		117,814		—
TDB		12/2017		HUF	1,771,000		USD	6,858		—		115,965
TDB		12/2017		PLN	28,650		USD	7,959		—		105,669
TDB		10/2017 - 11/2017		USD	24,022		BRL	76,540		—		110,233
Total Unrealized Appreciation and Depreciation									$	4,506,486	$	7,653,471

Futures Contracts as of September 30, 2017

Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)			Value		Unrealized Appreciation (Depreciation)
Euro-BOBL		Sell		12/7/17		728		EUR	112,759	$	112,870,315	$	(110,960)
United States Treasury Long Bonds		Sell		12/19/17		199		USD	30,870		30,409,688		460,768
United States Treasury Nts., 10 yr.		Buy		12/19/17		1,600		USD	202,584		200,500,000		(2,083,791)
United States Treasury Nts., 10 yr.		Sell		12/19/17		747		USD	94,544		93,608,438		935,690
United States Treasury Nts., 2 yr.		Buy		12/29/17		1,307		USD	282,688		281,923,986		(764,373)
United States Treasury Nts., 2 yr.		Sell		12/29/17		528		USD	114,208		113,891,251		316,800
United States Treasury Nts., 5 yr.		Sell		12/29/17		95		USD	11,246		11,162,500		83,910
United States Ultra Bonds		Buy		12/19/17		1,474		USD	248,478		243,394,250		(5,083,842)
												$	(6,245,798)

68        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written at September 30, 2017										��
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts (000’s)					Notional Amount (000’s)		Premiums Received		Value
BRL Currency Put		BAC	BRL		3.300		12/7/17		BRL		(122,100)	BRL		165,000	$	281,200	$	(380,464)
BRL Currency Call		BAC	BRL		3.050		12/7/17		BRL		(112,850)	BRL		152,500		384,800		(113,188)
BRL Currency Call		BNP	BRL		3.060		12/13/17		BRL		(111,285)	BRL		153,000		371,496		(138,438)
BRL Currency Put		BNP	BRL		3.305		12/13/17		BRL		(120,195)	BRL		165,250		261,701		(399,769)
EUR Currency Call		BAC	NOK		9.650		11/16/17		EUR		(58,215)	EUR		80,000		250,055		(192,493)
EUR Currency Put		BAC	NOK		9.000		11/16/17		EUR		(58,215)	EUR		80,000		182,601		(28,267)
IDR Currency Put		HSBC	IDR		14135.000		12/28/17		IDR		(537,130,000)	IDR		706,750,000		237,500		—
IDR Currency Call		HSBC	IDR		13350.000		12/28/17		IDR		(507,300,000)	IDR		667,500,000		199,500		—
JPY Currency Call		BNP	JPY		107.000		12/22/17		JPY		(7,778,000)	JPY		10,700,000		494,303		(420,012)
RUB Currency Call		HSBC	RUB		57.500		11/29/17		RUB		(2,093,000)	RUB		2,875,000		366,184		(516,971)
RUB Currency Put		HSBC	RUB		62.250		11/29/17		RUB		(2,265,900)	RUB		3,112,500		301,756		(154,081)
SGD Currency Call		BAC	SGD		1.338		11/3/17		SGD		(100,313)	SGD		133,750		305,250		(106,632)
SGD Currency Put		BAC	SGD		1.385		11/3/17		SGD		(103,875)	SGD		138,500		237,000		(55,158)
SGD Currency Put		GSCO-OT	SGD		1.376		12/1/17		SGD		(50,064)	SGD		68,800		144,298		(105,685)
SGD Currency Call		GSCO-OT	SGD		1.335		12/1/17		SGD		(48,572)	SGD		66,750		103,839		(86,945)
TRY Currency Put		HSBC	TRY		3.680		11/24/17		TRY		(133,755)	TRY		184,000		387,090		(421,730)
Total Over-the-Counter Options Written															$	4,508,573	$	(3,119,833)

69        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Centrally Cleared Credit Default Swaps at September 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation (Depreciation)
CDX.EM.28		Sell		1.000%		12/20/22	USD		6,000	$	252,667		$	(237,578	)	$	15,089
CDX.EM.28		Sell		1.000		12/20/22	USD		3,000		127,967			(118,789	)		9,178
Federative Republic of Brazil		Sell		1.000		6/20/22	USD		7,500		464,303			(265,860	)		198,443
People’s Republic of China		Buy		1.000		12/20/22	USD		12,600		200,689			(218,477	)		(17,788	)
Republic of Korea		Buy		1.000		12/20/22	USD		18,800		217,738			(228,510	)		(10,772	)
Republic of South Africa		Buy		1.000		12/20/22	USD		11,000		(484,765	)		470,707			(14,058	)
Republic of South Africa		Buy		1.000		12/20/22	USD		9,000		(400,324	)		385,124			(15,200	)
Republic of South Africa		Buy		1.000		12/20/22	USD		7,000		(311,850	)		299,541			(12,309	)
Republic of South Africa		Buy		1.000		12/20/22	USD		18,198		(755,947	)		778,721			22,774
Total Centrally Cleared Credit Default Swaps										$	(689,522	)	$	864,879		$	175,357

Over-the-Counter Credit Default Swaps at September 30, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/ (Paid)		Value			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.7		FIB		Sell		3.000%		1/17/47	USD		3,640	$	398,657	$	(401,886	)	$	(3,229	)
CMBX.NA.BBB-.7		FIB		Sell		3.000		1/17/47	USD		10,915		1,092,623		(1,205,107	)		(112,484	)
CMBX.NA.BBB-.7		FIB		Sell		3.000		1/17/47	USD		7,275		796,765		(803,220	)		(6,455	)
CMBX.NA.BBB-.7		FIB		Sell		3.000		1/17/47	USD		7,275		796,765		(803,220	)		(6,455	)
CMBX.NA.BBB-.7		FIB		Sell		3.000		1/17/47	USD		7,275		796,765		(803,220	)		(6,455	)
CMBX.NA.BBB-.7		MSCO		Sell		3.000		1/17/47	USD		14,555		1,456,997		(1,606,993	)		(149,996	)
CMBX.NA.BBB-.9		FIB		Sell		3.000		9/17/58	USD		10,385		1,555,717		(1,320,467	)		235,250
CMBX.NA.BBB-.9		FIB		Sell		3.000		9/17/58	USD		6,675		1,030,092		(848,735	)		181,357
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		11,120		1,697,201		(1,413,923	)		283,278
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		11,125		1,695,871		(1,414,559	)		281,312
CMBX.NA.BBB-.9		MSCO		Sell		3.000		9/17/58	USD		7,420		1,065,715		(943,463	)		122,252
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18	USD		3,545		280,477		16,400			296,877
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD		7,501		135,567		33,643			169,210
State Bank of India		BNP		Sell		1.000		9/20/19	USD		5,225		215,578		70,770			286,348
Total Over-the-Counter Credit Default Swaps												$	13,014,790	$	(11,443,980	)	$	1,570,810

