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Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/14

On: Friday, 8/29/14, at 1:09pm ET · Effective: 8/29/14 · For: 6/30/14 · Accession #: 1193125-14-326932 · File #: 811-07255

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

 8/29/14  Oppenheimer Int’l Bond Fund       N-Q         6/30/14    2:1.7M                                   RR Donnelley/FA
          → Oppenheimer International Bond Fund ⇒ A — B — C — I — R — Y

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents

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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)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 6/30/2014

Item 1.

Schedule of Investments.

STATEMENT OF INVESTMENTS June 30, 2014 Unaudited


		Principal Amount		Value
Asset-Backed Securities—0.5%
Axius Europe CLO SA, Series 2007-1X, Cl. E, 4.929%, 11/15/23¹	EUR		6,972,613	$	9,080,043
Cadogan Square CLO IV BV, Series 4X, Cl. D, 1.956%, 7/24/23¹	EUR		4,650,000		5,595,287
Halcyon Structured Asset Management European CLO BV, Series 2006-IIX, Cl. E, 4.254%, 1/25/23¹	EUR		6,470,000		8,409,315
Harvest CLO IA SA:
Series I-X, Cl. C, 2.216%, 3/29/17¹	EUR		1,015,000		1,389,668
Series I-X, Cl. D, 3.316%, 3/29/17¹	EUR		2,530,000		3,393,377
Series I-X, Cl. E, 7.916%, 3/29/17¹	EUR		2,530,000		3,340,856
Highlander Euro CDO II Cayman Ltd., Series 2006-2CX, Cl. E, 3.811%, 12/14/22¹	EUR		6,034,185		7,859,395
Stichting Halcyon Structured Asset Management European, Series 2007-IX, Cl. E, 4.206%, 7/24/23¹	EUR		1,654,222		1,939,383
Theseus European CLO SA, Series 2006-1X, Cl. E, 4.387%, 8/27/22¹	EUR		3,505,000		4,540,733

Total Asset-Backed Securities (Cost $42,608,234)					45,548,057


Mortgage-Backed Obligation—0.2%
IM Pastor 4 Fondo de Titulizacion de Activos, Series 4, Cl. A, 0.356%, 3/22/44¹ (Cost $16,615,076)	EUR		15,337,444		18,753,492


U.S. Government Obligation—1.4%
United States Treasury Nts., 0.375%, 3/31/16²(Cost $132,836,992)			133,000,000		133,025,935


Foreign Government Obligations—61.5%
Angola—0.2%
Republic of Angola Via Northern Lights III BV Sr. Unsec. Nts., 7%, 8/16/19			15,840,000		17,328,168
Argentina—0.1%
Republic of Argentina Sr. Unsec. Nts., 7%, 4/17/17			9,855,000		9,253,845
Republic of Argentina Unsec. Nts., 8.75%, 5/7/24			2,810,000		2,641,400

					11,895,245

Australia—1.5%
Australia Government Bonds:
2.00%, 8/21/35	AUD		10,000,000		10,464,152
3.25%, 4/21/29	AUD		4,625,000		4,040,107
New South Wales Treasury Corp. Sr. Unsec. Nts., 6%, 5/1/23	AUD		20,000,000		22,208,339
Queensland Treasury Corp. Sr. Unsec. Nts.:
Series 22, 6.00%, 7/21/22	AUD		7,400,000		8,057,712
Series 25, 4.75%, 7/21/25³	AUD		25,000,000		24,949,372
Series 33, 6.50%, 3/14/33	AUD		25,590,000		30,250,904
Victoria Treasury Corp. Sr. Unsec. Nts., 5.50%, 11/17/26	AUD		31,385,000		33,727,769

					133,698,355

Belgium—1.9%
Kingdom of Belgium Bonds, Series 58, 3.75%, 9/28/20	EUR		100,000,000		161,062,679
Kingdom of Belgium Unsec. Bonds, Series 60, 4.25%, 3/28/41³	EUR		5,055,000		8,979,562

					170,042,241

1 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Brazil—3.5%
Brazil Minas SPE via State of Minas Gerais Sec. Bonds, 5.333%, 2/15/28³		$	13,305,000	$	13,491,270
Federative Republic of Brazil International Bonds, 4.25%, 1/7/25			6,845,000		6,945,964
Federative Republic of Brazil Letra Tesouro Nacional Treasury Bills, 10.933%, 1/1/15	BRL		330,705,000		141,811,602
Federative Republic of Brazil Nota Do Tesouro Nacional Sr. Unsec. Nts.:
9.762%, 1/1/17	BRL		146,800,000		64,242,648
13.532%, 5/15/23	BRL		57,500,000		63,969,795
Federative Republic of Brazil Nota Do Tesouro Nacional Unsec. Nts., 10%, 1/1/23	BRL		42,785,000		17,372,400
Federative Republic of Brazil Sr. Unsec. Nts., 4.875%, 1/22/21			13,683,000		14,982,885

					322,816,564
Canada—0.8%
Canada Unsec. Bonds, 3.75%, 6/1/19	CAD		73,380,000		75,899,697

Colombia—1.1%
Republic of Colombia Sr. Unsec. Nts.:
4.00%, 2/26/24			11,360,000		11,740,560
4.375%, 7/12/21			15,315,000		16,471,283
5.625%, 2/26/44			19,205,000		21,605,625
8.125%, 5/21/24			12,670,000		17,104,500
Series B, 6.00%, 4/28/28	COP		16,735,000,000		8,137,087
Series B, 7.00%, 5/4/22	COP		17,639,000,000		9,686,183
Series B, 10.00%, 7/24/24	COP		20,281,000,000		13,475,658

					98,220,896
Croatia—0.4%
Republic of Croatia Sr. Unsec. Nts.:
5.50%, 4/4/23³			23,710,000		24,747,313
6.375%, 3/24/21³			5,470,000		6,037,512
6.75%, 11/5/19³			5,270,000		5,935,337

					36,720,162
Denmark—0.5%
Kingdom of Denmark Bonds, 4%, 11/15/19	DKK		217,580,000		47,331,487

Dominican Republic—0.2%
Banco de Reservas de la Republica Dominicana Sub. Nts., 7%, 2/1/23³			8,540,000		8,967,000
Dominican Republic Sr. Unsec. Bonds, 5.875%, 4/18/24³			9,690,000		10,159,965

					19,126,965
Ecuador—0.2%
Republic of Ecuador Sr. Unsec. Bonds, 7.95%, 6/20/24³			12,705,000		13,130,618

Finland—0.6%
Republic of Finland Bonds, 2%, 4/15/24³	EUR		35,000,000		50,370,371

France—3.8%
French Republic OAT Bonds:
0.25%, 11/25/16	EUR		83,120,000		114,186,573
1.00%, 5/25/19	EUR		50,000,000		70,015,116

2 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
France (Continued)
French Republic OAT Bonds: (Continued)
2.25%, 5/25/24	EUR		29,970,000	$	43,504,956
3.25%, 5/25/45	EUR		51,435,000		78,382,402
3.75%, 4/25/21	EUR		24,560,000		39,905,098

					345,994,145

Gabon—0.1%
Gabonese Republic Unsec. Bonds, 6.375%, 12/12/24³			10,925,000		11,988,439

Germany—4.0%
Federal Republic of Germany Unsec. Bonds:
0.25%, 6/10/16	EUR		81,690,000		112,346,825
1.75%, 2/15/24	EUR		27,515,000		39,563,306
2.50%, 10/10/14	EUR		50,050,000		68,989,760
2.50%, 8/15/46	EUR		97,080,000		142,473,610

					363,373,501

Greece—1.1%
Athens Urban Transportation Organisation Sr. Unsec. Nts., 4.851%, 9/19/16	EUR		7,135,000		9,673,917
Hellenic Republic Sr. Unsec. Bonds:
5.20%, 7/17/34	EUR		16,700,000		18,718,219
6.14%, 4/14/28	EUR		31,200,000		40,994,518
Hellenic Republic Sr. Unsec. Nts.: 3.80%, 8/8/17	JPY		2,511,000,000		23,953,535
Series 15BR, 5.00%, 8/22/16	JPY		418,400,000		4,055,773

					97,395,962

Hungary—0.6%
Hungary Sr. Unsec. Nts.:
5.375%, 2/21/23			12,480,000		13,494,000
5.375%, 3/25/24			5,930,000		6,359,925
7.625%, 3/29/41			2,435,000		3,130,485
Hungary Unsec. Bonds:
Series 20/A, 7.50%, 11/12/20	HUF		2,494,000,000		13,361,842
Series 23/A, 6.00%, 11/24/23	HUF		3,201,000,000		16,080,136

					52,426,388

India—2.1%
Republic of India Sr. Unsec. Bonds:
7.28%, 6/3/19	INR		5,573,000,000		88,456,283
8.12%, 12/10/20	INR		2,450,000,000		39,793,304
8.83%, 11/25/23	INR		3,647,000,000		61,219,574

					189,469,161

Indonesia—1.8%
Perusahaan Penerbit SBSN Indonesia Sr. Unsec. Nts., 4%, 11/21/18³			22,030,000		22,856,125
Perusahaan Penerbit SBSN Indonesia Unsec. Nts., 6.125%, 3/15/19³			12,935,000		14,438,694
Republic of Indonesia Sr. Unsec. Bonds:
3.375%, 4/15/23³			7,030,000		6,555,475
4.875%, 5/5/21³			16,580,000		17,491,900

3 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia Sr. Unsec. Bonds: (Continued)
5.375%, 10/17/23³		$	5,965,000	$	6,360,181
5.875%, 1/15/24³			8,255,000		9,132,094
11.625%, 3/4/19³			3,750,000		5,118,750
Republic of Indonesia Treasury Bonds:
Series FR68, 8.375%, 3/15/34	IDR		277,890,000,000		22,321,119
Series FR70, 8.375%, 3/15/24	IDR		363,460,000,000		31,010,849
Series FR71, 9.00%, 3/15/29	IDR		300,750,000,000		26,131,610

					161,416,797

Italy—6.1%
Republic of Italy Buoni Poliennali del Tesoro Unsec. Bonds:
3.50%, 11/1/17	EUR		21,770,000		32,270,419
4.00%, 9/1/20	EUR		54,165,000		83,802,056
4.50%, 3/1/19	EUR		126,305,000		198,195,556
4.50%, 3/1/24	EUR		15,000,000		23,644,230
4.75%, 9/1/44³	EUR		20,230,000		31,639,957
5.00%, 9/1/40	EUR		40,540,000		65,743,842
Republic of Italy Buoni Poliennali del Tesoro Unsec. Nts., 4.75%, 5/1/17	EUR		27,240,000		41,406,134
Republic of Italy Certificati di Credito del Tesoro Unsec. Nts., 1.228%, 10/15/17¹	EUR		22,685,000		31,309,766
Republic of Italy International Sr. Unsec. Bonds, 4.50%, 6/8/15	JPY		5,000,000,000		51,214,797

					559,226,757

Ivory Coast—0.5%
Republic of Cote d’Ivoire Sr. Unsec. Bonds, 5.75%, 12/31/32¹			48,835,000		47,675,169

Japan—6.3%
Japan Bank for International Cooperation Sr. Unsec. Nts., 2.30%, 3/19/18	CAD		13,205,000		12,533,371
Japan Sr. Unsec. Bonds:
Series 112, 2.10%, 6/20/29	JPY		5,243,000,000		59,830,753
Series 134, 1.80%, 3/20/32	JPY		14,053,000,000		151,463,610
Series 143, 1.60%, 3/20/33	JPY		13,914,000,000		143,881,377
Series 328, 0.60%, 3/20/23	JPY		1,115,000,000		11,149,846
Series 329, 0.80%, 6/20/23	JPY		3,029,000,000		30,760,414
Series 36, 2.00%, 3/20/42	JPY		12,678,000,000		135,281,850
Series 38, 1.80%, 3/20/43	JPY		3,031,000,000		30,904,830

					575,806,051

Kazakhstan—0.1%
Development Bank of Kazakhstan JSC Sr. Unsec. Bonds, 4.125%, 12/10/22³			6,270,000		5,965,905

Kenya—0.1%
Republic of Kenya Sr. Unsec. Bonds:
5.875%, 6/24/19³			4,435,000		4,532,570
6.875%, 6/24/24³			5,880,000		6,126,960

					10,659,530

4 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Latvia—0.1%
Republic of Latvia Sr. Unsec. Nts., 5.25%, 6/16/21³		$	11,040,000	$	12,406,200

Lithuania—0.5%
Republic of Lithuania Sr. Unsec. Bonds:
5.125%, 9/14/17³			19,515,000		21,551,976
6.125%, 3/9/21³			17,575,000		20,622,505

					42,174,481

Malaysia—0.6%
1MDB Global Investments Ltd. Sr. Unsec. Nts., 4.40%, 3/9/23			30,000,000		28,749,000
Federation of Malaysia Sr. Unsec. Bonds, 4.262% Sr. Unsec. Nts., 9/15/16	MYR		83,350,000		26,477,837

					55,226,837

Mexico—1.9%
United Mexican States Sr. Unsec. Nts., 5.625%, 3/19/14	GBP		8,000,000		13,533,751
United Mexican States Treasury Bills, 3.06%, 11/27/14	MXN		296,500,000		22,574,087
United Mexican States Unsec. Bonds:
Series M, 6.50%, 6/9/22	MXN		352,750,000		28,967,862
Series M10, 7.75%, 12/14/17	MXN		751,940,000		64,898,389
Series M20, 7.50%, 6/3/27	MXN		141,470,000		12,397,302
Series M20, 8.50%, 5/31/29	MXN		203,080,000		19,161,213
Series M30, 8.50%, 11/18/38	MXN		96,800,000		9,131,127
Series M30, 10.00%, 11/20/36	MXN		45,100,000		4,847,849

					175,511,580

Morocco—0.2%
Kingdom of Morocco Sr. Unsec. Nts., 4.25%, 12/11/22³			15,555,000		15,652,219

Netherlands—0.9%
Kingdom of the Netherlands Unsec. Bonds:
4.00%, 7/15/19³	EUR		37,870,000		60,898,660
4.00%, 1/15/37³	EUR		13,535,000		24,515,025

					85,413,685

Panama—0.3%
Republic of Panama Sr. Unsec. Bonds:
5.20%, 1/30/20			8,220,000		9,214,620
6.70%, 1/26/36			4,700,000		5,820,950
8.875%, 9/30/27			5,655,000		8,129,062
9.375%, 4/1/29			4,965,000		7,412,745

					30,577,377

Peru—0.6%
Republic of Peru Sr. Unsec. Bonds:
6.55%, 3/14/37			8,595,000		10,842,592
7.35%, 7/21/25			12,745,000		16,950,850
7.84%, 8/12/20³	PEN		35,005,000		14,397,393
8.20%, 8/12/26³	PEN		34,370,000		15,047,023

