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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-5724

Oppenheimer 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)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 03/31/2009

Item 1. Reports to Stockholders.

March 31, 2009 Oppenheimer Management Strategic Income Commentaries and Fund Semiannual Report M A N A G E M E N T C O M M E N TA R I E S An Interview with Your Fund’s Managers Listing of Top Holdings S E M I A N N U A L R E P O RT Listing of Investments Financial Statements

TOP HOLDINGS AND ALLOCATIONS

Corporate Bonds & Notes—Top Ten Industries

Oil, Gas & Consumable Fuels	3.1	%
Commercial Banks	2.3
Diversified Financial Services	1.9
Media	1.4
Electric Utilities	1.2
Diversified Telecommunication Services	1.2
Capital Markets	1.1
Thrifts & Mortgage Finance	0.8
Hotels, Restaurants & Leisure	0.7
Health Care Providers & Services	0.7

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2009, and are based on net assets.

Portfolio Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2009, and are based on the total market value of investments. The Fund may invest without limit in below investment-grade securities, which carry a greater risk that the issue may default on principal or interest payments, and in foreign securities, which entail higher expenses and risks, such as currency fluctuation.

10 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES

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

Investors should consider the Fund’s investment objectives, risks and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing.

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

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

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

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

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

11 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES

Class Y shares of the Fund were first publicly offered on 1/26/98. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

12 | OPPENHEIMER STRATEGIC INCOME FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2009.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in

13 | OPPENHEIMER STRATEGIC INCOME FUND

FUND EXPENSES Continued

the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	October 1, 2008		March 31, 2009		March 31, 2009
Actual
Class A	$	1,000.00	$	850.40	$	4.35
Class B		1,000.00		845.00		8.51
Class C		1,000.00		844.60		7.85
Class N		1,000.00		846.50		6.33
Class Y		1,000.00		850.70		3.42
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.24		4.75
Class B		1,000.00		1,015.76		9.29
Class C		1,000.00		1,016.45		8.58
Class N		1,000.00		1,018.10		6.92
Class Y		1,000.00		1,021.24		3.74

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended March 31, 2009 are as follows:

Class	Expense Ratios
Class A		0.94	%
Class B		1.84
Class C		1.70
Class N		1.37
Class Y		0.74

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

14 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited

	Principal
	Amount		Value
Asset-Backed Securities—0.9%
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/141	$	3,354,000	$	1,892,078
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 1.002%, 5/25/342		4,482,726		2,480,986
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.622%, 9/25/362		2,190,000		1,539,637
Argent Securities Trust 2006-W5, Asset-Backed Pass-Through Certificates, Series 2006-W5, Cl. A2B, 0.622%, 5/26/362		1,384,960		1,318,949
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12		665,000		517,846
Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.586%, 5/15/132		3,320,000		2,437,574
Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.622%, 5/16/362		1,414,714		1,348,834
CitiFinancial Mortgage Securities, Inc., Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2004-1, Cl. AF2, 2.645%, 4/25/34		884,422		799,884
Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.622%, 10/25/362		1,784,779		1,580,177
Citigroup Mortgage Loan Trust, Inc. 2006-WFH4, Asset-Backed Pass-Through Certificates, Series 2006-WFH4, Cl. AS, 0.622%, 11/25/362		3,914,661		3,378,435
Countrywide Home Loans, Asset-Backed Certificates:
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/362		2,010,000		1,626,392
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/362		1,077,342		839,840
CWABS, Inc. Asset-Backed Certificates Trust, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.642%, 6/25/472		4,054,000		2,687,831
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
Series 2005-G, Cl. 2A, 0.786%, 12/15/352		665,100		261,550
Series 2006-H, Cl. 2A1A, 0.706%, 11/15/362		227,265		58,918
DLJ Ltd., Collateralized Bond Obligations, Series 1A, Cl. C2, 11.96%, 4/15/111,3,4		15,000,000		150
DVI Receivables Corp., Equipment Asset-Backed Certificates, Series 2001-2, Cl. C, 4.405%, 11/11/091,3		3,083,887		15,419
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/251,3,4		2,730,094		—
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.612%, 7/25/362		3,790,000		3,192,345
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.632%, 7/7/362		1,940,000		1,595,127
First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.642%, 9/25/362		2,528,833		524,524
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 6/13/111,3,4		6,932,011		—

F1 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Asset-Backed Securities Continued
Green Tree Financial Corp., Manufactured Housing Contract Sr. Sub. Pass-Through Certificates, Series 1997-5, Cl. M1, 6.95%, 5/15/291	$	4,814,000	$	2,301,712
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/20/31		3,384,147		623,852
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35		2,662,000		787,415
Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37		1,108,963		170,184
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Nts., Series 2005-3, Cl. A1, 0.805%, 1/20/352		1,453,220		1,000,690
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.655%, 3/20/362		1,520,000		1,283,358
Ice Em CLO, Collateralized Loan Obligations:
Series 2007-1A, Cl. B, 3.424%, 8/15/221,2		20,040,000		8,016,000
Series 2007-1A, Cl. C, 4.724%, 8/15/221,2		16,980,000		2,713,404
Series 2007-1A, Cl. D, 6.724%, 8/15/221,2		16,980,000		2,333,052
Lehman XS Trust, Mtg. Pass-Through Certificates:
Series 2005-2, Cl. 2A1B, 5.18%, 8/25/352		367,525		363,859
Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35		556,143		515,127
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 0.01%, 3/24/141,2		4,046,827		10,117
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.622%, 8/25/362		5,580,000		1,715,083
NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.945%, 1/25/291,2		4,475,119		570,578
Option One Mortgage Loan Trust, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.622%, 7/1/362		4,799,415		3,472,809
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/362		1,734,673		1,538,050
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.622%, 9/25/362		4,708,710		4,191,237
Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.752%, 2/25/372		1,884,239		843,050
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 2.396%, 6/15/392		6,323,000		1,756,622
Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 18.284%, 6/7/111,2		5,430,000		3,529,500
Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 3.857%, 11/14/131,2		1,234,747		987,798
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37		537,200		126,387

F2 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Asset-Backed Securities Continued
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.622%, 7/25/362	$	2,377,183	$	2,261,821
Total Asset-Backed Securities (Cost $164,003,230)				69,208,201
Mortgage-Backed Obligations—22.3%
Government Agency—11.5%
FHLMC/FNMA/Sponsored—11.2%
Federal Home Loan Mortgage Corp.:
5%, 8/15/33-12/15/34		7,651,370		7,924,324
6%, 1/15/19-3/15/33		12,380,558		13,002,809
6%, 4/16/245		5,750,000		6,022,228
6.50%, 4/15/18-8/15/32		6,842,940		7,245,437
7%, 8/15/21-10/1/31		5,413,064		5,856,144
7.50%, 2/15/32-4/25/36		6,607,298		7,201,174
8.50%, 8/15/31		411,274		448,735
10%, 5/15/20		153,088		174,160
10.50%, 6/14/20		166,771		192,896
11.50%, 11/14/16		61,640		65,931
12%, 6/14/10-6/15/17		299,143		322,305
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		6,239,467		6,620,442
Series 151, Cl. F, 9%, 5/15/21		12,552		12,558
Series 1562, Cl. Z, 7%, 7/15/23		320,090		338,720
Series 1590, Cl. IA, 1.613%, 10/15/232		5,785,788		5,807,056
Series 1674, Cl. Z, 6.75%, 2/15/24		279,708		296,165
Series 2006-11, Cl. PS, 22.653%, 3/25/362		2,622,852		3,169,512
Series 2034, Cl. Z, 6.50%, 2/15/28		55,559		59,309
Series 2043, Cl. ZP, 6.50%, 4/15/28		3,980,129		4,201,017
Series 2053, Cl. Z, 6.50%, 4/15/28		54,295		57,666
Series 2116, Cl. ZA, 6%, 1/15/29		4,161,171		4,403,505
Series 2326, Cl. ZP, 6.50%, 6/15/31		879,423		927,599
Series 2344, Cl. FP, 1.506%, 8/15/312		2,102,959		2,087,604
Series 2368, Cl. TG, 6%, 10/15/16		960,556		1,018,060
Series 2412, Cl. GF, 1.506%, 2/15/322		4,679,505		4,645,549
Series 2427, Cl. ZM, 6.50%, 3/15/32		4,197,550		4,477,621
Series 2435, Cl. EQ, 6%, 5/15/31		3,889,221		3,963,281
Series 2451, Cl. FD, 1.556%, 3/15/322		1,577,624		1,568,212
Series 2453, Cl. BD, 6%, 5/15/17		124,193		131,835
Series 2461, Cl. PZ, 6.50%, 6/15/32		306,689		327,743
Series 2464, Cl. FI, 1.556%, 2/15/322		1,733,668		1,724,150
Series 2470, Cl. AF, 1.556%, 3/15/322		2,655,493		2,669,639
Series 2470, Cl. LF, 1.556%, 2/15/322		1,774,632		1,776,426
Series 2471, Cl. FD, 1.556%, 3/15/322		3,218,457		3,227,208
Series 2475, Cl. FB, 1.556%, 2/15/322		2,506,542		2,492,780
Series 2500, Cl. FD, 1.056%, 3/15/322		566,062		552,186

F3 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/Sponsored Continued
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
Series 2517, Cl. GF, 1.556%, 2/15/322	$	1,450,005	$	1,449,492
Series 2526, Cl. FE, 0.956%, 6/15/292		721,383		699,497
Series 2551, Cl. FD, 0.956%, 1/15/332		556,733		544,654
Series 2641, Cl. CE, 3.50%, 9/15/25		1,513,746		1,517,571
Series 2676, Cl. KY, 5%, 9/15/23		2,516,000		2,673,892
Series 2676, Cl. TF, 1.156%, 1/15/322		3,589,568		3,545,040
Series 2727, Cl. UA, 3.50%, 10/15/22		140,612		140,488
Series 2754, Cl. PE, 5%, 2/15/34		5,000,000		5,236,108
Series 2777, Cl. PJ, 4%, 5/15/24		234,611		234,541
Series 2857, Cl. MG, 5%, 9/1/34		5,125,000		5,378,572
Series 2934, Cl. NA, 5%, 4/15/24		1,909,243		1,933,400
Series 2936, Cl. PE, 5%, 2/1/35		2,807,000		2,952,017
Series 2947, Cl. HE, 5%, 3/1/35		4,120,000		4,330,152
Series 3025, Cl. SJ, 22.71%, 8/15/352		2,795,764		3,396,123
Series 3035, Cl. DM, 5.50%, 11/15/25		5,079,474		5,170,473
Series 3057, Cl. LG, 5%, 10/15/35		5,000,000		5,253,119
Series 3094, Cl. HS, 22.344%, 6/15/342		1,504,913		1,753,621
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 177, Cl. IO, 10.526%, 7/1/266		2,228,593		301,037
Series 183, Cl. IO, 6.805%, 4/1/276		889,178		118,733
Series 192, Cl. IO, 6.91%, 2/1/286		396,895		51,731
Series 200, Cl. IO, 6.818%, 1/1/296		490,643		62,541
Series 203, Cl. IO, (2.816)%, 6/1/296		1,645,673		213,825
Series 205, Cl. IO, 6.941%, 9/1/296		2,173,696		279,152
Series 206, Cl. IO, (14.479)%, 12/1/296		671,272		109,657
Series 207, Cl. IO, (21.752)%, 4/1/306		772,973		95,837
Series 2074, Cl. S, 40.655%, 7/17/286		504,347		70,700
Series 2079, Cl. S, 49.559%, 7/17/286		819,859		116,566
Series 208, Cl. IO, (8.744)%, 6/1/306		1,427,424		177,396
Series 214, Cl. IO, (16.736)%, 6/1/316		750,780		98,765
Series 216, Cl. IO, 2.787%, 12/1/316		7,667,363		1,035,493
Series 224, Cl. IO, 0.281%, 3/1/336		4,204,950		556,600
Series 243, Cl. 6, 14.656%, 12/15/326		2,551,459		304,650
Series 2526, Cl. SE, 36.051%, 6/15/296		1,303,540		156,459
Series 2802, Cl. AS, 99.999%, 4/15/336		3,521,588		294,064
Series 2819, Cl. S, 46.124%, 6/15/346		11,415,837		1,052,908
Series 2920, Cl. S, 69.335%, 1/15/356		6,724,896		544,429
Series 3000, Cl. SE, 98.097%, 7/15/256		8,667,293		811,937
Series 3004, Cl. SB, 99.999%, 7/15/356		12,971,451		1,663,963
Series 3110, Cl. SL, 94.535%, 2/15/266		2,498,163		201,591
Series 3146, Cl. SA, 47.625%, 4/15/366		20,929,496		2,185,843
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 7.622%, 2/1/287		396,895		322,805
Federal National Mortgage Assn.:
4.50%, 4/1/245		63,500,000		65,385,188

F4 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
FHLMC/FNMA/Sponsored Continued
Federal National Mortgage Assn: Continued
5%, 11/25/21-12/25/21	$	241,865	$	251,447
5%, 4/1/24-4/1/395		125,590,000		129,883,374
5.296%, 10/1/36		27,575,672		28,470,829
5.50%, 1/25/22-8/25/22		2,135,766		2,229,640
5.50%, 4/1/24-4/1/395		137,218,000		142,495,383
6%, 4/1/24-4/1/395		75,301,000		78,702,002
6.50%, 12/25/29-1/1/34		20,837,080		22,223,845
6.50%, 4/1/395		7,343,000		7,734,250
7%, 11/1/17-9/25/34		30,531,167		32,879,103
7.50%, 6/25/10-1/1/33		11,078,798		12,025,160
8.50%, 7/1/32		81,439		89,431
9.50%, 4/25/20-4/8/21		87,295		96,548
11%, 11/8/15-2/25/26		293,803		343,834
13%, 6/25/15		69,251		82,712
15%, 5/9/13		161,170		185,515
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-T10, Cl. IO, 39.342%, 12/25/416		120,428,158		1,324,565
Trust 2001-T3, Cl. IO, 43.845%, 11/25/406		14,264,808		239,817
Trust 2001-T4, Cl. IO, 28.465%, 7/25/416		22,779,453		450,676
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Trust 1996-35, Cl. Z, 7%, 7/25/26		291,332		315,093
Trust 1997-45, Cl. CD, 8%, 7/18/27		1,709,211		1,913,238
Trust 1998-58, Cl. PC, 6.50%, 10/25/28		1,962,492		2,091,906
Trust 1999-14, Cl. MB, 6.50%, 4/25/29		88,043		95,030
Trust 1999-54, Cl. LH, 6.50%, 11/25/298		3,570,173		3,775,922
Trust 2001-19, Cl. Z, 6%, 5/1/31		2,113,941		2,232,180
Trust 2001-44, Cl. QC, 6%, 9/25/16		267,062		283,551
Trust 2001-51, Cl. OD, 6.50%, 10/25/31		380,677		410,575
Trust 2001-65, Cl. F, 1.122%, 11/25/312		3,594,028		3,563,798
Trust 2001-69, Cl. PF, 1.522%, 12/25/312		3,894,194		3,873,107
Trust 2001-80, Cl. ZB, 6%, 1/25/32		4,110,334		4,341,213
Trust 2002-12, Cl. PG, 6%, 3/25/17		2,632,471		2,796,762
Trust 2002-19, Cl. PE, 6%, 4/25/17		1,473,442		1,564,255
Trust 2002-21, Cl. PE, 6.50%, 4/25/32		3,931,440		4,188,774
Trust 2002-29, Cl. F, 1.522%, 4/25/322		1,903,963		1,893,335
Trust 2002-60, Cl. FH, 1.522%, 8/25/322		3,760,482		3,740,567
Trust 2002-64, Cl. FJ, 1.522%, 4/25/322		584,759		579,001
Trust 2002-68, Cl. FH, 1.056%, 10/18/322		1,211,528		1,191,289
Trust 2002-81, Cl. FM, 1.022%, 12/25/322		2,236,134		2,199,462
Trust 2002-84, Cl. FB, 1.522%, 12/25/322		371,422		369,454
Trust 2002-9, Cl. PC, 6%, 3/25/17		2,944,054		3,128,556
Trust 2003-11, Cl. FA, 1.522%, 9/25/322		506,847		504,162

F5 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
FHLMC/FNMA/Sponsored Continued
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates: Continued
Trust 2003-116, Cl. FA, 0.922%, 11/25/332	$	712,189	$	692,600
Trust 2003-28, Cl. KG, 5.50%, 4/25/23		5,556,000		5,917,352
Trust 2003-3, Cl. FM, 1.022%, 4/25/332		2,803,089		2,757,908
Trust 2003-81, Cl. PW, 4%, 3/25/25		1,515,469		1,517,596
Trust 2004-101, Cl. BG, 5%, 1/25/20		5,778,000		6,109,619
Trust 2004-52, Cl. JR, 4.50%, 7/25/24		2,143,705		2,144,289
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44		1,648,308		1,730,412
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25		3,800,000		4,045,091
Trust 2005-25, Cl. PS, 25.864%, 4/25/352		1,003,940		1,195,918
Trust 2005-31, Cl. PB, 5.50%, 4/25/35		2,865,000		2,985,613
Trust 2005-71, Cl. DB, 4.50%, 8/25/25		3,510,000		3,664,537
Trust 2006-24, Cl. DB, 5.50%, 4/25/26		960,000		1,024,381
Trust 2006-46, Cl. SW, 22.286%, 6/25/362		3,846,335		4,579,753
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Trust 2001-61, Cl. SH, 51.37%, 11/18/316		4,079,488		392,722
Trust 2001-63, Cl. SD, 21.453%, 12/18/316		105,652		9,891
Trust 2001-68, Cl. SC, 16.285%, 11/25/316		72,650		7,086
Trust 2001-81, Cl. S, 34.115%, 1/25/326		954,116		90,866
Trust 2002-28, Cl. SA, 36.407%, 4/25/326		686,466		70,006
Trust 2002-38, Cl. SO, 50.213%, 4/25/326		607,103		64,456
Trust 2002-39, Cl. SD, 35.228%, 3/18/326		944,560		102,696
Trust 2002-48, Cl. S, 33.065%, 7/25/326		1,081,335		121,964
Trust 2002-52, Cl. SL, 34.04%, 9/25/326		654,424		71,560
Trust 2002-53, Cl. SK, 33.627%, 4/25/326		588,795		67,068
Trust 2002-56, Cl. SN, 35.815%, 7/25/326		1,483,000		163,112
Trust 2002-65, Cl. SC, 58.766%, 6/25/266		1,849,762		178,337
Trust 2002-77, Cl. IS, 42.167%, 12/18/326		1,034,319		115,666
Trust 2002-77, Cl. SH, 39.415%, 12/18/326		1,160,757		131,991
Trust 2002-89, Cl. S, 66.716%, 1/25/336		6,268,558		592,183
Trust 2002-9, Cl. MS, 32.45%, 3/25/326		1,289,585		147,473
Trust 2003-13, Cl. IO, 8.009%, 3/25/336		4,569,225		529,043
Trust 2003-23, Cl. ES, 78.514%, 10/25/226		21,978,140		1,816,590
Trust 2003-26, Cl. DI, 8.157%, 4/25/336		2,987,022		331,387
Trust 2003-26, Cl. IK, 11.653%, 4/25/336		523,468		58,085
Trust 2003-33, Cl. SP, 41.788%, 5/25/336		4,454,347		458,110
Trust 2003-4, Cl. S, 46.573%, 2/25/336		2,278,755		238,132
Trust 2003-46, Cl. IH, (12.636)%, 6/1/336		900,820		86,017
Trust 2005-40, Cl. SA, 67.866%, 5/25/356		10,303,482		849,540
Trust 2005-40, Cl. SB, 81.487%, 5/25/356		4,642,387		492,371
Trust 2005-71, Cl. SA, 70.831%, 8/25/256		5,456,466		582,111
Trust 2005-87, Cl. SE, 96.416%, 10/25/356		46,589,480		3,451,926
Trust 2006-90, Cl. SX, 99.999%, 9/25/366		9,628,687		867,161
Trust 221, Cl. 2, 14.881%, 5/1/236		874,903		132,521
Trust 240, Cl. 2, 21.197%, 9/1/236		1,449,553		190,907
Trust 247, Cl. 2, 2.983%, 10/1/236		346,315		63,000
Trust 252, Cl. 2, 7.117%, 11/1/236		103,297		15,527

