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Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 2:18pm ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-2016 · File #: 811-07255

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

 8/28/08  Oppenheimer Int’l Bond Fund       N-Q         6/30/08    2:97K                                    Bowne - BGM/FA
          → Oppenheimer International Bond Fund ⇒ A — B — C — R — Y

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

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a         43±   199K 
                          Management Investment Company                          
 2: EX-99.CERT  Cert 302                                               4     13K

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

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Controls and Procedures Exhibits Schedule of Investments
1	1st Page - Filing Submission
"	Item 1. Schedule of Investments
26	Item 2. Controls and Procedures
27	Item 3. Exhibits

N-Q 1st “Page” of 28 TOC ↑Top Previous Next ↓Bottom Just 1st
 
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)

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

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

 Date of fiscal year end: September 30
                          ------------

Date of reporting period: 06/30/2008
                          ----------

ITEM 1. SCHEDULE OF INVESTMENTS.                                                

Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                                [Download Table]

                                                     PRINCIPAL                     
                                                       AMOUNT             VALUE    
                                                   -------------      -------------
                                                                                   
ASSET-BACKED SECURITIES -- 0.0%                                                    
Taganka Car Loan Finance plc, Automobile                                           
Asset-Backed                                                                       
Certificates, Series 2006-1A,                                                      
Cl. C, 5.771%, 11/14/13(1,2) (Cost $1,350,000)     $   1,350,000      $   1,262,250
                                                   -------------      -------------
U.S. GOVERNMENT OBLIGATIONS -- 0.8%                                                
U.S. Treasury Nts., 3.25%, 12/31/09(3)                                             
(Cost $101,706,699)                                  100,000,000        101,250,100
                                                   -------------      -------------
FOREIGN GOVERNMENT OBLIGATIONS -- 60.0%                                            
ARGENTINA -- 0.2%                                                                  
Argentina (Republic of) Bonds:                                                     
3.092%, 8/3/12(2)                                     10,266,875          8,675,894
7%, 10/3/15                                            2,450,000          1,706,425
Series GDP, 0.971%, 12/15/35(2)                       14,920,000          1,484,540
Series V, 7%, 3/28/11                                 18,993,000         16,277,531
Series VII, 7%, 9/12/13                                4,700,000          3,603,530
                                                                      -------------
                                                                         31,747,920
                                                                      -------------
AUSTRALIA -- 0.8%                                                                  
New South Wales Treasury Corp. Sr. Unsec.                                          
Nts., Series 17RG, 5.50%, 3/1/17                     116,660,000 AUD    100,803,710
                                                   -------------      -------------
AUSTRIA -- 0.6%                                                                    
Austria (Republic of) Unsec. Unsub.                                                
Nts., Series E, 4%, 9/15/16                           47,676,000 EUR     71,094,018
                                                   -------------      -------------
BELGIUM -- 0.5%                                                                    
Belgium (Kingdom of) Bonds, Series 44,                                             
 5%, 3/28/35                                          44,200,000 EUR     68,321,617
                                                   -------------      -------------
BRAZIL -- 3.9%                                                                     
Banco Nac de Desen Econo Nts., 6.369%, 6/16/18(4)     19,160,000         19,160,000
                                                   -------------      -------------
Brazil (Federal Republic of) Bonds:                                                
6%, 1/17/17                                           26,320,000         26,899,040
8%, 1/15/18                                           43,285,000         48,176,205
8.75%, 2/4/25                                          2,135,000          2,677,290
8.875%, 10/14/19                                      28,355,000         35,571,348
10.50%, 7/14/14                                       17,650,000         22,371,375
                                                   -------------      -------------
Brazil (Federal Republic of) Letras Tesouro                                        
Nacional Treasury Bills, 0%,                                                       
1/1/09(5)                                             98,520,000 BRR     57,572,289
                                                   -------------      -------------
Brazil (Federal Republic of) Nota Do Tesouro                                       
Nacional Nts.:                                                                     
10%, 1/10/10                                         198,234,000 BRR    115,658,725
10%, 1/1/12                                          142,758,000 BRR     82,570,066
10%, 1/1/17                                          185,202,000 BRR     97,837,858
                                                   -------------      -------------
Brazil (Federal Republic of) Nts., 7.875%, 3/7/15      4,000,000          4,490,000
                                                                      -------------
                                                                        512,984,196
                                                                      -------------
BULGARIA -- 0.0%                                                                   
Bulgaria (Republic of) Bonds:                                                      
8.25%, 1/15/15                                         1,500,000          1,708,125
8.25%, 1/15/15(4)                                      1,440,000          1,639,800
                                                                      -------------
                                                                          3,347,925
                                                                      -------------
CANADA -- 2.3%                                                                     
Canada (Government of) Nts.:                                                       
3.75%, 6/1/12                                        203,305,000 CAD    201,674,094
4.25%, 12/1/09                                       100,130,000 CAD     99,486,819
                                                                      -------------
                                                                        301,160,913

1 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

N-Q 2nd “Page” of 28 TOC 1st Previous Next ↓Bottom Just 2nd
Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]

                                                        PRINCIPAL                      
                                                          AMOUNT              VALUE    
                                                     ---------------      -------------
                                                                                       