					57,237,858

5 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Philippines—0.6%
Republic of the Philippines Sr. Unsec. Bonds:
6.375%, 1/15/32		$	13,055,000	$	16,171,881
6.375%, 10/23/34			15,880,000		20,048,500
7.75%, 1/14/31			2,575,000		3,566,375
9.875%, 1/15/19			8,165,000		10,849,244
10.625%, 3/16/25			3,075,000		4,839,281

					55,475,281

Poland—0.4%
Republic of Poland Sr. Unsec. Bonds:
3.00%, 3/17/23			18,715,000		18,228,410
5.125%, 4/21/21			11,940,000		13,462,350

					31,690,760

Portugal—0.1%
Republic of Portugal Obrigacoes do Tesouro OT Sr. Unsec. Bonds, 4.75%, 6/14/19	EUR		6,620,000		10,076,403

Romania—0.8%
Romania Sr. Unsec. Bonds:
4.875%, 1/22/24³			5,395,000		5,765,906
6.125%, 1/22/44³			6,275,000		7,146,284
6.75%, 2/7/22³			21,270,000		25,470,825
Romania Unsec. Bonds:
5.85%, 4/26/23	RON		26,670,000		9,261,580
5.90%, 7/26/17	RON		64,340,000		21,887,576

					69,532,171

Russia—2.2%
AHML Via AHML Finance Ltd. Unsec. Nts., 7.75%, 2/13/18³	RUB		132,500,000		3,643,935
Russian Federation Sr. Unsec. Bonds:
4.875%, 9/16/23³			10,020,000		10,395,750
5.875%, 9/16/43³			10,140,000		10,900,500
7.50%, 3/31/30^1,3			21,748,750		25,231,595
Russian Federation Sr. Unsec. Nts., 5%, 4/29/20³			19,465,000		20,847,015
Russian Federation Unsec. Bonds:
Series 6203, 6.90%, 8/3/16	RUB		512,800,000		14,842,432
Series 6205, 7.60%, 4/14/21	RUB		252,500,000		7,257,285
Series 6206, 7.40%, 6/14/17	RUB		379,800,000		11,016,715
Series 6209, 7.60%, 7/20/22	RUB		208,300,000		5,925,591
Series 6210, 6.80%, 12/11/19	RUB		689,000,000		19,277,804
Series 6212, 7.05%, 1/19/28	RUB		205,900,000		5,448,244
Series 6215, 7.00%, 8/16/23	RUB		419,000,000		11,477,949
Series 6216, 6.70%, 5/15/19	RUB		1,610,600,000		45,129,984
Vnesheconombank Sr. Unsec. Bonds, Series 9, 7.90%, 3/18/21¹	RUB		181,100,000		5,266,425
Vnesheconombank Via VEB Finance plc Sr. Unsec. Nts., 5.942%, 11/21/23³			6,280,000		6,350,336

					203,011,560

Serbia—0.2%
Republic of Serbia Sr. Unsec. Bonds, 5.25%, 11/21/17³			9,585,000		10,040,288

6 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Serbia (Continued)
Republic of Serbia Unsec. Bonds, 5.875%, 12/3/18³		$	10,475,000	$	11,195,156

					21,235,444

Singapore—0.2%
Republic of Singapore Sr. Unsec. Bonds, 2.375%, 4/1/17	SGD		25,130,000		21,261,221

Slovenia—0.2%
Republic of Slovenia Bonds, 4.125%, 2/18/19³			15,645,000		16,520,338

South Africa—2.3%
Republic of South Africa Sr. Unsec. Bonds:
5.875%, 5/30/22			4,585,000		5,123,738
5.875%, 9/16/25			17,455,000		19,453,598
Series R204, 8.00%, 12/21/18	ZAR		335,000,000		32,029,244
Series R207, 7.25%, 1/15/20	ZAR		271,900,000		24,960,446
Series R208, 6.75%, 3/31/21	ZAR		540,240,000		47,631,947
Republic of South Africa Unsec. Bonds:
Series 2023, 7.75%, 2/28/23	ZAR		346,600,000		31,803,442
Series R186, 10.50%, 12/21/26	ZAR		463,700,000		50,899,130

					211,901,545

Spain—1.5%
Autonomous Community of Madrid Spain Sr. Unsec. Bonds, 4.30%, 9/15/26	EUR		9,875,000		14,646,665
Instituto de Credito Oficial Sr. Unsec. Nts., 5%, 5/15/15	NOK		85,000,000		14,128,069
Kingdom of Spain Bonds:
3.80%, 4/30/24³	EUR		15,000,000		22,534,009
5.15%, 10/31/44³	EUR		11,890,000		19,668,429
Kingdom of Spain Sr. Unsec. Bonds:
2.75%, 10/31/24³	EUR		24,000,000		32,798,459
4.50%, 1/31/18	EUR		18,675,000		28,765,503

					132,541,134

Sri Lanka—0.3%
Democratic Socialist Republic of Sri Lanka Sr. Unsec. Bonds:
5.875%, 7/25/22³			6,665,000		6,923,269
6.00%, 1/14/19³			7,130,000		7,522,150
6.25%, 10/4/20³			7,995,000		8,534,662

					22,980,081

Sweden—0.2%
Kingdom of Sweden Unsec. Bonds, 4.25%, 3/12/19	SEK		108,600,000		18,712,250

Tanzania—0.1%
United Republic of Tanzania Sr. Unsec. Nts., 6.332%, 3/9/20¹			11,185,000		11,967,950

Turkey—2.2%
Republic of Turkey Bonds:
8.30%, 10/7/15	TRY		14,215,000		6,736,458
8.80%, 11/14/18	TRY		44,165,000		21,247,605
8.80%, 9/27/23	TRY		34,465,000		16,373,559
10.40%, 3/20/24	TRY		20,180,000		10,599,120
10.50%, 1/15/20	TRY		12,240,000		6,297,366

7 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Turkey (Continued)
Republic of Turkey Bonds: (Continued)
10.70%, 2/24/16	TRY		59,855,000	$	29,435,913
Republic of Turkey Sr. Unsec. Bonds:
4.35%, 11/12/21	EUR		7,030,000		10,328,890
6.25%, 9/26/22			14,495,000		16,369,204
6.625%, 2/17/45			10,790,000		12,543,375
6.875%, 3/17/36			5,460,000		6,449,625
7.375%, 2/5/25			9,290,000		11,310,575
Republic of Turkey Unsec. Bonds:
5.828%, 2/11/15⁴	TRY		20,680,000		13,951,906
6.30%, 2/14/18	TRY		28,925,000		12,867,843
7.10%, 3/8/23	TRY		25,530,000		10,953,823
9.00%, 3/8/17	TRY		28,485,000		13,740,860

					199,206,122

Ukraine—0.2%
Ukraine International Bonds:
6.875%, 9/23/15³			1,675,000		1,646,022
7.50%, 4/17/23³			4,690,000		4,437,913
7.80%, 11/28/22³			12,210,000		11,614,763
7.95%, 2/23/21³			4,690,000		4,508,262

					22,206,960

United Arab Emirates—0.4%
Dubai DOF Sukuk Ltd. Sr. Unsec. Nts., 3.875%, 1/30/23			3,765,000		3,732,809
Emirate of Dubai Sr. Unsec. International Bonds:
5.25%, 1/30/43			7,780,000		7,275,856
5.591%, 6/22/21			16,525,000		18,516,263
7.75%, 10/5/20			6,100,000		7,676,850

					37,201,778

United Kingdom—6.1%
United Kingdom Unsec. Treasury Bonds:
3.75%, 9/7/21	GBP		104,275,000		194,945,410
4.00%, 9/7/16	GBP		41,200,000		75,012,780
4.25%, 12/7/55	GBP		15,155,000		31,128,551
4.75%, 12/7/38	GBP		37,875,000		79,946,602
5.00%, 9/7/14	GBP		100,000,000		172,587,671

					553,621,014

Uruguay—0.3%
Oriental Republic of Uruguay Sr. Unsec. Bonds:
4.50%, 8/14/24			24,155,000		25,688,843
5.10%, 6/18/50			2,420,000		2,395,800

					28,084,643

Venezuela—0.5%
Bolivarian Republic of Venezuela Sr. Unsec. Bonds:
7.00%, 3/31/38			2,435,000		1,722,763
7.75%, 10/13/19			30,220,000		26,291,400
8.25%, 10/13/24			8,110,000		6,548,825

8 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Venezuela (Continued)
Bolivarian Republic of Venezuela Sr. Unsec. Bonds: (Continued)
13.625%, 8/15/18³		$	8,695,000	$	9,216,700

					43,779,688

Total Foreign Government Obligations (Cost $5,434,221,245)					5,603,185,154


Corporate Bonds and Notes—24.7%
Consumer Discretionary—1.0%
Auto Components—0.1%
GKN Holdings plc:
5.375% Sr. Unsec. Nts., 9/19/22	GBP		2,485,000		4,660,696
6.75% Sr. Unsec. Nts., 10/28/19	GBP		4,585,000		9,091,298

					13,751,994

Automobiles—0.1%
Daimler Finance North America LLC, 2.375% Sr. Unsec. Nts., 8/1/18³			6,035,000		6,186,980
Toyota Motor Credit Corp., 1.80% Sr. Unsec. Nts., 7/23/20	EUR		3,910,000		5,541,812

					11,728,792

Hotels, Restaurants & Leisure—0.1%
GTECH SpA, 8.25% Jr. Sub. Nts., 3/31/66^1,3	EUR		5,970,000		8,820,933

Media—0.7%
Altice SA, 7.25% Sr. Sec. Nts., 5/15/22³	EUR		13,115,000		19,053,830
Myriad International Holdings BV, 6% Sr. Unsec. Nts., 7/18/20³			3,920,000		4,341,400
UPC Holding BV, 6.75% Sr. Unsec. Nts., 3/15/23³	EUR		6,840,000		10,419,688
Virgin Media Finance plc, 7% Sr. Unsec. Nts., 4/15/23³	GBP		3,315,000		6,234,947
Virgin Media Secured Finance plc, 6% Sr. Sec. Nts., 4/15/21³	GBP		6,845,000		12,323,689
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/24³			6,485,000		6,976,757

					59,350,311

Textiles, Apparel & Luxury Goods—0.0%
Levi Strauss & Co., 7.75% Sr. Unsec. Nts., 5/15/18	EUR		175,000		250,662

Consumer Staples—0.3%
Beverages—0.1%
Compania Brasileira de Aluminio, 4.75% Sr. Unsec. Nts., 6/17/24³			5,170,000		5,092,450
Pernod Ricard SA:
4.45% Sr. Unsec. Nts., 1/15/22³			3,065,000		3,271,345
5.75% Sr. Unsec. Nts., 4/7/21³			2,550,000		2,934,321

					11,298,116

Food Products—0.2%
BRF SA:
4.75% Sr. Unsec. Nts., 5/22/24³			2,725,000		2,690,937
5.875% Sr. Unsec. Nts., 6/6/22³			6,860,000		7,443,100
Marfrig Holding Europe BV, 6.875% Sr. Unsec. Nts., 6/24/19³			4,225,000		4,284,150
Marfrig Overseas Ltd., 9.50% Sr. Unsec. Nts., 5/4/20³			4,440,000		4,817,400

					19,235,587

9 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Energy—3.8%
Energy Equipment & Services—0.7%
North Atlantic Drilling Ltd., 6.16% Sr. Unsec. Nts., 10/30/18^1,3	NOK		21,500,000	$	3,527,046
Odebrecht Offshore Drilling Finance Ltd., 6.75% Sr. Sec. Nts., 10/1/22³			9,502,191		10,195,851
Pertamina Persero PT, 5.625% Sr. Unsec. Nts., 5/20/43³			6,380,000		5,757,950
QGOG Constellation SA, 6.25% Sr. Unsec. Nts., 11/9/19³			10,455,000		10,611,825
Seadrill Ltd., 6.125% Sr. Unsec. Nts., 9/15/17³			8,660,000		9,157,950
Sinopec Group Overseas Development 2013 Ltd., 4.375% Sr. Unsec. Nts., 10/17/23³			9,390,000		9,845,866
Sinopec Group Overseas Development 2014 Ltd., 2.75% Sr. Unsec. Nts., 4/10/19³			12,930,000		13,020,898

					62,117,386

Oil, Gas & Consumable Fuels—3.1%
Afren plc, 6.625% Sr. Sec. Nts., 12/9/20³			6,070,000		6,297,625
Alliance Oil Co. Ltd., 7% Sr. Unsec. Nts., 5/4/20³			7,630,000		7,076,825
CNOOC Curtis Funding No 1 Pty Ltd., 4.50% Sr. Unsec. Nts., 10/3/23³			9,430,000		9,900,651
Cosan Luxembourg SA, 5% Sr. Unsec. Nts., 3/14/23³			2,910,000		2,786,325
Delek & Avner Tamar Bond Ltd.:
3.839% Sr. Sec. Nts., 12/30/18³			2,325,000		2,344,600
5.082% Sr. Sec. Nts., 12/30/23³			2,335,000		2,380,736
Dolphin Energy Ltd., 5.50% Sr. Sec. Nts., 12/15/21³			7,720,000		8,791,150
Ecopetrol SA:
5.875% Sr. Unsec. Nts., 5/28/45			5,800,000		6,037,800
7.625% Sr. Unsec. Nts., 7/23/19			1,415,000		1,740,450
Empresa Nacional del Petroleo:
4.75% Sr. Unsec. Nts., 12/6/21³			11,680,000		12,446,185
5.25% Sr. Unsec. Nts., 8/10/20³			6,155,000		6,758,578
Gazprom OAO Via Gaz Capital SA:
4.95% Sr. Unsec. Nts., 7/19/22³			4,630,000		4,629,074
5.999% Sr. Unsec. Nts., 1/23/21³			4,250,000		4,552,812
Indian Oil Corp. Ltd., 5.75% Sr. Unsec. Nts., 8/1/23			5,000,000		5,336,450
KazMunayGas National Co. JSC:
5.75% Sr. Unsec. Nts., 4/30/43³			4,395,000		4,241,175
7.00% Sr. Unsec. Nts., 5/5/20³			2,950,000		3,370,375
9.125% Sr. Unsec. Nts., 7/2/18³			6,655,000		8,043,233
MEG Energy Corp.:
6.50% Sr. Unsec. Nts., 3/15/21³			4,180,000		4,451,700
7.00% Sr. Unsec. Nts., 3/31/24³			3,325,000		3,674,125
Novatek OAO via Novatek Finance Ltd.:
4.422% Sr. Unsec. Nts., 12/13/22³			4,215,000		3,956,831
7.75% Sr. Unsec. Nts., 2/21/17³	RUB		61,420,000		1,746,913
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35% Sr. Sec. Nts., 6/30/21³			1,233,750		1,335,534
Origin Energy Finance Ltd.:
3.50% Sr. Unsec. Nts., 10/9/18³			11,141,000		11,571,800
5.45% Sr. Unsec. Nts., 10/14/21³			596,000		664,892
Pacific Rubiales Energy Corp., 5.125% Sr. Unsec. Nts., 3/28/23³			21,430,000		21,376,425
Petroleos de Venezuela SA:
5.375% Sr. Unsec. Nts., 4/12/27			9,000,000		5,616,000