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

70        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Type of Reference   Asset   on which the Fund   Sold   Protection	Total Maximum         Potential Payments for Selling Credit Protection (Undiscounted)		Amount              Recoverable*		Reference   Asset Rating   Range**
Investment Grade
CMBS Indexes	$	97,660,000	$	—		BBB-
Investment Grade Single Name Corporate Debt		5,225,000		—		BBB-
Non-Investment Grade Corporate Debt Indexes		9,000,000		—		BB
Investment Grade Sovereign Debt		7,501,000		—		BBB
Non-Investment Grade Sovereign Debt		11,045,000		—		BB
Total USD	$	130,431,000	$	—

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

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

Centrally Cleared Interest Rate Swaps at September 30, 2017

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation (Depreciation)

BAC

Receive

Three-Month USD BBA LIBOR

2.675%

11/15/43

USD     24,100

$

(877,080)

$

(877,080)

BAC

Receive

Three-Month USD BBA LIBOR

2.688

11/15/43

USD     24,000

(933,403)

(933,403)

BAC

Receive

Three-Month USD BBA LIBOR

1.839

8/24/22

USD     95,534

650,361

650,361

BNP

Pay

MXN TIIE BANXICO

7.403

2/28/22

MXN   335,650

426,006

426,006

BOA

Pay

Three-Month CAD BA CDOR

1.945

8/2/22

CAD   114,700

(626,606)

(626,606)

BOA

Receive

Three-Month USD BBA LIBOR

1.960

8/4/22

USD     94,720

48,674

48,674

CITNA-B

Receive

Three-Month USD BBA LIBOR

1.930

9/5/22

USD     91,055

254,102

254,102

CITNA-B

Receive

Three-Month USD BBA LIBOR

2.523

11/15/43

USD     22,960

28,863

28,863

CITNA-B

Receive

Three-Month USD BBA LIBOR

2.563

11/15/43

USD       22,600

(145,660)

(145,660)

CITNA-B

Pay

BZDI

11.710

1/4/21

BRL       48,250

1,043,013

1,043,013

CITNA-B

Pay

MXN TIIE BANXICO

6.600

6/21/22

MXN   765,760

(357,995)

(357,995)

CITNA-B

Pay

Six-Month HUF BUBOR

1.390

1/25/22

HUF 2,216,000

299,157

299,157

CITNA-B

Pay

MXN TIIE BANXICO

6.790

9/12/22

MXN   596,290

(30,167)

(30,167)

71    ��   OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

    CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Centrally Cleared Interest Rate Swaps (Continued)

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)			Value		Unrealized Appreciation (Depreciation)
CITNA-B	Pay	Three-Month CAD BA CDOR		1.920%		9/5/22		CAD	115,095	$	(846,318)	$	(846,318)
DEU	Receive	Three-Month ZAR JIBAR SAFEX		7.705		9/21/27		ZAR	267,550		181,994		181,994
DEU	Pay	MXN TIIE BANXICO		7.430		2/28/22		MXN	165,455		219,516		219,516
DEU	Pay	BZDI		10.570		1/4/21		BRL	44,500		529,396		529,396
DEU	Pay	Three-Month ZAR JIBAR SAFEX		7.675		2/21/22		ZAR	73,535		108,502		108,502
DEU	Pay	MXN TIIE BANXICO		7.380		2/18/22		MXN	507,300		615,911		615,911
DEU	Receive	Three-Month ZAR JIBAR SAFEX		8.310		6/29/26		ZAR	81,950		(221,739)		(221,739)
GSCOI	Pay	BZDI		8.826		1/4/21		BRL	382,535		177,364		177,364
GSCOI	Receive	BZDI		9.400		1/2/23		BRL	141,815		65,181		65,181
GSCOI	Receive	BZDI		7.520		1/2/19		BRL	412,350		(297,543)		(297,543)
JPM	Receive	BZDI		7.650		7/2/18		BRL	264,515		(277,011)		(277,011)
JPM	Pay	BZDI		10.430		7/1/20		BRL	319,170		90,717		90,717
Total Centrally Cleared Interest Rate Swaps										$	125,235	$	125,235

Over-the-Counter Interest Rate Swaps at September 30, 2017

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)			Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
BNP	Receive	Three-Month KRW CD KSDA		1.850%		3/6/24		KRW	18,678,000	$	76	$	93,658	$	93,734
BOA	Pay	Six-Month INR FBIL MIBOR OIS Compound		6.330		1/31/22		INR	590,000		—		71,459		71,459
BOA	Pay	Six-Month THB THBFIX		2.200		3/20/22		THB	275,500		—		175,124		175,124
BOA	Receive	Three-Month KRW CD KSDA		1.860		3/6/24		KRW	12,427,500		51		55,661		55,712
CITNA-B	Pay	Three-Month COP IBR OIS Compound		5.370		3/24/20		COP	35,967,910		—		163,620		163,620
CITNA-B	Receive	1 Time COP IBR OIS Compound		5.870		3/24/18		COP	110,839,890		—		(172,164)		(172,164)
CITNA-B	Pay	Three-Month COP IBR OIS Compound		6.160		7/18/27		COP	14,580,000		—		65,251		65,251
DEU	Pay	Three-Month KRW CD KSDA		1.480		4/20/18		KRW	303,370,000		(558)		36,020		35,462
GSCOI	Pay	Three-Month COP IBR OIS Compound		5.530		1/17/19		COP	59,128,230		—		203,211		203,211
JPM	Pay	Six-Month THB THBFIX		2.603		3/24/27		THB	146,800		—		158,454		158,454

72        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty	Pay/Receive Floating Rate	Floating Rate	Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value		Unrealized Appreciation (Depreciation)
JPM	Receive	Three-Month MYR KLIBOR BNM		4.005%		2/21/22		MYR    36,770	$	—	$	(113,461)	$	(113,461)
SCB	Pay	Three-Month MYR KLIBOR BNM		3.310		8/19/21		MYR  130,000		—		(386,242)		(386,242)
Total Over-the-Counter Interest Rate Swaps									$	(431)	$	350,591	$	350,160

Over-the-Counter Total Return Swaps at September 30, 2017

Reference Asset

Counterparty

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

PowerShares Senior Loan Exchange Traded Fund

CITNA-B

Receive

One-Month USD BBA LIBOR plus 30 basis points

1/12/18

USD    47,416

$

236,900

$

236,900

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

Over-the-Counter Interest Rate Swaptions Written at September 30, 2017

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 3/13/28 Call

BAC

Pay

Six-Month GBP BBA LIBOR

1.690%

3/12/18

GBP

76,000

$

535,907

$

(905,733)

Interest Rate Swap Maturing 10/17/27 Call

BAC

Receive

Six- Month EUR EURIBOR

1.000

10/13/17

EUR

66,600

600,010

(695,279)

Interest Rate Swap Maturing 12/29/22 Call

CITNA-B

Pay

Three-Month USD BBA LIBOR

2.030

12/27/17

USD

233,100

1,258,000

(1,368,651)

