(OPPENHEIMER STRATEGIC INCOME FUND LOGO)
September 30, 2009 Oppenheimer Management Strategic Income Commentaries and Fund Annual Report M A N A G E M E N T C O M M E N TA R I E S Market Recap and Outlook A N N U A L R E P O RT Listing of Top Holdings Fund Performance Discussion Listing of Investments Financial Statements

 


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TOP HOLDINGS AND ALLOCATIONS
         
Corporate Bonds & Notes—Top Ten Industries        
 
Oil, Gas & Consumable Fuels
    4.1 %
Commercial Banks
    2.2  
Diversified Financial Services
    2.0  
Media
    1.5  
Electric Utilities
    1.3  
Diversified Telecommunication Services
    1.3  
Health Care Providers & Services
    1.1  
Hotels, Restaurants & Leisure
    1.0  
Metals & Mining
    0.9  
Capital Markets
    0.9  
Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2009, and are based on net assets.
Portfolio Allocation
(PIE CHART)
Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 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.
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FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended September 30, 2009, followed by a graphical comparison of the Fund’s performance to appropriate broad-based market indices.
Management’s Discussion of Fund Performance. For the 12-month period ended September 30, 2009, Oppenheimer Strategic Income Fund’s Class A shares (without sales charge) returned 5.59%, compared to its benchmarks, the Barclays Capital Aggregate Bond Index and the Citigroup World Government Bond Index, which produced total returns of 10.56% and 13.78%, respectively.
     The Fund was affected by heightened market volatility throughout the reporting period, including sharp declines among corporate bonds, commercial mortgage-backed securities (CMBS) and emerging markets securities over the reporting period’s first half, when a global financial crisis and severe recession intensified. Aggressive remedial measures by government and monetary officials worldwide helped stem the downturn, and market sectors that had been punished over the first half of the reporting period rallied strongly over the second half. Gains during the rally were particularly robust among sovereign bonds from the emerging markets. High quality sovereign bonds, including U.S. government securities, exhibited the opposite behavior, rallying amid a “flight to quality” during the worst of the crisis and later declining as other market sectors rallied.
     The Fund’s performance during the first half of the reporting period was hurt by its exposure to CMBS, which we had regarded as attractively valued in the wake of steep declines. Unfortunately, despite investment-grade credit ratings and seniority in their issuers’ capital structures, these securities continued to decline in value early in 2009 amid recession-related concerns regarding business trends in the commercial real estate market. The unprecedented widening of CMBS credit spreads also had a negative impact on the Fund’s positions in total return swaps in the CMBS sector. We reduced the Fund’s exposure to CMBS, but we were unable to fully offset the adverse effects of these investments through better relative performance in other market sectors.
     Throughout the reporting period, we maintained the Fund’s overweight position in local-currency denominated bonds from developing nations. This positioning reflected our view that the emerging markets had improved their economies and financial systems to the extent that they were less tied to conditions in Europe, Japan and the United States than had been the case just ten years ago. Indeed, the emerging markets showed great resilience in recovering from the credit crisis and recession. The Fund’s investments in the emerging markets were concentrated primarily in the sovereign debt of Brazil, Turkey, South Africa and Hungary, where local economies appear to be relatively sound, monetary policy has been attractive and financial reforms have bolstered investor confidence. In addition, we gradually increased the Fund’s exposure to “quasi-sovereign” bonds, which are
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FUND PERFORMANCE DISCUSSION
backed by government-supported corporations and constitute a small but growing segment of the emerging fixed-income markets. We invested primarily in bonds backed by energy and telecommunications companies in Latin America.
     The Fund maintained an underweight exposure to high yield corporate bonds, which we regarded as vulnerable to economic weakness, and U.S. government securities, which we believed were richly valued. Instead, we established positions in investment-grade corporate bonds that, in our judgment, had been oversold during the bear market. While this strategy caused the Fund to miss participating fully in the rally among high yield bonds, it helped capture somewhat less robust gains among higher-quality corporate securities while sheltering the Fund from declines among U.S. government securities as investors rekindled their appetites for risk.
     As of September 30, 2009, we remain cautiously optimistic regarding the prospects for fixed-income markets. On the positive side, certain international markets still offer relatively high yields, providing opportunities for competitive levels of income and the potential for price appreciation. In addition, we expect a weakening U.S. dollar to support higher foreign asset values for U.S. investors. However, we remain cautious regarding the likelihood of rising interest rates in the developed markets, including the United States, as an economic recovery gains momentum. Accordingly, we have maintained the Fund’s underweighted position in U.S. government securities and high yield bonds in favor of investment-grade corporate securities, but we are prepared to adjust our strategies as market conditions evolve.
Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until September 30, 2009. In the case of Class A, Class B, Class C and Class Y shares, performance is measured over a ten fiscal year period. In the case of Class N shares, performance is measured from inception of the Class on March 1, 2001. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions.
     The Fund’s performance is compared to the performance of the Barclays Capital Aggregate Bond Index, an unmanaged index of U.S. corporate and government bonds, and the Citigroup World Government Bond Index, an unmanaged index of debt securities of major foreign government bond markets. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund’s performance reflects the effects of Fund business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the securities in the indices.
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 Class A Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:
(LINE GRAPH)
Oppenheimer Strategic Income Fund (Class A) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 18 for further information.
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FUND PERFORMANCE DISCUSSION
 Class B Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:
(LINE GRAPH)
Oppenheimer Strategic Income Fund (Class B) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index
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 Class C Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:
 (LINE GRAPH)
Oppenheimer Strategic Income Fund (Class C) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 18 for further information.
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FUND PERFORMANCE DISCUSSION
 Class N Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:
(LINE GRAPH)
Oppenheimer Strategic Income Fund (Class N) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index
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 Class Y Shares
 Comparison of Change in Value of $10,000 Hypothetical Investments in:
 (LINE GRAPH)
Oppenheimer Strategic Income Fund (Class Y) Barclays Capital Aggregate Bond Index Citigroup World Government Bond Index
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 18 for further information.
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NOTES
Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. 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 and, if available, the Fund’s summary 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 one-year period Class N shares are subject to an annual 0.25% asset-based sales charge.
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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.
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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 September 30, 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
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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  
    April 1, 2009     September 30, 2009     September 30, 2009  
 
Actual
                       
Class A
  $ 1,000.00     $ 1,241.60     $ 5.35  
Class B
    1,000.00       1,238.40       10.65  
Class C
    1,000.00       1,240.80       9.64  
Class N
    1,000.00       1,242.20       7.78  
Class Y
    1,000.00       1,242.20       4.34  
 
                       
Hypothetical
                       
(5% return before expenses)
                       
Class A
    1,000.00       1,020.31       4.82  
Class B
    1,000.00       1,015.59       9.59  
Class C
    1,000.00       1,016.50       8.68  
Class N
    1,000.00       1,018.15       7.01  
Class Y
    1,000.00       1,021.21       3.91  
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended September 30, 2009 are as follows:
         
Class   Expense Ratios  
 
Class A
     0.95%  
Class B
  1.89  
Class C
  1.71  
Class N
  1.38  
Class Y
  0.77  
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.
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STATEMENT OF INVESTMENTS September 30, 2009
                 
    Principal        
    Amount     Value  
 
Asset-Backed Securities—5.9%
               
AmeriCredit Prime Automobile Receivables Trust 2007-1, Automobile Receivables Nts., Series 2007-1, Cl. D, 5.62%, 9/8/14
  $ 3,354,000     $ 2,568,289  
Argent Securities Trust 2004-W8, Asset-Backed Pass-Through Certificates, Series 2004-W8, Cl. A2, 0.726%, 5/25/341
    4,482,726       3,069,000  
Argent Securities Trust 2006-M3, Asset-Backed Pass-Through Certificates, Series 2006-M3, Cl. A2B, 0.346%, 9/25/361
    1,944,586       1,118,846  
Bank of America Credit Card Trust, Credit Card Asset-Backed Certificates, Series 2006-A16, Cl. A16, 4.72%, 5/15/13
    2,500,000       2,607,589  
Capital Auto Receivables Asset Trust 2007-1, Automobile Asset-Backed Securities, Series 2007-1, Cl. B, 5.15%, 9/17/12
    665,000       652,729  
Capital One Auto Finance Trust, Automobile Receivables, Series 2006-C, Cl. A4, 0.273%, 5/15/131
    3,320,000       3,257,926  
Centex Home Equity Loan Trust 2006-A, Asset-Backed Certificates, Series 2006-A, Cl. AV2, 0.346%, 5/16/361
    364,570       358,133  
Citibank Omni Master Trust, Credit Card Receivables, Series 2009-A12, Cl. A12, 3.35%, 8/15/162,3
    225,000,000       224,921,250  
CitiFinancial Mortgage Securities, Inc., Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2004-1, Cl. AF2, 2.645%, 4/25/34
    331,557       328,788  
Citigroup Mortgage Loan Trust, Inc. 2006-WFH3, Asset-Backed Pass-Through Certificates, Series 2006-WFH3, Cl. A2, 0.346%, 10/25/361
    1,156,612       1,096,667  
Citigroup Mortgage Loan Trust, Inc. 2006-WFH4, Asset-Backed Pass-Through Certificates, Series 2006-WFH4, Cl. AS, 0.346%, 11/25/361
    2,820,440       2,552,202  
CNH Equipment Trust, Asset-Backed Certificates, Series 2009-B, Cl. A3, 2.97%, 3/15/13
    3,750,000       3,812,896  
Countrywide Home Loans, Asset-Backed Certificates:
               
Series 2005-16, Cl. 2AF2, 5.382%, 5/25/361
    1,877,470       1,469,360  
Series 2005-17, Cl. 1AF2, 5.363%, 5/25/361
    976,189       767,047  
CWABS Asset-Backed Certificates Trust 2006-25, Asset-Backed Certificates, Series 2006-25, Cl. 2A2, 0.366%, 6/25/471
    4,054,000       2,673,396  
CWHEQ Revolving Home Equity Loan Trust, Asset-Backed Certificates:
               
Series 2005-G, Cl. 2A, 0.473%, 12/15/351
    586,297       182,760  
Series 2006-H, Cl. 2A1A, 0.393%, 11/15/361
    200,917       39,298  
Discover Card Master Trust, Credit Card Receivables, Series 2009-A1, Cl. A1, 1.543%, 12/15/141,3
    65,000,000       65,310,531  
DLJ Ltd., Collateralized Bond Obligations, Series1A, Cl. C2, 11.96%, 4/15/114,5,6
    15,000,000       150  
DVI Receivables Corp., Equipment Asset-Backed Certificates, Series 2001-2, Cl. C, 4.405%, 11/11/094,5,6
    3,083,887        
Embarcadero Aircraft Securitization Trust, Airplane Receivable Nts., Series 2000-A, Cl. B, 8/15/254,5,6
    2,730,094        
First Franklin Mortgage Loan Trust 2006-FF10, Mtg. Pass-Through Certificates, Series 2006-FF10, Cl. A3, 0.336%, 7/25/361
    3,000,811       2,833,334  
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STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Asset-Backed Securities Continued
               
First Franklin Mortgage Loan Trust 2006-FF9, Mtg. Pass-Through Certificates, Series 2006-FF9, Cl. 2A2, 0.356%, 7/7/361
  $ 1,437,453     $ 1,089,289  
First Franklin Mortgage Loan Trust 2006-FFA, Mtg. Pass-Through Certificates, Series 2006-FFA, Cl. A3, 0.366%, 9/25/361
    2,365,307       260,658  
Ford Credit Auto Owner Trust, Automobile Receivables Nts., Series 2009-B, Cl. A2, 2.10%, 11/15/11
    1,820,000       1,835,885  
Ford Credit Floorplan Master Owner Trust 2009-2, Asset-Backed Nts., Series 2009-2, Cl. A, 9/15/123,7
    110,000,000       110,000,000  
Goldman Sachs Asset Management CBO Ltd., Sub. Collateralized Bond Obligations, Series 1A, Cl. D, 6/13/114,5,6
    7,366,648        
Green Tree Financial Corp., Manufactured Housing Contract Sr. Sub. Pass-Through Certificates, Series 1997-5, Cl. M1, 6.95%, 5/15/29
    4,814,000       3,628,167  
Greenpoint Credit Manufactured Housing Contract Trust, Pass-Through Certificates, Series 2000-3, Cl. IM1, 9.01%, 6/20/31
    2,907,105       412,437  
Home Equity Mortgage Trust 2005-1, Mtg. Pass-Through Certificates, Series 2005-1, Cl. M6, 5.363%, 6/1/35
    2,662,000       631,803  
Home Equity Mortgage Trust 2006-5, Mtg. Pass-Through Certificates, Series 2006-5, Cl. A1, 5.50%, 1/25/37
    1,071,428       98,551  
HSBC Home Equity Loan Trust 2005-3, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2005-3, Cl. A1, 0.533%, 1/20/351
    1,385,208       1,199,022  
HSBC Home Equity Loan Trust 2006-4, Closed-End Home Equity Loan Asset-Backed Certificates, Series 2006-4, Cl. A2V, 0.383%, 3/20/361
    1,520,000       1,420,095  
Ice Em CLO, Collateralized Loan Obligations:
               
Series 2007-1A, Cl. B, 2.551%, 8/15/221,5
    20,040,000       11,022,000  
Series 2007-1A, Cl. C, 3.851%, 8/15/221,5
    16,980,000       5,943,000  
Series 2007-1A, Cl. D, 5.851%, 8/15/221,5
    16,980,000       4,245,000  
Lehman XS Trust, Mtg. Pass-Through Certificates, Series 2005-4, Cl. 2A1B, 5.17%, 10/25/35
    337,921       334,181  
Madison Avenue CDO Ltd., Collateralized Debt Obligations, Series 2A, Cl. C1, 2.918%, 3/24/141,5
    4,129,588       10,324  
Mastr Asset-Backed Securities Trust 2006-WMC3, Mtg. Pass-Through Certificates, Series 2006-WMC3, Cl. A3, 0.346%, 8/25/361
    5,580,000       1,830,734  
NC Finance Trust, CMO Pass-Through Certificates, Series 1999-I, Cl. ECFD, 2.55%, 1/25/291,5
    4,475,119       671,268  
Option One Mortgage Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2, Cl. 2A2, 0.346%, 7/1/361
    4,199,805       3,410,628  
Popular ABS Mortgage Pass-Through Trust 2005-6, Mtg. Pass-Through Certificates, Series 2005-6, Cl. A3, 5.68%, 1/25/361
    1,407,048       1,245,141  
RASC Series 2006-KS7 Trust, Home Equity Mtg. Asset-Backed Pass-Through Certificates, Series 2006-KS7, Cl. A2, 0.346%, 9/25/361
    3,200,678       3,047,549  
Securitized Asset-Backed Receivables LLC Trust 2007-BR2, Asset-Backed Securities, Series 2007-BR2, Cl. A2, 0.476%, 2/25/371
    1,732,090       734,681  
SLM Student Loan Trust, Student Loan Receivables, Series 2005-B, Cl. B, 0.699%, 6/15/391
    6,323,000       2,043,096  
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    Principal        
    Amount     Value  
 
Asset-Backed Securities Continued
               
Start CLO Ltd., Asset-Backed Credit Linked Securities, Series 2006-3A, Cl. F, 17.322%, 6/7/111,5
  $ 5,430,000     $ 3,882,450  
Terwin Mortgage Trust, Home Equity Asset-Backed Securities, Series 2006-4SL, Cl. A1, 4.50%, 5/1/37
    506,650       88,521  
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust, Home Equity Asset-Backed Certificates, Series 2006-2, Cl. A2, 0.346%, 7/25/361
    1,102,393       1,084,980  
 
             
Total Asset-Backed Securities (Cost $559,415,928)
            479,789,651  
 
               
Mortgage-Backed Obligations—21.6%
               
Government Agency—9.0%
               
FHLMC/FNMA/FHLB/Sponsored—8.4%
               
Federal Home Loan Mortgage Corp.:
               
5%, 8/15/33-12/15/34
    7,024,015       7,295,391  
5.50%, 9/1/397
    8,090,000       8,479,753  
6%, 1/15/19-7/15/24
    7,911,885       8,462,291  
6%, 6/15/247
    5,750,000       6,119,259  
6.50%, 4/15/18-8/15/32
    5,868,368       6,308,989  
7%, 8/15/21-10/1/31
    4,840,963       5,335,505  
7.50%, 2/15/32-4/25/36
    6,137,479       6,936,926  
8.50%, 8/15/31
    298,712       343,736  
10%, 5/15/20
    141,859       160,219  
10.50%, 6/14/20
    147,364       168,999  
11.50%, 11/14/16
    45,865       48,054  
12%, 6/14/10-6/15/17
    243,038       256,454  
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
               
Series 1360, Cl. PZ, 7.50%, 9/15/22
    5,532,951       6,004,144  
Series 151, Cl. F, 9%, 5/15/21
    11,000       11,979  
Series 1590, Cl. IA, 1.30%, 10/15/231
    5,110,937       5,141,329  
Series 1674, Cl. Z, 6.75%, 2/15/24
    252,174       273,137  
Series 2006-11, Cl. PS, 23.664%, 3/25/361
    2,459,107       3,311,675  
Series 2034, Cl. Z, 6.50%, 2/15/28
    49,155       53,042  
Series 2043, Cl. ZP, 6.50%, 4/15/28
    3,682,374       3,943,226  
Series 2053, Cl. Z, 6.50%, 4/15/28
    45,724       49,090  
Series 2116, Cl. ZA, 6%, 1/15/29
    3,492,209       3,775,495  
Series 2326, Cl. ZP, 6.50%, 6/15/31
    715,422       766,482  
Series 2344, Cl. FP, 1.193%, 8/15/311
    1,795,011       1,802,811  
Series 2368, Cl. TG, 6%, 10/15/16
    816,329       877,963  
Series 2412, Cl. GF, 1.193%, 2/15/321
    3,741,770       3,750,641  
Series 2427, Cl. ZM, 6.50%, 3/15/32
    3,563,422       3,818,328  
Series 2435, Cl. EQ, 6%, 5/15/31
    1,726,507       1,754,324  
Series 2451, Cl. FD, 1.243%, 3/15/321
    1,337,009       1,343,990  
Series 2453, Cl. BD, 6%, 5/15/17
    105,480       113,724  
Series 2461, Cl. PZ, 6.50%, 6/15/32
    276,747       301,830  
Series 2464, Cl. FI, 1.243%, 2/15/321
    1,406,039       1,410,311  
F3 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
FHLMC/FNMA/FHLB/Sponsored Continued
               
Federal Home Loan Mortgage Corp., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
               
Series 2470, Cl. AF, 1.243%, 3/15/321
  $ 2,250,484     $ 2,265,730  
Series 2470, Cl. LF, 1.243%, 2/15/321
    1,439,261       1,443,682  
Series 2471, Cl. FD, 1.243%, 3/15/321
    2,531,330       2,539,363  
Series 2475, Cl. FB, 1.243%, 2/15/321
    2,032,855       2,040,220  
Series 2500, Cl. FD, 0.743%, 3/15/321
    514,562       506,388  
Series 2517, Cl. GF, 1.243%, 2/15/321
    1,175,983       1,179,874  
Series 2526, Cl. FE, 0.643%, 6/15/291
    623,996       610,064  
Series 2551, Cl. FD, 0.643%, 1/15/331
    465,140       458,459  
Series 2641, Cl. CE, 3.50%, 9/15/25
    583,268       585,640  
Series 2676, Cl. KY, 5%, 9/15/23
    2,516,000       2,613,922  
Series 2676, Cl. TF, 0.843%, 1/15/321
    3,589,494       3,555,954  
Series 2754, Cl. PE, 5%, 2/15/34
    5,000,000       5,145,123  
Series 2857, Cl. MG, 5%, 9/1/34
    5,125,000       5,236,848  
Series 2934, Cl. NA, 5%, 4/15/24
    847,231       854,364  
Series 2936, Cl. PE, 5%, 2/1/35
    2,807,000       2,858,033  
Series 2947, Cl. HE, 5%, 3/1/35
    4,120,000       4,200,489  
Series 3025, Cl. SJ, 23.858%, 8/15/351
    2,587,474       3,437,984  
Series 3035, Cl. DM, 5.50%, 11/15/25
    3,002,621       3,053,713  
Series 3057, Cl. LG, 5%, 10/15/35
    5,000,000       5,093,087  
Series 3094, Cl. HS, 23.491%, 6/15/341
    1,399,003       1,763,581  
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
               
Series 177, Cl. IO, 13.241%, 7/1/268
    2,017,154       375,458  
Series 183, Cl. IO, 8.417%, 4/1/278
    787,852       147,508  
Series 192, Cl. IO, 7.398%, 2/1/288
    351,181       85,364  
Series 205, Cl. IO, 8.168%, 9/1/298
    1,913,940       379,305  
Series 206, Cl. IO, 0.00%, 12/1/298,22
    604,449       109,071  
Series 207, Cl. IO, 0.00%, 4/1/308,22
    696,249       132,831  
Series 2074, Cl. S, 47.665%, 7/17/288
    451,002       66,258  
Series 2079, Cl. S, 58.858%, 7/17/288
    742,012       110,586  
Series 214, Cl. IO, 0.00%, 6/1/318,22
    650,822       126,385  
Series 224, Cl. IO, 0.009%, 3/1/338
    3,490,829       635,679  
Series 243, Cl. 6, 0.00%, 12/15/328,22
    2,135,322       383,880  
Series 2526, Cl. SE, 37.056%, 6/15/298
    1,127,562       184,682  
Series 2802, Cl. AS, 99.999%, 4/15/338
    2,884,738       290,659  
Series 2819, Cl. S, 50.701%, 6/15/348
    10,235,844       1,302,781  
Series 2920, Cl. S, 75.717%, 1/15/358
    6,173,450       737,542  
Series 3000, Cl. SE, 98.035%, 7/15/258
    7,338,656       706,186  
Series 3004, Cl. SB, 99.999%, 7/15/358
    11,282,484       1,309,208  
Series 3110, Cl. SL, 97.521%, 2/15/268
    2,207,763       205,421  
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 192, Cl. PO, 7.468%, 2/1/289
    351,181       312,044  
Federal National Mortgage Assn.:
               