10 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petroleos de Venezuela SA: (Continued)
6.00% Sr. Unsec. Nts., 11/15/26³		$	17,715,000	$	11,426,175
9.00% Sr. Unsec. Nts., 11/17/21			15,650,000		13,379,185
Petroleos Mexicanos:
3.50% Sr. Unsec. Nts., 1/30/23			9,915,000		9,706,785
6.375% Sr. Unsec. Nts., 1/23/45³			17,325,000		20,161,969
6.625% Sr. Unsec. Nts., 6/15/35			6,905,000		8,165,163
8.00% Sr. Unsec. Nts., 5/3/19			27,930,000		34,744,920
Petroleum Co. of Trinidad & Tobago Ltd.:
6.00% Sr. Unsec. Nts., 5/8/22³			2,503,333		2,691,083
9.75% Sr. Unsec. Nts., 8/14/19³			4,665,000		5,901,225
Petronas Capital Ltd., 7.875% Sr. Unsec. Nts., 5/22/22³			11,595,000		15,441,699
Sibur Securities Ltd., 3.914% Sr. Unsec. Nts., 1/31/18³			3,030,000		2,931,525
Tengizchevroil Finance Co. Sarl, 6.124% Sr. Sec. Nts., 11/15/14³			1,007,482		1,024,015
Tullow Oil plc, 6% Sr. Unsec. Nts., 11/1/20³			4,056,000		4,228,380

					280,930,388

Financials—11.2%
Capital Markets—0.7%
Deutsche Bank Capital Trust V, 4.901% Jr. Sub. Perpetual Bonds^1,5,6			23,100,000		22,869,000
Fermaca Enterprises S de RL de CV, 6.375% Sr. Sec. Nts., 3/30/38³			3,870,000		4,053,825
Mdc-Gmtn BV, 3.25% Sr. Unsec. Nts., 4/28/22³			7,775,000		7,843,031
Red de Carreteras de Occidente SAPIB de CV, 9% Sr. Sec. Nts., 6/10/28³	MXN		151,500,000		11,226,531
UBS AG (Jersey Branch), 7.25% Sub. Nts., 2/22/22¹			19,715,000		21,639,717

					67,632,104

Commercial Banks—7.7%
Akbank TAS, 7.50% Sr. Unsec. Nts., 2/5/18³	TRY		11,095,000		4,887,372
America Movil SAB de CV, 8.46% Sr. Unsec. Nts., 12/18/36	MXN		140,800,000		10,734,032
Banco ABC Brasil SA, 8.50% Sr. Unsec. Nts., 3/28/16³	BRL		8,360,000		3,613,397
Banco Bilbao Vizcaya Argentaria SA, 9% Jr. Sub. Perpetual Bonds^1,6			2,000,000		2,245,000
Banco del Estado de Chile, 4.125% Sr. Unsec. Nts., 10/7/20³			13,935,000		14,823,356
Banco do Brasil SA (Cayman), 9% Jr. Sub. Perpetual Bonds^1,3,6			2,135,000		2,116,319
Banco do Estado do Rio Grande do Sul SA, 7.375% Sub. Nts., 2/2/22³			7,685,000		8,261,375
Banco Santander Brasil SA (Cayman Islands), 8% Sr. Unsec. Unsub. Nts., 3/18/16³	BRL		14,290,000		6,241,163
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 4.125% Sr. Unsec. Nts., 11/9/22³			1,940,000		1,983,650
Bancolombia SA, 5.125% Unsec. Sub. Nts., 9/11/22			17,730,000		17,917,938
Bank of Scotland plc:
4.875% Sec. Nts., 11/8/16	GBP		5,170,000		9,529,769
4.875% Sec. Nts., 12/20/24	GBP		8,675,000		17,008,891
Barclays plc:
7.00% Jr. Sub. Perpetual Bonds^1,6	GBP		11,433,000		19,395,582
8.25% Jr. Sub. Perpetual Bonds^1,6			23,000,000		24,426,000
BBVA Banco Continental SA, 5% Sr. Unsec. Nts., 8/26/22³			5,985,000		6,359,062

11 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Commercial Banks (Continued)
BNP Paribas SA, 5.945% Jr. Sub. Perpetual Bonds^1,6	GBP	9,965,000	$	17,743,001
BPCE SA:
5.25% Jr. Sub. Perpetual Bonds^1,6	EUR	3,145,000		4,318,076
5.70% Sub. Nts., 10/22/23³		4,235,000		4,676,922
9.00% Jr. Sub. Perpetual Bonds^1,6	EUR	25,150,000		35,956,227
Brazil Loan Trust 1, 5.477% Sec. Nts., 7/24/23³		10,265,000		10,572,950
Commerzbank AG, 8.125% Sub. Nts., 9/19/23³		15,775,000		19,207,861
Corp. Financiera de Desarrollo SA, 4.75% Sr. Unsec. Nts., 2/8/22³		10,355,000		10,846,862
CorpGroup Banking SA, 6.75% Sr. Unsec. Nts., 3/15/23³		8,480,000		8,442,501
Credit Agricole SA:
6.637% Jr. Sub. Perpetual Bonds^1,3,6		3,486,000		3,710,411
8.375% Jr. Sub. Perpetual Bonds^1,5,6		41,450,000		49,170,062
8.375% Jr. Sub. Perpetual Bonds^1,6		1,200,000		1,423,500
Danske Bank, 5.684% Jr. Sub. Perpetual Bonds^1,6	GBP	7,025,000		12,713,883
DBS Bank Ltd., 3.625% Sub. Nts., 9/21/22^1,3		3,935,000		4,072,792
DTEK Finance plc, 7.875% Sr. Unsec. Nts., 4/4/18³		535,000		450,845
EUROFIMA, 6.25% Sr. Unsec. Nts., 12/28/18	AUD	5,270,000		5,527,757
European Investment Bank, 6% Sr. Unsec. Nts., 8/6/20	AUD	15,000,000		15,881,786
Export-Import Bank of India, 4% Sr. Unsec. Nts., 1/14/23		4,645,000		4,644,489
Finansbank AS, 6.25% Sr. Unsec. Nts., 4/30/19³		3,905,000		4,042,066
Grupo Aval Ltd.:
4.75% Sr. Unsec. Nts., 9/26/22³		8,130,000		8,048,700
5.25% Sr. Unsec. Nts., 2/1/17³		1,780,000		1,904,600
HBOS Capital Funding LP, 6.461% Jr. Sub. Perpetual Bonds^1,6	GBP	3,385,000		6,257,984
Hungarian Development Bank, 6.25% Sr. Unsec. Nts., 10/21/20³		11,000,000		12,261,040
ICICI Bank Ltd., 6.375% Jr. Sub. Nts., 4/30/22^1,3		4,395,000		4,570,800
ICICI Bank Ltd. (Dubai), 4.80% Sr. Unsec. Nts., 5/22/19³		3,665,000		3,880,704
Intesa Sanpaolo SpA, 5.017% Sub. Nts., 6/26/24³		8,705,000		8,820,089
Lloyds Banking Group plc, 7% Jr. Sub. Perpetual Bonds^1,6	GBP	10,000,000		17,637,688
Lloyds TSB Bank plc, 6% Sec. Nts., 2/8/29	GBP	15,365,000		33,367,800
Mizuho Bank Ltd., 2.45% Sr. Unsec. Nts., 4/16/19³		4,890,000		4,942,215
Oversea-Chinese Banking Corp. Ltd.:
3.75% Sub. Nts., 11/15/22¹		4,500,000		4,646,025
4.00% Sub. Nts., 10/15/24^1,3		22,000,000		22,407,902
4.25% Sub. Nts., 6/19/24³		15,000,000		15,076,875
Rabobank Capital Funding Trust IV, 5.556% Jr. Sub. Perpetual Bonds^1,3,6	GBP	8,355,000		15,229,309
RBS Capital Trust III, 5.512% Jr. Sub. Perpetual Bonds^1,6		6,328,000		6,296,360
Royal Bank of Scotland Group plc, 6% Sub. Nts., 12/19/23		8,720,000		9,462,456
Royal Bank of Scotland plc (The):
2.375% Sub. Nts., 11/2/15	CHF	3,020,000		3,482,260
13.125% Sub. Nts., 3/19/22¹	AUD	30,052,000		34,099,262
Santander UK plc, 5% Sub. Nts., 11/7/23³		6,530,000		7,062,038
Scottish Widows plc, 5.125% Jr. Sub. Perpetual Bonds^1,6	GBP	1,760,000		3,073,962
Skandinaviska Enskilda Banken AB, 2.375% Sr. Unsec. Nts., 11/20/18³		6,100,000		6,197,021
Societe Generale SA:
5.00% Sub. Nts., 1/17/24³		4,540,000		4,754,510
5.922% Jr. Sub. Perpetual Bonds^1,3,6		12,480,000		13,384,800
6.00% Jr. Sub. Perpetual Bonds^1,3,6		5,000,000		4,919,440

12 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


			Principal Amount		Value
Commercial Banks (Continued)
Societe Generale SA: (Continued)
7.875% Jr. Sub. Perpetual Bonds^1,3,6		$	12,120,000	$	12,925,980
8.25% Jr. Sub. Perpetual Bonds^1,6			5,000,000		5,452,625
Standard Chartered plc, 5.20% Sub. Nts., 1/26/24³			10,000,000		10,679,450
State Bank of India (London), 4.875% Sr. Unsec. Nts., 4/17/24³			2,710,000		2,749,807
TC Ziraat Bankasi AS, 4.25% Sr. Unsec. Nts., 7/3/19^3,7			12,510,000		12,447,450
Toronto-Dominion Bank (The), 2.625% Sr. Unsec. Nts., 9/10/18			6,125,000		6,329,483
Turkiye Garanti Bankasi AS, 4.75% Sr. Unsec. Nts., 10/17/19³			3,870,000		3,918,375
Turkiye Halk Bankasi AS, 4.75% Sr. Unsec. Nts., 6/4/19³			3,090,000		3,094,944
Turkiye Sise ve Cam Fabrikalari AS, 4.25% Sr. Unsec. Nts., 5/9/20³			2,670,000		2,589,900
United Overseas Bank Ltd., 2.875% Sub. Nts., 10/17/22¹			3,000,000		3,027,930
Woori Bank Co. Ltd., 4.75% Sub. Nts., 4/30/24³			20,000,000		20,228,760

					698,173,441

Consumer Finance—0.0%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 3/14/12⁸			14,000,000		805,000

Diversified Financial Services—1.5%
ABN AMRO Bank NV, 4.31% Jr. Sub. Perpetual Bonds^1,6	EUR		11,455,000		16,097,950
AG Spring Finance II Ltd., 9.50% Sr. Sec. Nts., 6/1/19³	EUR		2,000,000		2,612,624
AG Spring Finance Ltd., 7.50% Sr. Sec. Nts., 6/1/18³	EUR		2,000,000		2,738,600
AyT Cedulas Cajas X Fondo de Titulizacion, 3.75% Sec. Nts., 6/30/25	EUR		5,000,000		7,093,029
Baggot Securities Ltd., 10.25% Sec. Perpetual Bonds^3,6	EUR		7,595,000		11,465,816
Banco BTG Pactual SA (Cayman Islands):
4.00% Sr. Unsec. Nts., 1/16/20³			8,530,000		8,188,800
5.75% Sub. Nts., 9/28/22³			5,645,000		5,564,502
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45% Sec. Nts., 3/13/34^4,8	MXN		27,602,566		—
Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.875% Sec. Nts., 5/23/25	EUR		5,000,000		7,325,433
China Overseas Finance Cayman II Ltd., 5.50% Sr. Unsec. Nts., 11/10/20			5,000,000		5,301,750
Columbus International, Inc., 7.375% Sr. Unsec. Nts., 3/30/21³			5,610,000		6,065,812
Export Credit Bank of Turkey, 5.875% Sr. Unsec. Nts., 4/24/19³			23,865,000		25,367,302
FTE Verwaltungs GmbH, 9% Sr. Sec. Nts., 7/15/20³	EUR		4,820,000		7,239,403
JPMorgan Hipotecaria su Casita:
6.10% Sec. Nts., 9/25/35⁴	MXN		7,288,071		769,464
6.47% Sec. Nts., 8/26/35^4,5	MXN		34,101,099		261,950
Magyar Export-Import Bank Zrt, 5.50% Sr. Unsec. Nts., 2/12/18³			8,720,000		9,416,205
National Savings Bank, 8.875% Sr. Unsec. Nts., 9/18/18³			8,735,000		9,936,063
NN Group NV:
4.625% Sub. Nts., 4/8/44¹	EUR		1,490,000		2,134,980
6.375% Sub. Nts., 5/7/27¹	EUR		6,400,000		9,765,848
SPCM SA, 5.50% Sr. Unsec. Nts., 6/15/20³	EUR		775,000		1,148,757

					138,494,288

Insurance—0.7%
Assicurazioni Generali SpA, 7.75% Sr. Sub. Nts., 12/12/42¹	EUR		2,000,000		3,443,365
Aviva plc, 6.125% Jr. Sub. Perpetual Bonds^1,6	GBP		6,890,000		12,649,735

13 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


			Principal Amount		Value
Insurance (Continued)
AXA SA, 6.379% Jr. Sub. Perpetual Bonds^1,3,6		$	20,000,000	$	21,800,000
Swiss Re Capital I LP, 6.854% Jr. Sub. Perpetual Bonds^1,3,6			15,025,000		16,114,312
Swiss Reinsurance Co. via ELM BV, 3.89% Jr. Sub. Perpetual Bonds^1,6	AUD		10,000,000		9,093,970

					63,101,382

Real Estate Investment Trusts (REITs)—0.0%
TRUST F/1401, 5.25% Sr. Unsec. Nts., 12/15/24³			4,630,000		4,873,075

Real Estate Management & Development—0.6%
Agile Property Holdings Ltd., 9.875% Sr. Unsec. Nts., 3/20/17			5,000,000		5,406,000
China Overseas Finance Cayman V Ltd., 3.95% Sr. Unsec. Nts., 11/15/22			5,000,000		4,644,950
Country Garden Holdings Co. Ltd., 7.875% Sr. Unsec. Nts., 5/27/19³			5,495,000		5,721,943
Emaar Sukuk Ltd., 6.40% Sr. Unsec. Nts., 7/18/19			1,070,000		1,213,327
Fondo MIVIVIENDA SA, 3.50% Sr. Unsec. Nts., 1/31/23³			15,945,000		15,267,337
Jafz Sukuk Ltd., 7% Sr. Unsec. Nts., 6/19/19			7,785,000		8,952,750
Sukuk Funding No 3 Ltd., 4.348% Sr. Unsec. Nts., 12/3/18			5,420,000		5,657,933
Techem GmbH, 6.125% Sr. Sec. Nts., 10/1/19³	EUR		2,635,000		3,914,939

