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Oppenheimer Global Strategic Income Fund – ‘N-CSR’ for 9/30/17

On:  Thursday, 12/7/17, at 5:21pm ET   ·   Effective:  12/7/17   ·   For:  9/30/17   ·   Accession #:  1193125-17-364042   ·   File #:  811-05724

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

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Certified Annual Shareholder Report by a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Oppenheimer Global Strategic Income Fund            HTML   1.79M 
 4: EX-99.906CERT  Section 906 Certifications                       HTML      7K 
 3: EX-99.CERT  Section 302 Certifications                          HTML     16K 
 2: EX-99.CODE ETH  Code of Ethics                                  HTML     33K 


N-CSR   —   Oppenheimer Global Strategic Income Fund
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Fund Performance Discussion
"Top Holdings and Allocations
"Fund Expenses
"Consolidated Statement of Investments
"Consolidated Statement of Assets and Liabilities
"Consolidated Statement of Operations
"Consolidated Statements of Changes in Nets Assets
"Consolidated Financial Highlights
"Notes to Consolidated Financial Statements
"Report of Independent Registered Public Accounting Firm
"Federal Income Tax Information
"Board Approval of the Fund's Investment Advisory, Sub-Advisory and Sub-Sub Advisory Agreements
"Portfolio Proxy Voting Policies and Procedures; Updates to Statements of Investments
"Trustees and Officers
"Privacy Policy Notice

This is an HTML Document rendered as filed.  [ Alternative Formats ]



  Oppenheimer Global Strategic Income Fund  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-5724

Oppenheimer Global Strategic Income Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2017


Item 1.  Reports to Stockholders.


Annual Report

 

    

 

9/30/2017

 

 

 

  

 

    

 

LOGO

     

 

  

 

 

Oppenheimer

Global Strategic

Income Fund

 

 

 

 


Table of Contents

 

Fund Performance Discussion      3     
Top Holdings and Allocations      7     
Fund Expenses      11     
Consolidated Statement of Investments      13     
Consolidated Statement of Assets and Liabilities      76     
Consolidated Statement of Operations      78     
Consolidated Statements of Changes in Nets Assets      80     
Consolidated Financial Highlights      81     
Notes to Consolidated Financial Statements      93     
Report of Independent Registered Public Accounting Firm      124     
Federal Income Tax Information      125     
Board Approval of the Fund’s Investment Advisory, Sub-Advisory and Sub-Sub Advisory Agreements      126     
Portfolio Proxy Voting Policies and Procedures; Updates to Statements of Investments      129     
Trustees and Officers      130     
Privacy Policy Notice      137     

 

 

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17

 

    

 

        Class A Shares of the Fund         

   
    

 

Without Sales Charge

 

 

 

With Sales Charge

 

 

Bloomberg Barclays    

U.S. Aggregate Bond    

Index    

 

1-Year

   4.45%   -0.51%   0.07%

5-Year

   2.83      1.84      2.06   

10-Year

   4.45      3.95      4.27   

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

 

2        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


Fund Performance Discussion

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

MARKET OVERVIEW

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

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

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

 

 

 

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

 

LOGO

 

 

3        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


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

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

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

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

FUND REVIEW

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

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

 

 

4        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


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

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

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

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

MARKET OUTLOOK & PORTFOLIO POSITIONING

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

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

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

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

 

 

5        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


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

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

 

 

LOGO      

LOGO

 

Michael Mata

Portfolio Manager

    LOGO      

LOGO

 

Krishna Memani

Portfolio Manager

LOGO   

LOGO

 

Ruta Ziverte

Portfolio Manager

    LOGO   

LOGO

 

Chris Kelly

Portfolio Manager

 

6        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


Top Holdings and Allocations

 

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes     41.9%  
Investment Companies  

Oppenheimer Institutional Government Money Market Fund

    1.8     

Oppenheimer Master Event-Linked Bond Fund, LLC

    1.9     

Oppenheimer Master Loan Fund, LLC

    13.3     

Oppenheimer Ultra-Short Duration Fund

    3.9     
Mortgage-Backed Obligations Government Agency     10.8     

Non-Agency

    9.4     
Foreign Government Obligations     10.7     
Asset-Backed Securities     3.5     
Preferred Stocks     0.8     
Short-Term Notes     0.8     
Structured Securities     0.4     
Common Stocks     0.3     
Corporate Loans     0.2     
Over-the-Counter Interest Rate Swaptions Purchased     0.2     
Over-the-Counter Options Purchased     0.1     
Rights, Warrants and Certificates     *  

* Represents a value of less than 0.05%.

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

REGIONAL ALLOCATION

 

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

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

 

 

7        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


TOP TEN GEOGRAPHICAL HOLDINGS

 

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

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

    

 

 

8        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


Share Class Performance

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

 

    

Inception    

Date    

       1-Year            5-Year            10-Year        

Class A (OPSIX)

     10/16/89              4.45%          2.83%          4.45%  

Class B (OPSGX)

     11/30/92              3.65             1.97             3.92     

Class C (OSICX)

     5/26/95              3.67             2.01             3.67     

Class I (OSIIX)

     1/27/12              4.89             3.21             4.09*    

Class R (OSINX)

     3/1/01              4.19             2.49             4.08     

Class Y (OSIYX)

     1/26/98              4.70             3.08             4.72     

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

 

    

Inception    

Date    

       1-Year            5-Year            10-Year        

Class A (OPSIX)

     10/16/89              -0.51%          1.84%          3.95%    

Class B (OPSGX)

     11/30/92              -1.35             1.62             3.92       

Class C (OSICX)

     5/26/95              2.67             2.01             3.67       

Class I (OSIIX)

     1/27/12              4.89             3.21             4.09*      

Class R (OSINX)

     3/1/01              4.19             2.49             4.08       

Class Y (OSIYX)

     1/26/98              4.70             3.08             4.72       

*Shows performance since inception.

 

STANDARDIZED YIELDS

 

For the 30 Days Ended 9/30/17

   

UNSUBSIDIZED STANDARDIZED YIELDS

 

For the 30 Days Ended 9/30/17

Class A

  4.21%                        

Class A

   4.13%                    

Class B

  3.62                            

Class B

   3.54                        

Class C

  3.66                            

Class C

   3.58                        

Class I

  4.86                            

Class I

   4.80                        

Class R

  4.18                            

Class R

   4.09                        

Class Y

  4.67                            

Class Y

   4.59                        

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after

 

9        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


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

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

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

 

10        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


Fund Expenses

 

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2017.

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

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

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

 

11        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


Actual   

Beginning

Account

Value

April 1, 2017

      

Ending

Account

Value

September 30, 2017

    

Expenses    

Paid During    

6 Months Ended    

September 30, 2017    

 

Class A

    $  1,000.00          $  1,031.90                   $ 5.16              

Class B

     1,000.00           1,025.30                    9.13              

Class C

     1,000.00           1,025.40                    9.03              

Class I

     1,000.00           1,031.50                    3.01              

Class R

     1,000.00           1,028.00                    6.48              

Class Y

     1,000.00           1,033.10                    3.93              
Hypothetical                       
(5% return before expenses)                          

Class A

     1,000.00           1,020.00                    5.13              

Class B

     1,000.00           1,016.09                    9.09              

Class C

     1,000.00           1,016.19                    8.99              

Class I

     1,000.00           1,022.11                    3.00              

Class R

     1,000.00           1,018.70                    6.45              

Class Y

     1,000.00           1,021.21                    3.91              

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

 

Class    Expense Ratios      

Class A

       1.01 %   

Class B

       1.79

Class C

       1.77

Class I

       0.59

Class R

       1.27

Class Y

       0.77

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

 

12        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS September 30, 2017

 

         Principal Amount     Value    

 

 
Asset-Backed Securities—3.7%     

 

 
American Credit Acceptance Receivables Trust:     
Series 2015-1, Cl. B, 2.85%, 2/12/211    $ 469,205     $ 469,725    
Series 2015-3, Cl. B, 3.56%, 10/12/211      660,567       664,237    
Series 2015-3, Cl. C, 4.84%, 10/12/211      725,000       742,259    
Series 2015-3, Cl. D, 5.86%, 7/12/221      550,000       566,309    
Series 2016-4, Cl. B, 2.11%, 2/12/211      985,000       985,889    
Series 2017-3, Cl. B, 2.25%, 1/11/211      305,000       304,564    

 

 
AmeriCredit Automobile Receivables Trust:     
Series 2013-2, Cl. E, 3.41%, 10/8/201                  3,650,000                   3,652,374    
Series 2013-3, Cl. D, 3.00%, 7/8/19      1,540,000       1,546,407    
Series 2013-4, Cl. D, 3.31%, 10/8/19      1,505,000       1,515,365    
Series 2017-2, Cl. D, 3.42%, 4/18/23      2,270,000       2,294,989    

 

 
Cabela’s Credit Card Master Note Trust:     
Series 2013-2A, Cl. A2, 1.884% [LIBOR01M+65], 8/16/211,2      780,000       783,562    
Series 2016-1, Cl. A1, 1.78%, 6/15/22      2,545,000       2,541,351    
Series 2016-1, Cl. A2, 2.084% [LIBOR01M+85], 6/15/222      4,605,000       4,648,119    
Capital Auto Receivables Asset Trust, Series 2014-1, Cl. D, 3.39%, 7/22/19      580,000       583,572    
Capital One Multi-Asset Execution Trust:     
Series 2016-A1, Cl. A1, 1.684% [LIBOR01M+45], 2/15/222      3,060,000       3,076,972    
Series 2016-A3, Cl. A3, 1.34%, 4/15/22      2,655,000       2,636,171    
CarFinance Capital Auto Trust:     
Series 2014-1A, Cl. D, 4.90%, 4/15/201      1,005,000       1,025,875    
Series 2015-1A, Cl. A, 1.75%, 6/15/211      217,477       217,437    
CarMax Auto Owner Trust:     
Series 2014-2, Cl. D, 2.58%, 11/16/20      1,365,000       1,368,177    
Series 2015-2, Cl. D, 3.04%, 11/15/21      525,000       530,173    
Series 2015-3, Cl. D, 3.27%, 3/15/22      1,805,000       1,818,850    
Series 2016-1, Cl. D, 3.11%, 8/15/22      1,370,000       1,375,241    
Series 2016-3, Cl. D, 2.94%, 1/17/23      915,000       906,839    
Series 2016-4, Cl. D, 2.91%, 4/17/23      2,040,000       2,016,174    
Series 2017-1, Cl. D, 3.43%, 7/17/23      1,775,000       1,778,697    
CCG Receivables Trust, Series 2017-1, Cl. B, 2.75%, 11/14/231      1,725,000       1,718,998    
Chase Issuance Trust, Series 2014-A5, Cl. A5, 1.604% [LIBOR01M+37], 4/15/212      1,925,000       1,933,911    
Citibank Credit Card Issuance Trust, Series 2014-A6, Cl. A6, 2.15%, 7/15/21      4,335,000       4,364,293    
CPS Auto Receivables Trust:     
Series 2013-C, Cl. D, 6.59%, 8/15/191      620,000       634,452    
Series 2017-C, Cl. A, 1.78%, 9/15/201      631,810       631,584    
Series 2017-C, Cl. B, 2.30%, 7/15/211      740,000       739,045    
CPS Auto Trust, Series 2017-A, Cl. B, 2.68%, 5/17/211      160,000       160,979    
CWABS Asset-Backed Certificates Trust, Series 2005-14, Cl. 1A1, 1.467% [US0001M+23], 4/25/362      1,467,043       1,469,796    
Discover Card Execution Note Trust:     
Series 2012-A6, Cl. A6, 1.67%, 1/18/22      2,315,000       2,311,742    
Series 2016-A1, Cl. A1, 1.64%, 7/15/21      4,225,000       4,224,360    
Series 2016-A4, Cl. A4, 1.39%, 3/15/22      4,715,000       4,679,325    

 

13        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount     Value    

 

 
Asset-Backed Securities (Continued)     

 

 
Drive Auto Receivables Trust:     
Series 2015-BA, Cl. D, 3.84%, 7/15/211    $ 3,040,000     $             3,105,918    
Series 2015-CA, Cl. D, 4.20%, 9/15/211      5,370,000       5,515,037    
Series 2015-DA, Cl. C, 3.38%, 11/15/211      3,511,472       3,543,314    
Series 2016-BA, Cl. C, 3.19%, 7/15/221      1,285,000       1,298,293    
Series 2016-CA, Cl. C, 3.02%, 11/15/211      1,085,000       1,098,740    
Series 2016-CA, Cl. D, 4.18%, 3/15/241      1,240,000       1,281,199    
Series 2017-1, Cl. B, 2.36%, 3/15/21      1,155,000       1,157,271    
Series 2017-2, Cl. B, 2.25%, 6/15/21      735,000       735,679    
Series 2017-2, Cl. C, 2.75%, 9/15/23      810,000       809,173    
Series 2017-AA, Cl. C, 2.98%, 1/18/221      920,000       930,010    
Series 2017-AA, Cl. D, 4.16%, 5/15/241      1,600,000       1,628,173    
Series 2017-BA, Cl. D, 3.72%, 10/17/221      1,685,000       1,696,027    

 

 
DT Auto Owner Trust:     
Series 2014-1A, Cl. D, 3.98%, 1/15/211      1,375,788       1,379,349    
Series 2014-2A, Cl. D, 3.68%, 4/15/211      5,235,668       5,272,364    
Series 2014-3A, Cl. D, 4.47%, 11/15/211      5,640,000       5,746,686    
Series 2015-1A, Cl. D, 4.26%, 2/15/221      8,075,000       8,181,927    
Series 2015-2A, Cl. D, 4.25%, 2/15/221      2,410,000       2,454,148    
Series 2015-3A, Cl. D, 4.53%, 10/17/221      7,470,000       7,609,088    
Series 2016-1A, Cl. B, 2.79%, 5/15/201      810,716       811,603    
Series 2016-4A, Cl. E, 6.49%, 9/15/231      555,000       573,264    
Series 2017-1A, Cl. C, 2.70%, 11/15/221      405,000       405,256    
Series 2017-1A, Cl. D, 3.55%, 11/15/221      1,120,000       1,121,073    
Series 2017-1A, Cl. E, 5.79%, 2/15/241      1,160,000       1,179,186    
Series 2017-2A, Cl. B, 2.44%, 2/15/211      605,000       606,295    
Series 2017-2A, Cl. D, 3.89%, 1/15/231      1,330,000       1,341,394    
Series 2017-3A, Cl. B, 2.40%, 5/17/211      1,055,000       1,054,440    
Series 2017-3A, Cl. E, 5.60%, 8/15/241      1,245,000       1,254,797    

 

 
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441      745,755       739,459    

 

 
Evergreen Credit Card Trust, Series 2016-3, Cl. A, 1.734% [LIBOR01M+50], 11/16/201,2      3,480,000       3,494,691    

 

 
Exeter Automobile Receivables Trust:     
Series 2013-2A, Cl. D, 6.81%, 8/17/201      2,440,421       2,485,278    
Series 2014-2A, Cl. C, 3.26%, 12/16/191      481,291       484,198    
Series 2017-3A, Cl. A, 2.05%, 12/15/211      1,190,000       1,189,334    

 

 
First Investors Auto Owner Trust, Series 2013-3A, Cl. D, 3.67%, 5/15/201      2,110,000       2,118,927    

 

 
Flagship Credit Auto Trust:     
Series 2013-2, Cl. D, 6.26%, 2/16/211      395,000       400,583    
Series 2014-1, Cl. D, 4.83%, 6/15/201      130,000       132,493    
Series 2014-2, Cl. A, 1.43%, 12/16/191      15,499       15,500    
Series 2015-3, Cl. D, 7.12%, 11/15/221      1,945,000       2,038,126    
Series 2016-1, Cl. C, 6.22%, 6/15/221      2,725,000       2,893,307    

 

 
GM Financial Automobile Leasing Trust, Series 2017-3, Cl. C, 2.73%, 9/20/21      850,000       846,679    

 

 
Navistar Financial Dealer Note Master Owner Trust II:     
Series 2016-1, Cl. D, 4.537% [LIBOR01M+330], 9/27/211,2      595,000       596,040    

 

14        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
Asset-Backed Securities (Continued)     

 

 
Navistar Financial Dealer Note Master Owner Trust II: (Continued)     
Series 2017-1, Cl. C, 2.787% [LIBOR01M+155], 6/27/221,2    $ 435,000     $ 435,180    
Series 2017-1, Cl. D, 3.537% [LIBOR01M+230], 6/27/221,2      505,000       505,207    

 

 
Nissan Auto Lease Trust, Series 2017-A, Cl. A3, 1.91%, 4/15/20      1,700,000                   1,702,469    

 

 
Santander Drive Auto Receivables Trust:     
Series 2013-4, Cl. E, 4.67%, 1/15/201      1,580,000       1,584,913    
Series 2013-A, Cl. E, 4.71%, 1/15/211      1,220,000       1,236,976    
Series 2015-5, Cl. D, 3.65%, 12/15/21      2,420,000       2,474,648    
Series 2016-2, Cl. D, 3.39%, 4/15/22      880,000       892,681    
Series 2017-1, Cl. D, 3.17%, 4/17/23      1,215,000       1,219,919    
Series 2017-1, Cl. E, 5.05%, 7/15/241      1,385,000       1,416,130    
Series 2017-3, Cl. D, 3.20%, 11/15/23      2,880,000       2,868,329    

 

 
TCF Auto Receivables Owner Trust, Series 2015-1A, Cl. D, 3.53%, 3/15/221      850,000       850,256    

 

 
Westlake Automobile Receivables Trust:     
Series 2016-1A, Cl. E, 6.52%, 6/15/221      1,400,000       1,449,966    
Series 2017-2A, Cl. E, 4.63%, 7/15/243      1,845,000       1,840,418    

 

 
World Financial Network Credit Card Master Trust:     
Series 2012-D, Cl. A, 2.15%, 4/17/23      1,195,000       1,200,727    
Series 2016-B, Cl. A, 1.44%, 6/15/22      2,860,000       2,854,719    
Series 2017-A, Cl. A, 2.12%, 3/15/24      3,060,000       3,062,381    
Series 2017-B, Cl. A, 1.98%, 6/15/23      2,260,000       2,261,227    
    

 

 

 
Total Asset-Backed Securities (Cost $167,021,187)        167,998,278    

 

 
Mortgage-Backed Obligations—21.9%     

 

 
Government Agency—11.7%     

 

 
FHLMC/FNMA/FHLB/Sponsored—10.1%     

 

 
Federal Home Loan Mortgage Corp. Gold Pool:     
5.00%, 12/1/34      498,862       547,357    
5.50%, 9/1/39      1,293,486       1,429,193    
6.00%, 1/1/19-7/1/24      585,323       641,600    
6.50%, 4/1/18-6/1/35      515,375       574,499    
7.00%, 8/1/21-3/1/35      777,020       875,441    
7.50%, 1/1/32-2/1/32      1,363,338       1,630,577    
8.50%, 8/1/31      42,826       47,926    
10.00%, 5/1/20      1,533       1,549    

 

 
Federal Home Loan Mortgage Corp. Non Gold Pool:     
10.00%, 4/1/20      3,790       3,799    
10.50%, 5/1/20      12,182       12,893    

 

 
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:     
Series 183, Cl. IO, 53.99%, 4/1/274      120,146       23,736    
Series 192, Cl. IO, 94.208%, 2/1/284      54,896       10,495    
Series 205, Cl. IO, 41.81%, 9/1/294      317,428       69,061    
Series 206, Cl. IO, 0.00%, 12/15/294,5      141,234       37,794    
Series 207, Cl. IO, 0.00%, 4/1/304,5      118,132       26,883    
Series 214, Cl. IO, 0.00%, 6/1/314,5      91,638       20,742    
Series 243, Cl. 6, 9.701%, 12/15/324      278,307       48,968    

 

15        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount     Value    

 

 
FHLMC/FNMA/FHLB/Sponsored (Continued)     

 

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

 

 
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:  
Series 2035, Cl. PE, 39.645%, 3/15/284      17,044       3,559    
Series 2049, Cl. PL, 82.103%, 4/15/284      92,434       19,545    
Series 2074, Cl. S, 99.999%, 7/17/284      81,093       11,640    
Series 2079, Cl. S, 99.999%, 7/17/284      140,485       20,482    

 

16        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
FHLMC/FNMA/FHLB/Sponsored (Continued)     

 

 
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)  
Series 2177, Cl. SB, 99.999%, 8/15/294    $ 91,836     $ 19,143    
Series 2526, Cl. SE, 55.52%, 6/15/294      167,829       31,603    
Series 2682, Cl. TQ, 99.999%, 10/15/334      650,608       119,986    
Series 2795, Cl. SH, 94.431%, 3/15/244      1,126,692       108,500    
Series 2920, Cl. S, 99.999%, 1/15/354      1,172,966       194,092    
Series 2922, Cl. SE, 12.361%, 2/15/354      78,785       13,675    
Series 2981, Cl. AS, 8.733%, 5/15/354      601,810       88,187    
Series 2981, Cl. BS, 99.999%, 5/15/354      1,375,035       223,778    
Series 3004, Cl. SB, 99.999%, 7/15/354      1,753,936       196,873    
Series 3397, Cl. GS, 0.00%, 12/15/374,5      364,092       62,882    
Series 3424, Cl. EI, 0.00%, 4/15/384,5      143,139       14,122    
Series 3450, Cl. BI, 18.643%, 5/15/384      568,409       90,277    
Series 3606, Cl. SN, 17.569%, 12/15/394      299,881       48,991    
Series 3659, Cl. IE, 0.00%, 3/15/194,5      220,040       5,015    
Series 3685, Cl. EI, 0.00%, 3/15/194,5      57,939       655    

