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: 9/30/2018

Item 1. Reports to Stockholders.

An Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

Table of Contents

Fund Performance Discussion	4
Top Holdings and Allocations	8
Fund Expenses	12
Consolidated Statement of Investments	14
Consolidated Statement of Assets and Liabilities	79
Consolidated Statement of Operations	81
Consolidated Statements of Changes in Net Assets	83
Consolidated Financial Highlights	84
Notes to Consolidated Financial Statements	94
Report of Independent Registered Public Accounting Firm	126
Federal Income Tax Information	127
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	128
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	131
Trustees and Officers	132
Privacy Notice	138

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/18

	Class A Shares of the Fund
			Bloomberg Barclays
	Without Sales Charge	With Sales Charge	U.S. Aggregate Bond
			Index
1-Year	-1.49%	-6.17%	-1.22%
5-Year	2.26	1.27	2.16
10-Year	4.72	4.21	3.77

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.

3       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of -1.49% during the reporting period, underperforming the -1.22% return provided by the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

MARKET OVERVIEW

After rallying to close 2017, 2018 has been volatile and eventful through September 30, 2018. Central banks were in action, led by the Federal Reserve (Fed), which hiked the Fed Funds target rate by 25 basis points (bps) three times in 2018 – in March, June, and September – ending the period in a range of 2.00% - 2.25%. The Fed also eliminated its description of monetary policy as “accommodative” and increased the long-run dot plot. After announcing the end of quantitative easing (QE) over the second quarter of 2018, the European Central Bank’s (ECB) decision makers’ rhetoric turned mildly

hawkish. ECB President Draghi expressed confidence in the Eurozone outlook and highlighted a “relatively vigorous pick-up” in underlying inflation. Italy continued to create negative headlines as the government drafted a budget plan that was not in line with Eurozone fiscal rules. Global trade tensions remain escalated, with the U.S. imposing tariffs on $200 billion of Chinese imports, with the possibility of additional tariffs if negotiations stall. On a positive note, the pending United States-Mexico-Canada Agreement has been agreed upon to replace NAFTA.

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

4       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Global economic data continued to soften late in the reporting period, but current projections still point to global growth remaining around its historical average for 2018 and 2019. Growth leadership in the developed world changed hands, with the U.S. growth momentum increasing due to fiscal stimulus, while Eurozone growth slowed down a bit. Despite some moderation, we believe that growth in developed markets is above long-term potential, creating jobs, and continuing to reduce the slack in labor and product markets.

Eurozone data weakness seems to have stabilized in the second half of 2018. The underlying forces of growth in the Eurozone, such as job creation and income growth, revival of bank lending, and high levels of confidence, are intact. Japan’s growth rebounded in the second quarter of 2018 due to strong investment expenditures. Growth expectations remain upbeat in several other countries, including Canada, Australia, and Sweden.

Global headwinds are catching up with Asian growth. In the second quarter of 2018, Chinese growth started slowing down as a result of earlier tight monetary policies that were enacted to reduce financial leverage in the economy. With trade disputes taking a turn for the worse, we expect this slowdown will continue and some of the pain will be shared with the rest of Asia’s manufacturing economies through lower exports, exchange rates, and lower profit margins. We think

China will mitigate most of the growth impact

on its domestic economy by a combination of looser fiscal policy and more adjustments in the exchange rate. However, we believe that the indirect impact on investor sentiment and investments is likely to induce a further slowdown in Asia broadly, even though capital expenditure demand from developed markets, which remains resilient, will provide some support to the region.

Our new outlook for Latin America, with downward growth revisions, is driven by the larger economies where domestic and external headwinds are greater, especially in the case of Argentina. The other economies in the region continue to follow cyclical momentum, moving toward potential growth. We now see the region growing 1.5% this year, down from 1.7% in 2017, and also below the 2.4% potential. Barring negative political outcomes, the lower current account deficits and historically low inflation could support demand. These are external and domestic factors that, in our view, should help Latin economies in this period of divergent global growth and unstable markets.

The U.S. economy continues to show strong growth momentum. 2018 gross domestic product (GDP) growth is expected to be around 3%, significantly exceeding its 2% trend growth of this expansion. Private consumption, the driving force of the economy in recent years, is growing at a stable rate. Strong household finances, ongoing job creation, and high levels of consumer confidence point to stable growth in consumption with upside risks to the

5       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

growth rate. Additionally, fixed business investment gained momentum in the second quarter of 2018, broadening across sectors. Forward looking indicators suggest a healthy dose of growth for the business investment outlook. With increasingly less slack in the economy, strong profits, and the corporate tax cuts, we expect investment to support growth and productivity improvements.

The Fed is on track to deliver one more hike this year, as the economy is near the Fed’s dual mandate of full employment and price stability. On the inflation front, the underlying inflation is around the Fed’s 2% target. The unemployment rate is at historical lows; however, the rising labor participation rate and stable wage growth suggest that there may still be some slack in the labor market. The Federal Open Market Committee under Jerome Powell’s leadership signaled that the Fed will remain cautious and tighten policy gradually, giving comfort to the markets. So far the Fed’s hiking cycle has been orderly.

Government bond yields rose across many markets during the one-year reporting period. U.S. Treasury 10-year rates trended higher during the period and ended at 3.06%. To close the period, German 10-year yields ended at 0.47%, Japanese 10-year yields closed at 0.12% while Indian 10-year yields ended at 8.0%. Brazilian 10-year yields ended the period at 11.8%.

FUND REVIEW

The Fund’s underperformance relative to the Index this reporting period was largely the result of its allocation to emerging market local debt. Monetary tightening in the U.S., the stronger U.S. dollar, and global trade tensions continued to provide headwinds for emerging markets during the reporting period, and countries with severe macro imbalances and high foreign currency funding needs such as Argentina and Turkey suffered heavy pressure in August 2018. In Argentina, the response to the sharp sell-off in the currency was a revised International Monetary Fund (IMF) program increasing its size and the speed of disbursement, which we believe will alleviate market concerns over financing and help stabilize asset prices. In Turkey’s case, the central bank hiked rates aggressively and the government announced a more realistic medium-term program with a tighter fiscal policy and steps to rebalance the economy. However, we don’t believe the policy actions so far are sufficient to stabilize the situation.

The Fund’s allocation to emerging market credit also detracted from performance this reporting period.

Contributing positively to performance this reporting period was our decision to eliminate our exposure to high grade credit, along with our allocation to high yield credit. High grade credit underperformed high yield credit this reporting period as high grade credit has more duration sensitivity than high yield credit. Lastly, our exposure to leveraged loans also benefited performance in a rising interest rate environment.

6       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

MARKET OUTLOOK & PORTFOLIO POSITIONING

Looking forward, we believe that global growth has peaked, initially led by the current weakness in emerging markets. Over the next nine months we expect that developed market growth will slow down as emerging market growth bottoms somewhere in the second quarter of 2019. In our view, U.S. growth will slow down from its current rapid pace. However, we believe it will remain well above potential for the next two to three quarters with risks that inflation surprises modestly to the upside. We also believe that European growth will remain in the Goldilocks range of 1.5% – 2%. Within emerging markets, dispersion in returns will remain high, in our view. We believe that improving domestic fundamentals in some countries and possible fiscal stimulus in China will offset the effect of tariffs, and therefore expect the current slowdown in emerging market countries, in the aggregate, to abate by the second quarter of 2019.

From an asset valuation perspective, it leaves emerging market assets at historically

cheap levels versus developed market assets. Emerging market local bonds offer real yields that are at or close to 15-year highs when compared to developed market real yields. In those countries where the central banks have raised rates, we see value in short-term interest rates. In countries where the central banks have not fully tightened, we see value in long-term bonds, particularly if the yield curves are very steep. Similarly, emerging market currency levels are back to levels last seen in 2015 near the U.S. dollar high. In credit, we believe European financial subordinated debt offers value as do both emerging market hard currency sovereign debt and corporate debt.

With these valuations, we maintained our exposure to emerging market credit, but slightly decreased our exposure to emerging market local interest rates. In the U.S., we maintained our exposures to high yield, leveraged loans, and mortgage-backed securities. We will continue to monitor the global financial markets as we seek opportunities to generate income.

  Hemant Baijal Portfolio Manager

  Ruta Ziverte Portfolio Manager

  Krishna Memani Portfolio Manager

  Chris Kelly Portfolio Manager

7       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	36.9	%
Investment Companies
Oppenheimer Institutional Government Money Market Fund	5.7
Oppenheimer Master Event- Linked Bond Fund, LLC	1.8
Oppenheimer Master Loan Fund, LLC	13.6
Oppenheimer Ultra-Short Duration Fund	1.1
Mortgage-Backed Obligations
Government Agency	11.0
Non-Agency	7.6
Foreign Government Obligations	16.1
Asset-Backed Securities	2.5
Preferred Stocks	1.3
Short-Term Notes	1.0
Structured Securities	0.5
Over-the-Counter Options Purchased	0.4
Corporate Loans	0.4
Over-the-Counter Interest Rate Swaptions Purchased	0.1
Over-the-Counter Credit Default Swaptions Purchased	—*
Rights, Warrants and Certificates	—*
Common Stocks	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	68.9	%
Latin & South America	8.5
Europe	8.0
Asia	7.1
Middle East/Africa	6.1
Emerging Europe	1.3
Supranational	0.1

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2018, and are based on total market value of investments.

8       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

TOP TEN GEOGRAPHICAL HOLDINGS

United States	67.7	%
India	2.7
South Africa	2.6
Indonesia	2.2
Brazil	1.7
United Kingdom	1.7
Greece	1.6
Mexico	1.6
Argentina	1.6
Spain	1.4

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2018, and are based on total market value of investments.

For more current Fund holdings, please visit oppenheimerfunds.com.

9       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/18

	Inception Date	1-Year	5-Year	10-Year
Class A (OPSIX)	10/16/89	-1.49%	2.26%	4.72%
Class C (OSICX)	5/26/95	-2.26	1.49	3.91
Class I (OSIIX)	1/27/12	-1.15	2.68	3.29*
Class R (OSINX)	3/1/01	-1.75	1.99	4.34
Class Y (OSIYX)	1/26/98	-1.26	2.56	4.94
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/18
	Inception Date	1-Year	5-Year	10-Year
Class A (OPSIX)	10/16/89	-6.17%	1.27%	4.21%
Class C (OSICX)	5/26/95	-3.19	1.49	3.91
Class I (OSIIX)	1/27/12	-1.15	2.68	3.29*
Class R (OSINX)	3/1/01	-1.75	1.99	4.34
Class Y (OSIYX)	1/26/98	-1.26	2.56	4.94

* Shows performance since inception.

STANDARDIZED YIELDS		UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 9/30/18		For the 30 Days Ended 9/30/18
Class A	4.89%	Class A	4.82%
Class C	4.38	Class C	4.31
Class I	5.53	Class I	5.46
Class R	4.90	Class R	4.83
Class Y	5.37	Class Y	5.31

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% 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. 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, 2018 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

10       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018. 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 views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on September 30, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

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.

11       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, 2018.

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, 2018” 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.

12       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value April 1, 2018	Ending Account Value September 30, 2018	Expenses Paid During 6 Months Ended September 30, 2018
Class A	$    1,000.00	$       983.10	$      5.03
Class C	1,000.00	976.70	8.81
Class I	1,000.00	982.20	3.14
Class R	1,000.00	979.30	6.32
Class Y	1,000.00	984.30	3.84
Hypothetical (5% return before expenses)
Class A	1,000.00	1,020.00	5.13
Class C	1,000.00	1,016.19	8.99
Class I	1,000.00	1,021.91	3.20
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, 2018 are as follows:

Class	Expense Ratios
Class A		1.01	%
Class C		1.77
Class I		0.63
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.

13       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2018

	Principal Amount		Value
Asset-Backed Securities—2.6%
American Credit Acceptance Receivables Trust:
Series 2015-3, Cl. D, 5.86%, 7/12/221	$	550,000	$	555,431
Series 2016-4, Cl. B, 2.11%, 2/12/211		85,312		85,286
Series 2017-3, Cl. B, 2.25%, 1/11/211		305,000		304,653
Series 2017-4, Cl. B, 2.61%, 5/10/211		476,000		475,463
Series 2017-4, Cl. C, 2.94%, 1/10/241		1,347,000		1,339,854
Series 2017-4, Cl. D, 3.57%, 1/10/241		1,747,000		1,728,696
AmeriCredit Automobile Receivables Trust:
Series 2015-2, Cl. D, 3.00%, 6/8/21		1,315,000		1,315,158
Series 2017-2, Cl. D, 3.42%, 4/18/23		2,270,000		2,257,091
Series 2017-4, Cl. D, 3.08%, 12/18/23		985,000		965,392
Cabela’s Credit Card Master Note Trust:
Series 2016-1, Cl. A1, 1.78%, 6/15/22		2,545,000		2,526,348
Series 2016-1, Cl. A2, 3.008% [US0001M+85], 6/15/222		4,605,000		4,627,936
Capital Auto Receivables Asset Trust, Series 2017-1, Cl. D, 3.15%, 2/20/251		290,000		286,879
CarFinance Capital Auto Trust, Series 2015-1A, Cl. A, 1.75%, 6/15/211		20,506		20,491
CarMax Auto Owner Trust:
Series 2015-2, Cl. D, 3.04%, 11/15/21		525,000		523,898
Series 2015-3, Cl. D, 3.27%, 3/15/22		1,805,000		1,802,623
Series 2016-1, Cl. D, 3.11%, 8/15/22		1,370,000		1,363,522
Series 2017-1, Cl. D, 3.43%, 7/17/23		1,775,000		1,761,745
Series 2017-4, Cl. D, 3.30%, 5/15/24		750,000		735,977
Series 2018-1, Cl. D, 3.37%, 7/15/24		510,000		500,470
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231		1,725,000		1,696,473
Series 2018-1, Cl. B, 3.09%, 6/16/251		615,000		606,757
Series 2018-1, Cl. C, 3.42%, 6/16/251		175,000		172,556
CIG Auto Receivables Trust, Series 2017-1A, Cl. A, 2.71%, 5/15/231		528,969		525,476
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		495,000		482,035
CPS Auto Receivables Trust:
Series 2017-C, Cl. A, 1.78%, 9/15/201		183,236		182,802
Series 2017-C, Cl. B, 2.30%, 7/15/211		740,000		735,765
Series 2017-D, Cl. B, 2.43%, 1/18/221		1,255,000		1,242,744
Series 2018-A, Cl. B, 2.77%, 4/18/221		975,000		966,336
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/211		160,000		159,660
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/261		1,505,000		1,481,229
Series 2018-1A, Cl. B, 3.60%, 4/15/271		915,000		907,759
Series 2018-1A, Cl. C, 3.77%, 6/15/271		1,305,000		1,289,061
Dell Equipment Finance Trust, Series 2017-2, Cl. B, 2.47%, 10/24/221		500,000		492,723
Discover Card Execution Note Trust, Series 2016-A4, Cl. A4, 1.39%, 3/15/22		4,715,000		4,652,291
Drive Auto Receivables Trust:
Series 2015-BA, Cl. D, 3.84%, 7/15/211		113,801		114,312
Series 2016-CA, Cl. D, 4.18%, 3/15/241		1,240,000		1,252,927

14       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Asset-Backed Securities (Continued)
Drive Auto Receivables Trust: (Continued)
Series 2017-3, Cl. C, 2.80%, 7/15/22		$	835,000	$	832,972
Series 2017-AA, Cl. C, 2.98%, 1/18/221			920,000		919,326
Series 2017-BA, Cl. D, 3.72%, 10/17/221			1,685,000		1,691,621
Series 2018-1, Cl. D, 3.81%, 5/15/24			1,000,000		996,457
Series 2018-3, Cl. D, 4.30%, 9/16/24	��		440,000		443,837
DT Auto Owner Trust:
Series 2015-2A, Cl. D, 4.25%, 2/15/221			466,648		469,360
Series 2016-4A, Cl. E, 6.49%, 9/15/231			555,000		569,903
Series 2017-1A, Cl. C, 2.70%, 11/15/221			405,000		404,304
Series 2017-1A, Cl. D, 3.55%, 11/15/221			1,120,000		1,119,536
Series 2017-1A, Cl. E, 5.79%, 2/15/241			1,160,000		1,176,171
Series 2017-2A, Cl. D, 3.89%, 1/15/231			1,330,000		1,333,031
Series 2017-3A, Cl. B, 2.40%, 5/17/211			1,055,000		1,052,252
Series 2017-3A, Cl. E, 5.60%, 8/15/241			1,245,000		1,262,811
Series 2017-4A, Cl. D, 3.47%, 7/17/231			1,410,000		1,404,424
Series 2017-4A, Cl. E, 5.15%, 11/15/241			1,035,000		1,040,610
Series 2018-1A, Cl. B, 3.04%, 1/18/221			1,045,000		1,042,881
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441			529,011		522,731
Exeter Automobile Receivables Trust, Series 2018-1A, Cl. B, 2.75%, 4/15/221			1,050,000		1,043,680
Flagship Credit Auto Trust:
Series 2014-1, Cl. D, 4.83%, 6/15/201			130,000		130,341
Series 2016-1, Cl. C, 6.22%, 6/15/221			2,725,000		2,820,221
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/221			1,924,738		1,917,532
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21			850,000		840,074
Navistar Financial Dealer Note Master Owner Trust II:
Series 2017-1, Cl. C, 3.766% [LIBOR01M+155], 6/27/221,2			435,000		436,553
Series 2017-1, Cl. D, 4.516% [LIBOR01M+230], 6/27/221,2			505,000		505,599
Santander Drive Auto Receivables Trust:
Series 2015-5, Cl. D, 3.65%, 12/15/21			2,420,000		2,429,980
Series 2016-2, Cl. D, 3.39%, 4/15/22			880,000		880,696
Series 2017-1, Cl. D, 3.17%, 4/17/23			1,215,000		1,208,028
Series 2017-1, Cl. E, 5.05%, 7/15/241			2,460,000		2,521,399
Series 2017-3, Cl. D, 3.20%, 11/15/23			2,030,000		2,010,933
Series 2018-1, Cl. D, 3.32%, 3/15/24			750,000		735,670
Series 2018-2, Cl. D, 3.88%, 2/15/24			370,000		367,390
Santander Retail Auto Lease Trust, Series 2017-A, Cl. C, 2.96%, 11/21/221			1,330,000		1,315,333
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221			850,000		847,066
United Auto Credit Securitization Trust, Series 2018-1, Cl. C, 3.05%, 9/10/211			1,620,000		1,611,858
Verizon Owner Trust, Series 2017-3A, Cl. A1A, 2.06%, 4/20/221			1,340,000		1,321,181

15       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Veros Automobile Receivables Trust, Series 2017-1, Cl. A, 2.84%, 4/17/231	$	492,345	$	490,567
Westlake Automobile Receivables Trust:
Series 2016-1A, Cl. E, 6.52%, 6/15/221		1,785,000		1,814,200
Series 2017-2A, Cl. E, 4.63%, 7/15/241		1,845,000		1,850,753
Series 2018-1A, Cl. C, 2.92%, 5/15/231		1,095,000		1,085,508
Series 2018-1A, Cl. D, 3.41%, 5/15/231		2,075,000		2,059,683
World Financial Network Credit Card Master Trust:
Series 2012-D, Cl. A, 2.15%, 4/17/23		1,195,000		1,188,876
Series 2017-A, Cl. A, 2.12%, 3/15/24		3,060,000		3,008,232
Series 2017-B, Cl. A, 1.98%, 6/15/23		2,260,000		2,244,198
Series 2017-C, Cl. A, 2.31%, 8/15/24		2,980,000		2,924,561
Series 2018-A, Cl. A, 3.07%, 12/16/24		3,660,000		3,638,659
Total Asset-Backed Securities (Cost $100,215,495)				99,668,817
Mortgage-Backed Obligations—20.2%
Government Agency—11.9%
FHLMC/FNMA/FHLB/Sponsored—11.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		406,443		430,458
5.50%, 9/1/39		908,328		969,387
6.00%, 1/1/19-7/1/24		328,754		354,907
6.50%, 1/1/19-6/1/35		401,523		442,937
7.00%, 8/1/21-3/1/35		601,310		661,406
7.50%, 1/1/32-2/1/32		1,182,488		1,366,814
8.50%, 8/1/31		39,703		44,382
10.00%, 5/1/20		481		484
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 5/1/20		5,968		6,020
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 70.531%, 4/1/273		96,333		21,508
Series 192, Cl. IO, 99.999%, 2/1/283		44,673		9,062
Series 205, Cl. IO, 53.315%, 9/1/293		252,558		53,938
Series 206, Cl. IO, 0.00%, 12/15/293,4		117,923		27,678
Series 207, Cl. IO, 0.00%, 4/1/303,4		97,216		19,703
Series 214, Cl. IO, 0.00%, 6/1/313,4		77,376		16,653
Series 243, Cl. 6, 0.00%, 12/15/323,4		223,616		37,981
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		760,911		802,092
Series 151, Cl. F, 9.00%, 5/15/21		427		439
Series 1590, Cl. IA, 3.208% [LIBOR01M+105], 10/15/232		534,361		545,068
Series 1674, Cl. Z, 6.75%, 2/15/24		21,465		22,602
Series 2034, Cl. Z, 6.50%, 2/15/28		6,094		6,536
Series 2042, Cl. N, 6.50%, 3/15/28		6,312		6,715
Series 2043, Cl. ZP, 6.50%, 4/15/28		672,464		733,836
Series 2053, Cl. Z, 6.50%, 4/15/28		5,746		6,282
Series 2116, Cl. ZA, 6.00%, 1/15/29		325,738		345,404
Series 2122, Cl. F, 2.608% [LIBOR01M+45], 2/15/292		16,816		16,897
Series 2279, Cl. PK, 6.50%, 1/15/31		10,438		11,295
Series 2326, Cl. ZP, 6.50%, 6/15/31		90,858		97,063

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: (Continued)
Series 2344, Cl. FP, 3.108% [LIBOR01M+95], 8/15/312	$	227,463	$	233,716
Series 2368, Cl. PR, 6.50%, 10/15/31		11,680		12,773
Series 2401, Cl. FA, 2.808% [LIBOR01M+65], 7/15/292		27,192		27,632
Series 2412, Cl. GF, 3.108% [LIBOR01M+95], 2/15/322		277,619		285,416
Series 2427, Cl. ZM, 6.50%, 3/15/32		452,405		495,850
Series 2451, Cl. FD, 3.158% [LIBOR01M+100], 3/15/322		125,359		129,059
Series 2461, Cl. PZ, 6.50%, 6/15/32		50,246		54,039
Series 2464, Cl. FI, 3.158% [LIBOR01M+100], 2/15/322		125,110		128,092
Series 2470, Cl. AF, 3.158% [LIBOR01M+100], 3/15/322		202,255		208,224
Series 2470, Cl. LF, 3.158% [LIBOR01M+100], 2/15/322		127,953		131,002
Series 2475, Cl. FB, 3.158% [LIBOR01M+100], 2/15/322		175,240		179,254
Series 2517, Cl. GF, 3.158% [LIBOR01M+100], 2/15/322		105,794		108,316
Series 2551, Cl. LF, 2.658% [LIBOR01M+50], 1/15/332		15,898		15,993
Series 2635, Cl. AG, 3.50%, 5/15/32		175,996		173,732
Series 2676, Cl. KY, 5.00%, 9/15/23		262,114		270,462
Series 2770, Cl. TW, 4.50%, 3/15/19		3,134		3,139
Series 3010, Cl. WB, 4.50%, 7/15/20		1,382		1,393
Series 3025, Cl. SJ, 16.836% [-3.667 x LIBOR01M+2,475], 8/15/352		262,236		365,009
Series 3815, Cl. BD, 3.00%, 10/15/20		433		433
Series 3848, Cl. WL, 4.00%, 4/15/40		384,917		386,260
Series 3857, Cl. GL, 3.00%, 5/15/40		9,980		9,966
Series 3917, Cl. BA, 4.00%, 6/15/38		207,892		208,414
Series 4221, Cl. HJ, 1.50%, 7/15/23		410,577		399,571
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 52.485%, 3/15/283		14,043		2,668
Series 2049, Cl. PL, 99.999%, 4/15/283		74,197		14,373
Series 2074, Cl. S, 99.999%, 7/17/283		59,683		5,662
Series 2079, Cl. S, 99.999%, 7/17/283		108,398		12,400
Series 2177, Cl. SB, 99.999%, 8/15/293		74,405		11,422
Series 2526, Cl. SE, 55.274%, 6/15/293		136,364		18,960
Series 2682, Cl. TQ, 99.999%, 10/15/333		553,261		70,141
Series 2795, Cl. SH, 66.431%, 3/15/243		816,403		48,645
Series 2920, Cl. S, 99.999%, 1/15/353		1,019,956		126,729
Series 2922, Cl. SE, 19.949%, 2/15/353		64,523		7,571
Series 2981, Cl. AS, 2.168%, 5/15/353		470,585		46,162
Series 2981, Cl. BS, 99.999%, 5/15/353		1,142,453		150,333
Series 3004, Cl. SB, 99.999%, 7/15/353		1,397,013		126,002
Series 3397, Cl. GS, 0.00%, 12/15/373,4		326,893		47,673
Series 3424, Cl. EI, 0.00%, 4/15/383,4		104,260		8,097
Series 3450, Cl. BI, 11.357%, 5/15/383		463,195		58,797
Series 3606, Cl. SN, 13.254%, 12/15/393		240,218		27,356
Series 3659, Cl. IE, 0.00%, 3/15/193,4		16,144		72
Series 3685, Cl. EI, 0.00%, 3/15/193,4		857		3
Federal National Mortgage Assn.:
2.50%, 10/1/485		13,450,000		12,978,464

