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Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/17

On: Tuesday, 8/29/17, at 4:25pm ET · Effective: 8/29/17 · For: 6/30/17 · Accession #: 1193125-17-271999 · File #: 811-07255

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

 8/29/17  Oppenheimer Int’l Bond Fund       N-Q         6/30/17    2:1.6M                                   Donnelley … Solutions/FA
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Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
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N-Q — Oppenheimer International Bond Fund

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Oppenheimer International Bond Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07255

Oppenheimer International Bond 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: 6/30/2017

Item 1. Schedule of Investments.

CONSOLIDATED

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited


		Principal Amount		Value
Asset-Backed Securities—1.6%
Avoca CLO VIII Ltd., Series VIII-X, Cl. E, 4.008%, 10/15/23¹	EUR		12,700,000	$	14,540,558
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.25%, 11/15/23¹	EUR		7,931,617		9,091,785
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.309%, 7/24/23¹	EUR		9,500,000		10,852,444
CVC Cordatus Loan Fund IV Ltd., Series 4X, Cl. E, 5.90%, 1/24/28¹	EUR		5,000,000		5,713,525
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 3.609%, 1/25/23¹	EUR		12,082,117		13,311,374
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.27%, 12/14/22¹	EUR		11,856,645		13,556,330
Jubilee CLO BV, Series 2015-16X, Cl. E, 5.25%, 12/15/29¹	EUR		3,750,000		4,271,605
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 3.559%, 7/24/23¹	EUR		3,088,154		3,279,787
Theseus European CLO SA, Series 2006-1X, Cl. E, 3.762%, 8/27/22¹	EUR		10,000,000		11,447,042
Total Asset-Backed Securities (Cost $86,608,355)					86,064,450

Mortgage-Backed Obligations—2.7%
Alba plc, Series 2007-1, Cl. C, 0.598%, 3/17/39¹	GBP		13,381,864		15,668,388
Capital Mortgage Srl, Series 2007-1, Cl. B, 0%, 1/30/47¹	EUR		8,000,000		5,521,071
Eurohome UK Mortgages plc:
Series 2007-1, Cl. B1, 1.189%, 6/15/44¹	GBP		5,275,000		5,032,379
Series 2007-2, Cl. B1, 1.689%, 9/15/44¹	GBP		4,000,000		3,848,167
Eurosail plc:
Series 2006-4X, Cl. E1C, 3.289%, 12/10/44¹	GBP		3,772,218		3,921,270
Series 2007-5X, Cl. A1A, 1.06%, 9/13/45¹	GBP		11,456,284		13,849,056
Eurosail-UK plc, Series 2007-2X, Cl. C1A, 0.119%, 3/13/45¹	EUR		5,000,000		4,389,117
Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Cl. E, 1.768%, 1/18/49¹	EUR		7,700,000		4,730,697
Fondo de Titulizacion de Activos UCI 17, Series 17, Cl. B, 0.021%, 12/17/49¹	EUR		6,400,000		4,237,058
Hipocat 11 Fondo de Titulizacion de Activos, Series HIPO-11, Cl. A2, 0%, 1/15/50¹	EUR		2,647,747		2,520,402
Hipocat 7 Fondo de Titulizacion de Activos, Series HIPO-7, Cl. C, 0.068%, 7/15/36¹	EUR		3,668,339		3,329,629
Hipocat 9 Fondo de Titulizacion de Activos, Series HIPO-9, Cl. C, 0%, 7/15/38¹	EUR		8,700,000		5,944,812
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, , 3/22/44¹	EUR		19,457,011		19,053,472
Series 4, Cl. B, , 3/22/44¹	EUR		3,000,000		1,551,442
Ludgate Funding plc, Series 2007-1, 0%, 1/1/6¹	GBP		207,500,000		8,767,722
Lusitano Mortgages No. 4 plc, Series 4, Cl. C, 0.229%, 9/15/48¹	EUR		3,308,556		2,928,822
Magellan Mortgages No. 4 plc, Series 4, Cl. A, 0%, 7/20/59¹	EUR		1,400,085		1,446,018
Mansard Mortgages plc:
Series 2006-1X, Cl. B1, 1.436%, 10/15/48¹	GBP		3,352,451		4,120,921
Series 2007-2X, Cl. M2, 2.289%, 12/15/49¹	GBP		7,175,000		9,013,113

1 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Mortgage-Backed Obligations (Continued)
Newgate Funding:
Series 2006-2, Cl. CB, 0.10%, 12/1/50¹	EUR		4,335,642	$	4,297,082
Series 2007-2X, Cl. CB, 0.109%, 12/15/50¹	EUR		3,933,173		3,743,739
Series 2007-3X, Cl. D, 3.289%, 12/15/50¹	GBP		5,183,316		6,486,113
Rural Hipotecario I Fondo de Titulizacion Hipotecaria, Series 9, Cl. C, 0.192%, 2/17/50¹	EUR		4,800,000		3,923,800
Southern Pacific Financing plc, Series 2005-B, Cl. D, 0.999%, 6/10/43¹	GBP		6,017,811		6,451,358
Total Mortgage-Backed Obligations (Cost $154,877,840)					144,775,648

Foreign Government Obligations—55.0%
Angola—0.1%
Republic of Angola, 9.50% Sr. Unsec. Nts., 11/12/25²			4,200,000		4,433,100

Argentina—1.9%
Argentine Republic:
6.875% Sr. Unsec. Nts., 1/26/27			8,890,000		9,214,485
7.125% Sr. Unsec. Nts., 6/28/17²			3,005,000		2,731,545
7.50% Sr. Unsec. Nts., 4/22/26			11,265,000		12,138,037
15.50% Bonds, 10/17/26	ARS		135,000,000		9,026,667
16.00% Bonds, 10/17/23	ARS		118,258,140		7,614,946
18.20% Unsec. Nts., 10/3/21	ARS		212,805,000		13,577,027
21.20% Bonds, 9/19/18	ARS		150,000,000		9,094,824
22.75% Bonds, 3/5/18	ARS		75,000,000		4,536,533
23.135% Sr. Unsec. Nts., 3/1/20¹	ARS		180,336,000		10,852,744
Province of Buenos Aires:
6.50% Sr. Unsec. Nts., 2/15/23²			6,520,000		6,673,220
7.875% Sr. Unsec. Nts., 6/15/27²			9,800,000		10,170,440
9.125% Sr. Unsec. Nts., 3/16/24²			7,000,000		7,875,000
					103,505,468

Australia—1.5%
Commonwealth of Australia:
2.00% Sr. Unsec. Nts., 8/21/35³	AUD		11,300,000		10,807,099
2.75% Sr. Unsec. Nts., 11/21/27	AUD		50,800,000		39,301,324
Series 150, 3.00% Sr. Unsec. Nts., 3/21/47	AUD		12,500,000		8,703,549
Queensland Treasury Corp., Series 33, 6.50% Sr. Unsec. Bonds, 3/14/33	AUD		20,590,000		21,455,607
					80,267,579

Belarus—0.1%
Republic of Belarus, 6.875% Sr. Unsec. Nts., 2/28/23²			3,005,000		3,075,993

Brazil—4.2%
Federative Republic of Brazil:
4.75% Sr. Unsec. Nts., 5/9/24²			3,985,000		3,905,300
6.00% Unsec. Nts., 8/15/22³	BRL		30,170,000		27,748,957
6.00% Sr. Unsec. Nts., 4/7/26			7,470,000		8,078,805
6.00% Unsec. Nts., 5/15/45³	BRL		33,800,000		31,928,702

2 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Brazil (Continued)
Federative Republic of Brazil: (Continued)
10.00% Unsec. Nts., 1/1/21	BRL		400,000,000	$	120,996,935
10.00% Unsec. Nts., 1/1/25	BRL		105,000,000		31,012,626
					223,671,325

Chile—0.5%
Republic of Chile:
4.50%Unsec. Nts., 2/28/21	CLP		15,335,000,000		23,826,768
4.50%Bonds, 3/1/21	CLP		700,000,000		1,086,844
					24,913,612

Colombia—0.8%
Republic of Colombia:
4.00%Sr. Unsec. Nts., 2/26/24			3,380,000		3,516,890
6.125% Sr. Unsec. Nts., 1/18/41			11,200,000		12,969,600
Series B, 7.00% Sr. Unsec. Nts., 9/11/19	COP		75,000,000,000		25,497,000
					41,983,490

Croatia—0.3%
Republic of Croatia:
3.875% Sr. Unsec. Nts., 5/30/22	EUR		8,065,000		10,192,937
6.75%Sr. Unsec. Nts., 11/5/19²			6,890,000		7,508,584
					17,701,521

Dominican Republic—0.5%
Dominican Republic:
5.95%Sr. Unsec. Nts., 1/25/27²			17,815,000		18,661,213
6.85%Sr. Unsec. Nts., 1/27/45²			5,920,000		6,334,400
					24,995,613

Ecuador—0.4%
Republic of Ecuador:
8.75%Sr. Unsec. Nts., 6/2/23²			4,495,000		4,438,812
9.65%Sr. Unsec. Nts., 12/13/26²			6,525,000		6,549,143
10.75% Sr. Unsec. Nts., 3/28/22²			8,920,000		9,544,400
					20,532,355

Egypt—0.3%
Arab Republic of Egypt:
6.125% Sr. Unsec. Nts., 1/31/22²			5,930,000		6,067,636
8.50%Sr. Unsec. Nts., 1/31/47²			8,930,000		9,649,222
					15,716,858

Gabon—0.1%
Gabonese Republic:
6.375% Bonds, 12/12/24²			3,015,000		2,943,333
6.95%Sr. Unsec. Nts., 6/16/25²			1,195,000		1,194,038
					4,137,371

3 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Greece—1.1%
Hellenic Republic:
3.00% Bonds, 2/24/23¹	EUR		3,000,000	$	3,197,529
3.00% Bonds, 2/24/24¹	EUR		3,000,000		3,144,535
3.00% Bonds, 2/24/25¹	EUR		3,000,000		3,099,570
3.00% Bonds, 2/24/26¹	EUR		3,000,000		3,065,634
3.00% Bonds, 2/24/27¹	EUR		3,000,000		3,021,098
3.00% Bonds, 2/24/28¹	EUR		3,000,000		2,922,717
3.00% Bonds, 2/24/29¹	EUR		8,000,000		7,552,490
3.00% Bonds, 2/24/30¹	EUR		3,000,000		2,774,088
3.00% Bonds, 2/24/31¹	EUR		3,000,000		2,730,134
3.00% Bonds, 2/24/32¹	EUR		3,000,000		2,690,616
3.00% Bonds, 2/24/33¹	EUR		3,000,000		2,649,975
3.00% Bonds, 2/24/34¹	EUR		3,000,000		2,610,246
3.00% Bonds, 2/24/35¹	EUR		3,000,000		2,573,418
3.00% Bonds, 2/24/36¹	EUR		3,000,000		2,540,843
3.00% Bonds, 2/24/37¹	EUR		3,000,000		2,510,330
3.00% Bonds, 2/24/38¹	EUR		3,000,000		2,499,002
3.00% Bonds, 2/24/39¹	EUR		3,000,000		2,491,070
3.00% Bonds, 2/24/40¹	EUR		3,000,000		2,492,420
3.00% Bonds, 2/24/41¹	EUR		3,000,000		2,490,848
3.00% Bonds, 2/24/42¹	EUR		3,000,000		2,493,260
					59,549,823

Honduras—0.1%
Republic of Honduras:
6.25% Sr. Unsec. Nts., 1/19/27²			1,775,000		1,841,563
7.50% Sr. Unsec. Nts., 3/15/24²			5,000,000		5,556,250
					7,397,813

Hungary—1.2%
Hungary:
1.75% Bonds, 10/26/22	HUF		2,750,000,000		10,176,140
5.75% Sr. Unsec. Nts., 11/22/23			13,770,000		15,770,120
Series 23/A, 6.00% Bonds, 11/24/23	HUF		7,239,000,000		32,910,431
Series 25/B, 5.50% Bonds, 6/24/25	HUF		1,550,000,000		6,892,461
					65,749,152

India—6.3%
Republic of India:
7.68% Sr. Unsec. Nts., 12/15/23	INR		1,300,000,000		21,082,596
8.20% Sr. Unsec. Nts., 9/24/25	INR		3,375,000,000		56,208,350
8.27% Sr. Unsec. Nts., 6/9/20	INR		8,023,000,000		129,904,519
8.40% Sr. Unsec. Nts., 7/28/24	INR		3,997,000,000		66,934,963
8.60% Sr. Unsec. Nts., 6/2/28	INR		2,150,000,000		37,180,805
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		500,000,000		7,902,773
State of Maharastra, 7.99% Sr. Unsec. Nts., 10/28/25	INR		500,000,000		8,093,328
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000		8,350,192
					335,657,526

4 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Indonesia—3.4%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/24²		$	4,560,000	$	4,770,900
4.55% Sr. Unsec. Nts., 3/29/26²			6,680,000		6,972,584
Republic of Indonesia:
3.375% Sr. Unsec. Nts., 7/30/25²	EUR		2,755,000		3,438,079
3.70% Sr. Unsec. Nts., 1/8/22²			4,215,000		4,342,276
3.75% Sr. Unsec. Nts., 6/14/28²	EUR		3,340,000		4,182,167
4.125% Sr. Unsec. Nts., 1/15/25²			3,450,000		3,565,855
Series FR53, 8.25% Sr. Unsec. Nts., 7/15/21	IDR		450,000,000,000		35,607,451
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR		288,430,000,000		23,911,394
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR		250,000,000,000		18,992,684
Series FR61, 7.00% Sr. Unsec. Nts., 5/15/22	IDR		429,691,000,000		32,725,221
Series FR73, 8.75% Sr. Unsec. Nts., 5/15/31	IDR		488,080,000,000		41,364,574
					179,873,185

Iraq—0.1%
Republic of Iraq, 5.80% Unsec. Nts., 1/15/28²			3,445,000		3,069,423

Italy—3.7%
Republic of Italy:
1.20% Bonds, 4/1/22	EUR		50,000,000		58,038,865
1.25% Bonds, 12/1/26	EUR		40,000,000		42,682,647
2.05% Bonds, 8/1/27	EUR		43,000,000		48,482,337
3.45% Unsec. Nts., 3/1/48²	EUR		40,000,000		46,550,881
					195,754,730