 

 
Federal National Mortgage Assn.:     
2.50%, 10/1/476      16,460,000       16,569,948    
3.00%, 10/1/326      55,335,000       56,845,907    
3.50%, 10/1/476      85,735,000       88,357,284    
4.00%, 10/1/476      37,495,000       39,466,417    
4.50%, 10/1/476      187,600,000       201,325,576    
5.00%, 10/1/476      3,975,000       4,336,142    

 

 
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:  
Series 2001-T10, Cl. IO, 99.999%, 12/25/414      34,264,797       505,173    
Series 2001-T3, Cl. IO, 99.999%, 11/25/404      5,580,734       222,949    

 

 
Federal National Mortgage Assn. Pool:     
4.50%, 12/1/20      224,951       230,741    
5.00%, 2/1/18-12/1/21      277,760       284,413    
5.50%, 1/1/22-5/1/36      533,799       586,906    
6.00%, 1/1/19      38       39    
6.50%, 4/1/18-1/1/34      2,728,414                   3,100,078    
7.00%, 9/1/21-4/1/34      4,361,586       5,056,496    
7.50%, 2/1/27-3/1/33      2,107,383       2,468,063    
8.50%, 7/1/32      16,268       17,547    
9.50%, 3/15/21      5,740       5,831    
11.00%, 2/1/26      85,527       90,639    

 

 
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:    
Series 221, Cl. 2, 99.999%, 5/25/234      118,841       17,854    
Series 247, Cl. 2, 99.999%, 10/25/234      57,440       8,129    
Series 252, Cl. 2, 99.999%, 11/25/234      14,623       2,237    
Series 254, Cl. 2, 99.999%, 1/25/244      43,080       6,782    
Series 301, Cl. 2, 11.045%, 4/25/294      152,175       34,806    
Series 303, Cl. IO, 74.634%, 11/25/294      154,913       38,485    
Series 313, Cl. 2, 99.999%, 6/25/314      1,222,748       266,941    
Series 319, Cl. 2, 3.831%, 2/25/324      408,286       92,858    
Series 321, Cl. 2, 11.323%, 4/25/324      721,074       172,240    
Series 324, Cl. 2, 0.00%, 7/25/324,5      311,716       71,471    

 

17        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

             Principal Amount     Value    

 

 
FHLMC/FNMA/FHLB/Sponsored (Continued)       

 

 
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)       
Series 328, Cl. 2, 0.00%, 12/25/324,5      $ 273,188     $ 62,880    
Series 331, Cl. 5, 99.999%, 2/25/334        631,020       119,039    
Series 332, Cl. 2, 0.00%, 3/25/334,5        1,195,101       277,271    
Series 334, Cl. 10, 0.00%, 2/25/334,5        512,243       92,213    
Series 334, Cl. 12, 0.00%, 3/25/334,5        735,419       162,277    
Series 339, Cl. 7, 0.00%, 11/25/334,5        1,503,522                   330,091    
Series 345, Cl. 9, 0.00%, 1/25/344,5        436,569       87,485    
Series 351, Cl. 10, 0.00%, 4/25/344,5        188,043       42,657    
Series 351, Cl. 8, 0.00%, 4/25/344,5        341,731       68,728    
Series 356, Cl. 10, 0.00%, 6/25/354,5        244,275       51,058    
Series 356, Cl. 12, 0.00%, 2/25/354,5        117,991       26,081    
Series 362, Cl. 13, 0.00%, 8/25/354,5        17,410       4,019    

 

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

 

18        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
FHLMC/FNMA/FHLB/Sponsored (Continued)     

 

 
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)  
Series 2011-38, Cl. AH, 2.75%, 5/25/20    $ 4,545     $ 4,555    
Series 2011-6, Cl. BA, 2.75%, 6/25/20      135,712       136,670    
Series 2011-82, Cl. AD, 4.00%, 8/25/26      149,926       151,835    
Series 2011-88, Cl. AB, 2.50%, 9/25/26      73,328       73,545    
Series 2012-20, Cl. FD, 1.637% [LIBOR01M+40], 3/25/422      1,106,043                   1,107,266    

 

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

 

 
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6%, 5/1/29      2,586       483    

 

 
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:     
Series 1992-2, Cl. IO, 0.00%, 9/15/224,5      2,562,676       7,458    

 

19        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount     Value    

 

 
FHLMC/FNMA/FHLB/Sponsored (Continued)     

 

 
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security: (Continued)     
Series 1995-2B, Cl. 2IO, 0.00%, 6/15/254,5    $ 264,574     $ 5,118    
Series 1995-3, Cl. 1IO, 0.00%, 9/15/254,5      8,539,125       19,909    
    

 

 

 
       453,556,765    

 

 
GNMA/Guaranteed—1.6%     

 

 
Government National Mortgage Assn. I Pool:     
7.00%, 1/15/28-8/15/28      376,122       399,103    
8.00%, 1/15/28-9/15/28      267,686       285,399    

 

 
Government National Mortgage Assn. II Pool:     
2.125% [H15T1Y+150], 7/20/272      2,586       2,679    
3.50%, 10/1/476      29,470,000                   30,630,382    
4.00%, 10/1/476      39,835,000       41,946,567    
7.00%, 1/20/30      59,662       69,902    
11.00%, 10/20/19      520       522    

 

 
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:     
Series 2007-17, Cl. AI, 47.728%, 4/16/374      1,120,431       202,330    
Series 2011-52, Cl. HS, 25.563%, 4/16/414      1,993,176       300,168    
    

 

 

 
       73,837,052    

 

 
Non-Agency—10.2%     

 

 
Commercial—4.0%     

 

 
BCAP LLC Trust:     
Series 2011-R11, Cl. 18A5, 2.69% [H15T1Y+210], 9/26/351,2      148,963       149,977    
Series 2012-RR6, Cl. RR6, 2.054%, 11/26/361      211,012       190,857    

 

 
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/243,4,5,7      88,531       2,269    

 

 
CD Commercial Mortgage Trust:     
Series 2016-CD2, Cl. AM, 3.668%, 11/10/498      1,000,000       1,031,133    
Series 2017-CD3, Cl. AS, 3.833%, 2/10/50      1,270,000       1,328,230    

 

 
COMM Mortgage Trust:     
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461      2,825,000       2,847,482    
Series 2013-CR7, Cl. D, 4.427%, 3/10/461,8      8,505,000       6,766,556    
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47      70,000       73,415    
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47      690,000       731,082    
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47      4,690,000       4,914,694    
Series 2015-CR23, Cl. AM, 3.801%, 5/10/48      3,210,000       3,316,902    

 

 
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 26.185%, 12/10/454      8,510,368       491,952    

 

 
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Cl. AM, 3.539%, 5/10/49      1,775,000       1,800,948    

 

 
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.456% [US0001M+22], 7/22/361,2      920,000       870,499    

 

 
FREMF Mortgage Trust:     
Series 2011-K702, Cl. B, 4.93%, 4/25/441,8      395,000       398,896    
Series 2012-K20, Cl. C, 4.005%, 5/25/451,8      12,875,000       13,028,926    
Series 2013-K25, Cl. C, 3.744%, 11/25/451,8      1,975,000       1,966,700    
Series 2013-K26, Cl. C, 3.722%, 12/25/451,8      335,000       333,907    
Series 2013-K27, Cl. C, 3.615%, 1/25/461,8      4,187,000       4,150,492    

 

20        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Commercial (Continued)      

 

 
FREMF Mortgage Trust: (Continued)      
Series 2013-K28, Cl. C, 3.61%, 6/25/461,8    $ 7,865,000      $ 7,790,429    
Series 2013-K29, Cl. C, 3.601%, 5/25/461,8      4,700,000        4,641,181    
Series 2013-K712, Cl. C, 3.481%, 5/25/451,8      660,000        666,120    
Series 2013-K713, Cl. C, 3.274%, 4/25/461,8      420,000        421,786    
Series 2014-K41, Cl. B, 3.962%, 11/25/471,8      7,635,000        7,820,900    
Series 2014-K714, Cl. C, 3.98%, 1/25/471,8      200,000        202,371    
Series 2014-K715, Cl. C, 4.266%, 2/25/461,8      25,000        25,479    
Series 2015-K44, Cl. B, 3.81%, 1/25/481,8      7,345,000        7,412,564    
Series 2015-K45, Cl. B, 3.714%, 4/25/481,8                  13,050,000                    13,092,198    
Series 2015-K721, Cl. B, 3.681%, 11/25/471,8      3,970,000        3,997,690    
Series 2017-K62, Cl. B, 4.004%, 1/25/501,8      6,522,000        6,673,764    
Series 2017-K724, Cl. B, 3.601%, 11/25/231,8      4,465,000        4,445,241    

 

 
GS Mortgage Securities Trust, Series 2013-GC16, Cl. AS, 4.649%, 11/10/46      390,000        423,771    

 

 
JP Morgan Chase Commercial Mortgage Securities Trust:      
Series 2013-C10, Cl. AS, 3.372%, 12/15/47      2,345,000        2,385,019    
Series 2013-C16, Cl. AS, 4.517%, 12/15/46      2,395,000        2,576,692    
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46      310,000        312,996    
Series 2014-C20, Cl. AS, 4.043%, 7/15/47      1,685,000        1,764,413    

 

 
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.52%, 7/25/358      244,109        250,923    

 

 
JP Morgan Resecuritization Trust, Series 2009-5, Cl. 1A2, 3.386%, 7/26/361,8      11,963,688        11,451,218    

 

 
JPMBB Commercial Mortgage Securities Trust:      
Series 2014-C24, Cl. B, 4.116%, 11/15/478      1,655,000        1,697,458    
Series 2014-C25, Cl. AS, 4.065%, 11/15/47      6,680,000        6,993,563    
Series 2014-C26, Cl. AS, 3.80%, 1/15/48      3,770,000        3,885,023    

 

 
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Cl. AS, 3.385%, 12/15/49      1,755,000        1,755,157    

 

 
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 2.514%, 7/26/241,7,8      60,714        47,662    

 

 
Morgan Stanley Bank of America Merrill Lynch Trust:      
Series 2013-C9, Cl. AS, 3.456%, 5/15/46      1,565,000        1,599,130    
Series 2014-C14, Cl. B, 4.796%, 2/15/478      680,000        728,276    
Series 2016-C30, Cl. AS, 3.175%, 9/15/49      2,865,000        2,815,943    

 

 
Morgan Stanley Re-Remic Trust:      
Series 2012-R3, Cl. 1A, 2.754%, 11/26/361,8      933,077        927,913    
Series 2012-R3, Cl. 1B, 2.754%, 11/26/361,8      12,374,546        11,347,374    

 

 
Morgan Stanley Resecuritization Trust, Series 2013-R9, Cl. 3A, 3.078%, 6/26/461,8      157,960        158,502    

 

 
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Cl. 2A, 3.372%, 8/25/348      9,099,072        9,157,441    

 

 
UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Cl. E, 5.055%, 5/10/631,8      7,532,194        6,332,556    

 

 
Wells Fargo Commercial Mortgage Trust:      
Series 2015-C29, Cl. AS, 4.013%, 6/15/488      2,090,000        2,191,523    
Series 2016-C37, Cl. AS, 4.018%, 12/15/49      2,465,000        2,596,030    

 

 
WF-RBS Commercial Mortgage Trust:      
Series 2012-C7, Cl. E, 4.981%, 6/15/451,8      660,000        554,896    
Series 2013-C14, Cl. AS, 3.488%, 6/15/46      1,800,000        1,851,613    

 

21        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Commercial (Continued)      

 

 
WF-RBS Commercial Mortgage Trust: (Continued)      
Series 2014-C20, Cl. AS, 4.176%, 5/15/47    $ 1,455,000      $ 1,532,610    
Series 2014-LC14, Cl. AS, 4.351%, 3/15/478      1,135,000        1,210,894    

 

 
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 32.62%, 3/15/441,4      15,937,660        532,755    
     

 

 

 
        178,665,991    

 

 
Residential—6.2%      

 

 
Bear Stearns ARM Trust:      
Series 2005-2, Cl. A1, 3.26% [H15T1Y+245], 3/25/352      391,102        395,847    
Series 2006-1, Cl. A1, 2.91% [H15T1Y+225], 2/25/362      76,693        76,994    

 

 
Chase Funding Trust, Series 2003-2, Cl. 2A2, 1.797% [US0001M+56], 2/25/332      15,989        15,101    

 

 
CHL Mortgage Pass-Through Trust:      
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35      1,669,634        1,667,408    
Series 2005-J4, Cl. A7, 5.50%, 11/25/35      1,581,803        1,589,197    

 

 
Citigroup Mortgage Loan Trust, Inc.:      
Series 2005-2, Cl. 1A3, 3.27%, 5/25/358      2,156,784                    2,168,256    
Series 2006-AR1, Cl. 1A1, 3.21% [H15T1Y+240], 10/25/352      607,373        610,778    
Series 2009-8, Cl. 7A2, 3.177%, 3/25/361,8      29,534,922        28,354,665    
Series 2012-8, Cl. 1A1, 3.386%, 10/25/351,8      517,089        520,383    
Series 2014-8, Cl. 1A2, 1.526% [US0001M+29], 7/20/361,2      1,635,000        1,570,311    

 

 
Connecticut Avenue Securities:      
Series 2014-C02, Cl. 1M1, 2.187% [US0001M+95], 5/25/242      1,011,618        1,015,570    
Series 2014-C02, Cl. 2M1, 2.187% [US0001M+95], 5/25/242      167,159        167,298    
Series 2014-C03, Cl. 1M1, 2.437% [US0001M+120], 7/25/242      469,584        470,124    
Series 2014-C03, Cl. 1M2, 4.237% [US0001M+300], 7/25/242      2,330,000        2,454,945    
Series 2014-C03, Cl. 2M1, 2.437% [US0001M+120], 7/25/242      37,559        37,578    
Series 2015-C03, Cl. 1M2, 6.237% [US0001M+500], 7/25/252      4,129,001        4,569,549    
Series 2015-C04, Cl. 1M1, 2.837% [US0001M+160], 4/25/282      59,343        59,361    
Series 2016-C03, Cl. 1M1, 3.237% [US0001M+200], 10/25/282      244,869        249,059    
Series 2016-C06, Cl. 1M2, 5.487% [US0001M+425], 4/25/292      10,705,000        11,806,355    
Series 2016-C07, Cl. 2M1, 2.537% [US0001M+130], 5/25/292      1,497,564        1,505,073    
Series 2016-C07, Cl. 2M2, 5.587% [US0001M+435], 5/25/292      13,370,000        14,552,753    
Series 2017-C01, Cl. 1M2, 4.787% [US0001M+355], 7/25/292      11,610,000        12,258,247    
Series 2017-C02, Cl. 2M1, 2.387% [US0001M+115], 9/25/292      2,599,713        2,618,648    
Series 2017-C02, Cl. 2M2, 4.887% [US0001M+365], 9/25/292      4,030,000        4,268,495    

 

22        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

     Principal Amount     Value    

 

 
Residential (Continued)     

 

 
Connecticut Avenue Securities: (Continued)     
Series 2017-C03, Cl. 1M1, 2.187% [US0001M+95], 10/25/292    $ 1,741,680       $ 1,750,469    
Series 2017-C04, Cl. 2M2, 4.087% [US0001M+285], 11/25/292      9,095,000       9,229,950    

 

 
CWHEQ Revolving Home Equity Loan Trust:     
Series 2005-G, Cl. 2A, 1.464% [US0001M+23], 12/15/352      91,867       82,497    
Series 2006-H, Cl. 2A1A, 1.384% [US0001M+15], 11/15/362      64,217       47,938    

 

 
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 3.536%, 7/25/358      390,176       393,092    

 

 
Home Equity Mortgage Trust, Series 2005-1, Cl. M6, 5.863%, 6/25/358      421,187       428,668    

 

 
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 1.547% [US0001M+31], 7/25/352      74,232       74,295    

 

 
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.337% [US0001M+10], 8/25/362      3,933,094       2,047,399    

 

 
Merrill Lynch Mortgage Investors Trust, Series 2005-A1, Cl. 2A1, 3.192%, 12/25/348      84,281       86,178    

 

 
RALI Trust:     
Series 2005-QA4, Cl. A32, 3.847%, 4/25/358      7,495       141    
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36      64,557       57,785    

 

 
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6%, 6/25/35      5,341,719       5,104,288    

 

 
Structured Agency Credit Risk Debt Nts.:     
Series 2013-DN2, Cl. M2, 5.487% [US0001M+425], 11/25/232      2,535,000       2,790,490    
Series 2014-DN1, Cl. M3, 5.737% [US0001M+450], 2/25/242      2,085,000                   2,397,427    
Series 2014-DN2, Cl. M3, 4.837% [US0001M+360], 4/25/242      555,000       607,099    
Series 2014-DN4, Cl. M3, 5.787% [US0001M+455], 10/25/242                  14,292,685       15,499,745    
Series 2014-HQ2, Cl. M3, 4.987% [US0001M+375], 9/25/242      18,815,000       21,111,740    
Series 2015-HQA2, Cl. M2, 4.037% [US0001M+280], 5/25/282      1,251,106       1,292,561    
Series 2016-DNA1, Cl. M2, 4.137% [US0001M+290], 7/25/282      1,275,000       1,317,805    
Series 2016-DNA2, Cl. M1, 2.487% [US0001M+125], 10/25/282      1,244,387       1,245,555    
Series 2016-DNA2, Cl. M3, 5.887% [US0001M+465], 10/25/282      10,693,000       12,001,064    
Series 2016-DNA3, Cl. M1, 2.337% [US0001M+110], 12/25/282      1,229,608       1,232,645    
Series 2016-DNA3, Cl. M3, 6.237% [US0001M+500], 12/25/282      7,155,000       8,162,858    
Series 2016-DNA4, Cl. M1, 2.037% [US0001M+80], 3/25/292      957,941       958,690    
Series 2016-DNA4, Cl. M3, 5.037% [US0001M+380], 3/25/292      13,920,000       15,061,737    
Series 2016-HQA2, Cl. M1, 2.437% [US0001M+120], 11/25/282      693,603       694,422    

 

23        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

            Principal Amount     Value    

 

 
Residential (Continued)        

 

 
Structured Agency Credit Risk Debt Nts.: (Continued)        
Series 2016-HQA3, Cl. M1, 2.037% [US0001M+80], 3/25/292       $ 3,561,477       $ 3,568,865    
Series 2016-HQA3, Cl. M3, 5.087% [US0001M+385], 3/25/292         15,820,000       17,184,216    
Series 2016-HQA4, Cl. M1, 2.037% [US0001M+80], 4/25/292         2,480,674       2,482,079    
Series 2016-HQA4, Cl. M3, 5.137% [US0001M+390], 4/25/292         9,480,000       10,297,393    
Series 2017-DNA1, Cl. M2, 4.487% [US0001M+325], 7/25/292         11,970,000       12,525,521    
Series 2017-HQA1, Cl. M1, 2.437% [US0001M+120], 8/25/292         2,350,994       2,370,764    
Series 2017-HQA1, Cl. M2, 4.787% [US0001M+355], 8/25/292         13,575,000       14,271,281    

 

 
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 3.015%, 10/25/338         132,894       136,543    

 

 
Wells Fargo Mortgage-Backed Securities Trust:        
Series 2005-AR1, Cl. 1A1, 3.119%, 2/25/358         2,992,788       3,056,128    
Series 2005-AR15, Cl. 1A2, 3.561%, 9/25/358         634,359       616,127    
Series 2005-AR15, Cl. 1A6, 3.561%, 9/25/358         6,274,207       6,049,714    
Series 2005-AR4, Cl. 2A2, 3.335%, 4/25/358         180,357       181,404    
Series 2006-AR10, Cl. 1A1, 3.304%, 7/25/368         528,532       515,695    
Series 2006-AR10, Cl. 5A5, 3.386%, 7/25/368         1,034,404       1,043,308    
Series 2006-AR2, Cl. 2A3, 3.177%, 3/25/368         3,830,092       3,864,593    
Series 2006-AR7, Cl. 2A4, 3.332%, 5/25/368         2,560,878       2,473,754    
Series 2006-AR8, Cl. 2A1, 3.41%, 4/25/368         2,055,628       2,080,884    
       

 

 

 
          279,396,802    
       

 

 

 
Total Mortgage-Backed Obligations (Cost $961,852,739)                       985,456,610    

 

 
Foreign Government Obligations—11.6%        

 

 
Angola—0.1%        
Republic of Angola, 9.50% Sr. Unsec. Nts., 11/12/251         3,490,000       3,757,980    

 