Interest Rate Swap Maturing 12/14/22 Call

CITNA-B

Pay

Three-Month USD BBA LIBOR

2.160

12/12/17

USD

228,000

228,000

(624,460)

Interest Rate Swap Maturing 11/10/22 Call

CITNA-B

Pay

Three-Month USD BBA LIBOR

1.960

11/8/17

USD

232,360

1,221,000

(1,196,773)

73        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

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

Description

Counterparty

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap Maturing 12/22/18 Call

CITNA-B

Pay

Three-Month USD BBA LIBOR

1.700%

12/20/17

USD

2,183,000

$

240,130

$

(1,097,743)

Interest Rate Swap Maturing 12/15/27 Call

UBS

Pay

Three-Month USD BBA LIBOR

2.500

12/13/17

USD

114,000

294,500

(467,634)

Total Over-the-Counter Interest Rate Swaptions Written

$

4,377,547

$

(6,356,273)

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

74        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)

PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
TWD	New Taiwan Dollar
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BNM	Bank Negara Malaysia
BOBL	German Federal Obligation
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CMBX.NA.BBB-.7	Markit CMBX North American Index
CMBX.NA.BBB-.9	Markit CMBX North American Index
EURIBOR	Euro Interbank Offered Rate
FBIL	Financial Benchmarks India Private Ltd.
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
IBR	Indicador Bancario de Referencia
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate
KSDA	Korean Securities Dealers Assn.
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR12	London Interbank Offered Rate-Quarterly
LIBOR4	London Interbank Offered Rate-Quarterly
MIBOR	Mumbai Interbank Offered Rate
OIS	Overnight Index Swap
THBFIX	Thai Baht Interest Rate Fixing
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Consolidated Financial Statements.

75        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES September 30, 2017

Assets
Investments, at value—see accompanying Consolidated statement of investments:
Unaffiliated companies (cost $3,817,515,322)	$	3,849,441,969
Affiliated companies (cost $1,028,784,473)		1,018,697,164
		4,868,139,133
Cash		52,639,093
Cash—foreign currencies (cost $6,362,381)		6,252,265
Cash used for collateral on futures		7,337,000
Cash used for collateral on OTC derivatives		15,958,000
Cash used for collateral on centrally cleared swaps		28,169,687
Cash used for collateral on forward roll transactions		555,000
Unrealized appreciation on forward currency exchange contracts		4,506,486
Swaps, at value (premiums received $631,191)		1,380,171
Centrally cleared swaps, at value (premiums paid $1,952,886)		6,672,850
Receivables and other assets:
Investments sold (including $118,235,727 sold on a when-issued or delayed delivery basis)		139,817,915
Interest, dividends and principal paydowns		41,327,150
Shares of beneficial interest sold		1,868,432
Variation margin receivable		614,398
Other		502,012
Total assets		5,175,739,592
Liabilities
Unrealized depreciation on forward currency exchange contracts		7,653,471
Options written, at value (premiums received $4,508,573)		3,119,833
Swaps, at value (premiums received $12,383,168)		12,236,660
Centrally cleared swaps, at value (premiums received $1,263,364)		5,682,736
Swaptions written, at value (premiums received $4,377,547)		6,356,273
Payables and other liabilities:
Investments purchased (including $618,921,304 purchased on a when-issued or delayed delivery basis)		629,507,678
Shares of beneficial interest redeemed		3,791,412
Dividends		2,748,599
Distribution and service plan fees		817,769
Trustees’ compensation		393,568
Variation margin payable		332,767
Shareholder communications		51,789
Other		237,791
Total liabilities		672,930,346
Net Assets	$	4,502,809,246

76        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	1,137,468
Additional paid-in capital		5,374,874,865
Accumulated net investment income		17,397,825
Accumulated net realized loss on investments and foreign currency transactions		(904,744,237)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		14,143,325
Net Assets	$	4,502,809,246
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,124,886,912 and 789,046,486 shares of beneficial interest outstanding)		$3.96
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$4.16
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $15,796,384 and 3,975,128 shares of beneficial interest outstanding)		$3.97
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $696,936,278 and 176,331,324 shares of beneficial interest outstanding)		$3.95
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $47,347,630 and 12,010,424 shares of beneficial interest outstanding)		$3.94
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $123,824,690 and 31,244,358 shares of beneficial interest outstanding)		$3.96
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $494,017,352 and 124,860,267 shares of beneficial interest outstanding)		$3.96

See accompanying Notes to Consolidated Financial Statements.    

77        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended September 30, 2017

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	6,623,540
Dividends		10,779
Net expenses		(477,884)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		6,156,435
Net investment income allocated from Oppenheimer Master Loan Fund, LLC: Interest		34,551,657
Dividends		1,413,209
Net expenses		(2,134,245)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		33,830,621
Total allocation of net investment income from master funds		39,987,056
Investment Income
Interest (net of foreign withholding taxes of $462,690)		190,543,516
Fee income on when-issued securities		5,284,357
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $601)		1,454,135
Affiliated companies		2,773,119
Total investment income		200,055,127
Expenses
Management fees		25,530,576
Distribution and service plan fees:
Class A		7,957,651
Class B		276,055
Class C		7,680,701
Class R		666,617
Transfer and shareholder servicing agent fees:
Class A		7,310,403
Class B		60,874
Class C		1,694,534
Class I		13,607
Class R		295,686
Class Y		918,271
Shareholder communications:
Class A		127,880
Class B		3,192
Class C		28,702
Class I		82
Class R		3,947
Class Y		11,845
Custodian fees and expenses		214,083
Trustees’ compensation		147,839
Borrowing fees		106,149
Other		597,379
Total expenses		53,646,073

78        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Expenses (Continued)
Less reduction to custodian expenses	$	(36,232)
Less waivers and reimbursements of expenses		(3,371,390)
Net expenses		50,238,451
Net Investment Income		189,803,732
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $243,360)		(31,817,465)
Option contracts written		5,510,742
Futures contracts		(10,466,027)
Foreign currency transactions		(334,445)
Forward currency exchange contracts		25,585,596
Short positions		(5,010)
Swap contracts		(4,164,526)
Swaption contracts written		(11,097,362)
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(302,894)
Oppenheimer Master Loan Fund, LLC		2,498,851
Net realized loss		(24,592,540)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		63,542,948
Affiliated companies		(1)
Translation of assets and liabilities denominated in foreign currencies		(103,614)
Forward currency exchange contracts		(16,616,236)
Futures contracts		(3,243,040)
Option contracts written		770,444
Swap contracts		3,691,799
Swaption contracts written		(2,129,106)
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(10,201,183)
Oppenheimer Master Loan Fund, LLC		(2,101,333)
Net change in unrealized appreciation/depreciation		33,610,678
Net Increase in Net Assets Resulting from Operations	$	198,821,870

1. The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 4 of the accompanying Consolidated Notes.

See accompanying Notes to Consolidated Financial Statements.