Ivory Coast—0.4%
Republic of Cote d’Ivoire:
5.125% Sr. Unsec. Nts., 6/15/25²	EUR		7,210,000		8,351,862
5.75% Sr. Unsec. Nts., 12/31/32¹			4,083,880		3,926,467
6.125% Sr. Unsec. Nts., 6/15/33²			7,215,000		6,946,753
					19,225,082

Jamaica—0.2%
Commonwealth of Jamaica:
7.875% Sr. Unsec. Nts., 7/28/45			5,000,000		5,900,000
8.00% Sr. Unsec. Nts., 3/15/39			2,340,000		2,772,900
					8,672,900

Kazakhstan—0.1%
Republic of Kazakhstan, 4.875% Sr. Unsec. Nts., 10/14/44²			6,015,000		5,953,611

Malaysia—2.1%
Federation of Malaysia:
3.26% Sr. Unsec. Nts., 3/1/18	MYR		174,800,000		40,743,530
3.58% Sr. Unsec. Nts., 9/28/18	MYR		200,000,000		46,760,486
4.24% Sr. Unsec. Nts., 2/7/18	MYR		96,000,000		22,502,083
					110,006,099

5 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Mexico—6.9%
United Mexican States:
4.00% Bonds, 6/13/19³	MXN		1,075,622,130	$	60,266,784
Series M, 5.00% Sr. Unsec. Nts., 12/11/19	MXN		820,000,000		43,585,437
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000		21,976,390
Series M10, 7.75% Bonds, 12/14/17	MXN		2,000,000,000		110,674,289
Series M10, 8.50% Bonds, 12/13/18	MXN		890,000,000		50,205,832
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		240,000,000		15,027,151
Series M20, 10.00% Bonds, 12/5/24	MXN		698,700,000		45,906,019
Series M30, 10.00% Bonds, 11/20/36	MXN		290,000,000		20,820,558
					368,462,460

Nigeria—0.1%
Federal Republic of Nigeria, 7.875% Sr. Unsec. Nts., 2/16/32²			3,600,000		3,915,144

Peru—1.0%
Republic of Peru:
5.625% Sr. Unsec. Nts., 11/18/50			3,670,000		4,455,380
6.35% Sr. Unsec. Nts., 8/12/28²	PEN		112,140,000		36,776,497
8.20% Sr. Unsec. Nts., 8/12/26²	PEN		29,000,000		10,713,001
					51,944,878

Poland—0.6%
Republic of Poland:
2.25% Bonds, 4/25/22	PLN		42,500,000		11,275,400
Series 0726, 2.50% Bonds, 7/25/26	PLN		90,900,000		23,209,359
					34,484,759

Portugal—1.0%
Portuguese Republic:
2.875% Sr. Unsec. Nts., 10/15/25²	EUR		18,000,000		21,075,340
4.125% Sr. Unsec. Nts., 4/14/27²	EUR		25,000,000		31,197,741
					52,273,081

Romania—0.3%
Romania:
2.375% Sr. Unsec. Nts., 4/19/27²	EUR		5,980,000		6,841,873
3.875% Sr. Unsec. Nts., 10/29/35²	EUR		1,900,000		2,276,929
4.875% Sr. Unsec. Nts., 1/22/24²			6,895,000		7,525,961
					16,644,763

Russia—3.4%
Agency for Housing Mortgage Lending OJSC Via AHML Finance Ltd., 7.75% Sr. Unsec. Nts., 2/13/18²	RUB		132,500,000		2,234,122
Russian Federation:
Series 6209, 7.60% Bonds, 7/20/22	RUB		1,000,000,000		16,869,012
Series 6211, 7.00% Bonds, 1/25/23	RUB		1,280,000,000		20,946,096
Series 6216, 6.70% Bonds, 5/15/19	RUB		8,543,000,000		142,644,561
					182,693,791

6 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Senegal—0.1%
Republic of Senegal:
6.25% Bonds, 7/30/24²		$	3,330,000	$	3,519,094
6.25% Unsec. Nts., 5/23/33²			2,995,000		3,047,451
					6,566,545

Serbia—0.4%
Republic of Serbia:
5.25% Sr. Unsec. Nts., 11/21/17²			6,345,000		6,425,404
5.875% Unsec. Nts., 12/3/18²			12,495,000		13,086,638
					19,512,042

South Africa—3.5%
Republic of South Africa:
6.50% Bonds, 2/28/41	ZAR		255,000,000		13,584,478
Series 2023, 7.75% Bonds, 2/28/23	ZAR		311,100,000		23,312,085
Series 2048, 8.75% Bonds, 2/28/48	ZAR		152,000,000		10,373,400
Series R186, 10.50% Bonds, 12/21/26	ZAR		1,204,700,000		102,253,407
Series R208, 6.75% Sr. Unsec. Nts., 3/31/21	ZAR		514,540,000		38,052,716
					187,576,086

Sri Lanka—0.4%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/22²			6,875,000		7,135,934
6.00% Sr. Unsec. Nts., 1/14/19²			9,030,000		9,369,772
6.20% Sr. Unsec. Nts., 5/11/27²			2,390,000		2,392,170
6.25% Sr. Unsec. Nts., 10/4/20²			3,055,000		3,231,594
					22,129,470

Thailand—0.6%
Kingdom of Thailand, 1.875% Sr. Unsec. Nts., 6/17/22	THB		1,120,000,000		32,752,268

Turkey—0.9%
Republic of Turkey:
6.00% Sr. Unsec. Nts., 3/25/27			5,990,000		6,386,263
8.50% Bonds, 7/10/19	TRY		45,000,000		12,310,108
8.80% Bonds, 11/14/18	TRY		73,165,000		20,274,801
11.00% Bonds, 2/24/27	TRY		30,000,000		8,917,106
					47,888,278

Ukraine—0.9%
Ukraine:
7.75% Sr. Unsec. Nts., 9/1/19			25,575,000		26,460,407
7.75% Sr. Unsec. Nts., 9/1/22			5,970,000		6,013,820
7.75% Sr. Unsec. Nts., 9/1/23			14,090,000		13,983,761
					46,457,988

United Kingdom—4.9%
United Kingdom:
2.75% Bonds, 9/7/24	GBP		97,000,000		142,190,746

7 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
United Kingdom (Continued)
United Kingdom: (Continued)
3.25% Unsec. Nts., 1/22/44	GBP		71,340,000	$	118,816,495
					261,007,241

Uruguay—0.5%
Oriental Republic of Uruguay:
5.10% Sr. Unsec. Nts., 6/18/50			17,430,000		17,800,387
9.875% Sr. Unsec. Nts., 6/20/22²	UYU		176,475,000		6,362,821
					24,163,208

Vietnam—0.1%
Socialist Republic of Vietnam, 4.80% Sr. Unsec. Nts., 11/19/24²			6,815,000		7,179,125
Total Foreign Government Obligations (Cost $2,885,500,488)					2,921,494,756

Corporate Bonds and Notes—29.7%
Consumer Discretionary—1.4%
Auto Components—0.2%
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,490,000		3,761,669
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,475,000		6,545,947
					10,307,616

Automobiles—0.1%
Aston Martin Capital Holdings Ltd., 6.50% Sr. Sec. Nts., 4/15/22²			3,500,000		3,653,125

Hotels, Restaurants & Leisure—0.2%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/25²			7,670,000		7,695,161
Raizen Fuels Finance SA, 5.30% Sr. Unsec. Nts., 1/20/27²			2,960,000		3,008,100
					10,703,261

Leisure Equipment & Products—0.1%
Proven Honour Capital Ltd., 4.125% Sr. Unsec. Nts., 5/6/26			5,505,000		5,616,950

Media—0.7%
Altice Luxembourg SA, 6.25% Sr. Unsec. Nts., 2/15/25²	EUR		6,725,000		8,410,534
Myriad International Holdings BV, 4.85% Sr. Unsec. Nts., 7/6/27^2,4			3,015,000		3,029,439
SES SA, 4.625% Jr. Sub. Perpetual Bonds^1,5	EUR		4,050,000		4,972,057
Telenet Finance VI Luxembourg SCA, 4.875% Sr. Sec. Nts., 7/15/27²	EUR		5,000,000		6,263,836
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23²	EUR		5,900,000		7,213,695
Ziggo Secured Finance BV, 4.25% Sr. Sec. Nts., 1/15/27²	EUR		8,000,000		9,710,742
					39,600,303

Textiles, Apparel & Luxury Goods—0.1%
Grupo Kaltex SA de CV, 8.875% Sr. Sec. Nts., 4/11/22²			2,750,000		2,475,000

8 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Consumer Staples—0.2%
Food Products—0.1%
Minerva Luxembourg SA, 6.50% Sr. Unsec. Nts., 9/20/26²		$	6,610,000	$	6,461,275

Tobacco—0.1%
Imperial Brands Finance plc, 3.50% Sr. Unsec. Nts., 2/11/23²			5,000,000		5,123,230

Energy—6.2%
Energy Equipment & Services—0.5%
Pertamina Persero PT:
5.625% Sr. Unsec. Nts., 5/20/43²			11,693,000		12,126,600
6.45% Sr. Unsec. Nts., 5/30/44²			10,950,000		12,462,315
Societe Generale SA, 8.875% Jr. Sub. Perpetual Bonds^1,5	GBP		2,000,000		2,775,034
					27,363,949

Oil, Gas & Consumable Fuels—5.7%
Bharat Petroleum Corp. Ltd., 4% Sr. Unsec. Nts., 5/8/25			6,120,000		6,253,514
ENI USA, Inc., 7.30% Sr. Unsec. Nts., 11/15/27			4,000,000		5,001,924
Gazprom OAO Via Gaz Capital SA, 4.95% Sr. Unsec. Nts., 7/19/22²			13,665,000		14,173,147
HPCL-Mittal Energy Ltd., 5.25% Sr. Unsec. Nts., 4/28/27⁶			6,000,000		6,188,652
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23			10,800,000		12,166,060
ING Bank NV, 3.625% Sub. Nts., 2/25/26¹	EUR		15,000,000		18,748,592
KazMunayGas National Co. JSC:
4.40% Sr. Unsec. Nts., 4/30/23²			3,645,000		3,687,158
4.75% Sr. Unsec. Nts., 4/19/27²			5,950,000		5,848,701
5.75% Sr. Unsec. Nts., 4/19/47²			14,960,000		14,180,060
6.375% Sr. Unsec. Nts., 4/9/21²			8,820,000		9,602,113
7.00% Sr. Unsec. Nts., 5/5/20²			7,210,000		7,851,618
Novatek OAO via Novatek Finance DAC, 4.422% Sr. Unsec. Nts., 12/13/22²			2,830,000		2,892,982
ONGC Videsh Vankorneft Pte Ltd., 3.75% Sr. Unsec. Nts., 7/27/26			5,000,000		4,946,015
Origin Energy Finance Ltd., 7.875% Sub. Nts., 6/16/71¹	EUR		9,900,000		11,968,931
Petrobras Global Finance BV:
4.375% Sr. Unsec. Nts., 5/20/23			13,880,000		13,123,540
5.375% Sr. Unsec. Nts., 1/27/21			8,000,000		8,153,600
6.125% Sr. Unsec. Nts., 1/17/22			8,090,000		8,373,150
7.25% Sr. Unsec. Nts., 3/17/44			5,660,000		5,586,420
7.375% Sr. Unsec. Nts., 1/17/27			19,366,000		20,537,643
8.375% Sr. Unsec. Nts., 5/23/21			17,335,000		19,447,790
8.75% Sr. Unsec. Nts., 5/23/26			6,855,000		7,900,387
Petroleos del Peru SA:
4.75% Sr. Unsec. Nts., 6/19/32²			15,025,000		14,949,875
5.625% Sr. Unsec. Nts., 6/19/47²			6,010,000		6,100,150
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 2/21/24⁶	EUR		4,175,000		4,939,860
3.75% Sr. Unsec. Nts., 4/16/26	EUR		6,895,000		7,905,294
4.625% Sr. Unsec. Nts., 9/21/23			15,350,000		15,572,575
5.375% Sr. Unsec. Nts., 3/13/22²			2,985,000		3,146,190

9 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petroleos Mexicanos: (Continued)
6.375% Sr. Unsec. Nts., 2/4/21		$	6,635,000	$	7,197,648
6.875% Sr. Unsec. Nts., 8/4/26			3,215,000		3,570,258
Proven Glory Capital Ltd., 4% Sr. Unsec. Nts., 2/21/27⁶			5,840,000		5,868,003
Saka Energi Indonesia PT, 4.45% Sr. Unsec. Nts., 5/5/24²			3,920,000		3,945,166
SURA Asset Management SA, 4.375% Sr. Unsec. Nts., 4/11/27²			4,050,000		4,100,625
TOTAL SA, 3.875% Jr. Sub. Perpetual Bonds^1,5	EUR		6,070,000		7,480,809
Ultrapar International SA, 5.25% Sr. Unsec. Nts., 10/6/26²			2,720,000		2,729,520
YPF Sociedad Anonima, 23.083% Sr. Unsec. Nts., 7/7/20^1,²			8,000,000		8,490,290
Zhaikmunai LLP, 6.375% Sr. Unsec. Nts., 2/14/19²			800,000		805,718
					303,433,978

Financials—14.8%
Capital Markets—1.6%
Credit Suisse Group AG, 7.50% Jr. Sub. Perpetual Bonds^1,5			22,000,000		24,725,624
Credit Suisse Group Funding Guernsey Ltd., 3.80% Sr. Unsec. Nts., 6/9/23			10,000,000		10,321,810
Equate Petrochemical BV, 4.25% Sr. Unsec. Nts., 11/3/26²			6,090,000		6,187,440
Koks OAO Via Koks Finance DAC, 7.50% Sr. Unsec. Nts., 5/4/22²			7,020,000		7,237,332
Marble II Pte Ltd., 5.30% Sr. Sec. Nts., 6/20/22²			3,780,000		3,807,968
Seven & Seven Ltd., 2.43% Sr. Unsec. Nts., 9/11/19^1,2			2,500,000		2,485,950
UBS Group AG:
6.875% Jr. Sub. Perpetual Bonds^1,5			4,595,000		4,905,163
7.00% Jr. Sub. Perpetual Bonds^1,5			8,000,000		8,878,056
7.125% Jr. Sub. Perpetual Bonds^1,5			16,000,000		17,209,700
					85,759,043