17       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn.: (Continued)
3.00%, 10/1/33-10/1/485	$	29,565,000	$	28,640,353
3.50%, 10/1/33-10/1/485		59,950,000		59,377,889
4.00%, 10/1/33-10/1/485		31,160,000		31,573,625
4.50%, 10/1/485		226,335,000		233,522,913
5.00%, 10/1/485		16,790,000		17,628,188
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 99.999%, 12/25/413		29,265,625		340,072
Series 2001-T3, Cl. IO, 99.999%, 11/25/403		4,862,282		163,950
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		92,113		93,294
5.00%, 7/1/19-12/1/21		18,301		18,867
5.50%, 1/1/22-5/1/36		405,581		432,691
6.50%, 12/1/29-1/1/34		2,212,687		2,429,947
7.00%, 9/1/21-4/1/34		3,608,781		4,050,514
7.50%, 2/1/27-3/1/33		1,791,210		2,025,600
8.50%, 7/1/32		5,919		6,005
9.50%, 3/15/21		3,761		3,806
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/233		88,913		10,915
Series 247, Cl. 2, 99.999%, 10/25/233		42,964		5,200
Series 252, Cl. 2, 99.999%, 11/25/233		10,178		1,360
Series 254, Cl. 2, 99.999%, 1/25/243		31,963		4,572
Series 301, Cl. 2, 19.733%, 4/25/293		121,782		25,131
Series 303, Cl. IO, 92.308%, 11/25/293		126,775		29,320
Series 313, Cl. 2, 99.999%, 6/25/313		1,028,930		239,789
Series 319, Cl. 2, 99.999%, 2/25/323		335,822		75,288
Series 321, Cl. 2, 23.582%, 4/25/323		614,970		145,538
Series 324, Cl. 2, 0.00%, 7/25/323,4		257,156		62,168
Series 328, Cl. 2, 0.00%, 12/25/323,4		220,601		51,655
Series 331, Cl. 5, 99.999%, 2/25/333		514,840		92,260
Series 332, Cl. 2, 0.00%, 3/25/333,4		1,008,112		236,812
Series 334, Cl. 10, 2.932%, 2/25/333		415,270		72,303
Series 334, Cl. 12, 0.032%, 3/25/333		603,293		127,726
Series 339, Cl. 7, 0.00%, 11/25/333,4		1,227,672		271,235
Series 345, Cl. 9, 0.00%, 1/25/343,4		361,866		83,167
Series 351, Cl. 10, 0.00%, 4/25/343,4		154,249		37,619
Series 351, Cl. 8, 0.00%, 4/25/343,4		281,667		55,544
Series 356, Cl. 10, 0.00%, 6/25/353,4		199,339		41,138
Series 356, Cl. 12, 0.00%, 2/25/353,4		96,397		21,229
Series 362, Cl. 13, 0.00%, 8/25/353,4		14,101		2,913
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		29,137		31,246
Series 1997-45, Cl. CD, 8.00%, 7/18/27		322,712		360,623
Series 1998-58, Cl. PC, 6.50%, 10/25/28		187,279		201,634
Series 1999-14, Cl. MB, 6.50%, 4/25/29		10,336		11,146
Series 1999-54, Cl. LH, 6.50%, 11/25/29		358,270		385,568
Series 2001-19, Cl. Z, 6.00%, 5/25/31		138,462		149,889
Series 2001-65, Cl. F, 2.816% [LIBOR01M+60], 11/25/312		245,174		248,962

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 2001-80, Cl. ZB, 6.00%, 1/25/32	$	286,216	$	309,514
Series 2002-21, Cl. PE, 6.50%, 4/25/32		339,366		370,650
Series 2002-29, Cl. F, 3.216% [LIBOR01M+100], 4/25/322		140,886		144,362
Series 2002-64, Cl. FJ, 3.216% [LIBOR01M+100], 4/25/322		43,302		44,371
Series 2002-68, Cl. FH, 2.665% [LIBOR01M+50], 10/18/322		86,346		86,745
Series 2002-81, Cl. FM, 2.716% [LIBOR01M+50], 12/25/322		164,890		166,195
Series 2002-84, Cl. FB, 3.216% [LIBOR01M+100], 12/25/322		27,388		28,090
Series 2003-11, Cl. FA, 3.216% [LIBOR01M+100], 9/25/322		37,374		38,111
Series 2003-112, Cl. AN, 4.00%, 11/25/18		2		2
Series 2003-116, Cl. FA, 2.616% [LIBOR01M+40], 11/25/332		90,818		90,916
Series 2004-25, Cl. PC, 5.50%, 1/25/34		10,120		10,148
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		3,088,991
Series 2005-71, Cl. DB, 4.50%, 8/25/25		583,009		593,024
Series 2006-11, Cl. PS, 16.442% [-3.667 x
LIBOR01M+2,456.67], 3/25/362		293,567		410,392
Series 2006-46, Cl. SW, 16.075% [-3.667 x
LIBOR01M+2,419.92], 6/25/362		381,652		514,698
Series 2008-75, Cl. DB, 4.50%, 9/25/23		6,359		6,357
Series 2009-113, Cl. DB, 3.00%, 12/25/20		34,584		34,531
Series 2009-36, Cl. FA, 3.156% [LIBOR01M+94], 6/25/372		178,119		182,271
Series 2009-70, Cl. TL, 4.00%, 8/25/19		2,153		2,151
Series 2010-43, Cl. KG, 3.00%, 1/25/21		16,882		16,865
Series 2011-122, Cl. EC, 1.50%, 1/25/20		28,250		28,029
Series 2011-15, Cl. DA, 4.00%, 3/25/41		170,537		168,319
Series 2011-3, Cl. EL, 3.00%, 5/25/20		35,865		35,802
Series 2011-3, Cl. KA, 5.00%, 4/25/40		601,189		621,147
Series 2011-38, Cl. AH, 2.75%, 5/25/20		40		39
Series 2011-6, Cl. BA, 2.75%, 6/25/20		16,878		16,961
Series 2011-82, Cl. AD, 4.00%, 8/25/26		63,824		63,826
Series 2011-88, Cl. AB, 2.50%, 9/25/26		428		428
Series 2012-20, Cl. FD, 2.616% [LIBOR01M+40], 3/25/422		926,553		928,084
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 35.136%, 11/18/313		278,286		45,026
Series 2001-63, Cl. SD, 34.297%, 12/18/313		8,116		1,155
Series 2001-68, Cl. SC, 99.999%, 11/25/313		5,814		888
Series 2001-81, Cl. S, 43.068%, 1/25/323		78,654		12,703
Series 2002-28, Cl. SA, 31.143%, 4/25/323		68,875		11,162
Series 2002-38, Cl. SO, 63.816%, 4/25/323		83,928		11,164
Series 2002-39, Cl. SD, 50.226%, 3/18/323		130,580		22,557
Series 2002-48, Cl. S, 38.058%, 7/25/323		102,910		17,880
Series 2002-52, Cl. SL, 28.577%, 9/25/323		65,660		11,083
Series 2002-53, Cl. SK, 62.302%, 4/25/323		81,397		14,425
Series 2002-56, Cl. SN, 39.148%, 7/25/323		141,136		24,521
Series 2002-65, Cl. SC, 51.089%, 6/25/263		246,346		27,826
Series 2002-77, Cl. IS, 50.846%, 12/18/323		142,988		23,790
Series 2002-77, Cl. SH, 41.315%, 12/18/323		106,472		15,899

19       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
FHLMC/FNMA/FHLB/Sponsored (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2002-89, Cl. S, 36.614%, 1/25/333	$	769,259	$	129,121
Series 2002-9, Cl. MS, 27.663%, 3/25/323		110,793		19,355
Series 2003-13, Cl. IO, 50.438%, 3/25/333		601,847		141,518
Series 2003-26, Cl. DI, 55.147%, 4/25/333		407,445		104,175
Series 2003-26, Cl. IK, 63.169%, 4/25/333		71,404		15,950
Series 2003-33, Cl. SP, 99.999%, 5/25/333		330,915		61,614
Series 2003-4, Cl. S, 20.059%, 2/25/333		159,030		28,240
Series 2003-46, Cl. IH, 0.00%, 6/25/233,4		43,042		3,847
Series 2004-56, Cl. SE, 9.893%, 10/25/333		361,119		57,011
Series 2005-12, Cl. SC, 27.438%, 3/25/353		29,439		3,871
Series 2005-14, Cl. SE, 41.707%, 3/25/353		230,792		23,519
Series 2005-40, Cl. SA, 99.999%, 5/25/353		1,355,466		164,573
Series 2005-40, Cl. SB, 99.999%, 5/25/353		599,063		62,842
Series 2005-52, Cl. JH, 25.657%, 5/25/353		699,570		77,547
Series 2006-90, Cl. SX, 99.999%, 9/25/363		1,411,405		180,201
Series 2007-88, Cl. XI, 0.00%, 6/25/373,4		2,173,626		303,476
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		114,047		8,797
Series 2009-8, Cl. BS, 0.00%, 2/25/243,4		4,717		234
Series 2010-95, Cl. DI, 0.00%, 11/25/203,4		114,909		1,733
Series 2011-96, Cl. SA, 6.291%, 10/25/413		365,744		50,655
Series 2012-134, Cl. SA, 1.692%, 12/25/423		1,115,252		175,870
Series 2012-40, Cl. PI, 9.613%, 4/25/413		2,814,034		446,377
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/223,4		1,812,970		410
Series 1995-2B, Cl. 2IO, 0.00%, 6/15/253,4		224,350		3,810
Series 1995-3, Cl. 1IO, 0.00%, 9/15/253,4		6,776,313		3,904
				418,346,234
GNMA/Guaranteed—0.8%
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		313,155		325,896
8.00%, 1/15/28-9/15/28		234,166		244,859
Government National Mortgage Assn. II Pool:
2.75% [H15T1Y+150], 7/20/272		2,207		2,273
3.50%, 10/1/485		29,940,000		29,773,343
7.00%, 1/20/30		49,754		56,851
11.00%, 10/20/19		14		14
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2007-17, Cl. AI, 38.823%, 4/16/373		962,281		123,854
Series 2011-52, Cl. HS, 18.861%, 4/16/413		1,718,449		180,484
				30,707,574
Non-Agency—8.3%
Commercial—3.8%
BCAP LLC Trust:
Series 2011-R11, Cl. 18A5, 3.41% [H15T1Y+210], 9/26/351,2		57,571		57,853
Series 2012-RR6, Cl. RR6, 2.054%, 11/26/361		75,781		75,574

20       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 14.08%, 1/15/513	$	13,235,328	$	507,101
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/243,4,6,7		66,932		1,349
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-CD6, Cl. XA, 14.67%, 11/13/503		5,527,044		332,904
Citigroup Commercial Mortgage Trust:
Series 2012-GC8, Cl. AAB, 2.608%, 9/10/45		690,143		682,418
Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		710,000		713,627
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2017-C4, Cl. XA, 13.843%, 10/12/503		15,537,543		1,110,150
COMM Mortgage Trust:
Series 2012-CR3, Cl. ASB, 2.372%, 10/15/45		126,815		124,887
Series 2012-LC4, Cl. A3, 3.069%, 12/10/44		270,569		270,396
Series 2013-CR13, Cl. ASB, 3.706%, 11/10/46		1,350,000		1,364,920
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461		2,825,000		2,770,307
Series 2014-CR17, Cl. ASB, 3.598%, 5/10/47		1,750,000		1,762,590
Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		475,000		474,342
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		70,000		70,686
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		690,000		704,844
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		4,728,226
Series 2015-CR22, Cl. A2, 2.856%, 3/10/48		805,000		802,680
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 22.172%, 12/10/453		7,213,321		382,954
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 2.385% [US0001M+22], 7/22/361,2		920,000		889,324
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		2,586		496
FREMF Mortgage Trust:
Series 2012-K20, Cl. C, 4.005%, 5/25/451,8		12,875,000		12,766,474
Series 2013-K25, Cl. C, 3.744%, 11/25/451,8		1,975,000		1,940,003
Series 2013-K26, Cl. C, 3.721%, 12/25/451,8		335,000		325,084
Series 2013-K27, Cl. C, 3.615%, 1/25/461,8		4,187,000		4,031,049
Series 2013-K28, Cl. C, 3.61%, 6/25/461,8		7,865,000		7,714,182
Series 2013-K29, Cl. C, 3.601%, 5/25/461,8		4,700,000		4,564,318
Series 2013-K713, Cl. C, 3.263%, 4/25/461,8		420,000		417,259
Series 2014-K714, Cl. C, 3.981%, 1/25/471,8		200,000		200,133
Series 2014-K715, Cl. C, 4.265%, 2/25/461,8		25,000		25,316
Series 2015-K44, Cl. B, 3.809%, 1/25/481,8		7,345,000		7,134,782
Series 2015-K45, Cl. B, 3.714%, 4/25/481,8		13,050,000		12,608,571
Series 2017-K62, Cl. B, 4.004%, 1/25/501,8		840,000		815,357
Series 2017-K724, Cl. B, 3.601%, 11/25/231,8		4,465,000		4,303,609
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Cl. A, 2.933%, 6/5/311		3,160,000		3,162,017
GS Mortgage Securities Trust:
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		237,802		234,755
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		405,642
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		620,000		622,533

21       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Commercial (Continued)
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-C6, Cl. ASB, 3.144%, 5/15/45	$	931,454	$	930,290
Series 2012-LC9, Cl. A4, 2.611%, 12/15/47		160,000		157,541
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		2,345,000		2,316,747
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		2,395,000		2,471,645
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		425,000		415,755
Series 2013-LC11, Cl. ASB, 2.554%, 4/15/46		334,879		329,947
Series 2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,699,062
Series 2016-JP3, Cl. A2, 2.435%, 8/15/49		1,580,000		1,540,344
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.919%, 7/25/358		175,787		181,154
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 4.231%, 7/26/361,8		8,614,530		8,738,090
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C17, Cl. ASB, 3.705%, 1/15/47		525,000		530,857
Series 2014-C18, Cl. A3, 3.578%, 2/15/47		780,000		778,922
Series 2014-C19, Cl. ASB, 3.584%, 4/15/47		295,000		297,176
Series 2014-C24, Cl. B, 4.116%, 11/15/478		1,655,000		1,660,245
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		2,980,000		3,008,290
Series 2014-C26, Cl. AS, 3.80%, 1/15/48		3,770,000		3,755,922
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 0.00%, 7/26/241,7,8		47,862		33,912
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C7, Cl. AAB, 2.469%, 2/15/46		658,664		647,932
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,540,757
Series 2014-C14, Cl. B, 4.792%, 2/15/478		680,000		705,254
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 12.831%, 12/15/503		5,007,977		289,182
Morgan Stanley Re-Remic Trust:
Series 2012-R3, Cl. 1A, 3.107%, 11/26/361,8		421,332		420,494
Series 2012-R3, Cl. 1B, 3.107%, 11/26/361,8		12,332,290		11,597,861
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.528%, 6/26/461,8		71,455		71,329
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 4.315%, 8/25/348		6,853,283		6,889,970
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2017-C5, Cl. XA, 14.17%, 11/15/503		9,797,901		631,336
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.05%, 5/10/631,8		7,532,194		6,339,524
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		2,300,000		2,262,395
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 12.503%, 12/15/503		6,571,077		431,946
WF-RBS Commercial Mortgage Trust:
Series 2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,771,103
Series 2014-C20, Cl. AS, 4.176%, 5/15/47		1,455,000		1,479,322
Series 2014-C22, Cl. A3, 3.528%, 9/15/57		320,000		320,911
Series 2014-LC14, Cl. AS, 4.351%, 3/15/478		1,135,000		1,160,432

22       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial (Continued)
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2011-C3, Cl. XA, 28.337%, 3/15/441,3	$	12,676,691	$	354,960
				144,859,319
Multi-Family—0.1%
Connecticut Avenue Securities:
Series 2014-C02, Cl. 1M1, 3.166% [US0001M+95], 5/25/242		556,227		557,291
Series 2017-C04, Cl. 2M1, 3.066% [US0001M+85], 11/25/292		1,720,495		1,726,983
				2,284,274
Residential—4.4%
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 3.67% [H15T1Y+225], 2/25/362		52,849		53,431
Chase Funding Trust, Series 2003-2, Cl. 2A2, 2.776% [US0001M+56], 2/25/332		15,989		15,468
CHL Mortgage Pass-Through Trust:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		1,367,146		1,364,260
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		1,320,157		1,324,503
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 4.026%, 5/25/358		1,539,758		1,556,714
Series 2006-AR1, Cl. 1A1, 4.28% [H15T1Y+240], 10/25/352		446,225		452,226
Series 2009-8, Cl. 7A2, 3.964%, 3/25/361,8		21,112,522		21,333,961
Series 2014-8, Cl. 1A2, 2.455% [US0001M+29], 7/20/361,2		1,635,000		1,613,076
Connecticut Avenue Securities:
Series 2014-C03, Cl. 1M2, 5.216% [US0001M+300], 7/25/242		2,283,570		2,450,325
Series 2016-C03, Cl. 1M1, 4.216% [US0001M+200], 10/25/282		458,743		464,280
Series 2016-C07, Cl. 2M1, 3.516% [US0001M+130], 5/25/292		789,155		791,857
Series 2017-C01, Cl. 1M2, 5.766% [US0001M+355], 7/25/292		11,610,000		12,688,134
Series 2017-C02, Cl. 2M1, 3.366% [US0001M+115], 9/25/292		2,948,148		2,966,931
Series 2017-C03, Cl. 1M1, 3.166% [US0001M+95], 10/25/292		2,818,413		2,836,886
Series 2017-C06, Cl. 1M1, 2.966% [US0001M+75], 2/25/302		418,401		419,334
Series 2017-C07, Cl. 1M1, 2.866% [US0001M+65], 5/25/302		1,483,606		1,486,363
Series 2017-C07, Cl. 1M2, 4.616% [US0001M+240], 5/25/302		1,540,000		1,597,119
Series 2017-C07, Cl. 2M1, 2.866% [US0001M+65], 5/25/302		553,843		554,151
Series 2018-C01, Cl. 1M1, 2.816% [US0001M+60], 7/25/302		2,020,891		2,024,532
Series 2018-C02, Cl. 2M1, 2.866% [US0001M+65], 8/25/302		706,787		707,941
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 2.388% [US0001M+23], 12/15/352		62,569		61,665
Series 2006-H, Cl. 2A1A, 2.308% [US0001M+15], 11/15/362		51,657		40,139
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.354%, 7/25/358		249,209		251,359

23       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Residential (Continued)
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.526% [US0001M+31], 7/25/352	$	50,506	$	50,457
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 2.316% [US0001M+10], 8/25/362		3,769,364		1,970,270
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		54,971		49,060
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		4,712,326		4,408,940
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2, Cl. M2, 6.466% [US0001M+425], 11/25/232		2,348,646		2,620,675
Series 2014-DN1, Cl. M3, 6.716% [US0001M+450], 2/25/242		2,085,000		2,413,020
Series 2014-DN2, Cl. M3, 5.816% [US0001M+360], 4/25/242		2,160,000		2,402,655
Series 2014-HQ2, Cl. M3, 5.966% [US0001M+375], 9/25/242		2,495,000		2,864,712
Series 2015-HQA2, Cl. M2, 5.016% [US0001M+280], 5/25/282		768,145		790,613
Series 2016-DNA1, Cl. M2, 5.116% [US0001M+290], 7/25/282		1,054,989		1,081,066
Series 2016-DNA3, Cl. M3, 7.216% [US0001M+500], 12/25/282		7,155,000		8,379,088
Series 2016-DNA4, Cl. M1, 3.016% [US0001M+80], 3/25/292		165,146		165,236
Series 2016-DNA4, Cl. M3, 6.016% [US0001M+380], 3/25/292		13,920,000		15,690,678
Series 2016-HQA3, Cl. M1, 3.016% [US0001M+80], 3/25/292		994,447		995,405
Series 2016-HQA3, Cl. M3, 6.066% [US0001M+385], 3/25/292		9,805,000		11,138,077
Series 2016-HQA4, Cl. M1, 3.016% [US0001M+80], 4/25/292		865,520		866,274
Series 2016-HQA4, Cl. M3, 6.116% [US0001M+390], 4/25/292		9,480,000		10,732,156
Series 2017-DNA1, Cl. M2, 5.466% [US0001M+325], 7/25/292		11,970,000		13,116,221
Series 2017-HQA1, Cl. M1, 3.416% [US0001M+120], 8/25/292		4,263,726		4,293,871
Series 2017-HQA2, Cl. M1, 3.016% [US0001M+80], 12/25/292		1,261,272		1,264,644
Series 2017-HQA3, Cl. M1, 2.766% [US0001M+55], 4/25/302		2,491,267		2,491,911
Series 2018-DNA1, Cl. M1, 2.666% [US0001M+45], 7/25/302		3,430,526		3,426,917
Series 2018-DNA1, Cl. M2, 4.016% [US0001M+180], 7/25/302		3,110,000		3,094,337
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 3.848%, 10/25/338		101,421		103,153
Wells Fargo Mortgage-Backed Securities Trust:
Series 2005-AR1, Cl. 1A1, 3.842%, 2/25/358		2,066,865		2,123,352

24       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Residential (Continued)
Wells Fargo Mortgage-Backed Securities Trust: (Continued)
Series 2005-AR15, Cl. 1A2, 4.676%, 9/25/358		$	437,103	$	427,387
Series 2005-AR15, Cl. 1A6, 4.676%, 9/25/358			4,323,223		4,197,038
Series 2005-AR4, Cl. 2A2, 4.005%, 4/25/358			122,153		123,338
Series 2006-AR10, Cl. 1A1, 4.263%, 7/25/368			397,631		390,576
Series 2006-AR10, Cl. 5A5, 4.231%, 7/25/368			744,829		757,669
Series 2006-AR2, Cl. 2A3, 3.964%, 3/25/368			2,742,593		2,781,308
Series 2006-AR7, Cl. 2A4, 4.323%, 5/25/368			1,908,634		1,959,080
					164,223,839
Total Mortgage-Backed Obligations (Cost $747,436,962)					760,421,240
Foreign Government Obligations—17.5%
Angola—0.3%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481			11,220,000		11,895,781
Argentina—1.0%
Argentine Republic:
5.875% Sr. Unsec. Nts., 1/11/28			10,310,000		8,191,295
6.875% Sr. Unsec. Nts., 4/22/21			3,710,000		3,558,855
6.875% Sr. Unsec. Nts., 1/26/27			3,775,000		3,218,188
6.875% Sr. Unsec. Nts., 1/11/48			4,465,000		3,460,375
7.50% Sr. Unsec. Nts., 4/22/26			21,125,000		18,854,062
16.00% Bonds, 10/17/23	ARS		25,715,000		505,498
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		504,152
					38,292,425
Brazil—0.9%
Federative Republic of Brazil:
10.00% Unsec. Nts., 1/1/21	BRL		32,000,000		8,002,937
10.00% Unsec. Nts., 1/1/25	BRL		72,700,000		16,970,172
10.00% Unsec. Nts., 1/1/27	BRL		28,500,000		6,474,845
18.447% Unsec. Nts., 5/15/4515	BRL		2,050,000		1,601,569
					33,049,523
Chile—0.5%
Republic of Chile, 4.50% Bonds, 3/1/21	CLP		12,431,500,000		19,198,478
Colombia—0.8%
Republic of Colombia:
3.875% Sr. Unsec. Nts., 4/25/27			1,255,000		1,218,919
4.00% Sr. Unsec. Nts., 2/26/24			1,085,000		1,086,356
6.125% Sr. Unsec. Nts., 1/18/41			4,135,000		4,693,225
Series B, 6.25% Sr. Unsec. Nts., 11/26/25	COP		21,300,000,000		7,106,779
Series B, 7.50% Bonds, 8/26/26	COP		30,170,000,000		10,725,920
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000		5,913,755
					30,744,954

25       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Dominican Republic—0.7%
Dominican Republic:
5.95% Sr. Unsec. Nts., 1/25/271		$	21,300,000	$	21,773,925
6.00% Sr. Unsec. Nts., 7/19/281			2,465,000		2,512,698
6.85% Sr. Unsec. Nts., 1/27/451			2,400,000		2,439,000
					26,725,623
Ecuador—0.2%
Republic of Ecuador:
7.875% Sr. Unsec. Nts., 1/23/281			2,065,000		1,864,334
8.875% Sr. Unsec. Nts., 10/23/271			4,230,000		4,026,220
9.65% Sr. Unsec. Nts., 12/13/261			2,470,000		2,468,641
					8,359,195
Egypt—0.6%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		4,800,000		5,366,982
5.577% Sr. Unsec. Nts., 2/21/231			1,730,000		1,681,256
6.125% Sr. Unsec. Nts., 1/31/221			2,405,000		2,411,590
6.588% Sr. Unsec. Nts., 2/21/281			3,545,000		3,400,123
7.903% Sr. Unsec. Nts., 2/21/481			740,000		708,411
8.50% Sr. Unsec. Nts., 1/31/471			3,570,000		3,593,594
Series 3YR, 16.00% Unsec. Nts., 12/12/20	EGP		72,000,000		3,806,642
					20,968,598
Gabon—0.1%
Gabonese Republic, 6.375% Bonds, 12/12/241			4,105,000		3,895,234
Ghana—0.3%
Republic of Ghana:
7.625% Sr. Unsec. Nts., 5/16/291			7,310,000		7,344,415
8.627% Sr. Unsec. Nts., 6/16/491			3,655,000		3,673,275
					11,017,690
Greece—1.8%
Hellenic Republic:
Bonds, 10/15/428	EUR		76,770,000		295,478
3.90% Bonds, 1/30/339	EUR		44,682,000		47,478,467
4.00% Bonds, 1/30/379	EUR		18,260,000		18,548,556
					66,322,501
Honduras—0.1%
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/271			1,175,000		1,211,836
8.75% Sr. Unsec. Nts., 12/16/201			1,050,000		1,150,853
					2,362,689
Hungary—0.2%
Hungary:
Series 25/B, 5.50% Bonds, 6/24/25	HUF		489,160,000		2,020,459

26       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Hungary (Continued)
Hungary: (Continued)
Series 27/A, 3.00% Bonds, 10/27/27	HUF		1,050,000,000	$	3,619,079
					5,639,538
India—1.3%
Republic of India:
7.59% Sr. Unsec. Nts., 1/11/26	INR		1,400,000,000		18,769,270
8.20% Sr. Unsec. Nts., 2/15/22	INR		1,400,000,000		19,422,726
8.20% Sr. Unsec. Nts., 9/24/25	INR		734,400,000		10,184,514
					48,376,510
Indonesia—1.1%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/241			1,330,000		1,334,988
4.55% Sr. Unsec. Nts., 3/29/261			2,005,000		1,999,988
Republic of Indonesia:
3.85% Sr. Unsec. Nts., 7/18/271			2,265,000		2,162,160
4.125% Sr. Unsec. Nts., 1/15/251			1,260,000		1,242,448
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		260,905,000,000		17,771,392
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR		287,520,000,000		17,905,483
					42,416,459
Iraq—0.1%
Republic of Iraq:
5.80% Unsec. Nts., 1/15/281			1,520,000		1,444,539
6.752% Sr. Unsec. Nts., 3/9/231			2,115,000		2,118,934
					3,563,473
Ivory Coast—0.0%
Republic of Cote d’Ivoire, 6.625% Sr. Unsec. Nts., 3/22/481	EUR		927,000		1,009,380
Kenya—0.0%
Republic of Kenya, 8.25% Sr. Unsec. Nts., 2/28/481			1,220,000		1,181,338
Mexico—1.3%
United Mexican States:
3.75% Sr. Unsec. Nts., 1/11/28			2,385,000		2,275,886
Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		8,137,104
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		740,000,000		39,958,972
					50,371,962
Mongolia—0.1%
Mongolia, 5.625% Sr. Unsec. Nts., 5/1/231			3,605,000		3,509,262
Nigeria—0.2%
Federal Republic of Nigeria:
7.143% Sr. Unsec. Nts., 2/23/301			5,340,000		5,232,399