 
Argentina—0.4%        
Argentine Republic:        
5.375% Sr. Unsec. Nts., 1/20/231      EUR        1,215,000       1,479,402    
6.50% Sr. Unsec. Nts., 2/15/231         1,555,000       1,643,106    
6.875% Sr. Unsec. Nts., 1/26/27         2,100,000       2,271,150    
7.125% Sr. Unsec. Nts., 6/28/171         570,000       570,285    
7.50% Sr. Unsec. Nts., 4/22/26         1,685,000       1,895,625    
7.625% Sr. Unsec. Nts., 4/22/46         2,130,737       2,370,445    
7.875% Sr. Unsec. Nts., 6/15/271         2,315,000       2,514,785    
9.125% Sr. Unsec. Nts., 3/16/241         1,540,000       1,774,850    
16.00% Bonds, 10/17/23      ARS        25,715,000       1,550,326    
18.20% Unsec. Nts., 10/3/21      ARS        25,715,000       1,536,729    
       

 

 

 
          17,606,703    

 

24        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

            Principal Amount     Value    

 

 

Belarus—0.0%

       
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/231       $ 1,455,000       $ 1,568,090    
                           

Brazil—0.8%

       
Federative Republic of Brazil:        
6.00% Sr. Unsec. Nts., 4/7/26         3,535,000       3,932,687    
10.00% Unsec. Nts., 1/1/19      BRL        72,700,000                   23,686,863    
17.517% Unsec. Nts., 5/15/4513      BRL        5,100,000       5,459,330    
17.546% Unsec. Nts., 5/15/5513      BRL        4,665,000       5,117,201    
       

 

 

 
          38,196,081    

 

 

Chile—0.2%

       
Republic of Chile, 4.50% Bonds, 3/1/21      CLP        6,931,500,000       11,127,614    

 

 

Colombia—0.3%

       
Republic of Colombia:        
4.00% Sr. Unsec. Nts., 2/26/24         1,060,000       1,105,845    
6.125% Sr. Unsec. Nts., 1/18/41         5,585,000       6,581,923    
Series B, 10.00% Bonds, 7/24/24      COP        14,854,000,000       6,085,789    
       

 

 

 
          13,773,557    

 

 

Croatia—0.2%

       
Republic of Croatia:        
3.875% Sr. Unsec. Nts., 5/30/22      EUR        4,065,000       5,419,437    
6.75% Sr. Unsec. Nts., 11/5/191         3,475,000       3,769,232    
       

 

 

 
          9,188,669    

 

 

Dominican Republic—0.2%

       
Dominican Republic:        
5.95% Sr. Unsec. Nts., 1/25/271         5,660,000       6,098,650    
6.85% Sr. Unsec. Nts., 1/27/451         2,825,000       3,167,531    
       

 

 

 
          9,266,181    

 

 

Ecuador—0.2%

       
Republic of Ecuador:        
9.625% Sr. Unsec. Nts., 6/2/271         1,025,000       1,078,813    
9.65% Sr. Unsec. Nts., 12/13/261         2,850,000       3,021,000    
10.75% Sr. Unsec. Nts., 3/28/221         4,265,000       4,776,800    
       

 

 

 
          8,876,613    

 

 

Egypt—0.2%

       
Arab Republic of Egypt:        
6.125% Sr. Unsec. Nts., 1/31/221         2,855,000       2,960,010    
8.50% Sr. Unsec. Nts., 1/31/471         4,270,000       4,773,211    
       

 

 

 
          7,733,221    

 

 

Gabon—0.1%

       
Gabonese Republic, 6.375% Bonds, 12/12/241         4,735,000       4,639,244    

 

25        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

           Principal Amount     Value    

 

 

Honduras—0.1%

      
Republic of Honduras, 8.75% Sr. Unsec. Nts., 12/16/201      $ 3,350,000       $ 3,830,189    

 

 

Hungary—0.3%

      
Hungary:       
5.75% Sr. Unsec. Nts., 11/22/23        6,491,000                   7,533,253    
Series 25/B, 5.50% Bonds, 6/24/25      HUF       1,211,000,000       5,653,261    
      

 

 

 
             13,186,514    

 

 

India—0.3%

      
Republic of India, 8.20% Sr. Unsec. Nts., 9/24/25      INR       734,400,000       12,095,035    

 

 

Indonesia—1.0%

      
Perusahaan Penerbit SBSN Indonesia III:       
4.35% Sr. Unsec. Nts., 9/10/241        1,655,000       1,760,506    
4.55% Sr. Unsec. Nts., 3/29/261        2,755,000       2,937,519    

 

 
Republic of Indonesia:       
3.375% Sr. Unsec. Nts., 7/30/251      EUR       845,000       1,103,978    
3.70% Sr. Unsec. Nts., 1/8/221        2,065,000       2,144,895    
3.75% Sr. Unsec. Nts., 6/14/281      EUR       1,380,000       1,827,534    
3.85% Sr. Unsec. Nts., 7/18/271        2,895,000       2,980,443    
4.125% Sr. Unsec. Nts., 1/15/251        1,010,000       1,062,492    
4.75% Sr. Unsec. Nts., 7/18/471        2,895,000       3,055,924    
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21      IDR       114,495,000,000       9,133,010    
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26      IDR       210,905,000,000       17,804,178    
      

 

 

 
         43,810,479    

 

 

Iraq—0.1%

      
Republic of Iraq:       
5.80% Unsec. Nts., 1/15/281        1,570,000       1,472,895    
6.752% Sr. Unsec. Nts., 3/9/231        2,890,000       2,879,891    
      

 

 

 
         4,352,786    

 

 

Ivory Coast—0.2%

      
Republic of Cote d’Ivoire:       
5.125% Sr. Unsec. Nts., 6/15/251      EUR       2,985,000       3,660,814    
5.75% Sr. Unsec. Nts., 12/31/32        2,033,255       1,992,574    
6.125% Sr. Unsec. Nts., 6/15/331        3,495,000       3,455,618    
      

 

 

 
         9,109,006    

 

 

Jamaica—0.1%

      
Commonwealth of Jamaica:       
7.875% Sr. Unsec. Nts., 7/28/45        2,875,000       3,550,625    
8.00% Sr. Unsec. Nts., 3/15/39        1,140,000       1,415,025    
      

 

 

 
         4,965,650    

 

 

Kazakhstan—0.1%

      
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/441        2,790,000       2,862,972    

 

26        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

           Principal Amount     Value    

 

 

Lebanon—0.0%

      
Lebanese Republic, 6.10% Sr. Unsec. Nts., 10/4/22      $ 1,430,000     $ 1,433,017    

 

 

Malaysia—0.2%

      
Malaysia, 5.734% Sr. Unsec. Nts., 7/30/19      MYR       35,697,000       8,820,697    

 

 

Mexico—0.4%

      
United Mexican States:       
Series M, 5.75% Bonds, 3/5/26      MXN       172,455,000       8,839,905    
Series M20, 10.00% Bonds, 12/5/24      MXN       171,380,000       11,152,876    
      

 

 

 
                     19,992,781    

 

 

Peru—0.2%

      
Republic of Peru:       
5.70% Unsec. Nts., 8/12/241      PEN       14,655,000       4,769,932    
8.20% Sr. Unsec. Nts., 8/12/261      PEN       9,165,000       3,474,252    
      

 

 

 
         8,244,184    

 

 

Poland—0.3%

      
Republic of Poland:       
2.25% Bonds, 4/25/22      PLN       37,200,000       10,034,438    
2.50% Bonds, 7/25/27      PLN       18,350,000       4,669,881    
      

 

 

 
         14,704,319    

 

 

Romania—0.4%

      
Romania:       
2.375% Sr. Unsec. Nts., 4/19/271      EUR       2,945,000       3,555,523    
3.875% Sr. Unsec. Nts., 10/29/351      EUR       985,000       1,238,070    
4.875% Sr. Unsec. Nts., 1/22/241        3,575,000       3,948,945    
5.95% Bonds, 6/11/21      RON       25,540,000       7,325,137    
      

 

 

 
         16,067,675    

 

 

Russia—1.7%

      
Russian Federation:       
Series 6208, 7.50% Bonds, 2/27/19      RUB       2,560,730,000       44,527,563    
Series 6209, 7.60% Bonds, 7/20/22      RUB       480,415,000       8,402,747    
Series 6211, 7.00% Bonds, 1/25/23      RUB       805,490,000       13,692,770    
Series 6217, 7.50% Bonds, 8/18/21      RUB       674,770,000       11,740,482    
      

 

 

 
         78,363,562    

 

 

Senegal—0.1%

      
Republic of Senegal:       
6.25% Sr. Unsec. Nts., 7/30/241        1,570,000       1,681,282    
6.25% Unsec. Nts., 5/23/331        1,470,000       1,515,996    
      

 

 

 
         3,197,278    

 

 

Serbia—0.2%

      
Republic of Serbia:       
5.25% Sr. Unsec. Nts., 11/21/171        2,970,000       2,984,090    

 

27        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

           Principal Amount     Value    

 

 

Serbia (Continued)

      
Republic of Serbia: (Continued) 5.875% Unsec. Nts., 12/3/181      $ 6,100,000       $ 6,332,202    
      

 

 

 
         9,316,292    

 

 

South Africa—1.1%

      
Republic of South Africa:       
Series 2023, 7.75% Bonds, 2/28/23      ZAR       62,500,000       4,585,874    
Series 2037, 8.50% Bonds, 1/31/37      ZAR       94,715,000       6,306,678    
Series 2048, 8.75% Bonds, 2/28/48      ZAR       25,700,000       1,717,704    
Series R186, 10.50% Bonds, 12/21/26      ZAR               469,800,000       38,958,691    
      

 

 

 
                 51,568,947    

 

 

Sri Lanka—0.3%

      
Democratic Socialist Republic of Sri Lanka:       
5.875% Sr. Unsec. Nts., 7/25/221        3,210,000       3,422,091    
6.00% Sr. Unsec. Nts., 1/14/191        4,380,000       4,528,114    
6.20% Sr. Unsec. Nts., 5/11/271        1,180,000       1,240,096    
6.25% Sr. Unsec. Nts., 10/4/201        1,445,000       1,543,094    
6.85% Sr. Unsec. Nts., 11/3/251        1,315,000       1,446,863    
      

 

 

 
         12,180,258    

 

 

Thailand—0.1%

      
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22      THB       176,600,000       5,328,867    

 

 

Turkey—0.6%

      
Republic of Turkey:       
5.75% Sr. Unsec. Nts., 5/11/47        2,860,000       2,817,872    
8.80% Bonds, 11/14/18      TRY       30,930,000       8,438,809    
9.00% Bonds, 7/24/24      TRY       5,500,000       1,422,873    
10.60% Bonds, 2/11/26      TRY       14,000,000       3,862,663    
11.00% Bonds, 3/2/22      TRY       18,230,000       5,157,479    
11.00% Bonds, 2/24/27      TRY       11,000,000       3,150,650    
      

 

 

 
         24,850,346    

 

 

Ukraine—0.8%

      
Ukraine:       
7.375% Sr. Unsec. Nts., 9/25/321        12,215,000       11,921,229    
7.75% Sr. Unsec. Nts., 9/1/20        2,835,000       3,011,649    
7.75% Sr. Unsec. Nts., 9/1/22        2,960,000       3,146,835    
7.75% Sr. Unsec. Nts., 9/1/23        6,565,000       6,903,097    
7.75% Sr. Unsec. Nts., 9/1/24        4,350,000       4,551,188    
7.75% Sr. Unsec. Nts., 9/1/25        5,780,000       5,996,617    
      

 

 

 
         35,530,615    

 

 

Uruguay—0.2%

      
Oriental Republic of Uruguay:       
5.10% Sr. Unsec. Nts., 6/18/50        8,395,000       8,873,515    

 

28        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

          Principal Amount     Value    

 

 

Uruguay (Continued)

       
Oriental Republic of Uruguay: (Continued)        
9.875% Sr. Unsec. Nts., 6/20/221    UYU      36,445,000       $ 1,361,475    
       

 

 

 
                      10,234,990    

 

 

Vietnam—0.1%

       
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/241         3,120,000       3,338,419    
       

 

 

 
Total Foreign Government Obligations (Cost $506,992,965)           523,118,831    

 

 
Corporate Loans—0.2%        

 

 
Caesars Entertainment Resort Properties LLC, Sr. Sec.        
Credit Facilities 1st Lien Term Loan, Tranche B, 4.735% [LIBOR12+350], 10/11/202         2,973,182       2,978,945    

 

 
Clear Channel Communications, Inc., Extended Sr. Sec.        
Credit Facilities 1st Lien Term Loan, Tranche D, 8.083% [LIBOR4+675], 1/30/192,6         2,135,000       1,652,490    

 

 
Neiman Marcus Group Ltd. LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.481% [LIBOR12+325], 10/25/202         3,581,443       2,680,488    
       

 

 

 
Total Corporate Loans (Cost $7,635,812)           7,311,923    

 

 
Corporate Bonds and Notes—45.3%        

 

 
Consumer Discretionary—8.6%        

 

 
Auto Components—0.3%        

 

 
American Axle & Manufacturing, Inc., 6.25% Sr. Unsec. Nts., 4/1/251         3,630,000       3,711,675    

 

 
Cooper-Standard Automotive, Inc., 5.625% Sr. Unsec. Nts., 11/15/261         650,000       666,250    

 

 
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261         3,645,000       3,945,712    

 

 
Goodyear Tire & Rubber Co. (The), 5% Sr. Unsec. Nts., 5/31/26         1,940,000       2,029,725    

 

 
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375% Sr. Sec. Nts., 12/15/231         1,635,000       1,778,063    

 

 
Lear Corp., 3.80% Sr. Unsec. Nts., 9/15/27         1,476,000       1,472,772    

 

 
Tenneco, Inc., 5% Sr. Unsec. Nts., 7/15/26         1,460,000       1,500,150    
       

 

 

 
          15,104,347    

 

 
Automobiles—0.5%        

 

 
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/221         1,370,000       1,474,298    

 

 
Daimler Finance North America LLC:        
2.20% Sr. Unsec. Nts., 5/5/201         2,150,000       2,152,983    
8.50% Sr. Unsec. Unsub. Nts., 1/18/31         1,421,000       2,128,712    

 

 
Ford Motor Credit Co. LLC:        
2.425% Sr. Unsec. Nts., 6/12/20         1,649,000       1,649,942    
3.664% Sr. Unsec. Nts., 9/8/24         2,957,000       2,970,505    

 

 
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43         1,110,000       1,272,247    

 

 
General Motors Financial Co., Inc., 3.15% Sr. Unsec. Nts., 6/30/22         2,228,000       2,247,532    

 

 
Harley-Davidson, Inc., 4.625% Sr. Unsec. Nts., 7/28/45         760,000       805,696    

 

29        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Automobiles (Continued)      

 

 
Hyundai Capital America, 1.75% Sr. Unsec. Nts., 9/27/191    $             2,678,000      $             2,639,466    

 

 
     
Nissan Motor Acceptance Corp., 2.15% Sr. Unsec. Nts., 9/28/201      1,561,000        1,563,156    

 

 
Volkswagen Group of America Finance LLC, 1.60% Sr. Unsec. Nts., 11/20/171      2,855,000        2,855,122    

 

 
ZF North America Capital, Inc., 4.75% Sr. Unsec. Nts., 4/29/251      1,866,000        1,975,628    
     

 

 

 
        23,735,287    

 

 
Distributors—0.1%      

 

 
LKQ Corp., 4.75% Sr. Unsec. Nts., 5/15/23      4,199,000        4,372,209    

 

 
Diversified Consumer Services—0.1%      

 

 
Monitronics International, Inc., 9.125% Sr. Unsec. Nts., 4/1/20      1,990,000        1,781,050    

 

 
Service Corp. International, 5.375% Sr. Unsec. Nts., 5/15/24      1,860,000        1,983,225    
     

 

 

 
       

 

3,764,275  

 

 

 

 

 
Hotels, Restaurants & Leisure—2.1%      

 

 
1011778 B.C. ULC/New Red Finance, Inc.:      
4.25% Sr. Sec. Nts., 5/15/241      2,150,000        2,163,438    
5.00% Sec. Nts., 10/15/251,6      3,555,000        3,634,988    
6.00% Sec. Nts., 4/1/221      1,596,000        1,647,272    

 

 
Aramark Services, Inc.:      
4.75% Sr. Unsec. Nts., 6/1/26      2,190,000        2,311,326    
5.00% Sr. Unsec. Nts., 4/1/251      1,283,000        1,376,017    

 

 
Boyd Gaming Corp.:      
6.375% Sr. Unsec. Nts., 4/1/26      690,000        754,687    
6.875% Sr. Unsec. Nts., 5/15/23      1,835,000        1,969,194    

 

 
CEC Entertainment, Inc., 8% Sr. Unsec. Nts., 2/15/22      2,580,000        2,689,650    

 

 
Churchill Downs, Inc., 5.375% Sr. Unsec. Nts., 12/15/21      1,245,000        1,290,131    

 

 
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25% Sr. Unsec. Nts., 10/15/251,6      3,560,000        3,560,000    

 

 
Eldorado Resorts, Inc., 6% Sr. Unsec. Nts., 4/1/25      1,800,000        1,899,360    

 

 
Gateway Casinos & Entertainment Ltd., 8.25% Sec. Nts., 3/1/241      1,070,000        1,126,175    

 

 
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/251      3,910,000        3,988,200    

 

 
Hilton Domestic Operating Co., Inc., 4.25% Sr. Unsec. Nts., 9/1/24      1,455,000        1,487,737    

 

 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125% Sr. Unsec. Nts., 12/1/241      3,630,000        3,993,907    

 

 
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221      6,310,000        7,007,255    

 

 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:      
4.75% Sr. Unsec. Nts., 6/1/271      3,570,000        3,686,025    
5.25% Sr. Unsec. Nts., 6/1/261      2,915,000        3,097,187    

 

 
Landry’s, Inc., 6.75% Sr. Unsec. Nts., 10/15/241      5,485,000        5,560,419    

 

 
Marriott International, Inc., 3.25% Sr. Unsec. Nts., 9/15/22      1,171,000        1,194,221    

 

 
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251      3,750,000        3,776,311    

 

30        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
Hotels, Restaurants & Leisure (Continued)     

 

 
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625% Sr. Unsec. Nts., 5/1/24    $ 3,510,000       $             3,820,916    

 

 
MGM Resorts International:     
6.00% Sr. Unsec. Nts., 3/15/23      3,630,000       4,011,150    
6.625% Sr. Unsec. Nts., 12/15/21      3,430,000       3,867,325    

 

 
Mohegan Gaming & Entertainment, 7.875% Sr. Unsec. Nts., 10/15/241      2,255,000       2,418,487    

 

 
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271      3,600,000       3,744,000    

 

 
PF Chang’s China Bistro, Inc., 10.25% Sr. Unsec. Nts., 6/30/201      1,635,000       1,606,388    

 

 
Premier Cruises Ltd., 11% Sr. Unsec. Nts., 3/15/081,7,9                  14,750,000       —    

 

 
Scientific Games International, Inc., 10% Sr. Unsec. Nts., 12/1/22      4,828,000       5,365,115    

 

 
Silversea Cruise Finance Ltd., 7.25% Sr. Sec. Nts., 2/1/251      1,445,000       1,553,375    

 

 
Six Flags Entertainment Corp., 4.875% Sr. Unsec. Nts., 7/31/241      1,455,000       1,484,100    

 

 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.875% Sr. Sec. Nts., 5/15/251      3,585,000       3,531,225    

 

 
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271      1,420,000       1,428,449    

 

 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25% Sr. Unsec. Nts., 5/15/271      1,075,000       1,096,489    

 

 
Wynn Macau Ltd.:     
4.875% Sr. Unsec. Nts., 10/1/241      355,000       362,544    
5.50% Sr. Unsec. Nts., 10/1/271      355,000       360,991    
    

 

 

 
       92,864,054    

 

 
Household Durables—1.3%     

 

 
American Greetings Corp., 7.875% Sr. Unsec. Nts., 2/15/253      2,890,000       3,142,875    

 

 
AV Homes, Inc., 6.625% Sr. Unsec. Nts., 5/15/22      3,585,000       3,701,512    

 

 
Beazer Homes USA, Inc.:     
5.875% Sr. Unsec. Nts., 10/15/271,6      2,485,000       2,491,212    
6.75% Sr. Unsec. Nts., 3/15/25      3,570,000       3,777,417    
7.25% Sr. Unsec. Nts., 2/1/23      2,410,000       2,518,450    
8.75% Sr. Unsec. Nts., 3/15/22      2,270,000       2,519,700    

 

 
K Hovnanian Enterprises, Inc., 10% Sec. Nts., 7/15/221      1,425,000       1,482,000    

 

 
KB Home, 7.625% Sr. Unsec. Nts., 5/15/23      3,085,000       3,543,739    

 

 
Lennar Corp.:     
4.50% Sr. Unsec. Nts., 4/30/24      240,000       247,747    
4.75% Sr. Unsec. Nts., 5/30/25      6,839,000       7,172,401    

 

 
M/I Homes, Inc., 5.625% Sr. Unsec. Nts., 8/1/251      2,135,000       2,191,044    

 