Commercial Banks—10.6%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/18²	TRY		11,095,000		3,066,741
Allied Irish Banks plc, 4.125% Sub. Nts., 11/26/25¹	EUR		16,000,000		19,484,183
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/12⁷			612,810		—
Banca Popolare di Vicenza, 5% Sr. Unsec. Nts., 10/25/18	EUR		5,000,000		5,989,217
Banco Bilbao Vizcaya Argentaria SA:
6.75% Jr. Sub. Perpetual Bonds^1,5	EUR		17,000,000		20,133,603
7.00% Jr. Sub. Perpetual Bonds^1,5	EUR		12,800,000		15,010,124
8.875% Jr. Sub. Perpetual Bonds^1,5	EUR		16,800,000		22,017,984
Banco Hipotecario SA, 21.354% Sr. Unsec. Nts., 1/12/20^1,8	ARS		75,979,000		4,628,128
Banco Macro SA, 6.75% Sub. Nts., 11/4/26^1,2			1,610,000		1,682,450
Banco Mercantil del Norte SA (Grand Cayman):
6.875% Jr. Sub. Perpetual Bonds^1,2,4,5			2,410,000		2,478,193
7.625% Jr. Sub. Perpetual Bonds^1,2,4,5			2,216,000		2,296,419
Bank of China Ltd., 5% Sub. Nts., 11/13/24²			15,000,000		16,106,910
Bank of Ireland:
4.25% Sub. Nts., 6/11/24¹	EUR		4,090,000		4,935,841
10.00% Sub. Nts., 12/19/22	EUR		9,500,000		15,327,733
Bank of Scotland plc, 4.875% Sec. Nts., 12/20/24	GBP		8,675,000		13,904,867
Bankia SA, 3.375% Sub. Nts., 3/15/27¹	EUR		4,000,000		4,654,809

10 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Commercial Banks (Continued)
Barclays plc:
6.50% Jr. Sub. Perpetual Bonds^1,5	EUR		15,000,000	$	17,742,586
7.875% Jr. Sub. Perpetual Bonds^1,5			8,000,000		10,277,320
8.00% Jr. Sub. Perpetual Bonds^1,5	EUR		11,575,000		14,539,873
BNP Paribas SA, 7.625% Jr. Sub. Perpetual Bonds^1,2,5			6,000,000		6,615,000
BPCE SA:
2.75% Sub. Nts., 7/8/26¹	EUR		3,500,000		4,209,314
4.50% Sub. Nts., 3/15/25²			5,000,000		5,148,320
Caixa Geral de Depositos SA, 10.75% Jr. Sub. Perpetual Bonds^1,5,6	EUR		7,000,000		8,302,260
CaixaBank SA, 6.75% Jr. Sub. Perpetual Bonds^1,5,6	EUR		5,000,000		6,046,256
Compass Bank, 3.875% Sub. Nts., 4/10/25			5,000,000		4,989,325
Cooperatieve Rabobank UA, 5.50% Jr. Sub. Perpetual Bonds^1,5	EUR		5,090,000		6,167,100
Credit Agricole Assurances SA, 4.25% Sub. Perpetual Bonds^1,5	EUR		10,000,000		12,222,318
Credit Agricole SA, 8.125% Jr. Sub. Perpetual Bonds^1,2,5			4,405,000		5,132,816
Credit Bank of Moscow Via CBOM Finance plc:
7.50% Sub. Nts., 10/5/27^1,2			5,045,000		5,012,450
8.875% Jr. Sub. Perpetual Bonds^1,2,5			3,300,000		3,177,431
DNB Bank ASA, 6.50% Jr. Sub. Perpetual Bonds^1,5			2,500,000		2,679,153
Dresdner Funding Trust I, 8.151% Jr. Sub. Nts., 6/30/31²			9,900,000		12,478,415
Energuate Trust, 5.875% Sr. Unsec. Nts., 5/3/27²			2,760,000		2,853,150
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD		5,270,000		4,290,175
Export-Import Bank of India:
9.50% Sr. Unsec. Nts., 10/9/18	INR		175,000,000		2,791,602
9.70% Sr. Unsec. Nts., 11/21/18	INR		200,000,000		3,206,424
Global Bank Corp., 4.50% Sr. Unsec. Nts., 10/20/21²			3,660,000		3,755,160
Globo Comunicacao e Participacoes SA, 5.125% Sr. Sec. Nts., 3/31/27²			2,030,000		2,024,925
Grupo Aval Ltd., 4.75% Sr. Unsec. Nts., 9/26/22²			700,000		714,000
HP Pelzer Holding GmbH, 4.125% Sr. Sec. Nts., 4/1/24⁶	EUR		1,300,000		1,549,694
HSBC Bank Capital Funding Sterling 1 LP, 5.844% Jr. Sub. Perpetual Bonds^1,5	GBP		3,100,000		4,939,642
HSBC Bank plc, 1.75% Jr. Sub. Perpetual Bonds^1,5			5,000,000		4,096,875
HSBC Holdings plc:
6.375% Jr. Sub. Perpetual Bonds^1,5			10,000,000		10,665,000
6.875% Jr. Sub. Perpetual Bonds^1,5			5,000,000		5,412,500
ING Groep NV, 6.875% Jr. Sub. Perpetual Bonds^1,5			8,000,000		8,568,672
Intesa Sanpaolo SpA:
5.017% Sub. Nts., 6/26/24²			4,000,000		4,062,868
5.71% Sub. Nts., 1/15/26²			5,000,000		5,288,570
7.00% Jr. Sub. Perpetual Bonds^1,5	EUR		10,000,000		12,053,566
KBC Group NV, 5.625% Jr. Sub. Perpetual Bonds^1,5	EUR		4,220,000		4,982,761
Krung Thai Bank PCL (Cayman Islands), 5.20% Sub. Nts., 12/26/24¹			3,310,000		3,434,886
Lloyds Bank plc, 13% Jr. Sub. Perpetual Bonds^1,5	GBP		5,000,000		12,265,822
Lloyds Banking Group plc:
3.75% Sr. Unsec. Nts., 1/11/27			6,000,000		6,049,284
4.65% Sub. Nts., 3/24/26			15,000,000		15,659,310
6.657% Jr. Sub. Perpetual Bonds^1,2,5			10,000,000		11,362,500

11 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Commercial Banks (Continued)
Lloyds Banking Group plc: (Continued)
7.00% Jr. Sub. Perpetual Bonds^1,5	GBP		13,000,000	$	17,605,415
7.625% Jr. Sub. Perpetual Bonds^1,5	GBP		3,000,000		4,333,708
NABARD, 8.19% Sr. Unsec. Nts., 6/8/18	INR		80,000,000		1,251,349
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds^1,2,5	GBP		8,005,000		11,244,812
Royal Bank of Scotland Group plc, 2.50% Sr. Unsec. Nts., 3/22/23	EUR		9,000,000		10,927,124
Santander UK Group Holdings plc:
4.75% Sub. Nts., 9/15/25²			6,870,000		7,136,583
6.75% Jr. Sub. Perpetual Bonds^1,5,6	GBP		5,000,000		6,801,049
Sberbank of Russia Via SB Capital SA, 5.50% Sub. Nts., 2/26/24^1,2			10,340,000		10,543,698
Societe Generale SA:
1.50% Sub. Perpetual Bonds^1,5			5,000,000		3,937,500
4.25% Sub. Nts., 4/14/25²			5,000,000		5,078,915
7.375% Jr. Sub. Perpetual Bonds^1,2,5			5,000,000		5,387,500
SPCM SA, 2.875% Sr. Unsec. Nts., 6/15/23²	EUR		4,100,000		4,783,617
Standard Chartered Bank, 5.375% Jr. Sub. Perpetual Bonds^1,5	GBP		4,000,000		5,488,284
Standard Chartered plc:
2.68% Jr. Sub. Perpetual Bonds^1,5			13,200,000		11,260,920
4.30% Sub. Nts., 2/19/27²			7,000,000		7,055,706
TC Ziraat Bankasi AS, 4.75% Sr. Unsec. Nts., 4/29/21²			1,535,000		1,542,997
Turkiye Garanti Bankasi AS, 6.125% Sub. Nts., 5/24/27^1,2			3,350,000		3,325,605
Turkiye Is Bankasi AS:
5.375% Sr. Unsec. Nts., 10/6/21²			2,985,000		3,002,367
6.00% Sub. Nts., 10/24/22²			2,995,000		3,008,675
Turkiye Vakiflar Bankasi TAO:
5.625% Sr. Unsec. Nts., 5/30/22²			8,390,000		8,387,567
6.875% Sub. Nts., 2/3/25^1,²			2,330,000		2,375,370
UniCredit SpA, 6.95% Sub. Nts., 10/31/22	EUR		5,000,000		6,901,607
Yapi ve Kredi Bankasi AS, 5.85% Sr. Unsec. Nts., 6/21/24²			11,555,000		11,471,804
Zenith Bank plc, 7.375% Sr. Unsec. Nts., 5/30/22²			3,745,000		3,676,467
					563,013,164

Consumer Finance—0.1%
Drax Finco plc, 4.25% Sec. Nts., 5/1/22²	GBP		4,900,000		6,566,394

Diversified Financial Services—0.4%
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35⁸	MXN		34,101,099		187,898
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/18²			11,135,000		11,771,922
Power Finance Corp. Ltd., 8.29% Sr. Unsec. Nts., 6/13/18	INR		180,000,000		2,816,248
Rural Electrification Corp. Ltd., 9.04% Sr. Unsec. Nts., 10/12/19	INR		250,000,000		4,020,901
					18,796,969

Insurance—1.7%
Allianz SE, 4.75% Jr. Sub. Perpetual Bonds^1,5	EUR		10,000,000		13,201,997
ASR Nederland NV, 5.125% Sub. Nts., 9/29/45¹	EUR		8,000,000		10,315,021

12 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Insurance (Continued)
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds^1,5	GBP		6,560,000	$	9,621,573
AXA SA:
5.25% Sub. Nts., 4/16/40¹	EUR		5,000,000		6,407,045
8.60% Sub. Nts., 12/15/30			7,325,000		10,346,563
Beazley Re DAC, 5.875% Sub. Nts., 11/4/26			10,920,000		11,249,205
Cloverie plc per Swiss Re Corporate Solutions Ltd., 4.50% Sub. Nts., 9/11/44¹			10,000,000		10,283,780
Demeter Investments BV for Zurich Insurance Co. Ltd., 3.50% Sub. Nts., 10/1/46¹	EUR		4,000,000		5,030,015
ELM BV for Helvetia Schweizerische Versicherungsgesellschaft AG, 3.375% Sub. Nts., 9/29/47^1,6	EUR		2,000,000		2,415,528
Mapfre SA, 4.375% Sub. Nts., 3/31/47^1,6	EUR		3,000,000		3,661,580
Power Finance Corp. Ltd., 8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		5,241,184
					87,773,491

Real Estate Investment Trusts (REITs)—0.1%
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/34^3,7	MXN		27,602,566		—
Trust F/1401, 5.25% Sr. Unsec. Nts., 1/30/26²			6,855,000		7,125,773
					7,125,773

Real Estate Management & Development—0.1%
Stedin Holding NV, 3.25% Jr. Sub. Perpetual Bonds^1,5	EUR		3,000,000		3,615,288

Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.:
8.70% Sr. Sec. Nts., 4/26/18	INR		250,000,000		3,904,962
8.75% Sr. Sec. Nts., 1/13/20	INR		330,000,000		5,249,827
8.95% Sec. Nts., 10/19/20	INR		125,000,000		2,015,624
					11,170,413

Health Care—0.4%
Health Care Providers & Services—0.1%
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/25²			6,360,000		6,431,550

Life Sciences Tools & Services—0.2%
Quintiles IMS, Inc.:
3.25% Sr. Unsec. Nts., 3/15/25²	EUR		6,000,000		6,995,927
3.25% Sr. Unsec. Nts., 3/15/25	EUR		1,000,000		1,163,977
					8,159,904

Pharmaceuticals—0.1%
Allergan Funding SCS, 2.125% Sr. Unsec. Nts., 6/1/29	EUR		5,000,000		5,715,604

Industrials—0.5%
Aerospace & Defense—0.1%
Embraer Netherlands Finance BV, 5.40% Sr. Unsec. Nts., 2/1/27			5,930,000		6,204,263

13 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Airlines—0.0%
Latam Finance Ltd., 6.875% Sr. Unsec. Nts., 4/11/24²		$	2,040,000	$	2,080,086

Construction & Engineering—0.1%
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/34^2,3	COP		10,107,644,400		3,474,261
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/35²			3,335,000		3,860,262
					7,334,523

Industrial Conglomerates—0.1%
Grupo KUO SAB de CV, 5.75% Sr. Unsec. Nts., 7/7/27^2,4			2,610,000		2,611,665

Professional Services—0.1%
Nassa Topco AS, 2.875% Sr. Unsec. Nts., 4/6/24²	EUR		2,000,000		2,350,794

Transportation Infrastructure—0.1%
DP World Ltd., 6.85% Sr. Unsec. Nts., 7/2/37²			5,115,000		6,024,416

Information Technology—0.3%
Communications Equipment—0.2%
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/22²			2,370,000		2,400,099
Virgin Media Finance plc, 4.50% Sr. Unsec. Nts., 1/15/25	EUR		6,950,000		8,292,245
					10,692,344

Electronic Equipment, Instruments, & Components—0.1%
Tunghsu Venus Holdings Ltd., 7% Sr. Unsec. Nts., 6/12/20⁶			3,000,000		2,879,622