4.50%, 10/1/24-10/1/397
    26,575,000       27,181,872  
5%, 11/25/21-12/25/21
    203,992       215,100  
5%, 11/1/397
    67,395,000       69,364,215  
F4 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                 
    Principal        
    Amount     Value  
 
FHLMC/FNMA/FHLB/Sponsored Continued
               
Federal National Mortgage Assn.: Continued
               
5.303%, 10/1/3610
  $ 23,555,525     $ 24,627,799  
5.50%, 1/25/22-8/25/22
    1,847,769       1,957,532  
5.50%, 10/1/24-10/1/397
    129,128,000       135,246,172  
6%, 10/1/24-10/1/397
    77,781,000       82,289,429  
6.50%, 11/25/31-1/1/34
    7,890,763       8,529,989  
6.50%, 12/25/29
    10,156,298       10,967,638  
6.50%, 10/1/397
    7,350,000       7,856,459  
7%, 11/1/17-9/25/34
    18,620,432       20,506,257  
7%, 12/25/32
    8,815,495       9,733,963  
7.50%, 6/25/10-1/1/33
    10,371,911       11,618,099  
8.50%, 7/1/32
    80,242       89,163  
9.50%, 4/25/20-4/8/21
    82,505       92,505  
11%, 11/8/15-2/25/26
    267,998       312,228  
13%, 6/25/15
    64,023       76,308  
15%, 5/9/13
    119,440       135,526  
Federal National Mortgage Assn. Grantor Trust:
               
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T10, Cl. IO, 37.958%, 12/25/418
    113,689,296       1,682,454  
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T3, Cl. IO, 37.525%, 11/25/408
    13,277,417       312,853  
Interest-Only Stripped Mtg.-Backed Security, Trust 2001-T4, Cl. IO, 30.278%, 7/25/418
    21,721,005       569,618  
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
               
Trust 1996-35, Cl. Z, 7%, 7/25/26
    266,163       295,178  
Trust 1997-45, Cl. CD, 8%, 7/18/27
    1,555,580       1,715,627  
Trust 1998-58, Cl. PC, 6.50%, 10/25/28
    1,725,394       1,871,931  
Trust 1999-14, Cl. MB, 6.50%, 4/25/29
    75,831       81,502  
Trust 1999-54, Cl. LH, 6.50%, 11/25/29
    3,083,669       3,333,693  
Trust 2001-19, Cl. Z, 6%, 5/1/31
    1,750,158       1,893,818  
Trust 2001-44, Cl. QC, 6%, 9/25/16
    225,590       243,010  
Trust 2001-51, Cl. OD, 6.50%, 10/25/31
    336,683       360,795  
Trust 2001-65, Cl. F, 0.846%, 11/25/311
    2,963,948       2,950,575  
Trust 2001-69, Cl. PF, 1.246%, 12/25/311
    3,212,517       3,228,270  
Trust 2001-80, Cl. ZB, 6%, 1/25/32
    3,446,688       3,739,219  
Trust 2002-12, Cl. PG, 6%, 3/25/17
    2,266,822       2,445,663  
Trust 2002-19, Cl. PE, 6%, 4/25/17
    1,239,503       1,334,722  
Trust 2002-21, Cl. PE, 6.50%, 4/25/32
    3,428,444       3,729,073  
Trust 2002-29, Cl. F, 1.246%, 4/25/321
    1,580,624       1,588,460  
Trust 2002-60, Cl. FH, 1.246%, 8/25/321
    3,094,558       3,104,697  
Trust 2002-64, Cl. FJ, 1.246%, 4/25/321
    485,452       485,232  
Trust 2002-68, Cl. FH, 0.744%, 10/18/321
    999,131       987,780  
Trust 2002-81, Cl. FM, 0.746%, 12/25/321
    1,852,551       1,831,661  
Trust 2002-84, Cl. FB, 1.246%, 12/25/321
    307,709       309,037  
Trust 2002-9, Cl. PC, 6%, 3/25/17
    2,540,008       2,741,243  
Trust 2003-11, Cl. FA, 1.246%, 9/25/321
    419,903       421,715  
Trust 2003-116, Cl. FA, 0.646%, 11/25/331
    648,164       635,302  
Trust 2003-28, Cl. KG, 5.50%, 4/25/23
    5,556,000       5,857,431  
F5 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
FHLMC/FNMA/FHLB/Sponsored Continued
               
Federal National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: Continued
               
Trust 2003-3, Cl. FM, 0.746%, 4/25/331
  $ 2,332,962     $ 2,301,198  
Trust 2003-81, Cl. PW, 4%, 3/25/25
    131,948       131,913  
Trust 2004-101, Cl. BG, 5%, 1/25/20
    5,778,000       6,162,221  
Trust 2004-W9, Cl. 2A2, 7%, 2/25/44
    1,530,003       1,676,418  
Trust 2005-100, Cl. BQ, 5.50%, 11/25/25
    3,800,000       3,984,088  
Trust 2005-25, Cl. PS, 27.077%, 4/25/351
    943,963       1,299,194  
Trust 2005-31, Cl. PB, 5.50%, 4/25/35
    2,865,000       3,048,061  
Trust 2005-69, Cl. LE, 5.50%, 11/1/33
    6,477,571       6,800,716  
Trust 2005-71, Cl. DB, 4.50%, 8/25/25
    3,510,000       3,620,941  
Trust 2006-24, Cl. DB, 5.50%, 4/25/26
    960,000       1,008,859  
Trust 2006-46, Cl. SW, 23.296%, 6/25/361
    3,613,748       4,745,261  
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
               
Trust 2001-61, Cl. SH, 49.855%, 11/18/318
    3,364,300       430,785  
Trust 2001-63, Cl. SD, 23.067%, 12/18/318
    89,227       12,967  
Trust 2001-68, Cl. SC, 17.719%, 11/25/318
    61,272       7,920  
Trust 2001-81, Cl. S, 35.089%, 1/25/328
    827,848       109,549  
Trust 2002-28, Cl. SA, 37.932%, 4/25/328
    601,092       78,636  
Trust 2002-38, Cl. SO, 56.274%, 4/25/328
    558,003       64,188  
Trust 2002-39, Cl. SD, 40.74%, 3/18/328
    868,167       115,561  
Trust 2002-48, Cl. S, 34.361%, 7/25/328
    944,167       128,897  
Trust 2002-52, Cl. SL, 35.525%, 9/25/328
    573,035       78,238  
Trust 2002-53, Cl. SK, 38.894%, 4/25/328
    541,175       80,659  
Trust 2002-56, Cl. SN, 37.06%, 7/25/328
    1,294,881       177,855  
Trust 2002-65, Cl. SC, 67.232%, 6/25/268
    1,691,849       268,216  
Trust 2002-77, Cl. IS, 47.822%, 12/18/328
    950,666       138,477  
Trust 2002-77, Cl. SH, 42.957%, 12/18/328
    1,040,236       169,001  
Trust 2002-89, Cl. S, 72.508%, 1/25/338
    5,816,567       878,150  
Trust 2002-9, Cl. MS, 33.823%, 3/25/328
    1,127,472       163,648  
Trust 2003-13, Cl. IO, 10.77%, 3/25/338
    4,221,341       772,833  
Trust 2003-23, Cl. ES, 81.189%, 10/25/228
    17,665,889       1,630,694  
Trust 2003-26, Cl. DI, 11.758%, 4/25/338
    2,783,200       470,797  
Trust 2003-26, Cl. IK, 15.588%, 4/25/338
    487,749       82,509  
Trust 2003-33, Cl. SP, 55.165%, 5/25/338
    3,745,696       515,548  
Trust 2003-4, Cl. S, 46.818%, 2/25/338
    1,918,995       266,361  
Trust 2003-46, Cl. IH, 0.00%, 6/1/338,22
    754,667       85,479  
Trust 2005-14, Cl. SE, 42.486%, 3/25/358
    1,382,555       121,711  
Trust 2005-40, Cl. SA, 72.862%, 5/25/358
    9,408,385       1,196,634  
Trust 2005-40, Cl. SB, 85.479%, 5/25/358
    4,207,134       675,325  
Trust 2005-71, Cl. SA, 71.947%, 8/25/258
    4,733,365       549,113  
Trust 2005-87, Cl. SE, 90.624%, 10/25/358
    46,114,491       3,958,897  
Trust 2005-87, Cl. SG, 37.683%, 10/25/358
    1,873,044       180,364  
Trust 2006-60, Cl. DI, 40.563%, 4/25/358
    2,273,235       331,529  
Trust 2006-90, Cl. SX, 99.999%, 9/25/368
    8,886,939       1,709,345  
Trust 2007-88, Cl. XI, 13.776%, 6/25/378
    24,896,956       2,465,692  
Trust 221, Cl. 2, 19.665%, 5/1/238
    793,716       142,394  
F6 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                 
    Principal        
    Amount     Value  
 
FHLMC/FNMA/FHLB/Sponsored Continued
               
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: Continued
               
Trust 240, Cl. 2, 24.055%, 9/1/238
  $ 1,296,208     $ 232,170  
Trust 247, Cl. 2, 7.771%, 10/1/238
    312,595       60,277  
Trust 252, Cl. 2, 11.62%, 11/1/238
    93,269       17,175  
Trust 2682, Cl. TQ, 99.999%, 10/15/338
    4,005,559       651,293  
Trust 2981, Cl. BS, 99.999%, 5/15/358
    7,181,973       883,652  
Trust 301, Cl. 2, 0.00%, 4/1/298,22
    1,189,814       276,840  
Trust 303, Cl. IO, 18.907%, 11/1/298
    705,612       130,274  
Trust 313, Cl. 2, 14.439%, 6/1/318
    10,829,688       2,211,081  
Trust 319, Cl. 2, 0.00%, 2/1/328,22
    69,272       13,839  
Trust 321, Cl. 2, 3.295%, 4/1/328
    5,171,250       1,072,880  
Trust 324, Cl. 2, 0.00%, 7/1/328,22
    2,279,035       461,541  
Trust 328, Cl. 2, 0.00%, 12/1/328,22
    7,811,828       1,429,184  
Trust 331, Cl. 5, 0.00%, 2/1/338,22
    4,590,881       799,828  
Trust 334, Cl. 10, 4.448%, 2/1/338
    3,887,159       664,567  
Trust 334, Cl. 12, 0.00%, 2/1/338,22
    5,745,769       967,258  
Trust 339, Cl. 7, 0.00%, 7/1/338,22
    13,518,609       1,834,606  
Trust 345, Cl. 9, 0.00%, 1/1/348,22
    5,170,447       754,464  
Trust 351, Cl. 10, 0.00%, 4/1/348,22
    1,498,082       201,346  
Trust 351, Cl. 8, 0.643%, 4/1/348
    2,457,128       326,749  
Trust 356, Cl. 10, 0.00%, 6/1/358,22
    2,122,162       303,640  
Trust 356, Cl. 12, 0.00%, 2/1/358,22
    1,063,559       141,598  
Trust 362, Cl. 12, 0.00%, 8/1/358,22
    130,229       22,510  
Trust 362, Cl. 13, 0.00%, 8/1/358,22
    136,471       22,877  
Federal National Mortgage Assn., Principal-Only Stripped Mtg.-Backed Security:
               
Trust 322, Cl. 1, 8.139%, 4/1/329
    11,878,850       10,381,878  
Trust 324, Cl. 1, 7.912%, 7/1/329
    1,014,573       890,609  
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
               
Series 1992-2, Cl. IO, 20.561%, 9/15/228
    11,713,420       240,776  
Series 1995-2B, Cl. 2IO, 19.564%, 6/15/258
    784,569       22,976  
Series 1995-3, Cl. 1IO, 8.81%, 9/15/258
    26,695,162       194,821  
 
             
 
            682,060,827  
 
               
GNMA/Guaranteed—0.6%
               
Government National Mortgage Assn.:
               
4.50%, 10/1/397
    27,530,000       27,942,950  
4.625%, 7/1/271
    6,987       7,161  
7%, 1/29/28-2/8/30
    1,826,859       2,012,608  
8%, 1/29/28-9/29/28
    706,307       802,763  
11%, 11/8/19
    14,612       16,225  
12%, 12/9/13-9/1/15
    24,721       27,725  
12.50%, 12/29/13-11/29/15
    713,597       766,477  
13%, 10/30/15
    1,042,003       1,168,228  
13.50%, 6/30/15
    1,459,563       1,647,873  
F7 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
GNMA/Guaranteed Continued
               
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
               
Series 1999-32, Cl. ZB, 8%, 9/16/29
  $ 6,953,442     $ 7,591,249  
Series 2000-12, Cl. ZA, 8%, 2/16/30
    3,016,774       3,263,763  
Government National Mortgage Assn., Gtd. Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2000-7, Cl. Z, 8%, 1/16/30
    3,340,514       3,613,561  
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
               
Series 1998-19, Cl. SB, 45.651%, 7/16/288
    1,511,266       226,230  
Series 1998-6, Cl. SA, 63.965%, 3/16/288
    918,861       180,034  
Series 2006-47, Cl. SA, 70.584%, 8/16/368
    10,695,126       1,200,464  
 
             
 
            50,467,311  
 
               
Non-Agency—12.6%
               
Commercial—6.1%
               
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates:
               
Series 2007-1, Cl. AMFX, 5.482%, 1/1/49
    10,030,000       6,856,558  
Series 2008-1, Cl. A4, 6.354%, 12/1/171
    9,480,000       8,617,653  
Series 2008-1, Cl. AM, 6.397%, 2/10/511
    7,805,000       5,325,736  
Capital Lease Funding Securitization LP, Interest-Only Corporate-Backed Pass-Through Certificates, Series 1997-CTL1, 0.00%, 6/22/248,22
    2,603,089       107,514  
ChaseFlex Trust 2006-2, Multiclass Mtg. Pass-Through Certificates, Series 2006-2, Cl. A1B, 0.366%, 9/25/361
    16,147       16,097  
CHL Mortgage Pass-Through Trust 2005-17, Mtg. Pass-Through Certificates, Series 2005-17, Cl. 1A8, 5.50%, 9/1/35
    9,286,000       7,041,539  
CHL Mortgage Pass-Through Trust 2005-HYB8, Mtg. Pass-Through Certificates, Series 2005-HYB8, Cl. 4A1, 5.497%, 12/20/351
    509,256       345,416  
Citigroup Commercial Mortgage Trust 2006-C4, Commercial Mtg. Pass-Through Certificates, Series 2006-C4, Cl. A3, 5.916%, 3/1/491
    7,470,000       7,027,596  
Citigroup, Inc./Deutsche Bank 2007-CD4 Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-CD4, Cl. A2B, 5.205%, 12/11/493
    68,053,000       67,798,298  
Credit Suisse Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 2007-C3, Cl. A4, 5.723%, 6/1/391
    3,960,000       3,137,389  
CWALT Alternative Loan Trust 2007-8CB, Mtg. Pass-Through Certificates, Series 2007-8CB, Cl. A1, 5.50%, 5/25/37
    14,119,085       10,375,511  
Deutsche Alt-A Securities Mortgage Loan Trust, Mtg. Pass-Through Certificates, Series 2006-AB4, Cl. A1A, 6.005%, 10/25/36
    3,545,694       2,360,697  
Deutsche Alt-A Securities, Inc. Mortgage, Mtg. Pass-Through Certificates, Series 2007-RS1, Cl. A2, 0.746%, 1/27/371,5
    3,959,909       1,205,297  
DLJ Mortgage Acceptance Corp., Commercial Mtg. Obligations, Series 1997-CF2, Cl. B30C, 6.097%, 10/15/301,5
    36,400,000       4,732,000  
F8 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                 
    Principal        
    Amount     Value  
 
Commercial Continued
               
First Horizon Alternative Mortgage Securities Trust 2007-FA2, Mtg. Pass-Through Certificates, Series 2007-FA2, Cl. 1A1, 5.50%, 4/25/37
  $ 2,890,170     $ 2,008,539  
First Horizon Mortgage Pass-Through Trust 2007-AR3, Mtg. Pass-Through Certificates, Series 2007-AR3, Cl. 1A1, 6.115%, 11/1/371
    12,721,663       8,698,945  
GE Capital Commercial Mortgage Corp., Commercial Mtg. Obligations, Series 2004-C3, Cl. A2, 4.433%, 7/10/39
    2,263,403       2,290,509  
GMAC Commercial Mortgage Securities, Inc., Commercial Mtg. Pass-Through Certificates, Series 1998-C1, Cl. F, 4.69%, 5/15/301,5
    2,000,000       1,999,015  
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG11, Commercial Mtg. Pass-Through Certificates, Series 2007-GG11, Cl. A4, 5.736%, 8/1/17
    19,185,000       17,322,678  
Greenwich Capital Commercial Funding Corp./Commercial Mortgage Trust 2007-GG9, Commercial Mtg. Pass-Through Certificates, Series 2007-GG9, Cl. A2, 5.381%, 3/10/393
    69,976,000       69,566,151  
GS Mortgage Securities Corp. II, Commercial Mtg. Obligations, Series 2006-GG8, Cl. A4, 5.56%, 11/1/39
    4,950,000       4,362,552  
Indymac Index Mortgage Loan Trust 2005-AR31, Mtg. Pass-Through Certificates, Series 2005-AR31, Cl. 2 A2, 5.233%, 1/1/361
    1,425,458       336,849  
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mtg. Pass-Through Certificates:
               
Series 2007-LDPX, Cl. A2S, 5.305%, 1/15/49
    9,220,000       8,827,906  
Series 2007-LDPX, Cl. A3, 5.42%, 1/15/49
    11,190,000       9,461,316  
Series 2007-CB18, Cl. A4, 5.44%, 6/1/47
    14,355,000       12,369,959  
Series 2007-CB18, Cl. AM, 5.466%, 6/1/47
    16,086,000       11,046,330  
Series 2007-LD12, Cl. A2, 5.827%, 2/15/51
    5,275,000       5,250,571  
Series 2008-C2, Cl. A4, 6.068%, 2/1/51
    21,180,000       15,262,552  
Series 2008-C2, Cl. AM, 6.798%, 2/1/511
    12,600,000       6,411,690  
JPMorgan Commercial Mortgage Finance Corp., Mtg. Pass-Through Certificates, Series 2000-C9, Cl. A2, 7.77%, 10/15/32
    84,424       84,372  
JPMorgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 3A4, 5.676%, 4/1/361
    6,476,129       1,891,963  
JPMorgan Mortgage Trust 2006-A7, Mtg. Pass-Through Certificates, Series 2006-A7, Cl. 2A2, 5.774%, 1/1/371
    2,555,012       1,801,381  
LB Commercial Mortgage Trust, Commercial Mtg. Pass-Through Certificates, Series 1999-C2, Cl. C, 7.47%, 10/15/32
    351,894       351,725  
LB-UBS Commercial Mortgage Trust 2000-C3, Commercial Mtg. Pass-Through Certificates, Series 2000-C3, Cl. A2, 7.95%, 5/15/25
    5,224,344       5,265,970  
LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mtg. Pass-Through Certificates, Series 2008-C1, Cl. AM, 6.318%, 4/11/411
    6,640,000       4,950,893  
Lehman Structured Securities Corp., Commercial Mtg. Pass-Through Certificates, Series 2002-GE1, Cl. A, 2.514%, 7/1/242
    342,378       256,254  
Mastr Alternative Loan Trust 2004-6, Mtg. Pass-Through Certificates, Series 2004-6, Cl. 10A1, 6%, 7/25/34
    3,065,806       2,624,464  
F9 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Commercial Continued
               
Morgan Stanley Capital I Trust, Commercial Mtg. Pass-Through Certificates:
               
Series 2006-HQ10, Cl. AM, 5.36%, 11/1/41
  $ 15,740,000     $ 11,985,264  
Series 2007-IQ16, Cl. A4, 5.809%, 12/1/49
    8,700,000       7,469,261  
Morgan Stanley Capital I Trust 2003-IQ4, Commercial Mtg. Pass-Through Certificates, Trust 2003-IQ4, Cl. A2, 4.07%, 5/1/403
    30,410,000       29,938,989  
Morgan Stanley Capital I Trust 2004-TOP13, Commercial Mtg. Pass-Through Certificates, Trust 2004-TOP13, Cl. A4, 4.66%, 9/1/453
    25,000,000       24,878,368  
RALI Series 2005-QA4 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-QA4, Cl. A32, 5.372%, 4/25/351
    378,080       84,219  
Residential Asset Securitization Trust 2006-A12, Mtg. Pass-Through Certificates, Series 2006-A12, Cl. 1A, 6.25%, 11/1/36
    2,599,726       1,710,268  
STARM Mortgage Loan Trust 2007-1, Mtg. Pass-Through Certificates, Series 2007-1, Cl. 2A1, 5.83%, 2/1/371
    29,361,780       19,415,521  
Structured Asset Mortgage Investments, Inc., Mtg. Pass-Through Certificates, Series 2002-AR3, Cl. A2, 0.996%, 9/19/321,5
    1,701,173       774,034  
Wachovia Bank Commercial Mortgage Trust 2003-C9, Commercial Mtg. Pass-Through Certificates, Series 2003-C9, Cl. A4, 5.012%, 12/1/353
    34,938,000       35,122,396  
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       2,071,098  
Wachovia Bank Commercial Mortgage Trust 2007-C33, Commercial Mtg. Pass-Through Certificates, Series 2007-C33, Cl. A4, 5.902%, 2/1/511
    14,700,000       12,145,216  
Wachovia Bank Commercial Mortgage Trust 2007-C34, Commercial Mtg. Pass-Through Certificates, Series 2007-C34, Cl. AJ, 5.956%, 5/1/461
    6,690,000       3,584,664  
WaMu Mortgage Pass-Through Certificates 2006-AR15 Trust, Mtg. Pass-Through Certificates, Series 2006-AR15, Cl. 1A, 1.741%, 11/1/461,5
    3,719,162       1,751,806  
WaMu Mortgage Pass-Through Certificates 2007-OA3 Trust, Mtg. Pass-Through Certificates, Series 2007-OA3, Cl. 5A, 2.151%, 4/1/471,5
    2,677,574       1,132,792  
Wells Fargo Mortgage-Backed Securities 2004-V Trust, Mtg. Pass-Through Certificates, Series 2004-V, Cl. 1A1, 3.412%, 10/1/341
    7,688,904       7,251,740  
Wells Fargo Mortgage-Backed Securities 2004-W Trust, Mtg. Pass-Through Certificates, Series 2004-W, Cl. B2, 4.256%, 11/1/341
    2,816,257       1,262,190  
Wells Fargo Mortgage-Backed Securities 2005-AR1 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2005-AR1, Cl. 1A1, 4.526%, 2/1/351
    13,796,168       12,389,413  
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 1A3, 3.818%, 4/25/361
    8,525,517       6,092,015  
 