COLOMBIA -- 0.5%                                                                       
Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28(4)   16,413,000,000 COP  $   6,326,746
                                                     ---------------      -------------
Colombia (Republic of) Bonds:                                                          
7.375%, 9/18/37                                            3,390,000          3,635,775
10.75%, 1/15/13                                           12,180,000         14,798,700
12%, 10/22/15                                         19,665,000,000 COP      9,836,919
                                                     ---------------      -------------
Colombia (Republic of) Nts.:                                                           
8.25%, 12/22/14                                           10,455,000         11,944,838
11.75%, 3/1/10                                         7,228,000,000 COP      3,758,277
                                                     ---------------      -------------
Colombia (Republic of) Unsec. Nts., 7.375%,                                            
1/27/17                                                   11,650,000         12,657,725
                                                     ---------------      -------------
EEB International Ltd., Sr. Unsec. Bonds,                                              
8.75%, 10/31/14(4)                                         6,850,000          7,295,250
                                                                          -------------
                                                                             70,254,230
                                                                          -------------
COSTA RICA -- 0.0%                                                                     
Costa Rica (Republic of) Unsec. Bonds,                                                 
9.995%, 8/1/20                                             2,730,000          3,525,113
                                                     ---------------      -------------
DENMARK -- 0.4%                                                                        
Denmark (Kingdom of) Bonds, 5%, 11/15/13                 272,870,000 DKK     57,936,052
                                                     ---------------      -------------
DOMINICAN REPUBLIC -- 0.0%                                                             
Dominican Republic Unsec. Unsub. Bonds,                                                
Series REG S, 9.04%, 1/23/18(1)                            2,705,118          2,799,797
                                                     ---------------      -------------
EGYPT -- 0.3%                                                                          
Egypt (The Arab Republic of) Treasury Bills,                                           
Series 364, 8.371%, 1/6/09(5)                             45,675,000 EGP      8,095,366
                                                     ---------------      -------------
Egypt (The Arab Republic of) Unsec. Unsub.                                             
Bonds, 8.75%, 7/15/12(4)                                 134,990,000 EGP     24,540,186
                                                                          -------------
                                                                             32,635,552
                                                                          -------------
EL SALVADOR -- 0.1%                                                                    
El Salvador (Republic of) Bonds:                                                       
7.625%, 9/21/34(1)                                         1,185,000          1,262,025
7.65%, 6/15/35(4)                                          7,740,000          8,049,600
                                                                          -------------
                                                                              9,311,625
                                                                          -------------
FRANCE -- 7.4%                                                                         
France (Government of) Obligations Assimilables                                        
du Tresor Bonds:                                                                       
3.25%, 4/25/16                                           193,230,000 EUR    274,828,102
4%, 10/25/38                                             145,200,000 EUR    193,648,389
                                                     ---------------      -------------
France (Government of) Treasury Nts.:                                                  
3.75%, 1/12/13                                           232,800,000 EUR    351,093,145
4.50%, 7/12/12                                            92,165,000 EUR    143,568,674
                                                                          -------------
                                                                            963,138,310
                                                                          -------------
GERMANY -- 7.1%                                                                        
Germany (Federal Republic of) Bonds:                                                   
Series 03, 3.75%, 7/4/13                                 226,545,000 EUR    343,273,779
Series 05, 4%, 1/4/37                                    137,560,000 EUR    187,733,426
Series 07, 4.25%, 7/4/17                                 256,627,000 EUR    395,265,137
                                                                          -------------
                                                                            926,272,342

2 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]

                                                     PRINCIPAL                         
                                                       AMOUNT                VALUE     
                                                  ----------------      ---------------
                                                                                       
GHANA -- 0.1%                                                                          
Ghana (Republic of) Bonds, 8.50%, 10/4/17(1)      $      6,100,000      $     6,298,250
                                                  ----------------      ---------------
GREECE -- 1.2%                                                                         
Greece (Republic of) Bonds, 4.60%, 5/20/13             102,835,000 EUR      157,910,029
                                                  ----------------      ---------------
GUATEMALA -- 0.0%                                                                      
Guatemala (Republic of) Nts.:                                                          
10.25%, 11/8/11(4)                                         160,000              183,200
10.25%, 11/8/11                                          4,830,000            5,530,350
                                                                        ---------------
                                                                              5,713,550
                                                                        ---------------
INDONESIA -- 0.6%                                                                      
Indonesia (Republic of) Nts.:                                                          
6.75%, 3/10/14(4)                                       11,305,000           11,191,950
6.90%, 1/17/18(4)                                       18,360,000           17,361,859
7.25%, 4/20/15(4)                                        7,450,000            7,505,875
                                                  ----------------      ---------------
Indonesia (Republic of) Sr. Unsec. Nts.,                                               
7.75%, 1/17/38(4)                                       23,530,000           22,235,850
                                                  ----------------      ---------------
Indonesia (Republic of) Unsec. Nts.,                                                   
8.50%, 10/12/35(4)                                      23,270,000           23,793,575
                                                                        ---------------
                                                                             82,089,109
                                                                        ---------------
ISRAEL -- 0.5%                                                                         
Israel (State of) Bonds:                                                               
5.50%, 2/28/17                                         106,630,000 ILS       31,057,282
Series 2682, 7.50%, 3/31/14                            107,990,000 ILS       34,973,533
                                                                        ---------------
                                                                             66,030,815
                                                                        ---------------
ITALY -- 1.7%                                                                          
Italy (Republic of) Nts., Certificati di Credito                                       
 del Tesoro, 4.20%, 7/1/09(2)                          137,435,000 EUR      216,344,251
                                                  ----------------      ---------------
JAPAN -- 18.1%                                                                         
Japan (Government of) Bonds:                                                           
2 yr., Series 269, 0.90%, 6/15/10                   71,197,000,000 JPY      672,363,589
5 yr., Series 72, 1.50%, 6/20/13                    81,725,000,000 JPY      781,553,758
10 yr., Series 277, 1.60%, 3/20/16(6)               37,300,000,000 JPY      357,779,310
10 yr., Series 279, 2%, 3/20/16                     13,307,000,000 JPY      131,304,631
20 yr., Series 61, 1%, 3/20/23(6)                   22,147,000,000 JPY      183,094,798
20 yr., Series 73, 2%, 12/20/24(6)                  16,610,000,000 JPY      155,509,707
20 yr., Series 75, 2.10%, 3/20/25(6)                 9,228,000,000 JPY       87,500,055
                                                                        ---------------
                                                                          2,369,105,848
                                                                        ---------------
MALAYSIA -- 0.4%                                                                       
Johor Corp. Malaysia (Government of) Bonds,                                            
 Series P3, 1%, 7/31/12(1)                             107,980,000 MYR       39,325,539
                                                  ----------------      ---------------
Malaysia (Government of) Bonds, Series 2/05,                                           
 4.72%, 9/30/15                                         20,270,000 MYR        6,178,705
                                                                        ---------------
                                                                             45,504,244
                                                                        ---------------
MEXICO -- 1.7%                                                                         
Mexican Williams Sr. Nts., 3.578%, 11/15/08(1,2)           500,000              504,100
                                                  ----------------      ---------------
United Mexican States Bonds:                                                           
Series A, 6.375%, 1/16/13                               10,815,000           11,409,825
Series M7, 8%, 12/24/08(2)                           1,099,090,000 MXN      106,439,008

3 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                                [Download Table]

                                                   PRINCIPAL                     
                                                     AMOUNT            VALUE     
                                                --------------      -------------
                                                                                 