					50,779,179

Health Care—0.1%
Health Care Equipment & Supplies—0.1%
ConvaTec Healthcare D Sarl, 10.875% Sr. Unsec. Nts., 12/15/18³	EUR		3,505,000		5,254,379

Industrials—1.5%
Aerospace & Defense—0.0%
Embraer Overseas Ltd., 5.696% Sr. Unsec. Nts., 9/16/23³			3,865,000		4,198,549

Air Freight & Couriers—0.0%
Kazakhstan Temir Zholy Finance BV, 6.95% Sr. Unsec. Nts., 7/10/42³			1,250,000		1,371,875

Airlines—0.1%
Emirates Airline, 4.50% Sr. Unsec. Nts., 2/6/25³			10,740,000		10,578,900

Construction & Engineering—0.3%
Andrade Gutierrez International SA, 4% Sr. Unsec. Nts., 4/30/18³			8,980,000		8,957,550
OAS Financial Ltd., 8% Sr. Unsec. Nts., 7/2/21^3,7			3,570,000		3,614,625
OAS Investments GmbH, 8.25% Sr. Nts., 10/19/19³			5,530,000		5,737,375
Odebrecht Finance Ltd.:
5.25% Sr. Unsec. Nts., 6/27/29³			3,410,000		3,428,755
8.25% Sr. Unsec. Nts., 4/25/18³	BRL		9,645,000		3,950,543

					25,688,848

Electrical Equipment—0.0%
Orion Engineered Carbons Bondco GmbH, 10% Sr. Sec. Nts., 6/15/18³	EUR		2,840,000		4,197,584

Industrial Conglomerates—0.4%
Alfa SA, 5.25% Sr. Unsec. Nts., 3/25/24³			3,050,000		3,190,300

14 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Industrial Conglomerates (Continued)
General Electric Capital Australia Funding Pty Ltd., 7% Sr. Unsec. Nts., 10/8/15	AUD		23,660,000	$	23,390,880
Hutchison Whampoa Ltd., 3.75% Perpetual Bonds^1,6	EUR		4,000,000		5,552,785
KOC Holding AS, 3.50% Sr. Unsec. Nts., 4/24/20³			3,860,000		3,701,547

					35,835,512

Machinery—0.2%
KION Finance SA, 6.75% Sr. Sec. Nts., 2/15/20³	EUR		5,145,000		7,728,418
Servus Luxembourg Holding SCA, 7.75% Sr. Sec. Nts., 6/15/18³	EUR		5,675,360		8,394,526

					16,122,944

Marine—0.0%
Drill Rigs Holdings, Inc., 6.50% Sr. Sec. Nts., 10/1/17³			4,720,000		4,849,800

Road & Rail—0.4%
Kazakhstan Temir Zholy Finance BV, 6.375% Sr. Unsec. Nts., 10/6/20³			6,475,000		7,195,344
REFER-Rede Ferroviaria Nacional, 4% Sr. Unsec. Nts., 3/16/15	EUR		17,945,000		25,039,081

					32,234,425

Transportation Infrastructure—0.1%
Empresa de Transporte de Pasajeros Metro SA, 4.75% Unsec. Nts., 2/4/24³			4,910,000		5,195,924

Information Technology—0.3%
Internet Software & Services—0.3%
Baidu, Inc., 2.75% Sr. Unsec. Nts., 6/9/19			12,930,000		12,993,305
Cerved Group SpA, 6.375% Sr. Sec. Nts., 1/15/20³	EUR		5,325,000		7,923,522
Tencent Holdings Ltd., 3.375% Sr. Unsec. Nts., 5/2/19³			5,185,000		5,306,708

					26,223,535

Materials—1.9%
Chemicals—0.2%
Braskem Finance Ltd., 5.375% Sr. Unsec. Nts., 5/2/22³			8,125,000		8,267,187
Mexichem SAB de CV, 4.875% Sr. Unsec. Nts., 9/19/22³			6,010,000		6,265,425

					14,532,612

Construction Materials—0.7%
Calcipar SA, 6.875% Sr. Sec. Nts., 5/1/18³			380,000		402,800
Cemex Espana Luxembourg, 9.875% Sr. Sec. Nts., 4/30/19³			14,505,000		16,717,013
Cemex Finance LLC:
6.00% Sr. Sec. Nts., 4/1/24³			5,155,000		5,380,531
9.375% Sr. Sec. Nts., 10/12/22³			22,710,000		26,826,187
HeidelbergCement Finance Luxembourg SA:
3.25% Sr. Unsec. Nts., 10/21/21	EUR		1,955,000		2,814,022
7.50% Sr. Unsec. Nts., 4/3/20	EUR		1,775,000		3,068,516
8.00% Sr. Unsec. Nts., 1/31/17	EUR		2,040,000		3,255,703
Lafarge SA, 5.375% Sr. Unsec. Nts., 6/26/17	EUR		1,515,000		2,310,060

					60,774,832

Containers & Packaging—0.2%
Cascades, Inc., 7.875% Sr. Unsec. Nts., 1/15/20			6,100,000		6,511,750

15 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Containers & Packaging (Continued)
Smurfit Kappa Acquisitions:
4.875% Sr. Sec. Nts., 9/15/18³		$	3,985,000	$	4,214,138
7.75% Sr. Sec. Nts., 11/15/19³	EUR		3,765,000		5,490,310

					16,216,198

Metals & Mining—0.7%
ALROSA Finance SA, 7.75% Sr. Unsec. Nts., 11/3/20³			3,705,000		4,135,891
Ferrexpo Finance plc, 7.875% Sr. Unsec. Nts., 4/7/16³			3,545,000		3,456,375
FMG Resources August 2006 Pty Ltd.:
6.875% Sr. Unsec. Nts., 2/1/18³			4,085,000		4,299,462
8.25% Sr. Unsec. Nts., 11/1/19³			3,690,000		4,031,325
Gerdau Trade, Inc., 5.75% Sr. Unsec. Nts., 1/30/21³			4,845,000		5,196,263
Gestamp Funding Luxembourg SA:
5.875% Sr. Sec. Nts., 5/31/20³	EUR		4,415,000		6,467,130
5.875% Sr. Sec. Nts., 5/31/20	EUR		1,640,000		2,402,286
Glencore Finance Canada Ltd.:
2.05% Sr. Unsec. Nts., 10/23/15³			6,075,000		6,145,798
4.95% Sr. Unsec. Nts., 11/15/21³			1,750,000		1,890,061
GTL Trade Finance, Inc., 5.893% Sr. Unsec. Nts., 4/29/24³			1,165,000		1,224,998
Metalloinvest Finance Ltd., 5.625% Unsec. Nts., 4/17/20³			3,125,000		3,046,875
Metinvest BV, 8.75% Sr. Unsec. Nts., 2/14/18³			535,000		473,475
Mexico Generadora de Energia S de RL, 5.50% Sr. Sec. Nts., 12/6/32³			5,585,000		5,724,625
MMC Norilsk Nickel OJSC via MMC Finance Ltd., 5.55% Sr. Unsec. Nts., 10/28/20³			5,850,000		5,908,500
Polyus Gold International Ltd., 5.625% Sr. Unsec. Nts., 4/29/20³			5,350,000		5,323,250
Samarco Mineracao SA, 5.75% Sr. Unsec. Nts., 10/24/23³			5,580,000		5,871,276
Severstal OAO Via Steel Capital SA, 5.90% Sr. Unsec. Nts., 10/17/22³			3,010,000		2,961,088

					68,558,678

Paper & Forest Products—0.1%
Fibria Overseas Finance Ltd., 5.25% Sr. Unsec. Nts., 5/12/24			5,255,000		5,241,863
Suzano Trading Ltd., 5.875% Sr. Unsec. Nts., 1/23/21³			2,810,000		2,950,500

					8,192,363

Telecommunication Services—1.9%
Diversified Telecommunication Services—1.3%
Colombia Telecomunicaciones SA ESP, 5.375% Sr. Unsec. Nts., 9/27/22³			4,510,000		4,521,275
Koninklijke KPN NV, 8.375% Sr. Unsec. Nts., 10/1/30			9,370,000		13,296,199
Koninklijke KPN NV, 6.125% Sr. Sub. Perpetual Bonds^1,6	EUR		7,065,000		10,450,935
Oi SA:
5.75% Sr. Unsec. Nts., 2/10/22³			11,765,000		11,859,120
9.75% Sr. Unsec. Nts., 9/15/16³	BRL		19,740,000		8,420,434
Telecom Italia Capital SA, 7.721% Sr. Unsec. Unsub. Nts., 6/4/38			15,157,000		17,544,227
Telefonica Chile SA, 3.875% Sr. Unsec. Nts., 10/12/22³			2,955,000		2,919,895
Telefonica Emisiones SAU, 7.045% Sr. Unsec. Unsub. Nts., 6/20/36			4,760,000		6,081,657
Telefonica Europe BV, 6.50% Sr. Sub. Perpetual Bonds^1,6	EUR		11,780,000		17,801,459
Telekom Austria AG, 5.625% Jr. Sub. Perpetual Bonds^1,6	EUR		4,465,000		6,587,405

16 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Diversified Telecommunication Services (Continued)
Turk Telekomunikasyon AS:
3.75% Sr. Unsec. Nts., 6/19/19³		$	12,640,000	$	12,532,876
4.875% Sr. Unsec. Nts., 6/19/24³			5,475,000		5,324,985

					117,340,467

Wireless Telecommunication Services—0.6%
Digicel Group Ltd., 7.125% Sr. Unsec. Nts., 4/1/22³			16,410,000		17,148,450
ENTEL Chile SA, 4.875% Sr. Unsec. Nts., 10/30/24³			7,005,000		7,307,931
Millicom International Cellular SA, 6.625% Sr. Unsec. Nts., 10/15/21³			5,910,000		6,382,800
Mobile Telesystems OJSC via MTS International Funding Ltd., 5% Sr. Unsec. Nts., 5/30/23³			7,375,000		7,199,844
Sistema JSFC via Sistema International Funding SA, 6.95% Sr. Unsec. Nts., 5/17/19³			4,445,000		4,689,475
VimpelCom Holdings BV, 9% Sr. Unsec. Nts., 2/13/18³	RUB		128,400,000		3,664,398
Vimpel-Communications OJSC, 8.85% Sr. Unsec. Nts., 3/8/22¹	RUB		95,300,000		2,802,760
Wind Acquisition Finance SA, 4% Sr. Sec. Nts., 7/15/20^3,7	EUR		4,355,000		5,955,847

					55,151,505

Utilities—2.7%
Electric Utilities—1.7%
Bhira Investments Ltd., 8.50% Jr. Sub. Nts., 4/27/71¹			3,500,000		3,638,222
EDP Finance BV:
5.25% Sr. Unsec. Nts., 1/14/21³			4,175,000		4,435,938
6.00% Sr. Unsec. Nts., 2/2/18³			7,180,000		7,915,878
Electricite de France SA:
5.25% Jr. Sub. Perpetual Bonds^1,3,6			7,945,000		8,124,795
5.625% Jr. Sub. Perpetual Bonds^1,3,6			9,730,000		10,173,201
Empresas Publicas de Medellin ESP:
7.625% Sr. Unsec. Nts., 7/29/19³			6,520,000		7,827,195
8.375% Sr. Unsec. Nts., 2/1/21³	COP		4,300,190,000		2,443,287
Enel SpA, 5% Sub. Nts., 1/15/75¹	EUR		7,695,000		11,117,107
Eskom Holdings Ltd., 6.75% Sr. Unsec. Nts., 8/6/23³			17,515,000		18,653,475
Iberdrola International BV, 5.75% Sub. Perpetual Bonds^1,6	EUR		6,440,000		9,672,758
Israel Electric Corp. Ltd.:
6.70% Sr. Sec. Nts., 2/10/17³			5,630,000		6,173,610
7.25% Sr. Sec. Nts., 1/15/19³			28,665,000		32,713,931
9.375% Sr. Sec. Nts., 1/28/20³			1,380,000		1,729,278
National Power Corp., 5.875% Sr. Unsec. Nts., 12/19/16	PHP		665,100,000		16,178,767
Perusahaan Listrik Negara PT, 5.50% Sr. Unsec. Nts., 11/22/21³			10,045,000		10,597,475
Saudi Electricity Global Sukuk Co. 3, 4% Sr. Unsec. Nts., 4/8/24³			3,875,000		3,962,188

					155,357,105

Gas Utilities—0.3%
Empresa de Energia de Bogota SA, 6.125% Sr. Unsec. Nts., 11/10/21³			6,100,000		6,681,940
Gas Natural Capital Markets SA, 4.375% Sr. Unsec. Nts., 11/2/16	EUR		3,930,000		5,835,174
Gas Natural de Lima y Callao SA, 4.375% Sr. Unsec. Nts., 4/1/23³			3,175,000		3,095,625
Perusahaan Gas Negara Persero Tbk PT, 5.125% Sr. Unsec. Nts., 5/16/24³			5,810,000		5,773,688

17 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Gas Utilities (Continued)
Transportadora de Gas Internacional SA ESP, 5.70% Sr. Unsec. Nts., 3/20/22³		$	3,085,000	$	3,340,253

					24,726,680

Independent Power and Renewable Electricity Producers—0.4%
Colbun SA, 6% Sr. Unsec. Nts., 1/21/20³			9,670,000		10,778,714
Comision Federal de Electricidad, 4.875% Sr. Unsec. Nts., 1/15/24³			11,415,000		12,214,050
Edison SpA, 3.875% Sr. Unsec. Nts., 11/10/17	EUR		3,670,000		5,516,371
Infinis plc, 7% Sr. Sec. Nts., 2/15/19⁵	GBP		3,810,000		7,042,069
Power Sector Assets & Liabilities Management Corp., 7.39% Sr. Unsec. Nts., 12/2/24³			3,515,000		4,534,350

					40,085,554

Multi-Utilities—0.3%
Abu Dhabi National Energy Co., 3.875% Sr. Unsec. Nts., 5/6/24³			7,760,000		7,711,500
National Grid North America, Inc., 1.75% Sr. Unsec. Nts., 2/20/18	EUR		4,340,000		6,116,986
NGG Finance plc, 4.25% Sub. Nts., 6/18/76¹	EUR		8,215,000		12,001,085