             
 
            496,449,139  
 
               
Manufactured Housing—0.2%
               
Wells Fargo Mortgage-Backed Securities 2006-AR12 Trust, Mtg. Pass-Through Certificates, Series 2006-AR12, Cl. 2A1, 6.10%, 9/25/361
    13,854,893       10,954,971  
F10 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                 
    Principal        
    Amount     Value  
 
Manufactured Housing Continued
               
Wells Fargo Mortgage-Backed Securities 2006-AR2 Trust, Mtg. Pass-Through Certificates, Series 2006-AR2, Cl. 2A5, 5.031%, 3/25/361
  $ 4,221,413     $ 3,457,359  
 
             
 
            14,412,330  
 
               
Multifamily—0.1%
               
Merrill Lynch Mortgage Investors Trust 2005-A2, Mtg. Pass-Through Certificates, Series 2005-A2, Cl. A2, 4.479%, 2/1/351
    3,196,478       2,870,847  
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 2A1, 5.60%, 7/25/361
    6,475,929       4,837,682  
Wells Fargo Mortgage-Backed Securities 2006-AR6 Trust, Mtg. Pass-Through Certificates, Series 2006-AR6, Cl. 3A1, 5.094%, 3/25/361
    6,913,524       5,721,400  
 
             
 
            13,429,929  
 
               
Residential—6.2%
               
Banc of America Commercial Mortgage, Inc., Commercial Mtg. Pass-Through Certificates, Series 2007-4, Cl. AM, 6.002%, 8/1/171
    16,580,000       11,951,325  
Bear Stearns ARM Trust 2004-2, Mtg. Pass-Through Certificates, Series 2004-2, Cl. 12A2, 3.94%, 5/1/341,5
    11,328,169       9,145,500  
Bear Stearns ARM Trust 2004-9, Mtg. Pass-Through Certificates, Series 2004-9, Cl. 23A1, 4.983%, 11/1/341
    5,477,010       5,228,725  
Chase Mortgage Finance Trust 2006-S3, Multiclass Mtg. Pass-Through Certificates, Series 2006-S3, Cl. 1A2, 6%, 11/1/36
    10,650,000       8,020,788  
Chase Mortgage Finance Trust 2007-A1, Multiclass Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 9A1, 4.566%, 2/1/371
    7,579,733       7,066,253  
CHL Mortgage Pass-Through Trust 2005-26, Mtg. Pass-Through Certificates, Series 2005-26, Cl. 1A8, 5.50%, 11/1/35
    8,168,499       7,493,852  
CHL Mortgage Pass-Through Trust 2005-27, Mtg. Pass-Through Certificates, Series 2005-27, Cl. 2A1, 5.50%, 12/1/35
    7,492,400       5,981,283  
CHL Mortgage Pass-Through Trust 2005-31, Mtg. Pass-Through Certificates, Series 2005-31, Cl. 2A4, 5.445%, 1/1/361
    3,416,054       896,423  
CHL Mortgage Pass-Through Trust 2005-J4, Mtg. Pass-Through Certificates, Series 2005-J4, Cl. A7, 5.50%, 11/1/35
    5,301,000       3,825,668  
CHL Mortgage Pass-Through Trust 2007-HY3, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 1A1, 5.724%, 6/1/471,5
    6,731,554       3,635,039  
CHL Mortgage Pass-Through Trust 2007-HY4, Mtg. Pass-Through Certificates:
               
Series 2007-HY4, Cl. 1A1, 6.073%, 9/1/471
    35,827,003       22,799,735  
Series 2007-HY4, Cl. 1A2, 6.073%, 9/1/471,5
    8,768,310       1,402,930  
Series 2007-HY4, Cl. 2A2, 6.207%, 11/1/371,5
    1,924,932       307,989  
Series 2007-HY4, Cl. 3A2, 6.395%, 11/1/371,5
    2,072,131       290,098  
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates:
               
Series 2007-HY5, Cl. 1A2, 5.922%, 9/1/371,5
    9,599,419       1,919,884  
F11 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Residential Continued
               
CHL Mortgage Pass-Through Trust 2007-HY5, Mtg. Pass-Through Certificates: Continued
               
Series 2007-HY5, Cl. 2A2, 5.955%, 9/1/371,5
  $ 2,530,756     $ 480,844  
Series 2007-HY5, Cl. 3A2, 6.157%, 9/1/371,5
    6,479,455       1,360,685  
Citigroup Commercial Mortgage Trust 2007-C6, Commercial Mtg. Pass-Through Certificates, Series 2007-C6, Cl. A2, 5.888%, 8/1/121
    2,810,000       2,832,488  
Citigroup Mortgage Loan Trust, Inc. 2005-2, Mtg. Pass-Through Certificates, Series 2005-2, Cl. 1A3, 4.954%, 5/1/351,5
    9,014,386       7,277,314  
Citigroup Mortgage Loan Trust, Inc. 2005-3, Mtg. Pass-Through Certificates, Series 2005-3, Cl. 2A4, 5.189%, 8/1/351
    18,309,590       11,429,027  
Citigroup Mortgage Loan Trust, Inc. 2006-AR1, Asset-Backed Pass-Through Certificates, Series 2006-AR1, Cl. 3A2, 5.50%, 3/1/361
    9,933,431       2,343,444  
Citigroup Mortgage Loan Trust, Inc. 2006-AR2, Asset-Backed Pass-Through Certificates:
               
Series 2006-AR2, Cl. 1A2, 5.528%, 3/1/361
    21,185,783       14,499,204  
Series 2006-AR2, Cl. 1AB, 5.591%, 3/1/36
    8,705,869       2,328,768  
Citigroup, Inc./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       9,788,677  
CitiMortgage Alternative Loan Trust 2006-A5, Real Estate Mtg. Investment Conduit Pass-Through Certificates, Series 2006-A5, Cl. 2A1, 5.50%, 10/1/21
    6,645,098       5,708,437  
CWALT Alternative Loan Trust 2006-43CB, Mtg. Pass-Through Certificates, Series 2006-43CB, Cl. 1A10, 6%, 2/1/37
    33,460,338       22,661,830  
GSR Mortgage Loan Trust 2004-5, Mtg. Pass-Through Certificates, Series 2004-5, Cl. 2A1, 3.837%, 5/1/341
    8,173,513       6,481,468  
GSR Mortgage Loan Trust 2005-AR6, Mtg. Pass-Through Certificates:
               
Series 2005-AR6, Cl. 1A4, 3.716%, 9/1/351
    23,220,761       17,814,801  
Series 2005-AR6, Cl. 3A1, 4.558%, 9/25/351
    10,272,415       9,144,440  
GSR Mortgage Loan Trust 2005-AR7, Mtg. Pass-Through Certificates, Series 2005-AR7, Cl. 4A1, 5.338%, 11/1/351
    7,498,249       5,940,969  
GSR Mortgage Loan Trust 2007-AR1, Mtg. Pass-Through Certificates, Series 2007-AR1, Cl. 4A1, 5.799%, 3/1/371,5
    8,278,797       6,340,611  
JP Morgan Mortgage Trust 2006-A2, Mtg. Pass-Through Certificates, Series 2006-A2, Cl. 5A3, 4.439%, 11/1/331
    4,062,342       3,899,562  
JPMorgan Mortgage Trust 2007-A1, Mtg. Pass-Through Certificates, Series 2007-A1, Cl. 7A1, 5.294%, 7/1/351,5
    13,843,475       11,213,215  
JPMorgan Mortgage Trust 2007-A3, Mtg. Pass-Through Certificates, Series 2007-A3, Cl. 3A3, 5.996%, 5/1/371,5
    4,009,364       568,127  
LB-UBS Commercial Mortgage Trust 2007-C7, Commercial Mtg. Pass-Through Certificates, Series 2007-C7, Cl. AM, 6.374%, 9/11/451
    26,810,000       19,454,357  
Mastr Adjustable Rate Mortgages Trust 2006-2, Mtg. Pass-Through Certificates, Series 2006-2, Cl. 1A1, 4.337%, 4/1/361
    7,489,781       5,149,501  
F12 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                 
    Principal        
    Amount     Value  
 
Residential Continued
               
Merrill Lynch Mortgage Investors Trust 2006-3, Mtg. Pass-Through Certificates, Series 2006-3, Cl. 2A1, 6.08%, 10/25/361
  $ 12,888,273     $ 11,085,429  
RALI Series 2006-QS13 Trust:
               
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A8, 6%, 9/25/36
    1,236,893       1,167,706  
Mtg. Asset-Backed Pass-Through Certificates, Series 2006-QS13, Cl. 1A5, 6%, 9/25/36
    9,859,030       7,731,610  
RALI Series 2007-QS6 Trust, Mtg. Asset-Backed Pass-Through Certificates, Series 2007-QS6, Cl. A28, 5.75%, 4/25/37
    4,016,884       2,477,395  
Residential Asset Securitization Trust 2005-A14, Mtg. Pass-Through Certificates, Series 2005-A14, Cl. A1, 5.50%, 12/1/35
    9,429,000       6,994,560  
Residential Asset Securitization Trust 2005-A6CB, Mtg. Pass-Through Certificates, Series 2005-A6CB, Cl. A7, 6%, 6/1/35
    14,431,590       10,629,080  
Residential Funding Mortgage Securities I, Inc., Mtg. Pass-Through Certificates, 5.756%, 7/1/371,5
    7,316,129       525,298  
Salomon Brothers Mortgage Securities VII, Inc., CMO:
               
Series 2001-UP2, Cl. AF2, 7.25%, 10/25/31
    88,072       93,674  
Series 2000-UP1, Cl. A2, 8%, 9/25/30
    316,639       285,956  
Salomon Smith Barney RV Trust, Recreational Vehicles Mtg. Obligations, Series 2001-1, Cl. B, 6.64%, 4/15/18
    1,628,447       1,633,986  
WaMu Mortgage Pass-Through Certificates 2003-AR9 Trust, Mtg. Pass-Through Certificates, Series 2003-AR9, Cl. 2A, 2.881%, 9/25/331
    3,885,817       3,615,919  
WaMu Mortgage Pass-Through Certificates 2005-AR12 Trust, Mtg. Pass-Through Certificates, Series 2007-AR12, Cl. 1A8, 4.822%, 10/1/351
    8,644,681       7,016,588  
WaMu Mortgage Pass-Through Certificates 2006-AR10 Trust, Mtg. Pass-Through Certificates, Series 2006-AR10, Cl. 1A2, 5.922%, 9/1/361
    9,141,126       7,565,816  
WaMu Mortgage Pass-Through Certificates 2007-HY1 Trust, Mtg. Pass-Through Certificates:
               
Series 2007-HY1, Cl. 4A1, 5.392%, 2/1/371
    44,951,912       28,962,274  
Series 2007-HY1, Cl. 5A1, 5.737%, 2/1/371
    26,912,598       19,527,111  
WaMu Mortgage Pass-Through Certificates 2007-HY2 Trust, Mtg. Pass-Through Certificates, Series 2007-HY2, Cl. 1A1, 5.564%, 12/1/361
    30,759,743       19,812,637  
WaMu Mortgage Pass-Through Certificates 2007-HY3 Trust, Mtg. Pass-Through Certificates, Series 2007-HY3, Cl. 4A1, 5.32%, 3/1/371
    28,242,236       22,215,020  
WaMu Mortgage Pass-Through Certificates 2007-HY4 Trust, Mtg. Pass-Through Certificates, Series 2007-HY4, Cl. 4A1, 5.499%, 9/25/361
    25,870,852       19,438,398  
WaMu Mortgage Pass-Through Certificates 2007-HY6 Trust, Mtg. Pass-Through Certificates, Series 2007-HY6, Cl. 2A1, 5.667%, 6/25/371
    13,492,400       8,859,734  
WaMu Mortgage Pass-Through Certificates 2007-HY7 Trust, Mtg. Pass-Through Certificates, Series 2007-HY7, Cl. 2A1, 5.79%, 7/1/371
    7,333,936       4,606,241  
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust, Mtg. Pass-Through Certificates, Series 2005-AR16, Cl. 2A1, 4.418%, 10/1/351
    5,061,158       4,391,006  
F13 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                     
    Principal            
    Amount         Value  
 
Residential Continued
                   
Wells Fargo Mortgage-Backed Securities 2006-AR10 Trust, Mtg. Pass-Through Certificates:
                   
Series 2006-AR10, Cl. 3A2, 4.393%, 7/1/361,5
  $ 2,085,808         $ 396,304  
Series 2006-AR10, Cl. 4A2, 5.557%, 7/1/361,5
    7,768,750           1,476,063  
Series 2006-AR10, Cl. 5A3, 5.592%, 7/1/361
    3,732,628           2,760,442  
Series 2006-AR10, Cl. 5A6, 5.592%, 7/1/361
    39,912,077           29,885,381  
Series 2006-AR10, Cl. 2A2, 5.60%, 7/1/361,5
    5,510,335           991,860  
Wells Fargo Mortgage-Backed Securities 2006-AR13 Trust, Mtg. Pass-Through Certificates, Series 2006-AR13, Cl. A4, 5.747%, 9/1/361
    29,050,000           18,835,950  
Wells Fargo Mortgage-Backed Securities 2006-AR8 Trust, Mtg. Pass-Through Certificates, Series 2006-AR8, Cl. 2A1, 5.24%, 4/1/361
    5,973,234           4,600,926  
 
                 
 
                504,265,625  
 
                 
Total Mortgage-Backed Obligations (Cost $1,959,971,643)
                1,761,085,161  
 
                   
U.S. Government Obligations—2.2%
                   
Federal Home Loan Bank Unsec. Bonds, 3.625%, 10/18/13
    22,230,000           23,445,892  
Federal Home Loan Mortgage Corp. Nts., 2.50%, 4/23/14
    44,800,000           44,943,674  
Federal National Mortgage Assn. Nts.:
                   
3%, 9/16/14
    31,585,000           32,157,983  
4.375%, 10/15/1511
    22,491,000           24,224,291  
Resolution Funding Corp. Bonds, Residual Funding STRIPS, 5.913%, 1/15/2112
    11,580,000           7,187,173  
U.S. Treasury Bills, 0.10%, 10/15/0910
    39,700,000           39,697,221  
U.S. Treasury Bonds, STRIPS, 4.989%, 2/15/1612
    11,271,000           9,321,838  
 
                 
Total U.S. Government Obligations (Cost $177,261,521)
                180,978,072  
 
                   
Foreign Government Obligations—28.6%
                   
Argentina—0.4%
                   
Argentina (Republic of) Bonds:
                   
0.943%, 8/3/121
    8,860,876           7,211,518  
Series GDP, 1.626%, 12/15/351
    23,710,000           1,695,265  
Series V, 7%, 3/28/11
    4,160,000           3,778,782  
Series VII, 7%, 9/12/13
    1,205,000           931,164  
Argentina (Republic of) Sr. Unsec. Nts., 7%, 10/3/15
    21,410,000           14,729,640  
 
                 
 
                28,346,369  
 
                   
Australia—0.1%
                   
New South Wales Treasury Corp. Bonds:
                   
Series 12, 6%, 5/1/12
    2,205,000     AUD     1,983,553  
Series 14, 5.50%, 8/1/14
    3,210,000     AUD     2,816,796  
 
                 
 
                4,800,349  
 
                   
Belgium—0.1%
                   
Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35
    4,425,000     EUR     7,142,494  
F14 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                     
    Principal            
    Amount         Value  
 
Brazil—4.3%
                   
Banco Nacional de Desenvolvimento Economico e Social Nts., 6.369%, 6/16/182,3
  $ 9,320,000         $ 9,844,250  
Brazil (Federal Republic of) Bonds:
                   
6%, 1/17/173
    26,685,000           29,006,595  
8%, 1/15/18
    174,722           203,202  
8.875%, 10/14/19
    6,055,000           7,886,638  
Brazil (Federal Republic of) Nota Do Tesouro Nacional Nts.:
                   
10%, 1/10/10
    10,582,000     BRR     6,118,206  
10%, 1/1/12
    159,624,000     BRR     89,523,768  
10%, 1/1/14
    36,620,000     BRR     19,616,667  
10%, 1/1/17
    319,200,000     BRR     161,898,660  
10.878%, 5/15/45
    9,870,000     BRR     10,164,948  
Brazil (Federal Republic of) Nts., 7.875%, 3/7/15
    7,950,000           9,412,800  
Brazil (Federal Republic of) Sr. Nts., 5.875%, 1/15/19
    5,780,000           6,242,400  
 
                 
 
                349,918,134  
 
                   
Canada—0.2%
                   
Ontario (Province of) Bonds, 4.20%, 3/8/18
    9,235,000     CAD     8,956,048  
Quebec (Province of) Nts., 4.50%, 12/1/18
    9,150,000     CAD     8,955,574  
 
                 
 
                17,911,622  
 
                   
Colombia—0.7%
                   
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/282
    9,427,000,000     COP     4,520,567  
Colombia (Republic of) Bonds:
                   
7.375%, 9/18/373
    10,402,000           11,806,270  
12%, 10/22/15
    29,864,000,000     COP     18,418,644  
Colombia (Republic of) Nts., 11.75%, 3/1/10
    5,175,000,000     COP     2,773,056  
Colombia (Republic of) Sr. Nts., 7.375%, 3/18/19
    15,960,000           18,330,060  
Colombia (Republic of) Unsec. Nts., 7.375%, 1/27/17
    350,000           402,850  
Colombia (Republic of) Unsec. Unsub. Bonds, 9.85%, 6/28/27
    4,473,000,000     COP     2,481,942  
 
                 
 
                58,733,389  
 
                   
Denmark—0.1%
                   
Denmark (Kingdom of) Bonds, 4%, 11/15/17
    30,400,000     DKK     6,240,496  
Egypt—0.9%
                   
Egypt (The Arab Republic of) Treasury Bills:
                   
Series 182, 9.576%, 10/20/0912
    20,850,000     EGP     3,770,129  
Series 182, 9.704%, 11/3/0912
    31,000,000     EGP     5,585,409  
Series 182, 9.679%, 11/10/0912
    6,950,000     EGP     1,249,977  
Series 182, 9.595%, 12/8/0912
    31,175,000     EGP     5,569,797  
Series 273, 9.595%, 12/8/0912
    31,275,000     EGP     5,587,664  
Series 364, 9.59%, 10/20/0912
    43,600,000     EGP     7,883,818  
F15 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
                     
    Principal            
    Amount         Value  
 
Egypt Continued
                   
Egypt (The Arab Republic of) Treasury Bills: Continued
                   
Series 364, 9.827%, 11/3/0912
    44,250,000     EGP   $ 7,978,994  
Series 364, 9.656%, 11/10/0912
    137,900,000     EGP     24,811,097  
Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/122,3
    62,285,000     EGP     11,433,633  
 
                 
 
                73,870,518  
 
                   
France—0.7%
                   
France (Government of) Bonds, 3.75% 10/25/19
    9,575,000     EUR     14,269,379  
France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 10/25/38
    9,555,000     EUR     13,802,903  
France (Government of) Treasury Nts., 1.50%, 9/12/11
    21,925,000     EUR     32,218,899  
 
                 
 
                60,291,181  
 
                   
Germany—2.0%
                   
Germany (Federal Republic of) Bonds:
                   
3.50%, 7/4/19
    32,685,000     EUR     48,946,620  
Series 03, 3.75%, 7/4/13
    51,485,000     EUR     79,750,292  
Series 08, 4.75%, 7/4/40
    10,005,000     EUR     16,702,008  
Germany (Federal Republic of) Treasury Bills, Series 23, 0.495%, 12/9/0912
    12,150,000     EUR     17,725,032  
 
                 
 
                163,123,952  
 
                   
Ghana—0.1%
                   
Ghana (Republic of) Bonds, 8.50%, 10/4/172
    4,400,000           4,422,000  
Greece—0.4%
                   
Greece (Republic of) Bonds, 4.60%, 5/20/13
    22,695,000     EUR     35,214,878  
Hungary—1.4%
                   
Hungary (Republic of) Bonds:
                   