Series MI10, 8%, 12/19/13                          547,680,000 MXN  $  50,903,066
                                                --------------      -------------
United Mexican States Bonds., 8.375%, 1/14/11       53,310,000         58,427,760
                                                                    -------------
                                                                      227,683,759
                                                                    -------------
NEW ZEALAND -- 0.6%                                                              
New Zealand (Government of) Bonds, 7%, 7/15/09     100,990,000 NZD     77,061,832
                                                --------------      -------------
NIGERIA -- 1.3%                                                                  
Nigeria (Federal Republic of) Nts.:                                              
Series 3Y2S, 12.50%, 2/24/09                       356,000,000 NGN      3,073,055
Series 3Y7S, 17%, 12/16/08                         570,000,000 NGN      4,995,332
                                                --------------      -------------
Nigeria (Federal Republic of) Promissory Nts.,                                   
 Series RC, 5.092%, 1/5/10                             228,339            224,502
                                                --------------      -------------
Nigeria (Federal Republic of) Treasury Bills:                                    
Series 364, 9.187%, 1/8/09(1,5)                  3,517,400,000 NGN     28,380,431
Series 364, 9.171%, 2/5/09(5)                    2,714,000,000 NGN     21,743,790
Series 364, 9.30%, 4/9/09(5)                       783,500,000 NGN      6,166,783
                                                --------------      -------------
Nigeria (Federal Republic of) Treasury Bonds:                                    
Series 3Y, 9.23%, 5/25/12                        2,404,900,000 NGN     19,953,230
Series 3Y1S, 15%, 1/27/09(1)                       522,300,000 NGN      4,559,568
Series 5 yr., 9.50%, 2/23/12(1)                  1,180,900,000 NGN      9,923,108
Series 5Y, 9.50%, 8/31/12(1)                     2,202,000,000 NGN     18,466,036
Series 5Y13, 12.99%, 9/29/11                       866,700,000 NGN      8,165,658
Series 7Y, 9.20%, 6/29/14(1)                       650,000,000 NGN      5,296,439
Series 7Y16, 11.99%, 12/22/13                    1,422,500,000 NGN     12,919,195
Series 7YR, 12.74%, 10/27/13                     1,050,600,000 NGN      9,809,108
Series 10 yr., 9.35%, 8/31/17(1)                 2,514,200,000 NGN     18,886,110
                                                                    -------------
                                                                      172,562,345
                                                                    -------------
PANAMA -- 0.5%                                                                   
Panama (Republic of) Bonds:                                                      
6.70%, 1/26/36                                      12,875,000         13,132,500
7.25%, 3/15/15                                      29,280,000         31,622,400
8.875%, 9/30/27                                      3,255,000          4,125,713
9.375%, 4/1/29                                       1,650,000          2,165,625
                                                --------------      -------------
Panama (Republic of) Unsec. Bonds, 7.125%,                                       
 1/29/26                                            11,625,000         12,322,500
                                                                    -------------
                                                                       63,368,738
                                                                    -------------
PERU -- 2.1%                                                                     
Peru (Republic of) Bonds:                                                        
7.84%, 8/12/20                                      86,585,000 PEN     30,980,414
9.91%, 5/5/15                                      135,047,000 PEN     53,255,213
Series 7, 8.60%, 8/12/17                           123,865,000 PEN     46,396,362
Series 8-1, 12.25%, 8/10/11                        146,090,000 PEN     58,491,496
                                                --------------      -------------
Peru (Republic of) Certificates of Deposit:                                      
3.742%, 7/3/08(1,5)                                  9,425,000 PEN      3,181,841
3.925%, 10/20/08(1,5)                               23,742,000 PEN      7,824,959
4.066%, 4/13/09(1,5)                                 2,646,000 PEN        852,465
4.163%, 7/9/09(1,5)                                 35,611,000 PEN     11,471,877
5.708%, 1/5/09(5)                                  120,037,000 PEN     39,194,928
5.719%, 11/6/08(5)                                  47,740,000 PEN     15,760,729

4 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                                [Download Table]

                                                     PRINCIPAL                     
                                                       AMOUNT            VALUE     
                                                   -------------      -------------
                                                                                   
Peru (Republic of) Sr. Nts., 4.533%, 2/28/16(5)    $   1,456,265      $     977,299
                                                                      -------------
                                                                        268,387,583
                                                                      -------------
PHILIPPINES -- 0.4%                                                                
Philippines (Republic of the) Bonds, 8%, 1/15/16       2,910,000          3,128,250
                                                   -------------      -------------
Philippines (Republic of the) Unsec. Bonds:                                        
7.75%, 1/14/31                                        31,479,000         32,775,935
9%, 2/15/13                                           13,985,000         15,418,463
                                                                      -------------
                                                                         51,322,648
                                                                      -------------
POLAND -- 0.0%                                                                     
Poland (Republic of) Bonds, Series WS0922,                                         
5.75%, 9/23/22                                        10,000,000 PLZ      4,336,360
                                                   -------------      -------------
SUPRANATIONAL -- 0.2%                                                              
European Investment Bank:                                                          
Sr. Unsec. Nts., Series 0979/0100, 6.25%, 9/30/10     11,095,000 NZD      8,229,527
Sr. Unsec. Nts., 6.75%, 11/17/08                      14,800,000 NZD     11,225,375
                                                                      -------------
                                                                         19,454,902
                                                                      -------------
THE NETHERLANDS -- 1.1%                                                            
Netherlands (Kingdom of the) Bonds, 5%, 7/15/11       63,875,000 EUR    101,191,903
                                                   -------------      -------------
Netherlands (Kingdom of the) Nts., 4.50%, 7/15/17     25,775,000 EUR     39,723,506
                                                                      -------------
                                                                        140,915,409
                                                                      -------------
TURKEY -- 1.7%                                                                     
Turkey (Republic of) Bonds:                                                        
6.75%, 4/3/18                                         22,650,000         21,177,750
7%, 9/26/16                                           13,755,000         13,239,188
14%, 1/19/11(2)                                       66,350,000 TRY     47,634,008
                                                   -------------      -------------
Turkey (Republic of) Bonds.:                                                       
15.861%, 10/7/09(5)                                   79,000,000 TRY     49,977,168
16%, 3/7/12(2)                                        86,170,000 TRY     57,668,200
17.864%, 8/13/08(5)                                   28,615,000 TRY     22,905,563
                                                   -------------      -------------
Turkey (Republic of) Nts., 7.25%, 3/15/15              4,755,000          4,713,394
                                                                      -------------
                                                                        217,315,271
                                                                      -------------
UKRAINE -- 0.1%                                                                    
Bayerische Hypo- und Vereinsbank AG for the                                        
 City of Kiev, Ukraine Nts., 8.625% 7/15/11(1)        18,470,000         18,285,300
                                                   -------------      -------------
UNITED KINGDOM -- 2.5%                                                             
United Kingdom Treasury Bonds:                                                     
5%, 3/7/18                                            49,620,000 GBP     97,910,672
6%, 12/7/28(7)                                       103,710,000 GBP    231,624,784
                                                                      -------------
                                                                        329,535,456
                                                                      -------------
URUGUAY -- 0.5%                                                                    
Uruguay (Oriental Republic of) Bonds:                                              
4.25%, 4/5/27                                        248,600,000 UYU     14,051,890
7.625%, 3/21/36                                        9,935,000         10,223,115
                                                   -------------      -------------
Uruguay (Oriental Republic of) Unsec. Bonds:                                       
5%, 9/14/18                                          403,060,000 UYU     26,314,244