					25,829,571

Total Corporate Bonds and Notes (Cost $2,180,599,836)					2,249,860,478

		Shares
Common Stock—0.0%
Astana Finance JSC, ADR⁹(Cost $0)			117,741		1,177

		Principal Amount
Structured Securities—0.3%
Credit Suisse First Boston International, Moitk Total Return Linked Nts., 21%, 3/30/11⁸	RUB		220,242,600		—
Credit Suisse First Boston, Inc. (Nassau Branch), Russian Specialized Construction & Installation Administration Total Return Linked Nts., 13%, 5/24/10⁸	RUB		64,600,000		—
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.01%, 4/30/25^3,10			3,634,111		2,402,347
3.138%, 4/30/25^3,10			3,573,371		2,362,195
3.191%, 4/30/25^3,10			4,449,137		2,941,125
3.242%, 4/30/25^3,10			5,078,014		3,356,847
3.269%, 4/30/25^3,10			4,056,739		2,681,728
3.346%, 4/30/25^3,10			3,813,162		2,520,710
3.797%, 4/30/25^3,10			4,630,416		3,060,960
3.894%, 4/30/25^1,3			3,997,623		2,642,649
Deutsche Bank AG, Opic Reforma I Credit Linked Nts.:
Cl. 2A, 7.208%, 5/22/15⁵	MXN		1,273,571		92,041
Cl. 2B, 7.208%, 5/22/15⁵	MXN		2,228,143		161,029
Cl. 2C, 7.208%, 5/22/15⁵	MXN		33,594,990		2,427,923
Cl. 2D, 7.208%, 5/22/15⁵	MXN		2,448,356		176,944
Cl. 2E, 7.208%, 5/22/15⁵	MXN		1,778,777		128,553
Cl. 2F, 7.208%, 5/22/15⁵	MXN		1,136,016		82,100
Cl. 2G, 7.208%, 5/22/15⁵	MXN		209,207		15,119
Goldman Sachs Capital Markets LP, Republic of Colombia Credit Linked Nts., Cl. B, 10%, 7/30/24³	COP		7,259,000,000		4,823,224
LB Peru Trust II Certificates, Series 1998-A, 3.795%, 2/28/16⁸			11,734		—

18 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


		Principal Amount		Value
Structured Securities (Continued)
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 5%, 8/22/34	RUB		202,525,402	$	2,987,906

Total Structured Securities (Cost $49,611,794)					32,863,400

Short-Term Notes—9.2%
Australia Treasury Bills:
2.526%, 10/24/14¹⁰	AUD		52,000,000		48,653,390
2.545%, 8/8/14¹⁰	AUD		60,000,000		56,429,893
Canada Treasury Bills, 0.917%, 8/14/14¹⁰	CAD		190,000,000		177,859,800
Federal Republic of Germany Treasury Bills, 0.065%, 11/12/14¹⁰	EUR		150,000,000		205,363,368
Federal Republic of Nigeria Treasury Bills:
12.691%, 4/9/15	NGN		4,333,000,000		24,504,757
12.697%, 4/23/15	NGN		3,125,000,000		17,606,551
12.70%, 3/5/15	NGN		898,000,000		5,129,208
Kingdom of Spain Treasury Bills, 0.21%, 11/21/14¹⁰	EUR		89,000,000		121,791,654
Kingdom of Sweden Treasury Bills, 0.501%, 9/17/14¹⁰	SEK		68,000,000		10,161,616
Korea Monetary Stabilization Bonds:
Series 1411, 2.73%, 11/9/14	KRW		17,981,000,000		17,780,664
Series 1412, 2.72%, 12/9/14	KRW		29,369,000,000		29,044,252
United Mexican States Treasury Bills, 2.933%, 8/21/14	MXN		296,500,000		22,758,978
United States Treasury Bills, 0.019%, 8/14/14¹⁰			99,570,000		99,567,909

Total Short-Term Notes (Cost $827,774,096)					836,652,040

Exercise

Price

Expiration

Date

Contracts

Exchange-Traded Options Purchased—0.0%

Euro-Bobl Futures, 8/14/14 Put⁹

EUR

126.750

7/25/14

EUR

500

10,270

Euro-Bund Futures, 8/14/14 Put⁹

EUR

143.500

7/25/14

EUR

500

20,539

Euro-Bund Futures, 8/14/14 Put⁹

EUR

145.500

7/25/14

EUR

300

69,834

Euro-Bund Futures, 8/14/14 Put⁹

EUR

144.500

7/25/14

EUR

1,500

123,237

Euro-Bund Futures, 8/14/14 Put⁹

EUR

143.000

7/25/14

EUR

500

13,693

Republic of Italy Buoni Poliennali del Tesoro Bonds Call⁹

EUR

112.820

8/27/14

EUR

25,000,000

708,304

Total Exchange-Traded Options Purchased (Cost $1,717,097)

945,877

Counterparty

Exercise
Price

Expiration
Date

Over-the-Counter Options Purchased—0.4%

AUD Currency Call⁹

JPM

USD

0.952

11/26/14

AUD

75,000,000

621,600

AUD Currency Put⁹

BOA

USD

0.840

12/4/14

AUD

150,000,000

122,700

19 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

Exercise Price

Expiration
Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

AUD Currency Put⁹

GSG

USD

0.850

11/10/14

AUD

150,000,000

106,800

AUD Currency Put⁹

JPM

USD

0.880

11/26/14

AUD

75,000,000

306,600

CAD Currency Put⁹

JPM

CAD

1.194

1/23/15

CAD

238,800,000

65,909

CAD Currency Put⁹

TDB

CAD

1.180

6/16/15

CAD

177,000,000

588,879

CAD Currency Put⁹

TDB

CAD

1.150

6/16/15

CAD

172,500,000

961,515

CNH Currency Call⁹

BOA

CNH

6.000

2/18/15

CNH

600,000,000

7,800

CNH Currency Call⁹

BOA

CNH

6.152

1/5/16

CNH

769,000,000

459,093

CNH Currency Call⁹

JPM

CNH

6.147

10/16/14

CNH

580,550,000

26,705

CNH Currency Put⁹

JPM

CNH

6.153

1/12/16

CNH

370,200,000

1,806,206

CNH Currency Call⁹

BOA

CNH

6.000

2/25/15

CNH

900,000,000

13,500

EUR Currency Put⁹

JPM

USD

1.313

5/3/16

EUR

75,000,000

1,874,250

EUR Currency Put⁹

GSG

USD

1.344

10/23/14

EUR

150,000,000

1,035,150

EUR Currency Put⁹

GSG

USD

1.300

6/15/15

EUR

235,000,000

2,776,055

EUR Currency Put⁹

BOA

USD

1.300

6/15/15

EUR

150,000,000

1,771,950

EUR Currency Put⁹

JPM

USD

1.300

6/15/15

EUR

150,000,000

1,771,950

EUR Currency Put⁹

TDB

USD

1.338

5/1/15

EUR

75,000,000

1,336,350

20 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

Exercise Price

Expiration
Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Put⁹

BOA

USD

1.310

3/6/15

EUR

250,000,000

2,137,000

EUR Currency Call⁹

MOS-A

USD

1.462

3/18/15

EUR

150,000,000

478,350

EUR Currency Put⁹

CITNA-B

USD

1.340

7/10/14

EUR

100,000,000

2,300

EUR Currency Put⁹

BAC

USD

1.320

8/14/14

EUR

75,000,000

15,150

EUR Currency Put⁹

GSG

USD

1.300

2/25/15

EUR

150,000,000

997,500

INR Currency Call⁹

JPM

INR

58.750

7/3/14

INR

7,007,000,000

—

INR Currency Put⁹

BOA

INR

62.000

7/1/14

INR

3,100,000,000

—

INR Currency Call⁹

BOA

INR

60.000

6/24/15

INR

3,000,000,000

372,000

JPY Currency Call⁹

DEU

JPY

100.000

7/30/14

JPY

15,000,000,000

300,000

JPY Currency Call⁹

BOA

JPY

100.000

7/30/14

JPY

15,000,000,000

300,000

JPY Currency Call⁹

BAC

JPY

101.000

9/17/14

JPY

12,625,000,000

1,186,750

JPY Currency Call⁹

BAC

JPY

100.000

7/29/14

JPY

37,500,000,000

712,500

JPY Currency Put⁹

GSG

JPY

104.000

6/26/15

JPY

10,400,000,000

1,809,600

JPY Currency Put⁹

GSG

JPY

110.000

4/27/16

JPY

22,000,000,000

2,706,000

JPY Currency Put⁹

GSG

JPY

104.000

9/7/15

JPY

20,800,000,000

4,201,600

JPY Currency Put⁹

GSG

JPY

104.000

11/6/14

JPY

15,600,000,000

811,200

21 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

Exercise Price

Expiration

Date

Contracts

Value

Over-the-Counter Options Purchased (Continued)

JPY Currency Put⁹

GSG

JPY

104.000

6/2/15

JPY

10,400,000,000

1,695,200

Republic of Italy Buoni Poliennali del Tesoro Bonds Put⁹

JPM

EUR

107.500

7/15/14

EUR

50,000,000

RUB Currency Call⁹

JPM

RUB

33.500

8/22/14

RUB

1,675,000,000

175,875

Total Over-the-Counter Options Purchased (Cost $72,580,714)

33,554,047

Counterparty

Buy /Sell

Protection

Reference

Asset

Fixed Rate

Expiration

Date

Notional (000’s)

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

Credit Default Swap maturing 6/20/19 Call⁹

BOA

Buy

iTraxx Europe
Series 21
Version 1

1.000%

9/17/14

EUR

78,620

71,095

Credit Default Swap maturing 6/20/19 Call⁹

JPM

Buy

CDX.NA.IG.22

1.000

7/16/14

USD

250,000

28,600

Total Over-the-Counter Credit Default Swaptions Purchased (Cost $591,285)

99,695

Counterparty

Pay/Receive
Floating Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional Amount

(000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.3%

Interest Rate Swap maturing 1/27/26 Call⁹

BOA

Receive

Three-Month
USD BBA
LIBOR

4.211

1/25/16

USD

200,000

1,818,492

Interest Rate Swap maturing 10/17/24 Call⁹

BOA

Receive

Six-Month
EUR EURIBOR

1.840

10/15/14

EUR

200,000

464,721

22 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

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 11/16/26 Call⁹

JPM

Receive

Three-Month
KRW CD
KSDA

3.625%

11/15/16

KRW

100,000,000

852,040

Interest Rate Swap maturing 11/18/24 Call⁹

JPM

Receive

Six-Month
EUR EURIBOR

2.798

11/14/14

EUR

122,220

470,275

Interest Rate Swap maturing 11/20/28 Call⁹

BOA

Receive

Three-Month
KRW CD
KSDA

3.640

11/19/18

KRW

50,000,000

761,756

Interest Rate Swap maturing 11/25/19 Call⁹

BAC

Pay

Six-Month GBP
BBA LIBOR

2.533

11/25/14

GBP

200,000

4,270,754

Interest Rate Swap maturing 11/28/23 Call⁹

GSG

Receive

Three-Month
KRW CD
KSDA

3.749

11/27/18

KRW

50,000,000

426,867

Interest Rate Swap maturing 11/30/23 Call⁹

GSG

Receive

Three-Month
KRW CD
KSDA

3.785

11/29/18

KRW

100,000,000

819,282

Interest Rate Swap maturing 11/4/24 Call⁹

GSG

Receive

Six-Month
EUR EURIBOR

2.905

10/30/14

EUR

165,000

392,372

Interest Rate Swap maturing 12/15/24 Call⁹

GSG

Receive

Three-Month
USD BBA
LIBOR

3.450

12/11/14

USD

750,000

1,531,470

23 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

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 2/8/29 Call⁹

JPM

Receive

Three-Month
KRW CD
KSDA

3.580%

2/7/19

KRW

75,000,000

1,256,977

Interest Rate Swap maturing 4/28/45 Call⁹

UBS

Receive

Six-Month
EUR EURIBOR

2.711

4/24/15

EUR

50,000

705,659

Interest Rate Swap maturing 4/30/24 Call⁹

GSG

Receive

Three-Month
KRW CD
KSDA

3.530

4/29/19

KRW

100,000,000

1,209,465

Interest Rate Swap maturing 5/30/33 Call⁹

BAC

Receive

Six-Month GBP
BBA LIBOR

3.990

5/30/23

GBP

40,415

3,317,811

Interest Rate Swap maturing 7/21/19 Call⁹

BOA

Receive

Three-Month
USD BBA
LIBOR

2.200

7/17/14

USD

146,590

328

Interest Rate Swap maturing 7/21/19 Call⁹

BAC

Receive

Three-Month
USD BBA
LIBOR

2.200

7/17/14

USD

550,000

1,232

Interest Rate Swap maturing 7/25/18 Call⁹

GSG

Receive

Three-Month
USD BBA
LIBOR

2.915

7/21/14

USD

700,000

3,304

Interest Rate Swap maturing 7/28/44 Call⁹

JPM

Receive

Six-Month
EUR EURIBOR

2.638

7/24/14

EUR

39,440

24 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

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 7/3/21 Call⁹

BAC

Receive

Three-Month
USD BBA
LIBOR

2.731%

7/1/14

USD

150,000

—

Interest Rate Swap maturing 7/31/24 Call⁹

JPM

Receive

Six-Month
EUR EURIBOR

2.856

7/29/14

EUR

160,000

9,300

Interest Rate Swap maturing 7/7/19 Call⁹

JPM

Receive

Three-Month
USD BBA
LIBOR

2.260

7/2/14

USD

150,000

—

Interest Rate Swap maturing 8/4/46 Call⁹

BOA

Receive

Three-Month
USD BBA
LIBOR

4.860

8/2/16

USD

43,895

620,785

Interest Rate Swap maturing 9/16/19 Call⁹

GSG

Receive

Six-Month AUD
BBR BBSW

3.735

9/15/14

AUD

150,000

48,219

Interest Rate Swap maturing 9/16/24 Call⁹

GSG

Receive

Six-Month GBP
BBA LIBOR

3.571

9/15/14

GBP

240,000

1,967,844

Interest Rate Swap maturing 9/8/19 Call⁹

BOA

Receive

Three-Month
USD BBA
LIBOR

2.093

9/4/14

USD

449,320

582,162

Interest Rate Swap maturing 9/8/19 Call⁹

JPM

Receive

Three-Month
USD BBA
LIBOR

2.105

9/4/14

USD

423,500

512,757

25 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Counterparty

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 9/8/19 Call⁹

BAC

Receive

Three-Month
USD BBA
LIBOR

2.099%

9/4/14

USD

550,000

688,930

Interest Rate Swap maturing 9/8/24 Call⁹

JPM

Receive

Three-Month
USD BBA
LIBOR

3.035

9/4/14

USD

254,100

363,749

Interest Rate Swap maturing 9/8/24 Call⁹

BOA

Receive

Three-Month
USD BBA
LIBOR

3.023

9/4/14

USD

253,960

392,818

Interest Rate Swap maturing 9/8/24 Call⁹

BAC

Receive

Three-Month
USD BBA
LIBOR

3.029

9/4/14

USD

310,000

462,077

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $59,905,818)

23,951,506


	Shares
Investment Company—1.1%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.09%^11,12(Cost $96,435,986)		96,435,986		96,435,986

Total Investments, at Value (Cost $8,915,498,173)		99.6%		9,074,876,844
Net Other Assets (Liabilities)		0.4		37,381,424

Net Assets		100.0%	$	9,112,258,268

Footnotes to Statement of Investments

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

2. 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 $46,118,991. See accompanying Notes.

3. 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 $2,178,200,568 or 23.90% of the Fund’s net assets as of June 30, 2014.