Materials—2.0%
Chemicals—0.7%
Arkema SA, 4.75% Jr. Sub. Perpetual Bonds^1,5	EUR		4,500,000		5,574,882
Crown European Holdings SA:
2.625% Sr. Unsec. Nts., 9/30/24²	EUR		2,000,000		2,313,171
3.375% Sr. Unsec. Nts., 5/15/25²	EUR		5,000,000		5,926,159
Kallpa Generacion SA, 4.875% Sr. Unsec. Nts., 5/24/26²			2,665,000		2,808,244
ONGC Videsh Ltd.:
2.75% Sr. Unsec. Nts., 7/15/2¹	EUR		7,490,000		9,099,920
4.625% Sr. Unsec. Nts., 7/15/2⁴			8,130,000		8,640,678
					34,363,054

Construction Materials—0.1%
Cemex SAB de CV, 4.375% Sr. Sec. Nts., 3/5/23²	EUR		700,000		847,715
Globo Comunicacao e Participacoes SA, 4.843% Sr. Unsec. Nts., 6/8/25²			4,165,000		4,227,475
St. Marys Cement, Inc., 5.75% Sr. Unsec. Nts., 1/28/27²			2,750,000		2,712,188
					7,787,378

Containers & Packaging—0.4%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
2.75% Sr. Sec. Nts., 3/15/24	EUR		3,500,000		4,109,899
4.125% Sr. Sec. Nts., 5/15/23	EUR		3,675,000		4,492,185
Klabin Finance SA, 5.25% Sr. Unsec. Nts., 7/16/24²			1,310,000		1,327,685

14 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Containers & Packaging (Continued)
Smurfit Kappa Acquisitions Unltd Co., 4.875% Sr. Sec. Nts., 9/15/18²		$	8,535,000	$	8,748,375
					18,678,144

Metals & Mining—0.7%
ABJA Investment Co. Pte Ltd., 5.95% Sr. Unsec. Nts., 7/31/24			6,065,000		6,436,481
ArcelorMittal, 2.875% Sr. Unsec. Nts., 7/6/20	EUR		2,500,000		3,053,535
Autodis SA, 4.375% Sr. Sec. Nts., 5/1/22²	EUR		1,000,000		1,192,764
Glencore Funding LLC, 4.125% Sr. Unsec. Nts., 5/30/23²			4,945,000		5,080,632
JSW Steel Ltd., 4.75% Sr. Unsec. Nts., 11/12/19			5,930,000		6,036,681
Metalloinvest Finance DAC, 5.625% Unsec. Nts., 4/17/20²			1,250,000		1,323,821
Polyus Finance plc, 5.25% Sr. Unsec. Nts., 2/7/23²			5,915,000		6,080,029
Southern Copper Corp., 5.875% Sr. Unsec. Nts., 4/23/45			5,655,000		6,090,548
Vedanta Resources plc, 6.375% Sr. Unsec. Nts., 7/30/22²			2,950,000		2,966,815
					38,261,306

Paper & Forest Products—0.1%
Fibria Overseas Finance Ltd., 5.50% Sr. Unsec. Nts., 1/17/27			444,000		454,390
Suzano Austria GmbH, 5.75% Sr. Unsec. Nts., 7/14/26²			6,355,000		6,593,312
					7,047,702

Telecommunication Services—2.7%
Diversified Telecommunication Services—1.9%
British Telecommunications plc, 1.75% Sr. Unsec. Nts., 3/10/26	EUR		5,000,000		5,820,927
Genneia SA, 8.75% Sr. Unsec. Nts., 1/20/22²			1,990,000		2,120,982
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			7,493,000		10,312,698
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			13,147,000		15,973,605
Telecom Italia SpA, 7.375% Sr. Unsec. Nts., 12/15/17	GBP		5,000,000		6,697,758
Telefonica Emisiones SAU:
2.932% Sr. Unsec. Nts., 10/17/29	EUR		15,600,000		19,331,140
3.987% Sr. Unsec. Nts., 1/23/23	EUR		5,000,000		6,676,135
Telefonica Europe BV:
3.75% Jr. Sub. Perpetual Bonds^1,5	EUR		13,300,000		15,857,568
6.50% Jr. Sub. Perpetual Bonds^1,5	EUR		10,000,000		12,205,940
Telia Co. AB, 3.25% Sub. Nts., 10/4/77^1,6	SEK		75,000,000		8,935,288
					103,932,041

Wireless Telecommunication Services—0.8%
Bharti Airtel International Netherlands BV, 5.125% Sr. Unsec. Nts., 3/11/23²			2,960,000		3,120,994
Millicom International Cellular SA, 6% Sr. Unsec. Nts., 3/15/25²			6,790,000		7,151,024
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds^1,5	EUR		11,595,000		13,649,571
VimpelCom Holdings BV:
4.95% Sr. Unsec. Nts., 6/16/24²			6,005,000		6,038,508
9.00% Sr. Unsec. Nts., 2/13/18²	RUB		128,400,000		2,174,734

15 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Wireless Telecommunication Services (Continued)
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/20²	EUR		8,545,000	$	9,870,444
					42,005,275

Utilities—1.2%
Electric Utilities—0.8%
Capex SA, 6.875% Sr. Unsec. Nts., 5/15/24²			2,590,000		2,625,613
Electricite de France SA, 4.25% Jr. Sub. Perpetual Bonds^1,5	EUR		3,100,000		3,762,558
EnBW Energie Baden-Wuerttemberg AG, 3.625% Jr. Sub. Nts., 4/2/76¹	EUR		4,870,000		5,873,635
Enel Finance International NV, 1.966% Sr. Unsec. Nts., 1/27/25	EUR		5,000,000		6,058,980
Enel SpA, 8.75% Jr. Sub. Nts., 9/24/73^1,2			5,000,000		5,962,500
NN Group NV, 4.50% Jr. Sub. Perpetual Bonds^1,5	EUR		7,000,000		8,473,889
Orazul Energy Egenor S en C por A, 5.625% Sr. Unsec. Nts., 4/28/27²			6,350,000		6,223,000
Power Grid Corp. of India Ltd., 8.70% Sec. Nts., 7/15/18	INR		130,000,000		2,050,343
					41,030,518

Independent Power and Renewable Electricity Producers—0.3%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/26²			4,800,000		5,224,704
AES Argentina Generacion SA, 7.75% Sr. Unsec. Nts., 2/2/24²			2,520,000		2,650,259
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/26²			6,185,000		6,293,237
Reliance Jio Infocomm Ltd., 8.32% Sec. Nts., 7/8/21	INR		335,000,000		5,354,740
					19,522,940

Multi-Utilities—0.1%
NGG Finance plc, 4.25% Sub. Nts., 6/18/76¹	EUR		3,900,000		4,817,239
Total Corporate Bonds and Notes (Cost $1,533,089,921)					1,576,489,590

		Shares
Common Stock—0.0%
JSC Astana Finance, GDR^8,9 (Cost $0)			868,851		—

		Principal Amount
Structured Securities—0.3%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003%, 4/30/25^2,10		$	2,642,990		1,303,136
3.054%, 4/30/25^2,10			3,367,576		1,660,395
3.098%, 4/30/25^2,10			2,907,362		1,433,485
3.131%, 4/30/25^2,10			2,598,815		1,281,355
3.179%, 4/30/25^2,10			3,235,736		1,595,391
3.231%, 4/30/25^2,10			3,693,101		1,820,897
3.265%, 4/30/25^2,10			2,950,356		1,454,683
3.346%, 4/30/25^2,10			2,773,209		1,367,341
LB Peru Trust II Certificates, Series 1998-A, 3.796%, 2/28/16^7,10			11,734		—
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		145,684,301		1,089,966
Total Structured Securities (Cost $24,509,333)					13,006,649

16 OPPENHEIMER INTERNATIONAL BOND FUND


		Principal Amount		Value
Short-Term Notes—2.9%
Arab Republic of Egypt Treasury Bills, 18.276%, 2/6/18¹⁰	EGP		68,700,000	$	3,396,733
United States Treasury Bills, 0.993%, 9/14/17^10,11,12			150,000,000		149,713,350
Total Short-Term Notes (Cost $153,559,800)					153,110,083

Counter-

party

Exercise

Price

Expiration

Date

Contracts

Over-the-Counter Options Purchased—0.6%

BRL Currency Call⁹

GSCO-OT

BRL

3.379

6/12/18

BRL

253,387,500

2,203,711

CHF Currency Put⁹

GSCO-OT

CHF

0.922

6/4/19

CHF

92,230,000

3,396,831

CHF Currency Put⁹

BOA

SEK

8.810

9/29/17

CHF

50,000,000

750,345

EUR Currency Put⁹

GSCO-OT

TRY

4.203

12/22/17

EUR

50,000,000

1,530,621

EUR Currency Put⁹

GSCO-OT

SEK

9.723

9/7/17

EUR

100,000,000

1,938,246

EUR Currency Put⁹

GSCO-OT

NOK

9.460

9/21/17

EUR

100,000,000

991,738

EUR Currency Put⁹

GSCO-OT

SEK

9.569

3/19/18

EUR

74,600,000

1,523,166

Federal Republic of Germany Bonds Put⁹

JPM

EUR

117.000

12/5/17

EUR

100,000,000

296,576

French Republic Bonds Put⁹

GSCOI

EUR

82.000

1/15/18

EUR

100,000,000

2,284,209

HUF Currency Call⁹

BOA

HUF

268.150

9/27/17

HUF

26,815,000,000

1,394,380

HUF Currency Call⁹

GSCO-OT

HUF

271.350

9/7/17

HUF

27,135,000,000

1,790,910

IDR Currency Call⁹

GSCO-OT

IDR

13600.000

5/25/18

IDR

1,020,000,000,000

1,020,000

IDR Currency Call⁹

GSCO-OT

IDR

13600.000

4/25/18

IDR

1,360,000,000,000

1,360,000

INR Currency Call⁹

CITNA-B

INR

66.550

2/9/18

INR

6,655,000,000

1,983,190

INR Currency Call⁹

SCB

INR

66.250

4/6/18

INR

6,625,000,000

1,669,500

INR Currency Call⁹

GSCO-OT

INR

66.000

6/8/18

INR

4,950,000,000

1,064,250

17 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Counter-

party

Exercise

Price

Expiration

Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

JPY Currency Put⁹

GSCO-OT

JPY

120.000

5/7/20

JPY

12,000,000,000

2,076,000

KRW Currency Call⁹

GSCO-OT

KRW

1120.000

9/29/17

KRW

112,000,000,000

784,000

KRW Currency Call⁹

BOA

KRW

1115.000

8/17/17

KRW

111,500,000,000

334,500

NOK Currency Call⁹

CITNA-B

NOK

8.220

8/22/17

NOK

822,000,000

689,658

NOK Currency Call⁹

JPM

NOK

8.470

8/17/17

NOK

847,000,000

2,165,779

SEK Currency Call⁹

GSCO-OT

SEK

8.511

9/27/17

SEK

851,100,000

2,493,723

Total Over-the-Counter Options Purchased (Cost $36,035,923)

33,741,333

Counter

-party

Buy /Sell

Protection

Reference

Asset

Fixed Rate

Expiration

Date

Notional

Amount

(000’s)

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

Credit Default Swap Maturing 7/19/17
Call⁹

JPM

Sell

CDX.
NA.HY.28

5.00

7/19/17

USD

100,000

21,590

Credit Default Swap Maturing 8/16/17
Call⁹

JPM

Buy

iTraxx
Europe
Crossover
Series 27
Version 1

5.00

8/16/17

EUR

100,000

884,961

Total Over-the-Counter Credit Default Swaptions Purchased

(Cost $728,150)

906,551

Counter

-party

Pay/Receive

Floating

Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional

Amount

(000’s)

Over-the-Counter Interest Rate Swaptions Purchased—1.4%

Interest Rate Swap Maturing 10/2/27 Call⁹

JPM

Receive

Six-Month
EUR
EURIBOR

1.025

9/28/17

EUR

150,000

1,175,901

Interest Rate Swap Maturing 12/23/19 Call⁹

BAC

Pay

Six-Month
GBP BBA
LIBOR

0.655

12/21/17

GBP

251,000

323,368

18 OPPENHEIMER INTERNATIONAL BOND FUND

Counter

-party

Pay/Receive

Floating

Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional

Amount

(000’s)

Value

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

Interest Rate Swap Maturing 2/24/32 Call⁹

BOA

Pay

Three-
Month KRW
CD KSDA

2.060

2/23/22

KRW

56,900,000

1,822,328

Interest Rate Swap Maturing 2/24/32 Call⁹

BOA

Receive

Three-
Month KRW
CD KSDA

2.060

2/23/22

KRW

56,900,000

1,686,537

Interest Rate Swap Maturing 3/5/47 Call⁹

JPM

Receive

Three-
Month USD
LIBOR

2.885

3/3/27

USD

70,000

7,986,423

Interest Rate Swap Maturing 5/1/24 Call⁹

BOA

Receive

Three-
Month USD
BBA LIBOR

2.336

4/29/19

USD

100,000

1,802,957

Interest Rate Swap Maturing 5/26/52 Call⁹

JPM

Receive

Six-Month
EUR
EURIBOR

1.760

5/24/22

EUR

40,000

5,790,257

Interest Rate Swap Maturing 5/30/29 Call⁹

BOA

Pay

Three-
Month USD
BBA LIBOR

2.457

5/28/19

USD

150,000

5,018,461

Interest Rate Swap Maturing 5/30/33 Call⁹

BAC

Receive

Six-Month
GBP BBA
LIBOR

3.990

5/30/23

GBP

40,415

121,950

Interest Rate Swap Maturing 6/12/49 Call⁹

BOA

Receive

Six-Month
EUR
EURIBOR

1.587

6/10/19

EUR

50,000

5,060,121

Interest Rate Swap Maturing 6/12/49 Call⁹

JPM

Receive

Six-Month
EUR
EURIBOR

1.587

6/10/19

EUR

50,000

5,060,121

Interest Rate Swap Maturing 6/12/49 Call⁹

BOA

Pay

Six-Month
EUR
EURIBOR

1.587

6/10/19

EUR

50,000

3,800,378

Interest Rate Swap Maturing 6/12/49 Call⁹

JPM

Pay

Six-Month
EUR
EURIBOR

1.587

6/10/19

EUR

50,000

3,800,378

Interest Rate Swap Maturing 6/13/19 Call⁹

BOA

Pay

Three-
Month EUR
EURIBOR

0.210

6/11/18

EUR

50,000

36,721

19 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

Counter

-party

Pay/Receive

Floating

Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional

Amount

(000’s)