5 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008  / Unaudited                             

                                                        [Enlarge/Download Table]

                                                                PRINCIPAL                        
                                                                 AMOUNT                VALUE     
                                                             --------------      ----------------
                                                                                                 
8%, 11/18/22                                                 $   10,815,000      $     11,599,088
                                                                                 ----------------
                                                                                       62,188,337
                                                                                 ----------------
VENEZUELA -- 0.6%                                                                                
Venezuela (Republic of) Bonds:                                                                   
9%, 5/7/23                                                       14,770,000            12,997,600
9.25%, 9/15/27                                                   33,610,000            31,627,010
                                                             --------------      ----------------
Venezuela (Republic of) Nts., 10.75%, 9/19/13                    18,580,000            19,369,650
                                                             --------------      ----------------
Venezuela (Republic of) Unsec. Bonds, 7.65%, 4/21/25             20,110,000            16,229,273
                                                                                 ----------------
                                                                                       80,223,533
                                                                                 ----------------
Total Foreign Government Obligations                                                             
(Cost $7,737,693,540)                                                               7,836,970,889
                                                                                 ----------------
CORPORATE BONDS AND NOTES -- 15.3%                                                               
AES Dominicana Energia Finance SA, 11% Sr. Nts.,                                                 
12/13/15(4)                                                       7,923,000             7,883,385
                                                             --------------      ----------------
AES Panama SA, 6.35% Sr. Nts., 12/21/16(4)                        2,225,000             2,239,805
                                                             --------------      ----------------
Alrosa Finance SA:                                                                               
8.875% Nts., 11/17/14                                             7,010,000             7,535,750
8.875% Nts., 11/17/14(4)                                         10,295,000            11,067,125
                                                             --------------      ----------------
AmBev International Finance Co. Ltd., 9.50% Bonds,                                               
7/24/17(4)                                                       27,130,000 BRR        13,919,547
                                                             --------------      ----------------
America Movil SAB de CV:                                                                         
8.46% Bonds, 12/18/36(4)                                         27,100,000 MXN         2,158,940
8.46% Sr. Unsec. Unsub. Bonds, 12/18/36                         113,700,000 MXN         9,057,986
                                                             --------------      ----------------
Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26(4)      10,422,102            10,369,992
                                                             --------------      ----------------
BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17                  42,020,000 EUR        59,583,796
                                                             --------------      ----------------
Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds,                                            
7/15/14                                                          31,530,000 EUR        46,715,919
                                                             --------------      ----------------
Banco BMG SA, 9.15% Nts., 1/15/16(4)                              9,710,000             9,904,200
                                                             --------------      ----------------
Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21(2,4)          2,750,000             2,750,000
                                                             --------------      ----------------
Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16(4)           2,630,000             1,959,350
                                                             --------------      ----------------
Banco Invex SA, 25.874% Mtg. Backed Certificates, Series                                         
062U, 3/13/34(2,8)                                               28,362,046 MXN        11,415,435
                                                             --------------      ----------------
Banco Pine SA, 7.375% Sr. Unsec. Nts., 6/17/10(4)                14,360,000            14,342,050
                                                             --------------      ----------------
Bank of Scotland plc:                                                                            
4.375% Sr. Sec. Nts., 7/13/16                                   156,925,000 EUR       225,828,303
4.50% Sr. Sec. Nts., 7/13/21                                     73,110,000 EUR       102,168,330
                                                             --------------      ----------------
Braskem Finance Ltd., 7.25% Sr. Unsec. Nts., 6/5/18(4)           19,200,000            19,104,000
                                                             --------------      ----------------
C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs.(4,9)          6,700,000             6,172,529
                                                             --------------      ----------------
Cloverie plc, 7.053% Sec. Nts., Series 2005-93,                                                  
12/20/10(1,2)                                                     3,600,000             3,007,440
                                                             --------------      ----------------
Coriolanus Ltd., 10.62% Sec. Nts., 8/10/10(1)                    16,300,000             9,617,000
                                                             --------------      ----------------
Credit Suisse First Boston International, Export-Import                                          
Bank of Ukraine, 8.40% Sec. Nts., 2/9/16                         18,180,000            16,407,450
                                                             --------------      ----------------
Dali Capital plc/Bank of Moscow, 7.25% Sec. Nts., Series                                         
28, Tranche 1, 11/25/09                                          72,600,000 RUR         3,033,428
                                                             --------------      ----------------
Dali Capital SA (ROSBANK), 8% Sec. Nts., Series 23,                                              
Tranche 1, 9/30/09                                               71,200,000 RUR         2,952,165
                                                             --------------      ----------------
Depfa ACS Bank, 3.875% Sec. Nts., 11/14/16                        8,050,000 EUR        11,628,647
                                                             --------------      ----------------
Eirles Two Ltd., 4.692% Sec. Nts., Series 335, 4/30/12(1,2)      10,800,000             9,153,000
                                                             --------------      ----------------
Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10(4)           13,295,000 BRR         8,936,038
                                                             --------------      ----------------
Exsportfinans ASA, 3.50% Nts., 2/11/11(2)                       195,570,000 EUR       280,111,494

6 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008  / Unaudited                             

                                                        [Enlarge/Download Table]

                                                                PRINCIPAL                        
                                                                 AMOUNT                VALUE     
                                                             --------------      ----------------
                                                                                                 
Gazprom Capital SA:                                                                              