 
Mattamy Group Corp., 6.50% Sr. Unsec. Nts., 10/1/251      710,000       731,300    

 

 
Meritage Homes Corp., 7.15% Sr. Unsec. Nts., 4/15/20      1,210,000       1,337,050    

 

 
Newell Brands, Inc.:     
2.15% Sr. Unsec. Nts., 10/15/18      1,170,000       1,174,637    
5.00% Sr. Unsec. Nts., 11/15/23      1,900,000       2,026,372    
5.50% Sr. Unsec. Nts., 4/1/46      722,000       855,482    

 

 
PulteGroup, Inc.:     
5.00% Sr. Unsec. Nts., 1/15/27      3,662,000       3,822,213    
5.50% Sr. Unsec. Nts., 3/1/26      2,195,000       2,401,659    

 

31        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

              Principal Amount     Value    

 

 
Household Durables (Continued)        

 

 

PulteGroup, Inc.: (Continued)

6.00% Sr. Unsec. Nts., 2/15/35

      $ 245,000     $ 256,638    

 

 
Standard Industries, Inc., 5.50% Sr. Unsec. Nts., 2/15/231         735,000       780,019    

 

 
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/233         3,050,000                   3,248,250    

 

 
Toll Brothers Finance Corp.:        
4.375% Sr. Unsec. Nts., 4/15/23                     4,197,000       4,401,604    
4.875% Sr. Unsec. Nts., 3/15/27         835,000       864,309    

 

 
Whirlpool Corp., 1.65% Sr. Unsec. Nts., 11/1/17         840,000       840,046    

 

 
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25         2,891,000       2,970,503    
       

 

 

 
          58,498,179    

 

 
Internet & Catalog Retail—0.1%        

 

 
Amazon.com, Inc., 4.95% Sr. Unsec. Nts., 12/5/44         771,000       893,348    

 

 
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25         4,255,000       4,321,129    
       

 

 

 
          5,214,477    

 

 
Leisure Equipment & Products—0.1%        

 

 
Mattel, Inc., 1.70% Sr. Unsec. Nts., 3/15/18         1,942,000       1,939,328    

 

 
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26         3,695,000       3,809,615    
       

 

 

 
          5,748,943    

 

 
Media—2.8%        

 

 
21st Century Fox America, Inc., 4.75% Sr. Unsec. Nts., 11/15/46         961,000       1,027,954    

 

 
Altice Financing SA, 6.50% Sec. Nts., 1/15/221         3,800,000       3,961,500    

 

 
Altice Finco SA, 8.125% Sec. Nts., 1/15/241         1,905,000       2,066,925    

 

 
AMC Entertainment Holdings, Inc.:        
5.75% Sr. Sub. Nts., 6/15/25         2,185,000       2,157,687    
5.875% Sr. Sub. Nts., 11/15/26         2,175,000       2,142,375    
6.125% Sr. Sub. Nts., 5/15/27         1,440,000       1,429,200    

 

 
AMC Networks, Inc., 4.75% Sr. Unsec. Nts., 8/1/25         1,425,000       1,442,812    

 

 
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27         3,538,000       4,024,475    

 

 
Block Communications, Inc., 6.875% Sr. Unsec. Nts., 2/15/251         725,000       790,467    

 

 
CCO Holdings LLC/CCO Holdings Capital Corp.:        
5.00% Sr. Unsec. Nts., 2/1/281         2,845,000       2,859,225    
5.125% Sr. Unsec. Nts., 5/1/271         2,881,000       2,927,816    
5.75% Sr. Unsec. Nts., 2/15/261         3,250,000       3,420,625    

 

 
Cequel Communications Holdings I LLC/Cequel Capital Corp., 6.375% Sr. Unsec. Nts., 9/15/201         1,351,000       1,383,086    

 

 
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.375% Sr. Sec. Nts., 5/1/471         1,429,000       1,484,158    

 

 
Cinemark USA, Inc., 4.875% Sr. Unsec. Nts., 6/1/23         1,460,000       1,481,900    

 

 
Clear Channel International BV, 8.75% Sr. Unsec. Nts., 12/15/201         710,000       749,050    

 

 
Clear Channel Worldwide Holdings, Inc.:        
Series B, 6.50% Sr. Unsec. Nts., 11/15/22         4,115,000       4,259,025    
Series B, 7.625% Sr. Sub. Nts., 3/15/20         5,490,000       5,441,962    

 

32        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Media (Continued)      

 

 
Comcast Cable Communications Holdings, Inc., 9.455% Sr. Unsec. Nts., 11/15/22    $             2,216,000      $ 2,946,863    

 

 
CSC Holdings LLC:      
5.25% Sr. Unsec. Nts., 6/1/24      3,305,000        3,350,444    
5.50% Sr. Unsec. Nts., 4/15/271      2,180,000        2,272,650    
10.875% Sr. Unsec. Nts., 10/15/251      2,070,000        2,564,213    

 

 
DISH DBS Corp.:      
5.875% Sr. Unsec. Nts., 11/15/24      8,445,000        8,879,495    
7.75% Sr. Unsec. Nts., 7/1/26      715,000        822,250    

 

 
Gray Television, Inc.:      
5.125% Sr. Unsec. Nts., 10/15/241      2,170,000        2,186,275    
5.875% Sr. Unsec. Nts., 7/15/261      4,790,000        4,945,675    

 

 
iHeartCommunications, Inc., 9% Sr. Sec. Nts., 12/15/19      4,005,000        3,073,837    

 

 
Interpublic Group of Cos., Inc. (The), 4.20% Sr. Unsec. Nts., 4/15/24      842,000        885,482    

 

 
Lions Gate Entertainment Corp., 5.875% Sr. Unsec. Nts., 11/1/241      3,685,000        3,887,675    

 

 
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241      705,000        713,813    

 

 
Myriad International Holdings BV, 4.85% Sr. Unsec. Nts., 7/6/271      1,450,000        1,502,925    

 

 
Nexstar Broadcasting, Inc., 5.625% Sr. Unsec. Nts., 8/1/241      2,815,000                    2,920,563    

 

 
Salem Media Group, Inc., 6.75% Sr. Sec. Nts., 6/1/241      2,120,000        2,215,400    

 

 
SFR Group SA, 6% Sr. Sec. Nts., 5/15/221      2,425,000        2,537,156    

 

 
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/241      2,740,000        2,818,775    

 

 
Sirius XM Radio, Inc.:      
3.875% Sr. Unsec. Nts., 8/1/221      1,210,000        1,243,517    
5.375% Sr. Unsec. Nts., 7/15/261      2,910,000        3,070,050    

 

 
Sky plc:      
3.75% Sr. Unsec. Nts., 9/16/241      1,253,000        1,287,138    
6.10% Sr. Unsec. Nts., 2/15/181      936,000        951,337    

 

 
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241      1,780,000        1,880,125    

 

 
Time Warner Cable LLC, 4.50% Sr. Unsec. Unsub. Nts., 9/15/42      1,379,000        1,311,023    

 

 
Time Warner, Inc., 3.875% Sr. Unsec. Nts., 1/15/26      600,000        610,132    

 

 
Townsquare Media, Inc., 6.50% Sr. Unsec. Nts., 4/1/231      710,000        723,313    

 

 
Tribune Media Co., 5.875% Sr. Unsec. Nts., 7/15/22      1,990,000        2,079,550    

 

 
Univision Communications, Inc.:      
5.125% Sr. Sec. Nts., 5/15/231      735,000        751,538    
5.125% Sr. Sec. Nts., 2/15/251      5,925,000        5,991,656    

 

 
Viacom, Inc.:      
2.25% Sr. Unsec. Nts., 2/4/22      550,000        526,848    
3.45% Sr. Unsec. Nts., 10/4/26      665,000        639,989    
4.375% Sr. Unsec. Nts., 3/15/43      1,647,000        1,423,225    

 

 
Virgin Media Secured Finance plc:      
5.25% Sr. Sec. Nts., 1/15/261      1,694,000        1,770,230    
5.50% Sr. Sec. Nts., 8/15/261      2,095,000        2,212,844    

 

 
Ziggo Secured Finance BV, 5.50% Sr. Sec. Nts., 1/15/271      5,290,000        5,433,835    
     

 

 

 
        123,480,083    

 

33        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

     Principal Amount     Value    

 

 
Multiline Retail—0.2%     

 

 
Dollar Tree, Inc., 5.75% Sr. Sec. Nts., 3/1/23    $             5,981,000       $             6,337,468    

 

 
Specialty Retail—0.7%     

 

 
AutoZone, Inc., 1.625% Sr. Unsec. Nts., 4/21/19      515,000       512,327    

 

 
Best Buy Co., Inc., 5.50% Sr. Unsec. Nts., 3/15/21      1,610,000       1,748,480    

 

 
GameStop Corp.:     
5.50% Sr. Unsec. Nts., 10/1/191      3,600,000       3,694,500    
6.75% Sr. Unsec. Nts., 3/15/211      3,860,000       4,033,700    

 

 
Guitar Center, Inc., 6.50% Sr. Sec. Nts., 4/15/191      1,005,000       917,062    

 

 
L Brands, Inc.:     
5.625% Sr. Unsec. Nts., 2/15/22      2,312,000       2,479,389    
6.875% Sr. Unsec. Nts., 11/1/35      6,270,000       6,144,600    

 

 
Lithia Motors, Inc., 5.25% Sr. Unsec. Nts., 8/1/251      1,425,000       1,483,781    

 

 
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27      720,000       776,700    

 

 
PetSmart, Inc.:     
5.875% Sr. Sec. Nts., 6/1/251      1,430,000       1,254,825    
7.125% Sr. Unsec. Nts., 3/15/231      3,790,000       2,966,812    
8.875% Sr. Unsec. Nts., 6/1/251      715,000       569,319    

 

 
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24      1,660,000       1,686,938    

 

 
Sally Holdings LLC/Sally Capital, Inc., 5.625% Sr. Unsec. Nts., 12/1/25      1,320,000       1,359,600    

 

 
Signet UK Finance plc, 4.70% Sr. Unsec. Nts., 6/15/24      1,741,000       1,725,767    

 

 
Sonic Automotive, Inc., 6.125% Sr. Sub. Nts., 3/15/27      1,800,000       1,854,000    
          
       33,207,800    

 

 
Textiles, Apparel & Luxury Goods—0.3%     

 

 
Hanesbrands, Inc.:     
4.625% Sr. Unsec. Nts., 5/15/241      1,250,000       1,307,812    
4.875% Sr. Unsec. Nts., 5/15/261      3,793,000       3,958,944    

 

 
Levi Strauss & Co., 5% Sr. Unsec. Nts., 5/1/25      1,762,000       1,865,518    

 

 
PVH Corp., 4.50% Sr. Unsec. Unsub. Nts., 12/15/22      1,182,000       1,211,550    

 

 
Springs Industries, Inc., 6.25% Sr. Sec. Nts., 6/1/21      3,995,000       4,129,831    

 

 
Wrangler Buyer Corp., 6% Sr. Unsec. Nts., 10/1/251      710,000       725,975    
          
       13,199,630    

 

 
Consumer Staples—2.7%     

 

 
Beverages—0.3%     

 

 
Anheuser-Busch InBev Finance, Inc.:     
1.90% Sr. Unsec. Nts., 2/1/19      2,878,000       2,886,141    
3.65% Sr. Unsec. Nts., 2/1/26      1,366,000       1,415,082    
4.90% Sr. Unsec. Nts., 2/1/46      787,000       899,253    

 

 
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Unsub. Nts., 1/15/39      1,198,000       1,903,982    

 

 
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/241      2,770,000       2,808,999    

 

 
Molson Coors Brewing Co.:     
1.45% Sr. Unsec. Nts., 7/15/19      1,018,000       1,007,258    
2.10% Sr. Unsec. Nts., 7/15/21      2,432,000       2,399,573    
4.20% Sr. Unsec. Nts., 7/15/46      347,000       346,909    

 

34        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
Beverages (Continued)     

 

 
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221    $             2,089,000       $ 2,246,109    
    

 

 

 
                   15,913,306    

 

 
Food & Staples Retailing—0.7%     

 

 
Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./     
Albertson’s LLC, 6.625% Sr. Unsec. Nts., 6/15/24      2,190,000       2,050,387    

 

 
Fresh Market, Inc. (The), 9.75% Sr. Sec. Nts., 5/1/231      1,840,000       1,140,800    

 

 
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23      4,205,000       4,131,412    

 

 
Kroger Co. (The):     
2.00% Sr. Unsec. Nts., 1/15/19      114,000       114,226    
6.80% Sr. Unsec. Nts., 12/15/18      812,000       858,376    
6.90% Sr. Unsec. Nts., 4/15/38      614,000       768,807    

 

 
New Albertson’s, Inc., 7.45% Sr. Unsec. Nts., 8/1/29      2,195,000       1,712,100    

 

 
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22      5,295,000       5,688,404    

 

 
Performance Food Group, Inc., 5.50% Sr. Unsec. Nts., 6/1/241      1,460,000       1,511,100    

 

 
Rite Aid Corp., 6.125% Sr. Unsec. Nts., 4/1/231      5,490,000       5,359,613    

 

 
Simmons Foods, Inc., 7.875% Sec. Nts., 10/1/211      2,575,000       2,736,903    

 

 
SUPERVALU, Inc.:     
6.75% Sr. Unsec. Nts., 6/1/21      2,195,000       2,090,738    
7.75% Sr. Unsec. Nts., 11/15/22      1,620,000       1,526,850    

 

 
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/241      365,000       384,163    
    

 

 

 
      
30,073,879  
 

 

 
Food Products—1.0%     

 

 
Adecoagro SA, 6% Sr. Unsec. Nts., 9/21/271      1,534,000       1,534,767    

 

 
B&G Foods, Inc., 5.25% Sr. Unsec. Nts., 4/1/25      720,000       736,200    

 

 
Bunge Ltd. Finance Corp.:     
3.25% Sr. Unsec. Nts., 8/15/26      1,712,000       1,652,137    
8.50% Sr. Unsec. Nts., 6/15/19      2,191,000       2,420,706    

 

 
Dean Foods Co., 6.50% Sr. Unsec. Nts., 3/15/231      4,830,000       4,914,525    

 

 
Dole Food Co., Inc., 7.25% Sr. Sec. Nts., 6/15/251      2,160,000       2,346,300    

 

 
JBS USA LUX SA/JBS USA Finance, Inc., 5.75% Sr. Unsec. Nts., 6/15/251      3,775,000       3,779,719    

 

 

Kraft Heinz Foods Co.:

3.95% Sr. Unsec. Nts., 7/15/25

     1,486,000       1,532,476    
4.375% Sr. Unsec. Nts., 6/1/46      1,587,000       1,561,516    

 

 
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261      1,432,000       1,507,180    

 

 
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/261      1,605,000       1,627,470    

 

 
Mondelez International Holdings Netherlands BV, 1.625% Sr. Unsec. Nts., 10/28/191      2,771,000       2,750,824    

 

 
Pilgrim’s Pride Corp.:     
5.75% Sr. Unsec. Nts., 3/15/251      2,735,000       2,830,725    
5.875% Sr. Unsec. Nts., 9/30/271      710,000       729,525    

 

 
Post Holdings, Inc., 5.75% Sr. Unsec. Nts., 3/1/271      2,135,000       2,209,725    

 

 
Smithfield Foods, Inc., 2.70% Sr. Unsec. Nts., 1/31/201      2,628,000       2,638,644    

 

 
TreeHouse Foods, Inc., 6% Sr. Unsec. Nts., 2/15/241      4,517,000       4,850,129    

 

 
Tyson Foods, Inc., 3.55% Sr. Unsec. Nts., 6/2/27      1,248,000       1,264,314    

 

35        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Food Products (Continued)      

 

 
WhiteWave Foods Co. (The), 5.375% Sr. Unsec. Nts., 10/1/22    $ 2,030,000      $             2,287,766    
     

 

 

 
        43,174,648    
                   
Household Products—0.1%      

 

 
Kronos Acquisition Holdings, Inc., 9% Sr. Unsec. Nts., 8/15/231      1,800,000        1,759,500    
Reckitt Benckiser Treasury Services plc, 2.375% Sr. Unsec. Nts., 6/24/221      2,200,000        2,195,336    
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24      1,115,000        1,200,019    
     

 

 

 
        5,154,855    
                   
Personal Products—0.3%      

 

 
Avon International Operations, Inc., 7.875% Sr. Sec. Nts., 8/15/221      8,670,000        9,038,475    
Edgewell Personal Care Co., 4.70% Sr. Unsec. Nts., 5/24/22      255,000        274,762    
Revlon Consumer Products Corp.:      
5.75% Sr. Unsec. Nts., 2/15/21      6,320,000        5,545,800    
6.25% Sr. Unsec. Nts., 8/1/24      1,455,000        1,131,263    
     

 

 

 
        15,990,300    
                   
Tobacco—0.3%      

 

 
Altria Group, Inc., 4% Sr. Unsec. Nts., 1/31/24      1,663,000        1,767,316    
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/271      1,226,000        1,232,220    
Imperial Brands Finance plc, 2.05% Sr. Unsec. Nts., 7/20/181      2,769,000        2,770,613    
Reynolds American, Inc., 5.85% Sr. Unsec. Nts., 8/15/45      881,000        1,081,133    
Vector Group Ltd., 6.125% Sr. Sec. Nts., 2/1/251      4,910,000        5,094,125    
     

 

 

 
            11,945,407    
                   
Energy—7.8%      

 

 
Energy Equipment & Services—1.2%      

 

 
Calfrac Holdings LP, 7.50% Sr. Unsec. Nts., 12/1/201      2,495,000        2,410,794    
Ensco plc, 5.20% Sr. Unsec. Nts., 3/15/25      1,960,000        1,656,200    
Exterran Energy Solutions LP/EES Finance Corp., 8.125% Sr. Unsec. Nts., 5/1/251      720,000        747,000    
Halliburton Co., 5% Sr. Unsec. Nts., 11/15/45      556,000        611,843    
Helmerich & Payne International Drilling Co., 4.65% Sr. Unsec. Nts., 3/15/25      1,403,000        1,485,408    
McDermott International, Inc., 8% Sec. Nts., 5/1/211      3,745,000        3,885,437    
Noble Holding International Ltd., 7.75% Sr. Unsec. Nts., 1/15/24      2,175,000        1,941,188    
Parker Drilling Co., 6.75% Sr. Unsec. Nts., 7/15/22      4,500,000        3,611,250    
Pertamina Persero PT:      
5.625% Sr. Unsec. Nts., 5/20/431      2,960,000        3,192,304    
6.45% Sr. Unsec. Nts., 5/30/441      7,530,000        8,948,712    
Pioneer Energy Services Corp., 6.125% Sr. Unsec. Nts., 3/15/22      4,200,000        3,570,000    
Rowan Cos., Inc., 7.375% Sr. Unsec. Nts., 6/15/25      5,080,000        4,991,100    
Schlumberger Holdings Corp.:      
1.90% Sr. Unsec. Nts., 12/21/171      2,332,000        2,334,261    

 

36        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount     Value    

 

 
Energy Equipment & Services (Continued)     

 

 
Schlumberger Holdings Corp.: (Continued)     
4.00% Sr. Unsec. Nts., 12/21/251    $ 1,434,000       $             1,504,963    
SESI LLC, 7.75% Sr. Unsec. Nts., 9/15/241      2,135,000       2,215,063    
Transocean, Inc., 9% Sr. Unsec. Nts., 7/15/231      3,000,000       3,247,500    
Trinidad Drilling Ltd., 6.625% Sr. Unsec. Nts., 2/15/251      1,085,000       1,019,900    
Unit Corp., 6.625% Sr. Sub. Nts., 5/15/21      2,675,000       2,695,063    
Weatherford International Ltd., 9.875% Sr. Unsec. Nts., 2/15/241      3,571,000       3,945,955    
    

 

 

 
       54,013,941    
                  
Oil, Gas & Consumable Fuels—6.6%     

 

 

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,

7.875% Sr. Unsec. Nts., 12/15/241

     2,125,000       2,305,625    
Anadarko Petroleum Corp.:     
4.50% Sr. Unsec. Nts., 7/15/44      496,000       473,592    
6.20% Sr. Unsec. Nts., 3/15/40      504,000       587,199    
Andeavor, 5.125% Sr. Unsec. Nts., 12/15/261      2,247,000       2,469,231    

Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.25%

Sr. Unsec. Nts., 1/15/25

     1,884,000       2,025,300    
Apache Corp., 4.75% Sr. Unsec. Nts., 4/15/43      721,000       727,264    
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6% Sr. Unsec. Nts., 2/15/251      3,145,000       3,337,631    
Baytex Energy Corp., 5.625% Sr. Unsec. Nts., 6/1/241      3,400,000       3,116,100    
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25      2,830,000       2,913,315    
Bill Barrett Corp.:     
7.00% Sr. Unsec. Nts., 10/15/22      3,755,000       3,623,575    
8.75% Sr. Unsec. Nts., 6/15/25      1,435,000       1,384,775    
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125% Sr. Unsec. Nts., 11/15/221      1,680,000       1,751,400    
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24      1,121,000       1,194,431    
BP Capital Markets plc, 1.676% Sr. Unsec. Nts., 5/3/19      2,832,000       2,831,696    
Buckeye Partners LP, 3.95% Sr. Unsec. Nts., 12/1/26      663,000       655,055    
California Resources Corp., 8% Sec. Nts., 12/15/221      1,803,000       1,178,711    
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50% Sr. Unsec. Nts., 4/15/21      5,310,000       5,213,756    
Carrizo Oil & Gas, Inc., 6.25% Sr. Unsec. Nts., 4/15/23      1,205,000       1,229,100    
Cenovus Energy, Inc., 5.40% Sr. Unsec. Nts., 6/15/471      246,000       247,458    
Cheniere Corpus Christi Holdings LLC:     
5.125% Sr. Sec. Nts., 6/30/271      1,430,000       1,480,050    
7.00% Sr. Sec. Nts., 6/30/24      5,020,000       5,729,075    
Chesapeake Energy Corp.:     
6.125% Sr. Unsec. Nts., 2/15/21      1,435,000       1,449,350    
8.00% Sec. Nts., 12/15/221      1,805,000       1,953,912    
8.00% Sr. Unsec. Nts., 1/15/251      715,000       723,938    
8.00% Sr. Unsec. Nts., 6/15/271,6      710,000       704,675    
Chevron Corp., 1.561% Sr. Unsec. Nts., 5/16/19      2,853,000       2,849,146    
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221      195,000       201,825    
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance     
Corp., 12% Sec. Nts., 11/1/21      4,135,000       4,362,425    

 

37        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount     Value    

 

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

 

38        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

                Principal Amount      Value    

 

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

 

39        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Oil, Gas & Consumable Fuels (Continued)      

 

 
Petroleos Mexicanos: (Continued)      
6.375% Sr. Unsec. Nts., 2/4/21    $ 2,850,000      $             3,129,329    
6.75% Sr. Unsec. Nts., 9/21/471      5,250,000        5,598,600    
6.875% Sr. Unsec. Nts., 8/4/26      2,155,000        2,456,700    

 

 
Phillips 66 Partners LP, 3.605% Sr. Unsec. Nts., 2/15/25      1,193,000        1,191,990    

 

 
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/2711      870,000        884,164    

 

 
Resolute Energy Corp., 8.50% Sr. Unsec. Nts., 5/1/20      6,665,000        6,814,963    

 

 
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28      1,293,000        1,305,491    

 

 
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/241      1,935,000        1,964,596    

 

 
Sanchez Energy Corp.:      
6.125% Sr. Unsec. Nts., 1/15/23      2,845,000        2,460,925    
7.75% Sr. Unsec. Nts., 6/15/21      1,245,000        1,185,863    

 

 
SemGroup Corp./Rose Rock Finance Corp., 5.625% Sr. Unsec. Nts., 11/15/23      1,610,000        1,573,775    

 

 
Shell International Finance BV, 4% Sr. Unsec. Nts., 5/10/46      875,000        886,672    

 

 
Southwestern Energy Co., 7.50% Sr. Unsec. Nts., 4/1/26      710,000        738,400    

 

 
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 4/15/25      1,440,000        1,468,800    

 

 
Sunoco Logistics Partners Operations LP, 4% Sr. Unsec. Nts., 10/1/27      1,374,000        1,371,037    

 

 
Sunoco LP/Sunoco Finance Corp., 6.375% Sr. Unsec. Nts., 4/1/23      2,145,000        2,289,788    

 

 
SURA Asset Management SA, 4.375% Sr. Unsec. Nts., 4/11/271      2,015,000        2,055,300    

 

 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50% Sr. Unsec. Nts., 9/15/241      1,850,000        1,910,125    

 

 
Topaz Marine SA, 9.125% Sr. Unsec. Nts., 7/26/221      980,000        985,635    
Ultra Resources, Inc.:      
6.875% Sr. Unsec. Nts., 4/15/221      1,080,000        1,102,950    
7.125% Sr. Unsec. Nts., 4/15/251      1,415,000        1,430,919    

 

 
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/261      1,430,000        1,481,838    

 

 
WildHorse Resource Development Corp., 6.875% Sr. Unsec. Nts., 2/1/251      1,425,000        1,426,781    

 

 
Williams Partners LP, 3.75% Sr. Unsec. Nts., 6/15/27      1,041,000        1,041,142    

 

 
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23      3,260,000        3,671,575    

 

 
YPF SA, 6.95% Sr. Unsec. Nts., 7/21/271      2,915,000        3,102,277    
     

 

 

 
       

 

295,753,214  

 

 

 

 

 
Financials—8.0%      

 

 
Capital Markets—2.0%      

 

 
Apollo Management Holdings LP, 4% Sr. Unsec. Nts., 5/30/241      1,439,000        1,471,283    

 

 
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271,6      1,020,000        1,007,407    

 

 
Brookfield Asset Management, Inc., 4% Sr. Unsec. Nts., 1/15/25      2,590,000        2,665,536    

 

 
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24      1,364,000        1,417,256    

 

 
Credit Suisse Group AG, 7.125% [USSW5+510.8] Jr. Sub. Perpetual Bonds2,12      1,655,000        1,787,400    

 

40        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Capital Markets (Continued)      

 

 
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26    $ 1,075,000      $             1,155,218    

 

 
Diamond Resorts International, Inc.:      
7.75% Sr. Sec. Nts., 9/1/231      3,800,000        4,104,000    
10.75% Sr. Unsec. Nts., 9/1/241      2,280,000        2,439,600    

 

 
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Corp., 5% Sr. Unsec. Nts., 8/1/211      4,385,000        4,471,837    

 

 
E*TRADE Financial Corp., 5.875% [US0003M+443.5] Jr. Sub. Perpetual Bonds2,12      4,873,000        5,201,928    

 

 
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/261      2,900,000        2,989,320    

 

 
First Data Corp.:      
5.00% Sr. Sec. Nts., 1/15/241      3,840,000        4,001,472    
5.75% Sec. Nts., 1/15/241      2,745,000        2,882,250    
7.00% Sr. Unsec. Nts., 12/1/231      5,690,000        6,090,007    

 

 
Flex Acquisition Co., Inc., 6.875% Sr. Unsec. Nts., 1/15/251      4,335,000        4,508,400    

 

 
Goldman Sachs Group, Inc. (The):      
3.50% Sr. Unsec. Nts., 11/16/26      1,451,000        1,456,343    
3.75% Sr. Unsec. Nts., 2/25/26      1,395,000        1,430,062    
5.70% [US0003M+388.4] Jr. Sub. Perpetual Bonds, Series L2,12      1,351,000        1,398,285    

 

 
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/221      3,465,000        3,731,008    

 

 
Macquarie Bank Ltd. (London), 6.125% [USSW5+370.3] Jr. Sub. Perpetual Bonds1,2,12      2,097,000        2,175,008    

 

 
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/221      925,000        942,289    

 

 
Morgan Stanley:      
4.375% Sr. Unsec. Nts., 1/22/47      1,776,000        1,894,305    
5.00% Sub. Nts., 11/24/25      2,236,000        2,453,845    

 

 
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241      1,460,000        1,573,150    

 

 
MSCI, Inc., 4.75% Sr. Unsec. Nts., 8/1/261      2,349,000        2,478,195    

 

 
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/322      1,097,000        1,098,264    

 

 
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25% Sec. Nts., 5/15/231      1,460,000        1,614,848    
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26      1,584,000        1,588,783    
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125% Sr. Sec. Nts., 8/15/211      1,090,000        1,103,625    
S&P Global, Inc., 2.50% Sr. Unsec. Nts., 8/15/18      2,748,000        2,767,270    
Springleaf Finance Corp.:      
6.125% Sr. Unsec. Nts., 5/15/22      2,150,000        2,282,333    
8.25% Sr. Unsec. Nts., 12/15/20      1,465,000        1,659,113    
Staples, Inc., 8.50% Sr. Unsec. Nts., 9/15/251      4,975,000        4,850,625    
TD Ameritrade Holding Corp., 3.30% Sr. Unsec. Nts., 4/1/27      1,539,000        1,555,881    
UBS Group AG, 7.125% [USSW5+588.3]Jr. Sub. Perpetual Bonds2,12      1,925,000        2,089,100    
UBS Group Funding Switzerland AG: 4.125% Sr. Unsec. Nts., 4/15/261      926,000        973,223    

 

41        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Capital Markets (Continued)      

 

 
UBS Group Funding Switzerland AG: (Continued) 4.253% Sr. Unsec. Nts., 3/23/281    $ 1,044,000      $             1,096,841    

 

 
VFH Parent LLC/Orchestra Co.-Issuer, Inc., 6.75% Sec. Nts., 6/15/221      715,000        746,281    
     

 

 

 
       

 

89,151,591  

 

 

 

 

 
Commercial Banks—3.0%      

 

 
ABN AMRO Bank NV, 4.40% [USSW5+219.7] Sub. Nts., 3/27/282      2,975,000        3,073,300    

 

 
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/127,9      1,186,225        —    

 

 
Australia & New Zealand Banking Group Ltd. (New York), 2.625% Unsec. Nts., 5/19/22      2,529,000        2,533,099    

 

 
Australia & New Zealand Banking Group Ltd. (United Kingdom), 6.75% [USISDA05+516.8] Jr. Sub. Perpetual Bonds1,2,12      2,350,000        2,661,375    

 

 
Banco Bilbao Vizcaya Argentaria SA, 9% [USSW5+826.2] Jr. Sub. Perpetual Bonds2,12      2,055,000        2,130,264    

 

 
Banco Macro SA, 6.75% [USSW5+546.3] Sub. Nts., 11/4/261,2      765,000        809,286    

 

 
Banco Mercantil del Norte SA (Grand Cayman):      
6.875% [H15T5Y+503.5] Jr. Sub. Perpetual Bonds1,2,12      1,161,000        1,237,916    
7.625% [H15T10Y+535.3] Jr. Sub. Perpetual Bonds1,2,12      1,069,000        1,168,951    

 

 
Banco Santander SA, 6.375% [USSW5+478.8] Jr. Sub. Perpetual Bonds2,12      1,750,000        1,786,449    

 

 
Bank of America Corp.:      
3.248% Sr. Unsec. Nts., 10/21/27      1,928,000        1,890,916    
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/282      1,327,000        1,363,785    
6.30% [US0003M+455.3] Jr. Sub. Perpetual Bonds2,12      1,662,000        1,882,215    
7.75% Jr. Sub. Nts., 5/14/38      1,661,000        2,446,591    
8.00% [US0003M+363] Jr. Sub. Perpetual Bonds, Series K2,12      2,012,000        2,043,287    

 

 
Bank of China Ltd., 5% Sub. Nts., 11/13/241      625,000        672,833    

 

 
Barclays plc:      
4.375% Sr. Unsec. Nts., 1/12/26      2,345,000        2,451,543    
7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds2,12      2,050,000        2,236,841    

 

 
BNP Paribas SA:      
4.625% Sub. Nts., 3/13/271      1,701,000        1,803,453    
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,12      2,045,000        2,252,056    

 

 
BPCE SA, 4.50% Sub. Nts., 3/15/251      1,690,000        1,756,344    

 

 
CIT Group, Inc., 5.80% [US0003M+397.2] Jr. Sub. Perpetual Bonds2,12      1,867,000        1,944,014    

 

 
Citigroup, Inc.:      
4.281% [US0003M+183.9] Sr. Unsec. Nts., 4/24/482      2,472,000        2,589,434    
4.75% Sub. Nts., 5/18/46      1,221,000        1,331,979    
6.125% [US0003M+447.8] Jr. Sub. Perpetual Bonds2,12      1,315,000        1,408,694    

 

 
Citizens Bank NA (Providence RI):      
2.55% Sr. Unsec. Nts., 5/13/21      1,434,000        1,440,883    
2.65% Sr. Unsec. Nts., 5/26/22      609,000        609,628    

 

 
Commonwealth Bank of Australia, 3.15% Sr. Unsec. Nts., 9/19/271      2,000,000        1,983,386    

 

42        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Commercial Banks (Continued)      

 

 
Compass Bank, 2.875% Sr. Unsec. Nts., 6/29/22    $ 2,546,000      $             2,535,945    

 

 
Credit Agricole SA, 4.375% Sub. Nts., 3/17/251      2,863,000        2,980,394    

 

 
Fifth Third Bancorp, 5.10% [US0003M+303.33] Jr. Sub. Perpetual Bonds2,12      695,000        714,113    

 

 
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26      1,456,000        1,497,906    

 

 
First Republic Bank, 4.375% Sub. Nts., 8/1/46      1,045,000        1,042,173    

 

 
Glencore Funding LLC, 4% Sr. Unsec. Nts., 4/16/251      1,398,000        1,421,757    

 

 
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/211      1,735,000        1,780,110    

 

 
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/271      2,995,000        3,032,438    

 

 
HSBC Holdings plc:      
4.041% [US0003M+154.6] Sr. Unsec. Nts., 3/13/282      1,220,000        1,275,016    
6.375% [USISDA05+370.5] Jr. Sub. Perpetual Bonds2,12      2,075,000        2,207,412    

 

 
Huntington Bancshares, Inc., 3.15% Sr. Unsec. Nts., 3/14/21      1,568,000        1,608,586    

 

 
Intesa Sanpaolo SpA, 3.875% Sr. Unsec. Nts., 7/14/271      2,018,000        2,029,367    

 

 
JPMorgan Chase & Co.:      
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/282      1,963,000        1,982,428    
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/282      3,893,000        3,999,493    
6.125% [US0003M+333] Jr. Sub. Perpetual Bonds2,12      1,740,000        1,918,350    
7.90% [US0003M+347] Jr. Sub. Perpetual Bonds, Series 12,12      1,980,000        2,041,875    

 

 
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231      3,770,000        3,892,525    

 

 
Krung Thai Bank PCL (Cayman Islands), 5.20% [H15T5Y+353.5] Sub. Nts., 12/26/242      1,305,000        1,357,171    

 

 
Lloyds Banking Group plc, 6.413% [US0003M+149.5] Jr. Sub. Perpetual Bonds1,2,12      1,702,000        1,940,280    

 

 
Manufacturers & Traders Trust Co., 2.50% Sr. Unsec. Nts., 5/18/22      2,185,000        2,193,380    

 

 
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27      2,273,000        2,280,148    

 

 
Regions Bank (Birmingham AL), 2.25% Sr. Unsec. Nts., 9/14/18      1,472,000        1,478,503    

 

 
Regions Financial Corp., 2.75% Sr. Unsec. Nts., 8/14/22      1,656,000        1,654,516    

 

 
Royal Bank of Scotland Group plc, 3.498% [US0003M+148] Sr. Unsec. Nts., 5/15/232      1,801,000        1,813,929    

 

 
Sberbank of Russia Via SB Capital SA, 5.50% [H15T5Y+402.3] Sub. Nts., 2/26/241,2      4,190,000        4,284,841    

 

 
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,12      2,155,000        2,338,175    

 

 
Standard Chartered plc:      
2.821% [US0003M+151] Jr. Sub. Perpetual Bonds1,2,12      400,000        343,000    
7.50% [USSW5+630.1] Jr. Sub. Perpetual Bonds1,2,12      2,195,000        2,348,650    

 

 
SunTrust Bank (Atlanta GA), 3.30% Sub. Nts., 5/15/26      1,100,000        1,088,759    

 

 
SunTrust Banks, Inc., 5.05% [US0003M+310.2] Jr. Sub. Perpetual Bonds2,12      1,891,000        1,938,275    

 

 
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/211      720,000        730,800    

 

 
Turkiye Garanti Bankasi AS, 6.125% [USSW5+422] Sub. Nts., 5/24/271,2      1,650,000        1,656,306    

 

 
Turkiye Is Bankasi, 6% Sub. Nts., 10/24/221      1,465,000        1,485,944    

 

43        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Commercial Banks (Continued)      

 

 
Turkiye Vakiflar Bankasi TAO:      
5.625% Sr. Unsec. Nts., 5/30/221    $ 2,635,000      $             2,681,903    
6.875% [USSW5+543.9] Sub. Nts., 2/3/251,2      1,365,000        1,397,801    

 

 
UniCredit SpA, 8% [USSW5+518] Jr. Sub. Perpetual Bonds2,12      1,680,000        1,775,474    

 

 
US Bancorp:      
3.10% Sub. Nts., 4/27/26      1,465,000        1,459,201    
3.15% Sr. Unsec. Nts., 4/27/27      615,000        619,098    

 

 
Wachovia Capital Trust III, 5.57% [US0003M+93] Jr. Sub.      
Perpetual Bonds2,12      2,650,000        2,659,938    

 

 
Wells Fargo & Co.:      
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/282      2,055,000        2,083,155    
4.75% Sub. Nts., 12/7/46      1,434,000        1,577,259    

 

 
Westpac Banking Corp. (New Zealand), 5%      
[USISDA05+288.8] Jr. Sub. Perpetual Bonds2,12      1,820,000        1,819,636    

 

 
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/241      4,160,000        4,194,062    

 

 
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/221      1,835,000        1,900,388    
     

 

 

 
       

 

134,569,002  

 

 

 

 

 
Consumer Finance—0.8%      

 

 
Ahern Rentals, Inc., 7.375% Sec. Nts., 5/15/231      3,885,000        3,574,200    

 

 
Ally Financial, Inc.:      
4.625% Sr. Unsec. Nts., 5/19/22      3,065,000        3,218,250    
5.75% Sub. Nts., 11/20/25      3,370,000        3,666,391    
8.00% Sr. Unsec. Nts., 11/1/31      1,140,000        1,476,186    

 

 
American Express Co.:      
2.50% Sr. Unsec. Nts., 8/1/22      998,000        997,680    
4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds2,12      2,142,000        2,184,840    

 

 
American Express Credit Corp., 3.30% Sr. Unsec. Nts., 5/3/27      1,541,000        1,556,795    

 

 
Capital One Financial Corp., 3.75% Sr. Unsec. Nts., 3/9/27      1,017,000        1,029,763    

 

 
Discover Financial Services:      
3.75% Sr. Unsec. Nts., 3/4/25      993,000        998,121    
4.10% Sr. Unsec. Nts., 2/9/27      986,000        1,003,357    

 

 
Electricite de France SA, 6.50% Sr. Unsec. Nts., 1/26/191      1,840,000        1,949,641    

 

 
Financiera Independencia SAB de CV SOFOM ENR, 8% Sr. Unsec. Nts., 7/19/241      985,000        1,021,937    

 

 
Minejesa Capital BV:      
4.625% Sr. Sec. Nts., 8/10/301      1,155,000        1,179,246    
5.625% Sr. Sec. Nts., 8/10/371      2,020,000        2,117,584    

 

 
Navient Corp.:      
6.50% Sr. Unsec. Nts., 6/15/22      1,425,000        1,513,165    
6.625% Sr. Unsec. Nts., 7/26/21      1,475,000        1,581,937    
6.75% Sr. Unsec. Nts., 6/25/25      1,865,000        1,944,263    
7.25% Sr. Unsec. Nts., 1/25/22      6,570,000        7,210,575    
     

 

 

 
       

 

38,223,931  

 

 

 

 

 
Diversified Financial Services—0.2%      
Berkshire Hathaway Energy Co., 2% Sr. Unsec. Nts., 11/15/18      790,000        792,167    

 

 
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/353,7 MXN      20,232,960        111,109    

 

 
Park Aerospace Holdings Ltd., 5.50% Sr. Unsec. Nts., 2/15/241      2,895,000        3,046,987    

 

44        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

                Principal Amount      Value    

 

 
Diversified Financial Services (Continued)         
Peachtree Corners Funding Trust, 3.976% Sr. Unsec. Nts., 2/15/251       $ 961,000      $ 979,967    

 

 
Precision Castparts Corp., 2.50% Sr. Unsec. Nts., 1/15/23         1,476,000        1,480,174    

 

 
Voya Financial, Inc., 5.65% [US0003M+358] Jr. Sub. Nts., 5/15/532         2,390,000                    2,544,155    
        

 

 

 
           8,954,559    

 

 
Insurance—0.4%         

 

 
AXIS Specialty Finance plc, 5.15% Sr. Unsec. Nts., 4/1/45         1,527,000        1,607,216    

 

 
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/271         646,000        635,298    

 

 
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27         2,116,000        2,102,791    

 

 
Credivalores-Crediservicios SAS, 9.75% Sr. Unsec. Nts., 7/27/221         990,000        1,035,045    

 

 
Genworth Holdings, Inc., 7.70% Sr. Unsec. Nts., 6/15/20         1,420,000        1,432,425    

 

 
Manulife Financial Corp., 4.061% [USSW5+164.7] Sub. Nts., 2/24/322         1,570,000        1,591,815    

 

 
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47         1,012,000        1,084,752    

 

 
MetLife, Inc., 5.25% [US0003M+357.5] Jr. Sub. Perpetual Bonds2,12         2,721,000        2,812,045    

 

 
Nuveen Finance LLC, 4.125% Sr. Unsec. Nts., 11/1/241         1,851,000        1,951,136    

 

 
Prudential Financial, Inc.:         
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/442         1,981,000        2,108,527    
5.375% [US0003M+303.1] Jr. Sub. Nts., 5/15/452         455,000        492,537    
        