Value

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

Interest Rate Swap Maturing 6/13/19 Call⁹

BOA

Receive

Three-
Month EUR
EURIBOR

0.210

6/11/18

EUR

50,000

88,111

Interest Rate Swap Maturing 6/2/67 Call⁹

JPM

Receive

Six-Month
EUR
EURIBOR

1.500

5/29/37

EUR

100,000

20,995,903

Interest Rate Swap Maturing 6/4/25 Call⁹

BOA

Pay

Three-
Month USD
BBA LIBOR

2.177

5/31/18

USD

225,000

3,193,589

Interest Rate Swap Maturing 6/4/25 Call⁹

GSCOI

Pay

Three-
Month USD
BBA LIBOR

2.145

5/31/18

USD

300,000

3,954,681

Interest Rate Swap Maturing 7/25/27 Call⁹

BOA

Receive

Three-
Month USD
LIBOR

2.384

7/21/17

USD

275,000

616,946

Interest Rate Swap Maturing 7/27/27 Call⁹

JPM

Receive

Six-Month
EUR
EURIBOR

0.876

7/25/17

EUR

150,000

1,183,194

Interest Rate Swap Maturing 8/11/22 Call⁹

JPM

Receive

Three-
Month USD
BBA LIBOR

2.200

8/9/17

USD

380,000

302,533

Interest Rate Swap Maturing 8/29/19 Call⁹

BAC

Receive

Three-
Month USD
LIBOR

1.833

8/24/17

USD

500,000

142,170

Interest Rate Swap Maturing 8/31/21 Call⁹

BAC

Receive

Three-
Month USD
LIBOR

2.128

8/24/17

USD

500,000

1,084,750

Total Over-the-Counter Interest Rate Swaptions Purchased

(Cost $88,145,834)

75,047,778

Shares

Investment Company—5.6%

Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.86%^13,14(Cost $296,512,762)

296,512,762

Total Investments, at Value (Cost $5,259,568,406)

99.8

5,301,149,600

Net Other Assets (Liabilities)

0.2

10,193,549

Net Assets

100.0

5,311,343,149

Footnotes to Statement of Investments

1. Represents the current interest rate for a variable or increasing rate security.

20 OPPENHEIMER INTERNATIONAL BOND FUND

Footnotes to Statement of Investments (Continued)

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $977,951,466 or 18.41% of the Fund’s net assets at period end.

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

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Consolidated Notes.

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

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

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

8. Restricted security. The aggregate value of restricted securities at period end was $4,816,026, which represents 0.09% of the Fund’s net assets. See Note 4 of the accompanying Consolidated Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Depreciation
Banco Hipotecario SA, 21.354% Sr. Unsec. Nts., 1/12/20		10/6/16	$	4,983,046	$	4,628,128	$	354,918
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,121,084		187,898		2,933,186
JSC Astana Finance, GDR		6/5/15		—		—		—
			$	8,104,130	$	4,816,026	$	3,288,104

9. Non-income producing security.

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

11. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $1,179,741. See Note 6 of the accompanying Consolidated Notes.

12. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $25,805,591. See Note 6 of the accompanying Consolidated Notes.

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

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


	Shares September 30, 2016		Gross Additions		Gross Reductions		Shares June 30, 2017
Oppenheimer Institutional Government Money Market Fund, Cl. E		302,535,418		2,448,025,287		2,454,047,943		296,512,762

					Value		Income
Oppenheimer Institutional Government Money Market Fund, Cl. E					$	296,512,762	$	1,085,737

21 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

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


Geographic Holdings	Value		Percent
United Kingdom	$	619,018,831		11.7	%
United States		494,178,477		9.3
India		447,941,447		8.4
Mexico		428,816,947		8.1
Brazil		344,740,699		6.5
Italy		280,134,915		5.3
Russia		236,399,380		4.5
Indonesia		217,080,504		4.1
South Africa		190,605,525		3.6
Spain		170,886,451		3.2
Netherlands		134,539,756		2.5
Argentina		123,052,930		2.3
Malaysia		110,006,099		2.1
Peru		100,033,377		1.9
France		98,265,323		1.9
Australia		92,236,509		1.7
Turkey		84,069,404		1.6
Ireland		81,727,140		1.5
Switzerland		80,260,144		1.5
Hungary		68,934,442		1.3
Colombia		61,283,663		1.2
Portugal		60,575,340		1.1
Greece		59,549,823		1.1
Eurozone		53,859,816		1.0
Kazakhstan		47,928,980		0.9
Ukraine		46,457,988		0.9
Luxembourg		36,974,954		0.7
Thailand		36,187,155		0.7
Poland		34,484,759		0.7
Sri Lanka		33,901,392		0.6
Germany		33,400,318		0.6
China		30,471,484		0.6
Dominican Republic		30,220,317		0.6
Chile		26,993,698		0.5
Uruguay		24,163,208		0.5
Ecuador		20,532,355		0.4
Serbia		19,512,042		0.4
Ivory Coast		19,225,082		0.4
Egypt		19,113,591		0.4
Croatia		17,701,521		0.3
Romania		16,644,763		0.3
Austria		13,649,571		0.3
Jersey, Channel Islands		13,556,330		0.3
Sweden		11,429,012		0.2
Belgium		11,246,597		0.2
Guernsey		10,321,810		0.2
Jamaica		8,672,900		0.2

22 OPPENHEIMER INTERNATIONAL BOND FUND


Geographic Holdings (Continued)	Value		Percent
Hong Kong	$	7,695,161		0.1	%
Nigeria		7,591,611		0.1
Honduras		7,397,813		0.1
Vietnam		7,179,125		0.1
Senegal		6,566,546		0.1
Morocco		6,431,550		0.1
South Korea		6,329,314		0.1
Kuwait		6,187,440		0.1
United Arab Emirates		6,024,416		0.1
Norway		5,534,590		0.1
Angola		4,433,100		0.1
Supranational		4,290,175		0.1
Gabon		4,137,371		0.1
Panama		3,755,160		0.1
Belarus		3,075,993		0.1
Iraq		3,069,423		0.1
Guatemala		2,853,150		0.1
Mauritius		2,400,099		0.0
Denmark		2,350,794		0.0
Japan		2,076,000		0.0
Korea		784,000		0.0
Total	$	5,301,149,600		100.0	%


Forward Currency Exchange Contracts as of June 30, 2017
Counter -party	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		07/2017	BRL		144,700		USD	46,055	$	—	$	2,377,190
BAC		09/2017	EUR		2,005		USD	2,171		128,655		—
BAC		09/2017	GBP		4,415		USD	5,724		40,474		—
BAC		07/2017	USD		43,740		BRL	144,700		62,054		—
BAC		09/2017	USD		43,018		EUR	39,515		—		2,303,602
BAC		08/2017	USD		15,457		INR	1,000,000		55,548		—
BAC		09/2017	USD		50,450		JPY	5,712,500		—		515,165
BAC		07/2017	USD		49,831		KRW	56,630,000		367,778		—
BAC		09/2017	USD		8,475		ZAR	111,050		99,713		—
BOA		07/2017	BRL		92,700		USD	28,021		—		39,754
BOA		09/2017	EUR		9,735		USD	10,793		372,868		—
BOA		02/2018	HUF		11,852,400		USD	41,746		2,518,631		—
BOA		07/2017 - 09/2017	JPY		38,116,258		USD	337,984		3,242,262		1,216,861
BOA		07/2017	USD		27,972		BRL	92,700		—		9,997
BOA		10/2017	USD		51,483		CNH	368,000		—		2,347,403
BOA		09/2017	USD		105,891		EUR	99,450		—		8,171,453
BOA		07/2017 - 09/2017	USD		322,357		INR	20,949,800		696,722		2,972
BOA		09/2017	USD		55,424		PLN	215,000		—		2,575,412
BOA		09/2017	USD		40,601		TRY	158,130		—		3,338,061
BOA		09/2017	USD		183,167		ZAR	2,434,120		—		421,632
CITNA-B		10/2017	CNH		211,000		USD	29,506		1,358,313		—
CITNA-B		09/2017	COP		15,051,000		USD	5,084		—		196,862
CITNA-B		09/2017	DKK		203,610		USD	29,229		2,185,755		—

23 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
CITNA-B		09/2017	EUR		33,385		USD	37,272	$	1,018,412	$	—
CITNA-B		09/2017	GBP		24,290		USD	30,804		909,918		—
CITNA-B		07/2017	JPY		1,970,676		USD	18,000		—		472,847
CITNA-B		08/2017	USD		23,693		BRL	79,259		—		5,859
CITNA-B		09/2017	USD		5,031		COP	14,892,000		194,783		—
CITNA-B		09/2017	USD		176,177		EUR	160,105		—		7,453,452
CITNA-B		09/2017	USD		39,455		GBP	31,000		—		1,015,836
CITNA-B		09/2017	USD		49,190		HUF	13,490,000		—		864,281
CITNA-B		09/2017	USD		50,456		JPY	5,687,500		—		286,095
CITNA-B		09/2017	USD		97,629		RUB	5,682,000		2,925,970		57,134
CITNA-B		09/2017	USD		1,768		TRY	6,360		643		—
DEU		09/2017	EUR		1,110,745		USD	1,189,405		84,550,416		—
DEU		09/2017	GBP		97,890		USD	121,473		6,336,010		—
DEU		09/2017	USD		1,104,037		EUR	1,032,450		—		80,118,328
DEU		09/2017	USD		182,228		GBP	147,885		—		10,857,310
GSCO-OT		08/2017	BRL		189,134		USD	56,500		51,137		—
GSCO-OT		10/2017	CNH		175,000		USD	24,522		1,076,841		—
GSCO-OT		09/2017	EUR		54,040		USD	58,599		3,381,755		—
GSCO-OT		09/2017	JPY		13,063,200		USD	115,427		1,119,475		—
GSCO-OT		07/2017	KRW		55,665,500		USD	49,547		—		925,364
GSCO-OT		05/2018 - 05/2019	USD		30,000		BRL	109,875		—		405,576
GSCO-OT		09/2017	USD		9,936		CLP	6,621,000		—		15,293
GSCO-OT		09/2017	USD		47,058		EUR	43,320		—		2,627,607
GSCO-OT		09/2017	USD		6,261		GBP	5,000		—		267,191
GSCO-OT		02/2018	USD		42,000		HUF	11,852,400		—		2,264,840
GSCO-OT		07/2017 - 03/2018	USD		161,543		JPY	18,066,000		627,341		1,079,857
HSBC		09/2017	AUD		30,060		USD	22,989		92,187		—
HSBC		09/2017	EUR		14,085		USD	15,889		265,708		—
HSBC		09/2017	GBP		71,950		USD	91,777		2,164,297		—
HSBC		09/2017	MXN		2,011,700		USD	105,118		4,347,733		—
HSBC		09/2017	USD		16,000		AUD	20,795		32,861		—
HSBC		09/2017	USD		7,465		EUR	6,960		—		517,240
HSBC		09/2017	USD		16,909		GBP	13,555		—		789,177
HSBC		09/2017	USD		151,028		MXN	2,890,300		—		6,246,583
HSBC		09/2017	USD		11,129		PLN	41,980		—		195,943
JPM		07/2017	BRL		134,000		USD	40,505		—		57,465
JPM		09/2017	EUR		160,725		USD	177,071		7,270,474		—
JPM		09/2017	GBP		1,350		USD	1,751		11,844		—
JPM		09/2017	IDR		675,250,000		USD	50,309		—		48,805
JPM		09/2017	JPY		25,877,310		USD	232,525		—		1,653,568
JPM		06/2018	KRW		134,400,000		USD	128,000		—		9,925,504
JPM		03/2018	PHP		2,575,000		USD	50,000		210,158		—
JPM		07/2017	USD		40,114		BRL	134,000		—		334,062
JPM		10/2017	USD		2,515		CNH	18,000		—		118,337
JPM		09/2017	USD		26,848		COP	81,664,000		329,424		—
JPM		09/2017	USD		54,625		EUR	50,650		—		3,467,208
JPM		09/2017	USD		10,699		GBP	8,250		—		72,383

24 OPPENHEIMER INTERNATIONAL BOND FUND


Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)			Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
JPM		09/2017	USD		148,992		IDR		$	144,538	$	—
JPM		07/2017	USD		41,223		INR	2,667,000		34,710		—
JPM		06/2018	USD		111,767		KRW	134,400,000		—		6,307,344
JPM		09/2017	USD		80,116		MXN	1,501,800		61,264		1,665,458
JPM		03/2019	USD		50,000		PHP	2,612,500		—		218,253
JPM		09/2017	USD		3,846		PLN	14,600		—		92,632
JPM		09/2017	USD		96,919		RUB	5,630,000		3,025,932		—
JPM		09/2017	USD		32,734		THB	1,115,900		—		116,987
NOM		09/2017	EUR		97,180		USD	109,333		2,126,399		—
TDB		07/2017	BRL		341,090		USD	104,781		324,098		2,147,166
TDB		09/2017	EUR		40,445		USD	45,468		919,565		—
TDB		07/2017	INR		2,173,800		USD	33,702		—		75,224
TDB		09/2017	NZD		13,800		USD	9,961		137,016		—
TDB		09/2017	PLN		215,000		USD	52,782		5,217,673		—
TDB		09/2017	USD		93,386		AUD	122,000		—		289,357
TDB		07/2017 - 08/2017	USD		322,411		BRL	1,070,190		1,077,222		289,880
TDB		09/2017	USD		36,173		EUR	33,295		—		2,014,491
TDB		09/2017	USD		280,776		GBP	225,000		—		12,843,370
TDB		08/2017	USD		33,561		INR	2,174,000		78,224		—
TDB		09/2017	USD		236,986		MXN	4,375,000		—		1,077,547
TDB		09/2017	USD		8,794		NZD	12,610		—		433,616
TDB		09/2017	USD		17,101		PLN	69,660		—		1,690,526
TDB		09/2017	USD		8,514		SEK	74,500		—		368,622
Total Unrealized Appreciation and Depreciation									$	141,192,801	$	185,289,982

Futures Contracts as of June 30, 2017

Description

Exchange

Buy/Sell

Expiration
Date

Number

Contracts

Value

Unrealized

Appreciation

Canadian Bonds, 10 yr.