7.288% Sr. Unsec. Nts., 8/16/37(4)                           $   27,890,000      $     25,240,450
8.146% Sr. Unsec. Bonds, 4/11/18(1)                              19,230,000            20,768,400
8.625% Sr. Unsec. Nts., 4/28/34(4)                               19,305,000            21,320,442
                                                             --------------      ----------------
Gazprom International SA, 7.201% Unsec. Bonds, 2/1/20(4)          5,650,294             5,650,294
                                                             --------------      ----------------
GTL Trade Finance, Inc., 7.25% Sr. Unsec. Nts., 10/20/17(4)      13,420,000            13,517,912
                                                             --------------      ----------------
HSBC Bank plc:                                                                                   
11.601% Sr. Unsec. Nts., 1/12/10(5)                              42,800,000            35,678,080
12.278% Sr. Unsec. Nts., 3/9/09(5)                               30,220,000            28,908,452
9.751% Sr. Unsec. Nts., 7/8/09(5)                                30,220,000            30,186,758
                                                             --------------      ----------------
HSBK Europe BV:                                                                                  
7.25% Unsec. Unsub. Nts., 5/3/17(4)                               3,260,000             2,852,500
9.25% Sr. Nts., 10/16/13(4)                                      38,620,000            39,006,200
                                                             --------------      ----------------
ICICI Bank Ltd.:                                                                                 
6.375% Bonds, 4/30/22(2,4)                                       12,125,000            10,893,658
6.625% Nts., 10/3/12(4)                                          11,560,000            11,422,135
                                                             --------------      ----------------
IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24(1)             10,137,137            11,302,907
                                                             --------------      ----------------
Inter-American Development Bank:                                                                 
6.26% Nts., 12/8/09(2)                                           11,200,000 BRR         7,073,795
9.891% Nts., 1/25/12(1,2)                                     9,658,285,859 COP         5,445,199
                                                             --------------      ----------------
International Bank for Reconstruction & Development                                              
(The), 15% Nts., 1/7/10                                           3,000,000 TRY         2,307,416
                                                             --------------      ----------------
ISA Capital do Brasil SA:                                                                        
7.875% Sr. Nts., 1/30/12(4)                                       2,225,000             2,308,438
8.80% Sr. Nts., 1/30/17(4)                                        2,780,000             2,898,150
                                                             --------------      ----------------
Israel Electric Corp. Ltd., 7.25% Nts., 1/15/19(4)               19,260,000            19,716,115
                                                             --------------      ----------------
JPMorgan Hipotecaria su Casita:                                                                  
6.47% Sec. Nts., 8/26/35(1)                                      36,255,601 MXN         3,352,530
21.982% Mtg. Backed Certificates, Series 06U, 9/25/35(2)         18,952,512 MXN         7,609,157
                                                             --------------      ----------------
JPMorgan Securities Ltd., Red Square Capital Ltd., 9%                                            
Collateralized Debt Obligation Nts., 11/20/08(4)                365,000,000 RUR        14,597,105
                                                             --------------      ----------------
JSC Astana Finance, 9.16% Nts., 3/14/12(1)                       14,000,000            13,094,447
                                                             --------------      ----------------
Kazmunaigaz Finance Sub BV, 9.125% Nts., 7/2/18(1,6)             22,970,000            23,084,850
                                                             --------------      ----------------
Kuznetski Capital SA/Bank of Moscow, 7.375% Nts.,                                                
11/26/10(4)                                                       2,780,000             2,877,300
                                                             --------------      ----------------
Majapahit Holding BV:                                                                            
7.25% Nts., 10/17/11(4)                                           2,860,000             2,863,575
7.75% Nts., 10/17/16(4)                                           6,420,000             6,155,175
                                                             --------------      ----------------
MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11(4)                   2,745,000             2,717,550
                                                             --------------      ----------------
National Gas Co., 6.05% Nts., 1/15/36(4)                          4,945,000             4,547,229
                                                             --------------      ----------------
National Power Corp.:                                                                            
5.875% Unsec. Unsub. Bonds, 12/19/16                            665,100,000 PHP        12,072,391
6.875% Nts., 11/2/16(4)                                           2,739,000             2,639,711
9.625% Unsec. Bonds, 5/15/28                                      5,095,000             5,821,038
                                                             --------------      ----------------
Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09           5,000,000 TRY         3,917,463
                                                             --------------      ----------------
Ongko International Finance Co. BV, 10.50% Sec. Nts.,                                            
3/29/10(1,10,11)                                                    550,000                    --
                                                             --------------      ----------------
Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26(4)            8,465,000             7,660,825
                                                             --------------      ----------------

7 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008  / Unaudited                             

                                                        [Enlarge/Download Table]

                                                                PRINCIPAL                        
                                                                 AMOUNT                VALUE     
                                                             --------------      ----------------
                                                                                                 
Pemex Project Funding Master Trust, 6.625% Nts., 6/15/38(1)  $   23,960,000      $     23,887,880
                                                             --------------      ----------------
Petrobras International Finance Co., 5.785% Sr. Unsec.                                           
Nts., 3/1/18                                                     20,900,000            20,229,486
                                                             --------------      ----------------
Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl.                                           
A3, 6/15/11(4)                                                    9,193,314             9,128,226
                                                             --------------      ----------------
Piazza Vittoria Finance SrL, 6.712% Asset-Backed Nts.,                                           
7/20/10(1,2)                                                      1,061,997 EUR         1,672,067
                                                             --------------      ----------------
Rabobank Nederland, 3% Nts., 3/11/11(1,2)                       163,350,000           149,884,515
                                                             --------------      ----------------
RSHB Capital SA/OJSC Russian Agricultural Bank:                                                  
7.175% Nts., 5/16/13(4)                                           3,820,000             3,834,325

7.75% Nts., 5/29/18(4)                                            7,195,000             7,087,075
                                                             --------------      ----------------
Salisbury International Investments Ltd., 6.968% Sec.                                            
Nts., Series 2006-003, Tranche E, 7/20/11(1,2)                    2,400,000             2,155,680
                                                             --------------      ----------------
Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16(4)          26,033,700 PEN         9,306,993
                                                             --------------      ----------------
Tengizchevroil LLP, 6.124% Nts., 11/15/14(4)                      5,423,236             5,246,981
                                                             --------------      ----------------
TGI International Ltd., 9.50% Nts., 10/3/17(4)                   10,640,000            11,424,700
                                                             --------------      ----------------
Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A,                                                 
6/15/97(1,12)                                                     6,065,000             3,003,388
                                                             --------------      ----------------
Vedanta Resources plc, 9.50% Sr. Unsec. Nts., 7/18/18(1,6)       33,500,000            33,416,250
                                                             --------------      ----------------
VIP Finance Ireland Ltd., 9.125% Bonds, 4/30/18(4)               29,270,000            28,866,074
                                                             --------------      ----------------
VTB Capital SA:                                                                                  
6.25% Sr. Nts., 6/30/35(4)                                        2,950,000             2,750,875
6.315% Sub. Unsec. Nts., 2/4/15                                  57,670,000            57,400,393
                                                             --------------      ----------------
WM Covered Bond Program:                                                                         
3.875% Sec. Nts., Series 1, 9/27/11                             101,380,000 EUR       146,401,952
4% Sec. Mtg. Nts., Series 2, 9/27/16                            124,090,000 EUR       159,863,025
                                                                                 ----------------
Total Corporate Bonds and Notes                                                                  
(Cost $1,987,153,040)                                                               1,994,090,636

                                                        [Enlarge/Download Table]

                                                               SHARES                      
                                                           --------------  ----------------
                                                                                           
COMMON STOCKS -- 0.0%                                                                      
Societe des Autoroutes Paris-Rhin-Rhone (Cost $4,491,598)          43,461         4,124,806

                                                                [Download Table]