79        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS    

	Year Ended September 30, 2017		Year Ended September 30, 2016
Operations
Net investment income	$	189,803,732	$	197,593,530
Net realized loss		(24,592,540)		(245,328,300)
Net change in unrealized appreciation/depreciation		33,610,678		334,214,044
Net increase in net assets resulting from operations		198,821,870		286,479,274
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(90,940,126)		(132,168,320)
Class B		(605,469)		(1,646,042)
Class C		(17,172,978)		(25,477,649)
Class I		(1,371,798)		(1,841,877)
Class R		(3,445,165)		(5,032,996)
Class Y		(12,202,079)		(13,989,926)
		(125,737,615)		(180,156,810)
Tax return of capital distribution:
Class A		(45,342,135)		(12,329,956)
Class B		(301,883)		(153,559)
Class C		(8,562,331)		(2,376,804)
Class I		(683,970)		(171,828)
Class R		(1,717,736)		(469,527)
Class Y		(6,083,875)		(1,305,117)
		(62,691,930)		(16,806,791)
Beneficial Interest Transactions
Net increase (decrease)  in net assets resulting from beneficial interest transactions:
Class A		(489,059,547)		(465,767,802)
Class B		(27,486,595)		(33,500,290)
Class C		(154,909,331)		(141,661,382)
Class I		1,379,541		(3,499,434)
Class R		(25,498,279)		(16,269,790)
Class Y		122,895,934		(40,212,960)
		(572,678,277)		(700,911,658)
Net Assets
Total decrease		(562,285,952)		(611,395,985)
Beginning of period		5,065,095,198		5,676,491,183
End of period (including accumulated net investment income (loss) of $17,397,825 and $(55,227,734), respectively)	$	4,502,809,246	$	5,065,095,198

See accompanying Notes to Consolidated Financial Statements.

80        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.87		$4.13		$4.13		$4.30
Income (loss) from investment operations:
Net investment income1		0.16		0.15		0.18		0.19		0.23
Net realized and unrealized gain (loss)		0.01		0.08		(0.26)		0.002		(0.17)
Total from investment operations		0.17		0.23		(0.08)		0.19		0.06
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.14)		(0.17)		(0.14)		(0.18)
Tax return of capital distribution		(0.05)		(0.01)		(0.01)		(0.05)		(0.05)
Total dividends and/or distributions to shareholders		(0.16)		(0.15)		(0.18)		(0.19)		(0.23)
Net asset value, end of period		$3.96		$3.95		$3.87		$4.13		$4.13
Total Return, at Net Asset Value3		4.45%		6.07%		(2.06)%		4.62%		1.30%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,124,887		$3,607,387		$4,008,783		$4,774,652		$5,599,883
Average net assets (in thousands)		$3,321,318		$3,745,267		$4,432,764		$5,171,641		$6,198,248
Ratios to average net assets:4,5
Net investment income		4.13%		3.87%		4.43%		4.53%		5.39%
Expenses excluding specific expenses listed below		1.08%		1.06%		1.05%		1.00%		0.96%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.08%		1.06%		1.05%		1.00%		0.96%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.02%		1.00%		0.97%		0.93%
Portfolio turnover rate8		69%		78%		79%		93%		95%

81        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2017	1.09%
Year Ended September 30, 2016	1.07%
Year Ended September 30, 2015	1.06%
Year Ended September 30, 2014	1.01%
Year Ended September 30, 2013	0.96%

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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.    

82        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class B	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.96		$3.89		$4.14		$4.14		$4.32
Income (loss) from investment operations:
Net investment income1		0.13		0.12		0.15		0.16		0.19
Net realized and unrealized gain (loss)		0.01		0.07		(0.25)		(0.01)		(0.18)
Total from investment operations		0.14		0.19		(0.10)		0.15		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.11)		(0.14)		(0.12)		(0.15)
Tax return of capital distribution		(0.04)		(0.01)		(0.01)		(0.03)		(0.04)
Total dividends and/or distributions to shareholders		(0.13)		(0.12)		(0.15)		(0.15)		(0.19)
Net asset value, end of period		$3.97		$3.96		$3.89		$4.14		$4.14
Total Return, at Net Asset Value2		3.65%		4.99%		(2.54)%		3.76%		0.15%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$15,796		$43,363		$76,276		$122,339		$205,204
Average net assets (in thousands)		$27,568		$57,748		$97,858		$160,934		$252,333
Ratios to average net assets:3,4
Net investment income		3.28%		3.15%		3.66%		3.71%		4.50%
Expenses excluding specific expenses listed below		1.85%		1.82%		1.83%		1.83%		1.87%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		1.85%		1.82%		1.83%		1.83%		1.87%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.78%		1.78%		1.77%		1.80%		1.84%
Portfolio turnover rate7		69%		78%		79%		93%		95%

83        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

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

5. Less than 0.005%.

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

Year Ended September 30, 2017	1.86%
Year Ended September 30, 2016	1.83%
Year Ended September 30, 2015	1.84%
Year Ended September 30, 2014	1.84%
Year Ended September 30, 2013	1.87%

7. 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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.

84        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class C	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.94		$3.87		$4.12		$4.12		$4.30
Income (loss) from investment operations:
Net investment income1		0.13		0.12		0.15		0.16		0.20
Net realized and unrealized gain (loss)		0.01		0.07		(0.25)		0.002		(0.18)
Total from investment operations		0.14		0.19		(0.10)		0.16		0.02
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.11)		(0.14)		(0.12)		(0.15)
Tax return of capital distribution		(0.04)		(0.01)		(0.01)		(0.04)		(0.05)
Total dividends and/or distributions to shareholders		(0.13)		(0.12)		(0.15)		(0.16)		(0.20)
Net asset value, end of period		$3.95		$3.94		$3.87		$4.12		$4.12
Total Return, at Net Asset Value3		3.67%		5.01%		(2.56)%		3.84%		0.30%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$696,936		$850,319		$977,069		$1,156,140		$1,337,248
Average net assets (in thousands)		$769,686		$897,334		$1,087,495		$1,236,681		$1,510,477
Ratios to average net assets:4,5
Net investment income		3.37%		3.12%		3.67%		3.78%		4.65%
Expenses excluding specific expenses listed below		1.84%		1.81%		1.80%		1.76%		1.71%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.84%		1.81%		1.80%		1.76%		1.71%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77%		1.77%		1.76%		1.73%		1.68%
Portfolio turnover rate8		69%		78%		79%		93%		95%

85        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2017	1.85%
Year Ended September 30, 2016	1.82%
Year Ended September 30, 2015	1.81%
Year Ended September 30, 2014	1.77%
Year Ended September 30, 2013	1.71%

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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.