 

 

 
                       16,853,587    

 

 
Real Estate Investment Trusts (REITs)—1.2%         

 

 
American Tower Corp.:         
2.80% Sr. Unsec. Nts., 6/1/20         1,822,000        1,850,442    
5.90% Sr. Unsec. Nts., 11/1/21         841,000        944,190    

 

 
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/347,9,13      MXN        17,961,653        —    

 

 
Boston Properties LP, 3.70% Sr. Unsec. Nts., 11/15/18         1,798,000        1,828,695    

 

 
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27         1,222,000        1,223,310    

 

 
Equinix, Inc.:         
5.375% Sr. Unsec. Nts., 5/15/27         2,165,000        2,359,850    
5.875% Sr. Unsec. Nts., 1/15/26         2,315,000        2,549,394    

 

 
FelCor Lodging LP, 6% Sr. Unsec. Nts., 6/1/25         3,065,000        3,302,537    

 

 
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23         2,390,000        2,626,012    

 

 
HCP, Inc., 2.625% Sr. Unsec. Nts., 2/1/20         753,000        759,320    

 

 
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261         2,915,000        3,068,038    

 

 
Iron Mountain, Inc., 4.875% Sr. Unsec. Nts., 9/15/271         2,135,000        2,185,706    

 

 
iStar, Inc.:         
4.625% Sr. Unsec. Nts., 9/15/20         2,135,000        2,188,375    
5.00% Sr. Unsec. Nts., 7/1/19         1,160,000        1,175,950    
5.25% Sr. Unsec. Nts., 9/15/22         2,135,000        2,172,363    
6.00% Sr. Unsec. Nts., 4/1/22         4,325,000        4,487,188    

 

45        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Real Estate Investment Trusts (REITs) (Continued)      

 

 
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26    $ 1,825,000      $             1,986,969    

 

 
MPT Operating Partnership LP/MPT Finance Corp.:      
5.00% Sr. Unsec. Nts., 10/15/27      2,135,000        2,193,713    
6.375% Sr. Unsec. Nts., 3/1/24      2,195,000        2,378,831    

 

 
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875% Sr. Unsec. Nts., 3/15/25      2,990,000        3,143,237    

 

 
SBA Communications Corp., 4% Sr. Unsec. Nts., 10/1/221,6      2,140,000        2,149,797    

 

 
Starwood Property Trust, Inc., 5% Sr. Unsec. Nts., 12/15/21      2,175,000        2,275,594    

 

 
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/261      3,260,000        3,471,900    

 

 
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.125% Sr. Unsec. Nts., 12/15/241      2,175,000        1,847,391    

 

 
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25% Sr. Unsec. Nts., 10/15/23      3,360,000        2,982,000    

 

 
VEREIT Operating Partnership LP, 3% Sr. Unsec. Nts., 2/6/19      934,000        942,586    

 

 
Welltower, Inc., 2.25% Sr. Unsec. Nts., 3/15/18      389,000        390,010    
     

 

 

 
       

 

56,483,398  

 

 

 

 

 
Real Estate Management & Development—0.2%      

 

 
Mattamy Group Corp., 6.875% Sr. Unsec. Nts., 12/15/231      1,455,000        1,526,841    

 

 
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.875% Sr. Unsec. Nts., 6/1/231      3,650,000        3,768,625    

 

 
Shea Homes LP/Shea Homes Funding Corp., 6.125% Sr. Unsec. Nts., 4/1/251      3,045,000        3,159,187    
     

 

 

 
       

 

8,454,653  

 

 

 

 

 
Thrifts & Mortgage Finance—0.2%      

 

 
Provident Funding Associates LP/PFG Finance Corp., 6.375% Sr. Unsec. Nts., 6/15/251      1,070,000        1,126,175    

 

 
Quicken Loans, Inc., 5.75% Sr. Unsec. Nts., 5/1/251      3,850,000        4,061,750    

 

 
Radian Group, Inc., 4.50% Sr. Unsec. Nts., 10/1/24      1,780,000        1,820,050    
     

 

 

 
       

 

7,007,975  

 

 

 

 

 
Health Care—3.7%      

 

 
Biotechnology—0.3%      

 

 
AbbVie, Inc.:      
3.60% Sr. Unsec. Nts., 5/14/25      1,458,000        1,513,537    
4.70% Sr. Unsec. Nts., 5/14/45      436,000        476,902    

 

 
Biogen, Inc., 5.20% Sr. Unsec. Nts., 9/15/45      562,000        656,849    

 

 
Celgene Corp.:      
2.125% Sr. Unsec. Nts., 8/15/18      2,765,000        2,777,088    
3.875% Sr. Unsec. Nts., 8/15/25      1,403,000        1,482,248    
5.00% Sr. Unsec. Nts., 8/15/45      299,000        339,142    

 

 
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46      1,001,000        1,127,871    

 

 
Shire Acquisitions Investments Ireland DAC:      
1.90% Sr. Unsec. Nts., 9/23/19      2,780,000        2,775,505    
3.20% Sr. Unsec. Nts., 9/23/26      1,993,000        1,967,719    
     

 

 

 
        13,116,861    

 

46        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Health Care Equipment & Supplies—0.4%      

 

 
Abbott Laboratories:      
2.35% Sr. Unsec. Nts., 11/22/19    $ 2,663,000      $             2,685,732    
3.75% Sr. Unsec. Nts., 11/30/26      2,068,000        2,125,123    

 

 
Becton Dickinson & Co.:      
2.404% Sr. Unsec. Nts., 6/5/20      1,589,000        1,595,322    
3.70% Sr. Unsec. Nts., 6/6/27      1,881,000        1,899,502    

 

 
Boston Scientific Corp., 3.85% Sr. Unsec. Nts., 5/15/25      1,975,000        2,053,209    

 

 
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125% Sec. Nts., 6/15/211      1,720,000        1,655,500    

 

 
Hill-Rom Holdings, Inc., 5.75% Sr. Unsec. Nts., 9/1/231      2,080,000        2,204,800    

 

 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375% Sr. Unsec. Nts., 8/1/231      1,505,000        1,578,369    

 

 
Medtronic, Inc., 4.625% Sr. Unsec. Nts., 3/15/45      1,132,000        1,290,813    
     

 

 

 
       

 

17,088,370  

 

 

 

 

 
Health Care Providers & Services—1.8%      

 

 
Acadia Healthcare Co., Inc.:      
5.625% Sr. Unsec. Nts., 2/15/23      2,305,000        2,431,775    
6.50% Sr. Unsec. Nts., 3/1/24      730,000        787,487    

 

 
Aetna, Inc., 2.80% Sr. Unsec. Nts., 6/15/23      1,852,000        1,863,679    

 

 
Cardinal Health, Inc., 3.41% Sr. Unsec. Nts., 6/15/27      1,250,000        1,256,252    

 

 
Centene Corp.:      
4.75% Sr. Unsec. Nts., 5/15/22      5,515,000        5,783,856    
6.125% Sr. Unsec. Nts., 2/15/24      735,000        796,556    

 

 
CHS/Community Health Systems, Inc.:      
6.25% Sr. Sec. Nts., 3/31/23      4,970,000        4,926,512    
6.875% Sr. Unsec. Nts., 2/1/22      4,300,000        3,391,625    
7.125% Sr. Unsec. Nts., 7/15/20      995,000        901,719    
8.00% Sr. Unsec. Nts., 11/15/19      2,620,000        2,561,050    

 

 
DaVita, Inc., 5.125% Sr. Unsec. Nts., 7/15/24      3,875,000        3,865,312    

 

 
Envision Healthcare Corp., 5.125% Sr. Unsec. Nts., 7/1/221      1,740,000        1,813,950    

 

 
Fresenius Medical Care US Finance II, Inc.:      
4.75% Sr. Unsec. Nts., 10/15/241      2,335,000        2,530,830    
5.875% Sr. Unsec. Nts., 1/31/221      3,126,000        3,515,670    

 

 
HCA, Inc.:      
5.375% Sr. Unsec. Nts., 2/1/25      2,110,000        2,228,688    
5.50% Sr. Sec. Nts., 6/15/47      3,570,000        3,708,338    
7.50% Sr. Unsec. Nts., 2/15/22      6,600,000        7,587,954    

 

 
HealthSouth Corp., 5.75% Sr. Unsec. Nts., 11/1/24      4,380,000        4,506,473    

 

 
IASIS Healthcare LLC/IASIS Capital Corp., 8.375% Sr. Unsec. Nts., 5/15/19      5,150,000        5,172,531    

 

 
Kindred Healthcare, Inc., 6.375% Sr. Unsec. Nts., 4/15/22      1,585,000        1,442,350    

 

 
Laboratory Corp. of America Holdings, 3.60% Sr. Unsec. Nts., 2/1/25      1,575,000        1,608,405    

 

 
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/251      3,295,000        3,325,637    

 

 
Select Medical Corp., 6.375% Sr. Unsec. Nts., 6/1/21      2,675,000        2,768,625    

 

 
Tenet Healthcare Corp.:      
6.75% Sr. Unsec. Nts., 6/15/23      4,700,000        4,517,875    
7.50% Sec. Nts., 1/1/221      1,450,000        1,538,813    

 

47        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Health Care Providers & Services (Continued)      

 

 
Tenet Healthcare Corp.: (Continued) 8.125% Sr. Unsec. Nts., 4/1/22    $ 2,880,000      $             2,937,600    

 

 
UnitedHealth Group, Inc., 2.75% Sr. Unsec. Nts., 2/15/23      1,970,000        1,992,449    

 

 
Universal Hospital Services, Inc., 7.625% Sec. Nts., 8/15/20      2,075,000        2,111,313    
     

 

 

 
       

 

81,873,324  

 

 

 

 

 
Life Sciences Tools & Services—0.2%      

 

 
Quintiles IMS, Inc.:      
4.875% Sr. Unsec. Nts., 5/15/231      2,000,000        2,090,000    
5.00% Sr. Unsec. Nts., 10/15/261      2,296,000        2,439,500    

 

 
Thermo Fisher Scientific, Inc.:      
3.20% Sr. Unsec. Nts., 8/15/27      1,215,000        1,198,061    
4.15% Sr. Unsec. Nts., 2/1/24      877,000        937,045    

 

 
West Street Merger Sub, Inc., 6.375% Sr. Unsec. Nts., 9/1/251      2,135,000        2,135,000    
     

 

 

 
        8,799,606    

 

 
Pharmaceuticals—1.0%      

 

 
Allergan Funding SCS:      
2.35% Sr. Unsec. Nts., 3/12/18      2,318,000        2,324,944    
3.80% Sr. Unsec. Nts., 3/15/25      1,680,000        1,746,850    

 

 
Concordia International Corp., 7% Sr. Unsec. Nts., 4/15/231      1,745,000        292,287    

 

 
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:      
6.00% Sr. Unsec. Nts., 7/15/231      3,430,000        2,846,900    
6.00% Sr. Unsec. Nts., 2/1/251      660,000        537,900    

 

 
Endo Finance LLC/Endo Finco, Inc., 5.375% Sr. Unsec. Nts., 1/15/231      4,610,000        3,780,200    

 

 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:      
4.875% Sr. Unsec. Nts., 4/15/201      870,000        870,000    
5.50% Sr. Unsec. Nts., 4/15/251      3,345,000        3,027,225    
5.75% Sr. Unsec. Nts., 8/1/221      2,810,000        2,760,825    

 

 
Prestige Brands, Inc., 6.375% Sr. Unsec. Nts., 3/1/241      1,100,000        1,188,000    

 

 
Valeant Pharmaceuticals International, Inc.:      
5.375% Sr. Unsec. Nts., 3/15/201      2,105,000        2,110,262    
5.50% Sr. Unsec. Nts., 3/1/231      2,805,000        2,468,400    
5.875% Sr. Unsec. Nts., 5/15/231      3,990,000        3,536,137    
6.125% Sr. Unsec. Nts., 4/15/251      5,910,000        5,208,188    
6.375% Sr. Unsec. Nts., 10/15/201      1,440,000        1,444,954    
6.75% Sr. Unsec. Nts., 8/15/211      3,090,000        3,039,788    
7.00% Sr. Sec. Nts., 3/15/241      2,160,000        2,305,800    
7.25% Sr. Unsec. Nts., 7/15/221      3,355,000        3,283,706    
7.50% Sr. Unsec. Nts., 7/15/211      2,160,000        2,160,000    

 

 
Zoetis, Inc., 3% Sr. Unsec. Nts., 9/12/27      597,000        588,900    
     

 

 

 
       

 

45,521,266  

 

 

 

 

 
Industrials—3.8%      

 

 
Aerospace & Defense—0.7%      

 

 
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251      1,884,000        1,956,824    

 

 
Bombardier, Inc., 8.75% Sr. Unsec. Nts., 12/1/211      4,640,000        4,997,280    

 

48        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Aerospace & Defense (Continued)      

 

 
DAE Funding LLC:      
4.50% Sr. Unsec. Nts., 8/1/221    $ 710,000      $ 729,436    
5.00% Sr. Unsec. Nts., 8/1/241      710,000        729,525    

 

 
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27      2,835,000                    3,073,849    

 

 
FGI Operating Co. LLC/FGI Finance, Inc., 7.875% Sec. Nts., 5/1/20      3,054,000        2,015,640    

 

 
Hexcel Corp., 3.95% Sr. Unsec. Nts., 2/15/27      972,000        993,098    

 

 
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43      1,325,000        1,477,544    

 

 
Textron, Inc.:      
3.65% Sr. Unsec. Nts., 3/15/27      645,000        652,243    
4.30% Sr. Unsec. Nts., 3/1/24      894,000        949,237    

 

 
TransDigm, Inc., 6.375% Sr. Sub. Nts., 6/15/26      3,545,000        3,640,290    

 

 
Triumph Group, Inc.:      
5.25% Sr. Unsec. Nts., 6/1/22      5,055,000        4,928,625    
7.75% Sr. Unsec. Nts., 8/15/251      3,555,000        3,750,525    

 

 
United Technologies Corp., 1.778% Jr. Sub. Nts., 5/4/188      506,000        506,322    
     

 

 

 
       

 

30,400,438  

 

 

 

 

 
Air Freight & Couriers—0.1%      

 

 
CEVA Group plc, 7% Sr. Sec. Nts., 3/1/211      2,120,000        2,067,000    

 

 
FedEx Corp., 4.40% Sr. Unsec. Nts., 1/15/47      498,000        519,511    

 

 
XPO Logistics, Inc., 6.125% Sr. Unsec. Nts., 9/1/231      1,110,000        1,162,725    
     

 

 

 
       

 

3,749,236  

 

 

 

 

 
Airlines—0.1%      

 

 
American Airlines Group, Inc., 4.625% Sr. Unsec. Nts., 3/1/201      2,450,000        2,529,625    

 

 
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/241      1,010,000        1,074,640    
     

 

 

 
       

 

3,604,265  

 

 

 

 

 
Building Products—0.2%      

 

 
Allegion US Holding Co., Inc., 3.55% Sec. Nts., 10/1/276      1,769,000        1,760,756    

 

 
Owens Corning, 3.40% Sr. Unsec. Nts., 8/15/26      1,683,000        1,662,051    

 

 
Standard Industries, Inc., 5.375% Sr. Unsec. Nts., 11/15/241      4,035,000        4,308,573    

 

 
USG Corp., 4.875% Sr. Unsec. Nts., 6/1/271      1,230,000        1,286,888    
     

 

 

 
       

 

9,018,268  

 

 

 

 

 
Commercial Services & Supplies—0.7%      

 

 
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241      1,400,000        1,456,000    

 

 
APX Group, Inc., 7.625% Sr. Unsec. Nts., 9/1/231      710,000        749,937    

 

 
ARD Finance SA, 7.875% Sr. Sec. Nts., 9/15/2314      2,505,000        2,680,350    

 

 
Cenveo Corp., 6% Sr. Sec. Nts., 8/1/191      1,660,000        1,323,850    

 

 
Clean Harbors, Inc., 5.125% Sr. Unsec. Nts., 6/1/21      3,660,000        3,727,454    

 

 
Covanta Holding Corp.:      
5.875% Sr. Unsec. Nts., 3/1/24      4,495,000        4,472,525    
5.875% Sr. Unsec. Nts., 7/1/25      1,430,000        1,410,337    

 

 
GFL Environmental, Inc., 5.625% Sr. Unsec. Nts., 5/1/221      1,965,000        2,053,425    

 

 
Multi-Color Corp., 4.875% Sr. Unsec. Nts., 11/1/251,6      710,000        720,650    

 

 
Pitney Bowes, Inc., 4.625% Sr. Unsec. Nts., 3/15/24      2,126,000        2,057,963    

 

49        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Commercial Services & Supplies (Continued)      

 

 
Republic Services, Inc., 3.80% Sr. Unsec. Nts., 5/15/18    $ 2,331,000      $ 2,360,624    

 

 
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21      3,540,000        3,752,400    

 

 
TMS International Corp., 7.25% Sr. Unsec. Nts., 8/15/251      710,000        727,750    

 

 
Waste Management, Inc., 4.10% Sr. Unsec. Nts., 3/1/45      530,000        561,948    

 

 
West Corp., 5.375% Sr. Unsec. Nts., 7/15/221      1,815,000        1,837,687    
     

 

 

 
       

 

            29,892,900  

 

 

 

 

 
Construction & Engineering—0.1%      

 

 
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/353      1,105,000        1,279,037    

 

 
Tutor Perini Corp., 6.875% Sr. Unsec. Nts., 5/1/251      2,155,000        2,343,563    
     

 

 

 
       

 

3,622,600  

 

 

 

 

 
Electrical Equipment—0.1%      

 

 
Sensata Technologies BV:      
4.875% Sr. Unsec. Nts., 10/15/231      2,400,000        2,532,000    
5.625% Sr. Unsec. Nts., 11/1/241      3,550,000        3,922,750    
     

 

 

 
       

 

6,454,750  

 

 

 

 

 
Industrial Conglomerates—0.1%      

 

 
Citgo Holding, Inc., 10.75% Sr. Sec. Nts., 2/15/201      1,485,000        1,607,513    

 

 
Grupo KUO SAB de CV, 5.75% Sr. Unsec. Nts., 7/7/271      1,255,000        1,324,025    

 

 
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22      1,395,000        1,443,825    

 

 
Roper Technologies, Inc.:      
3.80% Sr. Unsec. Nts., 12/15/26      500,000        515,445    
3.85% Sr. Unsec. Nts., 12/15/25      918,000        950,595    
     

 

 

 
       

 

5,841,403  

 

 

 

 

 
Machinery—0.5%      

 

 
Allison Transmission, Inc.:      
4.75% Sr. Unsec. Nts., 10/1/271      715,000        721,256    
5.00% Sr. Unsec. Nts., 10/1/241      1,455,000        1,513,709    

 

 
Amsted Industries, Inc., 5% Sr. Unsec. Nts., 3/15/221      3,030,000        3,143,625    

 

 
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25% Sec. Nts., 3/15/241      3,650,000        3,937,437    

 

 
CD&R Waterworks Merger Sub LLC, 6.125% Sr. Unsec. Nts., 8/15/251      710,000        735,063    

 

 
Fortive Corp., 1.80% Sr. Unsec. Nts., 6/15/19      2,880,000        2,878,247    

 

 
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24      3,570,000        3,779,738    

 

 
Meritor, Inc., 6.25% Sr. Unsec. Nts., 2/15/24      1,725,000        1,842,628    

 

 
Navistar International Corp., 8.25% Sr. Unsec. Nts., 11/1/21      2,085,000        2,098,083    

 

 
Park-Ohio Industries, Inc., 6.625% Sr. Unsec. Nts., 4/15/27      780,000        844,350    

 

 
Stanley Black & Decker, Inc., 2.451% Sub. Nts., 11/17/18      651,000        655,252    

 

 
Terex Corp., 5.625% Sr. Unsec. Nts., 2/1/251      725,000        764,875    

 

 
Wabash National Corp., 5.50% Sr. Unsec. Nts., 10/1/251      355,000        362,988    

 

 
Wabtec Corp., 3.45% Sr. Unsec. Nts., 11/15/26      1,102,000        1,085,306    
     

 

 

 
        24,362,557    

 

50        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Professional Services—0.2%      

 

 
Atento Luxco 1 SA, 6.125% Sr. Sec. Nts., 8/10/221    $ 1,760,000      $             1,844,049    

 

 
Brand Energy & Infrastructure Services, Inc., 8.50% Sr. Unsec. Nts., 7/15/251      715,000        775,775    

 

 
FTI Consulting, Inc., 6% Sr. Unsec. Nts., 11/15/22      5,445,000        5,642,381    
     

 

 

 
       

 

8,262,205  

 

 

 

 

 
Road & Rail—0.2%      

 

 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25% Sr. Unsec. Nts., 3/15/251      2,065,000        2,072,744    

 

 
Canadian Pacific Railway Co., 4.80% Sr. Unsec. Nts., 9/15/35      341,000        386,031    

 

 
DAE Funding LLC, 4% Sr. Unsec. Nts., 8/1/201      710,000        725,975    

 