Series 10/C, 6.75%, 4/12/10
    705,000,000     HUF     3,818,857  
Series 11/B, 6%, 10/12/11
    190,000,000     HUF     1,006,687  
Series 11/C, 6.75%, 4/22/11
    3,506,700,000     HUF     18,849,089  
Series 11/A, 7.50%, 2/12/11
    95,000,000     HUF     518,298  
Series 12/C, 6%, 10/24/12
    4,604,000,000     HUF     24,029,958  
Series 12/B, 7.25%, 6/12/12
    2,032,000,000     HUF     10,994,511  
Series 13/D, 6.75%, 2/12/13
    1,130,000,000     HUF     6,015,184  
Series 14/C, 5.50%, 2/12/14
    1,217,700,000     HUF     6,113,238  
Series 15/A, 8%, 2/12/15
    4,866,000,000     HUF     26,860,954  
Series 17/B, 6.75%, 2/24/17
    475,700,000     HUF     2,436,053  
Series 19/A, 6.50%, 6/24/19
    2,820,000,000     HUF     13,932,701  
 
                 
 
                114,575,530  
F16 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

                   
    Principal        
    Amount     Value  
 
Indonesia—0.9%
               
Indonesia (Republic of) Nts.:
               
6.75%, 3/10/142
$   3,484,000     $ 3,788,850  
6.875%, 1/17/182
    21,501,000       23,328,585  
7.25%, 4/20/152
    10,270,000       11,425,375  
Indonesia (Republic of) Sr. Unsec. Nts.:
               
7.75%, 1/17/382
    3,280,000       3,657,200  
10.375%, 5/4/142
    3,840,000       4,694,400  
11.625%, 3/4/192
    5,111,000       7,219,288  
Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/352
    13,940,000       16,937,100  
 
             
 
            71,050,798  
 
               
Israel—0.5%
               
Israel (State of) Bonds:
               
5.50%, 2/28/17
60,080,000 ILS     17,418,654
Series 2682, 7.50%, 3/31/14
  68,180,000 ILS     21,658,667  
 
             
 
            39,077,321  
 
               
Italy—0.7%
               
Italy (Republic of) Treasury Bonds:
               
Buoni del Tesoro Poliennali, 3.75%, 12/15/13
  25,481,000 EUR     38,720,560  
Buoni del Tesoro Poliennali, 5.25%, 8/1/11
  13,710,000 EUR     21,440,413  
 
             
 
            60,160,973  
 
               
Japan—3.1%
               
Japan (Government of) Bonds:
               
2 yr., 0.20%, 10/15/117
  1,489,000,000 JPY     16,574,487  
5 yr., Series 72, 1.50%, 6/20/137
  5,657,500,000 JPY     65,516,768  
10 yr., Series 279, 2%, 3/20/167
  1,484,000,000 JPY     17,807,835  
10 yr., Series 282, 1.70%, 9/20/167
  4,152,000,000 JPY     48,957,429  
10 yr., Series 301, 1.50%, 6/20/197
  3,701,000,000 JPY     42,148,645  
20 yr., Series 112, 2.10%, 6/20/297
  5,199,000,000 JPY     58,603,297  
 
             
 
            249,608,461  
 
               
Mexico—2.6%
               
United Mexican States Bonds:
               
5.625%, 1/15/17
    2,860,000       2,982,980  
Series A, 6.375%, 1/16/13
    6,840,000       7,534,260  
Series M 10, 7.75%, 12/14/171
  558,200,000 MXN     41,204,317  
Series MI10, 8%, 12/19/13
  1,021,470,000 MXN     77,860,883  
Series M10, 8%, 12/17/15
  190,000,000 MXN     14,334,111  
Series MI10, 9.50%, 12/18/141
  171,000,000 MXN     13,794,532  
Series M20, 10%, 12/5/241
  469,000,000 MXN     40,172,698  
United Mexican States Sr. Unsec. Bonds, 6.05%, 1/11/40
    675,000       676,688  
F17 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Mexico Continued
               
United Mexican States Sr. Unsec. Nts., 5.875%, 2/17/143
$   11,175,000     $ 12,013,125  
 
             
 
            210,573,594  
 
               
Norway—0.0%
               
Norway (Kingdom of) Bonds, 6.50%, 5/15/13
  18,500,000 NOK     3,530,290  
 
               
Panama—0.5%
               
Panama (Republic of) Bonds:
               
6.70%, 1/26/36
    7,375,000       8,186,250  
7.25%, 3/15/15
    18,905,000       21,693,488  
8.875%, 9/30/27
    4,925,000       6,525,625  
9.375%, 4/1/29
    5,500,000       7,535,000  
 
             
 
            43,940,363  
 
               
Peru—1.4%
               
Peru (Republic of) Bonds:
               
7.35%, 7/21/25
    6,200,000       7,269,500  
7.84%, 8/12/20
  61,210,000 PEN     25,028,596  
9.91%, 5/5/15
  70,149,000 PEN     31,213,085  
Series 7, 8.60%, 8/12/17
  71,402,000 PEN     30,636,259  
Series 8-1, 12.25%, 8/10/11
  9,850,000 PEN     4,065,841  
Peru (Republic of) Sr. Nts., 4.54%, 2/28/1612
    14,029,589       10,905,200  
Peru (Republic of) Sr. Unsec. Nts., 7.125%, 3/30/19
    3,797,000       4,398,825  
 
             
 
            113,517,306  
 
               
Philippines—0.3%
               
Philippines (Republic of the) Bonds, 8%, 1/15/16
    8,590,000       9,964,400  
Philippines (Republic of the) Unsec. Bonds:
               
7.75%, 1/14/31
    7,320,000       8,353,950  
9%, 2/15/13
    930,000       1,090,425  
Power Sector Assets & Liabilities Management Corp. Gtd. Sr. Unsec. Nts., 7.25%, 5/27/192
    4,750,000       5,082,500  
 
             
 
            24,491,275  
 
               
Poland—0.3%
               
Poland (Republic of) Bonds:
               
Series WS0922, 5.75%, 9/23/22
  8,880,000 PLZ     2,959,192  
Series 0414, 5.75%, 4/25/145
  19,875,000 PLZ     6,942,151  
Series 0511, 4.25%, 5/24/11
  48,475,000 PLZ     16,759,588  
 
             
 
            26,660,931  
F18 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Portugal—0.1%
               
Portugal (Republic of) Obrigacoes Do Tesouro Bonds, 5%, 6/15/12
  5,025,000 EUR   $ 7,951,274  
Spain—0.1%
               
Spain (Government of) Bonos Y Oblig Del Estado, 4.25% 1/31/14
  5,085,000 EUR     7,963,156  
Sweden—0.1%
               
Sweden (Kingdom of) Bonds, Series 1050, 3%, 7/12/16
  45,725,000 SEK     6,520,946  
The Netherlands—0.1%
               
Netherlands (Kingdom of the) Bonds, 5%, 7/15/11
  6,885,000 EUR     10,747,052  
Turkey—4.6%
               
Turkey (Republic of) Bonds:
               
6.75%, 4/3/183
    11,135,000       11,789,738  
7%, 9/26/16
    20,140,000       21,777,382  
7%, 3/11/19
    4,415,000       4,735,088  
10.673%, 5/11/1112
  54,600,000 TRY     32,221,027  
12.047%, 2/2/1112
  62,260,000 TRY     37,750,789  
14%, 1/19/111
  38,490,000 TRY     27,753,521  
16%, 3/7/121
  240,590,000 TRY     185,468,302  
Series CPI, 10%, 2/15/121
  16,920,000 TRY     15,518,165  
Series CPI, 12%, 8/14/131
  15,695,000 TRY     14,104,481  
Turkey (Republic of) Nts.:
               
7.25%, 3/15/153
    10,915,000       11,951,925  
7.50%, 7/14/17
    2,600,000       2,879,500  
Turkey (Republic of) Sr. Unsec. Nts., 7.50%, 11/7/19
    7,425,000       8,223,188  
 
             
 
            374,173,106  
 
               
United Kingdom—0.7%
               
United Kingdom Treasury Bonds:
               
2.25%, 3/7/14
  10,861,000 GBP     17,130,862  
4.25%, 3/7/11
  10,390,000 GBP     17,400,792  
4.75%, 12/7/38
  13,435,000 GBP     23,895,672  
 
             
 
            58,427,326  
 
               
Uruguay—0.6%
               
Uruguay (Oriental Republic of) Bonds:
               
4.945%, 4/5/27
  167,100,000 UYU     7,421,421  
7.625%, 3/21/36
    6,690,000       7,091,400  
Uruguay (Oriental Republic of) Sr. Nts., 6.875%, 9/28/25
    7,470,000       7,697,835  
Uruguay (Oriental Republic of) Unsec. Bonds:
               
5%, 9/14/18
  232,960,000 UYU     14,063,241  
8%, 11/18/22
    13,350,000       15,018,750  
 
             
 
            51,292,647  
 
               
Venezuela—0.6%
               
Venezuela (Republic of) Bonds, 9%, 5/7/23
    9,715,000       7,334,825  
F19 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Venezuela Continued
               
Venezuela (Republic of) Nts.:
               
8.50%, 10/8/14
$   8,240,000     $ 7,374,800  
10.75%, 9/19/13
    5,970,000       5,940,150  
Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25
    20,045,000       13,329,925  
Venezuela (Republic of) Unsec. Nts.:
               
6%, 12/9/20
    6,770,000       4,163,550  
13.625%, 8/15/185
    9,860,000       10,155,800  
 
             
 
            48,299,050  
 
             
Total Foreign Government Obligations (Cost $2,165,578,837)
            2,332,576,781  
 
Loan Participations—2.5%
               
Bayerische Hypo-und Vereinsbank AG for the City of Kiev, Ukraine Nts., 8.625%, 7/15/112
    20,560,000       17,167,600  
Credit Suisse First Boston International, Export-Import Bank of Ukraine:
               
7.65% Sr. Sec. Bonds, 9/7/11
    2,800,000       2,506,000  
8.40% Sec. Nts., 2/9/16
    12,860,000       9,773,600  
Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series 28, Tranche 1, 11/25/09
  136,600,000 RUR     4,562,993  
Gaz Capital SA:
               
7.288% Sr. Sec. Nts., 8/16/372,13
    31,310,000       29,431,400  
7.51% Sr. Sec. Nts., 7/31/132,3
    15,360,000       16,320,000  
8.625% Sr. Sec. Nts., 4/28/342
    135,000       148,163  
Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 1/26/102
    6,585,000       6,749,625  
Nuveen Investments, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 12.50%, 7/20/151
    13,635,000       13,703,175  
RSHB Capital SA/OJSC Russian Agricultural Bank, 7.75% Nts., 5/29/182
    5,090,000       5,260,006  
Steel Capital SA for OAO Severstal, 9.75% Sec. Nts., 7/29/132,3
    13,630,000       13,715,188  
TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67% Sec. Bonds, 3/5/142
    5,970,000       5,814,392  
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/182
    16,800,000       17,661,000  
VTB Capital SA:
               
6.25% Sr. Nts., 6/30/352
    6,690,000       6,271,875  
6.315% Sub. Unsec. Nts., 2/4/15
    39,855,000       39,107,719  
6.875% Sr. Sec. Nts., 5/29/182
    11,820,000       11,701,800  
 
             
Total Loan Participations (Cost $202,232,735)
            199,894,536  
 
Corporate Bonds and Notes—28.5%
               
Consumer Discretionary—3.6%
               
Auto Components—0.1%
               
Allison Transmission, Inc., 11% Sr. Nts., 11/1/152,3
    9,820,000       9,672,700  
Goodyear Tire & Rubber Co. (The), 9% Sr. Unsec. Nts., 7/1/15
    2,150,000       2,241,375  
 
             
 
            11,914,075  
F20 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                 
    Principal        
    Amount     Value  
 
Automobiles—0.5%
               
Case New Holland, Inc., 7.125% Sr. Unsec. Nts., 3/1/143
  $ 10,975,000     $ 10,810,375  
Daimler Finance North America LLC:
               
5.75% Unsec. Unsub. Nts., Series E, 9/8/11
    1,966,000       2,066,274  
5.875% Sr. Unsec. Unsub. Nts., 3/15/11
    3,505,000       3,638,460  
Ford Motor Co., 7.45% Bonds, 7/16/31
    10,380,000       8,459,700  
Ford Motor Credit Co. LLC:
               
7.50% Sr. Unsec. Unsub. Nts., 8/1/12
    4,690,000       4,506,729  
8% Unsec. Nts., 6/1/14
    9,970,000       9,593,862  
 
             
 
            39,075,400  
 
               
Diversified Consumer Services—0.1%
               
Service Corp. International:
               
6.75% Sr. Unsec. Nts., 4/1/15
    3,655,000       3,600,175  
7% Sr. Unsec. Unsub. Nts., 6/15/175
    1,625,000       1,592,500  
 
             
 
            5,192,675  
 
               
Hotels, Restaurants & Leisure—1.0%
               
CCM Merger, Inc., 8% Unsec. Nts., 8/1/135
    3,390,000       2,796,750  
Greektown Holdings, Inc., 10.75% Sr. Nts., 12/1/132,4
    10,575,000       2,617,313  
Harrah’s Operating Co., Inc., 10% Sr. Sec. Nts., 12/15/182
    11,341,000       9,072,800  
Harrah’s Operating Escrow LLC/Harrah’s Escrow Group, 11.25% Sr. Sec. Nts., 6/1/172
    3,100,000       3,200,750  
Isle of Capri Casinos, Inc., 7% Sr. Unsec. Sub. Nts., 3/1/14
    5,575,000       4,989,625  
Las Vegas Sands Corp., 6.375% Sr. Unsec. Nts., 2/15/15
    1,500,000       1,350,000  
Mashantucket Pequot Tribe, 8.50% Bonds, Series A, 11/15/152
    14,255,000       5,238,713  
McDonald’s Corp., 5.80% Sr. Unsec. Nts., 10/15/17
    1,586,000       1,780,935  
MGM Mirage, Inc.:
               
6.75% Sr. Unsec. Nts., 4/1/13
    2,370,000       1,993,763  
8.50% Sr. Unsec. Nts., 9/15/10
    1,655,000       1,650,863  
Mohegan Tribal Gaming Authority, 6.125% Sr. Unsec. Sub. Nts., 2/15/13
    3,220,000       2,680,650  
Park Place Entertainment Corp., 7.875% Sr. Sub. Nts., 3/15/10
    5,595,000       5,622,975  
Peninsula Gaming LLC:
               
8.375% Sr. Sec. Nts., 8/15/152
    925,000       929,625  
10.75% Sr. Unsec. Nts., 8/15/172
    2,295,000       2,317,950  
Penn National Gaming, Inc., 8.75% Sr. Unsec. Sub. Nts., 8/15/192
    5,490,000       5,531,175  
Pinnacle Entertainment, Inc.:
               
8.25% Sr. Unsec. Sub. Nts., 3/15/12
    2,603,000       2,616,015  
8.625% Sr. Nts., 8/1/172
    905,000       914,050  
Pokagon Gaming Authority, 10.375% Sr. Nts., 6/15/142
    3,465,000       3,620,925  
Premier Cruise Ltd., 11% Sr. Nts., 3/15/084,5,6
    10,850,000        
Station Casinos, Inc., 6.50% Sr. Unsec. Sub. Nts., 2/1/144
    21,670,000       866,800  
F21 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Hotels, Restaurants & Leisure Continued
               
Travelport LLC, 11.875% Sr. Unsec. Sub. Nts., 9/1/16
  $ 5,420,000     $ 4,986,400  
Wendy’s/Arby’s Group, Inc., 10% Sr. Unsec. Nts., 7/15/162
    7,070,000       7,547,225  
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625% Nts., 12/1/14
    6,600,000       6,402,000  
 
             
 
            78,727,302  
 
               
Household Durables—0.2%
               
Jarden Corp., 7.50% Sr. Unsec. Sub. Nts., 5/1/17
    8,325,000       8,137,688  
K. Hovnanian Enterprises, Inc.:
               
7.75% Sr. Unsec. Sub. Nts., 5/15/13
    2,370,000       1,836,750  
8.875% Sr. Sub. Nts., 4/1/12
    6,655,000       5,623,475  
Lennar Corp., 12.25% Sr. Unsec. Nts., 6/1/17
    1,785,000       2,186,625  
 
             
 
            17,784,538  
 
               
Media—1.5%
               
Allbritton Communications Co., 7.75% Sr. Unsec. Sub. Nts., 12/15/12
    5,007,000       4,731,615  
AMC Entertainment, Inc., 8% Sr. Unsec. Sub. Nts., 3/1/14
    5,800,000       5,626,000  
American Media Operations, Inc.:
               
9% Sr. Unsec. Nts., 5/1/132
    2,071       1,305  
12.02% Sr. Sub. Nts., 11/1/132
    8,804,267       5,546,688  
Belo Corp.:
               
6.75% Sr. Unsec. Unsub. Nts., 5/30/13
    450,000       424,688  
7.75% Sr. Unsec. Unsub. Debs., 6/1/27
    4,495,000       3,556,669  
CCH I LLC/CCH I Capital Corp., 11% Sr. Sec. Nts., 10/1/154
    9,770,000       1,856,300  
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., 10.25% Sr. Unsec. Nts., 9/15/104,6
    3,880,000       4,384,400  
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
               
8.375% Sr. Nts., Second Lien, 4/30/142
    3,305,000       3,387,625  
12.875% Sr. Sec. Nts., 9/15/141,2
    3,340,000       3,632,250  
Cinemark USA, Inc., 8.625% Sr. Nts., 6/15/192
    1,965,000       2,041,144  
Comcast Corp., 5.70% Unsec. Unsub. Nts., 5/15/18
    6,277,000       6,612,449  
Fisher Communications, Inc., 8.625% Sr. Unsec. Nts., 9/15/14
    1,385,000       1,288,050  
Lin Television Corp., 6.50% Sr. Sub. Nts., 5/15/13
    14,198,000       12,920,180  
Marquee Holdings, Inc., 9.505% Sr. Nts., 8/15/141
    2,520,000       2,097,900  
Mediacom LLC/Mediacom Capital Corp., 9.125% Sr. Nts., 8/15/192
    5,585,000       5,766,513  
MediaNews Group, Inc.:
               
6.375% Sr. Sub. Nts., 4/1/144,5
    2,445,000       6,357  
6.875% Sr. Unsec. Sub. Nts., 10/1/134,5
    8,285,000       21,541  
News America, Inc., 6.15% Sr. Unsec. Unsub. Nts., 3/1/37
    2,928,000       2,874,245  
NTL Cable plc, 9.125% Sr. Nts., 8/15/16
    3,905,000       4,031,913  
Sinclair Broadcast Group, Inc., 8% Sr. Unsec. Sub. Nts., 3/15/12
    12,360,000       10,969,500  
F22 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Media Continued
               
Time Warner Cable, Inc.:
               
6.20% Sr. Unsec. Nts., 7/1/13
$   4,265,000     $ 4,650,953  
8.75% Sr. Unsub. Nts., 2/14/19
    2,361,000       2,914,246  
Time Warner, Inc., 6.50% Sr. Unsec. Debs., 11/15/36
    4,364,000       4,480,986  
TL Acquisitions, Inc., 10.50% Sr. Nts., 1/15/152
    5,830,000       5,538,500  
Valassis Communications, Inc., 8.25% Sr. Unsec. Unsub. Nts., 3/1/15
    7,030,000       6,335,788  
Virgin Media Finance plc:
               
8.75% Sr. Unsec. Nts., 4/15/14
    2,225,000       2,280,625  
9.50% Sr. Bonds, 8/15/16
    3,650,000       3,859,875  
Warner Music Group Corp., 7.375% Sr. Sub. Bonds, 4/15/14
    7,760,000       7,469,000  
WMG Acquisition Corp., 9.50% Sr. Sec. Nts., 6/15/162
    2,215,000       2,347,900  
 
             
 
            121,655,205  
 
               
Specialty Retail—0.1%
               
Home Depot, Inc. (The), 5.875% Sr. Unsec. Unsub. Nts., 12/16/36
    5,389,000       5,245,863  
Leslie’s Poolmart, Inc., 7.75% Sr. Unsec. Nts., 2/1/135
    4,990,000       5,014,950  
 
             
 
            10,260,813  
 
               
Textiles, Apparel & Luxury Goods—0.1%
               
Levi Strauss & Co., 9.75% Sr. Unsec. Unsub. Nts., 1/15/15
    8,520,000       8,903,400  
Consumer Staples—1.7%
               
Beverages—0.3%
               
AmBev International Finance Co. Ltd., 9.50%
               
Sr. Unsec. Unsub. Nts., 7/24/171,2
  13,860,000 BRR     7,588,733  
Cott Beverages USA, Inc., 8% Unsec. Sub. Nts., 12/15/11
    8,825,000       8,813,969  
Diageo Capital plc, 7.375% Sr. Unsec. Unsub. Nts., 1/15/14
    2,486,000       2,884,787  
PepsiCo, Inc., 7.90% Sr. Unsec. Nts., 11/1/18
    2,798,000       3,539,095  
 
             
 
            22,826,584  
 
               
Food & Staples Retailing—0.4%
               
Albertson’s, Inc., 8% Sr. Unsec. Debs., 5/1/31
    9,055,000       8,172,138  
CVS Caremark Corp., 6.60% Nts., 3/15/19
    2,784,000       3,143,932  
Kroger Co. (The), 7.50% Sr. Unsec., Nts., 1/15/14
    2,501,000       2,885,929  
Real Time Data Co., 11% Nts., 5/31/094,5,6,14
    8,836,185        
Rite Aid Corp.:
               
7.50% Sr. Sec. Nts., 3/1/17
    9,120,000       8,071,200  
9.50% Sr. Unsec. Unsub. Nts., 6/15/17
    3,330,000       2,713,950  
Wal-Mart Stores, Inc.:
               
5.80% Sr. Unsec. Unsub. Nts., 2/15/18
    5,908,000       6,647,528  
6.20% Sr. Unsec. Nts., 4/15/38
    3,498,000       3,995,101  
 