F6 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
FHLMC/FNMA/Sponsored Continued
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
Trust 2682, Cl. TQ, 99.999%, 10/15/336	$	4,409,208	$	406,238
Trust 2981, Cl. BS, 99.999%, 5/15/356		7,938,517		625,967
Trust 301, Cl. 2, (1.401)%, 4/1/296		1,327,664		167,505
Trust 303, Cl. IO, 13.748%, 11/1/296		762,842		126,882
Trust 313, Cl. 2, 14.567%, 6/1/316		12,481,486		1,637,468
Trust 319, Cl. 2, (0.747)%, 2/1/326		79,232		10,079
Trust 321, Cl. 2, 3.089%, 4/1/326		6,492,196		840,750
Trust 324, Cl. 2, (1.433)%, 7/1/326		4,653,320		594,720
Trust 328, Cl. 2, (6.09)%, 12/1/326		11,436,865		1,492,041
Trust 331, Cl. 5, 9.072%, 2/1/336		5,440,315		641,010
Trust 334, Cl. 10, 10.546%, 2/1/336		4,428,988		621,358
Trust 334, Cl. 12, 4.897%, 2/1/336		6,799,502		945,097
Trust 334, Cl. 3, 4.407%, 7/1/336		1,794,017		206,084
Trust 334, Cl. 5, 4.481%, 5/1/336		3,231,058		378,109
Trust 339, Cl. 7, 6.645%, 7/1/336		16,168,414		1,882,597
Trust 339, Cl. 8, 6.366%, 8/1/336		1,003,632		116,988
Trust 342, Cl. 2, (1.847)%, 9/1/336		1,457,051		188,514
Trust 344, Cl. 2, 1.575%, 12/1/336		7,203,292		918,447
Trust 345, Cl. 9, 8.568%, 1/1/346		5,813,326		696,807
Trust 351, Cl. 10, 9.127%, 4/1/346		1,693,265		189,760
Trust 351, Cl. 11, 9.585%, 11/1/346		911,860		103,858
Trust 351, Cl. 8, 9.503%, 4/1/346		2,748,934		306,998
Trust 356, Cl. 10, 9.215%, 6/1/356		2,432,199		267,494
Trust 356, Cl. 12, 9.365%, 2/1/356		1,256,063		136,951
Trust 362, Cl. 12, 7.012%, 8/1/356		149,322		20,006
Trust 362, Cl. 13, 11.362%, 8/1/356		157,528		21,050
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security:
Trust 322, Cl. 1, 8.176%, 4/1/327		14,308,840		13,200,593
Trust 324, Cl. 1, 7.986%, 7/1/327		1,161,969		1,080,962
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 20.638%, 9/15/226		12,432,427		216,176
Series 1995-2B, Cl. 2IO, 17.395%, 6/15/256		831,393		30,182
Series 1995-3, Cl. 1IO, 10.888%, 9/15/256		28,344,687		376,766
				811,494,008
GNMA/Guaranteed—0.3%
Government National Mortgage Assn.:
4.625%, 7/1/272		7,294		7,332
7%, 1/29/28-2/8/30		1,915,955		2,056,122
8%, 1/29/28-9/29/28		723,077		786,233
11%, 11/8/19		15,772		17,625
12%, 12/9/13-9/1/15		28,293		32,463

F7 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
GNMA/Guaranteed Continued
Government National Mortgage Assn.: Continued
12.50%, 12/29/13-11/29/15	$	834,978	$	903,201
13%, 10/30/15		1,245,637		1,409,945
13.50%, 6/30/15		1,761,813		2,026,162
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates:
Series 1999-32, Cl. ZB, 8%, 9/16/29		7,524,551		8,236,543
Series 2000-12, Cl. ZA, 8%, 2/16/30		3,249,866		3,433,016
Series 2000-7, Cl. Z, 8%, 1/16/30		3,796,589		4,010,484
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 1998-19, Cl. SB, 36.146%, 7/16/286		1,632,134		229,151
Series 1998-6, Cl. SA, 55.24%, 3/16/286		1,010,040		125,621
Series 2006-47, Cl. SA, 72.129%, 8/16/366		12,158,242		1,286,599
				24,560,497
Non-Agency—10.8%
Commercial—4.1%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
Series 2007-1, Cl. AMFX, 5.482%, 1/1/49		10,030,000		4,492,469
Series 2008-1, Cl. A4, 6.165%, 12/1/172		9,480,000		6,935,478
Series 2008-1, Cl. AM, 6.208%, 1/1/182		7,805,000		3,532,600
Series 2008-1, Cl. AJ, 6.208%, 1/1/182		2,380,000		575,264
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, (5.866)%, 6/22/246		2,985,540		82,679
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.622%, 9/25/362		495,854		487,763
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35		9,286,000		7,567,313
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.55%, 12/20/352		529,981		288,303
Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.725%, 3/1/492		7,470,000		5,625,492
Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates:
Series 2007-CD4, Cl. A2B, 5.205%, 12/11/49		27,603,000		22,202,161
Series 2007-CD4, Cl. AJ, 5.398%, 12/1/49		6,760,000		1,451,442
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 1A13, 0.972%, 10/25/362		6,274,883		2,125,612
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/392		3,960,000		2,389,411
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37		15,448,677		10,662,821

F8 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Commercial Continued
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates:
Series 2007-RS1, Cl. A2, 1.02%, 1/27/371,2	$	4,163,000	$	1,068,070
Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36		4,896,750		2,893,956
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.064%, 10/15/301,2		36,400,000		3,640,000
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37		3,335,912		3,150,067
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.13%, 11/1/372		14,014,178		7,567,429
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39		3,508,420		3,494,562
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 7.005%, 5/15/301,2		2,000,000		1,994,768
Greenwich Capital Commercial Mortgage 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17		19,185,000		13,859,442
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39		4,950,000		3,731,980
Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.294%, 1/1/362		1,496,894		454,733
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47		14,355,000		9,311,546
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47		16,086,000		7,197,771
Series 2007-CB15, Cl. AJ, 5.502%, 6/1/47		1,590,000		371,241
Series 2008-C2, Cl. A4, 6.068%, 2/1/51		21,180,000		10,260,033
Series 2008-C2, Cl. AM, 6.579%, 2/1/51		12,600,000		3,044,572
Series 2008-C2, Cl. AJ, 6.579%, 2/1/512		8,100,000		1,465,736
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDPX, Commercial Mtg. Pass-Through Certificates, Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49		11,190,000		7,597,184
JPMorgan Chase Commercial Mortgage Securities Trust, Commercial Mtg. Pass-Through Certificates:
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49		9,220,000		7,408,267
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51		5,275,000		4,459,848
JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32		13,067,101		13,144,551
JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.678%, 4/1/362		7,010,097		2,039,726
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.798%, 1/1/372		3,127,809		1,779,209
LB Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 1999-C2, Cl. C, 7.47%, 10/15/32		8,115,000		8,138,164

F9 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Commercial Continued
LB-UBS Commercial Mortgage Trust 2000-C3, Commercial Mtg. Pass-Through Certificates, Series 2000-C3, Cl. A2, 7.95%, 5/15/25	$	9,093,906	$	9,211,112
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.15%, 4/11/412		6,640,000		3,150,559
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/26/241		399,127		317,533
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34		3,476,653		2,941,117
Mastr Asset Securitization Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 0.972%, 10/25/362		16,160,503		10,310,831
Merrill Lynch Mortgage Investors Trust 2005-A9, Mtg. Asset-Backed Certificates, Series 2005-A9, Cl. 4A1, 5.494%, 12/1/352		9,339,771		6,044,606
Merrill Lynch Mortgage Trust 2006-C1, Commercial Mtg. Pass-Through Certificates, Series 2006-C1, Cl. AJ, 5.657%, 5/1/392		2,980,000		833,391
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49		8,700,000		6,080,507
Nomura Asset Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 1998-D6, Cl. A1B, 6.59%, 3/15/30		197,413		197,369
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.38%, 4/25/352		399,135		90,196
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A114, 5.75%, 4/25/37		4,873,590		2,027,346
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36		2,838,267		1,617,992
Residential Asset Securitization Trust 2006-A9CB, Mtg. Pass-Through Certificates, Series 2006-A9CB, Cl. A5, 6%, 9/25/36		4,450,571		2,069,582
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.825%, 2/1/372		30,854,919		16,277,229
Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 1.306%, 9/19/321,2		1,701,173		969,669
Wachovia Bank Commercial Mortgage Trust 2006-C29, Commercial Mtg. Pass-Through Certificates, Series 2006-C29, Cl. A2, 5.275%, 11/15/48		2,083,000		1,812,585
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/512		14,700,000		9,071,740
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.952%, 5/1/462		6,690,000		1,346,567
WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 1A7, 5.609%, 11/1/362		4,165,455		943,030
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 2.662%, 11/1/461,2		3,926,267		1,223,032
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 1A2, 5.695%, 2/25/371,2		7,023,875		1,264,297
Series 2007-HY1, Cl. 2A4, 5.845%, 2/1/372		1,655,055		666,526

F10 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Commercial Continued
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 2A2, 5.66%, 3/1/372	$	9,588,350	$	2,427,529
WaMu Mortgage Pass-Through Certificates 2007-HY5 Trust, Mtg. Pass-Through Certificates, Series 2007-HY5, Cl. 2A3, 5.647%, 5/1/372		2,005,217		1,150,399
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 1.772%, 4/1/471,2		2,749,369		751,952
Wells Fargo Mortgage-Backed Securities 2004-U Trust, Mtg. Pass-Through Certificates, Series 2004-U, Cl. A1, 5.004%, 10/1/342		2,741,731		1,991,089
Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 4.008%, 10/1/342		8,836,477		6,877,680
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.542%, 11/1/342		3,086,991		1,401,299
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.544%, 2/1/352		15,830,793		12,200,719
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 5.068%, 4/25/362		9,936,420		6,495,896
				298,255,042
Manufactured Housing—0.2%
Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.097%, 9/25/362		16,098,672		10,135,097
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.084%, 3/25/362		4,600,908		2,646,088
				12,781,185
Multifamily—0.3%
CHL Mortgage Pass-Through Trust 2003-46, Mtg. Pass-Through Certificates, Series 2003-46, Cl. 1A2, 5.145%, 1/19/342		9,885,702		7,717,915
Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.485%, 2/1/352		3,623,606		2,483,490
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.627%, 7/25/362		6,950,892		3,890,334
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.093%, 3/25/362		6,685,732		4,344,914
				18,436,653
Other—0.0%
JPMorgan Mortgage Trust 2005-S2, Mtg. Pass-Through Certificates, Series 2005-S2, Cl. 3A1, 6.726%, 2/25/322		4,688,890		3,592,270

F11 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Residential—6.2%
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 5.812%, 8/1/172	$	16,580,000	$	6,743,721
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 4.301%, 5/1/341,2		12,754,529		8,354,216
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 5.017%, 11/1/342		7,857,632		6,087,155
Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36		10,650,000		5,492,035
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.567%, 2/1/372		9,195,202		7,448,701
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35		9,067,599		8,528,253
CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35		8,186,344		6,065,548
CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.473%, 1/1/361,2		3,555,662		911,451
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35		5,301,000		4,048,560
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.617%, 6/1/471,2		8,107,802		3,972,823
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates:
Series 2007-HY4, Cl. 1A1, 6.08%, 9/1/472		39,799,019		20,268,184
Series 2007-HY4, Cl. 1A2, 6.08%, 9/1/471,2		9,740,422		1,461,063
Series 2007-HY4, Cl. 2A2, 6.237%, 11/1/371,2		2,102,657		315,399
Series 2007-HY4, Cl. 3A2, 6.388%, 11/1/371,2		2,262,591		339,389
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates:
Series 2007-HY5, Cl. 1A2, 5.929%, 9/1/371,2		10,556,140		2,533,474
Series 2007-HY5, Cl. 2A2, 6.001%, 9/1/371,2		2,733,940		656,146
Series 2007-HY5, Cl. 3A2, 6.197%, 9/1/371,2		6,730,071		1,615,217
Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.70%, 8/1/122		2,810,000		2,366,853
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.949%, 5/1/351,2		10,167,309		6,569,432
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.196%, 8/1/352		20,345,362		11,252,344
Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/361,2		10,771,720		2,349,673
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates:
Series 2006-AR2, Cl. 1A2, 5.537%, 3/1/362		22,283,808		12,142,759
Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/361		9,619,663		4,396,302

F12 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Residential Continued
Citigroup/Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. AMFX, 5.366%, 12/1/49	$	14,345,000	$	6,290,980
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21		7,846,208		5,844,727
CWALT Alternative Loan Trust 2005-J1, Mtg. Pass-Through Certificates, Series 2005-J1, Cl. 3A1, 6.50%, 8/25/32		5,707,195		5,046,519
CWALT Alternative Loan Trust 2005-J3, Mtg. Pass-Through Certificates, Series 2005-J3, Cl. 3A1, 6.50%, 9/25/34		1,066,966		960,375
CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/371		37,139,509		17,130,175
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 4.48%, 5/1/342		8,998,731		6,530,826
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates:
Series 2005-AR6, Cl. 1A4, 4.129%, 9/1/352		25,476,605		17,407,053
Series 2005-AR6, Cl. 3A1, 4.559%, 9/25/352		11,865,446		8,571,939
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.346%, 11/25/352		8,780,840		5,373,292
GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.815%, 3/1/371,2		9,004,409		4,952,425
JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 5.137%, 11/1/332		5,289,201		3,662,108
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.298%, 7/1/351,2		15,516,841		9,169,196
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 6.008%, 5/1/371,2		4,488,566		644,558
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.166%, 9/11/452		26,810,000		12,211,301
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-10, Cl. 2A3B, 5.55%, 1/25/36		1,515,655		1,155,699
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 5.012%, 4/1/362		8,228,779		4,652,219
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.078%, 10/25/362		15,407,250		10,901,022
Merrill Lynch Mortgage Investors Trust 2007-3, Mtg. Pass-Through Certificates, Series 2007-3, Cl. 1A1, 5.807%, 9/1/372		6,262,973		5,150,928
RALI Series 2006-QS13 Trust:
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36		2,208,128		1,975,276
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36		11,070,858		6,673,505

F13 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Residential Continued
RALI Series 2006-QS5 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS5, Cl. 2A2, 6%, 5/1/36	$	697,347	$	635,126
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		4,450,784		2,012,648
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35		9,429,000		3,675,971
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35		15,100,076		10,512,837
Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.764%, 7/1/371,2		7,877,157		884,605
Salomon Brothers Mortgage Securities VII, Inc., CMO:
Series 2001-UP2, Cl. AF2, 7.25%, 10/25/31		93,034		92,476
Series 2000-UP1, Cl. A2, 8%, 9/25/30		330,723		290,103
Salomon Smith Barney RV Trust, Recreational Vehicles Mtg. Obligations, Series 2001-1, Cl. B, 6.64%, 4/15/18		2,294,615		2,290,537
WaMu Asset-Backed Certificates 2005-AR12 Trust, Mtg. Asset-Backed Certificates, Series 2007-AR12, Cl. 1A8, 4.83%, 10/1/352		9,546,056		6,212,366
WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 4.485%, 9/25/332		4,224,925		3,489,595
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.931%, 9/1/362		10,881,701		8,528,699
WaMu Mortgage Pass-Through Certificates 2006-AR14 Trust, Mtg. Pass-Through Certificates, Series 2006-AR14, Cl. 2A4, 5.748%, 11/1/361,2		1,262,613		290,395
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY1, Cl. 4A1, 5.414%, 2/1/372		47,997,917		26,209,858
Series 2007-HY1, Cl. 5A1, 5.751%, 2/1/372		28,052,445		15,020,348
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates:
Series 2007-HY2, Cl. 1A1, 5.588%, 12/1/362		32,515,809		16,263,266
Series 2007-HY2, Cl. 1A2, 5.588%, 12/1/361,2		3,878,294		959,624
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.334%, 3/1/372		30,910,283		17,068,006
WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.506%, 9/25/362		27,332,284		15,181,288
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.678%, 6/25/372		14,429,310		7,549,580
WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.831%, 7/1/372		7,804,574		3,573,183
Wells Fargo Mortgage-Backed Securities 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2005-AR12, Cl. 2A6, 4.265%, 7/1/352		5,324,763		3,805,901
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.466%, 10/1/352		5,811,746		4,058,646

F14 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Residential Continued
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
Series 2006-AR10, Cl. 3A2, 4.735%, 7/1/361,2	$	2,437,161		$	487,432
Series 2006-AR10, Cl. 4A2, 5.557%, 7/1/361,2		8,549,607			1,709,921
Series 2006-AR10, Cl. 5A3, 5.593%, 7/1/362		4,223,212			2,195,461
Series 2006-AR10, Cl. 5A6, 5.593%, 7/1/362		42,682,710			22,529,569
Series 2006-AR10, Cl. 2A2, 5.627%, 7/1/361,2		5,914,478			1,182,896
Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.751%, 9/1/362		29,050,000			15,233,187
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/362		6,542,295			3,733,144
					453,899,489
Total Mortgage-Backed Obligations (Cost $2,084,494,322)					1,623,019,144
U.S. Government Obligations—9.7%
Fannie Mae Nts., 2.75%, 3/13/149		25,310,000			25,653,457
Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/139		22,230,000			23,220,858
Federal Home Loan Mortgage Corp. Unsec. Nts., 2.50%, 1/7/149		47,035,000			47,141,628
Federal National Mortgage Assn. Unsec. Nts., 4.625%, 10/15/148,9		23,490,000			25,912,453
Resolution Funding Corp. Bonds, Residual Funding STRIPS, 6.135%, 1/15/2110		53,130,000			32,752,148
U.S. Treasury Bonds, STRIPS, 4.989%, 2/15/1610		11,271,000			9,449,821
U.S. Treasury Inflationary Index Nts., 0.625%, 4/15/1311,12		547,860,000			542,661,326
Total U.S. Government Obligations (Cost $654,529,121)					706,791,691
Foreign Government Obligations—23.1%
Argentina—0.2%
Argentina (Republic of) Bonds:
1.683%, 8/3/122		11,814,501			5,566,281
Series GDP, 1.626%, 12/15/352		23,710,000			765,833
Series V, 7%, 3/28/11		4,160,000			1,724,378
Series VII, 7%, 9/12/13		1,205,000			396,696
Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15		8,040,000			1,861,260
Argentina (Republic of) Sr. Unsecured Nts., 15.40%, 1/30/142	60,707,210		ARP		6,541,725
					16,856,173
Australia—0.1%
New South Wales Treasury Corp. Bonds:
Series 12, 6%, 5/1/12	2,880,000		AUD		2,108,793
Series 14, 5.50%, 8/1/14	4,190,000		AUD		3,007,021
					5,115,814

F15 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Belgium—0.1%
Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35		4,700,000	EUR	$	6,661,690
Brazil—3.3%
Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/1813		13,550,000			12,957,188
Brazil (Federal Republic of) Bonds:
6%, 1/17/17		34,465,000			34,551,163
8%, 1/15/18		15,785,000			17,300,360
8.75%, 2/4/25		1,815,000			2,078,175
8.875%, 10/14/19		12,055,000			14,224,900
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
10%, 1/10/10		58,026,000	BRR		25,567,573
10%, 1/1/12		88,414,000	BRR		38,074,896
10%, 1/1/14		36,620,000	BRR		14,697,180
10%, 1/1/17		161,211,000	BRR		60,997,412
Brazil (Federal Republic of) Nts., 7.875%, 3/7/15		7,950,000			8,824,500
Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19		8,080,000			7,898,200
					237,171,547
Bulgaria—0.2%
Bulgaria (Republic of) Bonds:
8.25%, 1/15/15		7,080,000			7,150,800
8.25%, 1/15/1513		6,790,000			6,857,900
					14,008,700
Canada—0.2%
Canada (Government of) Bonds:
3.50%, 6/1/13		5,380,000	CAD		4,589,514
5%, 6/1/37		5,655,000	CAD		5,629,883
Canada (Government of) Nts.:
3.75%, 6/1/10		4,040,000	CAD		3,318,677
4.25%, 6/1/18		2,460,000	CAD		2,208,459
					15,746,533
Colombia—0.5%
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/281		9,427,000,000	COP		3,138,535
Colombia (Republic of) Bonds:
7.375%, 9/18/37		10,402,000			9,335,795
12%, 10/22/15		24,649,000,000	COP		11,031,680
Colombia (Republic of) Nts., 11.75%, 3/1/10		5,175,000,000	COP		2,099,262
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19		4,850,000			4,862,125
EEB International Ltd. Sr. Unsec. Bonds, 8.75%, 10/31/1413		4,210,000			3,936,350
					34,403,747

F16 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Denmark—0.1%
Denmark (Kingdom of) Bonds, 5%, 11/15/13		32,535,000	DKK	$	6,338,416
Egypt—0.1%
Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/1213		62,285,000	EGP		9,619,732
France—1.1%
France (Government of) Bonds, 4.25%, 10/25/18		30,940,000	EUR		43,381,977
France (Government of) Treasury Nts., 3.75%, 1/12/13		24,755,000	EUR		34,595,233
					77,977,210
Germany—1.2%
Germany (Federal Republic of) Bonds:
5.50%, 1/4/31		10,105,000	EUR		16,089,165
Series 03, 3.75%, 7/4/13		18,410,000	EUR		26,044,572
Series 05, 4%, 1/4/37		35,030,000	EUR		46,941,233
					89,074,970
Greece—0.6%
Greece (Republic of) Bonds, 4.60%, 5/20/13		33,866,000	EUR		45,466,928
Hungary—0.3%
Hungary (Republic of) Bonds:
Series 12/C, 6%, 10/24/12		4,129,000,000	HUF		14,497,590
Series 14/C, 5.50%, 2/12/14		1,217,700,000	HUF		3,905,496
					18,403,086
Indonesia—0.7%
Indonesia (Republic of) Nts.:
6.75%, 3/10/1413		3,487,000			3,225,475
6.875%, 1/17/1813		15,300,000			12,393,000
7.25%, 4/20/1513		10,273,000			9,502,525
Indonesia (Republic of) Sr. Unsec. Nts.:
7.75%, 1/17/3813		310,000			241,800
10.375%, 5/4/1413		3,840,000			4,022,400
11.625%, 3/4/1913		9,909,000			10,825,583
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/3513		13,940,000			11,849,000
					52,059,783
Israel—0.6%
Israel (State of) Bonds:
5.125%, 3/26/19		6,335,000			6,392,591
5.50%, 2/28/17		60,080,000	ILS		15,597,021
Series 2682, 7.50%, 3/31/14		68,180,000	ILS		19,443,217
					41,432,829