 
GFL Environmental, Inc., 9.875% Sr. Unsec. Nts., 2/1/211      1,465,000        1,569,015    

 

 
Hertz Corp. (The):      
6.75% Sr. Unsec. Nts., 4/15/19      1,420,000        1,417,338    
7.375% Sr. Unsec. Nts., 1/15/21      710,000        716,212    
7.625% Sec. Nts., 6/1/221      715,000        739,131    

 

 
Norfolk Southern Corp., 4.65% Sr. Unsec. Nts., 1/15/46      697,000        774,129    

 

 
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261      1,983,000        1,961,826    
     

 

 

 
       

 

10,362,401  

 

 

 

 

 
Trading Companies & Distributors—0.6%      

 

 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65% Sr. Unsec. Nts., 7/21/27      2,551,000        2,545,600    

 

 
Air Lease Corp.:      
3.00% Sr. Unsec. Nts., 9/15/23      1,170,000        1,168,317    
3.625% Sr. Unsec. Nts., 4/1/27      1,121,000        1,123,519    

 

 
Aircastle Ltd., 5% Sr. Unsec. Nts., 4/1/23      730,000        782,925    

 

 
American Builders & Contractors Supply Co., Inc., 5.75% Sr. Unsec. Nts., 12/15/231      1,030,000        1,099,525    

 

 
Fly Leasing Ltd., 5.25% Sr. Unsec. Nts., 10/15/246      1,425,000        1,435,688    

 

 
H&E Equipment Services, Inc., 5.625% Sr. Unsec. Nts., 9/1/251      2,130,000        2,252,475    

 

 
HD Supply, Inc., 5.75% Sr. Unsec. Nts., 4/15/241      1,465,000        1,571,212    

 

 
Herc Rentals, Inc.:      
7.50% Sec. Nts., 6/1/221      1,967,000        2,136,654    
7.75% Sec. Nts., 6/1/241      1,313,000        1,431,170    

 

 
Rumo Luxembourg Sarl, 7.375% Sr. Unsec. Nts., 2/9/241      1,135,000        1,231,475    

 

 
Standard Industries, Inc., 6% Sr. Unsec. Nts., 10/15/251      3,720,000        4,076,971    

 

 
United Rentals North America, Inc.:      
4.625% Sr. Unsec. Nts., 10/15/25      710,000        720,650    
4.875% Sr. Unsec. Nts., 1/15/28      3,553,000        3,575,206    
5.875% Sr. Unsec. Nts., 9/15/26      3,650,000        3,978,500    
     

 

 

 
       

 

29,129,887  

 

 

 

 

 
Transportation Infrastructure—0.2%      

 

 
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/371      2,400,000        2,972,100    

 

 
Mexico City Airport Trust, 5.50% Sr. Sec. Nts., 7/31/471      1,890,000        1,922,886    

 

51        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Transportation Infrastructure (Continued)      

 

 
United Continental Holdings, Inc., 4.25% Sr. Unsec. Nts., 10/1/22    $ 2,135,000      $             2,153,681    
     

 

 

 
       

 

7,048,667  

 

 

 

 

 
Information Technology—2.5%      

 

 
Communications Equipment—0.2%      

 

 
CommScope Technologies LLC, 6% Sr. Unsec. Nts., 6/15/251      1,545,000        1,658,944    

 

 
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/221      1,200,000        1,264,500    

 

 
Infor US, Inc., 6.50% Sr. Unsec. Nts., 5/15/22      3,680,000        3,834,082    

 

 
Plantronics, Inc., 5.50% Sr. Unsec. Nts., 5/31/231      2,055,000        2,137,200    

 

 
Riverbed Technology, Inc., 8.875% Sr. Unsec. Nts., 3/1/231      1,605,000        1,534,781    

 

 
ViaSat, Inc., 5.625% Sr. Unsec. Nts., 9/15/251      710,000        718,023    
     

 

 

 
       

 

11,147,530  

 

 

 

 

 
Electronic Equipment, Instruments, & Components—0.2%      

 

 
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28      1,840,000        1,839,105    

 

 
CDW LLC/CDW Finance Corp.:      
5.00% Sr. Unsec. Nts., 9/1/23      1,320,000        1,384,772    
5.50% Sr. Unsec. Nts., 12/1/24      417,000        466,523    

 

 
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27      1,888,000        1,950,174    

 

 
TTM Technologies, Inc., 5.625% Sr. Unsec. Nts., 10/1/251      2,135,000        2,165,691    
     

 

 

 
       

 

7,806,265  

 

 

 

 

 
Internet Software & Services—0.4%      

 

 
Affinion Group, Inc., 14.00% Sr. Unsec. Nts., 11/10/223,14      6,401,815        5,569,579    

 

 
j2 Cloud Services LLC/j2 Global Co.-Obligor, Inc., 6% Sr. Unsec. Nts., 7/15/251      2,140,000           2,249,675    

 

 
Rackspace Hosting, Inc., 8.625% Sr. Unsec. Nts., 11/15/241      3,990,000        4,264,313    

 

 
VeriSign, Inc.:      
4.75% Sr. Unsec. Nts., 7/15/27      2,844,000        2,943,540    
5.25% Sr. Unsec. Nts., 4/1/25      759,000        823,515    
     

 

 

 
       

 

15,850,622  

 

 

 

 

 
IT Services—0.7%      

 

 
Booz Allen Hamilton, Inc., 5.125% Sr. Unsec. Nts., 5/1/251      1,425,000        1,442,812    

 

 
Broadridge Financial Solutions, Inc., 3.40% Sr. Unsec. Nts., 6/27/26      1,078,000        1,069,764    

 

 
Conduent Finance, Inc./Conduent Business Services LLC, 10.50% Sr. Unsec. Nts., 12/15/241      4,950,000        5,853,375    

 

 
DXC Technology Co.:      
2.875% Sr. Unsec. Nts., 3/27/20      1,864,000        1,889,676    
4.75% Sr. Unsec. Nts., 4/15/27      1,857,000        1,989,225    

 

 
Exela Intermediate LLC/Exela Finance, Inc., 10% Sr. Sec. Nts., 7/15/231      2,135,000        2,108,312    

 

 
Fidelity National Information Services, Inc., 2.85% Sr. Unsec. Nts., 10/15/18      1,895,000        1,917,563    

 

 
Gartner, Inc., 5.125% Sr. Unsec. Nts., 4/1/251      2,160,000        2,284,200    

 

 
Harland Clarke Holdings Corp., 6.875% Sr. Sec. Nts., 3/1/201      5,540,000        5,720,050    

 

 
Sabre GLBL, Inc., 5.25% Sr. Sec. Nts., 11/15/231      4,690,000        4,842,425    

 

52        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
IT Services (Continued)      

 

 
Total System Services, Inc., 2.375% Sr. Unsec. Nts., 6/1/18    $ 1,548,000      $             1,553,494    
     

 

 

 
       

 

30,670,896  

 

 

 

 

 
Semiconductors & Semiconductor Equipment—0.2%      

 

 
Intel Corp., 4.90% Sr. Unsec. Nts., 7/29/45      612,000        732,640    

 

 
Micron Technology, Inc., 5.25% Sr. Unsec. Nts., 8/1/231      1,675,000        1,755,400    

 

 
NXP BV/NXP Funding LLC, 4.625% Sr. Unsec. Nts., 6/1/231      3,735,000        4,024,462    

 

 
QUALCOMM, Inc., 3.25% Sr. Unsec. Nts., 5/20/27      1,252,000        1,263,674    

 

 
Versum Materials, Inc., 5.50% Sr. Unsec. Nts., 9/30/241      725,000        770,312    
     

 

 

 
       

 

8,546,488  

 

 

 

 

 
Software—0.6%      

 

 
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25      654,000        694,950    

 

 
BMC Software Finance, Inc., 8.125% Sr. Unsec. Nts., 7/15/211      3,491,000        3,591,366    

 

 
Dell International LLC/EMC Corp.:      
3.48% Sr. Sec. Nts., 6/1/191      2,847,000        2,902,632    
5.875% Sr. Unsec. Nts., 6/15/211      1,205,000        1,262,744    
6.02% Sr. Sec. Nts., 6/15/261      1,666,000        1,852,612    
7.125% Sr. Unsec. Nts., 6/15/241      2,190,000        2,420,332    

 

 
Informatica LLC, 7.125% Sr. Unsec. Nts., 7/15/231      1,775,000        1,792,750    

 

 
Open Text Corp., 5.625% Sr. Unsec. Nts., 1/15/231      1,211,000        1,274,577    

 

 
Oracle Corp.:      
2.40% Sr. Unsec. Nts., 9/15/23      1,663,000        1,654,336    
2.95% Sr. Unsec. Nts., 5/15/25      1,469,000        1,482,267    

 

 
Symantec Corp., 5% Sr. Unsec. Nts., 4/15/251      1,385,000        1,451,660    

 

 
TIBCO Software, Inc., 11.375% Sr. Unsec. Nts., 12/1/211      2,330,000        2,554,262    

 

 
Veritas US, Inc./Veritas Bermuda Ltd., 7.50% Sr. Sec. Nts., 2/1/231      3,270,000        3,490,725    

 

 
VMware, Inc.:      
2.30% Sr. Unsec. Nts., 8/21/20      751,000        753,579    
3.90% Sr. Unsec. Nts., 8/21/27      1,235,000        1,250,406    
     

 

 

 
       

 

28,429,198  

 

 

 

 

 
Technology Hardware, Storage & Peripherals—0.2%      

 

 
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45      1,362,000        1,488,382    

 

 
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221      1,085,000        1,163,662    

 

 
Hewlett Packard Enterprise Co.:      
2.10% Sr. Unsec. Nts., 10/4/191      1,983,000        1,984,399    
2.45% Sr. Unsec. Nts., 10/5/17      690,000        690,033    

 

 
NCR Corp., 6.375% Sr. Unsec. Nts., 12/15/23      1,535,000        1,641,069    

 

 
NetApp, Inc., 2% Sr. Unsec. Nts., 9/27/19      1,114,000        1,114,004    

 

 
Western Digital Corp., 10.50% Sr. Unsec. Nts., 4/1/24      2,540,000        2,990,850    
     

 

 

 
       

 

11,072,399  

 

 

 

 

 
Materials—3.8%      

 

 
Chemicals—1.3%      

 

 
Agrium, Inc.:      
3.375% Sr. Unsec. Nts., 3/15/25      918,000        924,749    
4.125% Sr. Unsec. Nts., 3/15/35      388,000        395,215    

 

53        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

              Principal Amount      Value    

 

 
Chemicals (Continued)         

 

 
CF Industries, Inc., 4.50% Sr. Sec. Nts., 12/1/261       $             1,249,000      $             1,308,763    

 

 
Chemours Co. (The):         
5.375% Sr. Unsec. Nts., 5/15/27         1,075,000        1,120,687    
6.625% Sr. Unsec. Nts., 5/15/23         1,220,000        1,303,875    

 

 
CYDSA SAB de CV, 6.25% Sr. Unsec. Nts., 10/4/271         1,430,000        1,404,017    

 

 
Ecolab, Inc., 2% Sr. Unsec. Nts., 1/14/19         2,387,000        2,397,207    

 

 
Hexion, Inc.:         
6.625% Sr. Sec. Nts., 4/15/20         5,065,000        4,558,500    
10.375% Sr. Sec. Nts., 2/1/221         2,760,000        2,663,400    
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/261         1,065,000        1,131,562    

 

 
Koppers, Inc., 6% Sr. Unsec. Nts., 2/15/251         1,445,000        1,556,988    

 

 
Kraton Polymers LLC/Kraton Polymers Capital Corp.:         
7.00% Sr. Unsec. Nts., 4/15/251         720,000        775,800    
10.50% Sr. Unsec. Nts., 4/15/231         2,960,000        3,396,600    

 

 
NOVA Chemicals Corp.:         
4.875% Sr. Unsec. Nts., 6/1/241         715,000        725,725    
5.25% Sr. Unsec. Nts., 8/1/231         1,465,000        1,514,444    

 

 
ONGC Videsh Ltd.:         
2.75% Sr. Unsec. Nts., 7/15/21    EUR      3,340,000        4,213,220    
4.625% Sr. Unsec. Nts., 7/15/24         3,725,000        4,003,593    

 

 
Platform Specialty Products Corp., 6.50% Sr. Unsec. Nts., 2/1/221         1,910,000        1,984,013    

 

 
PolyOne Corp., 5.25% Sr. Unsec. Nts., 3/15/23         2,156,000        2,303,514    

 

 
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251         5,040,000        5,329,800    

 

 
RPM International, Inc.:         
3.45% Sr. Unsec. Unsub. Nts., 11/15/22         2,047,000        2,143,258    
3.75% Sr. Unsec. Nts., 3/15/27         649,000        658,815    

 

 
Sherwin-Williams Co. (The), 3.95% Sr. Unsec. Nts., 1/15/26         1,287,000        1,338,764    

 

 
Techniplas LLC, 10% Sr. Sec. Nts., 5/1/201         2,850,000        2,009,250    

 

 
Tronox Finance LLC, 7.50% Sr. Unsec. Nts., 3/15/221         1,215,000        1,286,381    

 

 
Tronox Finance plc, 5.75% Sr. Unsec. Nts., 10/1/251         1,420,000        1,459,050    

 

 
Valvoline, Inc., 4.375% Sr. Unsec. Nts., 8/15/251         1,425,000        1,451,861    

 

 
Venator Finance Sarl/Venator Materials LLC, 5.75% Sr. Unsec. Nts., 7/15/251         2,140,000        2,230,950    

 

 
Yara International ASA, 3.80% Sr. Unsec. Nts., 6/6/261         1,720,000        1,697,688    
        

 

 

 
          

 

57,287,689  

 

 

 

 

 
Construction Materials—0.2%         

 

 
CRH America, Inc., 5.125% Sr. Unsec. Nts., 5/18/451         932,000        1,069,778    

 

 
James Hardie International Finance DAC, 5.875% Sr. Unsec. Nts., 2/15/231         1,237,000        1,305,035    

 

 
LafargeHolcim Finance US LLC, 3.50% Sr. Unsec. Nts., 9/22/261         669,000        663,585    

 

 
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/271         1,445,000        1,530,616    

 

 
Summit Materials LLC/Summit Materials Finance Corp., 5.125% Sr. Unsec. Nts., 6/1/251         715,000        738,524    

 

 
US Concrete, Inc., 6.375% Sr. Unsec. Nts., 6/1/24         2,200,000        2,381,500    

 

54        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Construction Materials (Continued)      

 

 
Vulcan Materials Co., 3.90% Sr. Unsec. Nts., 4/1/27    $ 1,835,000      $ 1,880,875    
     

 

 

 
                    9,569,913    

 

 
Containers & Packaging—0.7%      

 

 
Coveris Holdings SA, 7.875% Sr. Unsec. Nts., 11/1/191      5,265,000        5,212,350    

 

 
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50% Sr. Unsec. Nts., 1/15/23      2,880,000        3,038,400    

 

 
Graphic Packaging International, Inc., 4.125% Sr. Unsec. Nts., 8/15/24      2,165,000        2,248,352    

 

 
International Paper Co.:      
3.00% Sr. Unsec. Nts., 2/15/27      1,020,000        992,446    
4.80% Sr. Unsec. Nts., 6/15/44      1,011,000        1,090,797    

 

 
Klabin Finance SA, 4.875% Sr. Unsec. Nts., 9/19/271      1,655,000        1,646,559    

 

 
Owens-Brockway Glass Container, Inc., 5% Sr. Unsec. Nts., 1/15/221      1,360,000        1,445,000    

 

 
Packaging Corp. of America, 4.50% Sr. Unsec. Nts., 11/1/23      1,991,000        2,158,254    

 

 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA:      
5.125% Sr. Sec. Nts., 7/15/231      2,185,000        2,282,997    
7.00% Sr. Unsec. Nts., 7/15/241      4,065,000        4,336,847    

 

 
Sealed Air Corp.:      
4.875% Sr. Unsec. Nts., 12/1/221      1,615,000        1,724,013    
5.125% Sr. Unsec. Nts., 12/1/241      1,915,000        2,070,594    

 

 
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/251      2,105,000        2,178,675    
     

 

 

 
        30,425,284    

 

 
Metals & Mining—1.3%      

 

 
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24      3,185,000        3,404,606    

 

 
AK Steel Corp.:      
6.375% Sr. Unsec. Nts., 10/15/25      3,560,000        3,524,400    
7.00% Sr. Unsec. Nts., 3/15/27      1,715,000        1,755,731    

 

 
Alcoa Nederland Holding BV:      
6.75% Sr. Unsec. Nts., 9/30/241      710,000        789,875    
7.00% Sr. Unsec. Nts., 9/30/261      690,000        784,875    

 

 
Aleris International, Inc.:      
7.875% Sr. Unsec. Nts., 11/1/20      4,010,000        4,030,050    
9.50% Sr. Sec. Nts., 4/1/211      1,440,000        1,540,800    

 

 
Allegheny Technologies, Inc., 5.875% Sr. Unsec. Nts., 8/15/23      1,425,000        1,546,125    

 

 
Anglo American Capital plc:      
3.625% Sr. Unsec. Nts., 9/11/241      598,000        596,987    
4.00% Sr. Unsec. Nts., 9/11/271      980,000        969,714    

 

 
Coeur Mining, Inc., 5.875% Sr. Unsec. Nts., 6/1/24      2,145,000        2,153,044    

 

 
Constellium NV:      
5.75% Sr. Unsec. Nts., 5/15/241      1,535,000        1,542,675    
6.625% Sr. Unsec. Nts., 3/1/251      1,445,000        1,482,931    

 

 
First Quantum Minerals Ltd.:      
7.25% Sr. Unsec. Nts., 5/15/221      2,520,000        2,605,050    
7.25% Sr. Unsec. Nts., 4/1/231      2,160,000        2,230,200    

 

 
Freeport-McMoRan, Inc.:      
4.55% Sr. Unsec. Nts., 11/14/24      1,420,000        1,428,520    

 

55        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value  

 

 
Metals & Mining (Continued)      

 

 
Freeport-McMoRan, Inc.: (Continued)      
5.40% Sr. Unsec. Nts., 11/14/34    $ 2,605,000      $ 2,500,800    

 

 
Goldcorp, Inc., 5.45% Sr. Unsec. Nts., 6/9/44      669,000        753,569    

 

 
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251      1,455,000        1,582,342    

 

 
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19      2,995,000        3,064,634    

 

 
Kinross Gold Corp., 4.50% Sr. Unsec. Nts., 7/15/271      2,140,000        2,164,075    

 

 
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/201      725,000        765,880    

 

 
Metinvest BV, 9.373% Sr. Sec. Nts., 12/31/2114      1,474,390        1,495,326    

 

 
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/231      2,820,000        2,952,836    

 

 
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35      2,620,000        3,415,794    

 

 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251      715,000        741,812    

 

 
Teck Resources Ltd.:      
5.20% Sr. Unsec. Nts., 3/1/42      3,570,000        3,570,000    
6.125% Sr. Unsec. Nts., 10/1/35      1,605,000        1,805,625    

 

 
United States Steel Corp., 6.875% Sr. Unsec. Nts., 8/15/25      1,425,000        1,464,187    

 

 
Zekelman Industries, Inc., 9.875% Sr. Sec. Nts., 6/15/233      2,135,000        2,412,550    
     

 

 

 
       

 

59,075,013  

 

 

 

 

 
Paper & Forest Products—0.3%      

 

 
Clearwater Paper Corp., 5.375% Sr. Unsec. Nts., 2/1/251      2,135,000        2,129,662    

 

 
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24      2,184,000        2,255,766    

 

 
Mercer International, Inc.:      
6.50% Sr. Unsec. Nts., 2/1/24      1,445,000        1,506,413    
7.75% Sr. Unsec. Nts., 12/1/22      1,445,000        1,538,925    

 

 
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/261      3,270,000        3,521,136    

 

 
Tembec Industries, Inc., 9% Sr. Sec. Nts., 12/15/191      4,190,000        4,311,510    
     

 

 

 
       

 

            15,263,412  

 

 

 

 

 
Telecommunication Services—2.3%      

 

 
Diversified Telecommunication Services—1.6%      

 

 
AT&T, Inc.:      
3.40% Sr. Unsec. Nts., 8/14/24      1,018,000        1,020,690    
3.80% Sr. Unsec. Nts., 3/15/22      2,249,000        2,344,460    
4.35% Sr. Unsec. Nts., 6/15/45      1,120,000        1,031,358    
4.90% Sr. Unsec. Nts., 8/14/37      1,391,000        1,411,788    
5.15% Sr. Unsec. Nts., 2/14/50      1,391,000        1,407,141    

 

 
British Telecommunications plc, 9.125% Sr. Unsec. Nts., 12/15/30      2,012,000        3,050,253    

 

 
CB Escrow Corp., 8% Sr. Unsec. Nts., 10/15/251,6      710,000        717,100    

 

 
CenturyLink, Inc.:      
5.625% Sr. Unsec. Nts., 4/1/25      2,150,000        2,066,688    
Series S, 6.45% Sr. Unsec. Nts., 6/15/21      2,900,000        3,032,037    
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24      3,515,000        3,647,551    

 