             
 
            35,629,778  
F23 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Food Products—0.8%
               
Chiquita Brands International, Inc.:
               
7.50% Sr. Unsec. Nts., 11/1/14
  $ 5,030,000     $ 5,030,000  
8.875% Sr. Unsec. Unsub. Nts., 12/1/15
    4,480,000       4,636,800  
Dean Foods Co., 7% Sr. Unsec. Unsub. Nts., 6/1/163
    11,530,000       11,039,975  
Del Monte Corp., 7.50% Sr. Sub. Nts., 10/15/192,7
    445,000       451,675  
Dole Food Co., Inc.:
               
8% Sr. Sec. Nts., 10/1/162
    1,780,000       1,795,575  
8.875% Sr. Unsec. Nts., 3/15/11
    6,176,000       6,214,600  
JBS USA LLC/JBS USA Finance, Inc., 11.625% Sr. Nts., 5/1/142
    5,765,000       6,226,200  
Kraft Foods, Inc., 6.125% Sr. Unsec. Unsub. Nts., 2/1/18
    6,303,000       6,690,074  
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/112
    5,365,000       4,788,263  
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.,
               
10.625% Sr. Sub. Nts., 4/1/17
    10,660,000       10,939,825  
Smithfield Foods, Inc., 7% Sr. Nts., 8/1/113
    8,975,000       8,660,875  
 
             
 
            66,473,862  
 
               
Personal Products—0.1%
               
Elizabeth Arden, Inc., 7.75% Sr. Unsec. Sub. Nts., 1/15/14
    5,315,000       5,075,825  
Tobacco—0.1%
               
Altria Group, Inc., 9.70% Sr. Unsec. Nts., 11/10/18
    4,688,000       5,832,045  
Philip Morris International, Inc., 5.65% Sr. Unsec. Unsub. Nts., 5/16/18
    3,346,000       3,567,632  
 
             
 
            9,399,677  
 
               
Energy—4.3%
               
Energy Equipment & Services—0.2%
               
Helix Energy Solutions Group, Inc., 9.50% Sr. Unsec. Nts., 1/15/162
    6,725,000       6,758,625  
Key Energy Services, Inc., 8.375% Sr. Unsec. Nts., 12/1/14
    5,455,000       5,209,525  
Pride International, Inc., 8.50% Sr. Nts., 6/15/19
    2,735,000       3,022,175  
 
             
 
            14,990,325  
 
               
Oil, Gas & Consumable Fuels—4.1%
               
Anadarko Petroleum Corp., 7.625% Sr. Unsec. Nts., 3/15/14
    3,711,000       4,239,877  
Arch Coal, Inc., 8.75% Sr. Nts., 8/1/162
    5,425,000       5,614,875  
Atlas Energy Resources LLC, 10.75% Sr. Nts., 2/1/182
    9,235,000       9,627,488  
Atlas Pipeline Partners LP, 8.125% Sr. Unsec. Nts., 12/15/15
    5,105,000       4,135,050  
Berry Petroleum Co.:
               
8.25% Sr. Sub. Nts., 11/1/16
    4,330,000       4,178,450  
10.25% Sr. Unsec. Nts., 6/1/14
    4,945,000       5,303,513  
Bill Barrett Corp., 9.875% Sr. Nts., 7/15/16
    4,705,000       4,975,538  
Canadian Natural Resources Ltd., 6.75% Sr. Unsec. Unsub. Nts., 2/1/39
    3,300,000       3,727,875  
Chesapeake Energy Corp., 6.875% Sr. Unsec. Nts., 1/15/16
    9,055,000       8,624,888  
F24 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                 
    Principal        
    Amount     Value  
 
Oil, Gas & Consumable Fuels Continued
               
Cimarex Energy Co., 7.125% Sr. Nts., 5/1/17
  $ 2,425,000     $ 2,267,375  
Concho Resources, Inc., 8.625% Sr. Unsec. Nts., 10/1/17
    1,335,000       1,375,050  
ConocoPhillips, 6.50% Sr. Unsec. Nts., 2/1/39
    8,935,000       10,336,124  
Continental Resources, Inc., 8.25% Sr. Unsec. Nts., 10/1/192
    1,115,000       1,151,238  
Denbury Resources, Inc., 7.50% Sr. Sub. Nts., 12/15/15
    7,900,000       7,880,250  
Enterprise Products Operating LLP:
               
6.50% Sr. Unsec. Unsub. Nts., 1/31/19
    3,141,000       3,435,638  
8.375% Jr. Sub. Nts., 8/1/661
    10,470,000       9,801,794  
Forest Oil Corp.:
               
7.25% Sr. Unsec. Nts., 6/15/192
    3,690,000       3,468,600  
8.50% Sr. Nts., 2/15/142
    6,605,000       6,687,563  
Gaz Capital SA:
               
8.125% Nts., 7/31/142
    6,200,000       6,665,000  
8.146% Sr. Sec. Nts., 4/11/182
    6,670,000       7,078,871  
Kazmunaigaz Finance Sub BV:
               
9.125% Nts., 7/2/182
    16,470,000       17,952,300  
11.75% Sr. Unsec. Nts., 1/23/152
    33,200,000       39,425,000  
Kinder Morgan Energy Partners LP, 6% Sr. Unsec. Nts., 2/1/17
    4,222,000       4,420,628  
Marathon Oil Corp., 5.90% Unsec. Unsub. Nts., 3/15/18
    4,014,000       4,202,024  
Mariner Energy, Inc., 11.75% Sr. Unsec. Nts., 6/30/16
    5,075,000       5,493,688  
Massey Energy Co., 6.875% Sr. Unsec. Nts., 12/15/13
    8,275,000       8,026,750  
Newfield Exploration Co., 6.625% Sr. Unsec. Unsub. Nts., 4/15/16
    4,545,000       4,476,825  
North American Energy Alliance LLC, 10.875% Sr. Sec. Nts., 6/1/162
    3,110,000       3,218,850  
Pemex Project Funding Master Trust, 6.625% Sr. Unsec. Unsub. Nts., 6/15/382
    12,660,000       11,963,700  
Petrobras International Finance Co., 7.875% Sr. Unsec. Nts., 3/15/19
    5,970,000       6,917,738  
Petrohawk Energy Corp., 10.50% Sr. Nts., 8/1/142
    4,835,000       5,221,800  
Petroleos Mexicanos, 8% Unsec. Unsub. Nts., 5/3/19
    3,830,000       4,393,010  
Petroleum Co. of Trinidad & Tobago Ltd., 9.75% Sr. Unsec. Nts., 8/14/192
    7,700,000       8,758,750  
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/112
    15,342,004       14,981,620  
Pioneer Natural Resources Co.:
               
6.65% Sr. Unsec. Nts., 3/15/17
    610,000       583,675  
6.875% Sr. Unsec. Unsub. Nts., 5/1/18
    1,010,000       969,150  
Plains Exploration & Production Co., 10% Sr. Unsec. Nts., 3/1/16
    9,785,000       10,592,263  
Quicksilver Resources, Inc.:
               
7.125% Sr. Sub. Nts., 4/1/16
    4,310,000       3,760,475  
8.25% Sr. Unsec. Nts., 8/1/15
    1,815,000       1,778,700  
11.75% Sr. Nts., 1/1/16
    4,575,000       5,066,813  
SandRidge Energy, Inc., 9.875% Sr. Unsec. Nts., 5/15/162,3
    8,280,000       8,673,300  
Shell International Finance BV, 6.375% Sr. Nts., 12/15/38
    4,955,000       5,906,821  
Southwestern Energy Co., 7.50% Sr. Nts., 2/1/182
    3,955,000       4,014,325  
F25 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Oil, Gas & Consumable Fuels Continued
               
Tengizchevroil LLP, 6.124% Nts., 11/15/142,3
$   14,442,651     $ 14,298,225  
TGI International Ltd., 9.50% Nts., 10/3/172
    5,508,000       5,948,640  
TransCanada PipeLines Ltd., 7.625% Sr. Unsec. Nts., 1/15/39
    3,407,000       4,363,273  
Western Refining, Inc., 11.25% Sr. Sec. Nts., 6/15/172
    5,980,000       5,681,000  
Williams Cos., Inc. (The), 8.75% Unsec. Nts., 3/15/32
    4,087,000       4,700,181  
XTO Energy, Inc.:
               
5.50% Sr. Unsec. Nts., 6/15/18
    2,348,000       2,427,266  
6.50% Sr. Unsec. Unsub. Nts., 12/15/18
    3,721,000       4,115,046  
 
             
 
            332,906,893  
 
               
Financials—6.5%
               
Capital Markets—0.9%
               
Credit Suisse New York, 5% Sr. Unsec. Nts., 5/15/133
    10,613,000       11,244,930  
Deutsche Bank AG, London, 4.875% Sr. Unsec. Nts., 5/20/13
    4,227,000       4,507,711  
Goldman Sachs Group, Inc. (The):
               
6% Sr. Nts., 5/1/14
    1,435,000       1,562,808  
6.15% Sr. Unsec. Nts., 4/1/183
    12,896,000       13,587,909  
7.50% Sr. Unsec. Nts., 2/15/19
    10,304,000       11,804,128  
Morgan Stanley, 6% Sr. Unsec. Unsub. Nts., Series F, 4/28/15
    23,209,000       24,611,636  
UBS AG Stamford CT, 5.75% Sr. Unsec. Nts., 4/25/18
    3,228,000       3,286,036  
 
             
 
            70,605,158  
 
               
Commercial Banks—2.2%
               
Banco BMG SA, 9.15% Nts., 1/15/162,3
    17,395,000       18,264,750  
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/211,2
    5,425,000       5,452,125  
Bank of Scotland plc:
               
4.375% Sr. Sec. Nts., 7/13/16
  20,340,000 EUR     30,142,406  
4.50% Sr. Sec. Nts., 7/13/21
  11,660,000 EUR     16,483,741  
Barclays Bank plc, 5.20% Sr. Unsec. Nts., 7/10/14
    2,491,000       2,635,172  
Corparacion Adina de Fomento, 8.125% Nts., 6/4/19
    4,080,000       4,755,660  
Hana Bank, 6.50% Sr. Unsec. Nts., 4/9/122
    5,700,000       6,113,455  
HSBC Finance Corp.:
               
4.75% Sr. Unsec. Nts., 7/15/13
    2,382,000       2,424,345  
5.70% Sr. Unsec. Nts., 6/1/11
    3,670,000       3,808,454  
HSBC Holdings plc, 6.80% Sub. Nts., 6/1/38
    5,386,000       6,063,947  
HSBK Europe BV:
               
7.25% Unsec. Unsub. Nts., 5/3/172
    3,440,000       2,838,000  
9.25% Sr. Nts., 10/16/132,3
    40,440,000       39,226,800  
ICICI Bank Ltd., 6.375% Bonds, 4/30/221,2
    18,530,000       15,204,180  
Inter-American Development Bank:
               
6.26% Nts., 12/8/091,5
  7,500,000 BRR     5,439,998  
8.729% Nts., 1/25/121
  3,356,071,549 COP   1,641,564  
F26 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Commercial Banks Continued
               
Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/104,5,6
  $ 5,010,000     $  
Salisbury International Investments Ltd., 4.66% Sec. Nts., Series 2006-003, Tranche E, 7/20/111,5
    5,000,000       3,722,500  
Wells Fargo & Co., 5.25% Sr. Unsec. Unsub. Nts., 10/23/12
    14,032,000       14,986,036  
 
             
 
            179,203,133  
 
               
Consumer Finance—0.3%
               
American Express Credit Corp.:
               
5.875% Sr. Unsec. Nts., 5/2/13
    4,848,000       5,146,011  
7.30% Sr. Unsec. Nts., Series C, 8/20/13
    4,379,000       4,862,056  
Capital One Bank USA NA, 8.80% Sub. Nts., 7/15/19
    2,612,000       3,024,479  
JSC Astana Finance, 9.16% Nts., 3/14/124,5
    26,000,000       3,250,000  
SLM Corp.:
               
4.50% Nts., Series A, 7/26/10
    9,540,000       9,272,250  
8.45% Sr. Unsec. Nts., Series A, 6/15/18
    4,246,000       3,392,214  
 
             
 
            28,947,010  
 
               
Diversified Financial Services—2.0%
               
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/262,3
    19,044,299       11,521,801  
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17
  3,275,000 EUR     4,676,081  
Banco Invex SA, 27.615% Mtg.-Backed Certificates, Series 062U, 3/13/341,15
  17,204,645 MXN     4,115,628  
Bank of America Corp.:
               
4.90% Sr. Unsec. Nts., 5/1/13
    6,560,000       6,732,771  
5.65% Sr. Unsec. Nts., 5/1/18
    16,560,000       16,378,602  
Bear Stearns Cos. LLC (The), 7.25% Sr. Unsec. Nts., 2/1/183
    9,418,000       10,772,902  
Citigroup, Inc.:
               
5.50% Sr. Unsec. Nts., 4/11/133
    24,595,000       25,196,667  
6.50% Sr. Nts., 8/19/13
    6,605,000       6,941,875  
Cloverie plc, 4.542% Sec. Nts., Series 2005-93, 12/20/101,5
    6,700,000       5,824,310  
Export-Import Bank of Korea (The), 5.875% Sr. Unsec. Nts., 1/14/15
    6,200,000       6,552,656  
GMAC LLC, 8% Sr. Unsec. Unsub. Nts., 11/1/312
    5,665,000       4,616,975  
JPMorgan Chase & Co., 6.40% Sr. Unsec. Nts., 5/15/38
    17,062,000       19,167,997  
JPMorgan Hipotecaria su Casita:
               
6.47% Sec. Nts., 8/26/355
  20,232,960 MXN     1,259,416  
25.79% Mtg.-Backed Certificates, Series 06U, 9/25/351
  9,992,157 MXN     1,792,769  
Korea Development Bank, 8% Sr. Nts., 1/23/14
    6,500,000       7,437,105  
Merrill Lynch & Co., Inc., 7.75% Jr. Sub. Bonds, 5/14/38
    15,361,000       17,364,013  
National Rural Utilities Cooperative Finance Corp., 10.375% Sec. Bonds, 11/1/18
    2,312,000       3,063,391  
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/972,16
    14,710,000       6,028,791  
 
             
 
            159,443,750  
F27 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Insurance—0.4%
               
American International Group, Inc., 8.25% Sr. Unsec. Nts., 8/15/18
  $ 8,934,000     $ 7,603,620  
International Lease Finance Corp.:
               
6.375% Sr. Unsec. Nts., 3/25/13
    3,398,000       2,727,846  
6.625% Sr. Unsec. Nts., Series R, 11/15/13
    2,442,000       1,938,596  
MetLife, Inc., 6.817% Sr. Unsec. Nts., Series A, 8/15/18
    3,016,000       3,362,481  
MidAmerican Energy Holdings Co., 5.75% Sr. Unsec. Nts., 4/1/18
    8,793,000       9,509,814  
Multiplan, Inc., 10.375% Sr. Sub. Nts., 4/15/165
    7,990,000       7,750,300  
Prudential Financial, Inc., 7.375% Sr. Unsec. Unsub. Nts., 6/15/19
    2,122,000       2,372,351  
 
             
 
            35,265,008  
 
               
Real Estate Investment Trusts—0.1%
               
HCP, Inc.:
               
6% Sr. Unsec. Nts., 1/30/17
    1,535,000       1,436,203  
6.70% Sr. Unsec. Nts., 1/30/18
    3,090,000       2,977,635  
Simon Property Group LP, 5.30% Sr. Unsec. Nts., 5/30/13
    3,758,000       3,846,550  
 
             
 
            8,260,388  
Thrifts & Mortgage Finance—0.6%
               
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/162
    4,617,000       3,532,005  
WM Covered Bond Program:
               
3.875% Sec. Nts., Series 1, 9/27/11
  8,572,000 EUR     12,878,760  
4% Sec. Mtg. Nts., Series 2, 9/27/16
  20,065,000 EUR     28,791,319  
4.375% Sec. Nts., 5/19/14
  2,180,000 EUR     3,271,898  
 
             
 
            48,473,982  
 
               
Health Care—1.8%
               
Biotechnology—0.1%
               
Amgen, Inc., 5.70% Sr. Nts., 2/1/19
    2,705,000       2,978,960  
Health Care Equipment & Supplies—0.2%
               
Biomet, Inc., 10.375% Sr. Unsec. Nts., 10/15/173,14
    10,155,000       10,840,463  
Inverness Medical Innovations, Inc., 7.875% Sr. Nts., 2/1/162
    3,160,000       3,065,200  
Universal Hospital Services, Inc., 8.50% Sr. Sec. Nts., 6/1/1514
    4,650,000       4,580,250  
 
             
 
            18,485,913  
 
               
Health Care Providers & Services—1.1%
               
Apria Healthcare Group, Inc.:
               
11.25% Sr. Sec. Nts., 11/1/142
    5,070,000       5,475,600  
12.375% Sr. Sec. Nts., 11/1/142
    2,670,000       2,863,575  
Catalent Pharma Solutions, Inc., 9.50% Sr. Unsec. Nts., 4/15/1514
    3,485,000       3,049,375  
Community Health Systems, Inc., 8.875% Sr. Unsec. Nts., 7/15/153
    10,695,000       10,989,113  
DaVita, Inc., 6.625% Sr. Unsec. Nts., 3/15/13
    2,740,000       2,726,300  
Fresenius Medical Care Capital Trust IV, 7.875% Sr. Sub. Nts., 6/15/11
    1,395,000       1,426,388  
F28 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                 
    Principal        
    Amount     Value  
 
Health Care Providers & Services Continued
               
HCA, Inc.:
               
6.375% Nts., 1/15/15
  $ 10,270,000     $ 9,191,650  
8.50% Sr. Sec. Nts., 4/15/192
    2,280,000       2,394,000  
HEALTHSOUTH Corp., 10.75% Sr. Unsec. Nts., 6/15/16
    9,625,000       10,491,250  
Select Medical Corp., 7.625% Sr. Unsec. Sub. Nts., 2/1/153
    12,476,000       11,743,035  
Tenet Healthcare Corp., 7.375% Nts., 2/1/13
    3,990,000       3,970,050  
UnitedHealth Group, Inc., 6.875% Sr. Unsec. Nts., 2/15/38
    4,234,000       4,688,994  
US Oncology Holdings, Inc., 5.592% Sr. Unsec. Nts., 3/15/121,5,14
    3,798,000       3,323,250  
US Oncology, Inc., 9.125% Sr. Sec. Nts., 8/15/172
    4,420,000       4,674,150  
Vanguard Health Holding Co. I LLC, 0%/11.25% Sr. Nts., 10/1/1516
    6,275,000       6,557,375  
WellPoint, Inc., 6.375% Sr. Unsec. Unsub. Nts., 6/15/37
    3,193,000       3,479,249  
 
             
 
            87,043,354  
 
               
Pharmaceuticals—0.4%
               
Abbott Laboratories, 5.60% Sr. Unsec. Nts., 11/30/17
    3,271,000       3,611,505  
AstraZeneca plc, 6.45% Sr. Unsec. Unsub. Nts., 9/15/37
    3,232,000       3,817,273  
DJO Finance LLC/DJO Finance Corp., 10.875% Sr. Unsec. Nts., 11/15/14
    5,865,000       6,026,288  
Eli Lilly & Co., 4.20% Sr. Unsec. Nts., 3/6/14
    2,563,000       2,723,280  
GlaxosmithKline Capital, Inc., 6.375% Sr. Unsec. Nts., 5/15/38
    4,399,000       5,204,505  
Merck & Co., Inc., 5% Sr. Unsec. Unsub. Nts., 6/30/19
    3,114,000       3,328,564  
Pfizer, Inc., 7.20% Sr. Unsec. Nts., 3/15/39
    5,202,000       6,570,048  
Wyeth, 5.95% Nts., 4/1/37
    3,833,000       4,235,986  
 
             
 
            35,517,449  
 
               
Industrials—2.8%
               
Aerospace & Defense—0.4%
               
Alliant Techsystems, Inc., 6.75% Sr. Sub. Nts., 4/1/16
    6,560,000       6,363,200  
BE Aerospace, Inc., 8.50% Sr. Unsec. Nts., 7/1/183
    10,320,000       10,603,800  
TransDigm, Inc., 7.75% Nts, 7/15/142,7
    2,285,000       2,219,306  
United Technologies Corp.:
               
6.125% Sr. Unsec. Nts., 2/1/19
    5,245,000       6,011,788  
6.125% Sr. Unsec. Nts., 7/15/38
    2,417,000       2,794,543  
Vought Aircraft Industries, Inc., 8% Sr. Nts., 7/15/11
    5,695,000       5,666,525  
 
             
 
            33,659,162  
 
               
Airlines—0.2%
               
American Airlines Pass Through Trust 2001-2, 7.858% Pass-Through Certificates, Series 2001-2, Cl. A-2, 10/1/115
    6,570,000       6,561,788  
American Airlines Pass Through Trust 2009-1A, 10.375% Pass-Through Certificates, Series 2009-1A, 7/2/195
    1,630,000       1,766,513  
F29 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Airlines Continued
               
American Airlines, Inc., 10.50% Sr. Sec. Nts., 10/15/125,7
  $ 3,625,000     $ 3,706,563  
Delta Air Lines, Inc.:
               
9.50% Sr. Sec. Nts., 9/15/14
    1,335,000       1,333,331  
12.25% Sr. Sec. Nts., 3/15/152
    5,765,000       5,404,688  
 
             
 
            18,772,883  
 
               
Building Products—0.0%
               
USG Corp., 9.75% Sr. Unsec. Nts., 8/1/142
    2,720,000       2,856,000  
Commercial Services & Supplies—0.4%
               