27       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Nigeria (Continued)
Federal Republic of Nigeria: (Continued) 7.696% Sr. Unsec. Nts., 2/23/381		$	4,020,000	$	3,950,132
					9,182,531
Oman—0.2%
Sultanate of Oman, 6.75% Sr. Unsec. Nts., 1/17/481			8,080,000		7,887,866
Peru—0.4%
Republic of Peru:
5.70% Unsec. Nts., 8/12/241	PEN		14,655,000		4,631,865
6.15% Sr. Unsec. Nts., 8/12/321,9	PEN		11,630,000		3,600,027
6.35% Sr. Unsec. Nts., 8/12/281	PEN		20,360,000		6,493,756
					14,725,648
Poland—0.3%
Republic of Poland:
Series 0422, 2.25% Bonds, 4/25/22	PLN		37,200,000		10,132,974
Series 0725, 3.25% Bonds, 7/25/25	PLN		10,000,000		2,765,059
					12,898,033
Russia—0.1%
Russian Federation, Series 6209, 7.60% Bonds, 7/20/22	RUB		189,415,000		2,859,531
Senegal—0.1%
Republic of Senegal:
6.25% Unsec. Nts., 5/23/331			1,170,000		1,095,209
6.75% Sr. Unsec. Nts., 3/13/481			2,075,000		1,860,652
					2,955,861
Serbia—0.1%
Republic of Serbia, 5.875% Unsec. Nts., 12/3/181			4,600,000		4,621,970
South Africa—2.4%
Republic of South Africa:
4.30% Sr. Unsec. Nts., 10/12/28			19,860,000		17,853,882
5.375% Sr. Unsec. Nts., 7/24/44			1,740,000		1,562,348
5.65% Sr. Unsec. Nts., 9/27/47			1,475,000		1,349,153
Series 2023, 7.75% Bonds, 2/28/23	ZAR		62,500,000		4,319,146
Series 2030, 8.00% Bonds, 1/31/30	ZAR		185,000,000		11,832,282
Series 2037, 8.50% Bonds, 1/31/37	ZAR		264,900,000		16,684,958
Series 2048, 8.75% Bonds, 2/28/48	ZAR		30,000,000		1,886,540
Series R186, 10.50% Bonds, 12/21/26	ZAR		397,825,000		30,503,672
Series R214, 6.50% Bonds, 2/28/41	ZAR		60,000,000		2,956,381
					88,948,362
Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka:
5.75% Sr. Unsec. Nts., 4/18/231			3,610,000		3,521,378
5.875% Sr. Unsec. Nts., 7/25/221			3,370,000		3,319,554

28       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Sri Lanka (Continued)
Democratic Socialist Republic of Sri Lanka: (Continued) 6.00% Sr. Unsec. Nts., 1/14/191		$	3,405,000	$	3,412,181
6.25% Sr. Unsec. Nts., 10/4/201			1,225,000		1,235,752
6.75% Sr. Unsec. Nts., 4/18/281			2,520,000		2,444,214
					13,933,079
Thailand—0.5%
Kingdom of Thailand:
1.875% Sr. Unsec. Nts., 6/17/22	THB		176,600,000		5,395,698
2.125% Sr. Unsec. Nts., 12/17/26	THB		490,000,000		14,579,894
					19,975,592
Turkey—0.6%
Republic of Turkey:
8.80% Bonds, 11/14/18	TRY		30,930,000		5,025,081
10.60% Bonds, 2/11/26	TRY		14,000,000		1,591,357
10.70% Bonds, 2/17/21	TRY		54,955,000		6,938,694
11.00% Bonds, 2/24/27	TRY		12,630,000		1,464,930
12.40% Bonds, 3/8/28	TRY		43,500,000		5,636,526
					20,656,588
Ukraine—0.6%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/209			2,210,000		2,232,100
7.75% Sr. Unsec. Nts., 9/1/239			5,190,000		5,107,609
7.75% Sr. Unsec. Nts., 9/1/249			3,325,000		3,234,131
7.75% Sr. Unsec. Nts., 9/1/259			2,200,000		2,099,779
7.75% Sr. Unsec. Nts., 9/1/269			7,435,000		7,011,800
7.75% Sr. Unsec. Nts., 9/1/279			4,080,000		3,805,016
					23,490,435
Uruguay—0.2%
Oriental Republic of Uruguay:
5.10% Sr. Unsec. Nts., 6/18/50			6,670,000		6,828,412
9.875% Sr. Unsec. Nts., 6/20/221	UYU		36,445,000		1,090,475
					7,918,887
Total Foreign Government Obligations (Cost $721,404,581)					658,954,996
Corporate Loans—0.4%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 4.826% [LIBOR12+275], 8/25/212			696,474		697,995
Aleris International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.992% 2/27/238			1,401,488		1,429,083
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.742% [LIBOR12+450], 4/6/242			1,496,250		1,504,203
Clear Channel Communications, Inc., Extended Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche D, 8.827% [LIBOR4+675], 1/30/192,10			2,135,000		1,609,427

29       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Corporate Loans (Continued)
JC Penney Corp., Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.569% [LIBOR4+425], 6/23/232	$	755,000	$	695,340
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 7.886% [LIBOR4+550], 9/30/222		696,447		681,125
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 9.327% [LIBOR12+725], 10/17/222		3,744,127		3,442,930
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.33% [LIBOR12+325], 10/25/202		2,795,213		2,602,735
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.09% [LIBOR12+300], 3/11/222		703,183		615,524
Windstream Services LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B6, 6.06% [LIBOR12+400], 3/29/212		663,232		635,874
Total Corporate Loans (Cost $13,987,697)				13,914,236
Corporate Bonds and Notes—40.1%
Consumer Discretionary—5.9%
Auto Components—0.2%
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/25		2,905,000		2,903,838
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/266		630,000		621,337
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		1,785,000		1,823,467
Goodyear Tire & Rubber Co. (The), 5.00% Sr. Unsec. Nts., 5/31/26		1,310,000		1,236,640
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375% Sr. Sec. Nts., 12/15/231		875,000		912,835
Tenneco, Inc., 5.00% Sr. Unsec. Nts., 7/15/26		810,000		721,913
				8,220,030
Automobiles—0.1%
Jaguar Land Rover Automotive plc, 4.50% Sr. Unsec. Nts., 10/1/271		1,750,000		1,443,400
Williams Scotsman International, Inc., 6.875% Sr. Sec. Nts., 8/15/231		1,395,000		1,388,025
				2,831,425
Distributors—0.0%
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23		989,000		995,686
Diversified Consumer Services—0.1%
Cengage Learning, Inc., 9.50% Sr. Unsec. Nts., 6/15/241		345,000		298,856
KCA Deutag UK Finance plc, 9.625% Sr. Sec. Nts., 4/1/231		705,000		694,425
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		1,280,000		1,228,800
				2,222,081
Entertainment—0.3%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		1,785,000		1,714,939

30       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Entertainment (Continued)
AMC Entertainment Holdings, Inc.: (Continued) 5.875% Sr. Sub. Nts., 11/15/26	$	1,825,000	$	1,752,000
6.125% Sr. Sub. Nts., 5/15/27		1,440,000		1,387,080
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23		1,260,000		1,245,825
Lions Gate Capital Holdings LLC, 5.875% Sr. Unsec. Nts., 11/1/241		3,080,000		3,172,400
Live Nation Entertainment, Inc., 5.625% Sr. Unsec. Nts., 3/15/261		1,400,000		1,417,500
Netflix, Inc., 5.875% Sr. Unsec. Nts., 11/15/281		700,000		703,024
Sirius XM Radio, Inc., 5.375% Sr. Unsec. Nts., 7/15/261		1,780,000		1,771,100
				13,163,868
Hotels, Restaurants & Leisure—1.8%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/241		2,150,000		2,046,005
5.00% Sec. Nts., 10/15/251		3,555,000		3,412,836
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		1,890,000		1,856,925
5.00% Sr. Unsec. Nts., 2/1/281		2,115,000		2,077,987
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		1,745,000		1,766,812
6.375% Sr. Unsec. Nts., 4/1/26		560,000		577,920
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25% Sr. Unsec. Nts., 10/15/251		2,075,000		1,981,625
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22		1,880,000		1,710,800
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/236		840,000		863,100
Eldorado Resorts, Inc., 6.00% Sr. Unsec. Nts., 4/1/25		1,360,000		1,382,100
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241		1,070,000		1,128,850
Golden Nugget, Inc.:
6.75% Sr. Unsec. Nts., 10/15/241		3,430,000		3,487,898
8.75% Sr. Sub. Nts., 10/1/251		2,860,000		3,005,231
Hilton Domestic Operating Co., Inc.:
4.25% Sr. Unsec. Nts., 9/1/24		1,135,000		1,101,290
5.125% Sr. Unsec. Nts., 5/1/261		1,400,000		1,398,250
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/24		1,735,000		1,784,881
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		2,870,000		2,984,800
IRB Holding Corp., 6.75% Sr. Unsec. Nts., 2/15/261		705,000		692,662
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		925,000		891,469
5.25% Sr. Unsec. Nts., 6/1/261		2,515,000		2,516,886
Marriott Ownership Resorts, Inc., 6.50% Sr. Unsec. Nts., 9/15/261		695,000		715,086
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251		3,050,000		2,893,749
MGM Growth Properties Operating Partnership LP/MGP
Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24		2,245,000		2,309,544

31       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
MGM Resorts International:
5.75% Sr. Unsec. Nts., 6/15/25	$	1,245,000	$	1,253,715
6.00% Sr. Unsec. Nts., 3/15/23		2,175,000		2,256,563
6.625% Sr. Unsec. Nts., 12/15/21		1,080,000		1,146,960
Mohegan Gaming & Entertainment, 7.875% Sr. Unsec. Nts., 10/15/241		1,755,000		1,726,481
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		1,765,000		1,707,108
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201		2,285,000		2,210,738
Premier Cruises Ltd., 11.00% Sr. Unsec. Nts., 3/15/081,7,10		14,750,000		—
Sands China Ltd., 5.125% Sr. Unsec. Nts., 8/8/251		1,230,000		1,228,765
Scientific Games International, Inc.:
5.00% Sr. Sec. Nts., 10/15/251		3,105,000		2,957,513
10.00% Sr. Unsec. Nts., 12/1/22		3,518,000		3,740,760
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241		1,455,000		1,428,810
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/251		690,000		653,568
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271		970,000		948,951
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/271		1,075,000		999,750
5.50% Sr. Unsec. Nts., 3/1/251		700,000		678,125
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		355,000		335,081
5.50% Sr. Unsec. Nts., 10/1/271		355,000		333,256
				66,192,850
Household Durables—0.7%
Arcelik AS, 5.00% Sr. Unsec. Nts., 4/3/231		1,260,000		1,151,271
AV Homes, Inc., 6.625% Sr. Unsec. Nts., 5/15/22		2,925,000		3,024,304
Beazer Homes USA, Inc.:
5.875% Sr. Unsec. Nts., 10/15/27		2,485,000		2,124,675
6.75% Sr. Unsec. Nts., 3/15/25		4,170,000		3,877,266
7.25% Sr. Unsec. Nts., 2/1/23		119,000		117,810
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23		1,535,000		1,657,800
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		220,000		215,974
4.75% Sr. Unsec. Nts., 5/30/25		2,135,000		2,089,631
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/25		2,135,000		2,017,575
MDC Holdings, Inc., 6.00% Sr. Unsec. Nts., 1/15/43		2,130,000		1,826,475
PulteGroup, Inc.:
5.00% Sr. Unsec. Nts., 1/15/27		1,035,000		984,544
5.50% Sr. Unsec. Nts., 3/1/26		1,705,000		1,702,869
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/236		2,075,000		2,100,937
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		480,000		477,600
4.875% Sr. Unsec. Nts., 3/15/27		355,000		340,800

32       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Household Durables (Continued)
William Lyon Homes, Inc.:
5.875% Sr. Unsec. Nts., 1/31/25	$	2,891,000	$	2,699,471
6.00% Sr. Unsec. Nts., 9/1/23		1,405,000		1,362,850
				27,771,852
Media—1.9%
Altice Financing SA:
6.625% Sr. Sec. Nts., 2/15/231		525,000		530,250
7.50% Sr. Sec. Nts., 5/15/261		1,225,000		1,197,437
Altice Finco SA, 8.125% Sec. Nts., 1/15/241		1,905,000		1,940,719
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/261		1,470,000		1,477,056
8.125% Sr. Sec. Nts., 2/1/271		1,395,000		1,436,850
Altice Luxembourg SA, 7.75% Sr. Unsec. Nts., 5/15/221		525,000		512,925
Altice US Finance I Corp., 5.50% Sr. Sec. Nts., 5/15/261		525,000		524,737
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		1,425,000		1,370,950
5.00% Sr. Unsec. Nts., 4/1/24		700,000		691,250
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		3,338,000		3,596,695
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251		1,250,000		1,287,500
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/231		710,000		681,458
5.00% Sr. Unsec. Nts., 2/1/281		1,890,000		1,781,136
5.125% Sr. Unsec. Nts., 5/1/271		2,881,000		2,738,707
5.375% Sr. Unsec. Nts., 5/1/251		530,000		527,350
5.75% Sr. Unsec. Nts., 2/15/261		3,250,000		3,270,312
5.875% Sr. Unsec. Nts., 4/1/241		650,000		665,438
5.875% Sr. Unsec. Nts., 5/1/271		530,000		526,687
Clear Channel International BV, 8.75% Sr. Unsec. Nts., 12/15/201		710,000		736,412
Clear Channel Worldwide Holdings, Inc.:
Series B, 6.50% Sr. Unsec. Nts., 11/15/22		3,115,000		3,194,028
Series B, 7.625% Sr. Sub. Nts., 3/15/20		3,575,000		3,597,344
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24		1,805,000		1,768,900
5.50% Sr. Unsec. Nts., 4/15/271		1,880,000		1,833,714
10.875% Sr. Unsec. Nts., 10/15/251		1,770,000		2,059,838
DISH DBS Corp.:
5.875% Sr. Unsec. Nts., 11/15/24		5,025,000		4,535,062
7.75% Sr. Unsec. Nts., 7/1/26		715,000		680,144
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241		1,770,000		1,714,687
5.875% Sr. Unsec. Nts., 7/15/261		3,230,000		3,209,812
iHeartCommunications, Inc., 9.00% Sr. Sec. Nts., 12/15/19		4,005,000		3,033,787
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241		705,000		630,975
Meredith Corp., 6.875% Sr. Unsec. Nts., 2/1/261		640,000		657,600
Nexstar Broadcasting, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		2,465,000		2,418,781
Salem Media Group, Inc., 6.75% Sr. Sec. Nts., 6/1/241		2,120,000		1,897,400
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241		1,550,000		1,532,408

33       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Media (Continued)
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241	$	1,580,000	$	1,603,700
Townsquare Media, Inc., 6.50% Sr. Unsec. Nts., 4/1/231		710,000		659,413
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22		1,590,000		1,631,738
Univision Communications, Inc.:
5.125% Sr. Sec. Nts., 5/15/231		735,000		705,600
5.125% Sr. Sec. Nts., 2/15/251		3,255,000		3,051,563
UPCB Finance IV Ltd., 5.375% Sr. Sec. Nts., 1/15/251		350,000		350,441
Virgin Media Secured Finance plc, 5.50% Sr. Sec. Nts., 8/15/261		2,095,000		2,079,288
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/271		3,680,000		3,461,960
				71,802,052
Multiline Retail—0.1%
JC Penney Corp., Inc.:
5.875% Sr. Sec. Nts., 7/1/231		1,130,000		1,000,050
7.40% Sr. Unsec. Nts., 4/1/37		710,000		287,550
8.625% Sec. Nts., 3/15/251		2,060,000		1,390,500
Neiman Marcus Group Ltd. LLC, 8.00% Sr. Unsec. Nts., 10/15/211		700,000		463,312
				3,141,412
Specialty Retail—0.6%
Claire’s Stores, Inc., 9.00% Sr. Sec. Nts., 3/15/196,10		1,060,000		662,500
Freedom Mortgage Corp.:
8.125% Sr. Unsec. Nts., 11/15/241		1,065,000		1,038,375
8.25% Sr. Unsec. Nts., 4/15/251		2,100,000		2,047,500
GameStop Corp.:
5.50% Sr. Unsec. Nts., 10/1/191		1,810,000		1,812,262
6.75% Sr. Unsec. Nts., 3/15/211		2,940,000		3,017,910
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28		705,000		607,393
6.875% Sr. Unsec. Nts., 11/1/35		5,570,000		4,734,500
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/251		1,425,000		1,368,000
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/261		1,395,000		1,415,925
PetSmart, Inc., 5.875% Sr. Sec. Nts., 6/1/251		1,050,000		865,925
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/27		1,800,000		1,692,000
Staples, Inc., 8.50% Sr. Unsec. Nts., 9/15/251		4,975,000		4,695,156
				23,957,446
Textiles, Apparel & Luxury Goods—0.1%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/241		945,000		923,147
4.875% Sr. Unsec. Nts., 5/15/261		1,460,000		1,403,425
				2,326,572
Consumer Staples—1.2%
Beverages—0.0%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241		1,100,000		1,037,043

34       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Food & Staples Retailing—0.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertson LP/ Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24	$	2,190,000	$	2,116,087
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231		1,910,000		1,432,500
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		1,709,000		1,738,908
New Albertsons LP, 7.45% Sr. Unsec. Nts., 8/1/29		2,195,000		1,821,850
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/241		1,260,000		1,253,700
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/231		3,345,000		3,014,681
Simmons Foods, Inc.:
5.75% Sec. Nts., 11/1/241		4,970,000		3,833,113
7.75% Sr. Sec. Nts., 1/15/241		700,000		728,000
SUPERVALU, Inc., 7.75% Sr. Unsec. Nts., 11/15/22		1,620,000		1,690,875
				17,629,714
Food Products—0.5%
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25		720,000		691,963
BRF SA, 3.95% Sr. Unsec. Nts., 5/22/231		1,265,000		1,151,150
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231		2,405,000		2,269,117
JBS USA LUX SA/JBS USA Finance, Inc.:
5.75% Sr. Unsec. Nts., 6/15/251		3,775,000		3,690,062
6.75% Sr. Unsec. Nts., 2/15/281		3,525,000		3,507,375
MARB BondCo plc, 6.875% Sr. Unsec. Nts., 1/19/251		1,235,000		1,152,409
MHP Lux SA, 6.95% Sr. Unsec. Nts., 4/3/261		1,210,000		1,132,379
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/261		1,260,000		1,185,975
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251		2,130,000		2,060,775
5.875% Sr. Unsec. Nts., 9/30/271		710,000		674,500
Post Holdings, Inc.:
5.00% Sr. Unsec. Nts., 8/15/261		655,000		621,792
5.75% Sr. Unsec. Nts., 3/1/271		2,135,000		2,105,644
				20,243,141
Household Products—0.1%
Kronos Acquisition Holdings, Inc., 9.00% Sr. Unsec. Nts., 8/15/231		1,800,000		1,701,000
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		695,000		712,375
				2,413,375
Personal Products—0.1%
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221		2,225,000		2,305,656
Energy—6.5%
Energy Equipment & Services—1.5%
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/231,5		690,000		705,525
Bristow Group, Inc.:
6.25% Sr. Unsec. Nts., 10/15/22		330,000		242,550
8.75% Sr. Sec. Nts., 3/1/231		1,000,000		980,000
Calfrac Holdings LP, 8.50% Sr. Unsec. Nts., 6/15/261		2,770,000		2,596,875
CGG Holding US, Inc., 9.00% Sr. Sec. Nts., 5/1/231		350,000		366,187

35       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Energy Equipment & Services (Continued)
Ensco plc:
5.20% Sr. Unsec. Nts., 3/15/25	$	1,960,000	$	1,712,550
7.75% Sr. Unsec. Nts., 2/1/26		355,000		353,669
Eterna Capital Pte Ltd.:
7.50% Sr. Sec. Nts., 12/11/229,11		2,188,789		2,178,818
8.00% Sr. Sec. Nts., 12/11/2211		7,209,360		6,976,548
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/25		720,000		754,200
Hi-Crush Partners LP, 9.50% Sr. Unsec. Nts., 8/1/261		1,045,000		975,769
KCA Deutag UK Finance plc, 7.25% Sr. Sec. Nts., 5/15/211		275,000		260,562
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/241		1,055,000		1,131,487
Nabors Industries, Inc., 5.75% Sr. Unsec. Nts., 2/1/251		1,255,000		1,205,903
Noble Holding International Ltd., 7.875% Sr. Unsec. Nts., 2/1/261		1,410,000		1,468,162
Parker Drilling Co.:
6.75% Sr. Unsec. Nts., 7/15/22		1,565,000		1,232,438
7.50% Sr. Unsec. Nts., 8/1/20		350,000		315,000
Pertamina Persero PT, 5.625% Sr. Unsec. Nts., 5/20/431		16,750,000		16,566,705
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22		3,990,000		3,511,200
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/261		635,000		654,050
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25		1,335,000		1,338,338
SESI LLC, 7.75% Sr. Unsec. Nts., 9/15/24		1,030,000		1,054,463
Shelf Drilling Holdings Ltd., 8.25% Sr. Unsec. Nts., 2/15/251		705,000		728,794
Tervita Escrow Corp., 7.625% Sec. Nts., 12/1/211		700,000		725,375
Transocean Pontus Ltd., 6.125% Sr. Sec. Nts., 8/1/251		700,000		713,118
Transocean, Inc.:
7.50% Sr. Unsec. Nts., 1/15/261		710,000		734,850
9.00% Sr. Unsec. Nts., 7/15/231		3,000,000		3,270,000
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/251		1,085,000		1,079,575
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21		345,000		346,725
Weatherford International Ltd., 9.875% Sr. Unsec. Nts., 2/15/24		3,076,000		3,022,170
				57,201,606
Oil, Gas & Consumable Fuels—5.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.875% Sr. Unsec. Nts., 12/15/24		715,000		682,825
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.00% Sr. Unsec. Nts., 2/15/251		2,380,000		2,343,110
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/221		1,140,000		1,291,050
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241		1,270,000		1,219,200
Berry Petroleum Co. LLC, 7.00% Sr. Unsec. Nts., 2/15/261		355,000		369,200
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.625% Sr. Unsec. Nts., 7/15/261		1,400,000		1,433,250
California Resources Corp., 8.00% Sec. Nts., 12/15/221		1,803,000		1,724,119

36       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50% Sr. Unsec. Nts., 4/15/21	$	955,000	$	955,000
7.625% Sr. Unsec. Nts., 1/15/22		1,510,000		1,521,325
Centennial Resource Production LLC, 5.375% Sr. Unsec. Nts., 1/15/261		1,035,000		1,032,412
Cheniere Corpus Christi Holdings LLC:
5.125% Sr. Sec. Nts., 6/30/27		1,430,000		1,438,937
7.00% Sr. Sec. Nts., 6/30/24		2,375,000		2,606,562
Chesapeake Energy Corp.:
6.125% Sr. Unsec. Nts., 2/15/21		1,360,000		1,398,420
7.00% Sr. Unsec. Nts., 10/1/24		2,075,000		2,077,594
7.50% Sr. Unsec. Nts., 10/1/26		1,385,000		1,386,731
8.00% Sec. Nts., 12/15/221		665,000		698,250
8.00% Sr. Unsec. Nts., 1/15/25		895,000		925,877
8.00% Sr. Unsec. Nts., 6/15/27		1,060,000		1,083,320
Citadel LP, 5.375% Sr. Unsec. Nts., 1/17/231		700,000		701,998
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		195,487
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12.00% Sec. Nts., 11/1/21		1,125,000		1,136,239
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		495,000		496,881
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/1/25		400,000		410,000
CrownRock LP/CrownRock Finance, Inc., 5.625% Sr. Unsec. Nts., 10/15/251		2,825,000		2,772,031
CVR Refining LLC/Coffeyville Finance, Inc., 6.50% Sr. Unsec. Nts., 11/1/22		2,750,000		2,805,000
DCP Midstream Operating LP, 2.70% Sr. Unsec. Nts., 4/1/19		625,000		625,000
Denbury Resources, Inc.:
9.00% Sec. Nts., 5/15/211		1,560,000		1,694,550
9.25% Sec. Nts., 3/31/221		1,567,000		1,698,236
Endeavor Energy Resources LP/EER Finance, Inc.:
5.50% Sr. Unsec. Nts., 1/30/261		520,000		522,600
5.75% Sr. Unsec. Nts., 1/30/281		700,000		702,625
Energy Transfer Equity LP:
5.875% Sr. Sec. Nts., 1/15/24		1,445,000		1,524,475
7.50% Sr. Sec. Nts., 10/15/20		710,000		762,007
Energy Transfer Partners LP, 6.625% [US0003M+415.5] Jr. Sub. Perpetual Bonds2,12		1,752,000		1,680,825
Enviva Partners LP/Enviva Partners Finance Corp., 8.50% Sr. Unsec. Nts., 11/1/21		2,705,000		2,807,844
EP Energy LLC/Everest Acquisition Finance, Inc.:
7.75% Sr. Sec. Nts., 5/15/261		1,050,000		1,078,875
8.00% Sr. Sec. Nts., 11/29/241		700,000		708,750
8.00% Sec. Nts., 2/15/251		4,185,000		3,222,450
9.375% Sec. Nts., 5/1/241		4,039,000		3,352,370
Extraction Oil & Gas, Inc., 7.375% Sr. Unsec. Nts., 5/15/241		710,000		704,675
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50% Sec. Nts., 4/1/231		520,000		462,800
Frontera Energy Corp., 9.70% Sr. Unsec. Nts., 6/25/231		1,190,000		1,252,475

37       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00% Sr. Unsec. Nts., 5/15/23	$	1,525,000	$	1,511,656
6.25% Sr. Unsec. Nts., 5/15/26		2,515,000		2,401,825
6.50% Sr. Unsec. Nts., 10/1/25		2,135,000		2,094,969
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24		705,000		690,900
6.375% Sr. Unsec. Nts., 5/15/25		700,000		691,250
Halcon Resources Corp., 6.75% Sr. Unsec. Nts., 2/15/25		1,425,000		1,375,125
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625% Sr. Unsec. Nts., 2/15/261		700,000		710,500
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25		479,000		505,345
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75% Sr. Unsec. Nts., 10/1/251		315,000		317,756
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/241		710,000		729,525
Indigo Natural Resources LLC, 6.875% Sr. Unsec. Nts., 2/15/261		1,005,000		977,362
Indika Energy Capital III Pte Ltd., 5.875% Sr. Sec. Nts., 11/9/241		1,935,000		1,823,898
Jones Energy Holdings LLC/Jones Energy Finance Corp.:
6.75% Sr. Unsec. Nts., 4/1/22		2,067,000		1,219,530
9.25% Sr. Sec. Nts., 3/15/231		1,055,000		1,089,287
KazMunayGas National Co. JSC:
4.75% Sr. Unsec. Nts., 4/24/251		2,605,000		2,639,060
5.375% Sr. Unsec. Nts., 4/24/301		4,780,000		4,872,254
6.375% Sr. Unsec. Nts., 10/24/481		4,295,000		4,520,831
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271		2,855,000		2,728,692
Laredo Petroleum, Inc., 6.25% Sr. Unsec. Nts., 3/15/23		315,000		316,575
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/236		580,000		578,550
Medco Platinum Road Pte Ltd., 6.75% Sr. Sec. Nts., 1/30/251		5,290,000		5,014,084
MEG Energy Corp.:
6.50% Sec. Nts., 1/15/251		1,435,000		1,427,825
7.00% Sr. Unsec. Nts., 3/31/241		1,545,000		1,413,675
Moss Creek Resources Holdings, Inc., 7.50% Sr. Unsec. Nts., 1/15/261		1,460,000		1,465,475
Murphy Oil Corp., 6.875% Sr. Unsec. Nts., 8/15/24		975,000		1,034,447
Murray Energy Corp., 12.00% Sec. Nts., 4/15/241,11		6,423,000		4,335,525
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		730,000		772,887
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25		3,595,000		3,388,287
7.50% Sr. Unsec. Nts., 11/1/23		905,000		914,050
Northern Oil & Gas, Inc., 9.50% Sec. Nts., 5/15/231,5,11		345,000		364,838
NuStar Logistics LP, 5.625% Sr. Unsec. Nts., 4/28/27		640,000		635,200
Oasis Petroleum, Inc.:
6.25% Sr. Unsec. Nts., 5/1/261		700,000		715,400
6.875% Sr. Unsec. Nts., 1/15/23		745,000		758,969
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/261		700,000		703,500