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

26 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

5. Restricted security. The aggregate value of restricted securities as of June 30, 2014 was $82,426,790, which represents 0.90% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Credit Agricole SA, 8.375% Jr. Sub. Perpetual Bonds		5/1/13-4/21/14	$	45,951,118	$	49,170,062	$	3,218,944
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2A, 7.208%, 5/22/15		5/21/08		122,792		92,041		(30,751)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2B, 7.208%, 5/22/15		6/12/08		214,813		161,029		(53,784)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2C, 7.208%, 5/22/15		6/18/08		3,259,229		2,427,923		(831,306)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2D, 7.208%, 5/22/15		7/8/08		237,353		176,944		(60,409)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2E, 7.208%, 5/22/15		7/15/08		172,730		128,553		(44,177)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2F, 7.208%, 5/22/15		8/8/08		111,830		82,100		(29,730)
Deutsche Bank AG, Opic Reforma I Credit Linked Nts., Cl. 2G, 7.208%, 5/22/15		8/22/08		20,634		15,119		(5,515)
Deutsche Bank Capital Trust V, 4.901% Jr. Sub. Perpetual Bonds		4/9/13-1/2/14		19,401,479		22,869,000		3,467,521
Infinis plc, 7% Sr. Sec. Nts., 2/15/19		10/2/13-10/16/13		6,439,065		7,042,069		603,004
JPMorgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35		3/21/07		3,122,788		261,950		(2,860,838)

			$	79,053,831	$	82,426,790	$	3,372,959

6. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. Rate reported represents the current interest rate for this variable rate security.

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 30, 2014. See accompanying Notes.

8. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

9. Non-income producing security.

10. Zero coupon bond reflects effective yield on the date of purchase.

27 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

11. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2014, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares September 30, 2013		Gross Additions		Gross Reductions		Shares June 30, 2014
Oppenheimer Institutional Money Market Fund, Cl. E		454,741,805		4,488,528,878		4,846,834,697		96,435,986

					Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E					$	96,435,986	$	160,021

12. Rate shown is the 7-day yield as of June 30, 2014.

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


Geographic Holdings	Value		Percent
United Kingdom	$	833,188,823		9.2	%
Germany		649,456,867		7.2
Italy		629,076,532		6.9
Japan		600,012,929		6.6
France		554,192,181		6.1
Brazil		495,551,681		5.5
Mexico		384,353,761		4.2
United States		382,822,778		4.2
Spain		343,361,431		3.8
Canada		284,378,718		3.1
Turkey		277,112,938		3.1
Russia		270,801,402		3.0
Australia		260,555,036		2.9
South Africa		234,896,420		2.6
India		214,661,633		2.4
Colombia		191,266,782		2.1
Indonesia		183,545,909		2.0
Belgium		170,042,241		1.9
Netherlands		163,523,269		1.8
Peru		114,775,307		1.3
Greece		102,245,762		1.1
United Arab Emirates		86,737,042		1.0
Philippines		76,188,398		0.8
Chile		75,649,841		0.8
Venezuela		74,201,047		0.8
Hungary		74,103,633		0.8
China		72,142,071		0.8
South Korea		71,123,085		0.8
Malaysia		70,668,536		0.8
Singapore		70,492,745		0.8
Romania		69,532,171		0.8
Israel		64,395,985		0.7
Denmark		60,045,371		0.7
Nigeria		53,538,142		0.6
Finland		50,370,371		0.6

28 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Geographic Holdings (Continued)
Ivory Coast	$	47,675,169	0.5	%
Portugal		47,467,300	0.5
Switzerland		46,847,999	0.5
Lithuania		42,174,481	0.5
Croatia		39,033,467	0.4
Luxembourg		35,796,383	0.4
Sweden		35,070,887	0.4
Sri Lanka		32,916,144	0.4
Kazakhstan		32,018,099	0.4
Poland		31,690,760	0.3
Panama		30,577,377	0.3
Uruguay		28,084,642	0.3
Ukraine		26,587,654	0.3
Supranational		21,409,543	0.2
Serbia		21,235,444	0.2
Ireland		21,170,264	0.2
Dominican Republic		19,126,965	0.2
Angola		17,328,168	0.2
Jamaica		17,148,450	0.2
Slovenia		16,520,338	0.2
Eurozone		15,768,057	0.2
Morocco		15,652,219	0.2
Ecuador		13,130,617	0.1
Norway		12,684,997	0.1
Latvia		12,406,200	0.1
Gabon		11,988,439	0.1
Tanzania		11,967,950	0.1
Argentina		11,895,245	0.1
Kenya		10,659,530	0.1
Trinidad		8,592,308	0.1
Jersey, Channel Islands		7,859,395	0.1
Austria		6,587,405	0.1
Barbados		6,065,812	0.1
Hong Kong		5,552,785	0.1
Saudi Arabia		3,962,187	0.0
Cayman Islands		1,213,326	0.0

Total	$	9,074,876,844	100.0	%


Forward Currency Exchange Contracts as of June 30, 2014
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		07/2014-10/2014		BRL	403,455		USD	178,289	$	3,190,343	$	—
BAC		07/2014-11/2014		IDR	1,062,600,000		USD	88,896		893,945		1,179,782
BAC		08/2014		KRW	60,420,000		USD	58,105		1,513,602		—
BAC		07/2014		MXN	414,600		USD	31,985		—		40,910
BAC		12/2014		NOK	10,460		USD	1,741		—		46,190
BAC		08/2014		PLN	197,460		USD	64,646		198,657		12,753
BAC		07/2014		RUB	1,784,830		USD	49,733		2,513,539		—
BAC		08/2014		TRY	15,620		USD	7,293		—		7,605
BAC		07/2014-01/2015		USD	101,855		BRL	236,165		—		3,612,202
BAC		08/2014-11/2014		USD	77,097		IDR	941,711,000		—		1,083,246
BAC		08/2014		USD	8,053		PLN	24,720		—		64,579

29 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC		07/2014-08/2014		USD	35,901		RUB	1,269,800	$	—	$	1,114,933
BAC		08/2014		USD	114,981		TRY	248,100		3,650		734,047
BAC		08/2014		USD	16,862		ZAR	180,980		28,951		80,480
BAC		08/2014		ZAR	251,980		USD	23,641		—		91,498
BNP		07/2014		RON	76,950		USD	23,449		574,043		—
BNP		07/2014		USD	20,028		EUR	14,680		—		74,061
BNP		07/2014		USD	65,648		ZAR	694,460		435,242		—
BOA		12/2014		CHF	15,500		USD	17,345		159,590		—
BOA		12/2014		EUR	85,325		USD	116,538		418,836		48,369
BOA		12/2014		GBP	2,345		USD	3,902		105,068		—
BOA		08/2014		IDR	715,902,000		USD	62,664		—		2,658,744
BOA		07/2014		INR	2,091,000		USD	34,661		104,736		—
BOA		08/2014-02/2015		KRW	295,283,000		USD	282,910		7,617,553		—
BOA		07/2014-10/2014		MXN	477,500		USD	36,144		557,975		58,113
BOA		08/2014-09/2014		MYR	172,275		USD	53,333		147,743		—
BOA		08/2014		PEN	28,430		USD	10,000		113,058		—
BOA		12/2014		SGD	57,810		USD	46,272		96,672		—
BOA		08/2014		TRY	31,200		USD	14,748		—		196,971
BOA		07/2014-01/2015		USD	106,264		BRL	261,130		—		9,859,318
BOA		08/2014		USD	11,666		COP	22,343,000		—		215,311
BOA		12/2014		USD	7,581		DKK	41,465		—		42,452
BOA		12/2014		USD	107,278		EUR	78,945		—		888,746
BOA		07/2014-12/2014		USD	390,905		GBP	232,970		—		7,334,514
BOA		08/2014		USD	43,650		IDR	521,395,000		—		18,279
BOA		10/2014		USD	65,290		INR	4,027,750		—		644,369
BOA		10/2014		USD	195,076		JPY	20,000,000		—		2,520,635
BOA		02/2015		USD	96,350		KRW	105,600,000		—		7,143,985
BOA		07/2014		USD	204,103		MXN	2,682,000		—		2,542,102
BOA		08/2014		USD	3,642		PEN	10,470		—		82,626
BOA		12/2014		USD	53,559		SGD	67,250		—		381,482
CITNA-B		07/2014-10/2014		MXN	451,990		USD	34,159		492,102		—
CITNA-B		07/2014		PEN	42,030		USD	14,992		6,538		—
CITNA-B		08/2014		TRY	53,970		USD	24,736		435,237		—
CITNA-B		12/2014		USD	142,908		CAD	156,020		—		2,732,565
CITNA-B		07/2014		USD	117,204		EUR	84,405		1,621,646		—
CITNA-B		12/2014		USD	17,497		GBP	10,470		—		393,525
CITNA-B		08/2014		USD	13,730		HUF	3,074,000		169,484		—
CITNA-B		08/2014		USD	43,000		IDR	502,609,000		858,384		—
CITNA-B		12/2014		USD	14,064		MXN	183,625		60,379		—
CITNA-B		07/2014		USD	3,890		RON	12,630		—		53,107
CITNA-B		12/2014		USD	1,249		SEK	8,320		5,657		—
CITNA-B		08/2014		USD	85,505		ZAR	914,305		361,293		304,615
CITNA-B		07/2014-12/2014		ZAR	1,158,180		USD	109,566		—		1,077,078
DEU		12/2014		JPY	96,010,000		USD	942,428		6,522,248		—
DEU		08/2014		TRY	101,060		USD	47,040		92,824		—
DEU		12/2014		USD	821,891		JPY	83,729,000		—		5,675,875
DEU		08/2014		USD	38,058		TRY	80,980		289,962		—
GSCO-OT		09/2014		AUD	9,440		USD	8,887		—		31,664
GSCO-OT		07/2014-01/2015		BRL	1,251,210		USD	542,473		14,892,369		2,258,436
GSCO-OT		04/2015-05/2015		CNH	1,416,475		USD	225,000		213,878		197,603
GSCO-OT		12/2014		EUR	10,000		USD	13,599		102,958		—

30 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		09/2014		INR	3,127,000		USD	48,694	$	2,816,378	$	—
GSCO-OT		07/2014		PHP	2,193,000		USD	50,000		270,493		—
GSCO-OT		09/2014		USD	8,583		AUD	9,440		—		272,106
GSCO-OT		07/2014-01/2015		USD	525,634		BRL	1,257,885		12,487		28,425,960
GSCO-OT		04/2016-05/2016		USD	225,000		CNH	1,426,150		440,023		728
GSCO-OT		12/2014		USD	68,209		EUR	50,000		—		298,620
GSCO-OT		09/2014		USD	43,605		INR	3,127,000		—		7,905,791
GSCO-OT		10/2014		USD	68,046		MXN	920,260		—		2,442,225
GSCO-OT		06/2015		USD	50,000		PHP	2,207,500		—		424,999
GSCO-OT		08/2014		USD	20,001		TRY	43,340		—		212,347
JPM		01/2016		CNH	370,050		USD	60,176		—		1,759,651
JPM		08/2014		COP	56,720,000		USD	29,360		801,216		—
JPM		12/2014		EUR	80,000		USD	108,980		632,490		—
JPM		07/2014		INR	3,934,000		USD	65,295		110,107		—
JPM		07/2014-06/2018		KRW	252,477,000		USD	240,814		6,345,512		—
JPM		08/2014-09/2014		MYR	278,285		USD	85,822		625,108		—
JPM		08/2014		PLN	328,465		USD	106,982		784,595		18,012
JPM		10/2014		RON	64,320		USD	19,894		110,728		—
JPM		07/2014-08/2014		RUB	2,147,100		USD	61,523		1,135,437		63,213
JPM		12/2014		SGD	9,440		USD	7,558		13,410		—
JPM		10/2014		USD	31,563		BRL	79,950		—		3,672,734
JPM		12/2014		USD	308,196		EUR	226,585		—		2,260,469
JPM		07/2014-08/2014		USD	40,880		IDR	482,333,000		295,078		19,397
JPM		07/2014-09/2014		USD	163,318		INR	9,959,000		—		1,364,897
JPM		06/2015-06/2016		USD	155,400		KRW	162,487,500		—		2,250,085
JPM		07/2014		USD	23,692		MXN	309,200		—		131,433
JPM		08/2014		USD	15,878		PHP	725,000		—		740,681
JPM		07/2014		USD	19,961		RON	64,320		—		119,236
JPM		07/2014-08/2014		USD	122,552		RUB	4,404,175		—		6,030,639
JPM		08/2014		USD	9,431		TRY	20,080		65,597		—
JPM		08/2014		USD	61,961		ZAR	661,850		106,914		—
MSCO		08/2014		COP	56,170,000		USD	29,203		666,379		—
MSCO		07/2014-10/2014		MXN	3,818,080		USD	289,627		4,297,703		—
MSCO		08/2014		TRY	108,370		USD	50,187		355,639		—
MSCO		12/2014		USD	11,445		AUD	12,535		—		244,160
MSCO		07/2014		USD	48,494		BRL	112,070		—		2,227,724
MSCO		07/2014-12/2014		USD	522,859		EUR	382,625		1,178,496		2,435,019
MSCO		07/2014		USD	195,284		JPY	20,032,000		—		2,489,486
MSCO		07/2014-11/2014		USD	116,671		MXN	1,532,100		—		1,080,297
NOM		12/2014		AUD	22,615		USD	20,847		241,737		—
NOM		07/2014		MXN	202,900		USD	15,780		—		146,812
NOM		07/2014		USD	19,425		MXN	250,100		154,760		—
RBS		12/2014		AUD	85,725		USD	78,413		1,527,083		—
RBS		08/2014		HUF	13,893,900		USD	61,885		—		595,057
RBS		08/2014		IDR	109,460,000		USD	8,994		173,603		—
RBS		08/2014		TRY	67,340		USD	31,535		—		128,057
RBS		12/2014		USD	337,556		AUD	370,060		—		7,529,145
RBS		07/2014		USD	5,558		EUR	4,060		—		1,807
RBS		07/2014		USD	5,210		MXN	68,000		—		29,434
RBS		07/2014		USD	3,651		NOK	21,685		117,429		—
TDB		07/2014		CAD	53,543		USD	50,000		176,838		—

31 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Forward Currency Exchange Contracts (Continued)
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)				Unrealized Appreciation		Unrealized Depreciation
TDB		12/2014		EUR		49,230		USD	67,002		$	450,988	$	—
TDB		07/2014		IDR		173,709,000		USD	14,368			280,402		—
TDB		07/2014		MXN		196,200		USD	15,001			115,642		—
TDB		07/2014		MYR		78,505		USD	24,402			39,971		—
TDB		12/2014		USD		14,206		CAD	15,490			—		253,664
TDB		12/2014		USD		35,847		EUR	26,375			—		290,742
TDB		07/2014-11/2014		USD		43,143		IDR	516,848,000			193,000		308,465
TDB		07/2014		USD		5,323		MXN	69,500			—		31,978

Total Unrealized Appreciation and Depreciation											$	69,333,405	$	131,707,840