                                                   UNITS                      
                                              --------------  ----------------
                                                                              
RIGHTS, WARRANTS AND CERTIFICATES -- 0.0%                                     

MHP SA, GDR Wts., Exp. 5/8/09 (10) (Cost $0)         169,862         3,142,447

                                                        [Enlarge/Download Table]

                                                               PRINCIPAL                        
                                                                AMOUNT                          
                                                            --------------      ----------------
                                                                                                
STRUCTURED SECURITIES -- 10.5%                                                                  
Barclays Bank plc:                                                                              
Custom Basket of African Currencies Cv. Unsec. Unsub.                                           
Nts., 10.25%, 5/15/09(4)                                    $   13,300,000            14,043,470
Custom Basket of African Currencies Cv. Unsec. Unsub.                                           
Nts., 10.25%, 5/7/09(4)                                         13,300,000            14,101,990
                                                            --------------      ----------------
Citibank NA New York:                                                                           
Dominican Republic Credit Linked Nts., 12%, 2/22/11(4)          96,170,000 DOP         2,499,851
Dominican Republic Credit Linked Nts., 14.218%, 5/11/09(5)     263,610,000 DOP         6,799,185
                                                            --------------      ----------------
Citigroup Funding, Inc., Custom Basket of African                                               
Currencies Credit Linked Nts., 0%, 4/29/09(5)                   26,610,000            28,024,854

8 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

N-Q 9th “Page” of 28 TOC 1st Previous Next ↓Bottom Just 9th
Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008  / Unaudited                             

                                                        [Enlarge/Download Table]

                                                               PRINCIPAL                        
                                                                AMOUNT                VALUE     
                                                            --------------      ----------------
                                                                                                
Citigroup Global Markets Holdings, Inc.:                                                        
Brazil (Federal Republic of) Unsec. Credit Linked Nts.,                                         
14.809%, 1/5/10(5)                                              32,035,902 BRR  $     16,114,432
Colombia (Republic of) Credit Linked Bonds, 11%, 7/27/20    12,570,000,000 COP         5,968,664
Colombia (Republic of) Credit Linked Nts., Series II,                                           
15%, 4/27/12                                                 6,942,469,928 COP         3,858,769
Colombia (Republic of) Unsec. Credit Linked Nts., 15%,                                          
4/27/12                                                     11,705,100,000 COP         6,505,937
Colombia (Republic of) Unsec. Credit Linked Nts., 15%,                                          
4/27/12                                                     31,110,000,000 COP        17,291,583
Colombia (Republic of) Unsec. Credit Linked Nts., 15%,                                          
4/27/12                                                     12,430,000,000 COP         6,908,852
Dominican Republic Credit Linked Bonds, 9.85%, 11/10/08(5)     116,770,000 DOP         3,247,936
Dominican Republic Credit Linked Nts., 22%, 10/3/11            158,100,000 DOP         5,200,120
Dominican Republic Unsec. Credit Linked Nts., 12.047%,                                          
2/23/09(5)                                                     218,500,000 DOP         5,925,236
Dominican Republic Unsec. Credit Linked Nts., 13.182%,                                          
2/23/09(5)                                                     400,000,000 DOP        10,640,794
Dominican Republic Unsec. Credit Linked Nts., 15%,                                              
3/12/12                                                        289,700,000 DOP         8,134,225
Dominican Republic Unsec. Credit Linked Nts., 9.342%,                                           
8/11/08(5)                                                     244,600,000 DOP         7,058,597
Egypt (The Arab Republic of) Credit Linked Nts., 5.765%,                                        
2/5/09(5)                                                       76,850,000 EGP        13,541,558
Egypt (The Arab Republic of) Credit Linked Nts., 6.089%,                                        
3/5/09(5)                                                       57,120,000 EGP         9,960,071
Egypt (The Arab Republic of) Credit Linked Nts., 6.267%,                                        
3/26/09(5)                                                      77,610,000 EGP        13,403,043
Egypt (The Arab Republic of) Credit Linked Nts., 6.641%,                                        
2/19/09(5)                                                      77,660,000 EGP        13,595,503
Egypt (The Arab Republic of) Credit Linked Nts., 7.01%,                                         
10/30/08(5)                                                     59,310,000 EGP        10,746,328
Egypt (The Arab Republic of) Credit Linked Nts., 7.024%,                                        
7/10/08(5)                                                      53,890,000 EGP        10,077,680
Egypt (The Arab Republic of) Credit Linked Nts., 7.812%,                                        
4/16/09(5)                                                      31,090,000 EGP         5,336,240
Egypt (The Arab Republic of) Credit Linked Nts., 7.981%,                                        
4/2/09(5)                                                       35,560,000 EGP         6,128,523
Egypt (The Arab Republic of) Credit Linked Nts., 8%,                                            
4/2/09(5)                                                       62,180,000 EGP        10,716,298
Egypt (The Arab Republic of) Unsec. Credit Linked Nts.,                                         
6.529%, 3/26/09(5)                                              77,010,000 EGP        13,299,425
Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10          15,350,000 GHS        13,171,828
Nigeria (Federal Republic of) Credit Linked Nts.,                                               
11.488%, 9/11/08(5)                                            694,500,000 NGN         5,770,454
Nigeria (Federal Republic of) Credit Linked Nts.,                                               
14.50%, 3/1/11(2,4)                                          2,672,000,000 NGN        25,303,884
Nigeria (Federal Republic of) Credit Linked Nts., Series                                        
II, 14.50%, 4/4/11(1)                                        2,032,000,000 NGN        19,307,406
Renins Nonlife Ltd. Credit Linked Nts., 12.50%, 5/30/12(1)       5,574,408             5,016,967
Russian Federation Credit Linked Nts., 7.65%, 12/4/08(1,2)      41,690,000 RUR         1,759,698
Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/2/10       13,799,000 UAH         3,208,288
Zambia (Republic of) Credit Linked Nts., 11.399%,                                               
6/11/09(5)                                                  10,050,000,000 ZMK         2,845,232

9 | OPPENHEIMER INTERNATIONAL BOND FUND                                         

N-Q 10th “Page” of 28 TOC 1st Previous Next ↓Bottom Just 10th
Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008  / Unaudited                             

                                                        [Enlarge/Download Table]

                                                               PRINCIPAL                         
                                                                 AMOUNT                VALUE     
                                                            ---------------      ----------------
                                                                                                 