86        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class I	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.93		$3.86		$4.11		$4.11		$4.29
Income (loss) from investment operations:
Net investment income1		0.18		0.16		0.20		0.20		0.24
Net realized and unrealized gain (loss)		0.01		0.07		(0.25)		0.002		(0.18)
Total from investment operations		0.19		0.23		(0.05)		0.20		0.06
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		(0.15)		(0.19)		(0.15)		(0.19)
Tax return of capital distribution		(0.06)		(0.01)		(0.01)		(0.05)		(0.05)
Total dividends and/or distributions to shareholders		(0.18)		(0.16)		(0.20)		(0.20)		(0.24)
Net asset value, end of period		$3.94		$3.93		$3.86		$4.11		$4.11
Total Return, at Net Asset Value3		4.89%		6.27%		(1.41)%		5.05%		1.43%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$47,348		$45,840		$48,488		$119,074		$87,639
Average net assets (in thousands)		$45,371		$46,967		$121,467		$109,381		$76,202
Ratios to average net assets:4,5
Net investment income		4.57%		4.30%		4.87%		4.93%		5.69%
Expenses excluding specific expenses listed below		0.65%		0.62%		0.60%		0.59%		0.60%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		0.65%		0.62%		0.60%		0.59%		0.60%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.59%		0.58%		0.57%		0.56%		0.57%
Portfolio turnover rate8		69%		78%		79%		93%		95%

87        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2017	0.66%
Year Ended September 30, 2016	0.63%
Year Ended September 30, 2015	0.61%
Year Ended September 30, 2014	0.60%
Year Ended September 30, 2013	0.60%

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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.

88        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class R	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.88		$4.13		$4.13		$4.31
Income (loss) from investment operations:
Net investment income1		0.15		0.14		0.17		0.18		0.22
Net realized and unrealized gain (loss)		0.01		0.07		(0.25)		0.002		(0.19)
Total from investment operations		0.16		0.21		(0.08)		0.18		0.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		(0.13)		(0.16)		(0.14)		(0.16)
Tax return of capital distribution		(0.05)		(0.01)		(0.01)		(0.04)		(0.05)
Total dividends and/or distributions to shareholders		(0.15)		(0.14)		(0.17)		(0.18)		(0.21)
Net asset value, end of period		$3.96		$3.95		$3.88		$4.13		$4.13
Total Return, at Net Asset Value3		4.19%		5.53%		(2.06)%		4.31%		0.68%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$123,825		$149,098		$162,623		$185,991		$208,523
Average net assets (in thousands)		$134,309		$152,830		$175,389		$196,503		$233,104
Ratios to average net assets:4,5
Net investment income		3.87%		3.61%		4.17%		4.24%		5.01%
Expenses excluding specific expenses listed below		1.34%		1.31%		1.30%		1.30%		1.34%
Interest and fees from borrowings		0.00%6		0.00%6		0.00%6		0.00%		0.00%
Total expenses7		1.34%		1.31%		1.30%		1.30%		1.34%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.27%		1.27%		1.26%		1.27%		1.31%
Portfolio turnover rate8		69%		78%		79%		93%		95%

89        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

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

6. Less than 0.005%.

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

Year Ended September 30, 2017	1.35%
Year Ended September 30, 2016	1.32%
Year Ended September 30, 2015	1.31%
Year Ended September 30, 2014	1.31%
Year Ended September 30, 2013	1.34%

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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.

90        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Class Y	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$3.95		$3.87		$4.13		$4.12		$4.30
Income (loss) from investment operations:
Net investment income1		0.17		0.16		0.19		0.20		0.24
Net realized and unrealized gain (loss)		0.01		0.08		(0.26)		0.01		(0.18)
Total from investment operations		0.18		0.24		(0.07)		0.21		0.06
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.15)		(0.18)		(0.15)		(0.18)
Tax return of capital distribution		(0.06)		(0.01)		(0.01)		(0.05)		(0.06)
Total dividends and/or distributions to shareholders		(0.17)		(0.16)		(0.19)		(0.20)		(0.24)
Net asset value, end of period		$3.96		$3.95		$3.87		$4.13		$4.12
Total Return, at Net Asset Value2		4.70%		6.33%		(1.83)%		5.13%		1.30%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$494,017		$369,088		$403,252		$558,288		$572,859
Average net assets (in thousands)		$417,814		$372,918		$453,869		$533,576		$678,607
Ratios to average net assets:3,4
Net investment income		4.43%		4.11%		4.68%		4.78%		5.64%
Expenses excluding specific expenses listed below		0.84%		0.81%		0.80%		0.76%		0.72%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%		0.00%
Total expenses6		0.84%		0.81%		0.80%		0.76%		0.72%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.77%		0.76%		0.73%		0.69%
Portfolio turnover rate7		69%		78%		79%		93%		95%

91        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

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

2. 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.

3. Annualized for periods less than one full year.

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

5. Less than 0.005%.

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

Year Ended September 30, 2017	0.85%
Year Ended September 30, 2016	0.82%
Year Ended September 30, 2015	0.81%
Year Ended September 30, 2014	0.77%
Year Ended September 30, 2013	0.72%

7. 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, 2017		$5,559,676,349		$5,415,035,851
Year Ended September 30, 2016		$4,468,857,111		$4,304,402,600
Year Ended September 30, 2015		$4,009,637,043		$4,100,638,359
Year Ended September 30, 2014		$3,978,597,684		$4,262,483,862
Year Ended September 30, 2013		$19,306,537,913		$20,594,832,307

See accompanying Notes to Consolidated Financial Statements.

92        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017

1. Organization

Oppenheimer Global Strategic Income Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. Effective January 26, 2017, the sub-sub-advisory agreement with Apollo Credit Management, LLC (the “Sub-Sub-Adviser”) terminated.

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

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

2. Significant Accounting Policies

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Global Strategic Income Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.

The financial statements have been consolidated and include accounts of the Fund and the

93        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 155,194 shares with net assets of $13,560,817 in the Subsidiary.

Other financial information at period end:    

Total market value of investments	$	1,664,773
Net assets	$	13,560,817
Net income (loss)	$	(75,777)
Net realized gain (loss)	$	59,320
Net change in unrealized appreciation/depreciation	$	102,425

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

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

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

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

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

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

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

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

94        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Consolidated Statement of Operations, are amortized or accreted daily.

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

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

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

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

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

95        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

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

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

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 Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—	$—	$892,862,499	$24,163,577

1. At period end, the Fund had $889,888,084 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
2018	$	240,345,967
No expiration		649,542,117
Total	$	889,888,084

96        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

2. The Fund had $2,974,415 of post-October foreign currency losses which were deferred.

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

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

5. During the reporting period, $114,107,166 of unused capital loss carryforward expired.

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

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		Reduction to Accumulated Net Realized Loss on Investments
$174,088,469		$71,251,372		$102,837,097

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2017		Year Ended September 30, 2016
Distributions paid from:
Ordinary income	$	125,737,615	$	180,156,810
Return of capital		62,691,930		16,806,791
Total	$	188,429,545	$	196,963,601

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

Federal tax cost of securities	$	4,840,218,751
Federal tax cost of other investments		351,334,058
Total federal tax cost	$	5,191,552,809
Gross unrealized appreciation	$	151,724,115
Gross unrealized depreciation		(127,560,538)
Net unrealized appreciation	$	24,163,577

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP

97        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

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

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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, short-term notes, 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. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades

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3. Securities Valuation (Continued)

may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

Loans are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include information obtained from market participants regarding broker-dealer price quotations.