38       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Parsley Energy LLC/Parsley Finance Corp., 5.625% Sr. Unsec. Nts., 10/15/271		$	1,065,000	$	1,070,325
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Sec. Nts., 11/15/23			1,685,000		1,760,825
7.25% Sr. Unsec. Nts., 6/15/25			1,055,000		1,110,388
PBF Logistics LP/PBF Logistics Finance Corp., 6.875% Sr. Unsec. Nts., 5/15/23			1,025,000		1,051,906
PDC Energy, Inc., 5.75% Sr. Unsec. Nts., 5/15/26			1,420,000		1,354,325
Peabody Energy Corp.:
6.375% Sr. Sec. Nts., 3/31/251			700,000		714,000
10.00% Sr. Sec. Nts., 3/15/227,10,13			5,950,000		6
Petrobras Global Finance BV:
5.299% Sr. Unsec. Nts., 1/27/25			3,670,000		3,436,955
5.75% Sr. Unsec. Nts., 2/1/29			3,750,000		3,357,188
6.85% Sr. Unsec. Nts., 6/5/15			1,235,000		1,062,100
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/249	EUR		1,220,000		1,462,570
3.75% Sr. Unsec. Nts., 4/16/269	EUR		2,340,000		2,725,364
6.75% Sr. Unsec. Nts., 9/21/47			1,830,000		1,750,743
Puma International Financing SA, 5.00% Sr. Unsec. Nts., 1/24/261			2,600,000		2,202,725
QEP Resources, Inc., 5.625% Sr. Unsec. Nts., 3/1/26			1,780,000		1,708,800
Reliance Industries Ltd.:
6.78% Unsec. Nts., 9/16/20	INR		180,000,000		2,418,369
7.00% Unsec. Nts., 8/31/22	INR		540,000,000		7,093,346
Repsol International Finance BV, 4.50% [EUSA10+420] Jr. Sub. Nts., 3/25/752,9	EUR		3,590,000		4,478,677
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20			5,115,000		5,127,788
Rio Oil Finance Trust Series 2018-1, 8.20% Sr. Sec. Nts., 4/6/281			1,875,000		1,921,875
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/241			1,555,000		1,454,345
Sanchez Energy Corp.:
6.125% Sr. Unsec. Nts., 1/15/23			4,270,000		2,476,600
7.25% Sr. Sec. Nts., 2/15/231			705,000		697,069
7.75% Sr. Unsec. Nts., 6/15/21			1,895,000		1,335,975
SemGroup Corp./Rose Rock Finance Corp.:
5.625% Sr. Unsec. Nts., 7/15/22			315,000		314,213
5.625% Sr. Unsec. Nts., 11/15/23			1,610,000		1,569,750
SM Energy Co.:
6.625% Sr. Unsec. Nts., 1/15/27			695,000		719,325
6.75% Sr. Unsec. Nts., 9/15/26			320,000		334,000
Southern Gas Corridor CJSC, 6.875% Sr. Unsec. Nts., 3/24/261			2,460,000		2,739,574
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25			525,000		522,703
7.50% Sr. Unsec. Nts., 4/1/26			710,000		747,275
SRC Energy, Inc., 6.25% Sr. Unsec. Nts., 12/1/25			670,000		633,150
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25			1,645,000		1,591,538

39       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Sunoco LP/Sunoco Finance Corp.:
4.875% Sr. Unsec. Nts., 1/15/231	$	885,000	$	878,363
5.50% Sr. Unsec. Nts., 2/15/261		470,000		455,195
5.875% Sr. Unsec. Nts., 3/15/281		1,062,000		1,022,175
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.:
5.50% Sr. Unsec. Nts., 9/15/241		1,510,000		1,545,863
5.50% Sr. Unsec. Nts., 1/15/281		1,405,000		1,420,806
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/281		2,135,000		2,085,895
5.875% Sr. Unsec. Nts., 4/15/261		1,400,000		1,450,750
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/221		1,215,000		1,255,350
TransMontaigne Partners LP/TLP Finance Corp., 6.125% Sr. Unsec. Nts., 2/15/26		355,000		336,363
Ultra Resources, Inc.:
6.875% Sr. Unsec. Nts., 4/15/221		1,080,000		518,400
7.125% Sr. Unsec. Nts., 4/15/251		685,000		280,850
USA Compression Partners LP/USA Compression Finance Corp., 6.875% Sr. Unsec. Nts., 4/1/261		1,050,000		1,088,063
Whiting Petroleum Corp., 6.625% Sr. Unsec. Nts., 1/15/26		1,405,000		1,466,469
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/25		700,000		726,250
WPX Energy, Inc.:
5.75% Sr. Unsec. Nts., 6/1/26		700,000		711,375
8.25% Sr. Unsec. Nts., 8/1/23		1,045,000		1,191,300
YPF SA, 8.50% Sr. Unsec. Nts., 7/28/251		2,000,000		1,957,520
				189,579,206
Financials—11.9%
Capital Markets—1.5%
Charles Schwab Corp. (The), 5.00% [US0003M+257.5] Jr. Sub. Perpetual Bonds2,12		3,448,000		3,335,940
Credit Suisse Group AG:
7.125% [USSW5+510.8] Jr. Sub. Perpetual Bonds2,9,12		3,225,000		3,309,656
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds2,9,12		10,720,000		11,309,386
Diamond Resorts International, Inc.:
7.75% Sr. Sec. Nts., 9/1/231		660,000		679,800
10.75% Sr. Unsec. Nts., 9/1/246		1,505,000		1,482,425
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds2,12		3,227,000		3,307,675
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/251		690,000		677,925
Financial & Risk US Holdings, Inc.:
6.25% Sr. Sec. Nts., 5/15/261,5		690,000		690,431
8.25% Sr. Unsec. Nts., 11/15/261,5		690,000		687,544
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251		4,335,000		4,161,600
Goldman Sachs Group, Inc. (The):
5.00% [US0003M+287.4] Jr. Sub. Perpetual Bonds2,12		1,764,000		1,664,775
5.375% [US0003M+392.2] Jr. Sub. Perpetual Bonds2,12		1,670,000		1,705,487

40       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Capital Markets (Continued)
Huarong Finance 2017 Co. Ltd., 4.25% Sr. Unsec. Nts., 11/7/279		$	2,470,000	$	2,264,634
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/25			1,305,000		1,313,156
Macquarie Bank Ltd. (London), 6.125% [USSW5+370.3] Jr. Sub. Perpetual Bonds1,2,12			3,252,000		2,975,580
MSCI, Inc., 5.375% Sr. Unsec. Nts., 5/15/271			700,000		715,750
Pisces Midco, Inc., 8.00% Sec. Nts., 4/15/261			350,000		353,500
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231			2,302,000		2,467,744
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211			1,090,000		1,090,000
State Street Corp., 5.625% [US0003M+253.9] Jr. Sub. Perpetual Bonds2,12			1,479,000		1,488,244
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75% Sr. Unsec. Nts., 6/1/251			2,125,000		2,071,875
TerraForm Power Operating LLC:
4.25% Sr. Unsec. Nts., 1/31/231			965,000		945,700
5.00% Sr. Unsec. Nts., 1/31/281			290,000		270,788
Trident Merger Sub, Inc., 6.625% Sr. Unsec. Nts., 11/1/251			2,125,000		2,018,750
UBS Group Funding Switzerland AG, 7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds2,9,12			3,120,000		3,278,870
					54,267,235
Commercial Banks—5.6%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/127,10			1,186,225		—
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% [USISDA05+516.8] Jr. Sub. Perpetual Bonds1,2,12			305,000		316,437
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/282,9	EUR		10,761,000		10,178,048
Banco Bilbao Vizcaya Argentaria SA:
5.875% [EUSA5+566] Jr. Sub. Perpetual Bonds2,9,12,14	EUR		5,310,000		6,127,266
6.125% [USSW5+387] Jr. Sub. Perpetual Bonds2,12			3,315,000		2,987,644
6.75% [EUSA5+660.4] Jr. Sub. Perpetual Bonds2,9,12	EUR		3,550,000		4,295,013
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds2,9,12	EUR		7,140,000		9,284,684
Banco do Brasil SA (Cayman), 3.875% Sr. Unsec. Nts., 10/10/22			5,455,000		5,131,791
Banco Mercantil del Norte SA (Grand Cayman), 7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,12			969,000		983,535
Banco Santander SA:
6.375% [USSW5+478.8] Jr. Sub. Perpetual Bonds2,9,12			3,315,000		3,294,835
6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds2,9,12	EUR		10,765,000		13,498,099
Bank of America Corp., 6.30% [US0003M+455.3] Jr. Sub. Perpetual Bonds2,12			3,792,000		4,095,360
Barclays plc:
6.50% [EUSA5+587.5] Jr. Sub. Perpetual Bonds2,12	EUR		4,695,000		5,628,291
7.75% [USSW5+484.2] Jr. Sub. Perpetual Bonds2,12			2,860,000		2,874,300
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds2,9,12			3,140,000		3,254,689

41       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Commercial Banks (Continued)
Barclays plc: (Continued) 8.00% [EUSA5+675] Jr. Sub. Perpetual Bonds2,12	EUR		7,175,000	$	9,198,917
BBVA Bancomer SA, 5.35% [H15T5Y+300] Sub. Nts., 11/12/291,2			2,155,000		2,074,187
BNP Paribas SA:
6.75% [USSW5+491.6] Jr. Sub. Perpetual Bonds1,2,12			7,175,000		7,264,687
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,12			3,110,000		3,273,275
Caixa Geral de Depositos SA, 5.75% [EUSA5+550] Sub. Nts., 6/28/282,9	EUR		3,545,000		4,342,915
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds2,9,12	EUR		3,545,000		4,454,025
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21			1,150,000		1,156,612
5.00% Sr. Unsec. Nts., 8/15/22			350,000		358,575
5.25% Sr. Unsec. Nts., 3/7/25			690,000		705,525
5.80% [US0003M+397.2] Jr. Sub. Perpetual Bonds2,12			3,352,000		3,310,100
Citigroup, Inc., 6.125% [US0003M+447.8] Jr. Sub. Perpetual Bonds2,12			2,453,000		2,558,786
Citizens Financial Group, Inc., 6.00% [US0003M+300.3] Jr. Sub. Perpetual Bonds2,12			1,610,000		1,646,225
Credit Agricole SA, 8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds1,2,12			4,390,000		4,839,914
Fidelity Bank plc, 10.50% Sr. Unsec. Nts., 10/16/221			1,400,000		1,433,390
Fifth Third Bancorp, 5.10% [US0003M+303.33] Jr. Sub. Perpetual Bonds2,12			860,000		844,950
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds2,9,12	EUR		9,955,000		12,224,863
6.375% [USISDA05+370.5] Jr. Sub. Perpetual Bonds2,12			3,210,000		3,190,868
Huntington Bancshares, Inc., 5.70% [US0003M+288] Jr. Sub. Perpetual Bonds2,12			1,715,000		1,703,209
IDBI Bank Ltd. (GIFT-IFC), 5.00% Sr. Unsec. Nts., 9/25/199			1,040,000		1,045,242
Inter-American Development Bank, 24.539% Sr. Unsec. Nts., 9/28/20	TRY		20,200,000		2,116,004
JPMorgan Chase & Co.:
6.125% [US0003M+333] Jr. Sub. Perpetual Bonds2,12			3,124,000		3,257,176
5.809% [US0003M+347] Jr. Sub. Perpetual Bonds, Series 12,12			4,020,000		4,042,110
KBC Group NV, 5.625% [EUSA5+475.9] Jr. Sub. Perpetual Bonds2,9,12	EUR		5,355,000		6,308,328
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231			2,155,000		2,239,853
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/328,9			7,175,000		5,553,802
Lloyds Banking Group plc, 6.375% [EUSA5+529] Jr. Sub. Perpetual Bonds2,9,12	EUR		7,175,000		8,826,992
Royal Bank of Scotland Group plc, 7.50% [USSW5+580] Jr. Sub. Perpetual Bonds2,12			6,685,000		6,860,481
Societe Generale SA:
6.75% [EUSA5+553.8] Jr. Sub. Perpetual Bonds2,9,12	EUR		3,550,000		4,451,672
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,12			13,905,000		14,374,294

42       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Commercial Banks (Continued)
SunTrust Banks, Inc.:
5.05% [US0003M+310.2] Jr. Sub. Perpetual Bonds2,12		$	2,546,000	$	2,520,540
5.125% [US0003M+278.6] Jr. Sub. Perpetual Bonds2,12			1,780,000		1,689,888
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/32	BRL		12,250,000		2,813,355
UBS Group Funding Switzerland AG, 5.00% [USSW5+243.2] Jr. Sub. Perpetual Bonds2,9,12			1,095,000		970,477
Wachovia Capital Trust III, 5.57% [US0003M+93] Jr. Sub. Perpetual Bonds2,12			3,394,000		3,366,000
Wells Fargo & Co., 6.104% [US0003M+377] Jr. Sub. Perpetual Bonds, Series K2,12			686,000		696,077
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/221			1,460,000		1,478,002
					209,141,308
Consumer Finance—1.4%
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231			1,545,000		1,529,550
Ally Financial, Inc.:
4.625% Sr. Unsec. Nts., 5/19/22			1,200,000		1,211,976
5.75% Sub. Nts., 11/20/25			3,370,000		3,492,162
8.00% Sr. Unsec. Nts., 11/1/31			1,140,000		1,386,525
American Express Co., 4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds2,12			2,499,000		2,502,124
Discover Financial Services, 5.50% [US0003M+307.6] Jr. Sub. Perpetual Bonds2,12			1,673,000		1,654,179
Enova International, Inc., 8.50% Sr. Unsec. Nts., 9/15/251			2,075,000		2,075,000
Minejesa Capital BV:
4.625% Sr. Sec. Nts., 8/10/301			6,670,000		6,146,598
5.625% Sr. Sec. Nts., 8/10/371			10,715,000		9,819,280
Navient Corp.:
5.50% Sr. Unsec. Nts., 1/15/19			1,060,000		1,066,625
5.875% Sr. Unsec. Nts., 10/25/24			1,973,000		1,935,967
6.50% Sr. Unsec. Nts., 6/15/22			1,425,000		1,482,000
6.625% Sr. Unsec. Nts., 7/26/21			1,475,000		1,541,375
6.75% Sr. Unsec. Nts., 6/25/25			1,865,000		1,881,319
6.75% Sr. Unsec. Nts., 6/15/26			1,050,000		1,042,125
Springleaf Finance Corp.:
5.625% Sr. Unsec. Nts., 3/15/23			2,125,000		2,122,344
6.125% Sr. Unsec. Nts., 5/15/22			2,150,000		2,221,487
6.875% Sr. Unsec. Nts., 3/15/25			1,390,000		1,392,780
7.125% Sr. Unsec. Nts., 3/15/26			2,080,000		2,080,000
8.25% Sr. Unsec. Nts., 12/15/20			1,465,000		1,598,681
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/261			2,110,000		2,030,875
TMX Finance LLC/TitleMax Finance Corp., 11.125% Sr. Sec. Nts., 4/1/231			1,395,000		1,400,231
					51,613,203
Diversified Financial Services—0.5%
Export-Import Bank of India, 7.35% Sr. Unsec. Nts., 5/18/22	INR		180,000,000		2,380,306

43       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Diversified Financial Services (Continued)
Fidelity & Guaranty Life Holdings, Inc., 5.50% Sr. Unsec. Nts., 5/1/251		$	985,000	$	981,257
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/356,7	MXN		20,232,960		99,332
Park Aerospace Holdings Ltd.:
5.25% Sr. Unsec. Nts., 8/15/221			355,000		359,881
5.50% Sr. Unsec. Nts., 2/15/241			1,380,000		1,416,225
Rural Electrification Corp. Ltd.:
7.24% Sr. Unsec. Nts., 10/21/21	INR		360,000,000		4,779,572
7.60% Sr. Unsec. Nts., 4/17/21	INR		350,000,000		4,786,024
8.36% Sr. Unsec. Nts., 9/22/20	INR		285,000,000		3,927,956
Voya Financial, Inc., 4.70% [US0003M+208.4] Jr. Sub. Nts., 1/23/481,2			1,760,000		1,570,800
					20,301,353
Insurance—0.8%
AXA SA, 3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds2,9,12	EUR		7,175,000		8,749,943
Credivalores-Crediservicios SAS:
9.75% Sr. Unsec. Nts., 7/27/221			1,640,000		1,642,050
9.75% Sr. Unsec. Nts., 7/27/229,14			350,000		350,437
Genworth Holdings, Inc.:
7.625% Sr. Unsec. Nts., 9/24/21			650,000		661,375
7.70% Sr. Unsec. Nts., 6/15/20			1,040,000		1,071,200
Hartford Financial Services Group, Inc. (The), 4.439% [US0003M+212.5] Jr. Sub. Nts., 2/12/472,6			1,790,000		1,687,075
HUB International Ltd., 7.00% Sr. Unsec. Nts., 5/1/261			700,000		702,667
Liberty Mutual Group, Inc., 5.239% [US0003M+290.5] Jr. Sub. Nts., 3/15/372,6			775,000		757,562
Lincoln National Corp., 4.669% [US0003M+235.75] Jr. Sub. Nts., 5/17/662			1,826,000		1,715,308
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds2,12			1,678,000		1,704,009
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR		360,000,000		4,815,120
7.42% Sr. Unsec. Nts., 6/26/20	INR		215,000,000		2,928,802
7.50% Sr. Unsec. Nts., 8/16/21	INR		360,000,000		4,890,930
					31,676,478
Real Estate Investment Trusts (REITs)—0.8%
AHP Health Partners, Inc., 9.75% Sr. Unsec. Nts., 7/15/261			700,000		733,250
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/347,10,15	MXN		17,961,653		—
Equinix, Inc.:
5.375% Sr. Unsec. Nts., 5/15/27			1,865,000		1,872,758
5.875% Sr. Unsec. Nts., 1/15/26			2,315,000		2,387,344
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			1,040,000		1,081,340
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			2,515,000		2,381,705
Iron Mountain, Inc., 4.875% Sr. Unsec. Nts., 9/15/271			1,055,000		971,919

44       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
iStar, Inc.:
5.00% Sr. Unsec. Nts., 7/1/19		$	749,000	$	750,723
5.25% Sr. Unsec. Nts., 9/15/22			2,135,000		2,108,312
6.00% Sr. Unsec. Nts., 4/1/22			2,840,000		2,868,400
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			1,525,000		1,586,900
MPT Operating Partnership LP/MPT Finance Corp.:
5.00% Sr. Unsec. Nts., 10/15/27			2,135,000		2,069,818
6.375% Sr. Unsec. Nts., 3/1/24			635,000		669,925
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25			1,610,000		1,632,137
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/22			1,750,000		1,725,938
Starwood Property Trust, Inc.:
4.75% Sr. Unsec. Nts., 3/15/25			2,125,000		2,040,234
5.00% Sr. Unsec. Nts., 12/15/21			2,175,000		2,196,750
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261			2,535,000		2,538,169
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23			1,950,000		1,872,000
					31,487,622
Real Estate Management & Development—0.7%
Agile Group Holdings Ltd., 9.00% Sr. Sec. Nts., 5/21/209			6,610,000		6,920,511
CIFI Holdings Group Co. Ltd., 7.75% Sr. Unsec. Nts., 6/5/209			3,915,000		3,968,698
Cleaver-Brooks, Inc., 7.875% Sr. Sec. Nts., 3/1/231			1,065,000		1,091,625
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/209			3,915,000		3,994,592
Greystar Real Estate Partners LLC, 5.75% Sr. Sec. Nts., 12/1/251			2,130,000		2,082,075
Hunt Cos., Inc., 6.25% Sr. Sec. Nts., 2/15/261			2,115,000		1,977,525
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/231			1,105,000		1,117,431
New Metro Global Ltd., 6.50% Sr. Unsec. Nts., 4/23/219			1,230,000		1,204,243
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/231			2,450,000		2,306,062
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/251			1,890,000		1,854,563
Times China Holdings Ltd., 6.25% Sr. Sec. Nts., 1/23/209			1,230,000		1,220,383
					27,737,708
Thrifts & Mortgage Finance—0.6%
Export-Import Bank of India, 8.00% Sr. Unsec. Nts., 5/27/21	INR		720,000,000		9,948,247
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR		180,000,000		2,392,304
Nationstar Mortgage Holdings, Inc., 8.125% Sr. Unsec. Nts., 7/15/231			1,050,000		1,102,290
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/251			1,070,000		1,075,350
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/281			2,835,000		2,643,638
5.75% Sr. Unsec. Nts., 5/1/251			3,150,000		3,161,812

45       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Thrifts & Mortgage Finance (Continued)
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24	$	1,310,000	$	1,293,625
				21,617,266
Health Care—3.0%
Biotechnology—0.1%
WeWork Cos, Inc., 7.875% Sr. Unsec. Nts., 5/1/251		3,495,000		3,416,363
Health Care Equipment & Supplies—0.1%
DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/211		1,250,000		1,282,812
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231		1,065,000		1,096,950
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/251		380,000		363,850
				2,743,612
Health Care Providers & Services—1.7%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23		1,515,000		1,530,150
6.50% Sr. Unsec. Nts., 3/1/24		730,000		758,287
Centene Corp.:
4.75% Sr. Unsec. Nts., 5/15/22		1,650,000		1,673,925
5.375% Sr. Unsec. Nts., 6/1/261		2,100,000		2,157,750
6.125% Sr. Unsec. Nts., 2/15/24		735,000		775,425
CHS/Community Health Systems, Inc.:
6.25% Sr. Sec. Nts., 3/31/23		4,160,000		3,967,600
6.875% Sr. Unsec. Nts., 2/1/22		1,249,000		706,060
8.125% Sec. Nts., 6/30/241		139,000		116,760
DaVita, Inc.:
5.00% Sr. Unsec. Nts., 5/1/25		700,000		675,283
5.125% Sr. Unsec. Nts., 7/15/24		3,275,000		3,176,750
Encompass Health Corp., 5.75% Sr. Unsec. Nts., 11/1/24		3,170,000		3,225,190
Envision Healthcare Corp., 8.75% Sr. Unsec. Nts., 10/15/261,5		2,075,000		2,054,250
HCA, Inc.:
5.375% Sr. Unsec. Nts., 2/1/25		1,745,000		1,784,262
5.375% Sr. Unsec. Nts., 9/1/26		3,470,000		3,520,315
5.50% Sr. Sec. Nts., 6/15/47		1,690,000		1,717,462
5.625% Sr. Unsec. Nts., 9/1/28		3,465,000		3,490,988
5.875% Sr. Unsec. Nts., 2/15/26		700,000		730,625
7.50% Sr. Unsec. Nts., 2/15/22		6,000,000		6,585,000
LifePoint Health, Inc., 5.375% Sr. Unsec. Nts., 5/1/24		1,415,000		1,476,906
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251		2,345,000		2,259,994
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22		5,295,000		5,488,196
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21		2,040,000		2,078,026
Tenet Healthcare Corp.:
4.375% Sr. Sec. Nts., 10/1/21		1,430,000		1,430,958
6.75% Sr. Unsec. Nts., 6/15/23		4,300,000		4,300,000
7.50% Sec. Nts., 1/1/221		1,450,000		1,518,875
8.125% Sr. Unsec. Nts., 4/1/22		1,955,000		2,067,510
TPC Group, Inc., 8.75% Sr. Sec. Nts., 12/15/201		1,055,000		1,057,638

46       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Health Care Providers & Services (Continued)
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20	$	2,075,000	$	2,085,168
				62,409,353
Health Care Technology—0.0%
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/281		2,125,000		2,008,246
Life Sciences Tools & Services—0.0%
West Street Merger Sub, Inc., 6.375% Sr. Unsec. Nts., 9/1/251		1,100,000		1,047,750
Pharmaceuticals—1.1%
Bausch Health Cos., Inc, 8.50% Sr. Unsec. Nts., 1/31/271		2,100,000		2,210,250
Bausch Health Cos., Inc.:
5.50%Sr. Unsec. Nts., 3/1/231		890,000		859,518
5.50%Sr. Sec. Nts., 11/1/251		2,480,000		2,484,960
5.875% Sr. Unsec. Nts., 5/15/231		2,735,000		2,665,257
6.125% Sr. Unsec. Nts., 4/15/251		3,600,000		3,432,780
7.00%Sr. Sec. Nts., 3/15/241		1,685,000		1,784,415
7.50%Sr. Unsec. Nts., 7/15/211		2,090,000		2,134,413
9.00%Sr. Unsec. Nts., 12/15/251		3,170,000		3,423,727
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:
5.875% Sr. Sec. Nts., 10/15/241		710,000		718,875
6.00%Sr. Unsec. Nts., 7/15/231		3,430,000		3,061,275
6.00%Sr. Unsec. Nts., 2/1/251		1,330,000		1,153,110
Endo Finance LLC/Endo Finco, Inc.:
5.375% Sr. Unsec. Nts., 1/15/231		4,610,000		4,079,850
7.25%Sr. Unsec. Nts., 1/15/221		710,000		695,800
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% Sr. Unsec. Nts., 4/15/201		870,000		865,650
5.50%Sr. Unsec. Nts., 4/15/251		3,345,000		2,841,577
5.625% Sr. Unsec. Nts., 10/15/231		690,000		614,100
5.75%Sr. Unsec. Nts., 8/1/221		2,810,000		2,606,275
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241		845,000		858,731
Teva Pharmaceutical Finance Co. BV, 3.65% Sr. Unsec. Nts., 11/10/21		970,000		940,158
Teva Pharmaceutical Finance Netherlands III BV:
1.70%Sr. Unsec. Nts., 7/19/19		245,000		241,067
3.15%Sr. Unsec. Nts., 10/1/26		700,000		583,505
6.00%Sr. Unsec. Nts., 4/15/24		2,055,000		2,088,675
				40,343,968
Industrials—3.3%
Aerospace & Defense—0.5%
Arconic, Inc., 5.125% Sr. Unsec. Nts., 10/1/24		1,420,000		1,434,008
Bombardier, Inc.:
6.00%Sr. Unsec. Nts., 10/15/221		985,000		992,387
7.50%Sr. Unsec. Nts., 12/1/241		2,125,000		2,247,188
7.50%Sr. Unsec. Nts., 3/15/251		2,130,000		2,207,212
8.75%Sr. Unsec. Nts., 12/1/211		2,060,000		2,288,351