Zimbabwe (Republic of) Credit Linked Nts., 10.076%,                                              
11/26/08(5)                                                   7,965,000,000 ZMK  $      2,403,616
Zimbabwe (Republic of) Credit Linked Nts., 10.717%,                                              
3/4/09(5)                                                    16,940,000,000 ZMK         4,962,023
Zimbabwe (Republic of) Credit Linked Nts., 10.793%,                                              
2/25/09(5)                                                   16,940,000,000 ZMK         4,952,122
                                                            ---------------      ----------------
Credit Suisse First Boston International:                                                        
Boryspil Airport Total Return Linked Nts., 10%, 4/19/10(2)       49,215,000 UAH         9,968,887
EESRRU Total Return Linked Nts., 7.10%, 12/12/08(1,2)            72,800,000 RUR         3,072,824
Gazprom Total Return Linked Nts., 6.79%, 10/29/09               144,790,000 RUR         6,242,082
Gazprom Total Return Linked Nts., Series 002, 6.95%,                                             
8/6/09                                                          141,750,000 RUR         6,197,205
Indonesia (Republic of) Total Return Linked Nts., 12%,                                           
9/16/11                                                     116,800,000,000 IDR        12,410,443
Lukoil Credit Linked Nts., Series Fbi 105, 7.25%,                                                
11/19/09(1,2)                                                   321,528,000 RUR        13,742,768
Moitk Total Return Linked Nts., 9.014%, 3/26/11(1,2)            244,714,000 RUR        10,120,491
Moscow (City of) Credit Linked Nts., Series Fbi 101,                                             
10%, 12/31/10(1)                                                277,800,000 RUR        12,874,573
Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%,                                         
4/23/09(4)                                                      280,840,000 RUR        12,647,747
Oreniz Total Return Linked Nts., 9.24%, 2/21/12(1,2)             64,940,000 RUR         2,753,519
Ukraine (Republic of) Credit Linked Nts., Series EMG 13,                                         
11.94%, 12/30/09(1)                                              30,400,000 UAH         6,767,391
Vietnam Shipping Industry Group Total Return Linked                                              
Nts., 10.50%, 1/19/17(1)                                     85,958,000,000 VND         2,989,843
                                                            ---------------      ----------------
Credit Suisse First Boston, Inc. (Nassau Branch):                                                
Russian Oreniz Credit Linked Nts., Series 009, 9.24%,                                            
2/21/12(1,2)                                                     75,000,000 RUR         3,180,073
Russian Specialized Construction and Installation                                                
Administration Credit Linked Nts., 13%, 5/20/10(1,2)             64,600,000 RUR         2,711,560
Ukraine (Republic of) Credit Linked Nts., Series EMG 11,                                         
11.94%, 12/30/09(1)                                               9,163,000 UAH         2,039,790
Ukraine (Republic of) Credit Linked Nts., Series NPC 12,                                         
11.94%, 12/30/09(1)                                              65,490,000 UAH        14,578,831
                                                            ---------------      ----------------
Credit Suisse Group, Russian Moscoblgaz Finance Total                                            
Return Linked Nts., 9.25%, 6/24/12(1)                            64,500,000 RUR         2,626,238
                                                            ---------------      ----------------
Deutsche Bank AG:                                                                                
Argentina (Republic of) Credit Linked Nts., 12.281%,                                             
12/21/11                                                         35,580,000 ARP        29,890,260
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de                                          
Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11(1)             84,906,361 MXN         8,212,283
Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de                                          
Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11(1)             56,098,352 MXN         5,425,925
Brazil Real Credit Linked Nts., 13.882%, 3/3/10(5)               61,128,560 BRR        30,221,669
Brazil Real Total Return Linked Nts., 6%, 8/18/10                15,895,000 BRR        16,799,065
Colombia (Republic of) Credit Linked Nts., 13.50%,                                               
9/16/14                                                      13,259,000,000 COP         7,142,814
Colombia (Republic of) Total Return Linked Bonds, Series                                         
002, 11%, 7/28/20                                            24,620,000,000 COP        11,692,924
Compania Total Return Linked Nts., 4.454%, 7/22/10                  441,923 EUR           695,788
Egypt (The Arab Republic of) Total Return Linked Nts.,                                           
7.725%, 9/16/08(5)                                               74,375,000 EGP        13,685,307
European Investment Bank, Russian Federation Credit                                              
Linked Nts., 5.502%, 1/19/10(1,5)                                 8,475,000             7,749,540
Grupo TMM SA Credit Linked Nts., 6%, 9/7/12(1)                    4,639,633             4,593,237
Halyk Bank of Kazakhstan Total Return Linked Nts.,                                               
Series I, 7.25%, 3/24/09                                      2,003,690,000 KZT        16,296,579

10 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

N-Q 11th “Page” of 28 TOC 1st Previous Next ↓Bottom Just 11th
Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]

                                                                                  PRINCIPAL                         
                                                                                   AMOUNT                VALUE      
                                                                            ------------------      ----------------
                                                                                                                    
Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15                  $       10,300,162      $      8,676,341
Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13             12,412,800            13,040,143
Moscow (City of) Total Return Linked Nts., Series II, 9%, 4/22/11                  288,935,000 RUR        12,663,931
Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09                  525,300,000 NGN         4,719,964
Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09                     704,900,000 NGN         6,526,375
Opic Reforma I Credit Linked Nts., Cl. 1A, 9.928%, 8/4/14(1,2)                      27,100,000 MXN         2,627,726
Opic Reforma I Credit Linked Nts., Cl. 1B, 9.928%, 8/4/14(1,2)                       5,420,000 MXN           525,545
Opic Reforma I Credit Linked Nts., Cl. 2A, 11.428%, 5/22/15(1,2)                     2,585,931 MXN           250,742
Opic Reforma I Credit Linked Nts., Cl. 2B, 11.428%, 5/22/15(1,2)                     4,524,148 MXN           438,680
Opic Reforma I Credit Linked Nts., Cl. 2C, 11.428%, 5/22/15(1,2)                    68,213,181 MXN         6,614,227
Peru (Republic of) Credit Linked Nts., 4.249%, 2/20/11(2)                            3,255,000             3,299,730
Rosselkhozbank Total Return Linked Nts., 7.919%, 3/20/09(5)                        103,900,000 RUR         4,164,080
Rosselkhozbank Total Return Linked Nts., 7.949%, 1/15/09(5)                        195,710,000 RUR         7,972,871
RuRail Total Return Linked Nts., 0%, 12/4/09(5)                                    233,573,000 RUR        10,217,714
RuRail Total Return Linked Nts., 6.67%, 1/26/09(2)                                 146,720,000 RUR         6,258,604
Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10                       2,505,000             2,472,285
Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 3/1/11                      2,505,000             2,445,632
Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/29/11                       2,505,000             2,422,335
Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/29/12                     2,505,000             2,396,809
Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/30/12                       2,505,000             2,372,110
Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/3/09                           18,508,800 UAH         4,427,358
Ukraine (Republic of) Credit Linked Nts., 11.94%, 1/4/10                            11,438,000 UAH         2,495,131
Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09                           3,228,000 UAH           704,169
Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/3/09                              5,302,400 UAH         1,268,349
United Mexican States Credit Linked Nts., 9.52%, 1/5/11(1)                          56,036,016 MXN         5,419,896
Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09                      7,300,000             6,853,897
                                                                               ---------------      ----------------
Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return                                            
Linked Nts., 9%, 4/20/17                                                       216,800,000,000 VND         5,982,672
                                                                               ---------------      ----------------
Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/12/11(2,4)        213,030,000 RUR        10,046,301
                                                                               ---------------      ----------------
Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%,                                              
3/29/17(4,5)                                                                       129,050,000 TRY        18,381,478
                                                                               ---------------      ----------------
Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked                                              
Nts., 10.476%, 2/8/37(4,5)                                                     376,977,600,000 COP         1,576,076
                                                                               ---------------      ----------------
Goldman Sachs International, Rosselkhozbank Total Return Linked Nts., 8%,                                           
5/13/09(2)                                                                         573,900,000 RUR        24,617,106
                                                                               ---------------      ----------------
Hallertau SPC, Philippines (Republic of) Credit Linked Nts., Series                                                 
2007-01, 5.244%, 12/20/17(1,2)                                                      45,030,000            40,234,305
                                                                               ---------------      ----------------
Hallertau SPC Segregated Portfolio, Brazil (Federal Republic of) Credit                                             
Linked Nts., Series 2008-01, 9.888%, 8/2/10(1,5)                                    63,312,750 BRR        32,037,492
                                                                               ---------------      ----------------
ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%,                                          
12/30/09(1)                                                                         64,285,000 UAH        14,355,353
                                                                               ---------------      ----------------
JPMorgan Chase Bank NA:                                                                                             
Brazil (Federal Republic of) Credit Linked Nts., 10.291%, 5/16/45(4)                11,130,000 BRR        11,030,718