MON

Sell

9/20/17

1,268

137,428,593

4,163,711

Euro-BUND

EUX

Sell

9/7/17

271

50,102,430

550,653

4,714,364


Over-the-Counter Options Written at June 30, 2017
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts				Premiums Received		Value
BRL Currency Put		GSCO-OT	BRL		3.653		5/21/18		BRL	(182,625,000	)	$	2,492,500	$	(1,860,766	)
BRL Currency Put		GSCO-OT	BRL		3.955		5/21/19		BRL	(197,750,000	)		3,608,017		(2,981,675	)
BRL Currency Put		GSCO-OT	BRL		3.600		5/8/18		BRL	(232,200,000	)		2,316,453		(2,576,723	)
BRL Currency Put		GSCO-OT	BRL		3.954		6/12/18		BRL	(296,550,000	)		2,013,450		(1,656,528	)
BRL Currency Call		GSCO-OT	BRL		3.066		6/12/18		BRL	(229,950,000	)		754,650		(419,199	)
CHF Currency Put		BOA	CHF		8.570		9/29/17		CHF	(50,000,000	)		148,926		(233,056	)
CHF Currency Call		BOA	CHF		9.100		9/29/17		CHF	(50,000,000	)		273,815		(186,860	)
CLP Currency Put		GSCO-OT	CLP		676.500		9/7/17		CLP	(74,415,000,000	)		1,446,500		(744,150	)
CLP Currency Put		GSCO-OT	CLP		693.000		8/22/17		CLP	(34,650,000,000	)		335,400		(69,300	)
CLP Currency Call		GSCO-OT	CLP		649.500		8/22/17		CLP	(32,475,000,000	)		344,250		(129,900	)

25 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Over-the-Counter Options Written (Continued)
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts				Premiums Received		Value
CLP Currency Put		JPM	CLP		694.750		8/28/17		CLP	(34,737,500,000	)	$	342,551	$	(69,475	)
CLP Currency Call		JPM	CLP		650.950		8/28/17		CLP	(32,547,500,000	)		340,101		(162,737	)
COP Currency Put		GSCO-OT	COP		3110.000		8/30/17		COP	(233,250,000,000	)		723,000		(933,000	)
COP Currency Put		JPM	COP		3016.000		8/17/17		COP	(150,800,000,000	)		937,563		(1,206,400	)
EUR Currency Call		GSCO-OT	EUR		9.784		9/21/17		EUR	(100,000,000	)		609,076		(673,934	)
EUR Currency Put		GSCO-OT	EUR		3.962		12/22/17		EUR	(50,000,000	)		537,350		(389,644	)
EUR Currency Put		GSCO-OT	EUR		9.217		9/21/17		EUR	(100,000,000	)		293,841		(272,045	)
EUR Currency Call		GSCO-OT	EUR		9.982		9/7/17		EUR	(100,000,000	)		495,775		(172,844	)
EUR Currency Put		GSCO-OT	EUR		9.198		3/19/18		EUR	(74,600,000	)		351,451		(471,161	)
EUR Currency Call		GSCO-OT	EUR		10.044		3/19/18		EUR	(74,600,000	)		681,252		(587,898	)
EUR Currency Put		GSCO-OT	EUR		9.523		9/7/17		EUR	(100,000,000	)		226,602		(727,957	)
HUF Currency Put		BOA	HUF		285.600		9/27/17		HUF	(28,560,000,000	)		411,000		(342,720	)
HUF Currency Put		BOA	HUF		275.400		9/13/17		HUF	(27,540,000,000	)		1,005,000		(743,580	)
HUF Currency Call		BOA	HUF		263.700		9/27/17		HUF	(26,370,000,000	)		534,000		(764,730	)
HUF Currency Put		GSCO-OT	HUF		282.500		9/7/17		HUF	(28,250,000,000	)		668,500		(310,750	)
HUF Currency Call		GSCO-OT	HUF		263.100		9/7/17		HUF	(26,310,000,000	)		306,800		(526,200	)
IDR Currency Call		GSCO-OT	IDR		12600.000		4/25/18		IDR	(1,260,000,000,000	)		505,000		—
IDR Currency Put		GSCO-OT	IDR		14000.000		5/25/18		IDR	(1,050,000,000,000	)		1,888,125		(2,100,000	)
IDR Currency Put		GSCO-OT	IDR		14200.000		4/25/18		IDR	(1,420,000,000,000	)		2,675,004		(1,420,000	)
IDR Currency Call		GSCO-OT	IDR		12600.000		5/25/18		IDR	(945,000,000,000	)		325,502		—
INR Currency Call		CITNA-B	INR		64.600		2/9/18		INR	(6,460,000,000	)		647,413		(742,900	)
INR Currency Put		GSCO-OT	INR		69.000		6/8/18		INR	(5,175,000,000	)		1,257,075		(1,495,575	)
INR Currency Call		GSCO-OT	INR		63.000		6/8/18		INR	(4,725,000,000	)		412,725		(255,150	)
INR Currency Call		SCB	INR		63.000		4/6/18		INR	(6,300,000,000	)		468,200		(315,000	)
Italian Republic Bonds Call		JPM	EUR		93.450		10/2/17		EUR	(100,000,000	)		1,309,670		(724,993	)
KRW Currency Call		BOA	KRW		1095.000		8/17/17		KRW	(219,000,000,000	)		476,199		(219,000	)
NOK Currency Call		CITNA-B	NOK		7.920		8/22/17		NOK	(792,000,000	)		378,531		(92,664	)
NOK Currency Put		CITNA-B	NOK		8.580		8/22/17		NOK	(858,000,000	)		754,312		(366,366	)
NOK Currency Put		JPM	NOK		8.660		8/17/17		NOK	(866,000,000	)		949,995		(195,716	)
NOK Currency Call		JPM	NOK		8.280		8/17/17		NOK	(828,000,000	)		854,400		(884,304	)
Portuguese Republic Bonds Put		JPM	EUR		96.010		8/2/17		EUR	(40,000,000	)		588,681		(918	)
RUB Currency Put		BOA	RUB		59.500		8/31/17		RUB	(5,950,000,000	)		1,611,000		(2,415,700	)
SEK Currency Put		CITNA-B	SEK		8.535		1/8/18		SEK	(853,500,000	)		1,682,000		(1,478,262	)
SEK Currency Put		GSCO-OT	SEK		8.827		9/27/17		SEK	(882,700,000	)		577,600		(252,452	)
SEK Currency Call		GSCO-OT	SEK		8.252		9/27/17		SEK	(825,150,000	)		320,200		(924,168	)
SEK Currency Put		JPM	SEK		8.541		9/29/17		SEK	(854,130,000	)		1,163,000		(872,921	)
TRY Currency Put		CITNA-B	TRY		5.000		6/20/19		TRY	(250,000,000	)		1,980,000		(1,870,750	)
TRY Currency Put		CITNA-B	TRY		5.000		6/7/19		TRY	(375,000,000	)		2,887,500		(2,733,000	)
TRY Currency Put		GSCO-OT	TRY		5.020		5/31/19		TRY	(376,500,000	)		2,895,450		(2,645,289	)
TRY Currency Put		GSCO-OT	TRY		3.728		8/31/17		TRY	(372,800,000	)		814,200		(709,438	)
ZAR Currency Call		GSCO-OT	ZAR		12.796		4/5/18		ZAR	(959,662,500	)		2,207,550		(1,820,480	)
ZAR Currency Put		GSCO-OT	ZAR		14.652		4/5/18		ZAR	(1,098,900,000	)		5,010,525		(2,363,734	)
ZAR Currency Put		JPM	ZAR		14.726		4/6/18		ZAR	(736,300,000	)		3,297,500		(1,524,141	)
Total Over-the-Counter Options Written												$	60,135,180	$	(47,636,153	)

26 OPPENHEIMER INTERNATIONAL BOND FUND


Centrally Cleared Credit Default Swaps at June 30, 2017
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
CDX.HY.28		Buy		5.000	%		6/20/22	USD		50,000	$	3,472,222		$	(3,398,061	)
Federative Republic of Brazil		Sell		1.000			6/20/22	USD		15,000		928,605			(908,750	)
Federative Republic of Brazil		Buy		1.000			12/20/17	USD		100,000		195,325			(274,104	)
Intesa Sanpaolo SpA		Buy		1.000			12/20/21	EUR		15,000		(548,711	)		(117,619	)
People’s Republic of China		Buy		1.000			6/20/22	USD		33,000		215,114			(484,738	)
Republic of Italy		Sell		1.000			12/20/21	USD		16,000		585,507			(236,788	)
Republic of Korea		Buy		1.000			6/20/22	USD		49,600		1,224,030			(1,117,075	)
Republic of Korea		Buy		1.000			6/20/22	USD		9,000		183,831			(202,695	)
Republic of South Africa		Buy		1.000			6/20/22	USD		9,000		(362,313	)		388,936
Republic of South Africa		Buy		1.000			6/20/22	USD		23,000		(909,788	)		993,948
Republic of Turkey		Buy		1.000			6/20/22	USD		19,000		(1,268,268	)		775,345
Total Centrally Cleared Credit Default Swaps											$	3,715,554		$	(4,581,601	)


Over-the-Counter Credit Default Swaps at June 30, 2017
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17	EUR		4,405	$	171,759		$	74,283
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17	EUR		4,405		171,759			74,283
Banco Santander SA		BAC		Sell		3.000		9/20/17	EUR		20,000		(72,359	)		172,421
Banco Santander SA		BOA		Sell		3.000		12/20/17	EUR		5,000		(106,178	)		84,986
Banco Santander SA		UBS		Sell		3.000		9/20/17	EUR		8,850		(31,905	)		76,296
Federative Republic of Brazil		BNP		Sell		1.000		6/20/21	USD		65,000		7,926,133			(2,074,796	)
Federative Republic of Brazil		BNP		Sell		1.000		12/20/18	USD		10,265		812,157			34,933
Hellenic Republic		BAC		Sell		1.000		3/20/20	USD		3,090		1,097,122			(347,888	)
Hellenic Republic		BAC		Sell		1.000		3/20/20	USD		3,090		1,174,372			(347,888	)
Hellenic Republic		GSCOI		Sell		1.000		9/20/20	USD		20,000		7,000,000			(2,623,445	)
ICICI Bank Ltd.		GSCO-OT		Sell		1.000		12/20/19	USD		10,000		359,971			114,402
Kingdom of Spain		GSCO-OT		Buy		1.000		6/20/20	USD		50,000		47,068			(855,506	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD		14,802		267,519			121,462
Portuguese Republic		GSCOI		Buy		1.000		12/20/17	USD		25,000		(354,145	)		(98,656	)
Portuguese Republic		GSCOI		Sell		1.000		12/20/21	USD		20,000		1,907,243			(625,932	)
Portuguese Republic		GSCOI		Sell		1.000		12/20/21	USD		10,000		907,779			(312,966	)
Portuguese Republic		GSCO-OT		Buy		1.000		12/20/17	USD		25,000		(720,209	)		(98,656	)
Portuguese Republic		GSCO-OT		Buy		1.000		12/20/17	USD		25,000		(705,360	)		(98,656	)

27 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Over-the-Counter Credit Default Swaps (Continued)
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value
Reliance Industries Ltd.		GSCOI		Sell		1.000	%		6/20/21	USD		10,000	$	448,896		$	7,065
Republic of Turkey		BNP		Sell		1.000			7/20/17	USD		71,000		(96,540	)		170,041
State Bank of India		BNP		Sell		1.000			9/20/19	USD		13,035		537,811			172,954
Telefonica SA		UBS		Sell		1.000			9/20/17	EUR		5,000		627,078			13,537
Total Over-the-Counter Credit Default Swaps													$	21,369,971		$	(6,367,726	)

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

Type of Reference

Asset on which the

Fund Sold Protection

Total Maximum

Potential Payments

for Selling Credit

Protection

(Undiscounted)

Amount

Recoverable*

Reference

Asset Rating

Range**

Investment Grade Single

33,035,000

—

BBB+ to BBB-

Name Corporate Debt Investment Grade Single

47,660,000

EUR

—

EUR

A- to BBB-

Name Corporate Debt Investment Grade

30,802,000

—

BBB

Sovereign Debt Non-Investment Grade Sovereign Debt

217,445,000

194,000,000

BB+ to B-

Total USD

281,282,000

194,000,000

Total EUR

47,660,000

EUR

—

EUR

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

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


Centrally Cleared Interest Rate Swaps at June 30, 2017
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)			Premiums Received / (Paid)		Value
BAC		Receive		Three-Month HUF BUBOR		0.945	%		2/28/19		HUF	29,500,000	$	—	$	(607,829	)
BAC		Receive		MXN TIIE BANXICO		7.225			6/9/27		MXN	245,000		—		(42,038	)
BAC		Pay		MXN TIIE BANXICO		7.155			6/19/19		MXN	960,000		—		263,943
BAC		Pay		Three-Month PLN WIBOR WIBO		2.060			2/28/19		PLN	420,000		—		141,937
BAC		Receive		Six-Month HUF BUBOR		0.980			6/27/22		HUF	3,000,000		—		62,502
BOA		Pay		Three-Month CAD BA CDOR		1.692			6/1/26		CAD	91,000		—		(1,924,335	)
BOA		Pay		MXN TIIE BANXICO		7.120			5/2/19		MXN	2,050,000		—		557,507