Acco Brands Corp., 10.625% Sr. Sec. Nts., 3/15/152
    1,335,000       1,401,750  
Allied Waste North America, Inc., 7.375% Sr. Sec. Nts., Series B, 4/15/143
    7,145,000       7,443,311  
American Pad & Paper Co., 13% Sr. Sub. Nts., Series B, 11/15/054,5,6
    3,462,000        
Aramark Services, Inc., 8.50% Sr. Unsec. Nts., 2/1/15
    2,305,000       2,336,694  
Corrections Corp. of America, 7.75% Sr. Nts., 6/1/17
    4,085,000       4,238,188  
Iron Mountain, Inc.:
               
7.75% Sr. Sub. Nts., 1/15/15
    2,070,000       2,095,875  
8.375% Sr. Sub. Bonds, 8/15/21
    2,705,000       2,799,675  
West Corp., 9.50% Sr. Unsec. Nts., 10/15/14
    11,235,000       11,066,475  
 
             
 
            31,381,968  
 
               
Construction & Engineering—0.3%
               
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/242
    18,955,728       19,524,400  
Odebrecht Finance Ltd., 9.625% Sr. Unsec. Nts., 4/9/142
    6,335,000       7,380,275  
 
             
 
            26,904,675  
 
               
Industrial Conglomerates—0.6%
               
General Electric Capital Corp.:
               
5.40% Sr. Unsec. Nts., Series A, 9/20/133
    7,831,000       8,429,923  
5.90% Sr. Unsec. Unsub. Nts., 5/13/143
    4,838,000       5,195,078  
6.875% Sr. Unsec. Nts., 1/10/39
    10,421,000       10,949,459  
General Electric Co., 5.25% Sr. Unsec. Nts., 12/6/173
    16,026,000       16,473,879  
Tyco International Finance SA, 8.50% Sr. Unsec. Unsub. Nts., 1/15/19
    2,871,000       3,506,384  
 
             
 
            44,554,723  
 
               
Machinery—0.2%
               
Caterpillar Financial Services Corp., 7.15% Sr. Unsec. Nts., 2/15/19
    4,518,000       5,248,077  
Manitowoc Co., Inc. (The), 7.125% Sr. Nts., 11/1/13
    6,630,000       5,768,100  
Terex Corp., 8% Sr. Unsec. Sub. Nts., 11/15/17
    6,565,000       6,056,213  
 
             
 
            17,072,390  
 
               
Professional Services—0.1%
               
Altegrity, Inc., 10.50% Sr. Unsec. Sub. Nts., 11/1/152
    5,515,000       4,687,750  
F30 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                 
    Principal        
    Amount     Value  
 
Road & Rail—0.5%
               
Avis Budget Car Rental LLC, 7.625% Sr. Unsec. Unsub. Nts., 5/15/14
  $ 10,525,000     $ 9,525,125  
CSX Corp.:
               
6.25% Sr. Unsec. Unsub. Nts., 4/1/15
    4,387,000       4,857,708  
7.375% Sr. Unsec. Nts., 2/1/19
    1,084,000       1,277,851  
Hertz Corp., 10.50% Sr. Unsec. Sub. Nts., 1/1/16
    5,965,000       6,233,425  
Norfolk Southern Corp., 5.75% Sr. Unsec. Nts., 1/15/162
    4,445,000       4,863,968  
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/262
    9,073,680       7,576,523  
RailAmerica, Inc., 9.25% Sr. Sec. Nts., 7/1/172
    2,675,000       2,815,438  
 
             
 
            37,150,038  
 
               
Trading Companies & Distributors—0.1%
               
RSC Equipment Rental, Inc., 10% Sr. Sec. Nts., 7/15/172
    1,315,000       1,420,200  
United Rentals, Inc., 7% Sr. Sub. Nts., 2/15/14
    6,340,000       5,547,500  
 
             
 
            6,967,700  
 
               
Information Technology—1.0%
               
Computers & Peripherals—0.2%
               
International Business Machines Corp., 8% Sr. Unsec. Unsub. Nts., 10/15/38
    4,624,000       6,459,076  
Seagate Technology HDD Holdings, 6.80% Sr. Nts., 10/1/16
    1,235,000       1,139,288  
Seagate Technology International, 10% Sr. Sec. Nts., 5/1/142,3
    8,920,000       9,789,700  
 
             
 
            17,388,064  
 
               
Electronic Equipment & Instruments—0.2%
               
Flextronics International Ltd., 6.50% Sr. Unsec. Sub. Nts., 5/15/13
    6,739,000       6,604,220  
RBS Global, Inc./Rexnord Corp., 11.75% Sr. Unsec. Sub. Nts., 8/1/16
    6,105,000       5,555,550  
Sanmina-SCI Corp., 8.125% Sr. Sub. Nts., 3/1/163
    11,945,000       11,228,300  
 
             
 
            23,388,070  
 
               
IT Services—0.4%
               
Affiliated Computer Services, Inc., 5.20% Sr. Unsec. Nts., 6/1/15
    4,110,000       4,058,625  
First Data Corp., 9.875% Sr. Unsec. Nts., 9/24/153
    9,795,000       9,097,106  
Sabre Holdings Corp., 7.35% Sr. Unsec. Unsub. Nts., 8/1/11
    5,515,000       5,528,788  
SunGard Data Systems, Inc.:
               
9.125% Sr. Unsec. Nts., 8/15/133
    9,160,000       9,297,400  
10.25% Sr. Unsec. Sub. Nts., 8/15/15
    3,769,000       3,863,225  
 
             
 
            31,845,144  
 
               
Office Electronics—0.0%
               
Xerox Corp., 5.65% Sr. Unsec. Nts., 5/15/13
    3,001,000       3,125,851  
Semiconductors & Semiconductor Equipment—0.1%
               
Amkor Technology, Inc., 9.25% Sr. Unsec. Nts., 6/1/16
    5,255,000       5,438,925  
F31 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                 
    Principal        
    Amount     Value  
 
Software—0.1%
               
Oracle Corp., 5.75% Sr. Unsec. Unsub. Nts., 4/15/18
  $ 3,718,000     $ 4,103,616  
Materials—2.4%
               
Chemicals—0.7%
               
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/182,3
    10,745,000       10,798,725  
Dow Chemical Co. (The), 7.60% Sr. Unsec. Unsub. Nts., 5/15/14
    5,135,000       5,688,384  
E.I. du Pont de Nemours & Co.:
               
5.75% Sr. Nts., 3/15/19
    1,977,000       2,183,798  
6% Sr. Unsec. Unsub. Nts., 7/15/18
    2,312,000       2,590,388  
Hexion US Finance Corp./Hexion Nova Scota Finance ULC, 9.75% Sr. Sec. Nts., 11/15/14
    3,600,000       3,114,000  
Huntsman International LLC:
               
5.50% Sr. Unsec. Nts., 6/30/162
    2,235,000       1,910,925  
7.375% Sr. Unsub. Nts., 1/15/15
    7,579,000       6,915,838  
7.875% Sr. Unsec. Sub. Nts., 11/15/14
    955,000       895,313  
Momentive Performance Materials, Inc., 11.50% Sr. Unsec. Sub. Nts., 12/1/16
    20,030,000       13,319,950  
Nalco Co., 8.875% Unsec. Sub. Nts., 11/15/13
    4,230,000       4,367,475  
PolyOne Corp., 8.875% Sr. Unsec. Nts., 5/1/12
    2,690,000       2,730,350  
 
             
 
            54,515,146  
 
               
Construction Materials—0.1%
               
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.2,3,17
    10,200,000       8,073,249  
Containers & Packaging—0.5%
               
Berry Plastics Holding Corp., 8.875% Sr. Sec. Nts., 9/15/14
    12,250,000       11,729,375  
Crown Americas, Inc., 7.75% Sr. Nts., 11/15/15
    3,630,000       3,711,675  
Graham Packaging Co., Inc.:
               
8.50% Sr. Unsec. Nts., 10/15/12
    3,780,000       3,836,700  
9.875% Sr. Unsec. Sub. Nts., 10/15/14
    8,495,000       8,771,088  
Graphic Packaging International, Inc.:
               
9.50% Sr. Nts., 6/15/172
    3,430,000       3,661,525  
9.50% Sr. Unsec. Nts., 6/15/172
    7,050,000       7,525,875  
 
             
 
            39,236,238  
 
               
Metals & Mining—0.9%
               
Alcoa, Inc., 6.75% Sr. Unsec. Unsub. Nts., 7/15/18
    2,297,000       2,306,480  
BHP Billiton Finance (USA) Ltd., 6.50% Sr. Unsec. Unsub. Nts., 4/1/19
    5,319,000       6,182,322  
CSN Islands XI Corp., 6.875% Sr. Unsec. Nts., 9/21/195
    3,750,000       3,764,063  
Freeport-McMoRan Copper & Gold, Inc., 8.375% Sr. Nts., 4/1/173
    7,610,000       8,106,423  
Novelis, Inc.:
               
7.25% Sr. Unsec. Nts., 2/15/151
    8,260,000       7,186,200  
11.50% Sr. Unsec. Nts., 2/15/152
    1,800,000       1,827,000  
F32 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Metals & Mining Continued
               
Rio Tinto Finance (USA) Ltd.:
               
5.875% Sr. Unsec. Unsub. Nts., 7/15/13
  $ 4,033,000     $ 4,349,687  
9% Sr. Unsec. Nts., 5/1/19
    1,926,000       2,368,930  
Steel Dynamics, Inc., 7.375% Sr. Unsec. Unsub. Nts., 11/1/12
    5,110,000       5,186,650  
Teck Resources Ltd., 10.25% Sr. Sec. Nts., 5/15/16
    6,595,000       7,485,325  
Vale Overseas Ltd., 6.875% Bonds, 11/21/36
    1,272,000       1,322,612  
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/182
    24,020,000       23,779,800  
Voto-Votorantim Overseas Trading Operations, 6.625% Sr. Unsec. Nts., 9/25/192
    4,500,000       4,505,625  
 
             
 
            78,371,117  
 
               
Paper & Forest Products—0.2%
               
Celulosa Arauco y Constitucion SA, 7.25% Sr. Unsec. Nts., 7/29/192
    3,700,000       4,089,558  
Georgia-Pacific LLC:
               
7.70% Debs., 6/15/15
    2,585,000       2,623,775  
8.25% Sr. Unsec. Nts., 5/1/162,3
    6,890,000       7,182,825  
PE Paper Escrow GmbH, 12% Sr. Sec. Nts., 8/1/142
    2,705,000       2,926,759  
 
             
 
            16,822,917  
 
               
Telecommunication Services—2.1%
               
Diversified Telecommunication Services—1.3%
               
AT&T Wireless Services, Inc., 8.125% Sr. Unsec. Nts., 5/1/12
    3,345,000       3,819,468  
AT&T, Inc., 6.70% Sr. Unsec. Unsub. Nts., 11/15/13
    8,791,000       9,970,691  
Axtel SAB de CV, 9% Sr. Unsec. Nts., 9/22/192
    2,985,000       3,044,700  
British Telecom plc, 5.15% Sr. Unsec. Unsub. Nts., 1/15/13
    3,202,000       3,338,873  
Cincinnati Bell, Inc., 8.25% Sr. Nts., 10/15/177
    4,565,000       4,499,355  
Citizens Communications Co., 6.25% Sr. Nts., 1/15/133
    11,475,000       11,302,875  
Deutsche Telekom International Finance BV, 6.75% Sr. Unsec. Nts., 8/20/18
    4,563,000       5,118,951  
Intelsat Subsidiary Holding Co. Ltd., 8.50% Sr. Unsec. Nts., 1/15/132
    4,400,000       4,477,000  
PAETEC Holding Corp., 9.50% Sr. Unsec. Unsub. Nts., 7/15/15
    6,320,000       5,767,000  
Qwest Corp., 8.875% Unsec. Unsub. Nts., 3/15/12
    5,315,000       5,620,613  
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38
    3,788,000       4,513,595  
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/162
  21,925,200 PEN     8,031,947  
Telmar Norte Leste SA, 9.50% Sr. Unsec. Nts., 4/23/192
    5,395,000       6,474,000  
Verizon Communications, Inc.:
               
6.90% Sr. Unsec. Unsub. Bonds, 4/15/38
    3,280,000       3,748,974  
8.95% Sr. Unsec. Unsub. Nts., 3/1/39
    8,564,000       11,772,545  
Windstream Corp.:
               
7.875% Sr. Nts., 11/1/175,7
    1,265,000       1,260,256  
8.125% Sr. Unsec. Unsub. Nts., 8/1/13
    5,525,000       5,704,563  
8.625% Sr. Unsec. Unsub. Nts., 8/1/16
    4,710,000       4,839,525  
 
             
 
            103,304,931  
F33 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Wireless Telecommunication Services—0.8%
               
America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36
  33,200,000 MXN   $ 1,896,692  
American Tower Corp., 7.25% Sr. Unsec. Nts., 5/15/192
    8,865,000       9,153,113  
CC Holdings GS V LLC/Crown Castle GS III Corp., 7.75% Sr. Sec. Nts., 5/1/172
    5,250,000       5,460,000  
Cricket Communications, Inc., 7.75% Sr. Sec. Nts., 5/15/162
    8,015,000       8,175,300  
MetroPCS Wireless, Inc., 9.25% Sr. Unsec. Nts., 11/1/14
    5,290,000       5,435,475  
Nextel Communications, Inc., 7.375% Sr. Nts., Series D, 8/1/15
    12,290,000       11,091,725  
SBA Telecommunications, Inc., 8% Sr. Nts., 8/15/162
    3,605,000       3,704,138  
SBA Telecommunications, Inc., 8.25% Sr. Nts., 8/15/192
    1,750,000       1,811,250  
Sprint Capital Corp., 8.75% Nts., 3/15/323
    18,620,000       17,689,000  
Teligent, Inc., 11.50% Sr. Nts., 12/1/084,5,6
    5,135,000        
Vodafone Group plc, 5.625% Sr. Unsec. Unsub. Nts., 2/27/17
    3,777,000       4,009,860  
 
             
 
            68,426,553  
 
               
Utilities—2.3%
               
Electric Utilities—1.3%
               
Centrais Eletricas Brasileiras SA, 6.857% Sr. Unsec. Unsub. Nts., 7/30/192
    4,600,000       4,991,000  
Duke Energy Carolinas LLC, 7% Sec. Bonds, Series C, 11/15/18
    3,893,000       4,668,474  
Duke Energy Corp., 6.30% Sr. Unsec. Unsub. Nts., 2/1/14
    6,109,000       6,765,980  
Edison Mission Energy, 7% Sr. Unsec. Nts., 5/15/17
    10,820,000       9,088,800  
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/105
  8,680,000 BRR     5,193,497  
Empresas Publicas de Medellin ESP, 7.625% Sr. Unsec. Nts., 7/29/192
    5,200,000       5,655,000  
Energy Future Holdings Corp., 10.875% Sr. Unsec. Nts., 11/1/17
    9,120,000       6,931,200  
FPL Group Capital, Inc., 6% Sr. Unsec. Nts., 3/1/19
    2,600,000       2,921,732  
Georgia Power Co., 5.95% Sr. Unsec. Bonds, 2/1/39
    1,963,000       2,201,681  
ISA Capital do Brasil SA, 8.80% Sr. Nts., 1/30/172
    4,140,000       4,471,200  
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/192
    20,225,000       21,600,624  
Majapahit Holding BV:
               
7.25% Nts., 10/17/112
    7,460,000       7,795,700  
7.75% Nts., 10/17/162
    12,365,000       13,045,075  
8% Sr. Unsec. Nts., 8/7/192
    4,300,000       4,611,750  
National Power Corp., 5.875% Unsec. Unsub. Bonds, 12/19/16
  421,000,000 PHP     8,032,588  
Texas Competitive Electric Holdings Co. LLC, 10.25% Sr. Unsec. Nts., Series A, 11/1/15
    3,660,000       2,653,500  
 
             
 
            110,627,801  
 
               
Energy Traders—0.6%
               
AES Corp. (The), 8% Sr. Unsec. Unsub. Nts., 10/15/17
    2,220,000       2,244,975  
Dynegy Holdings, Inc., 8.375% Sr. Unsec. Nts., 5/1/16
    13,040,000       12,257,600  
F34 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Energy Traders Continued
               
Electric Power Development Co. Ltd., 1.80% Gtd. Unsec. Nts., 6/28/10
  470,000,000 JPY   $ 5,292,703  
Mirant North America LLC, 7.375% Sr. Unsec. Nts., 12/31/13
    4,115,000       4,115,000  
NRG Energy, Inc.:
               
7.375% Sr. Nts., 1/15/17
    3,540,000       3,433,800  
7.375% Sr. Nts., 2/1/16
    5,640,000       5,470,800  
8.50% Sr. Unsec. Nts., 6/15/19
    4,495,000       4,523,094  
Reliant Energy, Inc., 7.625% Sr. Unsec. Unsub. Nts., 6/15/14
    8,655,000       8,535,994  
 
             
 
            45,873,966  
 
               
Multi-Utilities—0.4%
               
Consolidated Edison Co. of New York, Inc., 7.125% Sr. Unsec. Nts., 12/1/18
    7,193,000       8,548,924  
Dominion Resources, Inc., 6.40% Sr. Unsec. Nts., 6/15/18
    5,939,000       6,661,307  
Pacific Gas & Electric Co.:
               
6.25% Sr. Unsec. Nts., 12/1/13
    5,744,000       6,458,416  
8.25% Sr. Unsec. Nts., 10/15/18
    3,658,000       4,657,077  
Sempra Energy, 9.80% Sr. Unsec. Nts., 2/15/19
    3,627,000       4,654,083  
 
             
 
            30,979,807  
 
             
Total Corporate Bonds and Notes (Cost $2,217,483,495)
            2,320,569,141  
 
    Shares          
 
Preferred Stocks—0.0%
               
AmeriKing, Inc., 13% Cum. Sr. Exchangeable, Non-Vtg.5,6,14
    338,141        
Eagle-Picher Holdings, Inc., 11.75% Cum. Exchangeable, Series B, Non-Vtg.5,6
    44,000        
ICG Holdings, Inc., 14.25% Exchangeable, Non-Vtg.5,6,14
    5,816        
Total Preferred Stocks (Cost $15,761,480)
             
 
             
 
Common Stocks—0.2%
               
American Media, Inc.5,6
    10,986       110  
Arco Capital Corp. Ltd.5,6,18
    2,383,674       5,959,185  
Charter Communications, Inc.6
    222,137       5,317,816  
Global Aero Logistics, Inc.5,6
    32,791       32,791  
MHP SA, GDR2,6
    235,715       2,475,008  
Orbcomm, Inc.6
    30,391       82,664  
Premier Holdings Ltd.5,6
    799,833        
 
             
Total Common Stocks (Cost $40,605,569)
            13,867,574  
F35 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Units     Value  
 
Rights, Warrants and Certificates—0.0%
               
Global Aero Logistics, Inc. Wts., Strike Price $10, Exp. 2/28/115,6 (Cost $30,592)
    4,020     $ 40  
 
    Principal          
    Amount          
 
Structured Securities—7.5%
               
Citigroup Funding, Inc.:
               
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10
  2,290,000 GHS     1,488,895  
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10
  2,290,000 GHS     1,488,895  
Ghana (Republic of) Credit Linked Nts., 12.08%, 6/9/10
  2,290,000 GHS     1,488,895  
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19
  61,950,000,000 IDR     6,967,372  
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/18/19
  62,010,000,000 IDR     6,974,120  
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15
  30,980,000,000 IDR     3,213,394  
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15
  30,510,000,000 IDR     3,164,643  
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/17/15
  64,520,000,000 IDR     6,692,323  
Citigroup Global Markets Holdings, Inc.:
               
Brazil (Federal Republic of) Credit Linked Nts., 9.762%, 1/3/175
  26,180,000 BRR     12,944,655  
Colombia (Republic of) Credit Linked Bonds, 11.25%, 10/25/18
  7,885,000,000 COP     4,585,821  
Colombia (Republic of) Credit Linked Nts., 13.083%, 2/26/155,15
  5,641,000,000 COP     6,050,774  
Colombia (Republic of) Credit Linked Nts., Series 01, 13.083%, 2/26/155,15
  2,091,000,000 COP     2,242,895  
Colombia (Republic of) Credit Linked Nts., Series 02, 13.083% 12/26/155,15
  3,187,000,000 COP     3,418,511  
Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/122
  4,498,269,508 COP     2,790,163  
Colombia (Republic of) Total Return Linked Nts., 11%, 5/19/11
  14,440,000,000 COP     8,166,977  
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12
  7,206,900,000 COP     4,470,258  
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12
  8,514,000,000 COP     5,281,019  
Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/125
  10,490,000,000 COP     6,506,681  
Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/122
  174,700,000 DOP     4,736,244  
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/102
  10,330,000 GHS     6,826,783  
Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/102
  6,780,000 UAH     791,856  
Credit Suisse First Boston International:
               
Boryspil Airport Total Return Linked Nts., 10%, 4/19/101
  16,740,000 UAH     1,760,760  
Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/091,5
  242,139,000 RUR     8,062,618  
Moitk Total Return Linked Nts., 3/26/114,5
  188,019,000 RUR     626  
Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/102
  220,335,000 RUR     7,343,468  
Oreniz Total Return Linked Nts., 9.24%, 2/21/121,5
  417,305,000 RUR     10,284,507  
Pemex Project Funding Master Trust Credit Linked Nts., 1.741%, 5/12/11
    50,000,000       49,449,761  
Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09
  16,568,000 UAH     1,886,165  
Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/175
  53,361,000,000 VND     1,773,853  
Credit Suisse First Boston, Inc. (Nassau Branch):
               
Russian Specialized Construction & Installation Administration Credit Linked Nts., 5/20/104,5
  320,000,000 RUR     1,066  
Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/095
  200,000 UAH     22,769  
F36 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                   
    Principal        
    Amount     Value  
 