47       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Aerospace & Defense (Continued)
DAE Funding LLC:
4.50% Sr. Unsec. Nts., 8/1/221	$	1,360,000	$	1,329,400
5.00% Sr. Unsec. Nts., 8/1/241		710,000		696,687
Kratos Defense & Security Solutions, Inc., 6.50% Sr. Sec. Nts., 11/30/251		1,065,000		1,098,601
TransDigm, Inc.:
6.375% Sr. Sub. Nts., 6/15/26		1,590,000		1,609,875
6.50% Sr. Sub. Nts., 7/15/24		1,420,000		1,458,340
Triumph Group, Inc.:
5.25% Sr. Unsec. Nts., 6/1/22		1,995,000		1,890,263
7.75% Sr. Unsec. Nts., 8/15/25		2,450,000		2,385,688
				19,638,000
Airlines—0.1%
American Airlines Group, Inc., 4.625% Sr. Unsec. Nts., 3/1/201		1,635,000		1,645,218
United Continental Holdings, Inc., 4.25% Sr. Unsec. Nts., 10/1/22		2,135,000		2,116,319
				3,761,537
Building Products—0.1%
Jeld-Wen, Inc.:
4.625% Sr. Unsec. Nts., 12/15/251		325,000		300,625
4.875% Sr. Unsec. Nts., 12/15/271		315,000		287,831
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/241		2,300,000		2,305,750
				2,894,206
Commercial Services & Supplies—0.7%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,400,000		1,398,138
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/226,11		3,179,987		2,885,838
ARD Finance SA, 7.125% Sr. Sec. Nts., 9/15/2311		1,950,000		1,979,250
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/271		2,210,000		2,044,250
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21		2,095,000		2,105,475
Covanta Holding Corp.:
5.875% Sr. Unsec. Nts., 3/1/24		1,780,000		1,821,741
5.875% Sr. Unsec. Nts., 7/1/25		665,000		673,312
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/221		1,965,000		1,910,963
Hulk Finance Corp., 7.00% Sr. Unsec. Nts., 6/1/261		2,100,000		2,034,375
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		3,040,000		3,241,400
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/256		710,000		717,100
Waste Pro USA, Inc., 5.50% Sr. Unsec. Nts., 2/15/261		325,000		318,500
West Corp.:
5.375% Sr. Unsec. Nts., 7/15/226		1,815,000		1,851,300
8.50% Sr. Unsec. Nts., 10/15/251		1,780,000		1,642,050
				24,623,692
Construction & Engineering—0.1%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		1,420,000		1,388,192
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/356		1,255,000		1,393,059

48       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Construction & Engineering (Continued)
New Enterprise Stone & Lime Co., Inc., 6.25% Sr. Sec. Nts., 3/15/261	$	700,000	$	707,000
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/251		1,435,000		1,478,050
				4,966,301
Electrical Equipment—0.2%
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/241		2,765,000		2,865,232
Vertiv Group Corp., 9.25% Sr. Unsec. Nts., 10/15/241		1,675,000		1,750,375
Vertiv Intermediate Holding Corp., 12.00% Sr. Unsec. Nts., 2/15/221,11		1,385,000		1,421,356
				6,036,963
Industrial Conglomerates—0.2%
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201		1,485,000		1,581,525
General Electric Co., 5.00% [US0003M+333] Jr. Sub. Perpetual Bonds2,12		3,200,000		3,123,600
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22		1,395,000		1,418,855
Tupras Turkiye Petrol Rafinerileri AS, 4.50% Sr. Unsec. Nts., 10/18/241		1,175,000		1,037,466
Wind Tre SpA, 5.00% Sr. Sec. Nts., 1/20/26		1,635,000		1,430,061
				8,591,507
Machinery—0.5%
Allison Transmission, Inc.:
4.75% Sr. Unsec. Nts., 10/1/271		715,000		676,569
5.00% Sr. Unsec. Nts., 10/1/241		1,455,000		1,451,362
Amsted Industries, Inc., 5.00% Sr. Unsec. Nts., 3/15/221		2,330,000		2,341,650
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25% Sec. Nts., 3/15/241		3,335,000		3,508,003
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		1,385,000		1,423,087
JB Poindexter & Co., Inc., 7.125% Sr. Unsec. Nts., 4/15/261		1,050,000		1,094,625
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24		385,000		394,144
Navistar International Corp., 6.625% Sr. Unsec. Nts., 11/1/251		2,105,000		2,199,725
Stevens Holding Co., Inc., 6.125% Sr. Unsec. Nts., 10/1/261		1,380,000		1,405,875
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251		1,430,000		1,422,850
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/231		2,260,000		2,190,788
Wabash National Corp., 5.50% Sr. Unsec. Nts., 10/1/251		710,000		679,825
				18,788,503
Marine—0.0%
Global Ship Lease, Inc., 9.875% Sr. Sec. Nts., 11/15/221		710,000		708,225
Professional Services—0.1%
Brand Industrial Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251		2,135,000		2,202,530
FTI Consulting, Inc., 6.00% Sr. Unsec. Nts., 11/15/22		2,315,000		2,374,264

49       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Professional Services (Continued)
IHS Markit Ltd., 4.00% Sr. Unsec. Nts., 3/1/261		$	710,000	$	681,156
					5,257,950
Road & Rail—0.1%
Algeco Global Finance plc, 8.00% Sr. Sec. Nts., 2/15/231			705,000		726,150
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251			1,335,000		1,258,237
DAE Funding LLC, 4.00% Sr. Unsec. Nts., 8/1/201			710,000		703,787
Hertz Corp. (The):
5.875% Sr. Unsec. Nts., 10/15/20			530,000		530,000
7.375% Sr. Unsec. Nts., 1/15/21			710,000		710,888
					3,929,062
Trading Companies & Distributors—0.5%
Aircastle Ltd., 5.00% Sr. Unsec. Nts., 4/1/23			730,000		750,309
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/231			680,000		696,150
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/24			1,425,000		1,376,906
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/25			2,130,000		2,130,000
Herc Rentals, Inc., 7.50% Sec. Nts., 6/1/221			1,236,000		1,313,250
ILFC E-Capital Trust I, 4.78% [30YR CMT+155] Jr. Sub. Nts., 12/21/651,2			3,473,000		3,169,113
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		145,000,000		1,985,506
Standard Industries, Inc., 6.00% Sr. Unsec. Nts., 10/15/251			1,880,000		1,929,350
United Rentals North America, Inc.:
4.625% Sr. Unsec. Nts., 10/15/25			710,000		690,475
4.875% Sr. Unsec. Nts., 1/15/28			1,753,000		1,647,820
5.875% Sr. Unsec. Nts., 9/15/26			3,150,000		3,244,500
					18,933,379
Transportation Infrastructure—0.2%
DP World Ltd., 5.625% Sr. Unsec. Nts., 9/25/481			2,450,000		2,431,860
GMR Hyderabad International Airport Ltd., 4.25% Sr. Sec. Nts., 10/27/271			2,430,000		2,137,708
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/201	IDR		24,180,000,000		1,552,081
					6,121,649
Information Technology—1.7%
Communications Equipment—0.2%
CommScope Technologies LLC, 6.00% Sr. Unsec. Nts., 6/15/251			1,545,000		1,602,165
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221			1,175,000		1,210,250
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22			2,415,000		2,459,798
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231			1,100,000		1,097,250
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231			875,000		827,969
ViaSat, Inc., 5.625% Sr. Unsec. Nts., 9/15/251			710,000		674,713
					7,872,145

50       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Electronic Equipment, Instruments, & Components—0.1%
APX Group, Inc., 7.875% Sr. Sec. Nts., 12/1/22	$	700,000	$	715,750
CDW LLC/CDW Finance Corp., 5.00% Sr. Unsec. Nts., 9/1/23		1,120,000		1,144,640
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/251		2,135,000		2,145,675
				4,006,065
Internet Software & Services—0.1%
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241		2,990,000		2,918,987
IT Services—0.6%
Alliance Data Systems Corp., 5.375% Sr. Unsec. Nts., 8/1/221		700,000		707,875
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/251		1,425,000		1,403,625
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/251		2,835,000		2,870,437
Exela Intermediate LLC/Exela Finance, Inc., 10.00% Sr. Sec. Nts., 7/15/231		1,860,000		1,992,525
First Data Corp.:
5.00% Sr. Sec. Nts., 1/15/241		1,215,000		1,226,543
5.75% Sec. Nts., 1/15/241		2,245,000		2,282,043
7.00% Sr. Unsec. Nts., 12/1/231		3,375,000		3,522,656
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251		2,160,000		2,176,999
GTT Communications, Inc., 7.875% Sr. Unsec. Nts., 12/31/241		350,000		342,125
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/206		2,130,000		2,116,730
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231		2,065,000		2,075,325
VeriSign, Inc., 4.75% Sr. Unsec. Nts., 7/15/27		1,115,000		1,090,972
				21,807,855
Semiconductors & Semiconductor Equipment—0.1%
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231		3,235,000		3,292,260
Qorvo, Inc., 5.50% Sr. Unsec. Nts., 7/15/261		1,400,000		1,424,682
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241		725,000		743,125
				5,460,067
Software—0.4%
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211		3,491,000		3,572,515
Dell International LLC/EMC Corp.:
5.875% Sr. Unsec. Nts., 6/15/211		520,000		536,900
7.125% Sr. Unsec. Nts., 6/15/241		1,890,000		2,030,398
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231		1,475,000		1,517,155
j2 Cloud Services LLC/j2 Global Co.-Obligor, Inc., 6.00% Sr. Unsec. Nts., 7/15/251		2,140,000		2,204,200
Symantec Corp., 5.00% Sr. Unsec. Nts., 4/15/251		1,385,000		1,375,992
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211		1,625,000		1,736,719
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231		2,550,000		2,483,700
				15,457,579
Technology Hardware, Storage & Peripherals—0.2%
Banff Merger Sub, Inc., 9.75% Sr. Unsec. Nts., 9/1/261		2,080,000		2,115,360
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221		2,505,000		2,414,193

51       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Technology Hardware, Storage & Peripherals (Continued)
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23		$	1,235,000	$	1,261,244
					5,790,797
Materials—3.0%
Chemicals—1.0%
Ashland LLC:
4.75% Sr. Unsec. Nts., 8/15/22			690,000		699,004
6.875% Sr. Unsec. Nts., 5/15/43			685,000		705,550
Avantor, Inc.:
6.00% Sr. Sec. Nts., 10/1/241			1,050,000		1,068,375
9.00% Sr. Unsec. Nts., 10/1/251			1,400,000		1,447,250
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23			690,000		782,287
CF Industries, Inc., 5.15% Sr. Unsec. Nts., 3/15/34			640,000		612,800
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23			631,000		660,714
Consolidated Energy Finance SA, 6.50% Sr. Unsec. Nts., 5/15/261			700,000		711,375
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25% Sec. Nts., 6/15/231			500,000		533,910
Hexion, Inc.:
6.625% Sr. Sec. Nts., 4/15/20			5,065,000		4,773,762
10.375% Sr. Sec. Nts., 2/1/221			635,000		620,712
Huntsman International LLC, 4.875% Sr. Unsec. Nts., 11/15/20			690,000		704,662
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/251			1,445,000		1,448,613
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00% Sr. Unsec. Nts., 4/15/251			720,000		743,400
LSB Industries, Inc., 9.625% Sr. Sec. Nts., 5/1/231			350,000		367,938
NOVA Chemicals Corp.:
4.875% Sr. Unsec. Nts., 6/1/241			715,000		691,048
5.25% Sr. Unsec. Nts., 8/1/231			635,000		635,000
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30			630,000		591,413
5.125% Sr. Unsec. Nts., 9/15/27			675,000		653,063
ONGC Videsh Ltd., 2.75% Sr. Unsec. Nts., 7/15/219	EUR		2,840,000		3,469,848
Petkim Petrokimya Holding AS, 5.875% Sr. Unsec. Nts., 1/26/231			2,015,000		1,865,727
Platform Specialty Products Corp.:
5.875% Sr. Unsec. Nts., 12/1/251			755,000		748,786
6.50% Sr. Unsec. Nts., 2/1/221			485,000		497,731
PQ Corp.:
5.75% Sr. Unsec. Nts., 12/15/251			710,000		706,450
6.75% Sr. Sec. Nts., 11/15/221			690,000		719,325
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			2,250,000		2,303,438
Starfruit Finco BV/Starfruit US Holdco LLC:
6.50% Sr. Unsec. Nts., 10/1/261,5	EUR		1,065,000		1,251,202
8.00% Sr. Unsec. Nts., 10/1/261,5			1,925,000		1,953,875
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/251			1,420,000		1,320,600
Valvoline, Inc., 4.375% Sr. Unsec. Nts., 8/15/25			1,125,000		1,047,656

52       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Chemicals (Continued)
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/251	$	2,140,000	$	1,952,750
				36,288,264
Construction Materials—0.2%
CIMPOR Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241		5,150,000		3,616,176
James Hardie International Finance DAC, 4.75% Sr. Unsec. Nts., 1/15/251		360,000		349,722
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/251		715,000		672,100
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24		1,820,000		1,850,394
				6,488,392
Containers & Packaging—0.5%
ARD Securities Finance Sarl, 8.75% Sr. Sec. Nts., 1/31/231,11		2,211,643		2,222,701
BWAY Holding Co., 7.25% Sr. Unsec. Nts., 4/15/251		705,000		689,067
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23		1,325,000		1,333,612
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75% Sr. Unsec. Nts., 2/1/261		705,000		676,800
Flex Acquisition Co., Inc., 7.875% Sr. Unsec. Nts., 7/15/261		1,400,000		1,386,000
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/271		2,335,000		2,069,394
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/231		1,420,000		1,352,550
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/221		1,360,000		1,377,000
Plastipak Holdings, Inc., 6.25% Sr. Unsec. Nts., 10/15/251		2,135,000		1,958,863
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:
5.125% Sr. Sec. Nts., 7/15/231		1,885,000		1,876,989
7.00% Sr. Unsec. Nts., 7/15/241		2,515,000		2,563,728
Sealed Air Corp.:
4.875% Sr. Unsec. Nts., 12/1/221		1,615,000		1,637,206
6.875% Sr. Unsec. Nts., 7/15/331		705,000		761,400
				19,905,310
Metals & Mining—1.1%
AK Steel Corp.:
6.375% Sr. Unsec. Nts., 10/15/25		3,075,000		2,940,469
7.00% Sr. Unsec. Nts., 3/15/27		965,000		931,225
Alcoa Nederland Holding BV:
6.125% Sr. Unsec. Nts., 5/15/281		1,290,000		1,328,700
6.75% Sr. Unsec. Nts., 9/30/241		710,000		754,375
7.00% Sr. Unsec. Nts., 9/30/261		690,000		744,337
Aleris International, Inc., 10.75% Sec. Nts., 7/15/231		700,000		743,750
Allegheny Technologies, Inc., 7.875% Sr. Unsec. Nts., 8/15/23		1,425,000		1,530,094
ArcelorMittal:
6.75% Sr. Unsec. Nts., 3/1/41		680,000		777,374
7.00% Sr. Unsec. Nts., 10/15/39		990,000		1,153,754
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/24		2,145,000		2,051,156

53       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Principal Amount		Value
Metals & Mining (Continued)
Constellium NV, 6.625% Sr. Unsec. Nts., 3/1/251	$	1,445,000	$	1,466,675
Eldorado Gold Corp., 6.125% Sr. Unsec. Nts., 12/15/201		1,370,000		1,304,925
Ferroglobe plc/Globe Specialty Metals, Inc., 9.375% Sr. Unsec. Nts., 3/1/221		1,685,000		1,783,994
First Quantum Minerals Ltd.:
6.50% Sr. Unsec. Nts., 3/1/241		700,000		643,125
6.875% Sr. Unsec. Nts., 3/1/261		700,000		637,875
7.25% Sr. Unsec. Nts., 4/1/231		2,160,000		2,062,800
Freeport-McMoRan, Inc.:
3.10% Sr. Unsec. Nts., 3/15/20		630,000		624,487
4.55% Sr. Unsec. Nts., 11/14/24		1,420,000		1,384,500
5.40% Sr. Unsec. Nts., 11/14/34		1,410,000		1,332,450
5.45% Sr. Unsec. Nts., 3/15/43		620,000		565,750
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251		2,080,000		2,158,000
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/199		2,370,000		2,366,303
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/27		1,010,000		905,263
Metinvest BV, 7.75% Sr. Unsec. Nts., 4/23/231		1,150,000		1,107,108
Mountain Province Diamonds, Inc., 8.00% Sec. Nts., 12/15/221		635,000		650,081
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125% Sec. Nts., 11/1/221		1,725,000		1,768,125
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		2,295,000		2,845,800
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251		890,000		918,925
Teck Resources Ltd.:
5.20% Sr. Unsec. Nts., 3/1/42		2,315,000		2,147,163
6.125% Sr. Unsec. Nts., 10/1/35		835,000		883,013
United States Steel Corp.:
6.25% Sr. Unsec. Nts., 3/15/26		345,000		342,844
6.875% Sr. Unsec. Nts., 8/15/25		1,425,000		1,462,406
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/236		700,000		762,125
				43,078,971
Paper & Forest Products—0.2%
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/251		730,000		680,725
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		440,000		440,000
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/26		655,000		643,537
6.50% Sr. Unsec. Nts., 2/1/24		315,000		324,825
Suzano Austria GmbH:
5.75% Sr. Unsec. Nts., 7/14/261		2,540,000		2,568,575
6.00% Sr. Unsec. Nts., 1/15/291		1,915,000		1,925,054
				6,582,716
Telecommunication Services—2.2%
Diversified Telecommunication Services—1.2%
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241		2,440,000		2,419,162
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		2,150,000		2,107,645

54       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
CenturyLink, Inc.: (Continued)
Series Q, 6.15% Sr. Unsec. Nts., 9/15/19	$	635,000	$	648,494
Series S, 6.45% Sr. Unsec. Nts., 6/15/21		1,285,000		1,338,006
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24		1,815,000		1,944,319
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/251		710,000		665,625
Delta Merger Sub, Inc., 6.00% Sr. Unsec. Nts., 9/15/261		1,040,000		1,055,600
Frontier Communications Corp.:
8.50% Sec. Nts., 4/1/261		2,800,000		2,656,500
8.75% Sr. Unsec. Nts., 4/15/22		1,565,000		1,298,950
10.50% Sr. Unsec. Nts., 9/15/22		3,140,000		2,800,472
GCI LLC, 6.75% Sr. Unsec. Nts., 6/1/21		350,000		354,837
Intelsat Connect Finance SA, 9.50% Sr. Unsec. Nts., 2/15/231		1,045,000		1,043,694
Intelsat Jackson Holdings SA:
5.50% Sr. Unsec. Nts., 8/1/23		475,000		439,137
7.50% Sr. Unsec. Nts., 4/1/21		525,000		534,187
8.00% Sr. Sec. Nts., 2/15/241		1,335,000		1,408,038
8.50% Sr. Unsec. Nts., 10/15/241		1,390,000		1,403,900
9.75% Sr. Unsec. Nts., 7/15/251		2,140,000		2,271,075
Intelsat Luxembourg SA, 7.75% Sr. Unsec. Nts., 6/1/21		1,385,000		1,350,375
Level 3 Financing, Inc., 5.25% Sr. Unsec. Nts., 3/15/26		3,490,000		3,442,187
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		2,148,231
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		1,865,000		1,861,503
4.50% Sr. Unsec. Nts., 2/1/26		625,000		596,562
4.75% Sr. Unsec. Nts., 2/1/28		650,000		612,625
5.125% Sr. Unsec. Nts., 4/15/25		1,865,000		1,883,650
5.375% Sr. Unsec. Nts., 4/15/27		1,080,000		1,078,650
6.00% Sr. Unsec. Nts., 4/15/24		1,450,000		1,507,275
Windstream Services LLC / Windstream Finance Corp., 9.00% Sec. Nts., 6/30/25		640,000		497,600
Windstream Services LLC/Windstream Finance Corp., 8.625% Sr. Sec. Nts., 10/31/25		2,039,000		1,967,635
Zayo Group LLC/Zayo Capital, Inc.:
5.75% Sr. Unsec. Nts., 1/15/271		715,000		718,218
6.00% Sr. Unsec. Nts., 4/1/23		1,910,000		1,976,850
				44,703,302
Wireless Telecommunication Services—1.0%
C&W Senior Financing DAC, 6.875% Sr. Unsec. Nts., 9/15/271		1,430,000		1,430,000
Fortress Transportation & Infrastructure Investors LLC, 6.50% Sr. Unsec. Nts., 10/1/251		2,080,000		2,070,536
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 12.50% Sr. Sec. Nts., 7/1/221		350,000		384,472
Sprint Capital Corp., 6.875% Sr. Unsec. Nts., 11/15/28		2,805,479		2,825,650
Sprint Communications, Inc.:
6.00% Sr. Unsec. Nts., 11/15/22		4,856,000		4,965,260
7.00% Sr. Unsec. Nts., 3/1/201		2,100,000		2,184,000

55       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

		Principal Amount		Value
Wireless Telecommunication Services (Continued)
Sprint Corp.:
7.125% Sr. Unsec. Nts., 6/15/24		$	6,085,000	$	6,336,006
7.625% Sr. Unsec. Nts., 3/1/26			2,100,000		2,227,575
7.875% Sr. Unsec. Nts., 9/15/23			5,445,000		5,879,838
Telefonica Europe BV, 5.875% [EUSA10+430.1] Jr. Sub. Perpetual Bonds2,9,12	EUR		3,590,000		4,604,577
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/226			1,760,000		1,786,400
VEON Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/241			2,220,000		2,131,111
					36,825,425
Utilities—1.4%
Electric Utilities—0.4%
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/241			1,145,000		976,112
Eskom Holdings SOC Ltd.:
5.75% Sr. Unsec. Nts., 1/26/211			2,520,000		2,458,164
6.75% Sr. Unsec. Nts., 8/6/231			5,875,000		5,661,033
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271			2,145,000		2,045,815
Light Servicos de Eletricidade SA/Light Energia SA, 7.25% Sr. Unsec. Nts., 5/3/231			2,460,000		2,343,150
NextEra Energy Capital Holdings, Inc., 4.80% [US0003M+240.9] Jr. Sub. Nts., 12/1/772			1,703,000		1,612,615
NextEra Energy Operating Partners LP, 4.50% Sr. Unsec. Nts., 9/15/271			360,000		346,050
PPL Capital Funding, Inc., 5.051% [US0003M+266.5] Jr. Sub. Nts., 3/30/672			937,000		929,776
					16,372,715
Gas Utilities—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50% Sr. Unsec. Nts., 5/20/25			1,400,000		1,382,500
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., 8.625% Sr. Unsec. Nts., 6/15/20			210,000		200,550
Gas Natural Fenosa Finance BV, 4.125% [EUSA8+335.3] Jr. Sub. Perpetual Bonds2,9,12	EUR		3,590,000		4,385,368
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27			1,800,000		1,719,000
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/261			700,000		709,625
					8,397,043
Independent Power and Renewable Electricity Producers—0.4%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261			1,230,000		1,276,125
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21			700,000		700,000
6.00% Sr. Unsec. Nts., 5/15/26			1,220,000		1,291,675
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221			1,065,000		1,013,986

56       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	$	2,575,000	$	2,394,750
5.75% Sr. Unsec. Nts., 1/15/25		2,075,000		1,844,156
5.875% Sr. Sec. Nts., 1/15/241		705,000		712,050
Clearway Energy Operating LLC, 5.75% Sr. Unsec. Nts., 10/15/251,5		690,000		697,763
Drax Finco plc, 6.625% Sr. Sec. Nts., 11/1/251		700,000		710,500
NRG Energy, Inc.:
6.625% Sr. Unsec. Nts., 1/15/27		1,780,000		1,877,010
7.25% Sr. Unsec. Nts., 5/15/26		1,425,000		1,557,767
Talen Energy Supply LLC, 4.60% Sr. Unsec. Nts., 12/15/21		1,420,000		1,221,200
Vistra Operations Co. LLC, 5.50% Sr. Unsec. Nts., 9/1/261		695,000		703,688
				16,000,670
Multi-Utilities—0.4%
AssuredPartners, Inc., 7.00% Sr. Unsec. Nts., 8/15/251		893,000		886,302
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25% Sr. Unsec. Nts., 4/1/23		455,000		471,494
Eskom Holdings SOC Ltd., 6.35% Sr. Unsec. Nts., 8/10/281		8,910,000		8,891,022
NGPL PipeCo LLC:
4.875% Sr. Unsec. Nts., 8/15/271		1,070,000		1,068,663
7.768% Sr. Unsec. Nts., 12/15/371		1,055,000		1,297,650
Rockpoint Gas Storage Canada Ltd., 7.00% Sr. Sec. Nts., 3/31/231		940,000		958,800
WEC Energy Group, Inc., 4.426% [US0003M+211.25] Jr. Sub. Nts., 5/15/672		23,000		22,395
				13,596,326
Total Corporate Bonds and Notes (Cost $1,563,540,149)				1,508,650,083
	Shares
Preferred Stocks—1.4%
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.		34,225		869,315
American Homes 4 Rent, 6.35% Cum., Non-Vtg.		11,290		276,266
Citigroup Capital XIII, 7.75% Cum., Non-Vtg. [US0003M+637]2		160,025		4,296,671
Digital Realty Trust, Inc., 6.625% Cum., Series C, Non-Vtg.		10,657		279,640
Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.		66,375		1,688,580
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.		63,125		1,508,687
eBay, Inc., 6.00% Cv.		66,625		1,748,240
Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg. [US0003M+371]2		58,736		1,615,240
First Republic Bank, 7.00% Non-Cum.		68,325		1,742,287
GMAC Capital Trust I, 7.20% Jr. Sub., Non-Vtg. [US0003M+578.5]2		155,800		4,097,540
Goldman Sachs Group, Inc. (The), 6.30% Non-Cum., Series N, Non-Vtg.		128,525		3,349,361
Huntington Bancshares, Inc., 6.25% Non-Cum., Non-Vtg.		64,625		1,663,447
KeyCorp, 6.125% Non-Cum., Non-Vtg. [US0003M+389.2]2		137,750		3,682,058
Morgan Stanley, 5.85% Non-Cum., Non-Vtg. [US0003M+349.1]2		92,000		2,339,560