F17 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Italy—0.5%
Buoni Poliennali Del Tes Bonds:
3.75%, 2/1/11		10,975,000	EUR	$	15,077,921
3.75%, 12/15/13		16,066,000	EUR		21,814,941
					36,892,862
Japan—4.2%
Japan (Government of) Bonds:
2 yr., Series 269, 0.90%, 6/15/10		8,447,000,000	JPY		85,923,275
5 yr., Series 72, 1.50%, 6/20/13		9,693,000,000	JPY		101,175,492
10 yr., Series 279, 2%, 3/20/16		1,578,000,000	JPY		17,061,403
10 yr., Series 282, 1.70%, 9/20/16		4,417,000,000	JPY		46,839,120
20 yr., Series 61, 1%, 3/20/23		2,627,000,000	JPY		24,211,872
20 yr., Series 73, 2%, 12/20/24		1,970,000,000	JPY		20,401,745
20 yr., Series 75, 2.10%, 3/20/25		1,095,000,000	JPY		11,473,578
					307,086,485
Korea, Republic of South—0.1%
Export-Import Bank of Korea (The), 8.125% Sr. Nts., 1/21/14		8,100,000			8,384,294
Mexico—1.6%
United Mexican States Bonds:
5.625%, 1/15/171		2,860,000			2,811,380
Series A, 6.375%, 1/16/13		9,990,000			10,589,400
Series MI10, 8%, 12/19/13		319,920,000	MXN		23,317,484
Series M20, 10%, 12/5/242		205,000,000	MXN		17,069,213
United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40		4,855,000			4,175,300
United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/14		11,175,000			11,594,063
United Mexican States Treasury Bills, Series BI, 8.15%, 4/2/0910		674,000,000	MXN		47,573,235
					117,130,075
Nigeria—0.0%
Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10		719,052			563,853
Nigeria (Federal Republic of) Treasury Bills, Series 364, 9.30%, 4/9/0910		440,900,000	NGN		2,976,447
					3,540,300
Norway—0.0%
Norway (Kingdom of) Bonds, 6.50%, 5/15/13		19,580,000	NOK		3,338,480
Panama—0.7%
Panama (Republic of) Bonds:
6.70%, 1/26/36		7,375,000			6,508,438
7.25%, 3/15/15		29,953,000			30,701,825

F18 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Panama Continued
Panama (Republic of) Bonds: Continued
8.875%, 9/30/27	$	4,925,000		$	5,225,425
9.375%, 4/1/29		5,500,000			6,063,750
					48,499,438
Peru—1.3%
Peru (Republic of) Bonds:
7.84%, 8/12/20		61,210,000	PEN		21,277,272
9.91%, 5/5/15		70,149,000	PEN		26,829,274
Series 7, 8.60%, 8/12/17		71,402,000	PEN		26,307,430
Series 8-1, 12.25%, 8/10/11		9,850,000	PEN		3,580,005
Peru (Republic of) Sr. Nts., 4.54%, 2/28/1610		14,029,589			9,837,548
Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19		3,797,000			3,853,955
					91,685,484
Philippines—0.2%
Philippines (Republic of the) Bonds:
8%, 1/15/16		7,090,000			7,843,313
8.375%, 2/15/11		5,050,000			5,488,845
Philippines (Republic of the) Unsec. Bonds, 9%, 2/15/13		930,000			1,069,500
					14,401,658
Poland—0.1%
Poland (Republic of) Bonds:
Series WS0922, 5.75%, 9/23/22		8,880,000	PLZ		2,409,425
Series 0413, 5.25%, 4/25/13		24,030,000	PLZ		6,737,561
					9,146,986
Sweden—0.1%
Sweden (Kingdom of) Bonds, Series 1049, 4.50%, 8/12/15		56,990,000	SEK		7,713,140
The Netherlands—0.1%
Netherlands (Kingdom of the) Bonds, 5%, 7/15/11		7,280,000	EUR		10,386,044
Turkey—3.2%
Turkey (Republic of) Bonds:
6.75%, 4/3/18		11,135,000			10,299,875
7%, 9/26/16		20,140,000			19,435,100
7%, 3/11/19		3,315,000			3,091,238
14%, 1/19/112		38,490,000	TRY		22,974,786
14.559%, 11/3/1010		34,400,000	TRY		16,716,941
15.861%, 10/7/0910		46,140,000	TRY		26,093,970
15.895%, 6/23/1010		21,410,000	TRY		10,988,085
16%, 3/7/122		89,400,000	TRY		54,841,678

F19 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Turkey Continued
Turkey (Republic of) Bonds: Continued
18.139%, 1/13/1010		74,380,000	TRY	$	40,656,370
Series CPI, 11.957%, 2/15/122		16,920,000	TRY		11,334,483
Series CPI, 12.463%, 8/14/132		3,745,000	TRY		2,270,510
Turkey (Republic of) Nts., 7.25%, 3/15/15		10,915,000			10,860,425
					229,563,461
United Kingdom—0.8%
United Kingdom Bonds, 4.50%, 3/7/19		2,950,000	GBP		4,700,512
United Kingdom Treasury Bills, 0.425%, 5/26/0910		11,800,000	GBP		16,915,452
United Kingdom Treasury Bonds:
4.75%, 12/7/38		14,320,000	GBP		22,580,187
5%, 3/7/18		7,155,000	GBP		11,905,118
					56,101,269
Uruguay—0.5%
Uruguay (Oriental Republic of) Bonds:
4.82%, 4/5/2		167,100,000	UYU		3,661,854
7.625%, 3/21/36		8,155,000			6,564,775
Uruguay (Oriental Republic of) Unsec. Bonds:
5%, 9/14/18		232,960,000	UYU		7,455,632
8%, 11/18/22		19,500,000			17,682,600
					35,364,861
Venezuela—0.4%
Venezuela (Republic of) Bonds, 9%, 5/7/23		9,715,000			5,003,225
Venezuela (Republic of) Nts.:
8.50%, 10/8/14		12,450,000			7,719,000
10.75%, 9/19/13		5,970,000			4,343,175
Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25		18,355,000			8,273,516
					25,338,916
Total Foreign Government Obligations (Cost $1,801,158,812)					1,674,910,911
Loan Participations—2.0%
Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine, 8.625% Nts., 7/15/1113		20,560,000			5,140,000
Credit Suisse First Boston International, Export-Import Bank of Ukraine, 8.40% Sec. Nts., 2/9/161		15,660,000			4,149,900
Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09		136,600,000	RUR		3,827,233
Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23, Tranche 1, 9/30/09		134,000,000	RUR		3,685,227

F20 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Loan Participations Continued
Gaz Capital SA:
7.288% Sr. Sec. Nts., 8/16/3713	$	38,330,000	$	24,243,725
7.51% Sr. Sec. Nts., 7/31/1313		15,360,000		12,288,000
8.625% Sr. Sec. Nts., 4/28/3413		9,535,000		8,486,150
Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/1013		6,585,000		6,436,838
RSHB Capital SA/OJSC Russian Agricultural Bank:
7.175% Nts., 5/16/1313		6,180,000		5,086,758
7.75% Nts., 5/29/1813		5,090,000		3,656,147
Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/1313		13,630,000		8,927,650
TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67%
Sec. Bonds, 3/5/1413		5,970,000		4,810,745
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/1813		16,800,000		10,416,000
VTB Capital SA:
6.25% Sr. Nts., 6/30/351		6,690,000		4,515,750
6.315% Sub. Unsec. Nts., 2/4/15		39,855,000		26,245,394
6.875% Sr. Sec. Nts., 5/29/1813		17,550,000		13,250,250
Total Loan Participations (Cost $223,520,762)				145,165,767
Corporate Bonds and Notes—23.3%
Consumer Discretionary—3.6%
Auto Components—0.1%
Goodyear Tire & Rubber Co. (The):
7.857% Nts., 8/15/11		3,100,000		2,557,500
9% Sr. Unsec. Nts., 7/1/15		2,150,000		1,666,250
Lear Corp., 8.75% Sr. Unsec. Nts., Series B, 12/1/16		27,220,000		5,716,200
				9,939,950
Automobiles—0.5%
Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/14		18,810,000		13,919,400
Daimler Finance North America LLC:
5.75% Unsec. Unsub. Nts., Series E, 9/8/11		1,966,000		1,859,415
5.875% Sr. Unsec. Unsub. Nts., 3/15/11		3,505,000		3,357,071
Ford Motor Co.:
6.50% Sr. Unsec. Unsub. Nts., 8/1/18		3,895,000		1,149,025
7.45% Bonds, 7/16/31		16,870,000		5,440,575
Ford Motor Credit Co., 9.75% Sr. Unsec. Nts., 9/15/10		4,380,000		3,604,293
General Motors Corp., 8.375% Sr. Unsec. Debs., 7/15/33		21,760,000		2,720,000
				32,049,779

F21 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Diversified Consumer Services—0.0%
Service Corp. International, 6.75% Sr. Unsec. Nts., 4/1/15	$	2,495,000	$	2,208,075
Hotels, Restaurants & Leisure—0.7%
CCM Merger, Inc., 8% Unsec. Nts., 8/1/1313		8,510,000		3,531,650
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/133,4,13		12,390,000		681,450
Harrah’s Operating Co., Inc., 10.75% Sr. Unsec. Nts., 2/1/16		17,230,000		3,359,850
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14		9,910,000		5,896,450
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/1513		16,145,000		2,825,375
McDonald’s Corp., 5% Sr. Unsec. Nts., 2/1/19		1,313,000		1,369,332
MGM Mirage, Inc., 8.375% Sr. Unsec. Sub. Nts., 2/1/11		13,245,000		1,456,950
Mohegan Tribal Gaming Authority:
6.125% Sr. Unsec. Sub. Nts., 2/15/13		6,895,000		2,999,325
8% Sr. Sub. Nts., 4/1/12		15,840,000		4,752,000
Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10		12,520,000		5,070,600
Pinnacle Entertainment, Inc., 8.25% Sr. Unsec. Sub. Nts., 3/15/12		7,445,000		6,551,600
Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/1413		3,705,000		3,093,675
Premier Cruise Ltd., 11% Sr. Nts., 3/15/081,3,4		10,850,000		—
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/143		31,380,000		1,725,900
Trump Entertainment Resorts, Inc., 8.50% Sec. Nts., 6/1/153		6,135,000		521,475
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14		13,030,000		9,902,800
				53,738,432
Household Durables—0.3%
Centex Corp., 5.80% Sr. Unsec. Nts., 9/15/09		7,875,000		7,796,250
Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17		5,870,000		4,754,700
K. Hovnanian Enterprises, Inc.:
7.75% Sr. Unsec. Sub. Nts., 5/15/13		2,370,000		628,050
8.875% Sr. Sub. Nts., 4/1/12		6,835,000		2,426,425
Toll Corp., 8.25% Sr. Sub. Nts., 12/1/11		4,835,000		4,714,125
William Lyon Homes, Inc.:
7.50% Sr. Unsec. Nts., 2/15/14		410,000		71,750
10.75% Sr. Nts., 4/1/13		3,535,000		618,625
				21,009,925
Leisure Equipment & Products—0.1%
Leslie’s Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/131		4,990,000		4,216,550
Media—1.4%
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12		4,030,000		1,511,250
AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14		2,235,000		1,843,875

F22 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Media Continued
American Media Operations, Inc.:
9% Sr. Unsec. Nts., 5/1/131	$	2,025	$	1,013
14% Sr. Sub. Nts., 11/1/131		578,785		289,393
CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/153		9,770,000		1,099,125
Cinemark, Inc., 0%/9.75% Sr. Unsec. Nts., 3/15/1414		4,810,000		4,557,475
Comcast Corp., 5.70% Unsec. Unsub. Nts., 5/15/18		9,947,000		9,347,952
CSC Holdings, Inc., 7.625% Sr. Unsec. Unsub. Nts., Series B, 4/1/11		4,025,000		4,014,938
EchoStar DBS Corp., 6.375% Sr. Unsec. Nts., 10/1/11		9,300,000		8,997,750
Idearc, Inc., 8% Sr. Unsec. Nts., 11/15/163		7,030,000		219,688
Lamar Media Corp., 7.25% Sr. Unsec. Sub. Nts., 1/1/13		8,380,000		7,259,175
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13		9,653,000		5,067,825
Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/142		5,330,000		3,757,650
MediaNews Group, Inc.:
6.375% Sr. Sub. Nts., 4/1/141		2,445,000		67,238
6.875% Sr. Unsec. Sub. Nts., 10/1/131		8,285,000		227,838
News America, Inc., 6.15% Sr. Unsec. Unsub. Nts., 3/1/37		5,341,000		3,909,211
NTL Cable plc, 9.125% Sr. Nts., 8/15/16		5,865,000		5,483,775
R.H. Donnelley Corp.:
6.875% Sr. Nts., 1/15/13		4,685,000		281,100
6.875% Sr. Nts., Series A-2, 1/15/13		10,645,000		638,700
Radio One, Inc., 8.875% Sr. Unsec. Sub. Nts., Series B, 7/1/11		3,962,000		1,267,840
Rainbow National Services LLC, 8.75% Sr. Nts., 9/1/1213		4,895,000		4,919,475
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12		14,985,000		8,204,288
Time Warner Cable, Inc.:
6.20% Sr. Unsec. Nts., 7/1/13		5,913,000		5,763,833
8.75% Sr. Unsub. Nts., 2/14/19		2,361,000		2,511,644
Time Warner, Inc., 6.50% Sr. Unsec. Debs., 11/15/36		3,285,000		2,713,706
Videotron Ltee:
9.125% Sr. Nts., 4/15/1813		5,455,000		5,570,919
9.125% Sr. Nts., 4/15/1813		585,000		597,431
Virgin Media Finance plc, 8.75% Sr. Unsec. Nts., 4/15/14		4,265,000		4,051,750
Walt Disney Co. (The), 4.50% Sr. Unsec. Unsub. Nts., Series D, 12/15/13		2,645,000		2,707,295
Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/141		3,775,000		2,614,188
WMG Holdings Corp., 0%/9.50% Sr. Nts., 12/15/1414		11,810,000		4,310,650
				103,807,990
Multiline Retail—0.1%
Target Corp., 6% Sr. Unsec. Nts., 1/15/18		6,575,000		6,619,256

F23 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Specialty Retail—0.3%
Claire’s Stores, Inc., 10.50% Sr. Unsec. Sub. Nts., 6/1/17	$	26,910,000		$	7,131,150
GameStop Corp., 8% Sr. Unsec. Nts., 10/1/12		4,340,000			4,405,100
Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36		6,286,000			4,469,032
Sally Holdings LLC:
9.25% Sr. Unsec. Nts., 11/15/14		4,120,000			3,924,300
10.50% Sr. Unsec. Sub. Nts., 11/15/16		3,050,000			2,684,000
					22,613,582
Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15		8,180,000			7,075,700
Consumer Staples—1.2%
Beverages—0.2%
AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/1713		13,860,000	BRR		4,899,321
Constellation Brands, Inc., 8.125% Sr. Sub. Nts., 1/15/121		2,255,000			2,266,275
Diageo Capital plc, 7.375% Sr. Unsec. Unsub. Nts., 1/15/14		3,605,000			3,966,477
PepsiCo, Inc., 7.90% Sr. Unsec. Nts., 11/1/18		3,153,000			3,883,487
					15,015,560
Food & Staples Retailing—0.5%
Albertson’s, Inc., 8% Sr. Unsec. Debs., 5/1/31		10,330,000			8,496,425
CVS Caremark Corp., 5.75% Sr. Unsec. Nts., 6/1/17		2,616,000			2,556,753
Delhaize America, Inc., 9% Unsub. Debs., 4/15/31		8,687,000			9,264,929
Kroger Co. (The), 7.50% Sr. Unsec., Nts., 1/15/14		3,281,000			3,645,657
Real Time Data Co., 11% Nts., 5/31/091,3,4,15		8,836,185			—
Wal-Mart Stores, Inc.:
5.80% Sr. Unsec. Unsub. Nts., 2/15/18		5,908,000			6,474,713
6.20% Sr. Unsec. Nts., 4/15/38		5,059,000			5,137,688
					35,576,165
Food Products—0.3%
Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/16		4,775,000			4,560,125
Dole Food Co., Inc., 8.875% Sr. Unsec. Nts., 3/15/11		1,611,000			1,381,433
Kraft Foods, Inc.:
6.125% Sr. Unsec. Nts., 8/23/18		1,063,000			1,068,186
6.125% Sr. Unsec. Unsub. Nts., 2/1/18		6,561,000			6,591,377
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/1113		5,365,000			1,904,575
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 10.625% Sr. Sub. Nts., 4/1/17		7,651,000			5,393,955

F24 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Food Products Continued
Smithfield Foods, Inc., 7% Sr. Nts., 8/1/11	$	3,070,000	$	2,379,250
				23,278,901
Household Products—0.0%
Proctor & Gamble Co. (The), 4.70% Sr. Unsec. Unsub. Nts., 2/15/19		1,308,000		1,322,973
Personal Products—0.1%
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14		6,325,000		4,522,375
Tobacco—0.1%
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18		3,543,000		3,865,122
Philip Morris International, Inc., 5.65% Sr. Unsec. Unsub. Nts., 5/16/18		4,151,000		4,134,641
				7,999,763
Energy—3.3%
Energy Equipment & Services—0.2%
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/1613		12,090,000		7,193,550
Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14		6,800,000		4,318,000
				11,511,550
Oil, Gas & Consumable Fuels—3.1%
Anadarko Petroleum Corp.:
5.95% Sr. Unsec. Nts., 9/15/16		2,620,000		2,260,405
7.625% Sr. Unsec. Nts., 3/15/14		3,897,000		3,877,542
Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/1813		9,230,000		6,784,050
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15		5,105,000		2,935,375
Berry Petroleum Co., 8.25% Sr. Sub. Nts., 11/1/16		4,330,000		2,403,150
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39		8,023,000		7,861,754
Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15		7,975,000		6,978,125
Devon Energy Corp., 6.30% Sr. Nts., 1/15/19		5,187,000		5,073,566
Enterprise Products Operating LLP:
6.50% Sr. Unsec. Unsub. Nts., 1/31/19		3,141,000		2,893,197
8.375% Jr. Sub. Nts., 8/1/662		20,345,000		13,647,507
Gaz Capital SA, 8.146% Sr. Sec. Nts., 4/11/1813		6,670,000		6,003,000
Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/1813		37,770,000		27,949,800
Kinder Morgan Energy Partners LP:
6% Sr. Unsec. Nts., 2/1/17		3,793,000		3,569,566
7.30% Sr. Unsec. Nts., 8/15/33		5,745,000		5,210,962
Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13		2,070,000		1,811,250

F25 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Oil, Gas & Consumable Fuels Continued
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/3813	$	16,930,000	$	11,935,650
Petrobras International Finance Co.:
5.785% Sr. Unsec. Nts., 3/1/18		19,120,000		17,886,033
7.875% Sr. Unsec. Nts., 3/15/19		8,090,000		8,423,308
Petroleos Mexicanos, 8% Nts., 5/3/19		8,060,000		7,898,800
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/1113		17,783,013		15,127,760
Quicksilver Resources, Inc.:
7.125% Sr. Sub. Nts., 4/1/16		7,815,000		3,751,200
8.25% Sr. Unsec. Nts., 8/1/15		1,815,000		1,179,750
Shell International Finance, 6.375% Sr. Nts., 12/15/38		4,485,000		4,747,417
Tengizchevroil LLP, 6.124% Nts., 11/15/1413		15,754,101		12,524,510
TGI International Ltd., 9.50% Nts., 10/3/1713		8,510,000		7,382,425
TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39		5,054,000		5,019,582
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/1813		24,020,000		15,252,700
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32		6,142,000		5,586,788
XTO Energy, Inc.:
5.50% Sr. Unsec. Nts., 6/15/18		3,168,000		2,949,823
6.50% Sr. Unsec. Unsub. Nts., 12/15/18		4,660,000		4,641,230
				223,566,225
Financials—7.0%
Capital Markets—1.1%
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14		9,725,000		5,494,625
Credit Suisse New York, 5% Sr. Unsec. Nts., 5/15/13		13,026,000		12,602,902
Deutsche Bank AG London, 4.875% Sr. Unsec. Nts., 5/20/13		3,242,000		3,184,056
Goldman Sachs Capital, Inc. (The), 6.345% Sub. Bonds, 2/15/34		5,338,000		3,161,361
Goldman Sachs Group, Inc. (The):
6.15% Sr. Unsec. Nts., 4/1/18		15,075,000		13,802,022
7.50% Sr. Unsec. Nts., 2/15/19		9,818,000		9,820,170
Lehman Brothers Holdings, Inc., 7.50% Sub. Nts., 5/11/383		11,978,000		1,198
Morgan Stanley, 6% Sr. Unsec. Unsub. Nts., Series F, 4/28/15		22,429,000		21,221,445
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16		5,420,000		1,626,000
UBS AG Stamford CT, 5.75% Sr. Unsec. Nts., 4/25/18		3,228,000		2,706,413
Verizon Wireless Capital LLC, 8.50% Sr. Unsec. Unsub. Nts., 11/15/18		5,073,000		5,805,952
				79,426,144
Commercial Banks—2.3%
Banco BMG SA, 9.15% Nts., 1/15/1613		17,395,000		12,089,525