28 OPPENHEIMER INTERNATIONAL BOND FUND


Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)			Premiums Received / (Paid)			Value
BOA		Pay		Three-Month AUD BBR BBSW		1.900	%		6/16/20		AUD	341,000	$	—		$	(1,316,649	)
BOA		Pay		Three-Month AUD BBR BBSW		1.815			6/6/20		AUD	169,000		—			(967,941	)
BOA		Pay		Six-Month AUD BBR BBSW		2.625			6/6/27		AUD	55,000		—			913,350
BOA		Receive		MXN TIIE BANXICO		7.215			6/3/27		MXN	250,000		—			(33,105	)
BOA		Receive		Three-Month USD BBA LIBOR		1.824			6/20/22		USD	160,000		—			933,222
BOA		Pay		MXN TIIE BANXICO		7.165			6/13/19		MXN	980,000		—			272,803
BOA		Pay		MXN TIIE BANXICO		6.500			11/24/26		MXN	1,000,000		(15	)		(2,506,903	)
BOA		Pay		Three-Month CAD BA CDOR		1.786			6/1/26		CAD	90,555		—			(1,369,825	)
BOA		Pay		MXN TIIE BANXICO		6.500			11/20/26		MXN	500,000		(47	)		(1,254,061	)
CITNA-B		Receive		Six-Month HUF BUBOR		1.560			11/18/21		HUF	6,000,000		—			(804,854	)
CITNA-B		Receive		Three-Month ZAR JIBAR SAFEX		7.780			6/23/27		ZAR	92,000		—			128,460
CITNA-B		Receive		Six-Month HUF BUBOR		1.480			11/24/21		HUF	3,000,000		—			(355,804	)
CITNA-B		Receive		Three-Month HUF BUBOR		1.025			3/5/19		HUF	14,750,000		—			(344,708	)
CITNA-B		Pay		Six-Month HUF BUBOR		2.740			3/7/27		HUF	3,260,000		—			609,036
CITNA-B		Pay		Three-Month PLN WIBOR WIBO		2.125			3/5/19		PLN	211,000		—			105,001
CITNA-B		Receive		Six-Month HUF BUBOR		0.720			3/7/19		HUF	14,750,000		—			(389,344	)
GSCOI		Receive		Six-Month GBP BBA LIBOR		1.788			6/21/32		GBP	79,800		—			976,951
GSCOI		Pay		Three-Month USD BBA LIBOR		1.528			6/2/19		USD	375,000		—			(464,812	)
GSCOI		Pay		Six-Month GBP BBA LIBOR		0.853			6/21/22		GBP	88,800		—			(1,100,176	)
GSCOI		Receive		Three-Month HKD HIBOR HKAB		1.170			5/31/19		HKD	2,930,000		—			677,039
GSCOI		Pay		MXN TIIE BANXICO		7.570			12/11/19		MXN	820,000		—			782,060
GSCOI		Pay		MXN TIIE BANXICO		7.350			3/11/22		MXN	330,000		—			406,144
GSCOI		Pay		Three-Month USD BBA LIBOR		1.893			2/9/20		USD	513,000		—			967,333
GSCOI		Pay		MXN TIIE BANXICO		7.130			3/26/18		MXN	880,000		—			(66,938	)
GSCOI		Receive		Three-Month USD BBA LIBOR		2.505			2/9/28		USD	111,300		—			(1,433,248	)

29 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Centrally Cleared Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)			Premiums Received / (Paid)			Value
GSCOI		Pay		Six-Month PLN WIBOR WIBO		1.780	%		6/10/21		PLN	200,000	$	(30,941	)	$	(918,320	)
GSCOI		Receive		Three-Month HKD HIBOR HKAB		1.860			5/2/22 HKD			400,000		—			(458,280	)
GSCOI		Pay		Three-Month ZAR JIBAR SAFEX		7.940			3/27/27		ZAR	178,500		—			(78,568	)
GSCOI		Receive		Six-Month PLN WIBOR WIBO		1.775			10/10/21		PLN	95,000		3,197			(317,122	)
HSBC		Receive		Six-Month PLN WIBOR WIBO		2.225			6/27/22		PLN	40,000		—			76,581
JPM		Pay		Six-Month PLN WIBOR WIBO		2.090			1/11/22		PLN	160,000		—			(382,661	)
JPM		Receive		Three-Month USD BBA LIBOR		2.118			3/20/22		USD	15,675		—			(224,723	)
JPM		Pay		BZDI		9.865			1/4/21		BRL	248,000		—			(667,418	)
JPM		Receive		BZDI		9.520			1/2/19		BRL	226,000		—			(67,678	)
JPM		Pay		MXN TIIE BANXICO		7.275			5/31/22		MXN	330,000		—			353,032
JPM		Receive		Three-Month USD BBA LIBOR		1.815			6/7/22		USD	15,750		—			87,885
JPM		Receive		BZDI		10.050			1/2/23		BRL	94,500		—			485,301
JPM		Pay		Six-Month PLN WIBOR WIBO		2.315			1/15/26		PLN	90,200		(23,445	)		(692,633	)
JPM		Receive		Three-Month USD BBA LIBOR		2.097			6/8/27		USD	12,000		—			175,993
SIB		Pay		MXN TIIE BANXICO		7.090			3/23/18		MXN	780,000		—			(73,290	)
SIB		Pay		MXN TIIE BANXICO		7.170			4/4/19		MXN	2,040,000		—			569,817
SIB		Receive		MXN TIIE BANXICO		7.235			6/9/27		MXN	120,000		—			(25,384	)
Total Centrally Cleared Interest Rate Swaps													$	(51,251	)	$	(9,342,750	)


Over-the-Counter Interest Rate Swaps at June 30, 2017
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)						Value
BNP		Receive		Three-Month COP IBR OIS Compound		4.890	%		6/27/19		COP	53,000,000				$	49,407
BOA		Receive		Six-Month THB THBFIX		1.935			6/22/22		THB	1,480,000					226,524
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.055			6/30/19		INR	8,750,000					(52,748	)
DEU		Pay		Three-Month COP IBR OIS Compound		5.030			4/28/20		COP	100,000,000					153,254
GSCOI		Pay		Six-Month THB THBFIX		1.635			5/19/19		THB	1,925,000					27,278

30 OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty

Pay/Receive

Floating

Rate

Floating

Rate

Fixed

Rate

Maturity

Date

Notional Amount

(000’s)

Value

GSCOI

Pay

Six-Month THB
THBFIX

1.810

3/22/19

THB

10,000,000

501,840

GSCOI

Pay

Three-Month COP
IBR OIS Compound

5.175

4/20/20

COP

88,000,000

250,462

GSCOI

Receive

Six-Month THB
THBFIX

2.465

5/19/27

THB

440,000

(66,988

)

GSCOI

Receive

Six-Month THB
THBFIX

2.635

3/22/27

THB

1,000,000

(661,745

)

GSCOI

Receive

Three-Month KRW
CD KSDA

1.926

2/22/27

KRW

61,000,000

(153,666

)

GSCOI

Pay

Three-Month COP
IBR OIS Compound

6.470

9/29/26

COP

55,000,000

827,698

JPM

Receive

Five-Year EUR CPI
EXT

1.603

5/24/27

EUR

50,000

(71,448

)

JPM

Receive

Three-Month COP
IBR OIS Compound

4.880

6/27/19

COP

27,000,000

23,507

JPM

Pay

Five-Year EUR CPI
EXT

2.080

5/24/37

EUR

50,000

14,819

JPM

Pay

Three-Month COP
IBR OIS Compound

7.300

6/1/26

COP

39,425,000

1,391,377

JPM

Pay

Three-Month COP
IBR OIS Compound

4.990

5/2/20

COP

105,000,000

101,742

JPM

Pay

Three-Month KRW
CD KSDA

1.685

3/8/20

KRW

187,200,000

210,466

Three-Month

JPM

Pay

COP IBR OIS
Compound

5.700

3/8/19

COP

199,335,000

980,845

JPM

Receive

Three-Month KRW
CD KSDA

2.120

2/22/27

KRW

132,000,000

(345,349

)

JPM

Receive

Three-Month KRW
CD KSDA

1.995

3/8/27

KRW

60,480,000

(475,048

)

JPM

Receive

One-Week CNY
CNREPOFIX=CFXS

3.940

4/19/22

CNY

380,000

(522,746

)

JPM

Receive

CNY
CNREPOFIX=CFXS

3.730

4/5/19

CNY

900,000

(235,035

)

JPM

Receive

Three-Month KRW
CD KSDA

2.100

4/4/27

KRW

130,000,000

(236,258

)

SIB

Pay

Three-Month COP
IBR OIS Compound

5.880

2/10/19

COP

150,000,000

831,479

Total Over-the-Counter Interest Rate Swaps

2,769,667

31 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

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

Reference Asset

Counterparty

Pay/Receive

Total

Return*

Floating Rate

Maturity

Date

Notional

Amount

(000’s)

Value

iBoxx EUR Liquid High Yield Index Series 1 Version 1

JPM

Pay

Three-Month EUR
EURIBOR

9/26/17

EUR

100,000

(1,801,611

)

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


Over-the-Counter Credit Default Swaptions Written at June 30, 2017
Description	Counter- party		Buy/Sell Protection		Reference Asset		Fixed Rate			Expiration Date			Notional Amount (000’s)		Premiums Received		Value
Credit Default Swap Maturing 7/19/17 Call		JPM		Sell		CDX. NA.HY.28		5.000	%		7/19/17	USD		100,000	$	123,000	$	(121,730	)
Credit Default Swap Maturing 8/16/17 Call		JPM		Sell		iTraxx Europe Crossover Series 27 Version 1		5.000			8/16/17	EUR		100,000		113,630		(236,596	)
Credit Default Swap Maturing 8/16/17 Call		JPM		Sell		iTraxx Europe Crossover Series 27 Version 1		5.000			8/16/17	EUR		100,000		227,260		(431,687	)
Credit Default Swap Maturing 8/16/17 Call		JPM		Buy		iTraxx Europe Crossover Series 27 Version 1		5.000			8/16/17	EUR		100,000		170,445		(94,456	)
Total Over-the-Counter Credit Default Swaptions Written															$	634,335	$	(884,469	)

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

Description

Counter-
party

Pay/

Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Expiration
Date

Notional Amount

(000’s)

Premiums
Received

Value

Interest Rate Swap Maturing 8/31/21 Call

BAC

Pay

Three-
Month
USD BBA
LIBOR

2.328%

8/24/17

USD

500,000

720,000

(411,970

)

Interest Rate Swap Maturing 12/21/22 Call

BAC

Receive

Six-
Month
GBP BBA
LIBOR

0.858

12/21/17

GBP

101,000

886,515

(404,315

)

Interest Rate Swap Maturing 8/29/19 Call

BAC

Pay

Three-
Month
USD BBA
LIBOR

1.633

8/24/17

USD

500,000

930,000

(817,700

)

32 OPPENHEIMER INTERNATIONAL BOND FUND


Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counter- party		Pay/ Receive Floating Rate		Floating Rate		Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap Maturing 5/30/29 Call		BOA		Receive		Three- Month USD BBA LIBOR		2.207%		5/28/19		USD	150,000	$	4,122,517	$	(3,360,305	)
Interest Rate Swap Maturing 6/4/25 Call		BOA		Receive		Three- Month USD BBA LIBOR		1.777		5/31/18		USD	225,000		1,845,000		(1,014,784	)
Interest Rate Swap Maturing 6/13/49 Call		BOA		Pay		Six- Month EUR EURIBOR		1.522		6/11/18		EUR	50,000		3,209,248		(3,793,382	)
Interest Rate Swap Maturing 6/13/49 Call		BOA		Receive		Six- Month EUR EURIBOR		1.522		6/11/18		EUR	50,000		3,209,249		(2,533,537	)
Interest Rate Swap Maturing 6/4/25 Call		BOA		Receive		Three- Month USD BBA LIBOR		1.977		5/31/18		USD	225,000		2,801,250		(1,922,305	)
Interest Rate Swap Maturing 5/30/29 Call		BOA		Receive		Three- Month USD BBA LIBOR		1.957		5/28/19		USD	150,000		2,930,463		(2,044,318	)
Interest Rate Swap Maturing 9/28/22 Call		BOA		Pay		Three- Month CAD BA CDOR		1.713		9/28/17		CAD	500,000		2,487,562		(3,321,036	)
Interest Rate Swap Maturing 9/28/27 Call		BOA		Receive		Three- Month CAD BA CDOR		2.010		9/28/17		CAD	250,000		2,391,887		(1,424,751	)
Interest Rate Swap Maturing 1/2/19 Call		BOA		Pay		BZDI		9.500		1/2/18		BRL	500,000		464,409		(452,187	)
Interest Rate Swap Maturing 10/4/27 Call		BOA		Receive		Six- Month AUD BBR BBSW		2.913		10/3/17		AUD	75,000		661,581		(594,107	)
Interest Rate Swap Maturing 9/1/27 Call		BOA		Pay		MXN TIIE BANXICO		7.300		9/12/17		MXN	1,000,000		799,548		(686,176	)
Interest Rate Swap Maturing 5/25/66 Call		GSCOI		Pay		Six- Month EUR EURIBOR		1.912		1/15/18		EUR	87,500		813,872		(1,598,215	)