57       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

	Shares		Value
Preferred Stocks (Continued)
Morgan Stanley, 6.375% Non-Cum., Non-Vtg. [US0003M+370.8]2		128,750	$	3,440,200
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.		34,075		867,209
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg. [US0003M+406.7]2		128,375		3,454,571
Prudential Financial, Inc., 5.75% Jr. Sub.		28,600		715,572
Public Storage, 5.20% Cum., Series X, Non-Vtg.		64,275		1,527,174
Qwest Corp., 7.00% Sr. Unsec.		80,505		2,024,701
Senior Housing Properties Trust, 5.625% Sr. Unsec.		37,850		920,512
Senior Housing Properties Trust, 6.25% Sr. Unsec., Non-Vtg.		16,613		430,941
Synovus Financial Corp., 6.30% Non-Cum., Series D, Non-Vtg. [US0003M+335.2]2		61,789		1,620,108
US Bancorp, 6.50% Non-Cum., Non-Vtg. [US0003M+446.8]2		150,150		4,088,585
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.		69,550		1,722,754
Wells Fargo & Co., 6.625% Non-Cum Non-Vtg. [US0003M+369]2		68,600		1,896,104
Total Preferred Stocks (Cost $53,290,205)				51,865,323
Common Stocks—0.0%
Arco Capital Corp. Ltd.1,7,13,16		2,494,716		—
Bausch Health Cos, Inc.16		23,954		614,899
Concordia International Corp.16		6,275		126,360
JSC Astana Finance, GDR6,7,16		1,681,847		—
Kinross Gold Corp.16		141,089		380,940
Premier Holdings Ltd.7,16		1,088,661		—
Quicksilver Resources, Inc.7,16		12,760,000		240,577
Sabine Oil7,16		2,464		125,664
Targa Resources Corp.		7,125		401,209
Total Common Stocks (Cost $16,650,982)				1,889,649
	Units
Rights, Warrants and Certificates—0.0%
Affinion Group Wts., Strike Price $1, Exp. 11/10/227,16		26,104		312,987
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/267,16		7,816		50,804
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/267,16		1,392		7,656
Total Rights, Warrants and Certificates (Cost $1,287,577)				371,447
	Principal Amount
Structured Securities—0.6%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/251,17	$	2,516,775		2,231,888
3.054%, 4/30/251,17		3,206,759		2,843,770
3.098%, 4/30/251,17		2,768,523		2,455,139
3.131%, 4/30/251,17		2,474,710		2,194,585
3.179%, 4/30/251,17		3,081,215		2,732,436
3.23%, 4/30/251,17		3,516,739		3,118,661
3.265%, 4/30/251,17		2,809,463		2,491,445
3.346%, 4/30/251,17		2,640,775		2,341,852

58       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Structured Securities (Continued)
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5.00%, 8/22/347	RUB		87,294,702	$	317,419
Total Structured Securities (Cost $22,257,915)					20,727,195
Short-Term Notes—1.1%
Arab Republic of Egypt Treasury Bills:
16.013%, 3/5/1917	EGP		100,000,000		5,169,163
18.432%, 2/5/1917	EGP		238,000,000		12,498,081
Argentine Republic Treasury Bills, -1.538%, 1/31/1917	ARS		924,200,000		22,681,310
Total Short-Term Notes (Cost $42,384,432)					40,348,554

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Over-the-Counter Options Purchased—0.4%

BRL

BRL Currency

Call16

JPM

BRL

3.150

5/20/19

BRL 5,000

1,076

33,581

BRL

BRL Currency

Call16

GSCO-OT

BRL

3.150

5/20/19

BRL 5,000

1,076

33,581

BRL

BRL Currency

Call16

GSCO-OT

BRL

3.656

6/7/19

BRL 731,200

209,787

714,115

BRL

BRL Currency

Call16

JPM

BRL

3.753

8/22/19

BRL 900,600

302,076

1,614,598

BRL

BRL Currency

Call16

JPM

BRL

3.000

5/16/19

BRL 5,000

1,450

29,454

BRL

BRL Currency

Call16

JPM

BRL

3.354

9/25/19

BRL 5,150

1,400

220,106

BRL

BRL Currency

Call16

CITNA-B

BRL

3.200

4/25/19

BRL 512,000

112,000

44,240

BRL

BRL Currency

Call16

JPM

BRL

3.200

4/25/19

BRL 482,560

112,000

44,240

CAD

CAD Currency

CAD

Call16

BOA

CAD

1.288

11/2/18

193,200

69,000

406,617

CLP

CLP Currency

CLP

Call16

GSCO-OT

CLP

640.000

10/25/18

64,000,000

11,476,320

57,382

CLP

CLP Currency

CLP

Call16

GSCO-OT

CLP

644.150

10/10/18

64,415,000

13,860,900

41,583

CLP

CLP Currency

CLP

Call16

CITNA-B

CLP

650.000

2/21/19

97,500,000

27,663,500

995,886

59       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

CLP

CLP Currency

CLP

Call16

GSCO-OT

CLP

671.500

12/12/18

129,599,500

25,563,400

$

1,329,297

COP

COP Currency

COP

Call16

JPM

COP

2845.750

10/26/18

284,575,000

102,058,500

102,058

COP

COP Currency

COP

Call16

CITNA-B

COP

2848.980

10/31/18

284,898,000

102,174,000

102,174

COP

COP Currency

COP

Call16

GSCO-OT

COP

2848.500

10/26/18

427,275,000

122,588,620

122,589

EUR

EUR Currency

Put16

BOA

SEK

9.250

4/29/20

EUR 10,000

7,200

1,472,018

IDR

IDR Currency

IDR

Call16

SCB

IDR

15050.000

9/5/19

2,558,500,000

917,567,650

917,568

INR

INR Currency

INR

Call16

GSCO-OT

INR

65.500

10/15/18

6,550,000

2,292,500

—

INR

INR Currency

INR

Call16

SCB

INR

70.300

11/27/18

7,030,000

2,016,960

28,237

INR

INR Currency

INR

Call16

GSCO-OT

INR

69.000

10/30/18

6,900,000

1,237,300

2,475

JPY

JPY Currency

JPY

Call16

BOA

JPY

108.000

12/7/18

54,000,000

12,911,000

219,487

JPY

JPY Currency

JPY

Call16

JPM

JPY

108.500

12/10/18

27,125,000

6,485,300

136,191

KRW

KRW Currency

KRW

Call16

GSCO-OT

KRW

1115.000

11/22/18

111,500,000

39,813,600

517,577

MXN

MXN Currency

MXN

Call16

CITNA-B

MXN

18.578

8/15/19

1,393,328

325,110

389,157

PLN

PLN Currency

Call16

GSCO-OT

PLN

3.489

8/19/19

PLN 872,125

250,220

1,209,063

RUB

RUB Currency

RUB

Call16

GSCO-OT

RUB

63.979

8/12/19

6,397,900

1,147,260

386,627

RUB

RUB Currency

RUB

Call16

JPM

RUB

59.500

6/7/19

14,875,000

4,267,800

290,210

USD

S&P 500

Index Put16

GSCO-OT

USD

2,623.381

7/31/19

USD 97,493

33

2,215,368

60       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

USD

S&P 500

Index Put16

BOA

USD

2,607.210

7/19/19

USD 95,534

33

$

2,015,950

TRY

TRY Currency

Put16

JPM

TRY

4.000

5/23/19

TRY 10,000

1,790

13,021

ZAR

ZAR Currency

ZAR

Call16

GSCO-OT

ZAR

13.250

8/12/19

1,325,000

237,596

342,138

ZAR

ZAR Currency

ZAR

Call16

GSCO-OT

ZAR

13.597

8/15/19

1,019,738

327,940

642,762

ZAR

ZAR Currency

ZAR

Call16

GSCO-OT

ZAR

12.469

5/27/19

1,246,850

224,433

83,713

Total Over-the-Counter Options Purchased (Cost $25,434,523)

16,773,063

Counter -party

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Credit Default Swaption Purchased—0.0%

Credit Default Swap maturing 6/20/23 Call16 (Cost $73,304)

JPM

Buy

iTraxx Europe Crossover Series 29 Version 1

5.00%

10/17/18

EUR 29,900

24,301

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

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

Interest Rate Swap maturing 12/24/48 Put16

BAC

Receive

Six-Month EUR- EURIBOR- Reuters

1.690

12/20/18

EUR 15,410

68,346

Interest Rate Swap maturing 3/17/22 Call16

GSCO-OT

Pay

Three- Month USD- LIBOR-BBA

3.082

3/13/20

USD 358,600

1,884,421

Interest Rate Swap maturing 4/25/21 Call16

BOA

Pay

Three- Month USD- LIBOR-BBA

2.980

4/23/19

USD 315,695

570,455

61       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

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

Interest Rate Swap maturing 5/13/21 Call16

BAC

Pay

Three- Month USD- LIBOR-BBA

3.045%

5/9/19

USD 581,245

$

1,349,907

Total Over-the-Counter Interest Rate Swaptions Purchased

(Cost $6,144,583)

3,873,129

	Shares
Investment Companies—24.1%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.95%18,19		232,330,161		232,330,161
Oppenheimer Master Event-Linked Bond Fund, LLC18		4,789,523		75,610,956
Oppenheimer Master Loan Fund, LLC18		31,598,009		554,867,859
Oppenheimer Ultra-Short Duration Fund, Cl. Y18		9,155,142		45,775,708
Total Investment Companies (Cost $918,267,823)				908,584,684
Total Investments, at Value (Cost $4,232,376,228)		108.5%		4,086,066,717
Net Other Assets (Liabilities)		(8.5)		(321,202,555)
Net Assets		100.0%	$	3,764,864,162

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 $1,045,406,452 or 27.77% 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. 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 $9,821,442 or 0.26% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. 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.

6. Restricted security. The aggregate value of restricted securities at period end was $20,366,719, which represents 0.54% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Affinion Group, Inc., 12.50% Sr. Unsec. Nts., 11/10/22		1/15/13-5/10/18	$	2,826,163	$	2,885,838	$	59,675
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997- CTL1, Cl. IO, 0.00%, 6/22/24		4/21/97		98,512		1,349		(97,163	)
Claire’s Stores, Inc., 9.00% Sr. Sec. Nts., 3/15/19		1/24/18		769,256		662,500		(106,756	)

62       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Statement of Investments (Continued)

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/26		5/2/17	$	641,230	$	621,337	$	(19,893	)
Diamond Resorts International, Inc., 10.75% Sr. Unsec. Nts., 9/1/24		1/13/17		1,505,000		1,482,425		(22,575	)
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/23		1/24/18-4/13/18		851,257		863,100		11,843
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35		2/12/16-11/21/17		1,298,788		1,393,059		94,271
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/20		1/27/14-9/18/14		2,134,861		2,116,730		(18,131	)
Hartford Financial Services Group, Inc. (The), 4.439% [US0003M+212.5] Jr. Sub. Nts., 2/12/47		1/18/18-1/22/18		1,743,013		1,687,075		(55,938	)
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		1,842,010		99,332		(1,742,678	)
JSC Astana Finance, GDR		6/5/15		—		—		—
LBC Tank Terminals Holding Netherlands BV, 6.875% Sr. Unsec. Nts., 5/15/23		4/17/14		596,370		578,550		(17,820	)
Liberty Mutual Group, Inc., 5.239%
[US0003M+290.5] Jr. Sub. Nts., 3/15/37		2/26/18-3/2/18		763,375		757,562		(5,813	)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/23		1/27/16		1,989,626		2,100,937		111,311
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/25		8/9/17		710,000		717,100		7,100
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/22		4/21/17		1,751,305		1,786,400		35,095
West Corp., 5.375% Sr. Unsec. Nts., 7/15/22		11/3/14		1,787,764		1,851,300		63,536
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/23		12/8/16		747,197		762,125		14,928
			$	22,055,727	$	20,366,719	$	(1,689,008	)

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. Represents securities sold under Regulation S, which are exempt from registration under the Securities Act of 1933, as amended. These securities may not be offered or sold in the United States without and exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. These securities amount to $263,471,313 or 7.00% of the Fund’s net assets at period end.

10. 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.

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

63       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Footnotes to Consolidated Statement of Investments (Continued)

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

13. Security received as the result of issuer reorganization.

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

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

16. Non-income producing security.

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

18. 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, 2017		Gross Additions		Gross Reductions		Shares September 30, 2018
Investment Company
Oppenheimer Institutional
Government Money Market Fund, Cl. E		86,779,823		1,471,635,554		1,326,085,216		232,330,161
Oppenheimer Ultra-Short Duration Fund, Cl. Y		37,732,519		18,949,769		47,527,146		9,155,142
Oppenheimer Master Event-Linked Bond Fund, LLC		6,320,389		9,129		1,539,995		4,789,523
Oppenheimer Master Loan Fund, LLC		38,995,828		3,342		7,401,161		31,598,009

	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional
Government Money Market Fund, Cl. E	$	232,330,161	$	2,997,204		$	—		$	—
Oppenheimer Ultra-Short Duration Fund, Cl. Y		45,775,708		1,936,656			(356,318)			(89,835)
Oppenheimer Master Event-Linked Bond Fund, LLC		75,610,956		6,269,160	a		(2,421,612)	a		(280,255)	a
Oppenheimer Master Loan Fund, LLC		554,867,859		35,626,124	b		659,774	b		774,260	b
Total	$	908,584,684	$	46,829,144		$	(2,118,156)		$	404,170

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.

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

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

Geographic Holdings (Unaudited)	Value		Percent
United States	$	2,767,003,040		67.7%
India		110,786,790		2.7
South Africa		107,027,195		2.6
Indonesia		89,852,299		2.2

64       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Brazil	$	70,057,263		1.7%
United Kingdom		67,209,994		1.7
Greece		66,322,501		1.6
Mexico		64,814,181		1.6
Argentina		63,907,367		1.6
Spain		57,410,189		1.4
Canada		48,507,857		1.2
France		46,233,878		1.1
Egypt		38,635,842		1.0
Peru		37,981,223		0.9
Colombia		34,457,321		0.8
Dominican Republic		28,001,748		0.7             ��
Turkey		25,761,116		0.6
Ukraine		24,597,543		0.6
Chile		21,622,625		0.5
Luxembourg		21,118,289		0.5
Thailand		19,975,592		0.5
Switzerland		18,868,389		0.5
China		17,721,869		0.4
Netherlands		14,873,522		0.4
Kazakhstan		14,760,837		0.4
Poland		14,107,096		0.3
Sri Lanka		13,933,079		0.3
Nigeria		12,093,923		0.3
Angola		11,895,781		0.3
Italy		11,608,109		0.3
Ghana		11,017,691		0.3
Belgium		8,895,124		0.2
Ecuador		8,359,195		0.2
Uruguay		7,918,887		0.2
Oman		7,887,866		0.2
Singapore		7,216,809		0.2
United Arab Emirates		7,145,879		0.2
Ireland		6,915,963		0.2
Russia		5,984,898		0.2
Israel		5,794,123		0.1
Hungary		5,639,538		0.1
Bermuda		5,067,985		0.1
Serbia		4,621,970		0.1
New Zealand		4,440,717		0.1
Cayman Islands		4,354,473		0.1
Portugal		4,342,915		0.1
Gabon		3,895,235		0.1
Iraq		3,563,474		0.1
Mongolia		3,509,262		0.1
Australia		3,292,018		0.1
Senegal		2,955,861		0.1
Hong Kong		2,893,749		0.1
Azerbaijan		2,739,574		0.1
Honduras		2,362,689		0.1

65       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Geographic Holdings (Unaudited) (Continued)	Value		Percent
Morocco	$	2,259,994	0.1%
Supranational		2,116,005	0.1
Macau		1,897,102	0.0
Eurozone		1,564,665	0.0
Zambia		1,281,000	0.0
Mauritius		1,210,250	0.0
Kenya		1,181,338	0.0
Ivory Coast		1,009,380	0.0
Trinidad and Tobago		711,375	0.0
South Korea		517,577	0.0
Japan		355,678	0.0
Total	$	4,086,066,717	100.0%

Forward Currency Exchange Contracts as of September 30, 2018
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		02/2019	IDR	670,153,000	USD		46,636	$	—	$	2,592,425
BAC		12/2018	MYR	2,190	USD		526		2,464		—
BAC		12/2018	USD	23,598	COP		73,329,000		—		1,111,870
BAC		02/2019	USD	64,656	EUR		56,355		—		1,557,922
BAC		12/2018	USD	5,430	HUF		1,511,000		—		31,390
BAC		12/2018	USD	17,257 MXN			330,030		—		162,032
BAC		12/2018	USD	12,980	PLN		48,110		—		95,630
BAC		12/2018	USD	20,079	THB		653,950		—		194,147
BAC		12/2018	USD	61	TRY		390		—		612
BOA		02/2019	EUR	180	USD		207		4,078		—
BOA		12/2018	INR	700,515	USD		9,593		—		55,247
BOA		02/2019	USD	81,719	EUR		70,859		9,321		1,532,940
BOA		12/2018	USD	102,069	INR		7,453,600		587,834		—
CITNA-B		10/2018 - 06/2019	BRL	478,637	USD		120,300		987,656		3,853,579
CITNA-B		10/2018	CLP	7,010,600	USD		10,759		—		98,628
CITNA-B		02/2019	EUR	2,205	USD		2,604		—		13,102
CITNA-B		10/2018	UAH	225,000	USD		7,860		—		27,399
CITNA-B		10/2018 - 04/2019	USD	124,109	BRL		502,369		1,061,990		1,092,709
CITNA-B		12/2018	USD	18,234	CLP		12,746,000		—		1,159,509
CITNA-B		03/2019	USD	31,547	JPY		3,430,000		913,722		—
CITNA-B		12/2018	USD	18,978 MXN			361,700		—		112,644
CITNA-B		12/2018	USD	15,059	PEN		50,470		—		170,401
CITNA-B		12/2018	USD	67,291	ZAR		1,011,380		—		3,476,791
CITNA-B		12/2018	ZAR	299,600	USD		19,933		1,029,926		—
DEU		02/2019	USD	95,010	EUR		82,555		51,540		2,047,006
GSCO-OT		02/2019	BRL	27,800	USD		7,549		—		756,725
GSCO-OT		03/2019	JPY	3,430,000	USD		33,200		—		2,567,600
GSCO-OT		02/2019 - 06/2019	USD	42,819	BRL		166,231		2,517,484		—
GSCO-OT		10/2018	USD	19,725	CLP		12,829,453		212,336		—
GSCO-OT		02/2019	USD	9,000	IDR		133,603,000		219,341		—
GSCO-OT		08/2019	USD	7,711	ZAR		113,715		—		7,743
HSBC		12/2018	KRW	7,520,050	USD		6,689		100,615		—
HSBC		02/2019	USD	16,016	EUR		13,575		98,883		34,308
HSBC		12/2018	USD	11,271	MXN		215,123		—		82,985

66       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
JPM		10/2018	BRL	114,359	USD		28,562	$	—	$	245,055
JPM		10/2018	CLP	5,818,853	USD		8,972		—		119,929
JPM		02/2019	EUR	6,720	USD		7,947		—		51,633
JPM		09/2019	IDR	486,913,000	USD		30,802		83,916		—
JPM		10/2018	UAH	112,400	USD		3,934		—		20,558
JPM		10/2018 - 04/2019	USD	41,569	BRL		164,776		1,568,006		597,236
JPM		10/2018 - 02/2019	USD	75,037	IDR		1,119,290,000		754,357		—
JPM		12/2018	USD	3,823	RUB		265,500		—		195,304
JPM		10/2018 - 12/2018	USD	34,401	TRY		229,943		—		2,111,993
JPM		08/2019	ZAR	113,715	USD		7,711		7,743		—
SCB		09/2019	USD	29,909	IDR		486,913,000		—		976,937
Total Unrealized Appreciation and Depreciation								$	10,211,212	$	27,153,989

Futures Contracts as of September 30, 2018

Expiration

Number

Notional Amount

Unrealized Appreciation/

Description

Buy/Sell

Date

of Contracts

(000’s)

Value

(Depreciation)

Euro-BTP

Buy

12/6/18

72

EUR 10,296

$

10,352,479

$

56,132

Euro-BUND

Sell

12/6/18

279

EUR 51,887

51,437,312

449,946

Euro-BUXL

Sell

12/6/18

168

EUR 34,314

34,002,231

311,897

Euro-OAT

Sell

12/6/18

200

EUR 35,347

35,075,320

271,456

United States

Treasury Long

Bonds

Buy

12/19/18

77

USD 10,864

10,818,500

(45,039

)

United States

Treasury Long

Bonds

Sell

12/19/18

561

USD 80,682

78,820,500

1,861,664

United States

Treasury Nts., 10 yr.

Buy

12/19/18

1,726

USD 207,394

205,016,438

(2,377,365

)

United States

Treasury Nts., 10 yr.

Sell

12/19/18

901

USD 108,120

107,021,906

1,098,015

United States

Treasury Nts., 2 yr.

Sell

12/31/18

1,452

USD 306,729

305,986,314

743,119

United States

Treasury Nts., 2 yr.

Buy

12/31/18

133

USD 28,090

28,027,672

(62,686

)

United States

Treasury Nts., 5 yr.

Buy

12/31/18

373

USD 42,348

41,953,758

(394,370

)

United States Ultra

Bonds

Buy

12/19/18

324

USD 51,844

49,987,125

(1,856,705

)

$

56,064

Over-the-Counter Options Written at September 30, 2018

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

AUD

AUD

AUD Currency Put

BOA

0.736

11/7/18

(97,455

)

AUD 271,739

$

892,284

$

(1,543,788)

67       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)
Description	Counter -party		Exercise Price		Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
				AUD				AUD
AUD Currency Put		BOA		0.730		10/25/18		(35,860)		AUD 150,000	$	241,883	$	(365,485	)
				BRL				BRL
BRL Currency Put		GSCO-OT		4.590		6/7/19		(263,380)		BRL 918,000		1,737,275		(1,753,847	)
				BRL				BRL
BRL Currency Put		JPM		5.150		8/22/19		(414,575)		BRL 1,236,000		1,845,382		(1,620,988	)
				BRL				BRL
BRL Currency Put1		JPM		4.800		9/25/19		(1,400)		BRL 5,150		212,240		(29,949	)
				BRL				BRL
BRL Currency Put		JPM		4.500		11/13/18		(80,690)		BRL 450,000		327,512		(143,951	)
				CAD				CAD
CAD Currency Call		BOA		1.254		11/2/18		(67,170)		CAD 188,025		150,844		(51,990	)
				CAD				CAD
CAD Currency Put		BOA		1.333		11/2/18		(71,403)		CAD 199,875		301,954		(56,836	)
				CLP				CLP
CLP Currency Call		CITNA-B		615.000		2/21/19		(26,174,000)		CLP 92,250,000		230,552		(261,740	)
				CLP				CLP
CLP Currency Put		CITNA-B		710.000		2/21/19		(30,217,000)		CLP 106,500,000		528,386		(392,821	)
				CLP				CLP
CLP Currency Call		GSCO-OT		621.150		10/10/18		(13,366,000)		CLP 62,115,000		88,186		(13,366	)
				CLP				CLP
CLP Currency Call		GSCO-OT		616.000		10/25/18		(11,045,958)		CLP 61,600,000		65,272		(11,046	)
				CLP				CLP
CLP Currency Put		GSCO-OT		730.000		12/12/18		(55,580,900)		CLP 281,780,000		543,551		(166,743	)
				COP				COP
COP Currency Put		CITNA-B		3030.760		10/31/18		(108,694,000)		COP 303,076,000		364,374		(326,082	)
				COP				COP
COP Currency Call		CITNA-B		2727.420		10/31/18		(97,815,000)		COP 272,742,000		159,055		(97,815	)
				COP				COP
COP Currency Call		GSCO-OT		2721.400		10/26/18		(117,119,000)		COP 408,210,000		185,831		—
				COP				COP
COP Currency Put		GSCO-OT		3040.700		10/26/18		(130,860,000)		COP 456,105,000		480,240		(261,720	)
				COP				COP
COP Currency Put		JPM		3037.800		10/26/18		(108,946,000)		COP 303,780,000		386,967		(217,892	)
				COP				COP
COP Currency Call		JPM		2719.140		10/26/18		(97,518,000)		COP 271,914,000		166,945		—

68       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written (Continued)
Description	Counter -party		Exercise Price		Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
				USD				EUR
EUR Currency Call		BOA		1.160		11/16/18		(28,586)		EUR 100,000	$	302,213	$	(434,671	)
				INF				EUR
EUR Currency Call		GSCO-OT		86.800		12/21/18		(28,700)		EUR 100,000		507,538		(390,169	)
				ZAR				EUR
EUR Currency Call		JPM		17.438		7/10/19		(17,880)		EUR 75,000		982,638		(1,228,323	)
				USD				EUR
EUR Currency Call		SCB		1.160		11/16/18		(107,590)		EUR 150,000		1,174,883		(1,636,014	)
				IDR				IDR
IDR Currency Put		GSCO-OT		15000.000		7/10/19		(1,110,000,000)		IDR 3,005,250,000		2,701,000		(4,440,000	)
				IDR				IDR
IDR Currency Put		SCB		17550.000		9/5/19		(1,069,987,500)		IDR 2,983,500,000		1,758,621		(1,069,987	)
				INR				INR
INR Currency Put		GSCO-OT		70.400		10/30/18		(1,262,400)		INR 7,040,000		127,639		(613,526	)
				INR				INR
INR Currency Put		GSCO-OT		67.000		10/15/18		(2,345,000)		INR 6,700,000		437,500		(2,741,305	)
				INR				INR
INR Currency Call		GSCO-OT		63.500		10/15/18		(2,222,500)		INR 6,350,000		66,500		—
				INR				INR
INR Currency Call		GSCO-OT		67.500		10/30/18		(1,210,400)		INR 6,750,000		38,768		(1,211	)
				INR				INR
INR Currency Put		SCB		72.750		11/27/18		(2,087,260)		INR 7,275,000		159,005		(427,888	)
				INR				INR
INR Currency Call		SCB		68.650		11/27/18		(1,969,620)		INR 6,865,000		79,215		(11,818	)
				JPY				JPY
JPY Currency Call		BOA		105.000		12/7/18		(12,552,000)		JPY 52,500,000		411,825		(62,760	)
				JPY				JPY
JPY Currency Put		BOA		112.000		12/7/18		(4,686,000)		JPY 19,600,000		310,238		(721,644	)
				JPY				JPY
JPY Currency Put		JPM		112.500		12/10/18		(2,353,550)		JPY 9,843,750		142,507		(305,962	)
				JPY				JPY
JPY Currency Call		JPM		105.500		12/10/18		(6,306,000)		JPY 26,375,000		226,382		(44,142	)
				KRW				KRW
KRW Currency Put		GSCO-OT		1170.000		11/22/18		(41,777,500)		KRW 117,000,000		317,402		(41,777	)
				KRW				KRW
KRW Currency Call		GSCO-OT		1078.000		11/22/18		(38,492,400)		KRW 107,800,000		132,688		(76,985	)

69       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)
Description	Counter -party		Exercise Price		Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
				MXN				MXN
MXN Currency Put		CITNA-B		22.828		8/15/19		(399,500)		MXN 1,712,108	$	449,037	$	(243,695	)
				MXN				MXN
MXN Currency Put		GSCO-OT		19.500		1/4/19		(652,700)		MXN 2,730,000		488,956		(516,286	)
				NOK				NOK
NOK Currency Put		GSCO-OT		8.208		12/14/18		(1,137,014)		NOK 3,570,263		2,546,469		(1,606,601	)
				NOK				NOK
NOK Currency Put		JPM		8.101		12/20/18		(713,542)		NOK 2,487,007		1,572,412		(1,517,704	)
				PLN				PLN
PLN Currency Put		GSCO-OT		4.104		8/19/19		(294,332)		PLN 1,025,875		1,437,410		(731,415	)
				RUB				RUB
RUB Currency Put		GSCO-OT		83.540		8/12/19		(1,498,020)		RUB 8,354,000		377,517		(232,193	)
				RUB				RUB
RUB Currency Put		JPM		70.000		6/7/19		(5,020,900)		RUB 17,500,000		2,012,362		(2,339,739	)
								USD
S&P 500 Index Put		GSCO-OT		2256.672		7/31/19		(33)		USD 97,493		1,371,295		(904,369	)
								USD
S&P 500 Index Put		BOA		2242.760		7/19/19		(33)		USD 95,534		1,255,812		(810,560	)
				SEK				SEK
SEK Currency Put		GSCO-OT		8.606		11/22/18		(833,285)		SEK 2,323,485		2,852,274		(3,032,324	)
				SEK				SEK
SEK Currency Put		JPM		8.864		10/24/18		(316,509)		SEK 443,200		492,653		(342,463	)
				TRY				TRY
TRY Currency Put		JPM		5.164		10/15/18		(119,980)		TRY 337,209		763,188		(3,563,766	)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		14.646		5/27/19		(263,628)		ZAR 1,464,600		482,472		(985,178	)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		18.208		8/15/19		(318,640)		ZAR 1,365,600		663,250		(331,067	)
				ZAR				ZAR
ZAR Currency Call		GSCO-OT		11.324		5/27/19		(203,823)		ZAR 1,132,350		184,914		(31,796	)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		14.626		11/28/18		(259,638)		ZAR 1,096,913		528,135		(337,789	)
				ZAR				ZAR
ZAR Currency Put		GSCO-OT		17.916		8/12/19		(321,256)		ZAR 1,791,550		440,116		(368,481	)
Total Over-the-Counter Options Written											$	36,703,567	$	(39,459,667	)

1. Knock-out option becomes ineligible for exercise if at any time spot exchange rate is less than or equal to 3.8 BRL

70       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

per 1 USD. If the spot rates are equal to or greater than 4.8 BRL per 1 USD the transaction will automatically exercise and the seller will pay the settlement amount. If the spot rates are not equal to or greater than 4.8 BRL per 1 USD this transaction will expire worthless.