F26 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Commercial Banks Continued
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/212,13	$	5,425,000		$	5,018,125
Bank of Scotland plc:
4.375% Sr. Sec. Nts., 7/13/16		20,635,000	EUR		26,615,194
4.50% Sr. Sec. Nts., 7/13/21		11,865,000	EUR		14,305,722
Barclays Bank plc, 6.278% Perpetual Bonds1,16		9,780,000			3,346,031
HSBC Bank plc:
10.221% Sr. Unsec. Nts., 7/8/0910		17,190,000			14,439,600
12.045% Sr. Unsec. Nts., 1/12/1010		22,570,000			16,588,950
HSBC Finance Capital Trust IX, 5.911% Nts., 11/30/352		29,300,000			5,870,841
HSBC Finance Corp.:
4.75% Sr. Unsec. Nts., 7/15/13		3,281,000			2,421,595
5.70% Sr. Unsec. Nts., 6/1/11		3,670,000			3,117,239
HSBC Holdings plc, 6.80% Sub. Nts., 6/1/38		5,386,000			4,598,222
HSBK Europe BV:
7.25% Unsec. Unsub. Nts., 5/3/1713		3,440,000			1,668,400
9.25% Sr. Nts., 10/16/1313		40,440,000			22,242,000
ICICI Bank Ltd., 6.375% Bonds, 4/30/222,13		18,530,000			10,448,215
Inter-American Development Bank:
6.26% Nts., 12/8/092		7,510,000	BRR		2,978,424
11.377% Nts., 1/25/122		4,027,285,822	COP		1,468,125
Lloyds Banking Group plc, 6.413% Perpetual Bonds13,16		5,700,000			1,312,186
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/101,3,4		5,010,000			—
Salisbury International Investments Ltd., 5.293% Sec. Nts., Series 2006-003, Tranche E, 7/20/111,2		5,000,000			1,939,000
Wells Fargo & Co., 5.25% Sr. Unsec. Unsub. Nts., 10/23/12		15,768,000			15,339,063
					165,806,457
Consumer Finance—0.4%
American Express Credit Corp.:
5.875% Sr. Unsec. Nts., 5/2/13		4,848,000			4,261,639
7.30% Sr. Unsec. Nts., Series C, 8/20/13		5,258,000			4,886,974
Capital One Financial Corp., 6.75% Sr. Unsec. Unsub. Nts., 9/15/17		2,769,000			2,315,166
JSC Astana Finance, 9.16% Nts., 3/14/121		26,000,000			5,980,000
SLM Corp.:
4.50% Nts., Series A, 7/26/10		10,355,000			7,768,942
8.45% Sr. Unsec. Nts., Series A, 6/15/18		6,147,000			3,324,851
					28,537,572

F27 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Diversified Financial Services—1.9%
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/2613	$	19,044,299		$	9,236,485
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17		4,960,000	EUR		5,652,134
Banco Invex SA, 27.252% Mtg.-Backed Certificates, Series 062U, 3/13/342,11		17,204,645	MXN		4,555,314
Bank of America Corp.:
4.90% Sr. Unsec. Nts., 5/1/13		6,560,000			5,900,136
5.65% Sr. Unsec. Nts., 5/1/18		16,980,000			14,199,355
Bear Stearns Cos. LLC (The), 7.25% Sr. Unsec. Nts., 2/1/18		9,418,000			9,748,242
CIT Group, Inc., 7.625% Sr. Unsec. Nts., Series A, 11/30/12		7,220,000			5,319,595
Citigroup, Inc.:
5.50% Sr. Unsec. Nts., 4/11/13		24,595,000			21,634,770
6.50% Sr. Nts., 8/19/13		6,605,000			6,077,287
Cloverie plc, 5.538% Sec. Nts., Series 2005-93, 12/20/101,2		6,700,000			3,947,640
Countrywide Financial Corp., 5.80% Nts., 6/7/12		3,014,000			2,619,564
GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/31		16,822,000			8,114,428
JPMorgan Chase & Co., 6.40% Sr. Unsec. Nts., 5/15/38		19,261,000			18,971,815
JPMorgan Hipotecaria su Casita:
6.47% Sec. Nts., 8/26/351		20,232,960	MXN		1,171,999
25.216% Mtg.-Backed Certificates, Series 06U, 9/25/352		11,068,898	MXN		2,122,978
Korea Development Bank, 8% Sr. Nts., 1/23/14		6,500,000			6,695,897
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38		17,675,000			10,520,637
National Rural Utilities Cooperative Finance Corp., 10.375% Sec. Bonds, 11/1/18		1,961,000			2,274,268
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/971,14		14,710,000			4,892,649
					143,655,193
Insurance—0.4%
Allstate Life Global Funding Trust, 5.375% Nts., 4/30/13		3,957,000			3,832,315
American International Group, Inc., 8.25% Sr. Nts., 8/15/1813		8,934,000			3,828,969
Berkshire Hathaway Finance Corp., 5% Sr. Unsec. Unsub. Nts., 8/15/13		6,086,000			6,267,083
International Lease Finance Corp.:
6.375% Sr. Unsec. Nts., 3/25/13		4,196,000			2,321,164
6.625% Sr. Unsec. Nts., Series R, 11/15/13		3,241,000			1,797,342
MetLife, Inc., 6.817% Sr. Unsec. Nts., Series A, 8/15/18		3,016,000			2,595,334
MidAmerican Energy Holdings Co., 5.75% Sr. Unsec. Nts., 4/1/18		8,206,000			8,088,433
Prudential Financial, Inc., 5.15% Sr. Unsec. Unsub Nts., Series D, 1/15/13		2,953,000			2,197,380
					30,928,020

F28 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Real Estate Investment Trusts—0.1%
Simon Property Group LP, 5.30% Sr. Unsec. Nts., 5/30/13	$	4,452,000		$	3,639,684
Thrifts & Mortgage Finance—0.8%
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/1613		4,617,000			1,500,525
WM Covered Bond Program:
3.875% Sec. Nts., Series1, 9/27/11		21,862,000	EUR		27,436,785
4% Sec. Mtg. Nts., Series 2, 9/27/16		26,210,000	EUR		29,975,378
					58,912,688
Health Care—1.3%
Biotechnology—0.1%
Amgen, Inc., 5.70% Sr. Nts., 2/1/19		3,490,000			3,553,940
Health Care Equipment & Supplies—0.1%
Novelis, Inc., 7.25% Sr. Unsec. Nts., 2/15/152		11,990,000			4,855,950
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/1515		4,545,000			4,067,775
					8,923,725
Health Care Providers & Services—0.7%
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/1515		12,660,000			3,101,700
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/15		4,900,000			4,655,000
DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13		5,560,000			5,421,000
Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11		2,270,000			2,309,725
HCA, Inc., 6.375% Nts., 1/15/15		10,240,000			6,758,400
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16		4,595,000			4,526,075
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/151		7,860,000			5,128,650
UnitedHealth Group, Inc., 6.875% Sr. Unsec. Nts., 2/15/38		3,786,000			3,372,080
US Oncology Holdings, Inc., 6.904% Sr. Unsec. Nts., 3/15/122,15		5,952,238			3,601,104
US Oncology, Inc., 9% Sr. Unsec. Nts., 8/15/12		3,390,000			3,305,250
Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/1514		6,785,000			5,665,475
WellPoint, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/37		3,547,000			3,068,265
					50,912,724
Pharmaceuticals—0.4%
Abbott Laboratories:
5.125% Sr. Unsec. Nts., 4/1/19		1,292,000			1,302,935
5.60% Sr. Unsec. Nts., 11/30/17		3,271,000			3,465,078
AstraZeneca plc, 6.45% Sr. Unsec. Unsub. Nts., 9/15/37		4,029,000			4,200,289
Bristol-Myers Squibb Co., 6.125% Sr. Unsec. Unsub. Nts., 5/1/38		2,782,000			2,789,358

F29 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Pharmaceuticals Continued
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14	$	6,540,000	$	4,888,650
GlaxosmithKline Capital, Inc., 6.375% Sr. Unsec. Nts., 5/15/38		5,541,000		5,621,655
Johnson & Johnson, 5.85% Sr. Unsec. Nts., 7/15/38		3,563,000		3,735,082
Pfizer, Inc., 7.20% Sr. Unsec. Nts., 3/15/39		3,234,000		3,483,723
Wyeth, 5.95% Nts., 4/1/37		972,000		919,589
				30,406,359
Industrials—2.0%
Aerospace & Defense—0.4%
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16		2,190,000		2,091,450
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/18		2,710,000		2,266,238
Boeing Co. (The), 5% Sr. Unsec. Unsub. Nts., 3/15/14		3,869,000		3,972,004
Bombardier, Inc., 6.30% Sr. Unsec. Unsub. Nts., 5/1/1413		2,205,000		1,565,550
Honeywell International, Inc., 5% Sr. Unsec. Nts., 2/15/19		4,564,000		4,569,066
L-3 Communications Corp.:
5.875% Sr. Sub. Nts., 1/15/15		6,655,000		6,205,788
6.375% Sr. Unsec. Sub. Nts., Series B, 10/15/15		2,970,000		2,814,075
United Technologies Corp.:
6.125% Sr. Unsec. Nts., 2/1/19		5,245,000		5,661,081
6.125% Sr. Unsec. Nts., 7/15/38		2,417,000		2,465,611
				31,610,863
Air Freight & Logistics—0.1%
United Parcel Service, Inc.:
5.125% Sr. Unsec. Unsub. Nts., 4/1/19		1,249,000		1,260,641
5.50% Sr. Unsec. Nts., 1/15/18		2,823,000		2,935,344
				4,195,985
Building Products—0.0%
Nortek, Inc., 8.50% Sr. Unsec. Unsub. Nts., 9/1/14		6,815,000		715,575
Commercial Services & Supplies—0.2%
Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/14		9,545,000		9,053,184
American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/051,3,4		3,462,000		—
Iron Mountain, Inc., 8.625% Sr. Unsec. Sub. Nts., 4/1/13		4,325,000		4,346,625
				13,399,809
Construction & Engineering—0.2%
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/241		18,949,567		13,927,932
Electrical Equipment—0.0%
Baldor Electric Co., 8.625% Sr. Nts., 2/15/17		960,000		765,600

F30 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount				Value
Industrial Conglomerates—0.6%
General Electric Capital Corp.:
4.80% Sr. Unsec. Nts., 5/1/13	$	5,876,000		$	5,513,792
5.40% Sr. Unsec. Nts., Series A, 9/20/13		7,831,000			7,446,795
6.875% Sr. Unsec. Nts., 1/10/39		9,853,000			8,067,173
General Electric Co., 5.25% Sr. Unsec. Nts., 12/6/17		17,920,000			16,612,019
Tyco International Finance SA, 8.50% Sr. Unsec. Unsub. Nts., 1/15/19		2,871,000			2,968,913
					40,608,692
Machinery—0.1%
Caterpillar Financial Services Corp., 7.15% Sr. Unsec. Nts., 2/15/19		7,234,000			6,632,399
Road & Rail—0.3%
Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14		22,165,000			5,652,075
Burlington Northern Santa Fe Corp., 5.75% Sr. Unsec. Nts., 3/15/18		824,000			815,188
CSX Corp., 6.25% Sr. Unsec. Unsub. Nts., 4/1/15		3,282,000			2,990,030
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16		12,135,000			5,339,400
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/2613		9,240,000			4,851,000
Union Pacific Corp., 7.875% Sr. Unsec. Nts., 1/15/19		3,282,000			3,628,241
					23,275,934
Trading Companies & Distributors—0.1%
United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14		12,440,000			6,344,400
Information Technology—0.3%
Communications Equipment—0.0%
Cisco Systems, Inc., 4.95% Sr. Unsec. Nts., 2/15/19		3,268,000			3,223,957
Orion Network Systems, Inc., 12.50% Sr. Unsub. Nts., 1/15/071,3,4		12,879,000			129
					3,224,086
Computers & Peripherals—0.1%
Hewlett-Packard Co., 6.125% Sr. Unsec. Nts., 3/1/14		2,350,000			2,506,357
International Business Machines Corp., 8% Sr. Unsec. Unsub. Nts., 10/15/38		5,494,000			6,557,518
					9,063,875
Electronic Equipment & Instruments—0.0%
RBS Global & Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16		3,535,000			2,174,025
Internet Software & Services—0.0%
Exodus Communications, Inc.:
10.75% Sr. Nts., 12/15/091,3,4		2,196,653	EUR		—
10.75% Sr. Unsec. Sub. Nts., 12/15/091,3,4		6,378,763			—

F31 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount		Value
Internet Software & Services Continued
NorthPoint Communications Group, Inc., 12.875% Nts., 2/15/101,3,4	$	2,121,834	$	—
				—
Office Electronics—0.1%
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13		4,468,000		3,739,242
Software—0.1%
Oracle Corp., 5.75% Sr. Unsec. Unsub. Nts., 4/15/18		3,718,000		3,889,746
Materials—1.2%
Chemicals—0.3%
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/1813		10,745,000		7,897,575
E.I. du Pont de Nemours & Co.:
5.75% Sr. Nts., 3/15/19		3,240,000		3,190,211
6% Sr. Unsec. Unsub. Nts., 7/15/18		3,190,000		3,211,080
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16		24,375,000		4,692,188
Nalco Co., 7.75% Sr. Unsec. Nts., 11/15/11		2,785,000		2,757,150
				21,748,204
Construction Materials—0.1%
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.13,16		10,200,000		3,577,150
NTK Holdings, Inc., 0%/10.75% Sr. Unsec. Nts., 3/1/1414		13,575,000		882,375
				4,459,525
Containers & Packaging—0.2%
Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15		7,030,000		7,100,300
Graham Packaging Co., Inc., 9.875% Sr. Unsec. Sub. Nts., 10/15/14		8,495,000		5,521,750
Graphic Packaging International Corp., 8.50% Sr. Nts., 8/15/11		7,950,000		6,916,500
				19,538,550
Metals & Mining—0.5%
Alcoa, Inc.:
6% Sr. Unsec. Unsub. Nts., 7/15/13		1,966,000		1,571,151
6.75% Sr. Unsec. Unsub. Nts., 7/15/18		4,922,000		3,318,496
Alrosa Finance SA:
8.875% Nts., 11/17/14		12,160,000		8,572,800
8.875% Nts., 11/17/1413		7,235,000		5,100,675
BHP Billiton Finance (USA) Ltd., 6.50% Sr. Unsec. Unsub. Nts., 4/1/19		1,939,000		1,969,500
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/17		12,805,000		11,989,565
Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12		5,110,000		4,011,350
				36,533,537

F32 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Paper & Forest Products—0.1%
NewPage Corp., 10% Sr. Sec. Nts., 5/1/12	$	13,435,000		$	4,735,838
Telecommunication Services—1.7%
Diversified Telecommunication Services—1.2%
AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12		4,158,000			4,537,542
AT&T, Inc., 6.70% Sr. Unsec. Unsub. Nts., 11/15/13		8,791,000			9,402,695
BellSouth Corp., 5.20% Sr. Unsec. Nts., 12/15/16		2,391,000			2,345,086
British Telecom plc, 5.15% Sr. Unsec. Unsub. Nts., 1/15/13		3,202,000			2,975,388
Citizens Communications Co., 6.25% Sr. Nts., 1/15/13		12,475,000			11,367,844
Deutsche Telekom International Finance BV, 6.75% Sr. Unsec. Nts., 8/20/18		4,563,000			4,591,487
FairPoint Communications, Inc., 13.125% Sr. Nts., 4/1/1813		12,615,000			2,459,925
France Telecom SA, 7.75% Sr. Unsec. Nts., 3/1/112		2,541,000			2,722,798
Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12		11,305,000			11,220,213
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38		4,578,000			3,822,474
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/161		21,925,200	PEN		6,395,227
Telefonica Emisiones SAU, 5.855% Sr. Unsec. Unsub. Nts., 2/4/13		3,919,000			4,063,113
Teligent, Inc., 11.50% Sr. Nts., 12/1/081,3,4		5,135,000			—
Verizon Communications, Inc.:
6.90% Sr. Unsec. Unsub. Bonds, 4/15/38		3,280,000			3,187,127
8.95% Sr. Unsec. Unsub. Nts., 3/1/39		8,542,000			9,859,117
Windstream Corp.:
8.125% Sr. Unsec. Unsub. Nts., 8/1/13		5,525,000			5,469,750
8.625% Sr. Unsec. Unsub. Nts., 8/1/16		3,675,000			3,629,063
					88,048,849
Wireless Telecommunication Services—0.5%
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36		33,200,000	MXN		1,780,120
American Tower Corp., 7.50% Sr. Nts., 5/1/12		4,325,000			4,368,250
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15		14,540,000			7,778,900
Sprint Capital Corp., 8.75% Nts., 3/15/32		24,905,000			16,810,875
Vodafone Group plc, 5.625% Sr. Unsec. Unsub. Nts., 2/27/17		4,581,000			4,548,195
					35,286,340
Utilities—1.7%
Electric Utilities—1.2%
Duke Energy Carolinas LLC, 7% Sec. Bonds, Series C, 11/15/18		3,893,000			4,478,854
Duke Energy Corp., 6.30% Sr. Unsec. Unsub. Nts., 2/1/14		5,805,000			5,951,599
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17		8,305,000			6,104,175
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/101		8,680,000	BRR		3,891,454

F33 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Electric Utilities Continued
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17	$	7,745,000		$	5,034,250
FPL Group Capital, Inc., 6% Sr. Unsec. Nts., 3/1/19		2,600,000			2,666,596
Georgia Power Co., 5.95% Sr. Unsec. Bonds, 2/1/39		1,963,000			1,940,653
ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/1713		4,140,000			3,726,000
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/1913		20,225,000			20,337,026
Majapahit Holding BV:
7.25% Nts., 10/17/1113		7,460,000			6,863,200
7.75% Nts., 10/17/1613		10,065,000			7,448,100
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16		421,000,000	PHP		7,714,340
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15		8,700,000			4,393,500
Virginia Electric & Power Co., 8.875% Sr. Unsec. Nts., 11/15/38		6,109,000			7,502,487
					88,052,234
Energy Traders—0.2%
AES Corp. (The), 8.75% Sr. Sec. Nts., 5/15/1313		2,330,000			2,306,700
AES Panama SA, 6.35% Sr. Nts., 12/21/1613		2,340,000			2,103,302
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13		3,715,000			3,380,650
NRG Energy, Inc.:
7.375% Sr. Nts., 1/15/17		3,885,000			3,622,763
7.375% Sr. Nts., 2/1/16		5,140,000			4,793,050
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14		975,000			794,625
					17,001,090
Multi-Utilities—0.3%
Consolidated Edison Co. of New York, 7.125% Sr. Unsec. Nts., 12/1/18		6,807,000			7,254,662
Dominion Resources, Inc., 6.40% Sr. Unsec. Nts., 6/15/18		2,963,000			2,961,012
Pacific Gas & Electric Co.:
6.25% Sr. Unsec. Nts., 12/1/13		5,744,000			6,151,543
8.25% Sr. Unsec. Nts., 10/15/18		3,188,000			3,764,524
					20,131,741
Total Corporate Bonds and Notes (Cost $2,192,449,463)					1,689,879,328

F34 | OPPENHEIMER STRATEGIC INCOME FUND

	Shares			Value
Preferred Stocks—0.0%
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.1,4,15		338,141		$	—
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.1,4		44,000			—
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.1,4,15		5,816			—
Sovereign Real Estate Investment Trust, 12% Non-Cum., Series A1		2,369			1,453,974
Total Preferred Stocks (Cost $17,811,692)					1,453,974
Common Stocks—0.0%
American Media, Inc.1,4		10,986			10,986
Arco Capital Corp. Ltd.1,4,17		2,383,674			1,191,837
Global Aero Logistics, Inc.1,4		32,791			32,791
Premier Holdings Ltd.1,4		799,833			—
Total Common Stocks (Cost $36,360,176)					1,235,614
	Units
Rights, Warrants and Certificates—0.0%
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/111,4		4,020			40
MHP SA, GDR Wts., Strike Price 0.01UAH, Exp. 5/8/094		235,715			631,716
Total Rights, Warrants and Certificates (Cost $30,592)					631,756
	Principal
	Amount
Structured Securities—7.5%
Barclays Bank plc:
Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/15/091	$	7,640,000			6,457,328
Custom Basket of African Currencies Cv. Unsec. Unsub. Nts., 10.25%, 5/7/091		7,640,000			6,500,112
Citibank NA New York:
Dominican Republic Credit Linked Nts., 12%, 2/22/111		56,180,000	DOP		1,402,466
Dominican Republic Credit Linked Nts., 14.218%, 5/11/0910		154,730,000	DOP		4,270,414
Citigroup Funding, Inc., Custom Basket of African Currencies Credit Linked Nts., 0%, 4/29/0910		15,280,000			13,095,877
Citigroup Global Markets Holdings, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/171		26,180,000	BRR		10,032,668
Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.407%, 1/5/1010		19,079,551	BRR		7,655,690
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18		7,885,000,000	COP		3,323,144
Colombia (Republic of) Credit Linked Nts., 12.975%, 2/26/151,11		5,641,000,000	COP		4,435,688
Colombia (Republic of) Credit Linked Nts., Series 01, 12.975%, 2/26/151,11		2,091,000,000	COP		1,644,216
Colombia (Republic of) Credit Linked Nts., Series 02, 12.975% 12/26/151,11		3,187,000,000	COP		2,506,034
Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12		4,498,269,508	COP		2,085,801
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/121		10,490,000,000	COP		4,864,105