 
Cincinnati Bell Telephone Co. LLC, 6.30% Sr. Unsec. Nts., 12/1/28      1,420,000        1,401,994    

 

 
Deutsche Telekom International Finance BV, 3.60% Sr. Unsec. Nts., 1/19/271      1,275,000        1,291,903    

 

56        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Diversified Telecommunication Services (Continued)      

 

 
Frontier Communications Corp.:      
8.75% Sr. Unsec. Nts., 4/15/22    $ 1,565,000      $ 1,283,300    
10.50% Sr. Unsec. Nts., 9/15/22      8,280,000        7,245,000    
11.00% Sr. Unsec. Nts., 9/15/25      4,515,000        3,860,325    

 

 
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/221      1,020,000        1,117,084    

 

 
Level 3 Financing, Inc.:      
5.25% Sr. Unsec. Nts., 3/15/26      3,490,000        3,584,893    
5.625% Sr. Unsec. Nts., 2/1/23      1,325,000        1,368,964    

 

 
Qwest Capital Funding, Inc., 7.75% Sr. Unsec. Nts., 2/15/31      720,000        672,300    

 

 
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33      2,155,000        2,113,549    

 

 
Telefonica Emisiones SAU:      
3.192% Sr. Unsec. Nts., 4/27/18      1,787,000        1,801,715    
4.103% Sr. Unsec. Nts., 3/8/27      701,000        726,375    
5.213% Sr. Unsec. Nts., 3/8/47      876,000        967,296    
7.045% Sr. Unsec. Unsub. Nts., 6/20/36      846,000        1,123,371    

 

 
T-Mobile USA, Inc.:      
4.00% Sr. Unsec. Nts., 4/15/22      2,165,000        2,247,313    
5.125% Sr. Unsec. Nts., 4/15/25      2,165,000        2,267,838    
5.375% Sr. Unsec. Nts., 4/15/27      1,080,000        1,166,724    
6.00% Sr. Unsec. Nts., 4/15/24      2,925,000        3,111,469    

 

 
Verizon Communications, Inc.:      
1.75% Sr. Unsec. Nts., 8/15/21      911,000        892,332    
4.125% Sr. Unsec. Nts., 8/15/46      1,129,000        1,029,880    
4.522% Sr. Unsec. Nts., 9/15/48      1,417,000        1,376,015    

 

 
Windstream Services LLC:      
6.375% Sr. Unsec. Nts., 8/1/23      3,310,000        2,358,375    
7.75% Sr. Unsec. Nts., 10/1/21      1,495,000        1,121,250    

 

 
Zayo Group LLC/Zayo Capital, Inc.:      
5.75% Sr. Unsec. Nts., 1/15/271      715,000        759,688    
6.00% Sr. Unsec. Nts., 4/1/23      3,920,000        4,168,724    
     

 

 

 
       

 

68,786,743  

 

 

 

 

 
Wireless Telecommunication Services—0.7%      

 

 
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/231      1,500,000        1,584,484    

 

 
C&W Senior Financing Designated Activity Co., 6.875% Sr. Unsec. Nts., 9/15/271      1,730,000        1,803,525    

 

 
Sprint Communications, Inc.:      
6.00% Sr. Unsec. Nts., 11/15/22      5,555,000        5,997,733    
7.00% Sr. Unsec. Nts., 3/1/201      2,100,000        2,299,500    

 

 
Sprint Corp.:      
7.125% Sr. Unsec. Nts., 6/15/24      7,085,000        7,988,338    
7.875% Sr. Unsec. Nts., 9/15/23      5,445,000        6,329,813    

 

 
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.875% Sr. Sec. Nts., 5/1/223      3,585,000        3,746,325    

 

 
VimpelCom Holdings BV, 4.95% Sr. Unsec. Nts., 6/16/241      2,920,000        2,995,278    
     

 

 

 
                    32,744,996    

 

57        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

         Principal Amount      Value    

 

 
Utilities—2.1%      

 

 
Electric Utilities—0.7%      

 

 
AEP Texas, Inc., 3.85% Sr. Unsec. Nts., 10/1/251    $ 995,000      $ 1,038,830    

 

 
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/241      1,275,000                    1,317,419    

 

 
Cleco Corporate Holdings LLC, 3.743% Sr. Sec. Nts., 5/1/26      1,021,000        1,029,628    

 

 
Duke Energy Corp.:      
3.15% Sr. Unsec. Nts., 8/15/27      1,217,000        1,208,475    
3.75% Sr. Unsec. Nts., 9/1/46      1,080,000        1,044,225    

 

 
Edison International, 2.95% Sr. Unsec. Nts., 3/15/23      1,602,000        1,623,751    

 

 
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241      1,640,000        1,658,540    

 

 
Emera US Finance LP, 2.15% Sr. Unsec. Nts., 6/15/19      1,244,000        1,244,887    

 

 
Enel Finance International NV, 3.625% Sr. Unsec. Nts., 5/25/271      1,254,000        1,258,545    

 

 
Entergy Texas, Inc., 7.125% Sec. Nts., 2/1/19      768,000        819,193    

 

 
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46      623,000        654,684    

 

 
Indiana Michigan Power Co., Series K, 4.55% Sr. Unsec. Nts., 3/15/46      602,000        671,209    

 

 
Intelsat Jackson Holdings SA, 9.75% Sr. Unsec. Nts., 7/15/251      2,140,000        2,166,750    

 

 
ITC Holdings Corp., 5.30% Sr. Unsec. Nts., 7/1/43      560,000        659,838    

 

 
NextEra Energy Operating Partners LP:      
4.25% Sr. Unsec. Nts., 9/15/241      916,000        937,755    
4.50% Sr. Unsec. Nts., 9/15/271      710,000        725,087    

 

 
Pacific Gas & Electric Co., 3.40% Sr. Unsec. Nts., 8/15/24      1,584,000        1,640,964    

 

 
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Unsub. Nts., 5/1/211      2,206,000        2,389,188    

 

 
Public Service Co. of New Mexico, 7.95% Sr. Unsec. Nts., 5/15/18      1,570,000        1,628,615    

 

 
Southern Co. Gas Capital Corp., 4.40% Sr. Unsec. Nts., 5/30/47      908,000        941,585    

 

 
Southern Power Co., 1.95% Sr. Unsec. Nts., 12/15/19      2,388,000        2,384,043    

 

 
TECO Finance, Inc., 6.572% Sr. Unsec. Nts., 11/1/17      1,940,000        1,947,241    

 

 
Trans-Allegheny Interstate Line Co., 3.85% Sr. Unsec. Nts., 6/1/251      1,304,000        1,365,204    
     

 

 

 
       

 

30,355,656  

 

 

 

 

 
Gas Utilities—0.1%      

 

 
Ferrellgas LP/Ferrellgas Finance Corp.:      
6.50% Sr. Unsec. Nts., 5/1/21      1,966,000        1,916,850    
6.75% Sr. Unsec. Nts., 6/15/23      2,500,000        2,418,750    

 

 
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27      1,800,000        1,791,000    
     

 

 

 
       

 

6,126,600  

 

 

 

 

 
Independent Power and Renewable Electricity Producers—0.9%     

 

 
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261      1,630,000        1,771,810    

 

 
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/241      1,275,000        1,369,758    

 

 
AES Corp., 6% Sr. Unsec. Nts., 5/15/26      2,750,000        2,970,000    

 

 
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221      1,265,000        1,296,625    

 

58        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

         Principal Amount      Value    

 

 
Independent Power and Renewable Electricity Producers (Continued)     

 

 
Calpine Corp.:      
5.25% Sr. Sec. Nts., 6/1/261    $ 2,135,000      $ 2,135,000    
5.75% Sr. Unsec. Nts., 1/15/25      3,265,000        3,097,669    

 

 
Dynegy, Inc.:      
7.375% Sr. Unsec. Nts., 11/1/22      4,420,000        4,629,950    
8.00% Sr. Unsec. Nts., 1/15/251      3,990,000        4,149,600    
8.125% Sr. Unsec. Nts., 1/30/261      3,560,000        3,671,250    

 

 
GenOn Energy, Inc., 9.50% Sr. Unsec. Nts., 10/15/18      4,665,000        3,440,437    

 

 
Miran Mid-Atlantic Trust, 10.06% Sec. Pass-Through Certificates, Series C, 12/30/28      1,334,783        1,274,718    

 

 
NRG Energy, Inc.:      
6.625% Sr. Unsec. Nts., 1/15/27      1,780,000        1,873,450    
7.25% Sr. Unsec. Nts., 5/15/26      3,065,000        3,302,538    

 

 
Talen Energy Supply LLC:      
4.625% Sr. Unsec. Nts., 7/15/191      294,000        291,060    
6.50% Sr. Unsec. Nts., 6/1/25      5,505,000        4,211,325    
     

 

 

 
       

 

39,485,190  

 

 

 

 

 
Multi-Utilities—0.4%      

 

 
AssuredPartners, Inc., 7% Sr. Unsec. Nts., 8/15/251      1,603,000        1,645,079    

 

 
Dominion Energy, Inc.:      
1.875% Sr. Unsec. Nts., 1/15/19      1,193,000        1,191,772    
4.90% Sr. Unsec. Nts., 8/1/41      861,000        958,425    

 

 
InterGen NV, 7% Sr. Sec. Nts., 6/30/231      3,100,000        3,038,000    

 

 
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271      3,405,000        3,387,617    

 

 
NGPL PipeCo LLC:      
4.875% Sr. Unsec. Nts., 8/15/271      1,070,000        1,123,875    
7.768% Sr. Unsec. Nts., 12/15/371      1,780,000        2,225,000    

 

 
NiSource Finance Corp.:      
3.49% Sr. Unsec. Nts., 5/15/27      1,833,000        1,858,255    
6.80% Sr. Unsec. Nts., 1/15/19      378,000        400,871    

 

 
Public Service Enterprise Group, Inc., 1.60% Sr. Unsec. Nts., 11/15/19      2,250,000        2,226,322    

 

 
Virginia Electric & Power Co., 2.95% Sr. Unsec. Nts., 1/15/22      1,684,000        1,718,899    
     

 

 

 
        19,774,115    
     

 

 

 
Total Corporate Bonds and Notes (Cost $2,016,091,759)        

 

     2,037,812,011  

 

 

 

     Shares     

 

 
Preferred Stocks—0.9%      

 

 
Allstate Corp. (The), 6.625% Non-Cum., Non-Vtg.      34,225        917,230    

 

 
American Homes 4 Rent, 6.50% Cum. Cv., Series D, Non-Vtg.      35,000        966,000    

 

 
Arch Capital Group Ltd., 5.25% Non-Cum., Non-Vtg.      39,075        965,152    

 

 
BB&T Corp., 5.625% Non-Cv.      28,675        764,189    

 

 
Carlyle Group LP (The), 5.875% Non-Cum., Series A, Non-Vtg.15      36,540        934,693    

 

 
Citigroup Capital XIII, 7.681% [US0003M + 637], Cum., Non-Vtg.2      53,125        1,475,812    

 

 
Digital Realty Trust, Inc., 6.625% Cum., Series C, Non-Vtg.15      10,657        300,847    

 

 
Digital Realty Trust, Inc., 7.375% Cum., Non-Vtg.      25,200        683,424    

 

 
Dominion Energy, Inc., 5.25% Cum.      37,800        974,862    

 

59        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

     Shares      Value    

 

 
Preferred Stocks (Continued)      

 

 
DTE Energy Co., 5.375% Jr. Sub., Non-Vtg.      37,700      $ 974,545    

 

 
eBay, Inc., 6% Cv.      34,600        935,238    

 

 
Fifth Third Bancorp, 6.625% Non-Cum., Non-Vtg.8      44,200                    1,325,558    

 

 
First Republic Bank, 7% Non-Cum.      25,975        691,195    

 

 
GMAC Capital Trust I, 7.10% [US0003M + 578.5], Jr. Sub., Non-Vtg.2      54,825        1,447,380    

 

 
Goldman Sachs Group, Inc. (The), 6.30% Non-Cum., Series N, Non-Vtg.      90,275        2,482,562    

 

 
Hartford Financial Services Group, Inc. (The), 7.875% Jr. Sub., Non-Vtg.8      59,125        1,795,035    

 

 
Huntington Bancshares, Inc., 6.25% Non-Cum., Non-Vtg.      27,300        748,566    

 

 
KeyCorp, 6.125% Non-Cum., Non-Vtg.8      78,200        2,298,298    

 

 
Morgan Stanley, 5.85% Non-Cum., Non-Vtg.8      57,175        1,563,164    

 

 
Morgan Stanley, 6.375% Non-Cum., Non-Vtg.8      54,200        1,536,028    

 

 
NextEra Energy Capital Holding, Inc., 5.25% Jr. Sub., Non-Vtg.      37,375        954,557    

 

 
Northern Trust Corp., 5.85% Non-Cum., Non-Vtg.      27,175        707,365    

 

 
Peabody Energy Corp., 8.50% Cv., Series A, Vtg.15      6,227        390,495    

 

 
PNC Financial Services Group, Inc. (The), 6.125% Non-Cum., Non-Vtg.8      50,625        1,453,444    

 

 
Prudential Financial, Inc., 5.75% Jr. Sub.      28,600        731,874    

 

 
Public Storage, 6% Cum., Non-Vtg.      39,425        1,030,964    

 

 
Qwest Corp., 7% Sr. Unsec.      53,125        1,431,719    

 

 
Regions Financial Corp., 6.375% Non-Cum., Series A      26,600        676,970    

 

 
Senior Housing Properties Trust, 5.625% Cv.      37,850        961,012    

 

 
Southern Co. (The), 5.25% Jr. Sub.      41,275        1,052,925    

 

 
State Street Corp., 6% Non-Cum., Non-Vtg.      51,650        1,377,506    

 

 
US Bancorp, 6.50% Non-Cum., Non-Vtg.8      54,000        1,574,100    

 

 
Validus Holdings Ltd., 5.80% Non-Cum.      36,350        914,203    

 

 
Ventas Realty LP/Ventas Capital Corp., 5.45% Sr. Unsec.      42,050        1,070,593    

 

 
Wells Fargo & Co., 5.625% Non-Cum., Non-Vtg.      13,730        359,589    

 

 
Wells Fargo & Co., 6.625% Non-Cum Non-Vtg.8      31,525        911,388    

 

 
Zions Bancorporation, 6.30% Non-Cum.8      30,162        836,091    
     

 

 

 
Total Preferred Stocks (Cost $39,026,679)        

 

 

40,214,573  

 

 

 

 

 

 

 
Common Stocks—0.3%      

 

 
Arco Capital Corp. Ltd.1,7,10,15      2,494,716        —    

 

 
Carrizo Oil & Gas, Inc.15      30,616        524,452    

 

 
Dynegy, Inc.15      272,001        2,662,890    

 

 
EP Energy Corp., Cl. A15      514,297        1,676,608    

 

 
Frontier Communications Corp.      40,226        474,264    

 

 
JSC Astana Finance, GDR3,7,15      1,681,847        —    

 

 
Newfield Exploration Co.15      20,203        599,423    

 

 
Parsley Energy, Inc., Cl. A15      24,793        653,048    

 

 
Peabody Energy Corp.15      64,512        1,871,493    

 

 
Premier Holdings Ltd.7,15      1,088,661        —    

 

 
Quicksilver Resources, Inc.7,15      12,760,000        269,236    

 

 
Range Resources Corp.      52,103        1,019,656    

 

 
RSP Permian, Inc.15      18,706        647,041    

 

 
Sabine Oil15      2,464        109,648    

 

60        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


    

 

                Shares      Value    

 

 
Common Stocks (Continued)         

 

 
Schlumberger Ltd.         9,836      $ 686,159    

 

 
SM Energy Co.         35,520        630,125    

 

 
Valeant Pharmaceuticals International, Inc.15         237,651                    3,405,539    
        

 

 

 
Total Common Stocks (Cost $35,371,388)           

 

15,229,582  

 

 

 

            Units         

 

 
Rights, Warrants and Certificates—0.0%         
Affinion Group Wts., Strike Price $1, Exp. 11/10/227,15         25,422        243,034    

 

 
Sabine Oil Tranche 1 Wts., Strike Price $4.49, Exp. 8/11/2615         7,816        52,758    

 

 
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2615         1,392        8,004    
        

 

 

 
Total Rights, Warrants and Certificates (Cost $1,590,968)            303,796    
                Principal Amount         

 

 
Structured Securities—0.5%         

 

 
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:         
3.003%, 4/30/251,16       $ 2,876,315        1,422,840    
3.054%, 4/30/251,16         3,664,867        1,812,917    
3.098%, 4/30/251,16         3,164,026        1,565,163    
3.131%, 4/30/251,16         2,828,240        1,399,058    
3.179%, 4/30/251,16         3,521,388        1,741,941    
3.231%, 4/30/251,16         4,019,131        1,988,162    
3.265%, 4/30/251,16         3,210,815        1,588,308    
3.346%, 4/30/251,16         3,018,029        1,492,942    
74.66%, 12/31/173,7,13      BRL                    14,420,000        7,905,507    

 

 
LB Peru Trust II Certificates, Series 1998-A, 99.999%, 2/28/167,9,16         115,443        —    

 

 
Morgan Stanley, Russian Federation Total Return Linked         
Bonds, Series 007, Cl. VR, 5%, 8/22/347      RUB                    100,368,564        768,957    
        

 

 

 
Total Structured Securities (Cost $32,125,828)           

 

21,685,795  

 

 

 

 

 
Short-Term Notes—0.9%         

 

 
Arab Republic of Egypt Treasury Bills, 19.026%, 11/14/1716      EGP                    438,975,000        24,387,013    

 

 
Egypt Treasury Bills:         
18.696%, 2/27/1816      EGP                    145,500,000        7,719,307    
21.693%, 1/16/1816      EGP                    131,200,000        7,075,456    
        

 

 

 
Total Short-Term Notes (Cost $38,329,390)            39,181,776    

 

     Counterparty                      

Exercise    

Price    

   

Expiration    

Date    

    

Notional    

Amount    

(000’s)    

     Contracts    
(000’s)    
        

 

 
Over-the-Counter Options Purchased—0.0%        

 

 
                   BRL         
BRL Currency
Call15
     BNP                  BRL            3.120           12/13/17            BRL  156,000            113,465            292,740    

 

 
                   BRL         
BRL Currency
Call15
     BAC                  BRL            3.105           12/7/17            BRL  155,250            114,885            233,331    

 

 
                   CNH         
CNH Currency
Call15,19
     BNP                  CNH            6.500           11/10/17            CNH  2,000            1,455            89,120    

 

61        OPPENHEIMER GLOBAL STRATEGIC INCOME FUND


CONSOLIDATED STATEMENT OF INVESTMENTS Continued

 

                              Notional                
                 Exercise Expiration    

Amount

     Contracts         

Counterparty

           Price      Date    

(000’s)

    

(000’s)

     Value  
Over-the-Counter Options Purchased (Continued)  

 

 
                   EUR   
EUR Currency Put15      BAC      NOK      9.260        11/16/17    

 

EUR 80,000

 

     58,215      $ 238,536  
                   IDR     
IDR Currency Call15      HSBC      IDR      13525.000       

IDR

12/28/17676,250,000

 

 

  

 

 

 

513,950,000

 

 

     513,950  
                   JPY     
JPY Currency Call15      BNP      JPY      109.000        12/22/17      
JPY
10,900,000
 
 
  

 

 

 

7,924,000

 

 

     673,540  
                   SGD     
SGD Currency Put15      BAC      SGD      1.366        11/3/17      
SGD
136,600
 
 
     102,450        217,809  
                   SGD     
SGD Currency Put15      GSCO-OT      SGD      1.362        12/1/17       SGD 68,100        49,555        205,801  
                   EUR     
SX5E Index Put15      JPM      EUR      3407.650        6/15/18       EUR 91,202        21        52,334  
                   

 

 

 
Total Over-the-Counter Options Purchased (Cost $5,015,670)                     2,517,161  

 

            Pay/Receive                Notional         
            Floating    Floating    Fixed Expiration      Amount         
Counterparty           

Rate

  

Rate

   Rate     Date     

(000’s)

         
Over-the-Counter Interest Rate Swaptions Purchased—0.2%  

 

 
Interest Rate Swap Maturing 10/17/47 Call15      BAC      Pay   

Six-Month

EUR

EURIBOR

     1.615     10/13/17       

EUR

25,900

 

 

     339,882  
Interest Rate Swap Maturing 11/10/47 Call15      CITNA-B      Receive   

Three-

Month USD

BBA LIBOR

     2.550       11/8/17       

USD

50,320

 

 

     736,444  
Interest Rate Swap Maturing 12/14/22 Call15      CITNA-B      Receive   

Three-

Month USD

BBA LIBOR

     1.960       12/12/17       

USD

228,000

 

 

     1,605,393  
Interest Rate Swap Maturing 12/15/27 Call15      UBS      Receive   

Three-

Month USD

BBA LIBOR

     2.250       12/13/17       

USD

114,000

 

 

     1,473,295  
Interest Rate Swap Maturing 12/22/18 Call15      CITNA-B      Receive   

Three-

Month USD

BBA LIBOR

     1.600       12/20/17       

USD