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers. Standard inputs generally considered by third-party pricing vendors include market information relevant to the underlying reference asset such as the price of financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates, or the occurrence of other specific events.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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 regularly

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3. Securities Valuation (Continued)

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

Classifications

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

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

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

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

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

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

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

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	167,998,278	$	—	$	167,998,278
Mortgage-Backed Obligations		—		985,406,679		49,931		985,456,610
Foreign Government Obligations		—		523,118,831		—		523,118,831
Corporate Loans		—		7,311,923		—		7,311,923
Corporate Bonds and Notes		—		2,037,700,893		111,118		2,037,812,011
Preferred Stocks		39,824,078		390,495		—		40,214,573
Common Stocks		14,850,698		109,648		269,236		15,229,582
Rights, Warrants and Certificates		—		60,762		243,034		303,796

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3. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant   Observable Inputs			Level 3— Significant   Unobservable Inputs		Value
.Investments, at Value: (Continued)
Structured Securities	$	—		$	13,011,331		$	8,674,464	$	21,685,795
Short-Term Notes		—			39,181,776			—		39,181,776
Over-the-Counter Options Purchased		—			2,517,161			—		2,517,161
Over-the-Counter Interest Rate
Swaptions Purchased		—			8,611,633			—		8,611,633
Investment Companies		275,819,745			742,877,419			—		1,018,697,164
Total Investments, at Value		330,494,521			4,528,296,829			9,347,783		4,868,139,133
Other Financial Instruments:
Swaps, at value		—			1,380,171			—		1,380,171
Centrally cleared swaps, at value		—			6,672,850			—		6,672,850
Futures contracts		1,797,168			—			—		1,797,168
Forward currency exchange contracts		—			4,506,486			—		4,506,486
Total Assets	$	332,291,689		$	4,540,856,336		$	9,347,783	$	4,882,495,808
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(12,236,660	)	$	—	$	(12,236,660)
Centrally cleared swaps, at value		—			(5,682,736	)		—		(5,682,736)
Options written, at value		—			(3,119,833	)		—		(3,119,833)
Futures contracts		(8,042,966	)		—			—		(8,042,966)
Forward currency exchange contracts		—			(7,653,471	)		—		(7,653,471)
Swaptions written, at value		—			(6,356,273	)		—		(6,356,273)
Total Liabilities	$	(8,042,966	)	$	(35,048,973	)	$	—	$	(43,091,939)

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

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

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

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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.

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

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

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4. Investments and Risks (Continued)

Investment in Oppenheimer Master Funds. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the 1940 Act, as amended, that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master Loan Fund,

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

The investment objective of Master Loan is to seek income. The investment objective of Master Event-Linked Bond is to seek total return. The Fund’s investments in the Master Funds are included in the Consolidated Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain/(loss) realized on investments sold by the Master Funds. As a shareholder, the Fund is subject to its proportional share of the Master Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Master Funds. The Fund owns 41.5% of Master Loan and 37.1% of Master Event-Linked Bond at period end.

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

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

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4. Investments and Risks (Continued)

structured security is sold or matures.

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

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The 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		$618,921,304
Sold securities		118,235,727

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

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4. Investments and Risks (Continued)

sale price.

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

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

At period end, the Fund pledged $555,000 of collateral to the counterparty 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 and/or principal payment.

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

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CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Cost	$20,904,595
Market Value	$9
Market Value as % of Net Assets	Less than 0.005%

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

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5. Market Risk Factors (Continued)

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 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

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

close date is recorded as a realized gain (loss) in the Consolidated Statement of Operations.

The Fund may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $951,080,340 and $931,911,860, 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 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 may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $566,207,202 and $224,830,698 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.

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6. Use of Derivatives (Continued)

Option Activity

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

Foreign Currency Options. The Fund may purchase or write call and put options on currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Interest Rate Options. The Fund may purchase or write call and put options on treasury and/or euro futures to increase or decrease exposure to interest rate risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or 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 $1,878,546 and $1,954,482 on purchased call options and purchased put options, respectively.

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

The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. The risk in writing

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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.

During the reporting period, the Fund had an ending monthly average market value of $2,296,349 and $1,317,162 on written call options and written put options, respectively.

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

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared swaps”). Swap contracts may include interest rate, equity, debt, index, total return, credit default, currency, and volatility swaps.

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

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

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

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

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6. Use of Derivatives (Continued)

asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

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

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

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease 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 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 $132,881,084 and $106,901,881 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

The Fund may enter into interest rate swaps in which it pays the fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Typically, if relative interest rates rise, floating payments under a swap agreement will be greater than the fixed payments.

For the reporting period, the Fund had ending monthly average notional amounts of $271,448,553 and $686,817,028 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

references. One cash flow is typically based on a non-asset reference (such as an interest rate) and the other on the total return of a reference asset (such as a security or a basket of securities or securities index). The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

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

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

For the reporting period, the Fund had ending monthly average notional amounts of $36,793,024 on total return swaps which are long the reference asset.

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

Swaption Transactions

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

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

The Fund generally will incur a greater risk when it writes a swaption than when it 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 may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion

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6. Use of Derivatives (Continued)

of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund may purchase swaptions which give it the option to buy or sell credit protection through credit default swaps in order to decrease or increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A swaption selling protection becomes more valuable as the likelihood of a credit event on the reference asset decreases. A swaption buying protection becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund may write swaptions which give it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed or floating interest rate and receives a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. A written swaption paying a fixed rate becomes more valuable as the reference interest rate increases relative to the preset interest rate. A written swaption paying a floating rate becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

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

During the reporting period, the Fund had an ending monthly average market value of $ 4,047,932 and $3,455,689 on purchased and written swaptions, respectively.

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.

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 $2,172,788.

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

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

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

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy 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

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6. Use of Derivatives (Continued)

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

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

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

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Bank of America NA	$	1,338,019	$	(1,338,019)	$	–	$	–	$	–
Barclays Bank plc		4,371,362		(4,371,362)		–		–		–
BNP Paribas		1,236,228		(958,219)		(278,009)		–		–
Citibank NA		5,849,109		(5,849,109)		–		–		–
Deutsche Bank AG		36,020		–		–		(36,020)		–
Goldman Sachs Bank USA		266,044		(266,044)		–		–		–
Goldman Sachs International		203,211		–		–		–		203,211
HSBC Bank USA NA		601,073		(601,073)		–		–		–
JPMorgan Chase Bank NA		1,523,276		(1,523,276)		–		–		–
Toronto Dominion Bank		117,814		(117,814)		–		–		–

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)    

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
UBS AG	$	1,473,295	$	(467,634)	$	(372,266)	$	(510,000)	$	123,395
	$	17,015,451	$	(15,492,550)	$	(650,275)	$	(546,020)	$	326,606