Structured Securities Continued
               
Credit Suisse First Boston, Inc. (Nassau Branch): Continued
           
Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09
  4,995,000 UAH   $ 568,650  
Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/095
  32,180,000 UAH     3,663,494  
Credit Suisse Group AG, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/125
  368,300,000 RUR     11,928,601  
Deutsche Bank AG:
               
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11
  28,420,922 MXN     1,986,959  
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11
  18,698,259 MXN     1,307,230  
Coriolanus Ltd. Sec. Credit Linked Nts., 10.62%, 9/10/105
    9,200,000       3,132,600  
Coriolanus Ltd. Sec. Credit Linked Nts., 9.32%, 12/31/175,15
  55,040,000 BRR     15,016,171  
Coriolanus Ltd. Sec. Credit Linked Nts., Series 112, 8.33%, 12/7/091,5
    5,475,000       5,410,231  
Coriolanus Ltd. Sec. Credit Linked Nts., Series 113, 9%, 4/26/111,5,15
    6,050,000       6,155,210  
European Investment Bank, Russian Federation Credit Linked Nts., 5.702%, 1/19/105,12
    5,820,000       5,670,950  
Grupo TMM SA Credit Linked Nts., 6%, 9/7/12
    8,185,635       3,140,009  
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15
    6,360,000       6,240,006  
Indonesia (Republic of) Credit Linked Nts., Series 02, 12.80%, 6/22/21
  76,200,000,000 IDR     9,038,637  
Opic Reforma I Credit Linked Nts., Cl. 1A, 6.916%, 9/24/141,5
  36,680,000 MXN     2,717,641  
Opic Reforma I Credit Linked Nts., Cl. 1B, 6.916%, 9/24/141,5
  7,336,000 MXN     543,528  
Opic Reforma I Credit Linked Nts., Cl. 1C, 6.916%, 9/24/141,5
  12,226,667 MXN     905,880  
Opic Reforma I Credit Linked Nts., Cl. 1D, 6.916%, 9/24/141,5
  6,113,333 MXN     452,940  
Opic Reforma I Credit Linked Nts., Cl. 1E, 6.916%, 9/24/141,5
  8,558,667 MXN     634,116  
Opic Reforma I Credit Linked Nts., Cl. 2A, 8.405%, 5/22/151,5
  3,500,072 MXN     259,322  
Opic Reforma I Credit Linked Nts., Cl. 2B, 8.405%, 5/22/151,5
  6,123,460 MXN     453,690  
Opic Reforma I Credit Linked Nts., Cl. 2C, 8.405%, 5/22/151,5
  92,326,918 MXN     6,840,551  
Opic Reforma I Credit Linked Nts., Cl. 2D, 8.405%, 5/22/151,5
  6,728,659 MXN     498,530  
Opic Reforma I Credit Linked Nts., Cl. 2E, 8.405%, 5/22/151,5
  4,888,497 MXN     362,191  
Opic Reforma I Credit Linked Nts., Cl. 2F, 8.405%, 5/22/151,5
  3,122,038 MXN     231,313  
Opic Reforma I Credit Linked Nts., Cl. 2G, 8.405%, 5/22/151,5
  574,952 MXN     42,599  
Peru (Republic of) Credit Linked Bonds, 3.242%, 4/30/255,7,12
    7,224,294       4,109,348  
Peru (Republic of) Credit Linked Bonds, 3.269%, 4/30/255,12
    5,771,365       3,280,500  
Peru (Republic of) Credit Linked Bonds, 3.346%, 4/30/255,12
    5,424,837       3,083,530  
Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/27/10
    5,690,000       3,851,675  
Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11
    5,740,000       3,381,721  
Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11
    5,740,000       2,969,015  
Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12
    5,740,000       2,704,573  
Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12
    5,740,000       2,511,135  
United Mexican States Credit Linked Nts., 9.52%, 1/5/11
  18,644,936 MXN     1,303,502  
Deutsche Bank AG, Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17
  128,300,000,000 VND     4,291,583  
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/111,2
  134,130,000 RUR     4,115,725  
F37 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
                   
    Principal        
    Amount     Value  
 
Structured Securities Continued
               
Eirles Two Ltd. Sec. Nts.:
               
Series 324, 4.841%, 4/30/121,5
$   14,300,000     $ 7,436,000  
Series 335, 3.291%, 4/30/121,5
    16,700,000       12,082,450  
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/172,12
  77,520,000 TRY     18,422,753  
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.48%, 2/8/375,12
  237,059,200,000 COP     4,831,575  
Hallertau SPC Credit Linked Nts., Series 2008-2A, 6.764%, 9/17/131,5
    50,090,000       50,525,783  
Hallertau SPC Philippines (Republic of) Credit Linked Nts., Series 2007-01, 3.211%, 12/20/171,5
    16,640,000       12,296,960  
Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit Linked Nts., Series 2008-01, 9.888%, 8/2/104,5,12
  36,418,983 BRR     2,055,711  
HSBC Bank USA NA, Brazil (Federal Republic of) Credit Linked Nts., 5/9/111,5,7
    9,200,000       9,200,000  
ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/095
  38,336,000 UAH     4,391,956  
JPMorgan Chase Bank NA:
               
Brazil (Federal Republic of) Credit Linked Nts., 10.908%, 5/16/455
  7,895,000 BRR     7,961,668  
Colombia (Republic of) Credit Linked Bonds, 10.244%, 10/31/165,12
  52,420,000,000 COP     14,012,003  
Colombia (Republic of) Credit Linked Bonds, 10.359%, 1/5/165,12
  54,300,000,000 COP     15,816,537  
Colombia (Republic of) Credit Linked Bonds, Series A, 10.244%, 10/31/165,12
  52,197,000,000 COP     13,952,394  
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/15/195
  14,620,000,000 IDR     1,641,252  
Indonesia (Republic of) Credit Linked Nts., 11.50%, 9/15/195
  31,060,000,000 IDR     3,486,818  
Peru (Republic of) Credit Linked Nts., 8.193%, 9/2/152,12
  25,410,000 PEN     5,978,099  
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/105
    9,185,000       9,455,958  
JPMorgan Chase Bank NA, London Branch, Indonesia (Republic of) Credit Linked Nts., 12.80%, 6/17/212
  65,480,000,000 IDR     7,715,028  
Lehman Brothers Treasury Co. BV, Microvest Capital Management LLC Credit Linked Nts., 7.55%, 5/24/125
    21,898,718       22,704,591  
Merrill Lynch, Colombia (Republic of) Credit Linked Nts., 10%, 11/17/165
  7,680,000,000 COP     3,462,040  
Morgan Stanley:
               
Peru (Republic of) Credit Linked Nts., 6.25%, 3/23/172
  15,216,000 PEN     4,198,766  
Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34
  279,567,886 RUR     4,448,995  
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc Total Return Linked Nts., Series A, 8.375%, 7/9/12
  85,604,822 RUR     2,690,484  
Morgan Stanley Capital Services, Inc.:
               
Brazil (Federal Republic of) Credit Linked Nts., 12.563%, 1/5/222,12
  109,310,000 BRR     4,514,621  
Ukraine (Republic of) Credit Linked Nts., 3.476%, 10/15/171,5
    21,300,000       10,011,000  
Ukraine (Republic of) Credit Linked Nts., Series 2, 4.346%, 10/15/171,5
    5,400,000       2,538,000  
United Mexican States Credit Linked Nts., 5.64%, 11/20/155
    300,000       233,880  
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12
    19,510,295       18,368,943  
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12
    29,321,562       27,620,911  
UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/115
  4,650,997 GHS     2,278,956  
 
             
Total Structured Securities (Cost $738,298,501)
            608,014,255  
F38 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

                 
    Principal        
    Amount     Value  
 
Event-Linked Bonds—1.0%
               
Akibare Ltd. Catastrophe Linked Nts., Cl. A, 3.357%, 5/22/121,2
  $ 4,862,000     $ 4,729,754  
Atlas V Capital Ltd. Catastrophe Linked Nts., Series 2, 12.097%, 2/24/121,2
    1,930,000       1,985,391  
East Lane Re III Ltd. Catastrophe Linked Nts., 10.847%, 3/16/121,2
    7,643,000       7,942,415  
Fhu-Jin Ltd. Catastrophe Linked Nts., Cl. B, 4.383%, 8/10/111,2
    7,010,000       6,890,129  
Lakeside Re Ltd. Catastrophe Linked Nts., 6.783%, 12/31/091,2
    10,580,000       10,575,768  
Medquake Ltd. Catastrophe Linked Nts., 5.54%, 5/31/101,2
    4,000,000       3,933,000  
Midori Ltd. Catastrophe Linked Nts., 3.259%, 10/24/121,2
    4,300,000       4,124,990  
Muteki Ltd. Catastrophe Linked Nts., 4.84%, 5/24/111,5
    5,200,000       4,982,380  
Nelson Re Ltd. Catastrophe Linked Nts., Series 2007-I, Cl. A, 12.34%, 6/21/101,2
    8,580,000       8,287,422  
Osiris Capital plc Catastrophe Linked Combined Mortality Index Nts., Series D, 5.509%, 1/15/101,2
    3,230,000       3,218,372  
Residential Reinsurance 2007 Ltd. Catastrophe Linked Nts.:
               
Series CL2, 11.861%, 6/6/111,2
    6,680,000       6,411,965  
Series CL3, 12.611%, 6/7/101,2
    3,000,000       3,067,200  
Vega Capital Ltd. Catastrophe Linked Nts., Series D, 0%, 6/24/115,12
    10,693,000       14,168,225  
Willow Re Ltd. Catastrophe Linked Nts., 6/16/102,4
    8,150,000       5,480,875  
 
             
Total Event-Linked Bonds (Cost $85,657,528)
            85,797,886  
 
    Shares          
 
Investment Companies—11.1%
               
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%19,20
    621,931       621,931  
Oppenheimer Institutional Money Market Fund, Cl. E, 0.27%18,19
    218,406,057       218,406,057  
Oppenheimer Master Event-Linked Bond Fund, LLC6,18
    3,242,904       34,016,334  
Oppenheimer Master Loan Fund, LLC6,18
    65,013,938       647,763,527  
 
             
Total Investment Companies (Cost $898,713,083)
            900,807,849  
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $9,061,010,912)
            8,883,380,946  
Investments Purchased with Cash Collateral from Securities Loaned—0.3%21
               
OFI Liquid Assets Fund, LLC, 0.44%18,19 (Cost $23,441,250)
    23,441,250       23,441,250  
Total Investments, at Value (Cost $9,084,452,162)
    109.4 %     8,906,822,196  
Liabilities in Excess of Other Assets
    (9.4 )     (763,547,669 )
     
Net Assets
    100.0 %   $ 8,143,274,527  
     
F39 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments

Principal amount is reported in U.S. Dollars, except for those denoted in the following currencies:
     
AUD
  Australian Dollar
BRR
  Brazilian Real
CAD
  Canadian Dollar
COP
  Colombian Peso
DKK
  Danish Krone
DOP
  Dominican Republic Peso
EGP
  Egyptian Pounds
EUR
  Euro
GBP
  British Pound Sterling
GHS
  Ghana Cedi
HUF
  Hungarian Forint
IDR
  Indonesia Rupiah
ILS
  Israeli Shekel
JPY
  Japanese Yen
MXN
  Mexican Nuevo Peso
NOK
  Norwegian Krone
PEN
  Peruvian New Sol
PHP
  Philippines Peso
PLZ
  Polish Zloty
RUR
  Russian Ruble
SEK
  Swedish Krona
TRY
  New Turkish Lira
UAH
  Ukraine Hryvnia
UYU
  Uruguay Peso
VND
  Vietnam Dong
1.   Represents the current interest rate for a variable or increasing rate security.
 
2.   Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,275,288,531 or 15.66% of the Fund’s net assets as of September 30, 2009.
 
3.   All or a portion of the security was acquired, and has been pledged as collateral, at or subsequent to period end, in connection with the Fund’s participation in the Term Asset-Backed Securities Loan Facility program (the “TALF Program”) operated by the Federal Reserve Bank of NewYork. In the aggregate, the period end value of assets purchased in connection with the TALF Program constitute 7.4% of the Fund’s net assets. Of the assets purchased, 4.9% of Fund’s net assets are asset-backed securities while 2.5% of the Fund’s net assets are commercial mortgage-backed securities. See accompanying Notes.
 
4.   Issue is in default. See Note 1 of accompanying Notes.
 
5.   Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2009 was $526,273,554, which represents 6.46% of the Fund’s net assets, of which $13,942,301 is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:
                                 
    Acquisition                     Unrealized  
Security   Date     Cost     Value     Depreciation  
 
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1A, 6.916%, 9/24/14
    12/28/07       3,371,014       2,717,641       653,373  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1B, 6.916%, 9/24/14
    6/13/08       707,255       543,528       163,727  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1C, 6.916%, 9/24/14
    8/13/08       1,203,116       905,880       297,236  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1D, 6.916%, 9/24/14
    8/7/09       469,147       452,940       16,207  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 1E, 6.916%, 9/24/14
    9/10/09       639,781       634,116       5,665  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2A, 8.405%, 5/22/15
    5/22/08       337,462       259,322       78,140  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2B, 8.405%, 5/22/15
    6/13/08       590,355       453,690       136,665  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2C, 8.405%, 5/22/15
    6/19/08       8,957,126       6,840,551       2,116,575  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2D, 8.405%, 5/22/15
    7/9/08       652,302       498,530       153,772  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2E, 8.405%, 5/22/15
    7/16/08       474,704       362,191       112,513  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2F, 8.405%, 5/22/15
    8/11/08       307,336       231,313       76,023  
Deutsche Bank AG, Opic Reforma I Credit linked Nts., Cl. 2G, 8.405%, 5/22/15
    8/25/08       56,708       42,599       14,109  
             
 
          $ 17,766,306     $ 13,942,301     $ 3,824,005  
             
F40 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

6.   Non-income producing security.
 
7.   When-issued security or delayed delivery to be delivered and settled after September 30, 2009. See Note 1 of accompanying Notes.
 
8.   Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $43,564,165 or 0.53% of the Fund’s net assets as of September 30, 2009.
 
9.   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 $11,584,531 or 0.14% of the Fund’s net assets as of September 30, 2009.
 
10.   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 $33,681,991. See Note 5 of accompanying Notes.
 
11.   Partial or fully-loaned security. See Note 7 of accompanying Notes.
 
12.   Zero coupon bond reflects effective yield on the date of purchase.
 
13.   A sufficient amount of securities has been designated to cover outstanding foreign currency exchange contracts. See Note 5 of accompanying Notes.
 
14.   Interest or dividend is paid-in-kind, when applicable.
 
15.   Denotes an inflation-indexed security: coupon and principal are indexed to a consumer price index.
 
16.   Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
 
17.   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.
 
18.   Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 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     September 30, 2009  
 
Arco Capital Corp. Ltd.
    2,383,674                   2,383,674  
OFI Liquid Assets Fund, LLC
    481,294,160       574,991,630       1,032,844,540       23,441,250  
Oppenheimer Institutional Money Market Fund, Cl. E
    715,917,178       6,483,671,685       6,981,182,806       218,406,057  
Oppenheimer Master Event-Linked Bond Fund, LLC
    3,110,084       436,136       303,316       3,242,904  
Oppenheimer Master Loan Fund, LLC
    34,077,174       34,424,546       3,487,782       65,013,938  
 
                            Realized  
            Value     Income     Loss  
 
Arco Capital Corp. Ltd.
          $ 5,959,185     $     $  
OFI Liquid Assets Fund, LLC
            23,441,250       3,741,376 a      
Oppenheimer Institutional Money Market Fund, Cl. E
            218,406,057       6,210,984        
Oppenheimer Master Event-Linked Bond Fund, LLC
            34,016,334       3,183,181 b     70,389 b
Oppenheimer Master Loan Fund, LLC
            647,763,527       33,597,026 c     19,106,721 c
             
 
          $ 929,586,353     $ 46,732,567     $ 19,177,110  
             
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.
F41 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued
     
19.   Rate shown is the 7-day yield as of September 30, 2009.
 
20.   Interest rate is less than 0.0005%.
 
21.   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 7 of accompanying Notes.
 
22.   The current amortization rate of the security’s cost basis exceeds the future interest payments currently estimated to be received. Both the amortization rate and interest payments are contingent on future mortgage pre-payment speeds and are therefore subject to change.
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—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
 
  2)   Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
 
  3)   Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).
The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of September 30, 2009 based on valuation input level:
                                 
                    Level 3-        
    Level 1-     Level 2-     Significant        
    Unadjusted     Other Significant     Unobservable        
    Quoted Prices     Observable Inputs     Inputs     Value  
 
Assets Table
                               
Investments, at Value:
                               
Asset-Backed Securities
  $     $ 479,789,651     $     $ 479,789,651  
Mortgage-Backed Obligations
          1,761,085,161             1,761,085,161  
U.S. Government Obligations
          180,978,072             180,978,072  
Foreign Government Obligations
          2,321,671,581       10,905,200       2,332,576,781  
Loan Participations
          199,894,536             199,894,536  
Corporate Bonds and Notes
          2,318,349,835       2,219,306       2,320,569,141  
Preferred Stocks
                       
Common Stocks
    2,557,672       11,277,111       32,791       13,867,574  
Rights, Warrants and Certificates
                40       40  
Structured Securities
          585,309,664       22,704,591       608,014,255  
Event-Linked Bonds
          85,797,886             85,797,886  
Investment Companies
    900,807,849                   900,807,849  
Investments Purchased with Cash Collateral from Securities Loaned
    23,441,250                   23,441,250  
     
Total Investments, at Value
    926,806,771       7,944,153,497       35,861,928       8,906,822,196  
F42 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

Valuation Inputs Continued
                                 
                    Level 3-        
    Level 1-     Level 2-     Significant        
    Unadjusted     Other Significant     Unobservable        
    Quoted Prices     Observable Inputs     Inputs     Value  
 
Other Financial Instruments:
                               
Appreciated swaps, at value
  $     $ 57,334,995     $     $ 57,334,995  
Futures margins
    2,237,537                   2,237,537  
Foreign currency exchange contracts
          57,064,130             57,064,130  
     
Total Assets
  $ 929,044,308     $ 8,058,552,622     $ 35,861,928     $ 9,023,458,858  
     
Liabilities Table
                               
Other Financial Instruments:
                               
Appreciated swaps, at value
  $     $ (8,549,801 )   $     $ (8,549,801 )
Depreciated swaps, at value
          (36,311,854 )           (36,311,854 )
Futures margins
    (2,351,058 )                 (2,351,058 )
Unfunded purchase agreements
          (1,154,269 )           (1,154,269 )
Foreign currency exchange contracts
          (29,536,78 )           (2,536,718 )
     
Total Liabilities
  $ (2,351,058 )   $ (75,552,642 )   $     $ (77,903,700 )
     
Currency contracts, unfunded purchase agreements and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
                                 
                    Change in     Accretion/  
                    Unrealized     (Amortization)  
    Value as of     Realized Gain     Appreciation     of Premium  
    September 30, 2008     (Loss)     (Depreciation)     Discount1  
 
Investments in Securities
                               
Asset Backed securities
  $ 2,559     $     $ (64,237 )   $  
Mortgage-Backed Obligations
    339,328             (14,089 )     92  
Foreign Government Obligations
    9,242,360             1,202,640       460,930  
Corporate Bonds and Notes
          (14,514,889 )     14,525,447        
Common Stocks
          153,301       26,579        
Rights, Warrants and Certificates
                       
Structured Securities
    23,249,374             1,662,278       (56,043 )
     
Total Assets
  $ 32,833,621     $ (14,361,588 )   $ 17,338,618     $ 404,979  
     
 
            Net     Transfers in     Value as of  
            Purchases     and/or out of     September 30,  
            (Sales)     Level 3     2009  
 
Investments in Securities Continued
                               
Asset Backed securities
          $     $ 61,678     $  
Mortgage-Backed Obligations
            (5,281 )     (320,050 )      
Foreign Government Obligations
            (730 )           10,905,200  
Corporate Bonds and Notes
            2,208,748             2,219,306  
Common Stocks
            (179,880 )     32,791       32,791  
Rights, Warrants and Certificates
                  40       40  
Structured Securities
            (2,151,018 )           22,704,591  
             
Total Assets
          $ (128,161 )   $ (225,541 )   $ 35,861,928  
             
1.   Included in net investment income for fixed income securities.
F43 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued
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.
Foreign Currency Exchange Contracts as of September 30, 2009 are as follows:
                                                 
            Contract                            
Counterparty/   Buy/     Amount     Expiration             Unrealized     Unrealized  
Contract Description   Sell     (000’s)     Dates     Value     Appreciation     Depreciation  
 
Banc of America:
                                               
Chinese Renminbi (Yuan)
                                               
(CNY)
  Sell     111,000   CNY     11/13/09     $ 16,249,967     $ 17,344     $  
Indonesia Rupiah (IDR)
  Buy     134,400,000   IDR     11/30/09       13,735,680       371        
Japanese Yen (JPY)
  Buy     1,857,000   JPY     11/12/09       20,693,156       1,793,415        
Japanese Yen (JPY)
  Sell     331,223   JPY     10/5/09       3,690,015             17,186  
New Taiwan Dollar (TWD)
  Sell     495,000   TWD     10/14/09       15,449,315             284,803  
New Zealand Dollar (NZD)
  Buy     66,520   NZD     11/10/09       47,902,977       3,524,824        
New Zealand Dollar (NZD)
  Sell     42,490   NZD     11/10/09       30,598,279             1,797,172  
                                     
 
                                    5,335,954       2,099,161  
 
                                               
Bank Paribas Asia—FGN:
                                               