Exchange-Traded Options Written at June 30, 2014
Description	Exercise Price				Expiration Date		Number of Contracts				Premiums Received		Value
Republic of Italy Buoni Poliennali del Tesoro Bonds Call		EUR		108.350		8/27/14		EUR	(50,000,000	)	$	142,952	$	(601,876)


Over-the-Counter Options Written at June 30, 2014
Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts				Premiums Received		Value
AUD Currency Call		BOA		USD	0.900		12/4/14		AUD	(150,000,000	)	$	2,196,776	$	(5,991,000)
CAD Currency Call		TDB		CAD	1.080		6/16/15		CAD	(162,000,000	)		2,418,750		(3,561,894	)
EUR Currency Call		BAC		PLN	4.275		8/1/14		EUR	(72,800,000	)		762,103		(64,795	)
EUR Currency Put		CITNA-B		USD	1.288		7/10/14		EUR	(100,000,000	)		640,780		—
EUR Currency Call		GSG		PLN	4.280		8/1/14		EUR	(145,600,000	)		1,433,360		(133,044	)
EUR Currency Call		JPM		PLN	4.275		8/4/14		EUR	(109,200,000	)		1,047,615		(135,683	)
IDR Currency Put		CITNA-B		IDR	12,000.000		8/7/14		IDR	(600,000,000,000	)		527,500		(600,000	)
IDR Currency Put		CITNA-B		IDR	12,000.000		8/7/14		IDR	(1,200,000,000,000	)		911,000		(1,200,000	)
INR Currency Put		BOA		INR	75.000		6/24/15		INR	(3,750,000,000	)		341,200		(435,000	)
INR Currency Call		BOA		INR	55.000		6/24/15		INR	(2,750,000,000	)		80,300		(41,250	)
INR Currency Call		BOA		INR	59.000		7/1/14		INR	(2,950,000,000	)		481,050		—
INR Currency Put		BOA		INR	65.000		7/1/14		INR	(3,250,000,000	)		333,500		—
JPY Currency Call		BOA		KRW	10.500		6/9/15		JPY	(10,000,000,000	)		2,442,884		(2,366,793	)
JPY Currency Call		GSG		KRW	11.500		3/31/15		JPY	(5,000,000,000	)		1,091,907		(272,722	)
JPY Currency Put		GSG		JPY	108.000		5/6/15		JPY	(16,200,000,000	)		1,977,000		(1,036,800	)
JPY Currency Call		GSG		JPY	84.550		12/18/15		JPY	(15,032,000,000	)		4,450,040		(706,504	)

32 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Over-the-Counter Options Written (Continued)
Description	Counterparty		Exercise Price			Expiration Date		Number of Contracts				Premiums Received		Value
JPY Currency Call		GSG		JPY	105.250		12/23/14		JPY	(4,977,500	)	$	1,991,000	$	(1,822,009	)
JPY Currency Call		GSG		JPY	105.250		12/2/14		JPY	(472,075,720	)		2,331,001		(1,464,851	)
JPY Currency Call		JPM		KRW	11.500		4/1/15		JPY	(5,000,000,000	)		990,828		(243,191	)
KRW Currency Put		BOA		KRW	1,060.000		6/10/15		KRW	(212,000,000,000	)		4,396,000		(3,392,000	)
KRW Currency Put		GSG		KRW	1,060.000		6/9/15		KRW	(159,000,000,000	)		3,330,013		(2,544,000	)
KRW Currency Put		JPM		KRW	1,060.000		6/10/15		KRW	(106,000,000,000	)		2,237,500		(1,696,000	)
MXN Currency Put		GSG		MXN	13.300		8/7/14		MXN	(2,660,000,000	)		2,020,000		(502,740	)
Portuguese Government Bond Put		JPM		EUR	110.000		7/22/14		EUR	(20,890,000	)		204,628		(15,389	)
Portuguese Government Bond Put		JPM		EUR	115.000		7/23/14		EUR	(20,880,000	)		369,613		(65,749	)
Republic of Italy Buoni Poliennali del Tesoro Bonds Put		JPM		EUR	110.740		7/15/14		EUR	(25,000,000	)		328,320		(36	)

Total Over-the-Counter Options Written												$	39,334,668	$	(28,291,450)


Over-the-Counter Credit Default Swaps at June 30, 2014
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		$	471,198
Banco Bilbao Vizcaya Argentaria Sociedad Anonima		UBS		Sell		3.000		12/20/17		EUR	4,405		171,759			471,198
Banco Santander SA		BAC		Sell		3.000		9/20/17		EUR	20,000		(72,103	)		2,058,878
Banco Santander SA		BOA		Sell		3.000		12/20/17		EUR	5,000		(106,114	)		543,114
Banco Santander SA		UBS		Sell		3.000		9/20/17		EUR	8,850		(31,905	)		911,054
Bolivarian Republic of Venezuela		FIB		Buy		5.000		6/20/19		USD	8,310		(1,547,582	)		1,400,694
Republic of Ireland		GSG		Buy		1.000		3/20/18		EUR	19,335		(715,358	)		(605,646	)
Republic of Ireland		GSG		Buy		1.000		3/20/18		USD	21,975		(923,121	)		(504,558	)
Telefonica SA		UBS		Sell		1.000		9/20/17		EUR	5,000		627,078			69,338

Total Over-the-Counter Credit Default Swaps												$	(2,425,587)		$	4,815,270

33 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

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

Type of Reference Asset on

which the Fund Sold

Protection

Total Maximum
Potential Payments
for Selling Credit
Protection
(Undiscounted)

Amount
Recoverable*

Reference
Asset Rating
Range**

Investment Grade Single Name

Corporate Debt (EUR)

47,660,000

EUR

—

EUR

BBB+

*The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event.

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

Over-the-Counter Currency Swaps at June 30, 2014

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Maturity
Date

Notional
Amount
Currency
Received
(000’s)

Notional
Amount
Currency
Delivered
(000’s)

Value

BAC

Pay

Six-
Month
USD BBA
LIBOR

7.150%

1/28/19

INR

1,542,863

USD

25,000

2,376,274

BOA

Pay

Six-
Month
USD BBA
LIBOR

7.100

1/21/19

INR

906,770

USD

15,025

1,078,444

GSG

Pay

Six-
Month
USD BBA
LIBOR

7.210

1/13/19

INR

919,961

USD

15,039

1,489,023

GSG

Pay

Six-
Month
USD BBA
LIBOR

7.100

1/15/19

INR

916,705

USD

15,045

1,346,422

Total Over-the-Counter Currency Swaps

6,290,163

Cleared Interest Rate Swaps at June 30, 2014

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Maturity
Date

Notional Amount
(000’s)

Value

BAC

Receive

Three-
Month USD
BBA LIBOR

2.702%

6/18/24

USD

16,440

(140,953)

BOA

Pay

Three-
Month USD
BBA LIBOR

2.614

5/16/24

USD

27,500

(100,016)

BOA

Receive

Three-
Month USD
BBA LIBOR

2.850

2/18/24

USD

25,000

(848,070)

34 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Cleared Interest Rate Swaps (Continued)

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Maturity
Date

Notional Amount
(000’s)

Value

GSG

Receive

Three-
Month USD
BBA
LIBOR

2.695%

6/19/24

USD

16,320

(128,111)

JPM

Receive

Three-
Month USD
BBA
LIBOR

3.036

1/8/24

USD

120,000

(6,581,516)

JPM

Receive

Six-Month
AUD BBR
BBSW

3.583

6/17/19

AUD

150,000

(2,098,155)

Total Cleared Interest Rate Swaps

(9,896,821)

Over-the-Counter Interest Rate Swaps at June 30,2014

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Maturity
Date

Notional Amount
(000’s)

Value

BOA

Pay

BZDI

12.700%

1/4/16

BRL

182,075

817,736

BOA

Pay

MXN TIIE
BANXICO

4.345

1/11/16

MXN

1,022,900

867,453

BOA

Pay

Six-Month
INR MIBOR

7.850

6/11/19

INR

2,920,000

(105,937

)

BOA

Pay

Three-
Month MYR
KLIBOR

4.510

6/17/24

MYR

54,600

266,919

DEU

Pay

Three-
Month PLN
WIBOR
WIBO

2.620

6/18/16

PLN

950,000

289,207

GSG

Receive

Six-Month
INR MIBOR

8.050

6/25/19

INR

3,600,000

(338,024

)

GSG

Pay

Three-
Month MYR
KLIBOR

4.088

6/2/19

MYR

137,000

166,588

GSG

Pay

Three-
Month MYR
KLIBOR

4.520

6/11/24

MYR

73,000

384,810

GSG

Receive

CFXS
REPO FIX

3.915

6/24/19

CNY

260,000

395,367

GSG

Receive

Six-Month
INR MIBOR

7.980

6/18/19

INR

2,850,000

(144,729

)

GSG

Pay

MXN TIIE
BANXICO

4.260

6/15/16

MXN

801,100

64,134

GSG

Pay

Three-
Month MYR
KLIBOR

4.515

6/17/24

MYR

54,360

272,210

GSG

Pay

Three-
Month PLN
WIBOR
WIBO

2.630

6/22/16

PLN

640,000

208,107

GSG

Receive

Six-Month
SGD SOR
VWAP

2.810

9/1/24

SGD

63,000

(1,498,413

)

35 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps (Continued)

Counterparty

Pay/Receive
Floating
Rate

Floating
Rate

Fixed
Rate

Maturity
Date

Notional Amount
(000’s)

Value

GSG

Pay

BZDI

11.880%

1/4/16

BRL

191,000

920,761

GSG

Pay

BZDI

12.703

1/4/16

BRL

207,380

933,126

GSG

Pay

BZDI

12.520

1/4/16

BRL

149,220

579,956

GSG

Pay

Three-
Month PLN
WIBOR
WIBO

3.145

5/5/16

PLN

1,061,800

2,183,174

GSG

Pay

Six-Month
INR MIBOR

8.490

4/29/19

INR

3,681,000

1,395,304

GSG

Pay

Three-
Month PLN
WIBOR
WIBO

3.115

5/6/16

PLN

1,048,700

2,054,798

HSBC

Pay

MXN TIIE
BANXICO

4.760

1/13/16

MXN

1,640,400

1,205,895

JPM

Receive

Three-
Month USD
BBA LIBOR

2.150

5/30/23

USD

27,000

687,090

JPM

Pay

Three-
Month KRW
CD KSDA

3.280

6/27/24

KRW

63,500,000

137,574

JPM

Pay

Three-
Month KRW
CD KSDA

3.490

6/24/34

KRW

57,700,000

26,633

JPM

Receive

Three-
Month KRW
CD KSDA

3.325

6/24/29

KRW

107,000,000

(140,891

)

JPM

Pay

BZDI

12.090

1/4/16

BRL

155,110

944,088

JPM

Pay

BZDI

12.490

1/4/16

BRL

198,340

750,841

JPM

Receive

Three-
Month KRW
CD KSDA

3.080

6/10/18

KRW

132,000,000

(544,952

)

JPM

Pay

MXN TIIE
BANXICO

4.280

6/15/16

MXN

4,155,100

393,946

JPM

Pay

Three-
Month USD
BBA LIBOR

2.190

6/10/18

USD

128,000

84,724

MOS-A

Pay

MXN TIIE
BANXICO

6.260

5/2/24

MXN

400,000

533,760

Total Over-the-Counter Interest Rate Swaps

13,791,255

36 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaptions Written at June 30, 2014

Description

Counterparty

Buy/Sell

Protection

Reference

Asset

Fixed

Rate

Expiration

Date

Notional

Amount (000’s)

Premiums

Received

Value

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.HY.22

5.000%

7/16/14

USD

50,000

495,000

(26,315)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.HY.22

5.000

7/16/14

USD

50,000

155,000

(107,060)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.HY.22

5.000

9/17/14

USD

50,000

400,000

(100,975)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.IG.22

1.000

7/16/14

USD

250,000

200,000

(7,275)

Credit Default Swap maturing 6/20/19 Call

BOA

Buy

iTraxx Europe
Senior
Financials
Series 21
Version 1

1.000

9/17/14

EUR

78,620

214,562

(116,945)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.IG.22

1.000

9/17/14

USD

250,000

406,250

(284,900)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

CDX.NA.IG.22

1.000

9/17/14

USD

250,000

156,250

(174,450)

Credit Default Swap maturing 6/20/19 Call

JPM

Buy

iTraxx Europe
Crossover
Series 21
Version 1

5.000

9/17/14

EUR

58,914

503,736

(626,733)

Credit Default Swap maturing 6/20/19 Call

JPM

Buy

iTraxx Europe
Crossover
Series 21
Version 1

5.000

9/17/14

EUR

98,670

843,664

(1,049,660)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

iTraxx Europe
Crossover
Series 21
Version 1

5.000

9/17/14

EUR

58,914

335,824

(330,097)

Credit Default Swap maturing 6/20/19 Call

JPM

Sell

iTraxx Europe
Crossover
Series 21
Version 1

5.000

9/17/14

EUR

98,670

562,442

(552,852)

Total Over-the-Counter Credit Default Swaptions Written

4,272,728

(3,377,262)

Over-the-Counter Interest Rate Swaptions Written at June 30, 2014

Description

Counterparty

Pay/Receive
Floating

Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional

Amount (000’s)

Premiums

Received

Value

Interest Rate Swap maturing 11/25/44 Call

BAC

Receive

Six-Month
GBP BBA
LIBOR

3.468%

11/25/14

GBP

54,000

3,364,816

(3,938,960)

37 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

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

Description

Counterparty

Pay/Receive

Floating

Rate

Floating

Rate

Fixed

Rate

Expiration

Date

Notional

Amount (000’s)

Premiums

Received

Value

Interest Rate Swap maturing 10/6/24 Call

BOA

Receive

Three-Month
USD BBA
LIBOR

2.690%

10/2/14

USD

79,060

434,830

(795,567)

Interest Rate Swap maturing 8/4/21 Call

BOA

Pay

Three-Month
USD BBA
LIBOR

4.860

8/2/16

USD

173,385

2,600,775

(884,687)

Interest Rate Swap maturing 12/15/24 Call

GSG

Pay

Three-Month
USD BBA
LIBOR

3.200

12/11/14

USD

250,000

2,300,000

(1,174,947)

Interest Rate Swap maturing 11/4/24 Call

GSG

Receive

Six-Month
EUR
EURIBOR

2.505

10/30/14

EUR

165,000

1,075,270

(2,605,215)

Interest Rate Swap maturing 9/16/19 Call

GSG

Receive

Six-Month
AUD BBR
BBSW

3.335

9/15/14

AUD

150,000

211,331

(633,696)

Interest Rate Swap maturing 9/16/24 Call

GSG

Pay

Six-Month
GBP BBA
LIBOR

4.071

9/15/14

GBP

240,000

284,936

(231,326)

Interest Rate Swap maturing 4/30/24 Call

GSG

Pay

Three-Month
KRW CD
KSDA

4.530

4/29/19

KRW

100,000,000

579,626

(383,933)