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

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

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

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,635,905)	$	1,338,019	$	–	$	297,886	$	–
Barclays Bank plc		(4,575,723)		4,371,362		–		204,361		–
BNP Paribas		(958,219)		958,219		–		–		–
Citibank NA		(6,304,341)		5,849,109		–		340,000		(115,232	)
Credit Suisse International		(6,185,855)		–		–		6,185,855		–
Goldman Sachs Bank USA		(379,073)		266,044		–		113,029		–
HSBC Bank USA NA		(1,132,376)		601,073		–		531,303		–
JPMorgan Chase Bank NA		(1,630,064)		1,523,276		–		–		(106,788	)
Morgan Stanley Capital Services, Inc.		(5,378,938)		–		–		5,378,938		–
Standard Chartered Bank		(386,242)		–		–		386,242		–
Toronto Dominion Bank		(331,867)		117,814		–		214,053		–
UBS AG		(467,634)		467,634		–		–		–
		$        (29,366,237)		$    15,492,550		$                    –		$    13,651,667		$        (222,020	)

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

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

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6. Use of Derivatives (Continued)

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	$	357,713	Swaps, at value	$	11,564,793
Interest rate contracts	Swaps, at value		1,022,458	Swaps, at value		671,867
Credit contracts	Centrally cleared swaps, at value		1,934,093	Centrally cleared swaps, at value		1,069,214
Interest rate contracts	Centrally cleared swaps, at value		4,738,757	Centrally cleared swaps, at value		4,613,522
Interest rate contracts	Variation margin receivable		614,398*	Variation margin payable		332,767	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		4,506,486	Unrealized depreciation on forward currency exchange contracts		7,653,471
Forward currency exchange contracts				Options written, at value		3,119,833
Forward currency exchange contracts				Swaptions written, at value		6,356,273
Equity contracts	Investments, at value		52,334**
Forward currency exchange contracts	Investments, at value		2,464,827**
Interest rate contracts	Investments, at value		8,611,633**
Total		$	24,302,699		$	35,381,740

*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, if any.

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

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies**		Swaption contracts written		Option contracts written		Futures contracts
Credit contracts	$	(820,081)	$	274,894	$	—	$	—
Equity contracts		295,139		—		43,489		—
Forward currency exchange contracts		(284,757)		—		6,017,565		—
Interest rate contracts		4,763,542		(11,372,256)		(550,312)		(10,466,027)
Total	$	3,953,843	$	(11,097,362)	$	5,510,742	$	(10,466,027)

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	(6,401,471)	$	(6,946,658)
Equity contracts		—		—		338,628
Forward currency exchange contracts		25,585,596		—		31,318,404
Interest rate contracts		—		2,236,945		(15,388,108)
Total	$	25,585,596	$	(4,164,526)	$	9,322,266

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

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions*		Option contracts written		Swaption contracts written		Futures  contracts
Credit contracts	$	396,128	$	—	$	(150,380)	$	—
Equity contracts		(104,696)		—		—		—
Forward currency exchange contracts		(88,981)		809,161		—		—
Interest rate contracts		2,601,580		(38,717)		(1,978,726)		(3,243,040)
Total	$	2,804,031	$	770,444	$	(2,129,106)	$	(3,243,040)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Forward currency exchange contracts			Swap contracts		Total
Credit contracts	$	—		$	4,743,514	$	4,989,262
Equity contracts		—			—		(104,696)
Forward currency exchange contracts		(16,616,236	)		—		(15,896,056)
Interest rate contracts		—			(1,051,715)		(3,710,618)
Total	$	(16,616,236)		$	3,691,799	$	(14,722,108)

*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:

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7. Shares of Beneficial Interest (Continued)    

	Year Ended September 30, 2017						Year Ended September 30, 2016
	Shares			Amount			Shares			Amount
Class A
Sold		48,921,616		$	192,308,690			49,594,876		$	190,847,491
Dividends and/or distributions reinvested		31,238,755			122,750,966			33,139,619			127,427,433
Redeemed		(204,805,470	)		(804,119,203	)		(203,845,428	)		(784,042,726)
Net decrease		(124,645,099	)	$	(489,059,547	)		(121,110,933	)	$	(465,767,802)
Class B
Sold		61,590		$	242,525			136,749		$	530,027
Dividends and/or distributions reinvested		216,903			854,138			433,444			1,669,645
Redeemed		(7,248,102	)		(28,583,258	)		(9,245,651	)		(35,699,962)
Net decrease		(6,969,609	)	$	(27,486,595	)		(8,675,458	)	$	(33,500,290)
Class C
Sold		10,191,444		$	39,924,389			15,087,056		$	57,785,579
Dividends and/or distributions reinvested		6,097,118			23,910,475			6,577,937			25,237,910
Redeemed		(55,764,924	)		(218,744,195	)		(58,582,619	)		(224,684,871)
Net decrease		(39,476,362	)	$	(154,909,331	)		(36,917,626	)	$	(141,661,382)
Class I
Sold		3,674,488		$	14,395,136			1,610,491		$	6,191,607
Dividends and/or distributions reinvested		523,645			2,048,739			523,820			2,005,298
Redeemed		(3,851,222	)		(15,064,334	)		(3,045,914	)		(11,696,339)
Net increase (decrease)		346,911		$	1,379,541			(911,603	)	$	(3,499,434)
Class R
Sold		4,992,953		$	19,622,247			6,009,296		$	23,174,414
Dividends and/or distributions reinvested		1,219,626			4,794,536			1,333,790			5,131,759
Redeemed		(12,707,380	)		(49,915,062	)		(11,555,117	)		(44,575,963)
Net decrease		(6,494,801	)	$	(25,498,279	)		(4,212,031	)	$	(16,269,790)
Class Y
Sold		65,302,057		$	256,466,227			23,220,479		$	89,437,668
Dividends and/or distributions reinvested		4,342,868			17,080,573			3,653,084			14,040,449
Redeemed		(38,336,517	)		(150,650,866	)		(37,490,600	)		(143,691,077)
Net increase (decrease)		31,308,408		$	122,895,934			(10,617,037	)	$	(40,212,960)

8. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities	$	2,934,308,064	$	3,288,127,775
U.S. government and government agency obligations		101,082,407		230,140,452

119        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

8. Purchases and Sales of Securities (Continued)

	Purchases		Sales
To Be Announced (TBA) mortgage-related securities		5,559,676,349		5,415,035,851

9. Fees and Other Transactions with Affiliates

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

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

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

The Fund’s effective management fee for the reporting period was 0.54% of average annual net assets before any Subsidiary management fees or any applicable waivers.

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

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

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. 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

120        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

9. Fees and Other Transactions with Affiliates (Continued)

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

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

121        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Consolidated Statement of Operations.