F35 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Structured Securities Continued
Citigroup Global Markets Holdings, Inc.: Continued
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12		8,514,000,000	COP	$	3,947,854
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12		7,206,900,000	COP		3,341,765
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12		174,700,000	DOP		4,326,999
Egypt (The Arab Republic of) Credit Linked Nts., 7.812%, 4/16/0910		18,040,000	EGP		3,190,162
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10		10,330,000	GHS		6,032,661
Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10		6,780,000	UAH		637,472
Zambia (Republic of) Credit Linked Nts., 11.399%, 6/11/0910		5,500,000,000	ZMK		968,910
Credit Suisse First Boston International:
Boryspil Airport Total Return Linked Nts., 10%, 4/19/102		16,740,000	UAH		835,232
Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11		71,300,000,000	IDR		6,262,858
Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/091,2		242,139,000	RUR		6,927,031
Moitk Total Return Linked Nts., 21%, 3/26/111,2		208,910,000	RUR		985,802
Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/1013		220,335,000	RUR		5,981,744
Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/091		230,200,000	RUR		6,864,450
Oreniz Total Return Linked Nts., 9.24%, 2/21/121,2		417,305,000	RUR		5,538,303
Pemex Project Funding Master Trust Credit Default Linked Nts., 2.424%, 5/12/11		50,000,000			46,808,934
Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/091		16,568,000	UAH		1,511,784
Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/171		53,361,000,000	VND		1,890,744
Credit Suisse First Boston, Inc. (Nassau Branch):
Russian Specialized Construction and Installation Administration Credit Linked Nts., 5/20/101,3		320,000,000	RUR		764,444
Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/091		200,000	UAH		18,249
Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09		4,995,000	UAH		455,780
Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/091		32,180,000	UAH		2,936,335
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/121		368,300,000	RUR		2,715,516
Deutsche Bank AF:
Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/101		9,200,000			92,000
Coriolanus Ltd. Sec. Credit Linked Nts., 6%, 12/31/171,2		61,920,000	BRR		13,524,225
Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/091,2		5,475,000			4,816,872
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/111,2		6,050,000			4,934,444
Deutsche Bank AG:
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/111		38,078,036	MXN		2,506,726
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/111		25,030,665	MXN		1,647,801
Brazil Real Total Return Linked Nts., 6%, 8/18/10		11,400,000	BRR		8,962,987
Colombia (Republic of) Credit Linked Nts., 13.50%, 9/16/14		8,909,000,000	COP		4,148,249
European Investment Bank, Russian Federation Credit Linked Nts., 5.702%, 1/19/101,10		5,820,000			5,177,472
Grupo TMM SA Credit Linked Nts., 6%, 9/7/121		8,700,352			3,436,639
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15		6,360,000			4,567,980

F36 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount			Value
Structured Securities Continued
Deutsche Bank AG: Continued
Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21		76,200,000,000	IDR	$	6,546,505
Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13		6,494,933			5,911,014
Opic Reforma I Credit Linked Nts., Cl. 1A, 9.815%, 9/24/141,2		36,680,000	MXN		2,589,481
Opic Reforma I Credit Linked Nts., Cl. 1B, 9.815%, 9/24/141,2		7,336,000	MXN		517,896
Opic Reforma I Credit Linked Nts., Cl. 1C, 9.815%, 9/24/141,2		12,226,667	MXN		863,160
Opic Reforma I Credit Linked Nts., Cl. 2A, 11.315%, 5/22/151,2		3,500,072	MXN		247,093
Opic Reforma I Credit Linked Nts., Cl. 2B, 11.315%, 5/22/151,2		6,123,460	MXN		432,295
Opic Reforma I Credit Linked Nts., Cl. 2C, 11.315%, 5/22/151,2		92,326,918	MXN		6,517,961
Opic Reforma I Credit Linked Nts., Cl. 2D, 11.315%, 5/22/151,2		6,728,659	MXN		475,020
Opic Reforma I Credit Linked Nts., Cl. 2E, 11.315%, 5/22/151,2		4,888,497	MXN		345,111
Opic Reforma I Credit Linked Nts., Cl. 2F, 11.315%, 5/22/151,2		3,122,038	MXN		220,405
Opic Reforma I Credit Linked Nts., Cl. 2G, 11.315%, 5/22/151,2		574,952	MXN		40,590
Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10		5,690,000			2,489,546
Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11		5,740,000			2,162,832
Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11		5,740,000			2,077,306
Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12		5,740,000			2,031,271
Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12		5,740,000			2,007,278
United Mexican States Credit Linked Nts., 9.52%, 1/5/111		24,978,235	MXN		1,644,349
Videocom International Ltd. Credit Linked Nts., 6.26%, 12/29/09		16,060,000			15,873,543
Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17		128,300,000,000	VND		3,505,498
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/112,13		134,130,000	RUR		3,216,553
Eirles Two Ltd. Sec. Nts.:
Series 324, 7.379%, 4/30/121,2		14,300,000			5,292,430
Series 335, 5.13%, 4/30/121,2		16,700,000			7,276,190
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/171,10		77,520,000	TRY		10,611,067
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.48%, 2/8/371,10		237,059,200,000	COP		2,669,670
Goldman Sachs International, Rosselkhozbank Total Return Linked Nts., 8%, 5/13/092		374,900,000	RUR		10,863,119
Hallertau SPC Credit Linked Nts., Series 2008-2A, 7.734%, 9/17/131,2		50,090,000			50,791,260
Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.914%, 12/20/171,2		16,640,000			11,672,960
Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/101,3,10		36,418,983	BRR		3,161,885
ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/091		38,336,000	UAH		2,996,970
JPMorgan Chase Bank NA:
Brazil (Federal Republic of) Credit Linked Nts., 10.703%, 5/16/451		7,895,000	BRR		5,560,516
Colombia (Republic of) Credit Linked Bonds, 10.244%, 10/31/161,10		52,420,000,000	COP		9,988,202
Colombia (Republic of) Credit Linked Bonds, 10.285%, 1/5/161,10		96,828,493,956	COP		19,967,350
Colombia (Republic of) Credit Linked Bonds, Series A, 10.244%, 10/31/161,10		52,197,000,000	COP		9,945,711

F37 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Principal
	Amount			Value
Structured Securities Continued
JPMorgan Chase Bank NA: Continued
Peru (Republic of) Credit Linked Nts., 8.193%, 9/2/151,10		25,410,000	PEN	$	4,678,224
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/101		9,185,000			9,679,153
JPMorgan Chase Bank NA London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/2113		65,480,000,000	IDR		5,625,527
Lehman Brothers Treasury Co. BV:
Brazil (Federal Republic of) Credit Linked Nts., 6.357%, 4/20/113,10,13		33,443,666	BRR		4,180,458
Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/121		24,017,949			22,259,835
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/161		7,680,000,000	COP		2,202,451
Morgan Stanley:
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/171		15,216,000	PEN		3,048,893
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34		291,065,546	RUR		4,092,961
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/121		102,503,599	RUR		2,327,772
Morgan Stanley Capital Services, Inc.:
Brazil (Federal Republic of) Credit Linked Nts., 12.563%, 1/5/221,10		109,310,000	BRR		1,602,130
Brazil (Federal Republic of) Credit Linked Nts., 14.40%, 8/4/161		38,023,494	BRR		12,385,193
Ukraine (Republic of) Credit Linked Nts., 6.176%, 10/15/171,2		21,300,000			5,538,000
Ukraine (Republic of) Credit Linked Nts., Series 2, 7.046%, 10/15/171,2		5,400,000			1,404,000
United Mexican States Credit Linked Nts., 5.64%, 11/20/151		300,000			256,500
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/121		18,135,053			7,114,381
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/121		27,254,744			10,888,270
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/111		4,650,997	GHS		2,009,283
Total Structured Securities (Cost $834,931,871)					544,837,035
Event-Linked Bonds—1.8%
Aiolos Ltd. Catastrophe Linked Nts., 7.547%, 4/8/092,13		5,100,000	EUR		6,776,217
Akibare Ltd. Catastrophe Linked Nts., Cl. A, 4.201%, 5/22/122,13		4,862,000			4,606,016
Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.746%, 2/24/122,13		1,930,000			1,921,508
Calabash Re Ltd. Catastrophe Linked Nts., Cl. A-1, 9.749%, 6/1/092,13		6,500,000			6,506,175
Cascadia Ltd. Catastrophe Linked Nts., 5.261%, 8/31/092,13		3,950,000			3,938,545
Cat-Mex Ltd. Catastrophe Linked Nts., Cl. A, 3.578%, 5/19/092,13		7,450,000			7,404,555
East Lane Re III Ltd. Catastrophe Linked Nts., 11.806%, 3/16/122,13		7,643,000			7,599,244
Eurus Ltd. Catastrophe Linked Nts., 7.434%, 4/8/092,13		5,790,000			5,791,737
Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 5.084%, 8/10/112,13		7,010,000			6,604,121
Fusion 2007 Ltd. Catastrophe Linked Nts., 7.246%, 5/19/092,13		8,300,000			8,274,270
Lakeside Re Ltd. Catastrophe Linked Nts., 7.72%, 12/31/092,13		10,580,000			10,516,520
Medquake Ltd. Catastrophe Linked Nts., 6.338%, 5/31/102,13		4,000,000			3,913,400
Midori Ltd. Catastrophe Linked Nts., 3.844%, 10/24/122,13		4,300,000			4,095,320

F38 | OPPENHEIMER STRATEGIC INCOME FUND

	Principal
	Amount		Value
Event-Linked Bonds Continued
Muteki Ltd. Catastrophe Linked Nts., 5.638%, 5/24/112,13	$	5,200,000	$	4,890,080
Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 13.138%, 6/21/102,13		8,580,000		8,145,852
Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 6.094%, 1/15/102,13		3,230,000		3,167,338
Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.:
Series CL2, 12.761%, 6/6/112,13		6,680,000		6,273,188
Series CL3, 13.511%, 6/7/102,13		3,000,000		2,862,900
VASCO Re 2006 Ltd. Catastrophe Linked Nts., 9.771%, 6/5/092,13		9,030,000		9,067,023
Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/111,10		10,693,000		11,607,252
Willow Re Ltd. Catastrophe Linked Nts., 6/16/103,13		8,150,000		4,034,250
Total Event-Linked Bonds (Cost $132,927,401)				127,995,511

	Expiration		Strike
	Date		Price			Contracts
Options Purchased—0.0%
Mexican Nuevo Peso (MXN) Call4 (Cost $374,637)		4/16/09		14.32	MXN		479,000,000	733,828

	Shares
Investment Companies—13.2%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%17,18		678,537,975			678,537,975
Oppenheimer Master Event-Linked Bond Fund, LLC17		3,385,953			32,729,307
Oppenheimer Master Loan Fund, LLC17		32,357,498			246,527,030
Total Investment Companies (Cost $1,056,478,997)					957,794,312
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $9,199,071,076)					7,543,657,072
Investments Purchased with Cash Collateral from Securities Loaned—1.6%19
OFI Liquid Assets Fund, LLC, 0.92% 17,18 (Cost $113,167,080)		113,167,080			113,167,080
Total Investments, at Value (Cost $9,312,238,156)		105.4	%		7,656,824,152
Liabilities in Excess of Other Assets		(5.4	)		(391,776,674	)
Net Assets		100.0	%	$	7,265,047,478

F39 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

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

ARP	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	MXN	Mexican Nuevo Peso
BRR	Brazilian Real	NGN	Nigeria Naira
CAD	Canadian Dollar	NOK	Norwegian Krone
COP	Colombian Peso	PEN	Peruvian New Sol
DKK	Danish Krone	PHP	Philippines Peso
DOP	Dominican Republic Peso	PLZ	Polish Zloty
EGP	Egyptian Pounds	RUR	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	British Pound Sterling	TRY	New Turkish Lira
GHS	Ghana Cedi	UAH	Ukraine Hryvnia
HUF	Hungarian Forint	UYU	Uruguay Peso
IDR	Indonesia Rupiah	VND	Vietnam Dong
ILS	Israeli Shekel	ZMK	Zambian Kwacha

1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2009 was $537,053,703, which represents 7.39% of the Fund’s net assets, of which $12,249,012 is considered restricted. See Note 9 of accompanying Notes. Information concerning restricted securities is as follows:

	Acquisition						Unrealized
Security	Date		Cost		Value		Depriciation
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.1A, 9.815%, 9/24/14		12/28/07	$	3,371,014	$	2,589,481	$	781,533
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.1B, 9.815%, 9/24/14		6/13/08		707,255		517,896		189,359
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.1C, 9.815%, 9/24/14		8/13/08		1,203,116		863,160		339,956
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2A, 11.315%, 5/22/15		5/22/08		337,462		247,093		90,369
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2B, 11.315%, 5/22/15		6/13/08		590,355		432,295		158,060
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2C, 11.315%, 5/22/15		6/19/08		8,957,126		6,517,961		2,439,165
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2D, 11.315%, 5/22/15		7/9/08		652,302		475,020		177,282
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2E, 11.315%, 5/22/15		7/16/08		474,704		345,111		129,593
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2F, 11.315%, 5/22/15		8/11/08		307,336		220,405		86,931
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl.2G, 11.315%, 5/22/15		8/25/08		56,708		40,590		16,118
			$	16,657,378	$	12,249,012	$	4,408,366

2.	Represents the current interest rate for a variable or increasing rate security.
3.	Issue is in default. See Note 1 of accompanying Notes.
4.	Non-income producing security.
5.	When-issued security or delayed delivery to be delivered and settled after March 31, 2009. See Note 1 of accompanying Notes.
6.	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

F40 | OPPENHEIMER STRATEGIC INCOME FUND

	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 $40,898,392 or 0.56% of the Fund’s net assets as of March 31, 2009.
7.	Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $14,604,360 or 0.20% of the Fund’s net assets as of March 31, 2009.
8.	A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts.
See Note 5 of accompanying Notes.
9.	Partial or fully-loaned security. See Note 10 of accompanying Notes.
10.	Zero coupon bond reflects effective yield on the date of purchase.
11.	Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index.
12.	All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures contracts. The aggregate market value of such securities is $73,400,377. See Note 6 of accompanying Notes.
13.	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 $597,323,706 or 8.22% of the Fund’s net assets as of March 31, 2009.
14.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
15.	Interest or dividend is paid-in-kind, when applicable.
16.	This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.
17.	Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares		Gross		Gross		Shares
	September 30, 2008		Additions		Reductions		March 31, 2009
Arco Capital Corp. Ltd.		2,383,674		—		—		2,383,674
OFI Liquid Assets Fund, LLC		481,294,160		448,601,690		816,728,770		113,167,080
Oppenheimer Institutional Money Market Fund, Cl.E		715,917,178		3,581,890,126		3,619,269,329		678,537,975
Oppenheimer Master Event-Linked Bond Fund, LLC		3,110,084		436,136		160,267		3,385,953
Oppenheimer Master Loan Fund, LLC		34,077,174		—		1,719,676		32,357,498

						Realized
	Value		Income			Gain (Loss)
Arco Capital Corp. Ltd.	$	1,191,837	$	—		$	—
OFI Liquid Assets Fund, LLC		113,167,080		3,515,772	a		—
Oppenheimer Institutional Money Market Fund, Cl.E		678,537,975		5,260,966			—
Oppenheimer Master Event-Linked Bond Fund, LLC		32,729,307		1,668,897	b		642,677	b
Oppenheimer Master Loan Fund, LLC		246,527,030		14,108,723	c		(12,902,591	)c
	$	1,072,153,229	$	24,554,358		$	(12,259,914	)

a.	Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.
b.	Represents the amount allocated to the Fund from Oppenheimer Master Event-Linked Bond Fund, LLC.
c.	Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC.

18.	Rate shown is the 7-day yield as of March 31, 2009.
19.	The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 10 of accompanying Notes.

F41 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

The market value of the Fund’s investments was determined based on the following inputs as of March 31, 2009:

	Investments in		Other Financial
Valuation Description	Securities		Instruments*
Level 1—Quoted Prices	$	1,070,961,392	$	(2,152,388	)
Level 2—Other Significant Observable Inputs		6,575,096,709		52,714,329
Level 3—Significant Unobservable Inputs		10,766,051		—
Total	$	7,656,824,152	$	50,561,941

* Other financial instruments include options written, currency contracts, futures, forwards, swap contracts and unfunded loan commitments. Currency contracts, forwards and unfunded loan commitments are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

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

	Investments			Other Financial
Valuation Description	in Securities			Instruments*
Value as of September 30, 2008	$	341,887		$	—
Realized loss		(5,885,475	)		—
Change in unrealized depreciation		(6,329,751	)		—
Accretion of premium/discount1		40,377			—
Net sales		(1,793,514	)		—
Transfers in and/or out of Level 3		24,392,527			—
Value as of March 31, 2009	$	10,766,051		$	—

1. Included in net investment income for fixed income securities.

F42 | OPPENHEIMER STRATEGIC INCOME FUND

Foreign Currency Exchange Contracts as of March 31, 2009 are as follows:

		Contract Amount			Expiration				Unrealized		Unrealized
Contract Description	Buy/Sell	(000’s)			Dates		Value		Appreciation		Depreciation
Argentine Peso (ARP)	Buy		56,650	ARP		4/30/09	$	14,894,176	$	—	$	53,053
Australian Dollar (AUD)	Sell		8,190	AUD		4/15/09		5,688,120		—		48,486
Australian Dollar (AUD)	Buy		33,925	AUD		4/17/09-6/9/09		23,485,246		238,559		83,748
Brazilian Real (BRR)	Sell		29,120	BRR		5/5/09		12,445,297		217,087		—
Brazilian Real (BRR)	Buy		227,136	BRR		5/5/09-1/5/10		95,385,253		14,431,200		1,843,752
British Pound Sterling (GBP)	Sell		17,830	GBP		4/15/09-6/11/09		25,588,390		46,960		365,666
British Pound Sterling (GBP)	Buy		18,535	GBP		4/17/09-6/9/09		26,598,504		329,266		—
Canadian Dollar (CAD)	Sell		6,960	CAD		4/15/09		5,520,436		108,924		—
Canadian Dollar (CAD)	Buy		28,280	CAD		4/17/09-6/9/09		22,441,527		—		525,133
Chinese Renminbi (Yuan) (CNY)	Buy		421,710	CNY		5/13/09-12/17/09		61,832,486		619,523		1,296,887
Colombian Peso (COP)	Sell		134,487,038	COP		4/3/09-7/1/09		52,524,698		1,500,253		334,926
Colombian Peso (COP)	Buy		11,844,663	COP		4/3/09		4,661,597		23,906		—
Czech Koruna (CZK)	Sell		7,943	CZK		12/31/09		383,756		100,350		—
Euro (EUR)	Sell		102,499	EUR		4/6/09-6/23/09		136,187,758		249,911		4,926,272
Euro (EUR)	Buy		130,435	EUR		4/17/09-6/11/09		173,298,088		2,824,801		1,724,583
Hong Kong Dollar (HKD)	Sell		112,800	HKD		4/6/09		14,554,227		—		9,710
Hungarian Forint (HUF)	Sell		15,267	HUF		12/31/09		62,551		30,595		—
Hungarian Forint (HUF)	Buy		6,911,000	HUF		5/4/09-6/3/09		29,468,019		—		274,757
Indonesia Rupiah (IDR)	Buy		114,130,000	IDR		5/18/09-6/19/09		9,522,224		220,442		—
Israeli Shekel (ILS)	Sell		200,010	ILS		4/10/09-6/30/09		47,415,912		1,002,882		25,036
Japanese Yen (JPY)	Sell		8,487,000	JPY		4/15/09-6/24/09		85,829,270		2,914,411		—
Japanese Yen (JPY)	Buy		1,072,000	JPY		4/17/09		10,832,542		—		232,694
Malaysian Ringgit (MYR)	Buy		14,240	MYR		6/8/09		3,901,295		112,348		—
Mexican Nuevo Peso (MXN)	Sell		745,275	MXN		4/20/09		52,403,389		—		2,592,849
Mexican Nuevo Peso (MXN)	Buy		799,810	MXN		4/20/09-6/9/09		56,051,494		1,979,444		—
New Taiwan Dollar (TWD)	Sell		1,560,000	TWD		5/4/09-7/1/09		46,107,817		—		256,047
New Turkish Lira (TRY)	Sell		104,720	TRY		5/6/09		62,389,823		81,702		2,121,448
New Turkish Lira (TRY)	Buy		26,350	TRY		4/27/09		15,734,739		—		55,050
New Zealand Dollar (NZD)	Sell		10,130	NZD		4/15/09		5,772,778		—		108,588
New Zealand Dollar (NZD)	Buy		100,625	NZD		6/9/09-6/11/09		57,135,506		6,397,980		—
Norwegian Krone (NOK)	Buy		215,920	NOK		6/9/09-6/11/09		32,048,086		1,650,953		—
Peruvian New Sol (PEN)	Sell		116,593	PEN		4/17/09-9/4/09		36,680,614		—		1,313,605
Philippines Peso (PHP)	Sell		357,000	PHP		4/17/09		7,374,871		—		66,785
Philippines Peso (PHP)	Buy		723,000	PHP		4/7/09		14,950,685		350,523		—
Polish Zloty (PLZ)	Sell		33,465	PLZ		5/11/09-12/31/09		9,601,769		34,131		736,402
Polish Zloty (PLZ)	Buy		27,455	PLZ		6/9/09		7,871,372		207,944		—
Russian Ruble (RUR)	Sell		2,795,730	RUR		9/18/09-11/18/09		76,848,327		17,244,246		—
Russian Ruble (RUR)	Buy		588,810	RUR		6/11/09		16,931,707		1,015,041		—
Singapore Dollar (SGD)	Sell		158,200	SGD		4/6/09-5/11/09		103,937,219		—		2,103,304
Singapore Dollar (SGD)	Buy		4,500	SGD		6/9/09		2,956,105		59,979		—
South African Rand (ZAR)	Sell		420,800	ZAR		5/20/09		43,911,088		—		2,000,825
South African Rand (ZAR)	Buy		277,402	ZAR		4/20/09-12/31/09		29,006,678		998,553		215,735
Swedish Krona (SEK)	Sell		202,345	SEK		6/9/09-6/11/09		24,627,651		—		2,627,024
Swiss Franc (CHF)	Sell		47,710	CHF		4/14/09-6/9/09		41,952,360		70,631		896,329
Swiss Franc (CHF)	Buy		2,088	CHF		4/17/09		1,834,972		24,390		—
Total unrealized appreciation and depreciation									$	55,086,935	$	26,838,694