33 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counter- party		Pay/ Receive Floating Rate		Floating Rate		Fixed Rate		Expiration Date		Notional Amount (000’s)			Premiums Received		Value
Interest Rate Swap Maturing 8/8/22 Call		GSCOI		Pay		Six- Month PLN WIBOR WIBO		2.490%		8/4/17		PLN	225,000	$	309,579	$	(105,917	)
Interest Rate Swap Maturing 6/4/25 Call		GSCOI		Receive		Three- Month USD BBA LIBOR		1.945		5/31/18		USD	300,000		3,720,000		(2,336,985	)
Interest Rate Swap Maturing 6/4/25 Call		GSCOI		Receive		Three- Month USD BBA LIBOR		1.745		5/31/18		USD	300,000		2,415,000		(1,203,195	)
Interest Rate Swap Maturing 7/27/22 Call		JPM		Pay		Six- Month EUR EURIBOR		0.291		7/25/17		EUR	270,000		1,311,120		(711,514	)
Interest Rate Swap Maturing 3/5/30 Call		JPM		Pay		Three- Month USD LIBOR		2.840		3/3/20		USD	68,000		3,495,200		(2,440,417	)
Interest Rate Swap Maturing 10/3/27 Call		JPM		Receive		Six- Month AUD BBR BBSW		2.905		9/29/17		AUD	75,000		661,581		(560,103	)
Interest Rate Swap Maturing 10/2/27 Call		JPM		Pay		Six- Month EUR EURIBOR		1.225		9/28/17		EUR	150,000		187,489		(410,523	)
Interest Rate Swap Maturing 6/13/49 Call		JPM		Receive		Six- Month EUR EURIBOR		1.587		6/11/18		EUR	50,000		3,232,176		(2,501,057	)
Interest Rate Swap Maturing 6/13/49 Call		JPM		Pay		Six- Month EUR EURIBOR		1.587		6/11/18		EUR	50,000		3,232,176		(3,763,132	)
Interest Rate Swap Maturing 6/2/67 Call		JPM		Pay		Six- Month EUR EURIBOR		4.000		5/29/37		EUR	100,000		4,970,290		(4,149,582	)
Interest Rate Swap Maturing 8/11/47 Call		JPM		Pay		Three- Month USD BBA LIBOR		2.600		8/9/17		USD	50,000		1,355,000		(546,120	)
Interest Rate Swap Maturing 5/26/27 Call		JPM		Pay		Six- Month EUR EURIBOR		1.470		5/24/22		EUR	200,000		6,265,277		(6,419,884	)
Total Over-the-Counter Interest Rate Swaptions Written														$	59,427,989	$	(49,527,517	)

34 OPPENHEIMER INTERNATIONAL BOND FUND


Glossary:
Counterparty Abbreviations
BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
GSCOI		Goldman Sachs International
GSCO-OT		Goldman Sachs Bank USA
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
NOM		Nomura Global Financial Products, Inc.
SCB		Standard Chartered Bank
SIB		Banco Santander SA
TDB		Toronto Dominion Bank
UBS		UBS AG

Currency abbreviations indicate amounts reporting in currencies
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Offshore Chinese Renminbi
CNY		Chinese Renminbi
COP		Colombian Peso
DKK		Danish Krone
EGP		Egyptian Pounds
EUR		Euro
GBP		British Pound Sterling
HKD		Hong Kong Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian New Sol
PHP		Philippine Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
THB		Thailand Baht
TRY		New Turkish Lira
UYU		Uruguay Peso
ZAR		South African Rand

35 OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued


Definitions
BA CDOR		Canada Bankers Acceptances Deposit Offering Rate
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR		Bank Bill Rate
BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BUBOR		Budapest Interbank Offered Rate
BUND		German Federal Obligation
BZDI		Brazil Interbank Deposit Rate
CD		Certificate of Deposit
CDX.HY.28		Markit CDX High Yield Index
CDX.NA.HY.28		Markit CDX North American High Yield
CNREPOFIX=CFXS		Repurchase Fixing Rate
CPI EXT		Excluding Tobacco Consumer Price Index
EURIBOR		Euro Interbank Offered Rate
FBIL		Financial Benchmarks India Private Ltd.
HIBOR		Hong Kong Interbank Offered Rate
HKAB		Hong Kong Association of Banks
IBR		Indicador Bancario de Referencia
iTraxx Europe
Crossover Series 27
Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities
JIBAR SAFEX		South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KSDA		Korean Securities Dealers Assn.
LIBOR		London-Interbank Offered Rate
MIBOR		Mumbai Interbank Offered Rate
OIS		Overnight Index Swap
THBFIX		Thai Baht Interest Rate Fixing
TIIE		Interbank Equilibrium Interest Rate
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

Exchange Abbreviations
EUX		European Stock Exchange
MON		Montreal Exchange

36 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS June 30, 2017 Unaudited

1. Organization

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

2. Significant Accounting Policies

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

Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer International Bond Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the “Subsidiary”). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in Regulation S securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission pursuant to Regulation S under the Securities Act of 1933. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Subsidiary is subject to the same investment restrictions and guidelines, and follows the same compliance policies and procedures, as the Fund.

At period end, the Fund owned 966,844 shares with net assets of $91,517,178 in the Subsidiary.

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

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

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

3. Securities Valuation

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

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review,

37 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

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

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

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

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

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

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

38 OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

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

Securities for which market quotations are not readily available or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

39 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

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

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

The table below categorizes amounts at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs			Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—	$	86,064,450		$	—		$	86,064,450
Mortgage-Backed Obligations		—		144,775,648			—			144,775,648
Foreign Government Obligations		—		2,921,494,756			—			2,921,494,756
Corporate Bonds and Notes		—		1,576,301,692			187,898			1,576,489,590
Common Stock		—		—			—			—
Structured Securities		—		11,916,683			1,089,966			13,006,649
Short-Term Notes		—		153,110,083			—			153,110,083
Over-the-Counter Options Purchased		—		31,160,548			2,580,785			33,741,333
Over-the-Counter Credit Default
Swaptions Purchased		—		906,551			—			906,551
Over-the-Counter Interest Rate
Swaptions Purchased		—		75,047,778			—			75,047,778
Investment Company		296,512,762		—			—			296,512,762
Total Investments, at Value		296,512,762		5,000,778,189			3,858,649			5,301,149,600
Other Financial Instruments:
Swaps, at value		—		6,707,361			—			6,707,361
Centrally cleared swaps, at value		—		11,704,126			—			11,704,126
Futures contracts		4,714,364		—			—			4,714,364
Forward currency exchange contracts		—		141,192,801			—			141,192,801
Total Assets	$	301,227,126	$	5,160,382,477		$	3,858,649		$	5,465,468,252

Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(12,107,031	)	$	—		$	(12,107,031	)
Centrally cleared swaps, at value		—		(25,628,477	)		—			(25,628,477	)
Options written, at value		—		(46,910,242	)		(725,911	)		(47,636,153	)
Forward currency exchange contracts		—		(185,289,982	)		—			(185,289,982	)
Swaptions written, at value		—		(50,411,986	)		—			(50,411,986	)
Total Liabilities	$	—	$	(320,347,718	)	$	(725,911	)	$	(321,073,629	)

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

40 OPPENHEIMER INTERNATIONAL BOND FUND

3. Securities Valuation (Continued)

table are reported at their market value at measurement date.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Consolidated Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

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

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer

41 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$59,463,474
Sold securities		1,043,955

Restricted Securities. At period end, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Consolidated Statement of

42 OPPENHEIMER INTERNATIONAL BOND FUND

4. Investments and Risks (Continued)

Investments. Restricted securities are reported on a schedule following the Consolidated Statement of Investments.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment.

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


Cost	$	10,122,190
Market Value		$—
Market Value as % of Net Assets		—	%

Sovereign Debt Risk. The Fund invests in sovereign debt securities, which are subject to certain special risks. These risks include, but are not limited to, the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay the principal on its sovereign debt. There may also be no legal process for collecting sovereign debt that a government does not pay or bankruptcy proceedings through which all or part of such sovereign debt may be collected. In addition, a restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, reduced liquidity and increased volatility, among others.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

43 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to unanticipated changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities

44 OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

Forward contracts are reported on a schedule following the Consolidated Statement of Investments. The unrealized appreciation (depreciation) is reported in the Consolidated Statement of Assets and Liabilities in the annual and semiannual reports as a receivable (or payable) and in the Consolidated Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Consolidated Statement of Operations in the annual and semiannual reports.

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

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $4,601,568,287 and $6,288,298,489, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Futures Contracts

A futures contract is a commitment to buy or sell a specific amount of a commodity, financial instrument or currency at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts and may also buy or write put or call options on these futures contracts. Futures contracts and options thereon are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value

45 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

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

The Fund may purchase and/or sell financial futures contracts and options on futures contracts to gain exposure to, or decrease exposure to interest rate risk, equity risk, foreign exchange rate risk, volatility risk, or commodity risk.

During the reporting period, the Fund had an ending monthly average market value of $34,377,477 and $204,021,702 on futures contracts purchased and sold, respectively.

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

Option Activity

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

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

Foreign Currency Options. The Fund may purchase or write call and put options on

46 OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

currencies to increase or decrease exposure to foreign exchange rate risk. A purchased call, or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put, or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

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

During the reporting period, the Fund had an ending monthly average market value of $20,297,218 and $18,693,531 on purchased call options and purchased put options, respectively.

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

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

During the reporting period, the Fund had an ending monthly average market value of $15,610,809 and $29,425,946 on written call options and written put options, respectively.

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

Written option activity for the reporting period was as follows:


	Number of Contracts			Amount of Premiums
Options outstanding as of September 30, 2016		3,332,049,780,750		$	67,408,416
Options written		15,979,831,962,500			297,768,805
Options closed or expired		(2,393,071,855,000	)		(13,276,362	)
Options exercised		(11,253,387,970,750	)		(291,765,679	)

Options outstanding as of June 30, 2017		5,665,421,917,500		$	60,135,180

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series

47 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

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

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

The ongoing value of the contract will fluctuate throughout the term of the contract based primarily on the credit risk of the reference asset. If the credit quality of the reference asset improves relative to the credit quality at contract initiation, the buyer of protection may have an unrealized loss greater than the anticipated periodic fee owed. This unrealized loss would be the result of current credit protection being cheaper than the cost of credit protection at contract initiation. If the buyer elects to terminate the contract prior to its

48 OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

maturity, and there has been no credit event, this unrealized loss will become realized. If the contract is held to maturity, and there has been no credit event, the realized loss will be equal to the periodic fee paid over the life of the contract.

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

The Fund may purchase or sell credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual issuers and/or indexes of issuers that are either unavailable or considered to be less attractive in the bond market.

The Fund has engaged in spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same reference asset but with different maturities. Spread curve trades attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

For the reporting period, the Fund had ending monthly average notional amounts of $790,879,884 and $369,406,380 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

Currency Swap Contracts. A currency swap contract is an agreement between counterparties to exchange different currencies at contract inception that are equivalent to a notional value. The exchange at contract inception is made at the current spot rate. The contract also includes an agreement to reverse the exchange of the same notional values of those currencies at contract termination. The re-exchange at contract termination may take place at the same exchange rate, a specified rate or the then current spot rate. Certain currency swap contracts provide for exchanging the currencies only at contract termination and can provide for only a net payment in the settlement currency, typically USD. A currency swap contract may also include the exchange of periodic payments, between the counterparties, that are based on interest rates available in the respective currencies at contract inception. Other currency swap contracts may not provide for exchanging the different currencies at all, and only for exchanging interest cash flows based on the notional value in the contract.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on the dollar notional amount and receive an interest rate on the various foreign currency notional amounts. These currency swap contracts increase exposure to, or decrease exposure away from, foreign exchange and interest rate risk.

For the reporting period, the Fund had ending monthly average notional amounts of $63,887,680 on currency swaps which receive a fixed rate.

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

Interest Rate Swap Contracts. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow

49 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

stream will typically be a floating rate payment based upon a specified floating interest rate while the other is typically a fixed interest rate.

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

For the reporting period, the Fund had ending monthly average notional amounts of $1,715,108,228 and $2,549,893,625 on interest rate swaps which pay a fixed rate and interest rate swaps which receive a fixed rate, respectively.

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

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

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

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

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

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

50 OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

index (expressed as a percentage) multiplied by the notional amount of the contract.

For the reporting period, the Fund had ending monthly average notional amounts of $48,085,500 and $53,878,684 on total return swaps which are long the reference asset and total return swaps which are short the reference asset, respectively.

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

Swaption Transactions

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

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

The Fund generally will incur a greater risk when it writes a swaption than when it purchases a swaption. When the Fund writes a swaption it will become obligated, upon exercise of the swaption, according to the terms of the underlying agreement. Swaption contracts written by the Fund do not give rise to counterparty credit risk prior to exercise as they obligate the Fund, not its counterparty, to perform. When the Fund purchases a swaption it only risks losing the amount of the premium it paid if the swaption expires unexercised. However, when the Fund exercises a purchased swaption there is a risk that the counterparty will fail to perform or otherwise default on its obligations under the swaption contract.

The Fund may purchase swaptions which give it the option to enter into an interest rate swap in which it pays a floating or fixed interest rate and receives a fixed or floating interest rate in order to increase or decrease exposure to interest rate risk. Purchasing the fixed portion of this swaption becomes more valuable as the reference interest rate decreases relative to the preset interest rate. Purchasing the floating portion of this swaption becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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

51 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

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

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

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

During the reporting period, the Fund had an ending monthly average market value of $33,279,003 and $34,199,455 on purchased and written swaptions, respectively.

Written swaption activity for the reporting period was as follows:


	Number of Contracts			Amount of Premiums
Swaptions outstanding as of September 30, 2016		23,442,278,000		$	41,633,006
Swaptions written		38,579,000,000			202,261,669
Swaptions closed or expired		(14,501,500,000	)		(19,058,280	)
Swaptions exercised		(40,918,278,000	)		(164,774,071	)

Swaptions outstanding as of June 30, 2017		6,601,500,000		$	60,062,324

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the

52 OPPENHEIMER INTERNATIONAL BOND FUND

6. Use of Derivatives (Continued)

counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

At period end, the Fund has required certain counterparties to post collateral of $4,597,403.

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

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

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

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination

53 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

STATEMENT OF INVESTMENTS Unaudited / Continued

6. Use of Derivatives (Continued)

fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

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

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

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

7. Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.


Federal tax cost of securities	$	5,263,571,773
Federal tax cost of other investments		(286,187,394	)

Total federal tax cost	$	4,977,384,379


Gross unrealized appreciation	$	458,209,743
Gross unrealized depreciation		(483,907,299	)

Net unrealized depreciation	$	(25,697,556	)

54 OPPENHEIMER INTERNATIONAL BOND FUND

Item 2. Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 6/30/2017, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)

There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer International Bond Fund


By:		/s/ *Arthur P. Steinmetz*
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		8/15/2017

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


By:		/s/ *Arthur P. Steinmetz*
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		8/15/2017


By:		/s/ *Brian S. Petersen*
		Brian S. Petersen
		Principal Financial Officer
Date:		8/15/2017

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	8/29/17
For Period End:	6/30/17
	9/30/16	24F-2NT, N-CSR, NSAR-B
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Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/17

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N-Q — Oppenheimer International Bond Fund

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