Interest Rate Swap maturing 7/28/44 Call

JPM

Receive

Six-Month
EUR
EURIBOR

2.238

7/24/14

EUR

39,440

327,025

(917,054)

Interest Rate Swap maturing 2/12/29 Call

JPM

Pay

Three-Month
KRW CD
KSDA

4.610

2/11/19

KRW

100,000,000

1,026,886

(442,674)

Interest Rate Swap maturing 7/31/24 Call

JPM

Receive

Six-Month
EUR
EURIBOR

2.456

7/29/14

EUR

160,000

442,160

(1,800,042)

Interest Rate Swap maturing 7/22/24 Call

JPM

Pay

MXN TIIE
BANXICO

6.440

8/1/14

MXN

400,000

399,888

(54,082)

Interest Rate Swap maturing 7/15/24 Call

UBS

Receive

Six-Month
EUR
EURIBOR

1.720

7/11/14

EUR

150,000

1,270,706

(5,258,827)

Total Over-the-Counter Interest Rate Swaptions Written

14,318,249

(19,121,010)

38 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


Glossary: Counterparty Abbreviations
BAC		Barclays Bank plc
BNP		BNP Paribas
BOA		Bank of America NA
CITNA-B		Citibank NA
DEU		Deutsche Bank AG
FIB		Credit Suisse International
GSCO-OT		Goldman Sachs Bank USA
GSG		Goldman Sachs Group, Inc. (The)
HSBC		HSBC Bank USA NA
JPM		JPMorgan Chase Bank NA
MOS-A		Morgan Stanley
MSCO		Morgan Stanley Capital Services, Inc.
NOM		Nomura Global Financial Products, Inc.
RBS		Royal Bank of Scotland plc (The)
TDB		Toronto Dominion Bank
UBS		UBS AG

Currency abbreviations indicate amounts reporting in currencies
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNH		Offshore Chinese Renminbi
CNY		Chinese Renminbi
COP		Colombian Peso
DKK		Danish Krone
EUR		Euro
GBP		British Pound Sterling
HUF		Hungarian Forint
IDR		Indonesia Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Nuevo Peso
MYR		Malaysian Ringgit
NGN		Nigerian Naira
NOK		Norwegian Krone
PEN		Peruvian New Sol
PHP		Philippines Peso
PLN		Polish Zloty
RON		New Romanian Leu
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		New Turkish Lira
ZAR		South African Rand

Definitions
BANXICO		Banco de Mexico
BBA LIBOR		British Bankers’ Association London - Interbank Offered Rate
BBR BBSW		Bank Bill Swap Reference Rate (Australian Financial Market)
BZDI		Brazil Interbank Deposit Rate

39 OPPENHEIMER INTERNATIONAL BOND FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Definitions (Continued)


CD		Certificate of Deposit
CDX.NA.HY.22		Markit CDX North American High Yield
CDX.NA.IG.22		Markit CDX North American Investment Grade High Volatility
CFXS REPO FIX		7 Days Repurchase Fixing Rates
EURIBOR		Euro Interbank Offered Rate
iTraxx Europe Crossover
Series 21 Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Senior
Financials Series 21
Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Series 21
Version 1		Credit Default Swap Trading Index for a Specific Basket of Securities
KLIBOR		Kuala Lumpur Interbank Offered Rate
KSDA		Korean Securities Dealers Assn.
MIBOR		Mumbai Interbank Offered Rate
SAFEX		South African Futures Exchange
SOR VWAP		Swap Offer Rate Singapore Dollar Index
TIIE		Interbank Equilibrium Interest Rate
WIBOR WIBO		Poland Warsaw Interbank Offer Bid Rate

40 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO

STATEMENT OF INVESTMENTS June 30, 2014 Unaudited

Oppenheimer International Bond Fund (the “Fund”) is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, 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.

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

As of June 30, 2014, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

When-Issued or

Delayed Delivery

Basis Transactions

Purchased securities

$ 21,958,020

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

41 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2014 is as follows:


Cost			$33,265,936
Market Value			$805,000
Market value as % of Net Assets			0.01%

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

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.

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

Securities Valuation

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

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,

42 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

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

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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, event-linked bonds, loans, 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.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

43 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

Structured securities, swaps, swaptions, and other over-the-counter derivatives are valued utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Structured securities		Relevant market information such as the price of underlying financial instruments, stock market indices, foreign currencies, interest rate spreads, commodities, or the occurrence of other specific events.
Swaps		Relevant market information, including underlying reference assets such as credit spreads, credit event probabilities, index values, individual security values, forward interest rates, variable interest rates, volatility measures, and forward currency rates.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” 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. Fair value determinations by the Manager are subject to review, 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. Those fair valuation standardized 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

44 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

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, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, 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 are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

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

The table below categorizes amounts as of June 30, 2014 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	$	—	$	37,688,662	$	7,859,395	$	45,548,057
Mortgage-Backed Obligation		—		18,753,492		—		18,753,492
U.S. Government Obligation		—		133,025,935		—		133,025,935
Foreign Government Obligations		—		5,603,185,154		—		5,603,185,154

45 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table (Continued)
Investments, at Value:
Corporate Bonds and Notes	$	—	$	2,233,681,711	$	16,178,767	$	2,249,860,478
Common Stock		—		1,177		—		1,177
Structured Securities		—		26,791,785		6,071,615		32,863,400
Short-Term Notes		—		836,652,040		—		836,652,040
Exchange-Traded Options Purchased		237,573		708,304		—		945,877
Over-the-Counter Options Purchased		—		33,554,047		—		33,554,047
Over-the-Counter Credit Default Swaptions Purchased		—		99,695		—		99,695
Over-the-Counter Interest Rate Swaptions Purchased		—		23,951,506		—		23,951,506
Investment Company		96,435,986		—		—		96,435,986

Total Investments, at Value		96,673,559		8,948,093,508		30,109,777		9,074,876,844
Other Financial Instruments:
Swaps, at value		—		28,779,838		—		28,779,838
Foreign currency exchange contracts		—		69,333,405		—		69,333,405

Total Assets	$	96,673,559	$	9,046,206,751	$	30,109,777	$	9,172,990,087


Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(3,883,150)	$	—	$	(3,883,150)
Centrally cleared swaps, at value		—		(9,896,821)		—		(9,896,821)
Options written, at value		—		(28,893,326)		—		(28,893,326)
Foreign currency exchange contracts		—		(131,707,840)		—		(131,707,840)
Swaptions written, at value		—		(22,498,272)		—		(22,498,272)

Total Liabilities	$	—	$	(196,879,409)	$	—	$	(196,879,409)

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

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

Transfers into

Level 2

Transfers out of

Level 2

Transfers into

Level 3

Transfers out of

Level 3

Assets Table

Investments, at Value:

Structured Securities

11,751

–

(11,751)

Corporate Bonds and

Notes

–

(17,879,566)

17,879,566

–

Total Assets

11,751

(17,879,566)

17,879,566

(11,751)

46 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

a.	Transferred from Level 3 to Level 2 due to the availability of market data.

b.	Transferred from Level 2 to Level 3 because of the lack of observable market data.

Risk Exposures and the Use of Derivative Instruments

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.

Market Risk Factors. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors:

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

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

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

47 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

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 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 Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities in the annual and semiannual reports as a receivable (or payable) and in the 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 Statement of Operations in the annual and semiannual reports.

The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to take a positive investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward contracts with the obligation to purchase specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to take a negative

48 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

investment perspective on the related currency. These forward contracts seek to increase exposure to foreign exchange rate risk.

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the period ended June 30, 2014, the Fund had daily average contract amounts on forward contracts to buy and sell of $8,314,305,244 and $6,279,469,946, respectively.

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

Futures Contracts

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

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value in an account registered in the futures commission merchant’s name. Subsequent payments (variation margin) are paid to or from the futures commission merchant each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains and losses. Should the Fund fail to make requested variation margin payments, the futures commission merchant can gain access to the initial margin to satisfy the Fund’s payment obligations.

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

The Fund has purchased futures contracts on various bonds and notes to increase exposure to interest rate risk.

The Fund has sold futures contracts on various bonds and notes to decrease exposure to interest rate risk.

49 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

During the period ended June 30, 2014, the Fund had an ending monthly average market value of $29,754,216 and $694,316,091 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 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 Statement of Operations in the annual and semiannual reports.

The Fund has purchased call options on currencies to increase exposure to foreign exchange rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on currencies to decrease exposure to foreign exchange rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has purchased call options on treasury and/or euro futures to increase exposure to interest rate risk. A purchased call option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has purchased put options on treasury and/or euro futures to decrease exposure to interest rate risk. A purchased put option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the period ended June 30, 2014, the Fund had an ending monthly average market value of $20,810,242 and $59,914,931 on purchased call options and purchased put options, respectively.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the 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 Statement of Investments.

50 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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.

The Fund has written put options on currencies to increase exposure to foreign exchange rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

The Fund has written call options on currencies to decrease exposure to foreign exchange rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has written call options on treasury and/or euro futures to decrease exposure to interest rate risk. A written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

The Fund has written put options on treasury and/or euro futures to increase exposure to interest rate risk. A written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price.

During the period ended June 30, 2014, the Fund had an ending monthly average market value of $26,161,300 and $20,861,761 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 period ended June 30, 2014 was as follows:


	Call Options				Put Options
	Number of Contracts		Amount of Premiums		Number of Contracts		Amount of Premiums

Options outstanding as of September 30, 2013		193,660,800,000		$53,576,063		180,711,880,000		$38,605,259
Options written		2,108,182,958,220		70,776,842		6,411,512,080,000		97,820,911
Options closed or expired		(71,809,440,000)		(5,185,883)		(142,412,550,000)		(12,069,951)
Options exercised		(2,188,135,665,000)		(97,306,456)		(4,146,784,640,000)		(106,739,165)

Options outstanding as of June 30, 2014		41,898,653,220		$21,860,566		2,303,026,770,000		$17,617,054

Swap Contracts

The Fund may enter into swap contract agreements with a counterparty to exchange a series of cash flows based on either specified reference rates, the price or volatility of asset or non-asset references, or the occurrence of a credit event, over a specified period. Swaps can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction (“OTC swaps”) or executed on a regulated market. Certain swaps, regardless of the venue of their execution, are required to be cleared through a clearinghouse (“centrally cleared

51 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

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 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 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 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 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 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

52 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

recorded as realized gain (loss) and is included on the Statement of Operations in the annual and semiannual reports.

The Fund has sold credit protection through credit default swaps to increase 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 purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual issuers and/or indexes of issuers.

For the period ended June 30, 2014, the Fund had ending monthly average notional amounts of $72,451,209 and $85,656,177 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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

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

The Fund has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. Typically, if relative interest rates rise, payments made by the Fund under a swap agreement will be greater than the payments received by the Fund.

The Fund has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. Typically, if relative interest rates rise, payments received by the Fund under the swap agreement will be greater than the payments made by the Fund.

For the period ended June 30, 2014, the Fund had ending monthly average notional amounts of $1,258,007,275 and $2,209,452,566 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.

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 in order to take a positive investment perspective on the

53 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

related currencies for which the Fund receives a payment. These currency swap contracts increase exposure to foreign exchange rate risk.

The Fund has entered into currency swap contracts with the obligation to pay an interest rate on various foreign currency notional amounts and receive an interest rate on the dollar notional amount in order to take a negative investment perspective on the related currencies for which the Fund receives a payment. These currency swap contracts may decrease exposure to foreign exchange rate risk related to positions held by the Fund.

For the period ended June 30, 2014, the Fund had ending monthly average notional amounts of $99,749,512 and $50,730,990 on currency swaps which pay a fixed rate and which receive a fixed rate, 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 Statement of Investments and the Statement of Assets and Liabilities in the annual and semiannual reports. Written swaptions are reported on a schedule following the Statement of Investments and their value is reported as a separate asset or liability line item in the 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 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 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 has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to

54 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

decrease exposure to interest rate risk. A purchased swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

The Fund has purchased swaptions which gives it the option to sell credit protection through credit default swaps in order to increase exposure to the credit risk of individual issuers and/ or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset decreases.

The Fund has purchased swaptions which gives it the option to buy credit protection through credit default swaps in order to decrease exposure to the credit risk of individual issuers and/or indexes of issuers. A purchased swaption of this type becomes more valuable as the likelihood of a credit event on the reference asset increases.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate decreases relative to the preset interest rate.

The Fund has written swaptions which gives it the obligation, if exercised by the purchaser, to enter into an interest rate swap in which it pays a fixed interest rate and receives a floating interest rate in order to decrease exposure to interest rate risk. A written swaption of this type becomes more valuable as the reference interest rate increases relative to the preset interest rate.

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

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

During the period ended June 30, 2014, the Fund had an ending monthly average market value of $47,839,496 and $81,362,717 on purchased and written swaptions, respectively.

Written swaption activity for the period ended June 30, 2014 was as follows:


	Call Swaptions
	Notional Amount		Amount of Premiums

Swaptions outstanding as of September 30, 2013		7,750,335,000	$	108,644,262
Swaptions written		229,682,903,000		120,463,893
Swaptions closed or expired		(6,017,925,000)		(17,018,112)
Swaptions exercised		(28,260,640,000)		(193,499,066)

Swaptions outstanding as of June 30, 2014		203,154,673,000	$	18,590,977

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

55 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

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

As of June 30, 2014, the Fund has required certain counterparties to post collateral of $23,440,671.

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 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,

56 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Risk Exposures and the Use of Derivative Instruments (Continued)

futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

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

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

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the 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 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 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.

Restricted Securities

As of June 30, 2014, 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 Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

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 as of June 30, 2014 are noted below. The primary difference between

57 OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Federal Taxes (Continued)

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	$	8,922,353,536
Federal tax cost of other investments		(53,315,223)

Total federal tax cost	$	8,869,038,313

Gross unrealized appreciation	$	484,628,528
Gross unrealized depreciation		(312,777,596)

Net unrealized appreciation	$	171,850,932

58 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 6/30/2014, 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/ *William F. Glavin, Jr.*
		William F. Glavin, Jr.
		Principal Executive Officer

Date:		8/8/2014

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/ *William F. Glavin, Jr.*
		William F. Glavin, Jr.
		Principal Executive Officer

Date:		8/8/2014


By:		/s/ *Brian W. Wixted*
		Brian W. Wixted
		Principal Financial Officer

Date:		8/8/2014

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-Q’ Filing	Date	Other Filings

Filed on / Effective on:	8/29/14
For Period End:	6/30/14	N-PX
	9/30/13	24F-2NT, N-CSR, NSAR-B, NSAR-B/A
		List all Filings

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Filing Submission 0001193125-14-326932 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/14

On: Friday, 8/29/14, at 1:09pm ET · Effective: 8/29/14 · For: 6/30/14 · Accession #: 1193125-14-326932 · File #: 811-07255

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-QFiling Table of Contents

N-Q — Oppenheimer International Bond Fund

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Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Schedule of Portfolio Holdings of a Management Investment Company — Form N-Q
Filing Table of Contents