F43 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Futures Contracts as of March 31, 2009 are as follows:

								Unrealized
		Number of		Expiration				Appreciation
Contract Description	Buy/Sell	Contracts		Date		Value		(Depreciation)
35 Day Interbank Cash Rate	Buy		77		4/17/09	$	7,972,943	$	249,460
CAC 40 10 Euro Index	Sell		382		4/17/09		14,248,808		(366,572	)
CAC 40 10 Euro Index	Buy		225		4/17/09		8,392,622		215,789
Canadian Bond, 10 yr.	Buy		955		6/19/09		95,969,622		857,171
DAX Index	Sell		221		6/19/09		30,110,872		(742,855	)
DAX Index	Buy		87		6/19/09		11,853,601		114,014
Euro-Bundesobligation	Buy		1,928		6/8/09		318,733,363		2,997,855
Euro-Bundesobligation, 5 yr.	Buy		2,921		6/8/09		452,371,378		(153,173	)
Euro-Bundesobligation, 10 yr.	Sell		214		6/8/09		35,378,081		(446,381	)
FTSE 100 Index	Sell		371		6/19/09		20,680,905		(771,110	)
FTSE 100 Index	Buy		43		6/19/09		2,396,978		11,046
Hang Seng China Enterprises Index	Sell		177		4/29/09		9,173,599		455,550
Japan (Government of) Mini Bonds, 10 yr., 6/10/09	Sell		75		6/10/09		10,455,372		93,289
Japan (Government of) Treasury Bonds 10 yr., 6/10/09	Sell		19		6/11/09		26,517,654		107,424
Mexican Bola Index	Sell		537		6/19/09		7,522,170		39,954
MSCI Taiwan Index	Buy		456		4/29/09		8,823,600		(339,962	)
NASDAQ 100 E-Mini Index	Buy		1,008		6/19/09		24,948,000		843,904
Nikkei 225 Index	Sell		41		6/11/09		1,683,740		57,707
Nikkei 225 Index	Sell		242		6/11/09		19,851,897		(2,658,438	)
OMXS 30 Index	Sell		1,671		4/17/09		13,107,736		156,615
SGX CNX Nifty Index	Sell		1,420		4/30/09		8,568,280		(222,017	)
Standard & Poor’s 500 E-Mini Index	Sell		2,463		6/19/09		97,879,620		(5,052,886	)
Standard & Poor’s 500 E-Mini Index	Buy		328		6/19/09		13,034,720		672,400
Standard & Poor’s/MIB Index, 10 yr., 6/19/09	Buy		65		6/19/09		6,661,751		707,063
Standard & Poor’s/Toronto Stock Exchange 60 Index	Buy		158		6/18/09		13,183,376		161,030
U.S. Treasury Long Bonds	Buy		3,740		6/19/09		485,089,688		9,674,520
U.S. Treasury Long Bonds	Sell		409		6/19/09		53,048,578		(979,147	)
U.S. Treasury Nts., 2 yr.	Sell		2,739		6/30/09		596,802,425		(2,255,183	)
U.S. Treasury Nts., 5 yr.	Sell		3,371		6/30/09		400,358,922		(5,154,027	)
U.S. Treasury Nts., 5 yr.	Buy		3,759		6/30/09		446,439,984		5,417,082
U.S. Treasury Nts., 10 yr.	Buy		1,347		6/19/09		167,133,234		1,405,611
U.S. Treasury Nts., 10 yr.	Sell		9,897		6/19/09		1,228,001,203		(11,281,280	)
United Kingdom Long Gilt	Buy		20		6/26/09		3,535,742		28
								$	(6,185,519	)

F44 | OPPENHEIMER STRATEGIC INCOME FUND

Credit Default Swap Contracts as of March 31, 2009 are as follows:

					Pay/					Upfront
Swap			Notional		Receive					Payment
Reference		Buy/Sell	Amount		Fixed			Termination		Received/
Entity	Counterparty	Credit Protection	(000’s)		Rate			Date		(Paid)		Value
ABX-HE-AAA 06-2 Index:
	Deutsche Bank AG	Sell	$	4,760		0.110	%		5/25/46	$	237,971	$	(3,294,355	)
	Deutsche Bank AG	Sell		4,760		0.110			5/25/46		237,927		(3,294,355	)
	Morgan Stanley Capital
	Services, Inc.	Sell		3,130		0.110			5/25/46		970,137		(2,166,246	)
	UBS AG	Sell		2,770		0.110			5/25/46		865,481		(1,917,093	)
		Total		15,420							2,311,516		(10,672,049	)
Bolivarian Republic of Venezuela:
	Barclays Bank plc	Sell		3,250		30.500			1/20/10		—		403,556
	Goldman Sachs International	Sell		1,445		6.350			5/20/13		—		(515,620	)
	Morgan Stanley Capital
	Services, Inc.	Sell		3,250		30.000			1/20/10		—		388,911
		Total		7,945							—		276,847
Capmark Financial Group, Inc.:
	Citibank NA, New York	Sell		3,435		7.125			12/20/12		—		(2,763,769	)
	Citibank NA, New York	Sell		4,180		9.700			12/20/12		—		(3,363,189	)
		Total		7,615							—		(6,126,958	)
Cemex SAB de CV:
	Credit Suisse International	Buy		5,705		5.300			10/20/13		—		1,209,945
	UBS AG	Buy		5,705		5.300			10/20/13		—		1,209,945
		Total		11,410							—		2,419,890
Development Bank of Kazakhstan JSC	Credit Suisse International	Sell		20,660		3.750			2/20/13		—		(8,788,536	)
		Total		20,660							—		(8,788,536	)
Gisad Dis Ticaret AS (Loan)	Morgan Stanley Capital
	Services, Inc.	Sell		22,249		3.000			3/23/13		—		(26,258,867	)
		Total		22,249							—		(26,258,867	)
HSBK Europe BV:
	Credit Suisse International	Sell		4,040		4.950			3/20/13		—		(1,655,151	)
	Morgan Stanley Capital Services, Inc.	Sell		8,080		4.880			3/20/13		—		(3,320,546	)
	Morgan Stanley Capital Services, Inc.	Sell		8,090		4.780			3/20/13		—		(3,339,306	)
		Total		20,210							—		(8,315,003	)
Islamic Republic of Pakistan	Citibank NA, New York	Sell		4,860		5.100			3/20/13		—		(2,069,410	)
		Total		4,860							—		(2,069,410	)

F45 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Credit Default Swap Contracts: Continued

					Pay/					Upfront
Swap			Notional		Receive					Payment
Reference		Buy/Sell	Amount		Fixed			Termination		Received/
Entity	Counterparty	Credit Protection	(000’s)		Rate			Date		(Paid)		Value
Istanbul Bond Co.SA	Morgan Stanley Capital Services, Inc.	Sell	$	25,090		1.300	%		3/24/13	$	—	$	(3,068,280	)
		Total		25,090							—		(3,068,280	)
PEMEX Project Funding Master	Goldman Sachs International	Buy		10,045		3.450			11/20/13		—		310,471
		Total		10,045							—		310,471
Republic of Peru	Deutsche Bank AG	Buy		7,440		1.710			12/20/16		—		952,499
		Total		7,440							—		952,499
Republic of the Philippines	UBS AG	Sell		9,895		1.450			6/20/17		—		(1,418,759	)
		Total		9,895							—		(1,418,759	)
Republic of Turkey:
	Citibank NA, New York	Buy		7,970		5.250			12/20/13		—		(542,417	)
	Goldman Sachs International	Buy		15,935		5.290			12/20/13		—		(1,111,368	)
	Morgan Stanley Capital Services, Inc.	Buy		8,330		2.670			9/20/13		—		375,950
		Total		32,235							—		(1,277,835	)
	JPMorgan Chase Bank NA, NY Branch	Sell		3,315		2.680			9/20/13		—		(148,350	)
	JPMorgan Chase Bank NA, NY Branch	Sell		3,710		2.640			8/20/13		—		(161,370	)
		Total		7,025							—		(309,720	)
Standard Bank London Holdings plc for NAK Naftogaz Ukrainy	Credit Suisse International	Sell		8,905		3.250			4/20/11		—		(4,538,268	)
		Total		8,905							—		(4,538,268	)
Troy Capital SA for Yasar Holdings SA:
	Morgan Stanley Capital Services, Inc.	Sell		3,390		8.750			6/20/10		—		(629,042	)
	Morgan Stanley Capital Services, Inc.	Sell		3,390		8.500			10/20/09		—		(269,368	)
		Total		6,780							—		(898,410	)
Ukraine:
	Citibank NA, New York	Buy		11,000		6.650			10/20/13		—		6,044,225
	Citibank NA, New York	Buy		12,740		4.180			8/20/13		—		7,530,589
	Goldman Sachs International	Buy		27,320		4.220			8/20/13		—		16,140,219
	Merrill Lynch International	Buy		27,320		4.300			8/20/13		—		16,123,089

F46 | OPPENHEIMER STRATEGIC INCOME FUND

Credit Default Swap Contracts: Continued

					Pay/					Upfront
Swap			Notional		Receive					Payment
Reference		Buy/Sell	Amount		Fixed			Termination		Received/
Entity	Counterparty	Credit Protection	(000’s)		Rate			Date		(Paid)		Value
Ukraine: Continued
	UBS AG	Buy	$	3,670		4.180	%		8/20/13	$	—	$	2,169,330
		Total		82,050							—		48,007,452
United Mexican States	Citibank NA, New York	Sell		6,470		3.750			2/20/14		—		(44,798	)
		Total		6,470							—		(44,798	)
VTB Capital SA	Goldman Sachs International	Buy		8,340		7.400			5/28/13		—		638,544
		Total		8,340							—		638,544
								Grand Total Buys			—		51,051,021
								Grand Total Sells			2,311,516		(72,232,211	)
					Total Credit Default Swaps					$	2,311,516	$	(21,181,190	)

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

	Total Maximum
Type of Reference	Potential Payments
Asset on which	for Selling Credit				Reference
the Fund Sold	Protection		Amount		Asset Rating
Protection	(Undiscounted)		Recoverable*		Range**
Investment Grade Asset-Backed Indexes	$	15,420,000	$	—	AAA
Non-Investment Grade Single Name Corporate Debt		29,863,700		—		D
Investment Grade Sovereign Debt		27,130,000		—	BBB+ to BBB
Non-Investment Grade Sovereign Debt		90,710,000		—	BB to CCC+
Total	$	163,123,700	$	—

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

Interest Rate Swap Contracts as of March 31, 2009 are as follows:

	Notional
Reference Entity/	Amount			Paid by	Received by			Termination
Swap Counterparty	(000’s)			the Fund	the Fund			Date		Value
BZDI:
Banco Santander Central Hispano SA		18,790	BRR	BZDI		14.000	%		1/3/12	$	556,106
Banco Santander SA, Inc.		81,640	BRR	BZDI		14.900			1/2/12		1,404,535
Banco Santander SA, Inc.		19,010	BRR	BZDI		13.550			1/2/17		287,295
Goldman Sachs Group, Inc. (The)		46,100	BRR	BZDI		12.800			1/2/17		284,480
Goldman Sachs International		6,810	BRR	BZDI		14.100			1/2/17		121,489

F47 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by	Received by				Termination
Swap Counterparty	(000’s)			the Fund	the Fund				Date		Value
BZDI: Continued
Goldman Sachs International		43,920	BRR	BZDI		13.900	%			1/2/17	$	654,535
J Aron & Co.		34,060	BRR	BZDI		12.920				1/2/14		293,036
J Aron & Co.		16,960	BRR	BZDI		12.870				1/2/14		131,681
J Aron & Co.		73,600	BRR	BZDI		12.390				1/2/12		332,568
J Aron & Co.		19,925	BRR	BZDI		14.160				1/2/17		362,167
J Aron & Co.		130	BRR	BZDI		12.260				1/2/15		(690	)
J Aron & Co.		60	BRR	BZDI		12.290				1/2/15		(311	)
J Aron & Co.		18,790	BRR	BZDI		14.050				1/2/12		561,720
J Aron & Co.		19,160	BRR	BZDI		13.670				1/2/17		289,578
J Aron & Co.		26,190	BRR	BZDI		13.100				1/2/17		200,511
J Aron & Co.		29,700	BRR	BZDI		14.300				1/2/17		1,427,725
JPMorgan Chase Bank NA		44,120	BRR	BZDI		13.900				1/2/17		657,820
JPMorgan Chase Bank NA		73,600	BRR	BZDI		12.380				1/2/12		335,931
JPMorgan Chase Bank NA		37,410	BRR	BZDI		13.910		��		1/2/12		1,111,487
JPMorgan Chase Bank NA		39,800	BRR	BZDI		13.900				1/2/17		765,306
Morgan Stanley		32,320	BRR	BZDI		14.950				1/2/17		969,565
Morgan Stanley		32,320	BRR	BZDI		15.000				1/2/17		977,200
Morgan Stanley		28,990	BRR	BZDI		12.810				1/2/17		61,460
Morgan Stanley		19,370	BRR	BZDI		14.880				1/2/17		931,263
Morgan Stanley		80,500	BRR	BZDI		13.900				1/2/17		1,547,918
Morgan Stanley		19,370	BRR	BZDI		14.860				1/2/17		931,263
Morgan Stanley		39,900	BRR	BZDI		12.050				1/2/12		246,357
Morgan Stanley Capital Services, Inc.		15,700	BRR	BZDI		13.930				1/2/17		237,184
UBS AG		20,800	BRR	BZDI		14.340				1/2/17		1,000,014
Reference Entity Total		939,045	BRR									16,679,193
CAD BA CDOR:
Westpac Banking Corp.		24,820	CAD	Three-Month CAD BA CDOR		2.725				3/4/19		253,220
Westpac Banking Corp.		23,745	CAD	Three-Month CAD BA CDOR		2.750				3/4/19		291,690
Reference Entity Total		48,565	CAD									544,910
CZK PRIBOR PRBO:
Goldman Sachs Group, Inc. (The)		826,000	CZK	Six-Month CZK PRIBOR PRBO	2.76% times UDI					12/5/10		(246,966	)
Goldman Sachs Group, Inc. (The)		357,800	CZK	Six-Month CZK PRIBOR PRBO		3.760				10/6/18		210,165
JPMorgan Chase Bank NA		826,000	CZK	Six-Month CZK PRIBOR PRBO		2.750				12/5/10		(254,823	)
JPMorgan Chase Bank NA		812,000	CZK	Six-Month CZK PRIBOR PRBO		3.300				10/17/10		182,692
JPMorgan Chase Bank NA		756,100	CZK	Six-Month CZK PRIBOR PRBO		3.470				9/18/10		766,838

F48  |  OPPENHEIMER STRATEGIC INCOME FUND

Interest Rate Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by		Received by			Termination
Swap Counterparty	(000’s)			the Fund		the Fund			Date		Value
CZK PRIBOR PRBO: Continued
Morgan Stanley		354,900	CZK	Six-Month CZK PRIBOR PRBO			3.830	%		10/3/18	$	315,277
Reference Entity Total		354,900	CZK									973,183
DKK CIBOR DKNA13
Barclays Bank plc		221,460	DKK		0.037	Six-Month DKK CIBOR DKNA13				3/2/19		27,177
HUF BUBOR Reuters:
Barclays Bank plc		3,677,000	HUF	Six-Month HUF BUBOR Reuters			7.820			9/19/13		(349,360	)
Barclays Bank plc		2,181,000	HUF	Six-Month HUF BUBOR Reuters			7.180			10/8/18		(1,343,357	)
Citibank NA		2,147,000	HUF	Six-Month HUF BUBOR Reuters			7.200			10/8/18		(1,204,585	)
Citibank NA		2,150,000	HUF	Six-Month HUF BUBOR Reuters			7.180			10/3/18		(1,337,506	)
JPMorgan Chase Bank NA		1,947,000	HUF	Six-Month HUF BUBOR Reuters			7.880			8/12/13		(203,840	)
JPMorgan Chase Bank NA		2,181,000	HUF	Six-Month HUF BUBOR Reuters			7.200			10/6/18		(1,223,661	)
JPMorgan Chase Bank NA		1,711,000	HUF	Six-Month HUF BUBOR Reuters			7.890			9/12/13		(178,471	)
JPMorgan Chase Bank NA		4,600,000	HUF	Six-Month HUF BUBOR Reuters			8.600			12/17/10		(621,898	)
JPMorgan Chase Bank NA		2,903,000	HUF	Six-Month HUF BUBOR Reuters			8.480			6/6/13		(125,584	)
JPMorgan Chase Bank NA		7,985,000	HUF	Six-Month HUF BUBOR Reuters			8.835			2/5/11		(708,169	)
Reference Entity Total		31,482,000	HUF									(7,296,431	)
ILS TELBOR01 Reuters:
Credit Suisse International		14,920	ILS	Three-Month ILS TELBOR01 Reuters			4.650			12/22/18		126,450
Credit Suisse International		16,080	ILS	ILS TELBOR01 Reuters			4.940			12/15/18		236,473
UBS AG		41,060	ILS	ILS TELBOR01 Reuters			4.780			1/7/19		409,403
UBS AG		39,350	ILS	Three-Month ILS TELBOR01 Reuters			5.880			8/28/10		1,384,230

F49  |  OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Interest Rate Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by		Received by			Termination
Swap Counterparty	(000’s)			the Fund		the Fund			Date		Value
ILS TELBOR01 Reuters: Continued
UBS AG		40,150	ILS	Three-Month ILS TELBOR01 Reuters			5.850	%		9/4/18	$	1,444,753
UBS AG		41,030	ILS	Three-Month ILS TELBOR01 Reuters			5.036			12/12/18		687,383
Reference Entity Total		192,590	ILS									4,288,692
JPY BBA LIBOR:
Citibank NA		1,218,500	JPY		0.012	Six-Month JPY BBA LIBOR				3/10/19		57,512
JPMorgan Chase Bank NA		1,218,500	JPY		0.013	Six-Month JPY BBA LIBOR				3/6/19		19,154
JPMorgan Chase Bank NA		1,218,500	JPY		0.012	Six-Month JPY BBA LIBOR				3/5/19		85,726
Reference Entity Total		3,655,500	JPY									162,392
MXN TIIE BANXICO:
Banco Santander SA, Inc.		81,010	MXN	MXN TIIE BANXICO			8.570			5/3/18		316,148
Banco Santander SA, Inc.		228,300	MXN	MXN TIIE BANXICO			8.540			9/27/13		865,558
Banco Santander SA, Inc.		229,200	MXN	MXN TIIE BANXICO			8.060			2/6/14		418,401
Banco Santander SA, Inc.		71,200	MXN	MXN TIIE BANXICO			8.645			5/17/18		295,939
Barclays Bank plc		82,350	MXN	MXN TIIE BANXICO			9.270			7/17/26		537,109
Citibank NA		427,800	MXN	MXN TIIE BANXICO			8.920			11/24/12		1,174,947
Credit Suisse International		90,300	MXN	MXN TIIE BANXICO			8.560			9/27/13		271,945
Credit Suisse International		84,250	MXN	MXN TIIE BANXICO			8.300			12/17/26		(42,225	)
Credit Suisse International		97,760	MXN	MXN TIIE BANXICO			8.050			1/22/19		104,834
Goldman Sachs Capital Markets LP		154,850	MXN	MXN TIIE BANXICO			8.140			1/10/18		222,934
Goldman Sachs Group, Inc. (The)		138,000	MXN	MXN TIIE BANXICO			8.540			9/27/13		523,202
Goldman Sachs Group, Inc. (The)		222,000	MXN	MXN TIIE BANXICO			8.458			5/18/29		62,815
Goldman Sachs Group, Inc. (The)		135,370	MXN	MXN TIIE BANXICO			8.729			8/27/26		489,387
Goldman Sachs Group, Inc. (The)		431,000	MXN	MXN TIIE BANXICO			9.350			11/18/11		1,501,365
Goldman Sachs Group, Inc. (The)		1,401,000	MXN	MXN TIIE BANXICO			10.000			11/11/11		1,206,947
Goldman Sachs Group, Inc. (The)		521,900	MXN	MXN TIIE BANXICO			9.270			11/21/11		1,747,269
Goldman Sachs Group, Inc. (The)		516,800	MXN	MXN TIIE BANXICO			9.080			11/22/11		1,571,634