Euro (EUR)
  Sell     26,095   EUR     11/12/09       38,185,030       2,450       3,348,347  
Hungarian Forint (HUF)
  Buy     3,092,000   HUF     10/14/09       16,753,390       354,557        
Norwegian Krone (NOK)
  Buy     77,800   NOK     11/10/09       13,451,881       420,175        
Norwegian Krone (NOK)
  Sell     221,090   NOK     11/10/09       38,227,204             301,888  
Polish Zloty (PLZ)
  Buy     199,120   PLZ     10/5/09       69,349,602       748,674       102,019  
Polish Zloty (PLZ)
  Sell     14,459   PLZ     10/1/09-11/12/09       5,025,211       2,183       484,828  
Swiss Franc (CHF)
  Buy     39,980   CHF     11/10/09       38,591,702             62,274  
Swiss Franc (CHF)
  Sell     38,000   CHF     11/10/09       36,680,457       184,114        
                                     
 
                                    1,712,153       4,299,356  
 
                                               
Barclay’s Capital:
                                               
Euro (EUR)
  Buy     14,790   EUR     11/10/09       21,642,393       390,969       1,053  
Euro (EUR)
  Sell     146,280   EUR     10/5/09-12/18/09       214,047,822       31,742       6,198,595  
Japanese Yen (JPY)
  Buy     3,551,000   JPY     12/18/09       39,580,550       686,794        
Mexican Nuevo Peso (MXN)
  Buy     435,020   MXN     10/6/09       32,202,692             959,881  
Norwegian Krone (NOK)
  Buy     184,890   NOK     11/10/09       31,968,102       1,076,185        
Norwegian Krone (NOK)
  Sell     30,700   NOK     11/10/09       5,308,133             235,137  
Polish Zloty (PLZ)
  Sell     34,510   PLZ     11/12/09       11,983,789             1,357,153  
South African Rand (ZAR)
  Buy     115,370   ZAR     11/17/09       15,216,500       13,010       34,834  
                                     
 
                                    2,198,700       8,786,653  
 
                                               
Citigroup:
                                               
British Pound Sterling (GBP)
  Buy     728   GBP     10/2/09       1,163,355       3,542        
British Pound Sterling (GBP)
  Sell     309   GBP     10/2/09       493,545             1,503  
Indian Rupee (INR)
  Buy     757,000   INR     10/20/09       15,712,747       45,708        
Mexican Nuevo Peso (MXN)
  Sell     257,400   MXN     11/10/09       18,959,802       583,934        
Singapore Dollar (SGD)
  Buy     3,420   SGD     11/10/09       2,427,106       55,951        
                                     
 
                                    689,135       1,503  
F44 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

Foreign Currency Exchange Contracts Continued
                                                 
            Contract                            
Counterparty/   Buy/     Amount     Expiration             Unrealized     Unrealized  
Contract Description   Sell     (000’s)     Dates     Value     Appreciation     Depreciation  
 
Credit Suisse:
                                               
British Pound Sterling (GBP)
  Buy     21,790   GBP     11/6/09-11/10/09     $ 34,818,410     $     $ 1,361,896  
British Pound Sterling (GBP)
  Sell     370   GBP     11/10/09       591,223       20,387        
Japanese Yen (JPY)
  Buy     5,257,107   JPY     10/15/09-11/12/09       58,578,676       3,830,722        
Mexican Nuevo Peso (MXN)
  Buy     199,507   MXN     10/1/09       14,781,581       79,518        
New Turkish Lira (TRY)
  Buy     23,500   TRY     10/13/09       15,797,779       183,161        
New Turkish Lira (TRY)
  Sell     127,400   TRY     10/13/09       85,644,131             992,968  
Russian Ruble (RUR)
  Buy     14,460   RUR     11/16/09       476,426       42,582        
South African Rand (ZAR)
  Buy     415,615   ZAR     10/5/09-11/17/09       54,947,585       746,693       558,639  
Swedish Krona (SEK)
  Buy     132,800   SEK     11/10/09       19,054,833       276,852       1,699  
                                     
 
                                    5,179,915       2,915,202  
 
                                               
Deutsche Bank Capital Corp.:
                                               
Australian Dollar (AUD)
  Buy     2,324   AUD     11/20/09       2,041,608       50,544        
British Pound Sterling (GBP)
  Buy     4,955   GBP     11/20/09       7,917,473             101,650  
Canadian Dollar (CAD)
  Buy     8,620   CAD     11/20/09       8,051,740       74,321        
Euro (EUR)
  Buy     32,890   EUR     11/20/09       48,127,646             33,510  
Euro (EUR)
  Sell     20,967   EUR     10/2/09-11/12/09       30,682,214             1,076,627  
Indian Rupee (INR)
  Buy     757,000   INR     10/20/09       15,712,747       43,113        
Japanese Yen (JPY)
  Buy     5,812,000   JPY     11/10/09-11/20/09       64,764,975       1,290,750       63,465  
Japanese Yen (JPY)
  Sell     2,536,000   JPY     11/10/09       28,259,135             1,700,552  
Swiss Franc (CHF)
  Buy     2,076   CHF     11/20/09       2,004,027       2,427        
                                     
 
                                    1,461,155       2,975,804  
 
                                               
Goldman, Sachs & Co.:
                                               
Brazilian Real (BRR)
  Buy     193,445   BRR     11/4/09-1/5/10       108,097,623       26,337,836        
Brazilian Real (BRR)
  Sell     23,230   BRR     11/4/09       13,039,448             115,943  
South African Rand (ZAR)
  Buy     547,430   ZAR     11/17/09       72,202,207             970,904  
                                     
 
                                    26,337,836       1,086,847  
 
                                               
Hong Kong & Shanghai Bank Corp.:
                                               
Colombian Peso (COP)
  Sell     26,740,000   COP     11/3/09       13,878,595             114,600  
Israeli Shekel (ILS)
  Sell     39,780   ILS     10/30/09       10,563,773             133,778  
Mexican Nuevo Peso (MXN)
  Sell     397,150   MXN     10/6/09       29,399,336       656,591        
                                     
 
                                    656,591       248,378  
 
                                               
JP Morgan Chase:
                                               
Argentine Peso (ARP)
  Buy     56,650   ARP     11/30/09       14,503,416             22,225  
Australian Dollar (AUD)
  Buy     23,390   AUD     11/10/09       20,565,320       987,890        
Australian Dollar (AUD)
  Sell     34,840   AUD     11/10/09       30,632,567             791,410  
Euro (EUR)
  Buy     40,000   EUR     12/9/09       58,529,448             308,552  
Hong Kong Dollar (HKD)
  Sell     118,100   HKD     10/5/09       15,239,087       8,083        
Indian Rupee (INR)
  Buy     1,516,000   INR     11/16/09       31,399,535       122,456        
Indonesia Rupiah (IDR)
  Buy     528,515,000   IDR     10/13/09-10/26/09       54,471,642       1,282,572        
Malaysian Ringgit (MYR)
  Buy     14,010   MYR     11/10/09       4,040,738       56,500        
Mexican Nuevo Peso (MXN)
  Sell     269,800   MXN     11/10/09       19,873,172       631,602        
Russian Ruble (RUR)
  Sell     14,460   RUR     11/16/09       476,426             52,254  
South Korean Won (KRW)
  Buy     65,251,000   KRW     11/17/09       55,344,397       2,078,275        
                                     
 
                                    5,167,378       1,174,441  
F45 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts Continued
                                                 
            Contract                            
Counterparty/   Buy/     Amount     Expiration             Unrealized     Unrealized  
Contract Description   Sell     (000’s)     Dates     Value     Appreciation     Depreciation  
 
Morgan Stanley & Co., Inc.
                                               
Brazilian Real (BRR)
  Buy     13,880   BRR     11/4/09     $ 7,791,112     $ 164,739     $  
RBS Greenwich Capital:
                                               
British Pound Sterling (GBP)
  Buy     4,760   GBP     12/18/09       7,605,470       47,590        
Israeli Shekel (ILS)
  Sell     60,100   ILS     10/14/09       15,958,040             100,520  
Polish Zloty (PLZ)
  Buy     176,040   PLZ     10/5/09       61,311,289       1,918,577        
Swiss Franc (CHF)
  Buy     64,340   CHF     11/10/09       62,105,806       1,079,910       5,191  
Swiss Franc (CHF)
  Sell     29,020   CHF     11/10/09       28,012,286       1,197       749,254  
                                     
 
                                    3,047,274       854,965  
 
                                               
Santander Investments:
                                               
Chilean Peso (CLP)
  Sell     8,528,000   CLP     10/28/09       15,556,095       284,900        
Colombian Peso (COP)
  Sell     67,054,000   COP     10/27/09-10/29/09       34,832,639             1,165,265  
Mexican Nuevo Peso (MXN)
  Sell     1,371,987   MXN     10/1/09-10/30/09       101,460,227       2,240,897       65,420  
                                     
 
                                    2,525,797       1,230,685  
State Street:
                                               
British Pound Sterling (GBP)
  Sell     14,430   GBP     11/6/09       23,057,859       1,014,892        
Canadian Dollar (CAD)
  Buy     22,870   CAD     11/10/09       21,362,199       228,214       351  
Canadian Dollar (CAD)
  Sell     40,340   CAD     11/10/09       37,680,416       1,508       478,730  
Japanese Yen (JPY)
  Buy     2,536,000   JPY     11/10/09       28,259,135       340,074        
Japanese Yen (JPY)
  Sell     733,000   JPY     11/10/09       8,167,960             222,763  
                                     
 
                                    1,584,688       701,844  
 
                                               
Westpac:
                                               
Australian Dollar (AUD)
  Buy     16,260   AUD     11/10/09       14,296,370       686,832        
Australian Dollar (AUD)
  Sell     54,590   AUD     11/10/09       47,997,470             1,656,673  
Euro (EUR)
  Sell     357   EUR     10/1/09       523,034             1,273  
New Zealand Dollar (NZD)
  Buy     26,470   NZD     11/10/09       19,061,813       315,983        
New Zealand Dollar (NZD)
  Sell     66,520   NZD     11/10/09       47,902,977             1,503,933  
                                     
 
                                    1,002,815       3,161,879  
                                     
Total unrealized appreciation and depreciation
                $ 57,064,130     $ 29,536,718  
                                     
Futures Contracts as of September 30, 2009 are as follows:
                                         
                                    Unrealized  
            Number of     Expiration             Appreciation  
Contract Description   Buy/Sell   Contracts     Date     Value     (Depreciation)  
 
Australia (Government of) Bonds, 10 yr.
  Sell     449       12/15/09     $ 41,335,427     $ 153,772  
CAC40 10 Euro Index
  Buy     158       10/16/09       8,779,062       80,335  
CAC40 10 Euro Index
  Sell     259       10/16/09       14,390,995       (131,797 )
DAX Index
  Buy     72       12/18/09       14,946,880       71,790  
DAX Index
  Sell     77       12/18/09       15,984,858       (76,782 )
Euro-BOBL
  Buy     312       12/8/09       52,756,380       138,983  
Euro-Bundesobligation
  Buy     262       12/8/09       46,728,752       404,396  
FTSE 100 Index
  Buy     35       12/18/09       2,847,679       39,341  
IBEX 35 Index
  Buy     50       10/16/09       8,580,763       106,982  
Japan (Government of) Bonds, 10 yr.
  Buy     82       12/9/09       12,726,831       75,755  
Japan (Government of) Bonds, 10 yr.
  Sell     44       12/10/09       68,300,117       (436,255 )
MSCI Sing Ix Ets
  Buy     183       10/29/09       8,335,129       152,179  
F46 | OPPENHEIMER STRATEGIC INCOME FUND


Table of Contents

Futures Contracts Continued
                                         
                                    Unrealized  
            Number of     Expiration             Appreciation  
Contract Description   Buy/Sell          Contracts     Date     Value     (Depreciation)  
 
NASDAQ 100 E-Mini Index
  Buy     1,008       12/18/09     $ 34,624,800     $ 681,005  
NIKKEI 225 Index
  Buy     42       12/10/09       2,362,836       (63,779 )
NIKKEI 225 Index
  Sell     227       12/10/09       25,566,423       529,287  
SGX CNX NIFTY Index
  Sell     839       10/29/09       8,512,494       91,747  
SPI 200 Index
  Buy     89       12/17/09       9,317,861       291,183  
Standard & Poor’s 500 E-Mini Index
  Sell     2,288       12/18/09       120,451,760       (1,799,283 )
Standard & Poor’s/MIB Index, 10 yr.
  Buy     50       12/18/09       8,568,690       182,374  
U.S. Treasury Long Bonds, 20 yr.
  Buy     5,352       12/21/09       649,599,000       9,681,023  
U.S. Treasury Long Bonds, 20 yr.
  Sell     437       12/21/09       53,040,875       (915,866 )
U.S. Treasury Nts., 2 yr.
  Buy     1,316       12/31/09       285,530,875       179,992  
U.S. Treasury Nts., 2 yr.
  Sell     386       12/31/09       83,749,938       (89,302 )
U.S. Treasury Nts., 5 yr.
  Buy     4,077       12/31/09       473,314,219       4,937,848  
U.S. Treasury Nts., 5 yr.
  Sell     1,619       12/31/09       187,955,781       (2,444,082 )
U.S. Treasury Nts., 10 yr.
  Buy     2,136       12/21/09       252,748,875       1,530,133  
U.S. Treasury Nts., 10 yr.
  Sell     8,608       12/21/09       1,018,568,500       (13,383,557 )
United Kingdom Long Gilt
  Sell     19       12/29/09       3,600,077       3,710  
 
                                     
 
                                  $ (8,868 )
 
                                     
Credit Default Swap Contracts as of September 30, 2009 are as follows:
                                                         
                    Pay/             Upfront                
    Buy/Sell     Notional     Receive     Termi-     Payment             Unrealized  
Reference Entity/   Credit     Amount     Fixed     nation     Received/             Appreciation  
Swap Counterparty   Protection     (000’s)     Rate     Date     (Paid)     Value     (Depreciation)  
 
Bolivarian Republic of Venezuela:
                                                       
Barclays Bank plc
    Sell     $ 3,250       30.50 %     1/20/10     $     $ 406,595     $ 406,595  
Morgan Stanley Capital Services, Inc.
    Sell       3,250       30.00       1/20/10             398,453       398,453  
                                   
 
    Total       6,500                             805,048       805,048  
 
                                                       
Capital One Bank USA
                                                       
JPMorgan Chase Bank NA, NY Branch
    Sell       12,930       1.00       9/20/14       (40,047 )     122,602       82,555  
                                   
 
    Total       12,930                       (40,047 )     122,602       82,555  
 
                                                       
Cardinal Health, Inc.
                                                       
Barclays Bank plc
    Buy       12,400       1.00       9/20/14       323,943       (352,095 )     (28,152 )
                                   
 
    Total       12,400                       323,943       (352,095 )     (28,152 )
 
                                                       
CDX Emerging Markets Index, Series 11:
                                                       
Barclays Bank plc
    Buy       31,200       5.00       6/20/14       2,744,733       (3,367,472 )     (622,739 )
Goldman Sachs International
    Buy       15,600       5.00       6/20/14       1,372,367       (1,683,736 )     (311,369 )
JPMorgan Chase Bank NA, London Branch
    Buy       31,200       5.00       6/20/14       2,729,133       (3,367,472 )     (638,339 )
                                   
 
    Total       78,000                       6,846,233       (8,418,680 )     (1,572,447 )
F47 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued
Credit Default Swap Contracts Continued
                                                         
                    Pay/             Upfront                
    Buy/Sell     Notional     Receive     Termi-     Payment             Unrealized  
Reference Entity/   Credit     Amount     Fixed     nation     Received/             Appreciation  
Swap Counterparty   Protection     (000’s)     Rate     Date     (Paid)     Value     (Depreciation)  
 
CDX North America High Yield Index, Series 12:
                                                       
Credit Suisse International
  Sell   $ 11,656       5.00 %     6/20/14     $ 1,386,579     $ (776,979 )   $ 609,600  
JPMorgan Chase Bank NA, NY Branch
  Sell     8,742       5.00       6/20/14       1,044,184       (582,734 )     461,450  
                                   
 
  Total     20,398                       2,430,763       (1,359,713 )     1,071,050  
 
                                                       
Cemex SAB de CV
                                                       
Credit Suisse International
  Buy     5,705       5.30       10/20/13             (137,693 )     (137,693 )
                                   
 
  Total     5,705                             (137,693 )     (137,693 )
 
                                                       
CIT Group, Inc.
                                                       
Barclays Bank plc
  Sell     12,870       5.00       9/20/14       5,633,485       (4,438,230 )     1,195,255  
                                   
 
  Total     12,870                       5,633,485       (4,438,230 )     1,195,255  
 
                                                       
ConocoPhillips
                                                       
Barclays Bank plc
  Buy     12,870       1.00       9/20/14       348,401       (316,125 )     32,276  
                                   
 
  Total     12,870                       348,401       (316,125 )     32,276  
 
                                                       
Development Bank of Kazakhstan JSC
                                                       
Credit Suisse International
  Sell     20,660       3.75       2/20/13             (2,245,278 )     (2,245,278 )
                                   
 
  Total     20,660                             (2,245,278 )     (2,245,278 )
 
                                                       
Devon Energy
                                                       
Barclays Bank plc
  Buy     12,400       1.00       9/20/14       252,186       (292,750 )     (40,564 )
                                   
 
  Total     12,400                       252,186       (292,750 )     (40,564 )
 
                                                       
Government of Hungary
                                                       
Credit Suisse International
  Sell     9,250       2.70       9/20/10             54,843       54,843  
                                   
 
  Total     9,250                             54,843       54,843  
 
                                                       
Halliburton Co.
                                                       
Deutsche Bank AG
  Buy     12,400       1.00       9/20/14       307,969       (292,750 )     15,219  
                                   
 
  Total     12,400                       307,969       (292,750 )     15,219  
 
                                                       
HSBK Europe BV:
                                                       
Credit Suisse International
  Sell     4,040       4.95       3/20/13             (327,191 )     (327,191 )
Morgan Stanley Capital Services, Inc.
  Sell     8,080       4.88       3/20/13             (669,911 )     (669,911 )
Morgan Stanley Capital Services, Inc.
  Sell     8,090       4.78       3/20/13             (692,954 )     (692,954 )
                                   
 
  Total     20,210                             (1,690,056 )     (1,690,056 )
 
                                                       
International Paper Co.
                                                       
Goldman Sachs International
  Sell     12,400       1.00       9/20/14       890,104       (274,905 )     615,199  
                                   
 
  Total     12,400                       890,104       (274,905 )     615,199  
 
                                                       
International Lease Finance Corp.:
                                                       
Deutsche Bank AG
  Sell     6,125       5.00       9/20/14       1,008,073       (694,462 )     313,611  
Deutsche Bank AG
  Sell     6,745       5.00       9/20/14       919,943       (764,759 )     155,184  
                                   
 
  Total     12,870                       1,928,016       (1,459,221 )     468,795  
 
                                                       
Islamic Republic of Pakistan
                                                       
Citibank NA, New York
  Sell   $ 4,860       5.10 %     3/20/13     $     $ (950,814 )   $ (950,814 )
                                   
 
  Total     4,860                             (950,814 )     (950,814 )
F48 | OPPENHEIMER STRATEGIC INCOME FUND

 


Table of Contents

Credit Default Swap Contracts Continued
                                                         
                    Pay/             Upfront                
    Buy/Sell   Notional     Receive     Termi-     Payment             Unrealized  
Reference Entity/   Credit   Amount     Fixed     nation     Received/             Appreciation  
Swap Counterparty   Protection   (000’s)     Rate     Date     (Paid)     Value     (Depreciation)  
 
Istanbul Bond Co. SA
                                                       
Morgan Stanley Capital Services, Inc.
  Sell   $ 25,090       1.30 %     3/24/13     $     $ (3,367,668 )   $ (3,367,668 )
                                   
 
  Total     25,090                             (3,367,668 )     (3,367,668 )
 
                                                       
Lockheed Martin Corp.
                                                       
UBS AG
  Buy     12,870       1.00       9/20/14       444,862       (408,857 )     36,005  
                                   
 
  Total     12,870                       444,862       (408,857 )     36,005  
 
                                                       
Republic of Peru
                                                       
Deutsche Bank AG
  Buy     7,440       1.71       12/20/16             (177,201 )     (177,201 )
                                   
 
  Total     7,440                             (177,201 )     (177,201 )
 
                                                       
Republic of Turkey:
                                                       
Citibank NA, New York
  Buy     7,970       5.25       12/20/13             (1,139,953 )     (1,139,953 )
Goldman Sachs International
  Buy     15,935       5.29       12/20/13             (2,305,324 )     (2,305,324 )
                                   
 
  Total     23,905                             (3,445,277 )     (3,445,277 )
 
                                                       
Standard Bank London Holdings plc for NAK Naftogaz Ukrainy
                                                       
Credit Suisse International
  Sell     8,905       3.25       4/20/11             (4,017,309 )     (4,017,309 )
                                   
 
  Total     8,905                             (4,017,309 )     (4,017,309 )
 
                                                       
Troy Capital SA for Yasar Holdings SA:
                                                       
Morgan Stanley Capital Services, Inc.
  Sell     3,390       8.75       6/20/10             (1,126,423 )     (1,126,423 )
Morgan Stanley Capital Services, Inc.
  Sell     3,390       8.50       10/20/09             (15,908 )     (15,908 )
                                   
 
  Total     6,780                             (1,142,331 )     (1,142,331 )
 
                                                       
United Mexican States
                                                       
Goldman Sachs International
  Buy     5,970       1.35       9/20/14             77,771       77,771  
                                   
 
  Total     5,970                             77,771       77,771  
 
                                                       
XL Capital Ltd.