Centrally Cleared Credit Default Swaps at September 30, 2018
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/(Paid)		Value		Unrealized Appreciation/ (Depreciation)
Argentine Republic Government		Buy		5.000%		6/20/19		USD 15,000	$	(439,385)	$	(207,070)	$	(646,455)
Argentine Republic Government		Sell		5.000		12/20/18		USD 5,000		(23,448)		28,675		5,227
Argentine Republic Government		Sell		5.000		12/20/18		USD 5,000		(30,001)		28,675		(1,326)
China Government International		Buy		1.000		12/20/23		USD 10,500		189,112		(220,318)		(31,206)
Federation of Malaysia		Buy		1.000		12/20/23		USD 6,250		(43,279)		(19,389)		(62,668)
Federative Republic of Brazil		Sell		1.000		6/20/22		USD 7,500		464,303		(290,975)		173,328
Federative Republic of Brazil		Buy		1.000		12/20/23		USD 8,500		(776,975)		617,130		(159,845)
Federative Republic of Brazil		Buy		1.000		12/20/23		USD 7,500		(677,250)		544,525		(132,725)
Mexico Government International		Buy		1.000		12/20/23		USD 5,000		(79,585)		28,953		(50,632)
Petrobras Global Finance BV		Sell		1.000		12/20/20		USD 3,000		30,276		(58,348)		(28,072)
Petrobras Global Finance BV		Sell		1.000		12/20/20		USD 3,000		30,535		(58,348)		(27,813)
Republic Of South Africa Gover		Buy		1.000		12/20/23		USD 2,000		(122,024)		93,692		(28,332)
Republic Of South Africa Gover		Buy		1.000		12/20/23		USD 8,750		(614,969)		409,901		(205,068)
Russian Foreign Bond - Eurobon		Buy		1.000		12/20/23		USD 5,000		(170,761)		99,906		(70,855)
Turkey Government International		Buy		1.000		12/20/23		USD 2,500		(329,445)		296,635		(32,810)
United Mexican States		Buy		3.250		12/20/23		USD 10,750		(171,108)		61,801		(109,307)
Total Centrally Cleared Credit Default Swaps									$	(2,764,004)	$	1,355,445	$	(1,408,559)

Over-the-Counter Credit Default Swaps at September 30, 2018

Reference Asset

Counter- party

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/(Paid)

Value

Unrealized Appreciation/ (Depreciation)

Eskom Holdings Soc Ltd.

GSCOI

Sell

1.000

12/20/22

USD 4,000

$

333,095

$

(518,196)

$

(185,101)

71       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counter- party		Buy/Sell     Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums     Received/(Paid)			Value		Unrealized Appreciation/     (Depreciation)
Federative Republic of Brazil		BNP		Sell		1.000%		12/20/18	USD	3,545	$	280,477		$	2,610	$	283,087
Hellenic Republic Government B		BAC		Sell		1.000		12/20/25	USD	8,350		1,298,472	��		(1,453,414)		(154,942	)
Hellenic Republic Government B		BAC		Sell		1.000		6/20/25	USD	3,586		596,602			(582,546)		14,056
Hellenic Republic Government B		BAC		Sell		1.000		6/20/25	USD	8,966		1,343,371			(1,456,529)		(113,158	)
Hellenic Republic Government B		BAC		Sell		1.000		12/20/19	USD	6,000		90,026			(80,010)		10,016
Hellenic Republic Government B		GSCOI		Sell		1.000		6/20/25	USD	3,590		566,429			(583,196)		(16,767	)
Idbi Bank Ltd./difc Dubai		BAC		Sell		1.000		12/20/22	USD	3,000		97,262			(77,177)		20,085
Idbi Bank Ltd./difc Dubai		BNP		Sell		1.000		12/20/22	USD	3,000		90,526			(77,177)		13,349
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD	7,501		135,567			118,107		253,674
State Bank of India		BNP		Sell		1.000		9/20/19	USD	5,225		215,578			35,833		251,411
Total Over-the-Counter Credit Default Swaps											$	5,047,405		$	(4,671,695)	$	375,710

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

Type of Reference Asset on which the Fund Sold Protection	Total Maximum Potential Payments for Selling Credit Protection (Undiscounted)		Amount Recoverable*		Reference Asset Rating Range**
Investment Grade Single Name Corporate Debt	$	5,225,000	$	—		BBB- to BBB
Non-Investment Grade Single Name Corporate Debt		16,000,000		—		CCC+ to BB+
Investment Grade Sovereign Debt		7,501,000		—		BBB
Non-Investment Grade Sovereign Debt		51,537,000		31,000,000		B+ to BB
Total USD	$	80,263,000	$	31,000,000

*Amounts recoverable includes potential payments from related purchased protection for instances where the Fund is the seller of protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

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

72       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Centrally Cleared Interest Rate Swaps at September 30, 2018
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive		Six-Month JPY BBA LIBOR		0.296%		11/29/27		JPY 13,246,000	$	168	$	105,098		$	105,266
BAC		Receive		Six-Month EUR EURIBOR		1.123		3/8/28		EUR 5,775		—		(161,476	)		(161,476	)
BNP		Pay		BZDI		7.515		1/2/19		BRL 276,175		—		352,617			352,617
BNP		Pay		MXN TIIE BANXICO		8.000		8/13/20		MXN 762,185		—		74,172			74,172
CITNA-B		Pay		CLICP		2.901		8/9/19		CLP 22,728,500		—		(183,594	)		(183,594	)
CITNA-B		Receive		JIBA3M		7.250		7/10/20		ZAR 261,000		—		50,885			50,885
CITNA-B		Pay		Six-Month PLN WIBOR WIBO		2.990		11/17/27		PLN 15,230		—		98,590			98,590
CITNA-B		Pay		Six-Month HUF BUBOR		2.205		3/8/28		HUF 1,925,000		—		(358,749	)		(358,749	)
CITNA-B		Pay		MXN TIIE BANXICO		6.600		6/21/22		MXN 365,760		—		(825,061	)		(825,061	)
DEU		Pay		Three-Month ZAR JIBAR SAFEX		7.675		2/21/22		ZAR 73,535		—		(6,325	)		(6,325	)
DEU		Receive		JIBA3M		7.120		6/29/19		ZAR 513,850		—		12,706			12,706
DEU		Pay		JIBA3M		8.420		8/29/28		ZAR 156,300		—		(46,451	)		(46,451	)
DEU		Receive		JIBA3M		7.500		8/15/20		ZAR 333,700		—		(24,041	)		(24,041	)
GSCOI		Pay		MXN TIIE BANXICO		8.210		1/30/19		MXN 1,531,500		—		12,693			12,693
GSCOI		Receive		BZDI		10.135		1/2/23		BRL 47,900		—		244,476			244,476
GSCOI		Pay		MXN TIIE BANXICO		7.760		9/25/20		MXN 728,000		—		(35,811	)		(35,811	)
GSCOI		Pay		Three-Month USD BBA LIBOR		3.150		9/21/48		USD 28,700		—		146,950			146,950
GSCOI		Receive		BZDI		8.235		1/2/20		BRL 112,600		—		(68,006	)		(68,006	)
GSCOI		Pay		EUR006M		0.861		8/15/27		EUR 20,370		—		(10,252	)		(10,252	)
GSCOI		Pay		EUR006M		1.482		7/4/44		EUR 8,000		—		(79,602	)		(79,602	)
GSCOI		Pay		COOVIBR		4.610		6/7/20		COP 52,590,000		—		(54,238	)		(54,238	)
GSCOI		Pay		EUR006M		1.553		7/4/44		EUR 10,989		—		88,109			88,109
GSCOI		Pay		BZDI		11.730		1/2/25		BRL 44,700		—		70,039			70,039
JPM		Pay		Six-Month HUF BUBOR		1.865		1/24/28		HUF 974,265		—		(274,783	)		(274,783	)
JPM		Pay		BZDI		10.940		1/2/23		BRL 55,230		—		(57,413	)		(57,413	)
JPM		Pay		Three-Month ZAR JIBAR SAFEX		7.930		11/27/22		ZAR 45,000		—		11,340			11,340
SIB		Pay		BZDI		9.825		7/1/20		BRL 1,220,000		—		(877,712	)		(877,712	)
UBS		Pay		NDBB3M		2.035		9/17/20		NZD 54,300		—		(24,288	)		(24,288	)
UBS		Pay		NDBB3M		2.120		9/30/20		NZD 53,400		—		3,302			3,302
Total Centrally Cleared Interest Rate Swaps											$	168	$	(1,816,825	)	$	(1,816,657	)

73       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Over-the-Counter Interest Rate Swaps at September 30, 2018
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
				Six-Month THB
BOA		Pay		THBFIX		2.200%		3/20/22		THB 275,500	$	—	$	46,130		$	46,130
				Six-Month INR
				FBIL MIBOR OIS						INR
BOA		Receive		Compound		6.705		3/8/23		1,719,375		—		(12,191	)		(12,191	)
										INR
BOA		Pay		NSERO		6.700		3/8/20		7,520,625		—		(772,749	)		(772,749	)
				Six-Month INR
				FBIL MIBOR OIS						INR
BOA		Receive		Compound		6.620		3/20/23		1,162,000		—		56,630			56,630
				Six-Month INR
				FBIL MIBOR OIS
BOA		Pay		Compound		6.330		1/31/22		INR 590,000		—		(263,695	)		(263,695	)
										INR
BOA		Pay		NSERO		6.623		3/20/20		5,164,500		—		(579,371	)		(579,371	)
				Six-Month CLP						CLP
GSCOI		Pay		TNA		3.620		2/8/23		4,677,500		—		(83,978	)		(83,978	)
										KRW
GSCOI		Receive		KWCDC		1.970		8/22/20		107,153,995		—		42,691			42,691
				Three-Month
				MYR KLIBOR
JPM		Receive		BNM		4.005		2/21/22		MYR 36,770		—		(56,471	)		(56,471	)
				Three-Month
				MYR KLIBOR
SCB		Pay		BNM		3.310		8/19/21		MYR 130,000		—		(415,881	)		(415,881	)
Total Over-the-Counter Interest Rate Swaps											$	—	$	(2,038,885	)	$	(2,038,885	)

Over-the-Counter Total Return Swaps at September 30, 2018

Reference Asset

Counter- party

Pay/Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

IBoxx EUR Liquid

High Yield Index

EUR-EURIBOR-

Series 1 Version 1

JPM

Receive

Reuters

6/26/19

EUR

35,864

$

254,373

$

254,373

* 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 Credit Default Swaptions Written at September 30, 2018

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

JPM XOVER 29 S PY 325 10/17/18

JPM

Buy

5.000%

10/17/18

EUR      29,900

$

48,870

$

(14,858)

74       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written at September 30, 2018

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 5/14/29 Put

BAC

Receive

Three-Month USD-LIBOR-BBA

3.103%

5/9/19

USD

125,580

$

2,767,067

$

(1,771,053)

Interest Rate Swap maturing 12/20/18 Put

BAC

Receive

Six- Month EUR-

1.350

12/20/18

EUR

15,410

139,528

(28,743)

Interest Rate Swap maturing 9/22/22 Put

BOA

Receive

Three- Month USD-LIBOR-BBA

3.118

9/18/20

USD

177,090

1,399,011

(1,288,115)

Interest Rate Swap maturing 9/22/22 Call

BOA

Pay

Three- Month USD-LIBOR-BBA

3.118

9/18/20

USD

177,090

1,399,011

(1,332,305)

Interest Rate Swap maturing 9/2/22 Call

BOA

Pay

Three- Month USD-LIBOR-BBA

2.945

8/28/20

USD

179,320

1,362,832

(1,636,779)

Interest Rate Swap maturing 6/12/20 Call

BOA

Pay

Three-Month USD-LIBOR-BBA

2.972

6/10/19

USD

717,270

1,534,958

(1,776,133)

Interest Rate Swap maturing 12/12/19 Put

BOA

Receive

Three- Month USD-LIBOR-BBA

2.820

12/10/18

USD

717,270

903,760

(881,955)

Interest Rate Swap maturing 4/25/29 Put

BOA

Receive

Three- Month USD-LIBOR-BBA

2.980

4/23/19

USD

71,750

1,338,138

(671,355)

Interest Rate Swap maturing 3/17/30 Put

GSCOI

Receive

Three- Month USD-LIBOR-BBA

3.072

3/13/20

USD

80,700

2,195,040

(1,833,478)

Interest Rate Swap maturing 8/30/20 Call

GSCOI

Pay

Three- Month USD-LIBOR-BBA

3.018

8/28/19

USD

358,635

786,307

(1,002,159)

75       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

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

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 8/6/20 Call

GSCOI

Pay

Three-Month KRW-CD-KSDA

2.120%

8/5/19

KRW

214,307,990

$

266,087

$

(155,784)

Interest Rate Swap maturing 8/16/20 Call

JPM

Pay

Three- Month USD-LIBOR-BBA

3.010

7/12/19

USD

717,270

1,470,404

(1,787,372)

Interest Rate Swap maturing 9/21/21 Put

JPM

Receive

Three- Month USD-LIBOR-BBA

3.145

9/18/19

USD

354,180

903,159

(652,003)

Interest Rate Swap maturing 10/29/23 Call

JPM

Pay

Six- Month PLN- WIBOR- WIBO

2.520

10/25/18

PLN

40,000

50,914

(27,146)

Interest Rate Swap maturing 9/21/21 Call

JPM

Pay

Three- Month USD- LIBOR-BBA

3.145

9/18/19

USD

354,180

903,159

(682,923)

Total Over-the-Counter Interest Rate Swaptions Written

$

17,419,375

$

(15,527,303)

Glossary:

Counterparty Abbreviations

BAC	Barclays Bank plc
BNP	BNP Paribas
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
SCB	Standard Chartered Bank
SIB	Banco Santander SA
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EGP	Egyptian Pounds

76       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thailand Baht
TRY	New Turkish Lira
UAH	Ukraine Hryvnia
UYU	Uruguay Peso
ZAR	South African Rand
Definitions
30YR CMT	30 Year Constant Maturity Treasury
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BNM	Bank Negara Malaysia
BTP	Italian Treasury Bonds
BUBOR	Budapest Interbank Offered Rate
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
CD	Certificate of Deposit
CLICP	Sincofi Chile Interbank Rate Average
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA8	EUR Swap Annual 8 Year
EUSA10	EUR Swap Annual 10 Year
EUSA11	EUR Swap Annual 11 Year
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
ITraxx Europe
Crossover Series 29
Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KLIBOR	Kuala Lumpur Interbank Offered Rate

77       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF INVESTMENTS Continued

Definitions (Continued)
KSDA	Korean Securities Dealers Assn.
KWCDC	South Korean Won Index
LIBOR01M	ICE LIBOR USD 1 Month
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
NDBB3M	New Zealand Bank Bill 3 Months
NSERO	India Rupee Floating Rate
OAT	French Government Bonds
OIS	Overnight Index Swap
S&P	Standard & Poor’s
THBFIX	Thai Baht Interest Rate Fixing
TIIE	Interbank Equilibrium Interest Rate
TNA	Non-Deliverable CLP Camara
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
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate
XOVER 29	iTraxx Europe Crossover Series 29 Version 1

See accompanying Notes to Consolidated Financial Statements.

78       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES September 30, 2018

Assets
Investments, at value—see accompanying consolidated statement of investments:
Unaffiliated companies (cost $3,314,108,405)	$	3,177,482,033
Affiliated companies (cost $918,267,823)		908,584,684
		4,086,066,717
Cash		48,130,568
Cash—foreign currencies (cost $2,915,161)		2,795,101
Cash used for collateral on futures		50,568,000
Cash used for collateral on OTC derivatives		58,473,000
Cash used for collateral on centrally cleared swaps		13,694,606
Cash used for collateral on forward roll transactions		2,054,000
Unrealized appreciation on forward currency exchange contracts		10,211,212
Swaps, at value (premiums received $631,622)		556,374
Centrally cleared swaps, at value (net premiums paid $2,995,398)		3,480,870
Receivables and other assets:
Investments sold (including $44,612,967 sold on a when-issued or delayed delivery basis)		52,559,369
Interest, dividends and principal paydowns		40,996,176
Shares of beneficial interest sold		1,091,087
Variation margin receivable		177,222
Other		757,531
Total assets		4,371,611,833
Liabilities
Unrealized depreciation on forward currency exchange contracts		27,153,989
Options written, at value (premiums received $36,703,567)		39,459,667
Swaps, at value (premiums received $4,415,783)		7,012,581
Centrally cleared swaps, at value (net premiums received $231,562)		3,942,250
Swaptions written, at value (premiums received $17,468,245)		15,542,161
Payables and other liabilities:
Investments purchased (including $467,479,829 purchased on a when-issued or delayed delivery basis)		502,856,944
Shares of beneficial interest redeemed		4,267,026
Dividends		4,183,661
Variation margin payable		814,967
Distribution and service plan fees		686,720
Trustees’ compensation		451,644
Shareholder communications		37,154
Other		338,907
Total liabilities		606,747,671
Net Assets	$	3,764,864,162

79       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Continued

Composition of Net Assets
Par value of shares of beneficial interest	$	1,009,598
Additional paid-in capital		4,642,208,500
Accumulated net investment loss		(13,584,918)
Accumulated net realized loss on investments and foreign currency transactions		(695,663,589)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(169,105,429)
Net Assets	$	3,764,864,162
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,699,688,328 and 723,668,425 shares of beneficial interest outstanding)		$3.73
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$3.92
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $540,464,573 and 145,163,350 shares of beneficial interest outstanding)		$3.72
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $41,460,515 and 11,164,584 shares of beneficial interest outstanding)		$3.71
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $111,816,424 and 29,950,681 shares of beneficial interest outstanding)		$3.73
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $371,434,322 and 99,651,056 shares of beneficial interest outstanding)		$3.73

See accompanying Notes to Consolidated Financial Statements.

80       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Year Ended September 30, 2018

Allocation of Income and Expenses from Master Funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC:
Interest	$	6,214,247
Dividends		54,913
Net expenses		(387,426)
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		5,881,734
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Interest		34,878,398
Dividends		747,726
Net expenses		(2,173,316)
Net investment income allocated from Oppenheimer Master Loan Fund, LLC		33,452,808
Total allocation of net investment income from master funds		39,334,542
Investment Income
Interest (net of foreign withholding taxes of $3,060,426)		186,547,160
Fee income on when-issued securities		4,937,466
Dividends:
Unaffiliated companies		2,853,745
Affiliated companies		4,933,860
Total investment income		199,272,231
Expenses
Management fees		22,827,399
Distribution and service plan fees:
Class A		6,954,548
Class B2		55,797
Class C		6,220,587
Class R		588,682
Transfer and shareholder servicing agent fees:
Class A		5,356,332
Class B2		11,084
Class C		1,146,201
Class I		13,624
Class R		217,057
Class Y		828,287
Shareholder communications:
Class A		96,652
Class B2		1,604
Class C		20,998
Class I		510
Class R		3,930
Class Y		14,454
Custodian fees and expenses		347,427
Borrowing fees		149,957
Trustees’ compensation		130,904
Other		919,524
Total expenses		45,905,558

81       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Continued

Expenses (Continued)
Less reduction to custodian expenses	$	(45,793)
Less waivers and reimbursements of expenses		(2,965,524)
Net expenses		42,894,241
Net Investment Income		195,712,532
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $227,233)		(91,736,487)
Affiliated companies		(356,318)
Option contracts written		(28,044,751)
Futures contracts		(8,555,272)
Foreign currency transactions		(1,558,697)
Forward currency exchange contracts		54,475,433
Short positions		23,327
Swap contracts		5,652,064
Swaption contracts written		5,212,810
Net realized gain (loss) allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(2,421,612)
Oppenheimer Master Loan Fund, LLC		659,774
Net realized loss		(66,649,729)
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		(168,552,258)
Affiliated companies		(89,835)
Translation of assets and liabilities denominated in foreign currencies		(274,226)
Forward currency exchange contracts		(13,795,792)
Futures contracts		6,301,862
Option contracts written		(4,144,840)
Swap contracts		(7,092,480)
Swaption contracts written		3,904,810
Net change in unrealized appreciation/depreciation allocated from:
Oppenheimer Master Event-Linked Bond Fund, LLC		(280,255)
Oppenheimer Master Loan Fund, LLC		774,260
Net change in unrealized appreciation/depreciation		(183,248,754)
Net Decrease in Net Assets Resulting from Operations	$	(54,185,951)

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.

2. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Consolidated Financial Statements.

82       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended		Year Ended
	September 30, 2018       September 30, 2017
Operations
Net investment income	$	195,712,532		$         189,803,732
Net realized loss		(66,649,729)		(24,592,540)
Net change in unrealized appreciation/depreciation		(183,248,754)		33,610,678
Net increase (decrease) in net assets resulting from operations		(54,185,951)		198,821,870
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(138,286,611)		(90,940,126)
Class B1		(206,061)		(605,469)
Class C		(24,713,582)		(17,172,978)
Class I		(2,325,655)		(1,371,798)
Class R		(5,305,616)		(3,445,165)
Class Y		(22,346,153)		(12,202,079)
		(193,183,678)		(125,737,615)
Tax return of capital distribution:
Class A		—		(45,342,135)
Class B1		—		(301,883)
Class C		—		(8,562,331)
Class I		—		(683,970)
Class R		—		(1,717,736)
Class Y		—		(6,083,875)
		—		(62,691,930)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(251,385,480)		(489,059,547)
Class B1		(15,557,890)		(27,486,595)
Class C		(119,417,713)		(154,909,331)
Class I		(3,188,283)		1,379,541
Class R		(4,958,722)		(25,498,279)
Class Y		(96,067,367)		122,895,934
		(490,575,455)		(572,678,277)
Net Assets
Total decrease		(737,945,084)		(562,285,952)
Beginning of period		4,502,809,246		5,065,095,198
End of period (including accumulated net investment income (loss) of
$(13,584,918) and $17,397,825, respectively)	$	3,764,864,162	$	4,502,809,246

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Consolidated Financial Statements.

83       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Year Ended September 30, 2018	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014
Per Share Operating Data
Net asset value, beginning of period	$3.96	$3.95	$3.87	$4.13	$4.13
Income (loss) from investment operations:
Net investment income1	0.18	0.16	0.15	0.18	0.19
Net realized and unrealized gain (loss)	(0.23)	0.01	0.08	(0.26)	0.002
Total from investment operations	(0.05)	0.17	0.23	(0.08)	0.19
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.18)	(0.11)	(0.14)	(0.17)	(0.14)
Tax return of capital distribution	0.00	(0.05)	(0.01)	(0.01)	(0.05)
Total dividends and/or distributions to shareholders	(0.18)	(0.16)	(0.15)	(0.18)	(0.19)
Net asset value, end of period	$3.73	$3.96	$3.95	$3.87	$4.13
Total Return, at Net Asset Value3	(1.49)%	4.45%	6.07%	(2.06)%	4.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$2,699,688	$3,124,887	$3,607,387	$4,008,783	$4,774,652
Average net assets (in thousands)	$2,920,657	$3,321,318	$3,745,267	$4,432,764	$5,171,641
Ratios to average net assets:4,5
Net investment income	4.79%	4.13%	3.87%	4.43%	4.53%
Expenses excluding specific expenses listed below	1.07%	1.08%	1.06%	1.05%	1.00%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%6	0.00%
Total expenses7	1.07%	1.08%	1.06%	1.05%	1.00%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.00%	1.01%	1.02%	1.00%	0.97%
Portfolio turnover rate8	67%	69%	78%	79%	93%

84       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018	1.08%
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%

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, 2018		$6,366,360,171		$6,415,700,475
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

See accompanying Notes to Consolidated Financial Statements.

85       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended September 30, 2018	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014
Per Share Operating Data
Net asset value, beginning of period	$3.95	$3.94	$3.87	$4.12	$4.12
Income (loss) from investment operations:
Net investment income1	0.16	0.13	0.12	0.15	0.16
Net realized and unrealized gain (loss)	(0.24)	0.01	0.07	(0.25)	0.002
Total from investment operations	(0.08)	0.14	0.19	(0.10)	0.16
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.15)	(0.09)	(0.11)	(0.14)	(0.12)
Tax return of capital distribution	0.00	(0.04)	(0.01)	(0.01)	(0.04)
Total dividends and/or distributions to shareholders	(0.15)	(0.13)	(0.12)	(0.15)	(0.16)
Net asset value, end of period	$3.72	$3.95	$3.94	$3.87	$4.12
Total Return, at Net Asset Value3	(2.26)%	3.67%	5.01%	(2.56)%	3.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$540,465	$696,936	$850,319	$977,069	$1,156,140
Average net assets (in thousands)	$623,092	$769,686	$897,334	$1,087,495	$1,236,681
Ratios to average net assets:4,5
Net investment income	4.03%	3.37%	3.12%	3.67%	3.78%
Expenses excluding specific expenses listed below	1.83%	1.84%	1.81%	1.80%	1.76%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%6	0.00%
Total expenses7	1.83%	1.84%	1.81%	1.80%	1.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.76%	1.77%	1.77%	1.76%	1.73%
Portfolio turnover rate8	67%	69%	78%	79%	93%

86       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018	1.84%
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%

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, 2018		$6,366,360,171		$6,415,700,475
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

See accompanying Notes to Consolidated Financial Statements.