F50  |  OPPENHEIMER STRATEGIC INCOME FUND

Interest Rate Swap Contracts: Continued

	Notional
Reference Entity/	Amount			Paid by	Received by			Termination
Swap Counterparty	(000’s)			the Fund	the Fund			Date		Value
MXN TIIE BANXICO: Continued
JPMorgan Chase Bank NA		68,760	MXN	MXN TIIE BANXICO		9.320	%		6/1/18	$	498,451
JPMorgan Chase Bank NA		1,393,000	MXN	MXN TIIE BANXICO		10.000			11/11/11		1,200,055
JPMorgan Chase Bank NA		417,900	MXN	MXN TIIE BANXICO		8.920			11/24/11		1,147,757
Merrill Lynch Capital Services, Inc.		92,040	MXN	MXN TIIE BANXICO		8.570			5/11/18		362,819
Morgan Stanley		163,800	MXN	One-Month MXN TIIE BANXICO		9.070			11/26/18		921,119
Reference Entity Total		7,048,590	MXN								15,398,410
PLZ WIBOR WIBO:
Goldman Sachs Group, Inc. (The)		54,520	PLZ	Six-Month PLZ WIBOR WIBO		5.330			10/6/18		(341,461	)
Goldman Sachs Group, Inc. (The)		54,600	PLZ	Six-Month PLZ WIBOR WIBO		5.320			10/3/18		(348,127	)
Goldman Sachs International		61,770	PLZ	Six-Month PLZ WIBOR WIBO		6.140			8/26/10		789,693
JPMorgan Chase Bank NA		40,860	PLZ	Six-Month PLZ WIBOR WIBO		6.040			8/8/13		618,791
Reference Entity Total		211,750	PLZ								718,896
SEK STIBOR SIDE:
Deutsche Bank AG		153,800	SEK	Three-Month SEK STIBOR SIDE		5.110			7/16/18		3,400,332
Goldman Sachs Group, Inc. (The)		214,933	SEK	SEK STIBOR SIDE		3.380			2/10/19		225,644
Reference Entity Total		368,733	SEK								3,625,976
USD BBA LIBOR
Westpac Banking Corp.		37,500		Three-Month USD BBA LIBOR		3.318			3/6/19		1,421,400
								Total Interest Rate Swaps		$36,543,798

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

BRR	Brazilian Real
CAD	Canadian Dollar
CZK	Czech Koruna
DKK	Danish Krone
HUF	Hungarian Forint
ILS	Israeli Shekel
JPY	Japanese Yen
MXN	Mexican Nuevo Peso
PLZ	Polish Zloty
SEK	Swedish Krona

F51  |  OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Abbreviations/Definitions are as follows:

BA CDOR	Canadian Bankers Acceptances Deposit Offering Rate
BANIXCO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BUBOR	Budapest Interbank Offered Rate
BZDI	Brazil Interbank Deposit Rate
CIBOR	Copenhagen Interbank Offered Rate
DKNA13	Reuters 12-Month CIBOR
PRIBOR PRBO	Prague Interbank Offering Rate
STIBOR-SIDE	Stockholm Interbank Offered Rate
TELBOR01	Tel Aviv Interbank Offered Rate 1 Month
TIIE	Interbank Equilibrium Interest Rate
UDI	Unidad de Inversion (Unit of Investment)
WIBOR-WIBO	Poland Warsaw Interbank Offer Bid Rate

Total Return Swap Contract as of March 31, 2009 are as follows:

Reference Entity/	Notional			Paid by	Received by	Termination
Swap Counterparty	Amount (000’s)			the Fund	the Fund	Date		Value
BOVESPA Index
UBS AG		20,271	BRR	If positive, the Total Return of the BOVESPA Index	If negative, the absolute value of the Total Return of the BOVESPA Index		4/17/09	$	216,219
Custom basket of securities:
Citibank NA, New York		15,572	GBP	One-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities		5/8/09		1,612,011
Citibank NA, New York		2,239,858	JPY	One-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities		4/14/09		3,020,143
Deutsche Bank AG, London		83,716		One-Month USD BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total Return of a custom equity basket	If positive, the Total Return of a custom equity basket		3/5/10		10,741,865
Deutsche Bank AG, London		83,716		One-Month USD BBA LIBOR plus 22.93 basis points and if negative, the absolute value of the Total Return of a custom equity basket	If positive, the Total Return of a custom equity basket		10/5/09		1,801,100

F52 | OPPENHEIMER STRATEGIC INCOME FUND

Total Return Swap Contract: Continued

Reference Entity/	Notional			Paid by	Received by	Termination
Swap Counterparty	Amount (000’s)			the Fund	the Fund	Date		Value
Custom basket of securities: Continued
Morgan Stanley International		11,782	EUR	One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities		10/7/09	$	1,728,011
Morgan Stanley		11,909	EUR	One-Month EUR BBA LIBOR plus 25 basis points and if negative, the absolute value of the Total Return of a custom basket of securities	If positive, the Total Return of a custom basket of securities		3/5/10		2,215,869
Reference Entity Total									16,486,845
Each of JSC “Rushydro” (Open Joint Stock Company, Federal Hydrogeneration Company) and OJSC Saratovskaya HPP and any Successor(s) to these Reference Entities
Morgan Stanley Capital Services, Inc		936,780	RUR	Three-Month USD BBA LIBOR	7.75% from debt obligations of JSC Rushydro and OJSC Saratovskaya HPP		12/26/13		(12,343,681	)
KOSPI200
Citibank NA		11,135,805	KRW	If positive, the Total Return of the KOSPI200 Index	If negative, the absolute value of the Total Return of the KOSPI200 Index		6/15/09		(586,758	)
MSCI DAILY TR NET BELGIUM:
Citibank NA		2,429		One-Month USD BBA LIBOR and if negative, the absolute value of the total return of the MSCI Daily Net Belgium USD Index	If positive, the Total Return of the MSCI Daily Net Belgium USD Index		10/7/09		321,145
Citibank NA		10,669		One-Month USD BBA LIBOR and if negative, the absolute value of the total return of the MSCI Daily Net Belgium USD Index	If positive, the Total Return of the MSCI Daily Net Belgium USD Index		10/7/09		937,479
Reference Entity Total									1,258,624

F53 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Total Return Swap Contract: Continued

Reference Entity/	Notional		Paid by	Received by	Termination
Swap Counterparty	Amount (000’s)		the Fund	the Fund	Date		Value
MXN TIIE BANXICO:
Deutsche Bank AG		13,250	Six-Month USD BBA LIBOR	5.46% times UDI		5/13/15	$	707,933
Deutsche Bank AG		7,260	Six-Month USD LIBOR	5.25% times UDI		6/23/15		189,712
Goldman Sachs Group, Inc. (The)		7,490	Six-Month USD BBA LIBOR	5.10% times UDI		1/14/15		454,393
Goldman Sachs Group, Inc. (The)		7,490	Six-Month BBA LIBOR	5.08% times UDI		1/20/15		477,147
Reference Entity Total								1,829,185
Total of Total Return Swaps							$	11,492,588

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

BRR	Brazilian Real
EUR	Euro
GBP	British Pound Sterling
JPY	Japanese Yen
KRW	South Korean Won
RUR	Russian Ruble

Abbreviations/Definitions are as follows:

BBA LIBOR	British Bankers’ Association London-Interbank Offered Rate
BOVESPA	Bovespa Index that trades on the Sao Paulo Stock Exchange
KOSPI200	Korean Stock Exchange Capitalization-weighted Index made up of 200 Korean stocks
MSCI	Morgan Stanley Capital International
UDI	Unidad de Inversion (Unit of Investment)

Currency Swaps as of March 31, 2009 are as follows:

Reference Entity/	Notional			Paid by	Received by			Termination
Swap Counterparty	Amount (000’s)			the Fund	the Fund			Date		Value
USD BBA LIBOR:
Credit Suisse International		11,360	TRY	Three-Month USD BBA LIBOR		16.75	%		2/26/12	$	(448,297	)
Credit Suisse International		4,575	TRY	Three-Month USD BBA LIBOR		17.25			2/7/12		(119,249	)
Credit Suisse International		6,900	TRY	Three-Month USD BBA LIBOR		17.30			2/9/12		(183,094	)
Merrill Lynch International		7,160	TRY	Three-Month BBA LIBOR		17.10			2/6/12		(350,946	)
Reference Entity Total											(1,101,586	)
Total Currency Swaps										$	(1,101,586	)

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

TRY                 New Turkish Lira

Abbreviations/Definitions are as follows:

BBA LIBOR      British Bankers’ Association London-Interbank Offered Rate

F54 | OPPENHEIMER STRATEGIC INCOME FUND

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

Swap Summary as of March 31, 2009 is as follows:

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Banco Santander Central Hispano SA	Interest Rate		18,790	BRR	$	556,106
Banco Santander SA, Inc.:
	Interest Rate		100,650	BRR		1,691,830
	Interest Rate		609,710	MXN		1,896,046
						3,587,876
Barclays Bank plc:
	Credit Default Sell Protection		3,250			403,556
	Interest Rate		221,460	DKK		27,177
	Interest Rate		5,858,000	HUF		(1,692,717	)
	Interest Rate		82,350	MXN		537,109
						(724,875	)
Citibank NA:
	Interest Rate		4,297,000	HUF		(2,542,091	)
	Interest Rate		1,218,500	JPY		57,512
	Interest Rate		427,800	MXN		1,174,947
	Total Return		11,135,805	KRW		(586,758	)
	Total Return		13,098			1,258,624
						(637,766	)
Citibank NA, New York:
	Credit Default Buy Protection		31,710			13,032,397
	Credit Default Sell Protection		18,945			(8,241,166	)
	Total Return		15,572	GBP		1,612,011
	Total Return		2,239,858	JPY		3,020,143
						9,423,385
Credit Suisse International:
	Credit Default Buy Protection		5,705			1,209,945
	Credit Default Sell Protection		33,605			(14,981,955	)
	Currency		22,835	TRY		(750,640	)
	Interest Rate		31,000	ILS		362,923
	Interest Rate		272,310	MXN		334,554
						(13,825,173	)
Deutsche Bank AG:
	Credit Default Buy Protection		7,440			952,499
	Credit Default Sell Protection		9,520			(6,588,710	)
	Interest Rate		153,800	SEK		3,400,332
	Total Return		20,510			897,645
						(1,338,234	)
Deutsche Bank AG, London	Total Return		167,432			12,542,965
Goldman Sachs Capital Markets LP	Interest Rate		154,850	MXN		222,934

F55 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Swap Summary: Continued

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
Goldman Sachs Group, Inc. (The):
	Interest Rate		46,100	BRR	$	284,480
	Interest Rate		1,183,800	CZK		(36,801	)
	Interest Rate		3,366,070	MXN		7,102,619
	Interest Rate		109,120	PLZ		(689,588	)
	Interest Rate		214,933	SEK		225,644
	Total Return		14,980			931,540
						7,817,894
Goldman Sachs International:
	Credit Default Buy Protection		61,640			15,977,866
	Credit Default Sell Protection		1,445			(515,620	)
	Interest Rate		50,730	BRR		776,024
	Interest Rate		61,770	PLZ		789,693
						17,027,963
J Aron & Co.	Interest Rate		238,575	BRR		3,597,985
JPMorgan Chase Bank NA:
	Interest Rate		194,930	BRR		2,870,544
	Interest Rate		2,394,100	CZK		694,707
	Interest Rate		21,327,000	HUF		(3,061,623	)
	Interest Rate		2,437,000	JPY		104,880
	Interest Rate		1,879,660	MXN		2,846,263
	Interest Rate		40,860	PLZ		618,791
						4,073,562
JPMorgan Chase Bank NA, NY Branch	Credit Default Sell Protection		7,025			(309,720	)
Merrill Lynch Capital Services, Inc.	Interest Rate		92,040	MXN		362,819
Merrill Lynch International:
	Credit Default Buy Protection		27,320			16,123,089
	Currency		7,160	TRY		(350,946	)
						15,772,143
Morgan Stanley:
	Interest Rate		252,770	BRR		5,665,026
	Interest Rate		354,900	CZK		315,277
	Interest Rate		163,800	MXN		921,119
	Total Return		11,909	EUR		2,215,869
						9,117,291
Morgan Stanley Capital Services, Inc.:
	Credit Default Buy Protection		8,330			375,950
	Credit Default Sell Protection		54,420			(12,403,877	)
	Credit Default Sell Protection		22,249	EUR		(26,258,867	)
	Interest Rate		15,700	BRR		237,184
	Total Return		936,780	RUR		(12,343,681	)
						(50,393,291	)
Morgan Stanley International	Total Return		11,782	EUR		1,728,011

F56 | OPPENHEIMER STRATEGIC INCOME FUND

Swap Summary: Continued

		Notional
	Swap Type from	Amount
Swap Counterparty	Fund Perspective	(000’s)			Value
UBS AG:
	Credit Default Buy Protection	$	9,375		$	3,379,275
	Credit Default Sell Protection		12,665			(3,335,852	)
	Interest Rate		20,800	BRR		1,000,014
	Interest Rate		161,590	ILS		3,925,769
	Total Return		20,271	BRR		216,219
						5,185,425
Westpac Banking Corp.:
	Interest Rate		48,565	CAD		544,910
	Interest Rate		37,500			1,421,400
						1,966,310
		Total Swaps			$	25,753,610

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

BRR	Brazilian Real
CAD	Canadian Dollar
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
ILS	Israeli Shekel
JPY	Japanese Real
KRW	South Korean Won
MXN	Mexican Nuevo Peso
PLZ	Polish Zloty
RUR	Russian Ruble
SEK	Swedish Krona
TRY	New Turkish Lira

See accompanying Notes to Financial Statements.

F57 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 31, 2009

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $8,106,834,251)	$	6,584,670,923
Affiliated companies (cost $1,205,403,905)		1,072,153,229
		7,656,824,152
Cash		5,954,723
Cash—foreign currencies (cost $3,888,719)		3,807,127
Unrealized appreciation on foreign currency exchange contracts		55,086,935
Swaps, at value		122,995,132
Receivables and other assets:
Investments sold (including $16,802,117 sold on a when-issued or delayed delivery basis)		117,131,950
Interest, dividends and principal paydowns		101,943,255
Closed foreign currency contracts		22,396,904
Shares of beneficial interest sold		7,516,499
Other		167,194
Total assets		8,093,823,871
Liabilities
Return of collateral for securities loaned		113,167,080
Unrealized depreciation on foreign currency exchange contracts		26,838,694
Swaps, at value (upfront payments received $2,311,516)		97,241,522
Unrealized depreciation on unfunded loan commitments		1,287,522
Payables and other liabilities:
Investments purchased (including $442,582,218 purchased on a when-issued or delayed delivery basis)		494,327,571
Terminated investment contracts		35,847,316
Closed foreign currency contracts		25,719,696
Shares of beneficial interest redeemed		15,281,439
Dividends		10,297,025
Distribution and service plan fees		4,582,928
Futures margins		2,152,388
Transfer and shareholder servicing agent fees		1,171,838
Shareholder communications		401,855
Trustees’ compensation		65,504
Other		394,015
Total liabilities		828,776,393
Net Assets	$	7,265,047,478

F58 | OPPENHEIMER STRATEGIC INCOME FUND

Composition of Net Assets
Par value of shares of beneficial interest	$	2,228,736
Additional paid-in capital		10,555,643,638
Accumulated net investment income		138,811,843
Accumulated net realized loss on investments and foreign currency transactions		(1,824,507,543	)
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(1,607,129,196	)
Net Assets	$	7,265,047,478
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $5,440,452,904 and 1,668,720,009 shares of beneficial interest outstanding)	$	3.26
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	3.42
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $333,367,936 and 101,914,352 shares of beneficial interest outstanding)	$	3.27
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,101,368,046 and 338,495,592 shares of beneficial interest outstanding)	$	3.25
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $151,349,702 and 46,391,574 shares of beneficial interest outstanding)	$	3.26
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $238,508,890 and 73,214,283 shares of beneficial interest outstanding)	$	3.26

See accompanying Notes to Financial Statements.

F59 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2009

Allocation of Income and Expenses from master funds1
Net investment income allocated from Oppenheimer Master Event-Linked Bond Fund:
Dividends	$	4,792
Interest		1,664,105
Expenses2		(88,974	)
Net investment income from Oppenheimer Master Event-Linked Bond Fund, LLC		1,579,923
Net investment income allocated from Oppenheimer Master Loan Fund, LLC:
Dividends		76,278
Interest		14,032,445
Expenses3		(486,547	)
Net investment income from Oppenheimer Master Loan Fund, LLC		13,622,176
Investment Income
Interest		273,127,927
Dividends:
Unaffiliated companies		235,812
Affiliated companies		5,260,966
Fee income		3,474,272
Income from investment of securities lending cash collateral, net—affiliated companies		3,515,772
Total investment income		285,614,749
Expenses
Management fees		21,041,915
Distribution and service plan fees:
Class A		7,567,870
Class B		1,867,855
Class C		6,012,942
Class N		393,732
Transfer and shareholder servicing agent fees:
Class A		4,914,866
Class B		543,288
Class C		1,000,050
Class N		323,173
Class Y		279,149
Shareholder communications:
Class A		191,328
Class B		34,905
Class C		38,697
Class N		4,735
Class Y		30,421
Custodian fees and expenses		339,712
Trustees’ compensation		73,447
Other		270,313
Total expenses		44,928,398
Less reduction to custodian expenses		(13,642	)
Less waivers and reimbursements of expenses		(782,423	)
Net expenses		44,132,333
Net Investment Income		256,684,515

1.	The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of accompanying Notes.
2.	Net of expense waivers and/or reimbursements of $368.
3.	Net of expense waivers and/or reimbursements of $4,850.

F60 | OPPENHEIMER STRATEGIC INCOME FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (including premiums on options exercised)	$	(281,808,636	)
Closing and expiration of option contracts written		15,345,604
Closing and expiration of futures contracts		114,382,710
Foreign currency transactions		(170,575,649	)
Swap contracts		(824,927,734	)
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		642,677
Allocated from Oppenheimer Master Loan Fund, LLC		(12,902,591	)
Net realized loss		(1,159,843,619	)
Net change in unrealized appreciation (depreciation) on:
Investments		(614,803,009	)
Translation of assets and liabilities denominated in foreign currencies		(147,021,018	)
Futures contracts		9,692,037
Option contracts written		979,731
Swap contracts		214,192,987
Unfunded loan commitments		(1,741,696	)
Allocated from Oppenheimer Master Event-Linked Bond Fund, LLC		(3,011,436	)
Allocated from Oppenheimer Master Loan Fund, LLC		(59,780,144	)
Net change in unrealized depreciation		(601,492,548	)
Net Decrease in Net Assets Resulting from Operations	$	(1,504,651,652	)

See accompanying Notes to Financial Statements.

F61 | OPPENHEIMER STRATEGIC INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 31, 2009			September 30,
	(Unaudited)			2008
Operations
Net investment income	$	256,684,515		$	522,460,246
Net realized gain (loss)		(1,159,843,619	)		151,736,106
Net change in unrealized depreciation		(601,492,548	)		(1,175,192,184	)
Net decrease in net assets resulting from operations		(1,504,651,652	)		(500,995,832	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(198,073,843	)		(494,418,504	)
Class B		(10,337,502	)		(31,451,076	)
Class C		(34,075,361	)		(78,943,422	)
Class N		(4,728,826	)		(10,729,833	)
Class Y		(8,795,554	)		(13,912,150	)
		(256,011,086	)		(629,454,985	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(947,703,436	)		2,145,982,862
Class B		(68,944,600	)		(32,104,276	)
Class C		(135,231,929	)		572,201,995
Class N		(2,181,436	)		61,007,867
Class Y		(17,014,844	)		(456,356	)
		(1,171,076,245	)		2,746,632,092
Net Assets
Total increase (decrease)		(2,931,738,983	)		1,616,181,275
Beginning of period		10,196,786,461			8,580,605,186
End of period (including accumulated net investment income of $138,811,843 and $138,138,414, respectively)	$	7,265,047,478		$	10,196,786,461

See accompanying Notes to Financial Statements.

F62 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class A	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.41		$	4.18		$	4.34		$	4.23		$	4.08
Income (loss) from investment operations:
Net investment income		.11	1		.24	1		.23	1		.21	1		.21	1		.20
Net realized and unrealized gain (loss)		(.70	)		(.40	)		.23			(.05	)		.19			.15
Total from investment operations		(.59	)		(.16	)		.46			.16			.40			.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.29	)		(.23	)		(.32	)		(.29	)		(.20	)
Net asset value, end of period	$	3.26		$	3.96		$	4.41		$	4.18		$	4.34		$	4.23
Total Return, at Net Asset Value2		(14.96	)%		(4.01	)%		11.14	%		3.77	%		9.77	%		8.73	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,440,453		$	7,719,384		$	6,430,790		$	5,077,400		$	4,766,576		$	4,117,666
Average net assets (in thousands)	$	6,186,100		$	7,560,427		$	5,655,265		$	4,888,392		$	4,392,321		$	4,025,554
Ratios to average net assets:3,4
Net investment income		6.44	%		5.44	%		5.25	%		5.03	%		4.82	%		4.69	%
Total expenses		0.96	%5		0.91	%5		0.90	%5		0.93	%		0.94	%		0.95	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.94	%		0.89	%		0.89	%		0.92	%		0.94	%		0.95	%
Portfolio turnover rate6		44	%		71	%		72	%		96	%		103	%		90	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:

Six Months Ended March 31, 2009	0.97	%
Year Ended September 30, 2008	0.92	%
Year Ended September 30, 2007	0.91	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2009	$	2,481,310,975	$	2,219,432,871
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355
Year Ended September 30, 2004	$	5,593,936,243	$	5,563,251,032

See accompanying Notes to Financial Statements.