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

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, 2017		$428,249		$3,168		$40,537		$30,931		$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. During the reporting period, the Manager waived $101,193. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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

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

Class A	$	366,218
Class B		2,725
Class C		84,477
Class R		14,710
Class Y		49,070

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

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in Affiliated Funds. During the reporting period, the Manager waived fees and/or reimbursed the Fund $2,752,997 for these management fees. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

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10. Borrowing and Other Financing

Securities Sold Short. The Fund sells securities that it does not own, and it will therefore be obligated to purchase such securities at a future date. Upon entering into a short position, the Fund is required to segregate cash or securities at its custodian which are pledged for the benefit of the lending broker and/or to deposit and pledge cash directly at the lending broker, with a value equal to a certain percentage, exceeding 100%, of the value of the securities that it sold short. Cash that has been segregated and pledged for this purpose will be disclosed on the Consolidated Statement of Assets and Liabilities; securities that have been segregated and pledged for this purpose are disclosed as such in the Consolidated Statement of Investments. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the change in value of the open short position. The Fund records a realized gain or loss when the short position is closed out. By entering into short sales, the Fund bears the market risk of increases in value of the security sold short in excess of the proceeds received. Until the security is replaced, the Fund is required to pay the lender any dividend or interest earned. Dividend expense on short sales is treated as an expense in the Consolidated Statement of Operations.

At period end, the Fund had no outstanding securities sold short.

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 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.

123        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 (the Fund) and subsidiary, including the consolidated statement of investments, as of September 30, 2017, 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, 2017, 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, 2017, 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 28, 2017

124        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

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 0.79% 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 $1,000,417 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2017, 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 $103,236,787 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.

125        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-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 Sub-Adviser’s 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; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. 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.

126        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 the Sub-Adviser has 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 and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Michael Mata, Krishna Memani, Ruta Ziverte, and Chris Kelly, the portfolio managers for the Fund, and the Sub-Adviser’s 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 review or renewal of the Fund’s service agreements or service providers. 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 and the Managers including comparative performance information. The Board 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 the one-, three-, five- and ten-year periods. The Board considered several factors that contributed to the Fund’s underperformance, noting that, as a result of conversations with the Board and in an effort to address performance, two portfolio managers were recently added to the Fund’s investment team in January 2017. The Board further considered that the Adviser recently has made changes to the Fund’s outcome objectives and, corresponding to that, also changed the Fund’s benchmark. The Board also noted that the Fund’s performance improved in 2017 and that the Fund outperformed its benchmark index in the year-to-date period ended June 30, 2017. The Board concluded it was appropriate to permit the Fund’s performance to reflect these changes and additional investments on the part of the Adviser.

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 independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail multisector bond funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee and total expenses, net of waivers, were lower than its peer group medians and category medians.

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

127        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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, 2018. 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.

128        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

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

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

Householding—Delivery of Shareholder Documents

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

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

129        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.
Robert J. Malone, Chairman of the Board of Trustees (since 2016), Trustee (since 2002) Year of Birth: 1944	Chairman - Colorado Market of MidFirst Bank (since January 2015); Chairman of the Board (2012-2016) and Director (August 2005-January 2016) of Jones International University (educational organization); Trustee of the Gallagher Family Foundation (non-profit organization) (2000-2016); Chairman, Chief Executive Officer and Director of Steele Street Bank Trust (commercial banking) (August 2003-January 2015); Director 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 Member (1984-1999) of Young Presidents Organization. Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Malone has served on the Boards of certain Oppenheimer funds since 2002, 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.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Of Counsel, Shearman & Sterling LLP (since September 2017); Chief of Staff of the U.S. Securities and Exchange Commission (regulator) (June 2015-February 2017); Managing Director and Investment Company General Counsel of Goldman Sachs (investment bank) (November 2012-May 2015); Partner at Morgan Lewis & Bockius, LLP (law firm) (March 2011-October 2012); Director of the Division of Investment Management of U.S. Securities and Exchange Commission (regulator) (May 2006-November 2010); Global General Counsel of Merrill Lynch Investment Managers (investment firm) (May 2003-May 2006); General Counsel (October 1991-November 2001) and Executive Vice President (January 1993-November 2001) of OppenheimerFunds, Inc. (investment firm) (June 1991-November 2001). Oversees 45 portfolios in the OppenheimerFunds complex. Mr. Donohue has served on the Boards of certain Oppenheimer funds since 2017, 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 Board’s deliberations.
Jon S. Fossel, Trustee (since 1990) Year of Birth: 1942	Chairman of the Board of Jack Creek Preserve Foundation (non-profit organization) (2005-2015); Director of Jack Creek Preserve Foundation (non-profit organization) (since March 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

130        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Jon S. Fossel, Continued	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 45 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 45 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) (2000-2014); Board Member of Middlebury College (educational organization) (December 2005-June 2011); Director (1991-2016), Vice Chairman of the Board (2006-2009) and Chairman of the Board (2010-2013) 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; 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 45 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 (2008-2015) 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);

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TRUSTEES AND OFFICERS Unaudited / Continued

Victoria J. Herget, Continued	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 45 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.
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) (1996-2015), MML Series Investment Fund (investment company) (1996-2015) and Mass Mutual Premier Funds (investment company) (January 2012-December 2015); President and Treasurer of the SIS Charitable Fund (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 45 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	Member (since May 2015) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions 1975-1990); Trustee (1992-2006); member of Executive, Nominating and Audit Committees and Chair of Finance Committee (1992-2006), and Emeritus Trustee (since 2006) of Lehigh University; and member, Women’s Investment Management Forum (professional organization) since inception. Oversees 45 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 45 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.

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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 101 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Mata, Memani, Kelly, Mss. Ziverte, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 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 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.

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TRUSTEES AND OFFICERS Unaudited / Continued

Chris Kelly, Vice President (since 2017) Year of Birth: 1967	Senior Vice President of the Sub-Adviser (since January 2016); Portfolio Manager of the Sub-Adviser(since March 2015); Co-Head of the Global Debt Team (since March 2015); Vice President of the Sub-Adviser (March 2015-January 2016). Deputy Head of Emerging Markets Fixed Income at BlackRock, Inc. (June 2012 - January 2015); Portfolio Manager and Deputy Chief Investment Officer of Emerging Markets at Fisher Francis Trees and Watts, a BNP Paribas Investment Partner (February 2008 - April 2012). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.
Ruta Ziverte, Vice President (since 2017) Year of Birth: 1973	Vice President and Senior Portfolio Manager of the Sub-Adviser (July 2015). Prior to joining the Sub-Adviser, she was Senior Vice President and Portfolio Manager at GE Asset Management (June 2009 to June 2015). A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.
Jennifer Foxson, 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 101 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 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex.

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Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970 Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 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).

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OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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

^©2017 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

● Applications or other forms

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

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

● Your transactions with us, our affiliates or others

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

137        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PRIVACY POLICY NOTICE Continued

Internet Security and Encryption

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

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

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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	Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.
Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RA0230.001.0917 November 21, 2017

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 Karen L. Stuckey, the Chairwoman of the Board’s Audit Committee, is the audit committee financial expert and that Ms. Stuckey 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 $105,700 in fiscal 2017 and $92,900 in fiscal 2016.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,500 in fiscal 2017 and $7,921 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 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, custody audits, and additional audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $5,093 in fiscal 2017 and $8,660 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $286,402 in fiscal 2017 and $45,432 in fiscal 2016 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 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 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 $686,981 in fiscal 2017 and $660,298 in fiscal 2016 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 9/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that

have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.

(a) (1) 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:	11/14/2017

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/14/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	11/14/2017