87       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class I	Year Ended September 30, 2018	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014
Per Share Operating Data
Net asset value, beginning of period	$3.94	$3.93	$3.86	$4.11	$4.11
Income (loss) from investment operations:
Net investment income1	0.20	0.18	0.16	0.20	0.20
Net realized and unrealized gain (loss)	(0.23)	0.01	0.07	(0.25)	0.002
Total from investment operations	(0.03)	0.19	0.23	(0.05)	0.20
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.20)	(0.12)	(0.15)	(0.19)	(0.15)
Tax return of capital distribution	0.00	(0.06)	(0.01)	(0.01)	(0.05)
Total dividends and/or distributions to shareholders	(0.20)	(0.18)	(0.16)	(0.20)	(0.20)
Net asset value, end of period	$3.71	$3.94	$3.93	$3.86	$4.11
Total Return, at Net Asset Value3	(1.15)%	4.89%	6.27%	(1.41)%	5.05%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$41,461	$47,348	$45,840	$48,488	$119,074
Average net assets (in thousands)	$45,391	$45,371	$46,967	$121,467	$109,381
Ratios to average net assets:4,5
Net investment income	5.18%	4.57%	4.30%	4.87%	4.93%
Expenses excluding specific expenses listed below	0.68%	0.65%	0.62%	0.60%	0.59%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%6	0.00%
Total expenses7	0.68%	0.65%	0.62%	0.60%	0.59%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.61%	0.59%	0.58%	0.57%	0.56%
Portfolio turnover rate8	67%	69%	78%	79%	93%

88       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018	0.69%
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%

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, 2018		$6,366,360,171		$6,415,700,475
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

See accompanying Notes to Consolidated Financial Statements.

89       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Year Ended September 30, 2018	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014
Per Share Operating Data
Net asset value, beginning of period	$3.96	$3.95	$3.88	$4.13	$4.13
Income (loss) from investment operations:
Net investment income1	0.17	0.15	0.14	0.17	0.18
Net realized and unrealized gain (loss)	(0.23)	0.01	0.07	(0.25)	0.002
Total from investment operations	(0.06)	0.16	0.21	(0.08)	0.18
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.17)	(0.10)	(0.13)	(0.16)	(0.14)
Tax return of capital distribution	0.00	(0.05)	(0.01)	(0.01)	(0.04)
Total dividends and/or distributions to shareholders	(0.17)	(0.15)	(0.14)	(0.17)	(0.18)
Net asset value, end of period	$3.73	$3.96	$3.95	$3.88	$4.13
Total Return, at Net Asset Value3	(1.75)%	4.19%	5.53%	(2.06)%	4.31%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$111,816	$123,825	$149,098	$162,623	$185,991
Average net assets (in thousands)	$118,510	$134,309	$152,830	$175,389	$196,503
Ratios to average net assets:4,5
Net investment income	4.53%	3.87%	3.61%	4.17%	4.24%
Expenses excluding specific expenses listed below	1.33%	1.34%	1.31%	1.30%	1.30%
Interest and fees from borrowings	0.00%6	0.00%6	0.00%6	0.00%6	0.00%
Total expenses7	1.33%	1.34%	1.31%	1.30%	1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.26%	1.27%	1.27%	1.26%	1.27%
Portfolio turnover rate8	67%	69%	78%	79%	93%

90       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018	1.34%
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%

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, 2018		$6,366,360,171		$6,415,700,475
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

See accompanying Notes to Consolidated Financial Statements.

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CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended September 30, 2018	Year Ended September 30, 2017	Year Ended September 30, 2016	Year Ended September 30, 2015	Year Ended September 30, 2014
Per Share Operating Data
Net asset value, beginning of period	$3.96	$3.95	$3.87	$4.13	$4.12
Income (loss) from investment operations:
Net investment income1	0.19	0.17	0.16	0.19	0.20
Net realized and unrealized gain (loss)	(0.23)	0.01	0.08	(0.26)	0.01
Total from investment operations	(0.04)	0.18	0.24	(0.07)	0.21
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.19)	(0.11)	(0.15)	(0.18)	(0.15)
Tax return of capital distribution	0.00	(0.06)	(0.01)	(0.01)	(0.05)
Total dividends and/or distributions to shareholders	(0.19)	(0.17)	(0.16)	(0.19)	(0.20)
Net asset value, end of period	$3.73	$3.96	$3.95	$3.87	$4.13
Total Return, at Net Asset Value2	(1.26)%	4.70%	6.33%	(1.83)%	5.13%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$371,434	$494,017	$369,088	$403,252	$558,288
Average net assets (in thousands)	$450,170	$417,814	$372,918	$453,869	$533,576
Ratios to average net assets:3,4
Net investment income	5.03%	4.43%	4.11%	4.68%	4.78%
Expenses excluding specific expenses listed below	0.83%	0.84%	0.81%	0.80%	0.76%
Interest and fees from borrowings	0.00%5	0.00%5	0.00%5	0.00%5	0.00%
Total expenses6	0.83%	0.84%	0.81%	0.80%	0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.76%	0.77%	0.77%	0.76%	0.73%
Portfolio turnover rate7	67%	69%	78%	79%	93%

92       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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, 2018	0.84%
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%

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, 2018		$6,366,360,171		$6,415,700,475
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

See accompanying Notes to Consolidated Financial Statements.

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS September 30, 2018

1. Organization

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

The 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 were permitted. Reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds were permitted through May 31, 2018. Effective June 1, 2018 (the “Conversion Date”), all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class I and Class Y shares do not pay such fees. Previously issued Class B shares automatically converted 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. (the “Subsidiary”), which is wholly-owned and controlled by the Fund. 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. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the

94       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. 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 Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 193,468 shares with net assets of $16,365,953 in the Subsidiary.

Other financial information at period end:

Total market value of investments	$	6,477,703
Net assets	$	16,365,953
Net income (loss)	$	(27,355)
Net realized gain (loss)	$	(708,080)
Net change in unrealized appreciation/depreciation	$	(248,718)

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 and unrealized 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 the 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

95       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 determined necessary by the Manager.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair 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, if any, 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 2.00%. 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

96       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

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 for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2018, 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 Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$—		$—		$718,014,294		$153,676,635

1. At period end, the Fund had $667,335,122 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. The Fund had $50,679,172 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.

97       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

5. During the reporting period, $240,345,967 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 Income		Reduction to Accumulated Net Realized Loss on Investments
$242,218,780		$33,511,597		$275,730,377

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2018		Year Ended September 30, 2017
Distributions paid from:
Ordinary income	$	193,183,678	$	125,737,615
Return of capital		—		62,691,930
Total	$	193,183,678	$	188,429,545

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	$	4,231,698,556
Federal tax cost of other investments		(334,535,017)
Total federal tax cost	$	3,897,163,539
Gross unrealized appreciation	$	63,639,308
Gross unrealized depreciation		(217,315,943)
Net unrealized depreciation	$	(153,676,635)

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

98       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

2. Significant Accounting Policies (Continued)

operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncement. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager is evaluating the impacts of these changes on the financial statements.

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 least quarterly or more frequently, if necessary.

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,

99       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 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 when a significant event has occurred that would materially affect the value of the security, are 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

100       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

3. Securities Valuation (Continued)

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 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:

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CONSOLIDATED FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant    Observable Inputs			Level 3— Significant     Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	99,668,817		$	—	$	99,668,817
Mortgage-Backed Obligations		—		760,385,979			35,261		760,421,240
Foreign Government Obligations		—		658,954,996			—		658,954,996
Corporate Loans		—		13,914,236			—		13,914,236
Corporate Bonds and Notes		—		1,508,550,745			99,338		1,508,650,083
Preferred Stocks		51,865,323		—			—		51,865,323
Common Stocks		1,523,408		—			366,241		1,889,649
Rights, Warrants and Certificates		—		—			371,447		371,447
Structured Securities		—		20,409,776			317,419		20,727,195
Short-Term Notes		—		40,348,554			—		40,348,554
Over-the-Counter Options Purchased		—		16,773,063			—		16,773,063
Over-the-Counter Credit Default
Swaption Purchased		—		24,301			—		24,301
Over-the-Counter Interest Rate
Swaptions Purchased		—		3,873,129			—		3,873,129
Investment Companies		278,105,869		630,478,815			—		908,584,684
Total Investments, at Value		331,494,600		3,753,382,411			1,189,706		4,086,066,717
Other Financial Instruments:
Swaps, at value		—		556,374			—		556,374
Centrally cleared swaps, at value		—		3,480,870			—		3,480,870
Futures contracts		4,792,229		—			—		4,792,229
Forward currency exchange contracts		—		10,211,212			—		10,211,212
Total Assets	$	336,286,829	$	3,767,630,867		$	1,189,706	$	4,105,107,402
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(7,012,581	)	$	—	$	(7,012,581)
Centrally cleared swaps, at value		—		(3,942,250	)		—		(3,942,250)
Over-the-Counter Options written		—		(39,459,667	)		—		(39,459,667)
Futures contracts		(4,736,165)		—			—		(4,736,165)
Forward currency exchange contracts		—		(27,153,989	)		—		(27,153,989)
Swaptions written, at value		—		(15,542,161	)		—		(15,542,161)
Total Liabilities	$	(4,736,165)	$	(93,110,648	)	$	—	$	(97,846,813)

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

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

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	Transfers out of Level 2*			Transfers into Level 3*
Assets Table
Investments, at Value:
Common Stocks	$	(109,648	)	$	109,648
Rights, Warrants and Certificates		(60,762	)		60,762
Total Assets	$	(170,410	)	$	170,410

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

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

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4. Investments and Risks (Continued)

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.

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 41.0% of Master Loan and 20.3% of Master Event-Linked Bond at period end.

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

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4. Investments and Risks (Continued)

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

When investing in loans, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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		$467,479,829
Sold securities		44,612,967

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

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CONSOLIDATED FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

a later date at a set price. During the period between the sale and the repurchase, the Fund will not be entitled to receive interest and principal payments on the securities that have been sold. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price.

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

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

At period end, the Fund pledged $2,054,000 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

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4. Investments and Risks (Continued)

issuers or underlying obligors subsequently miss an interest and/or principal payment.

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

Cost	$23,446,487
Market Value	$2,271,933
Market Value as % of Net Assets	0.06%

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

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CONSOLIDATED FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

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

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6. Use of Derivatives (Continued)

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

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 $808,819,372 and $1,137,695,613, 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 $359,986,114 and $542,501,769 on futures contracts purchased and sold, respectively.

Additional associated risks of entering into futures contracts (and related options) include

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CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Option Activity

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

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

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 $3,834,262 and $2,423,129 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

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6. Use of Derivatives (Continued)

options are noted in the Consolidated Statement of Investments.

The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The Fund must then purchase the underlying security at the higher market price and deliver it for the strike price or, if it owns the underlying security, deliver it at the strike price and forego any benefit from the increase in the price of the underlying security above the strike price. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. The Fund must then purchase the underlying security at the strike price when the market price of the underlying security is below the strike price. Alternatively, the Fund could also close out a written option position, in which case the risk is that the closing transaction will require a premium to be paid by the Fund that is greater than the premium the Fund received. When writing options, the Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. The risk in buying an option is that the Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

During the reporting period, the Fund had an ending monthly average market value of $2,701,242 and $17,826,296 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

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

have embedded leverage, they can expose the Fund to substantial risk in the isolated market risk factor.

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

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

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

If there is a credit event, the buyer of protection can exercise its rights under the contract and receive a payment from the seller of protection equal to the notional amount of the 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 $67,952,538 and $62,651,923 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

112       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

6. Use of Derivatives (Continued)

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 $521,893,691 and $918,975,908 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 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 on various equity securities or indexes to increase or decrease exposure to equity risk. These equity risk related total return swaps require the Fund to pay or receive a floating reference interest rate, and an amount equal to the opposite price movement of securities or an index (expressed as a percentage) multiplied by the notional amount of the contract. Equity leg payments equal to the positive price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract and, in some cases, dividends paid on the securities. Reference leg payments equal a floating reference interest rate and an amount equal to the negative price movement of the same securities or index (expressed as a percentage) multiplied by the notional amount of the contract.

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.

The Fund may enter into total return swaps on various commodity indexes to increase or decrease exposure to commodity risk. These commodity risk related total return swaps require the Fund to pay or receive a fixed or a floating reference interest rate, and an amount equal to the opposite price movement of an index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index (expressed as a percentage) multiplied by the notional amount of the contract. The Fund will receive payments of a fixed or a floating reference interest rate and an amount equal to the negative price movement of the same index (expressed as a percentage) multiplied by the notional amount of the contract.

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

For the reporting period, the Fund had ending monthly average notional amounts of $20,991,973 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 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

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6. Use of Derivatives (Continued)

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.

The Fund may enter into currency swaption contracts with the obligation to pay an interest rate on the US dollar notional amount or various foreign currency notional amounts and receive an interest rate on various foreign currency notional amounts or US dollar notional amounts, with an option to replace the contractual currency as disclosed in the Consolidated Statement of Investments. This is done in order to take a positive investment perspective on the related currencies for which the Fund receives a payment. The US dollar swaption contracts seek to increase exposure to foreign exchange rate risk. The foreign currency swaption contracts seek to decrease exposure to foreign exchange rate risk.

During the reporting period, the Fund had an ending monthly average market value of $7,047,753 and $9,516,008 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. 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.

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

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 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

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6. Use of Derivatives (Continued)

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	$	5,506,627	$	(5,506,627)	$	–	$	–	$	–
Barclays Bank plc		1,420,717		(1,420,717)		–		–		–
BNP Paribas		38,443		(38,443)		–		–		–
Citibank NA		5,524,751		(5,524,751)		–		–		–
Deutsche Bank AG		51,540		(51,540)		–		–		–
Goldman Sachs Bank USA		12,531,852		(12,531,852)		–		–		–
Goldman Sachs International		42,691		(42,691)		–		–		–
HSBC Bank USA NA		199,498		(117,293)		–		–		82,205
JPMorgan Chase Bank NA		5,176,155		(5,176,155)		–		–		–
Standard Chartered Bank		945,805		(945,805)		–		–		–
	$	31,438,079	$	(31,355,874)	$	–	$	–	$	82,205

*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:

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
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	$	(14,850,569)	$	5,506,627	$	–	$	6,940,000	$	(2,403,942)
Barclays Bank plc		(11,195,500)		1,420,717		–		9,774,783		–
BNP Paribas		(77,177)		38,443		–		–		(38,734)
Citibank NA		(11,326,915)		5,524,751		–		5,802,164		–
Deutsche Bank AG		(2,047,006)		51,540		–		1,995,466		–
Goldman Sachs Bank USA		(22,921,262)		12,531,852		–		10,389,410		–
Goldman Sachs International		(4,176,791)		42,691		–		810,000		(3,324,100)
HSBC Bank USA NA		(117,293)		117,293		–		–		–
JPMorgan Chase Bank NA		(17,917,360)		5,176,155		–		12,576,000		(165,205)
Standard Chartered Bank		(4,538,525)		945,805		–		3,592,720		–
	$	(89,168,398)	$	31,355,874	$	–	$	51,880,543	$	(5,931,981)

*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.

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	$	410,923		Swaps, at value	$	4,828,245
Interest rate contracts	Swaps, at value		145,451		Swaps, at value		2,184,336
Credit contracts	Centrally cleared swaps, at value		2,209,893		Centrally cleared swaps, at value		854,448
Interest rate contracts	Centrally cleared swaps, at value		1,270,977		Centrally cleared swaps, at value		3,087,802
Interest rate contracts	Variation margin receivable		177,222	*	Variation margin payable		814,967	*
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		10,211,212		Unrealized depreciation on foreign currency exchange contracts		27,153,989
Equity contracts					Options written, at value		1,714,929
Forward currency exchange contracts					Options written, at value		37,744,738

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6. Use of Derivatives (Continued)

	Asset Derivatives           (Continued)			Liability Derivatives               (Continued)
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				Swaptions written, at value	$	14,858
Interest rate contracts				Swaptions written, at value		15,527,303
Credit contracts	Investments, at value	$	24,301**
Equity contracts	Investments, at value		4,231,318**
Forward currency exchange contracts	Investments, at value		12,541,745**
Interest rate contracts	Investments, at value		3,873,129**
Total		$	35,096,171		$	93,925,615

*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	$	(2,622,914)	$	1,662,598	$	—	$	—
Equity contracts		(2,289,226)		—		—		—
Forward currency exchange contracts		(12,141,090)		—		(29,173,616)		—
Interest rate contracts		(6,240,824)		3,550,212		1,128,865		(8,555,272)
Total	$	(23,294,054)	$	5,212,810	$	(28,044,751)	$	(8,555,272)
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			$	—	$	132,537	$	(827,779)
Equity contracts				—		(4,096)		(2,293,322)
Forward currency exchange contracts				54,475,433		—		13,160,727
Interest rate contracts				—		5,523,623		(4,593,396)
Total			$	54,475,433	$	5,652,064	$	5,446,230

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

119       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts
Credit contracts	$	(49,003)	$	34,012	$	—	$	—
Equity contracts		(1,002,052)		—		912,178		—
Forward currency exchange contracts		(5,160,899)		—		(5,057,018)		—
Interest rate contracts		(4,422,150)		3,870,798		—		6,301,862
Total	$	(10,634,104)	$	3,904,810	$	(4,144,840)	$	6,301,862
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			$	—	$	(2,761,543)	$	(2,776,534)
Equity contracts				—		—		(89,874)
Forward currency exchange contracts				(13,795,792)		—		(24,013,709)
Interest rate contracts				—		(4,330,937)		1,419,573
Total			$	(13,795,792)	$	(7,092,480)	$	(25,460,544)

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

7. Shares of Beneficial Interest

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

	Year Ended September 30, 2018						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Class A
Sold1		45,219,211		$	174,958,678			48,921,616		$	192,308,690
Dividends and/or distributions reinvested		32,590,219			125,317,871			31,238,755			122,750,966
Redeemed		(143,187,491	)		(551,662,029	)		(204,805,470	)		(804,119,203)
Net decrease		(65,378,061	)	$	(251,385,480	)		(124,645,099	)	$	(489,059,547)
Class B
Sold		25,013		$	98,072			61,590		$	242,525
Dividends and/or distributions reinvested		51,419			202,425			216,903			854,138
Redeemed1		(4,051,560	)		(15,858,387	)		(7,248,102	)		(28,583,258)
Net decrease		(3,975,128	)	$	(15,557,890	)		(6,969,609	)	$	(27,486,595)

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7. Shares of Beneficial Interest (Continued)

	Year Ended September 30, 2018						Year Ended September 30, 2017
	Shares			Amount			Shares			Amount
Class C
Sold		8,727,719			$       33,818,381			10,191,444			$       39,924,389
Dividends and/or distributions reinvested		6,081,273			23,366,153			6,097,118			23,910,475
Redeemed		(45,976,966	)		(176,602,247	)		(55,764,924	)		(218,744,195)
Net decrease		(31,167,974	)		$    (119,417,713	)		(39,476,362	)		$    (154,909,331)
Class I
Sold		3,153,820			$       12,196,482			3,674,488			$       14,395,136
Dividends and/or distributions reinvested		601,762			2,305,887			523,645			2,048,739
Redeemed		(4,601,422	)		(17,690,652	)		(3,851,222	)		(15,064,334)
Net increase (decrease)		(845,840	)		$        (3,188,283	)		346,911			$         1,379,541
Class R
Sold		5,031,105			$       19,473,916			4,992,953			$       19,622,247
Dividends and/or distributions reinvested		1,273,744			4,902,998			1,219,626			4,794,536
Redeemed		(7,598,526	)		(29,335,636	)		(12,707,380	)		(49,915,062)
Net decrease		(1,293,677	)		$        (4,958,722	)		(6,494,801)			$      (25,498,279)
Class Y
Sold		27,622,778			$     106,371,546			65,302,057			$     256,466,227
Dividends and/or distributions reinvested		5,418,455			20,844,909			4,342,868			17,080,573
Redeemed		(58,250,444	)		(223,283,822	)		(38,336,517	)		(150,650,866)
Net increase (decrease)		(25,209,211	)		$      (96,067,367	)		31,308,408			$     122,895,934

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

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	$	2,568,317,423	$	3,141,151,190
U.S. government and government agency obligations		—		5,986,596
To Be Announced (TBA) mortgage-related securities		6,366,360,171		6,415,700,475

9. Fees and Other Transactions with Affiliates

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

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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

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

The Fund’s effective management fee for the reporting period was 0.54% 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.

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 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

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9. Fees and Other Transactions with Affiliates (Continued)

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 C and Class R shares, and had previously adopted a similar plan for Class B 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 C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. 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.

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NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 Distributor1		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
September 30, 2018		$358,284		$6,131		$4,506		$21,640		$—

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

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 $156,883. 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 for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed 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	$	116,550
Class B1		472
Class C		25,781
Class R		4,651
Class Y		18,696

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

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 $2,642,491 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.

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.

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10. Borrowing and Other Financing (Continued)

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 risk of an unlimited loss, since the price of the security sold short could theoretically increase without limit. Purchasing securities previously sold short to close out a short position can itself cause the price of the securities to rise further, thereby increasing the loss. Further, there is no assurance that a security the Fund needs to buy to cover a short position will be available for purchase at a reasonable price. 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 $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period.

11. Subsequent Event

On October 18, 2018, Massachusetts Mutual Life Insurance Company (“MassMutual”), an indirect corporate parent of the Sub-Adviser and the Manager announced that it has entered into a definitive agreement, whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser. As of the time of the announcement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Global Strategic Income Fund:

Opinion on the Consolidated Financial Statements

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, 2018, 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 related consolidated notes (collectively, the “consolidated financial statements”) and the consolidated financial highlights for each of the years in the five year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Fund and subsidiary as of September 30, 2018, the results of their consolidated operations for the year then ended, the changes in their consolidated 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.

Basis for Opinion

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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund and subsidiary in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2018, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

November 28, 2018

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FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

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 2.21% 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 $9,081,166 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2018, 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 $97,583,159 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

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

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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited

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

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

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

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the Sub-Adviser’s portfolio managers and 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.

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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 Krishna Memani, Ruta Ziverte, and Chris Kelly, the portfolio managers for the Fund, as well as the experience of Hemant Baijal who was appointed as a new portfolio manager of the Fund in January 2018, 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 all periods. The Board considered that, as a result of the Board’s conversations with the Adviser and in an effort to address performance, the Adviser added two portfolio managers to the Fund’s investment team in January 2017. The Board further noted that a portfolio manager of the Fund was replaced in January 2018. The Board also noted the Managers’ assertion that the Fund’s performance improved in 2017, and that the Fund ranked in the third quintile of its category for the one-year period. It further considered the Fund’s performance against its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which the Managers stated is a good comparison for Fund performance, and noted that the Fund outperformed its benchmark during the one-, three-, and five-year periods.

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 front-end load multisector bond funds with comparable asset levels and distribution features. The Board considered that the Fund’s contractual management fee was lower than its category median and peer group median. The Board noted that the Fund’s total expenses were equal to its peer group median, but one basis point higher than its category median.

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BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND

SUB-ADVISORY AGREEMENTS Unaudited / Continued

The Board further considered the Fund’s current contractual fee waivers, specifically that (a) the Adviser has contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management fees incurred indirectly through the Fund’s investment in funds managed by the Adviser or its affiliates, which may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board and (b) the Adviser 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 Fund’s subsidiary, which will continue to be in effect for so long as the Fund invests in the subsidiary and may not be terminated unless approved by the Board. Finally, the Board considered that the Adviser, in its capacity as the Fund’s transfer agent, voluntarily waived and/or reimbursed the Fund for transfer agent fees in an amount equal to 0.015% of average annual net assets, and that effective January 1, 2018, after discussions with the Board, the Fund’s transfer agent fee rate was decreased.

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

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

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through August 31, 2019. 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.

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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENT 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.

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TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held.
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. Each of the Trustees in the chart below oversees 58 portfolios in the OppenheimerFunds complex.
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. 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 Board’s deliberations.
Andrew J. Donohue, Trustee (since 2017) Year of Birth: 1950	Director, Mutual Fund Directors Forum (since February 2018); 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). 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.
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). 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 Board’s deliberations.

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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 of the Board (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). 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 Board’s deliberations.
Victoria J. Herget, Trustee (since 2012) Year of Birth:1951	Board Chair (2008-2015) and Director (2004-Present) of United Educators (insurance company); Trustee (since 2000) and Chair (2010-2017) of Newberry Library (independent research library); Trustee, Mather LifeWays (senior living organization) (since 2001); Independent Director of the First American Funds (mutual fund family) (2003-2011); former Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms); Trustee (1992-2007), Chair of the Board of Trustees (1999- 2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (non-profit organization) (2006-2009) and Chicago City Day School (K-8 School) (1994- 2005). 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 Board’s 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; member, Women’s Investment Management Forum (professional organization) (since inception) and Trustee of Jennies School for Little Children (non-profit) (2011-2014). 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 Board’s deliberations.

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TRUSTEES AND OFFICERS Unaudited / Continued

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 in Denver and New York offices from 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. 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 Board’s deliberations.
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 and director 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. Mr. Steinmetz is an officer of 105 portfolios in the OppenheimerFunds complex.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘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 (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Baijal, 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. Mr. Steinmetz is an officer of 105 portfolios in the OppenheimerFunds complex.
Hemant Baijal, Vice President (since 2018) Year of Birth: 1962	Senior Vice President of the Sub-Adviser (since January 2016); Senior Portfolio Manager of the Sub-Adviser (since July 2011); Co-Head of the Global Debt Team (since January 2015); Vice President of the Sub-Adviser (July 2011-January 2016). Co-founder, Partner and Portfolio Manager of Six Seasons Global Asset Management (January 2009-December 2010); Partner and Portfolio Manager of Aravali Partners, LLC (September 2006-December 2008); Partner and Portfolio Manager at Havell Capital Management, LLC (November 1996-August 2006).

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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).
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).
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).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, 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.
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 OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).
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 OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., 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).

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TRUSTEES AND OFFICERS Unaudited / Continued

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970 Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

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

©2018 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY 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 non-public 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 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.

138       OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Internet Security and Encryption

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

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

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. 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 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. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

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 as of November 2017. 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, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

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OppenheimerFunds^®

The Right Way

to Invest

Visit us at oppenheimerfunds.com for 24-hr access to

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677
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	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2018 OppenheimerFunds Distributor, Inc. All rights reserved. RA0230.001.0918 November 21, 2018

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 $104,400 in fiscal 2018 and $105,700 in fiscal 2017.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2018 and $8,500 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $297,836 in fiscal 2018 and $386,986 in fiscal 2017 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, CP Conduit fees, incremental and additional audit services.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,942 in fiscal 2018 and $5,093 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $534,826 in fiscal 2018 and $286,402 in fiscal 2017 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 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 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 $845,104 in fiscal 2018 and $686,981 in fiscal 2017 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 9/30/2018, 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits 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:	11/16/2018

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:	11/16/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	11/16/2018