F63 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class B	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	3.98		$	4.42		$	4.20		$	4.35		$	4.24		$	4.10
Income (loss) from investment operations:
Net investment income		.09	1		.20	1		.19	1		.18	1		.17	1		.16
Net realized and unrealized gain (loss)		(.71	)		(.39	)		.22			(.05	)		.20			.15
Total from investment operations		(.62	)		(.19	)		.41			.13			.37			.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.09	)		(.25	)		(.19	)		(.28	)		(.26	)		(.17	)
Net asset value, end of period	$	3.27		$	3.98		$	4.42		$	4.20		$	4.35		$	4.24
Total Return, at Net Asset Value2		(15.50	)%		(4.54	)%		9.99	%		3.23	%		8.94	%		7.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	333,368		$	483,485		$	569,523		$	718,742		$	918,651		$	1,163,555
Average net assets (in thousands)	$	374,300		$	540,865		$	635,237		$	802,936		$	1,021,022		$	1,424,332
Ratios to average net assets:3,4
Net investment income		5.56	%		4.61	%		4.43	%		4.25	%		4.05	%		4.16	%
Total expenses		1.86	%5		1.73	%5		1.71	%5		1.71	%		1.70	%		1.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.84	%		1.71	%		1.70	%		1.71	%		1.69	%		1.69	%
Portfolio turnover rate6		44	%		71	%		72	%		96	%		103	%		90	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:

Six Months Ended March 31, 2009	1.87	%
Year Ended September 30, 2008	1.74	%
Year Ended September 30, 2007	1.72	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2009	$	2,481,310,975	$	2,219,432,871
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355
Year Ended September 30, 2004	$	5,593,936,243	$	5,563,251,032

See accompanying Notes to Financial Statements.

F64 | OPPENHEIMER STRATEGIC INCOME FUND

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class C	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.40		$	4.18		$	4.33		$	4.22		$	4.07
Income (loss) from investment operations:
Net investment income		.10	1		.20	1		.19	1		.18	1		.17	1		.17
Net realized and unrealized gain (loss)		(.72	)		(.38	)		.22			(.05	)		.20			.15
Total from investment operations		(.62	)		(.18	)		.41			.13			.37			.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.09	)		(.26	)		(.19	)		(.28	)		(.26	)		(.17	)
Net asset value, end of period	$	3.25		$	3.96		$	4.40		$	4.18		$	4.33		$	4.22
Total Return, at Net Asset Value2		(15.54	)%		(4.52	)%		10.06	%		3.22	%		8.96	%		7.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,101,368		$	1,493,804		$	1,086,918		$	857,843		$	788,217		$	710,085
Average net assets (in thousands)	$	1,205,376		$	1,381,340		$	959,439		$	814,425		$	748,199		$	716,206
Ratios to average net assets:3,4
Net investment income		5.69	%		4.68	%		4.49	%		4.27	%		4.07	%		4.06	%
Total expenses		1.72	%5		1.66	%5		1.66	%5		1.68	%		1.69	%		1.69	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70	%		1.64	%		1.65	%		1.68	%		1.69	%		1.69	%
Portfolio turnover rate6		44	%		71	%		72	%		96	%		103	%		90	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:

Six Months Ended March 31, 2009	1.73	%
Year Ended September 30, 2008	1.67	%
Year Ended September 30, 2007	1.67	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2009	$	2,481,310,975	$	2,219,432,871
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355
Year Ended September 30, 2004	$	5,593,936,243	$	5,563,251,032

See accompanying Notes to Financial Statements.

F65 | OPPENHEIMER STRATEGIC INCOME FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class N	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	3.97		$	4.41		$	4.19		$	4.34		$	4.23		$	4.08
Income (loss) from investment operations:
Net investment income		.10	1		.22	1		.21	1		.19	1		.19	1		.17
Net realized and unrealized gain (loss)		(.71	)		(.39	)		.22			(.04	)		.19			.16
Total from investment operations		(.61	)		(.17	)		.43			.15			.38			.33
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)		(.27	)		(.21	)		(.30	)		(.27	)		(.18	)
Net asset value, end of period	$	3.26		$	3.97		$	4.41		$	4.19		$	4.34		$	4.23
Total Return, at Net Asset Value2		(15.35	)%		(4.17	)%		10.42	%		3.60	%		9.27	%		8.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	151,349		$	186,353		$	145,685		$	108,324		$	83,287		$	52,969
Average net assets (in thousands)	$	157,943		$	175,884		$	126,935		$	94,281		$	69,480		$	40,043
Ratios to average net assets:3,4
Net investment income		6.02	%		5.03	%		4.84	%		4.62	%		4.37	%		4.19	%
Total expenses		1.46	%5		1.32	%5		1.32	%5		1.33	%		1.40	%		1.38	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.37	%		1.30	%		1.31	%		1.33	%		1.40	%		1.38	%
Portfolio turnover rate6		44	%		71	%		72	%		96	%		103	%		90	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:

Six Months Ended March 31, 2009	1.47	%
Year Ended September 30, 2008	1.33	%
Year Ended September 30, 2007	1.33	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2009	$	2,481,310,975	$	2,219,432,871
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355
Year Ended September 30, 2004	$	5,593,936,243	$	5,563,251,032

See accompanying Notes to Financial Statements.

F66 | OPPENHEIMER STRATEGIC INCOME FUND

	Six Months
	Ended
	March 31, 2009									Year Ended September 30,
Class Y	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	3.96		$	4.39		$	4.17		$	4.32		$	4.22		$	4.07
Income (loss) from investment operations:
Net investment income		.11	1		.25	1		.24	1		.22	1		.21	1		.21
Net realized and unrealized gain (loss)		(.70	)		(.38	)		.22			(.04	)		.19			.14
Total from investment operations		(.59	)		(.13	)		.46			.18			.40			.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.30	)		(.24	)		(.33	)		(.30	)		(.20	)
Net asset value, end of period	$	3.26		$	3.96		$	4.39		$	4.17		$	4.32		$	4.22
Total Return, at Net Asset Value2		(14.93	)%		(3.33	)%		11.28	%		4.35	%		9.73	%		8.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	238,509		$	313,760		$	347,689		$	179,309		$	62,824		$	150,699
Average net assets (in thousands)	$	272,191		$	220,416		$	260,589		$	118,239		$	68,656		$	213,632
Ratios to average net assets:3,4
Net investment income		6.50	%		5.68	%		5.61	%		5.38	%		4.84	%		4.80	%
Total expenses		0.76	%5		0.66	%5		0.56	%5		0.58	%		1.16	%		1.29	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.74	%		0.64	%		0.55	%		0.58	%		0.80	%		0.90	%
Portfolio turnover rate6		44	%		71	%		72	%		96	%		103	%		90	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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.	Total expenses including indirect expenses from affiliated funds, excluding investments in master funds, were as follows:

Six Months Ended March 31, 2009	0.77	%
Year Ended September 30, 2008	0.67	%
Year Ended September 30, 2007	0.57	%

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

	Purchase Transactions		Sale Transactions
Six Months Ended March 31, 2009	$	2,481,310,975	$	2,219,432,871
Year Ended September 30, 2008	$	1,979,370,856	$	1,852,400,340
Year Ended September 30, 2007	$	3,319,818,108	$	3,509,387,791
Year Ended September 30, 2006	$	4,097,005,267	$	4,231,030,059
Year Ended September 30, 2005	$	4,436,804,790	$	4,469,108,355
Year Ended September 30, 2004	$	5,593,936,243	$	5,563,251,032

See accompanying Notes to Financial Statements.

F67 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer Strategic Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek high current income by investing mainly in debt securities. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

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

     Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, 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. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs.

F68 | OPPENHEIMER STRATEGIC INCOME FUND

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

     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, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

     “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2.

     In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities 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 adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

     Fair valued securities may be classified as “Level 3” if the valuation primarily reflects the Manager’s own assumptions about the inputs that market participants would use in valuing such securities.

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

F69 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

Event-Linked Bonds. The Fund may invest in “event-linked” bonds. Event-linked bonds, which are sometimes referred to as “catastrophe” bonds, are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific trigger event, such as a hurricane, earthquake, or other occurrence that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal in addition to interest otherwise due from the security. Event-linked bonds may expose the Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk and adverse tax consequences. The Fund records the net change in market value of event-linked bonds on the Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations upon the sale or maturity of such securities.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

F70 | OPPENHEIMER STRATEGIC INCOME FUND

As of March 31, 2009, 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	$	442,582,218
Sold securities		16,802,117

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

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

     Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; and counterparty credit risk. To assure its future payment of the purchase price, the Fund maintains internally designated assets with a market value equal to or greater than the payment obligation under the roll.

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 in default, and is not obligated to dispose of securities whose issuers subsequently default. As of March 31, 2009, securities with an aggregate market value of $16,405,571, representing 0.23% of the Fund’s net assets, were in default.

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

F71 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

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

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

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

     The investment objective of Oppenheimer Master Loan Fund, LLC is to seek as high a level of current income and preservation of capital as is consistent with investing primarily in loans and other debt securities. The investment objective of Oppenheimer Master Event-Linked Bond Fund, LLC is to seek a high level of current income principally derived from interest on debt securities. The Fund’s investments in the master funds are included in the Statement of Investments. The Fund recognizes income and gain/(loss) on its investments in each master fund according to its allocated pro-rata share, based

F72 | OPPENHEIMER STRATEGIC INCOME FUND

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 master funds’s expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the master funds.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

Investments With Off-Balance Sheet Market Risk. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund’s Statement of Assets and Liabilities.

Use of Leverage. Derivatives typically have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of 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.

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

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

F73 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

During the fiscal year ended September 30, 2008, the Fund utilized $27,107,866 of capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2008, the Fund had available for federal income tax purposes post-October losses of $9,247,907, post-October passive foreign investment company losses of $832,870, straddle losses of $1,502,445 and unused capital loss carryforwards as follows:

Expiring
2009	$	56,817,462
2010		195,082,729
2011		298,761,186
2012		122,914,725
Total	$	673,576,102

As of March 31, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $1,845,002,943 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 31, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	9,322,051,438
Federal tax cost of other investments		(498,863,983	)
Total federal tax cost	$	8,823,187,455
Gross unrealized appreciation	$	303,777,301
Gross unrealized depreciation		(1,948,494,095	)
Net unrealized depreciation	$	(1,644,716,794	)

Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion

F74 | OPPENHEIMER STRATEGIC INCOME FUND

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

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

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold 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

F75 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

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

2. Shares of Beneficial Interest

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

	Six Months Ended March 31, 2009						Year Ended September 30, 2008
	Shares			Amount			Shares			Amount
Class A
Sold		188,181,839		$	651,150,614			811,998,259		$	3,547,497,776
Dividends and/or distributions reinvested		46,421,499			156,305,092			90,115,039			391,099,372
Redeemed		(513,015,374	)		(1,755,159,142	)		(414,282,055	)		(1,792,614,286	)
Net increase (decrease)		(278,412,036	)	$	(947,703,436	)		487,831,243		$	2,145,982,862
Class B
Sold		11,640,402		$	40,058,498			44,735,111		$	196,102,890
Dividends and/or distributions reinvested		2,409,665			8,137,540			5,601,817			24,423,440
Redeemed		(33,690,894	)		(117,140,638	)		(57,591,324	)		(252,630,606	)
Net decrease		(19,640,827	)	$	(68,944,600	)		(7,254,396	)	$	(32,104,276	)
Class C
Sold		41,962,294		$	143,731,125			182,971,353		$	798,051,215
Dividends and/or distributions reinvested		7,451,053			25,041,373			13,833,361			59,900,893
Redeemed		(88,477,808	)		(304,004,427	)		(66,390,652	)		(285,750,113	)
Net increase (decrease)		(39,064,461	)	$	(135,231,929	)		130,414,062		$	572,201,995
Class N
Sold		11,037,772		$	37,913,572			23,832,269		$	104,021,888
Dividends and/or distributions reinvested		1,123,295			3,782,467			2,007,889			8,716,192
Redeemed		(12,744,418	)		(43,877,475	)		(11,902,534	)		(51,730,213	)
Net increase (decrease)		(583,351	)	$	(2,181,436	)		13,937,624		$	61,007,867

F76 | OPPENHEIMER STRATEGIC INCOME FUND

	Six Months Ended March 31, 2009						Year Ended September 30, 2008
	Shares			Amount			Shares			Amount
Class Y
Sold		37,391,387		$	131,936,343			85,589,372		$	372,176,959
Dividends and/or distributions reinvested		2,235,868			7,519,761			2,700,353			11,630,892
Redeemed		(45,604,885	)		(156,470,948	)		(88,220,405	)		(384,264,207	)
Net increase (decrease)		(5,977,630	)	$	(17,014,844	)		69,320		$	(456,356	)

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in Oppenheimer Institutional Money Market Fund and OFI Liquid Assets Fund, LLC, for the six months ended March 31, 2009, were as follows:

	Purchases		Sales
Investment securities	$	1,699,091,310	$	2,827,714,233
U.S. government and government agency obligations		672,681,038		329,773,839
To Be Announced (TBA) mortgage-related securities		2,481,310,975		2,219,432,871

4. Fees and Other Transactions with Affiliates

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

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

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 31, 2009, the Fund paid $6,962,180 to OFS for services to the Fund.

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

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided

F77 | OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2009 for Class B, Class C and Class N shares were $112,322,457, $39,340,216 and $2,970,183, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

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

			Class A		Class B		Class C		Class N
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor		Distributor
March 31, 2009	$	584,707	$	104,983	$	658,718	$	317,775	$	14,123

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the six months ended March 31, 2009, OFS waived $52,784 for Class N shares. This undertaking may be amended or withdrawn at any time.

     The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investments in IMMF and master

F78 | OPPENHEIMER STRATEGIC INCOME FUND

funds. During the six months ended March 31, 2009, the Manager waived $729,639 for management fees.

5. Foreign Currency Exchange Contracts

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

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

     Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

6. Futures Contracts

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

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

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

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

F79  |  OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Futures Contracts Continued

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

7. Option Activity

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

     Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

     Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities.

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

Written option activity for the six months ended March 31, 2009 was as follows:

	Call Options						Put Options
	Number of			Amount of			Number of			Amount of
	Contracts			Premiums			Contracts			Premiums
Options outstanding as of September 30, 2008	$	3,818,670,000		$	1,032,083		$	3,818,670,000		$	1,032,083
Options written		31,282,755,000			14,278,758			31,282,755,000			14,360,938
Options closed or expired		(12,525,080,000	)		(8,678,374	)		(22,576,345,000	)		(6,667,230	)
Options exercised		(22,576,345,000	)		(6,632,467	)		(12,525,080,000	)		(8,725,791	)
Options outstanding as of March 31, 2009	$	—		$	—		$	—		$	—

F80  |  OPPENHEIMER STRATEGIC INCOME FUND

8. Swap Contracts

The Fund may enter into privately negotiated agreements with a counterparty to exchange or “swap” payments at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. As derivative contracts, swaps typically do not have an associated cost at contract inception. At initiation, contract terms are typically set at market value such that the value of the swap is $0. If a counterparty specifies terms that would result in the contract having a value other than $0 at initiation, one counterparty will pay the other an upfront payment to equalize the contract. Subsequent changes in market value are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. Contract types may include credit default, interest rate, total return, and currency swaps.

     Swaps are marked to market daily using quotations primarily from pricing services, counterparties or brokers. Swap contracts are reported on a schedule following the Statement of Investments. The value of the contracts is separately disclosed on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) is comprised of the change in the valuation of the swap combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations. Any payment received or paid to initiate a contract is recorded as a cost of the swap in the Statement of Assets and Liabilities and as a component of unrealized gain or loss on the Statement of Operations until contract termination; upon contract termination, this amount is recorded as realized gain or loss on the Statement of Operations. Excluding amounts paid at contract initiation as described above, the Fund also records any periodic payments received from (paid to) the counterparty, including at termination, as realized gain (loss) on the Statement of Operations.

     Risks of entering into swap contracts include credit, market and liquidity risk. Credit risk arises from the possibility that the counterparty fails to make a payment when due or otherwise defaults under the terms of the contract. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that the value of the contract will depreciate due to unfavorable changes in the performance of the asset or non-asset reference. Liquidity risk is the risk that the Fund may be unable to close the contract prior to its termination.

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

     The buyer of protection pays a periodic fee to the seller of protection based on the notional amount of debt securities underlying the swap contract. The seller of protection

F81  |  OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Swap Contracts Continued

agrees to compensate the buyer of protection for future potential losses as a result of a credit event on the reference asset. The contract effectively transfers the credit event risk of the reference asset from the buyer of protection to the seller of protection.

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

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

     Risks of credit default swaps include credit, market and liquidity risk. Additional risks include but are not limited to: the cost of paying for credit protection if there are no credit events or the cost of selling protection when a credit event occurs (paying the notional amount to the protection buyer); and pricing transparency when assessing the value of a credit default swap.

     As of March 31, 2009, the Fund has sold credit protection through credit default swaps to increase exposure to the credit risk of individual securities and, or, indexes that are either unavailable or considered to be less attractive in the bond market.

     As of March 31, 2009, the Fund has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and, or, indexes.

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

     Risks of interest rate swaps include credit, market and liquidity risk. Additional risks include but are not limited to, interest rate risk. There is a risk, based on future movements of interest rates that the payments made by the Fund under a swap agreement will be greater than the payments it received.

Total Return Swap Contracts. A total return swap is an agreement between counterparties to exchange periodic payments based on asset or non-asset references. One cash flow is typically based on a non-asset reference (such as an interest rate or index) and the other on the total return of a reference asset (such as a security or a basket of securities). The

F82  |  OPPENHEIMER STRATEGIC INCOME FUND

total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments.

     Risks of total return swaps include credit, market and liquidity risk.

Currency Swaps. A currency swap is an agreement between counterparties to exchange different currencies equivalent to the notional value at contract inception and reverse the exchange of the same notional values of those currencies at contract termination. The contract may also include periodic exchanges of cash flows based on a specified index or interest rate.

     Risks of currency swaps include credit, market and liquidity risk. Additional risks of currency swaps include, but are not limited to, exchange rate risk. Due to the exchange of currency at contract termination, changes in currency exchange rates may result in the Fund paying an amount greater than the amount received. There is also a risk, based on movements of interest rates or indexes that periodic payments made by the Fund will be greater than the payments received.

9. Illiquid or Restricted Securities

As of March 31, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. 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. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

10. Securities Lending

The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value

F83  |  OPPENHEIMER STRATEGIC INCOME FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

10. Securities Lending Continued

of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $111,118,666. Collateral of $113,167,080 was received for the loans, all of which was received in cash and subsequently invested in approved instruments.

11. Unfunded Purchase Commitments

Pursuant to the terms of certain indenture agreements, the Fund has unfunded purchase commitments of $54,861,071 at March 31, 2009. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded purchase loan commitments. The following commitments are subject to funding based on the borrower’s discretion. The Fund is obligated to fund these commitments at the time of the request by the borrower. These commitments have been excluded from the Statement of Investments.

As of March 31, 2009, the Fund had unfunded purchase commitments as follows:

	Commitment
	Termination		Unfunded
	Date		Amount
Deutsche Bank AG, Opic Reforma l Credit Linked Nts.		10/23/13	$	24,371,071

				Commitment
	Interest			Termination		Unfunded		Unrealized
	Rate			Date		Amount		Depreciation
Deutsche Bank AG; An unfunded commitment that the Fund receives 0.125% quarterly; and will pay out, upon request, up to 30,490,000 USD to a Peruvian Trust through Deutsche Bank’s Global Note Program. Upon funding requests, the unfunded portion decreases and new structured securities will be created and held by the fund to maintain a consistent exposure level.		0.50	%		9/20/10	$	30,490,000	$	1,287,522

12. Recent Accounting Pronouncement

In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards (“SFAS”) No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective

F84  |  OPPENHEIMER STRATEGIC INCOME FUND

for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

13. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain of the funds in the Oppenheimer family of funds (the “Defendant Funds”) advised by the Manager and distributed by the Distributor. The complaints naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs are seeking class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The complaints against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. Additionally, a complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not the Fund), on behalf of the Oregon College Savings Plan Trust. The complaint alleges breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seeks compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     Other complaints have been filed in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those lawsuits, in 2008 and 2009, allege a variety of claims including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief, and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the individual Trustees named in those suits. The Manager believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to it and that no estimate can be made with any degree of certainty as to the amount or range of any potential loss. The Manager also believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund.

F85  |  OPPENHEIMER STRATEGIC INCOME FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

F86  |  OPPENHEIMER STRATEGIC INCOME FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (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 1.800.525.7048, and (ii) in the
Form N-PX filing on the SEC’s website at www.sec.gov.

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

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, 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, reports and privacy policy within 30 days of receiving your request to stop householding.

15  |  OPPENHEIMER STRATEGIC INCOME FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

1.

The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.

The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and

whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.

The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.

Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.

Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2009, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

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

SIGNATURES

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

Oppenheimer Strategic Income Fund

By:	/s/ John V. Murphy
	John V. Murphy
	Principal Executive Officer
Date:	05/14/2009

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/ John V. Murphy
	John V. Murphy
	Principal Executive Officer
Date:	05/14/2009
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	05/14/2009