11 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]

                                                                                  PRINCIPAL                        
                                                                                    AMOUNT              VALUE      
                                                                              ---------------      ----------------
                                                                                                                   
Brazil (Federal Republic of) Credit Linked Nts., 13.847%, 4/1/10(1,5)             129,150,391 BRR  $     64,651,730
Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12(1)                34,060,000 BRR        18,503,433
Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15(5)               115,066,796 BRR        29,191,085
Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16(4,5)               153,800,000,000 COP        28,179,922
Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16(1,5)             90,697,000,000 COP        14,721,969
Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16(1,5)   90,312,000,000 COP        14,659,476
Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15(4,5)                         40,860,000 PEN         8,105,774
Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10(4)                        3,850,000             4,074,070
                                                                              ---------------      ----------------
Lehman Brothers Special Financing, Inc.:                                                                           
Argentina (Republic of) Credit Linked Nts., 9.655%, 12/20/15(4)                    20,000,000            18,170,000
Brazil (Federal Republic of) Credit Linked Nts., 6.357%, 4/20/11(4,5)              73,685,000 BRR        38,454,460
                                                                              ---------------      ----------------
Merrill Lynch:                                                                                                     
Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16(1)                    13,289,000,000 COP         5,486,444
Renaissance Capital International Services Ltd. Total Return Linked Nts.,                                          
10.50%, 10/7/08(1)                                                                414,000,000 RUR        17,474,573
                                                                              ---------------      ----------------
Morgan Stanley:                                                                                                    
Credit Linked Nts., 6.25%, 3/23/17(1)                                              26,120,000 PEN         7,585,075
Russian Federation Total Return Linked Securities, Series 007, Cl. VR, 5%,                                         
8/22/34                                                                           474,092,407 RUR        16,500,669
                                                                              ---------------      ----------------
Morgan Stanley & Co. International Ltd./Red Arrow International Leasing                                            
plc Total Return Linked Nts., Series A, 8.375%, 7/09/12(1)                        182,856,075 RUR         7,796,154
                                                                              ---------------      ----------------
Morgan Stanley Capital Services, Inc.:                                                                             
Brazil (Federal Republic of) Credit Linked Nts., 12.551%, 1/5/22(4,5)             173,500,000 BRR        13,961,387
Brazil (Federal Republic of) Credit Linked Nts., 14.40%, 8/4/16(1)                 56,967,568 BRR        45,166,103
Ukraine (Republic of) Credit Linked Nts., 4.511%, 10/15/17(2,4)                    17,600,000            16,368,000
Ukraine (Republic of) Credit Linked Nts., Series 2, 5.728%, 10/15/17(1,2)          12,250,000            11,668,125
United Mexican States Credit Linked Nts., 5.64%, 11/20/15(4)                       11,760,000            11,777,653
WTI Trading Ltd. Total Return Linked Nts., Series A, 15%, 3/8/12(1)                12,451,716            11,953,647
WTI Trading Ltd. Total Return Linked Nts., Series C, 15%, 3/8/12(1)                16,609,674            15,945,287
                                                                              ---------------      ----------------
UBS AG:                                                                                                            
Egypt (The Arab Republic of) Credit Linked Nts., 7.298%, 4/29/09(1,5)              61,480,000 EGP        10,612,019
Egypt (The Arab Republic of) Credit Linked Nts., 7.449%, 11/26/08(1,5)             60,670,000 EGP        10,858,801
Egypt (The Arab Republic of) Credit Linked Nts., 7.808%, 4/15/09(1,5)              31,030,000 EGP         5,367,697
Egypt (The Arab Republic of) Credit Linked Nts., Series 2, 7.54%,                                                  
4/22/09(1,5)                                                                       31,010,000 EGP         5,352,614

12 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]

                                                               PRINCIPAL                       
                                                                 AMOUNT              VALUE     
                                                             -------------      ---------------
                                                                                               
Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11(1)      7,369,232 GHS  $     6,218,832
                                                                                ---------------
Total Structured Securities (Cost $1,299,731,324)                                 1,373,501,482

                                                                [Download Table]

                                           EXERCISE    NOTIONAL                 
                                             DATE       AMOUNT                  
                                           --------  -----------        --------
                                                                                
SWAPTIONS PURCHASED -- 0.0%                                                     
J Aron & Co., Swap                                                              
Counterparty, Interest Rate                                                     
Swap call option; Swap                                                          
Terms-Receive fixed rate of                                                     
9.32% and pay floating rate                                                     
based on 28 day                                                                 
MXN-TIIE-BANXICO; terminating                                                   
5/31/19(10,13)(Cost $1,538,550)             6/11/09  542,810,000 MXN    735,254 

                                                        [Enlarge/Download Table]

                                                         SHARES                      
                                                     --------------  ----------------
                                                                                     
INVESTMENT COMPANY -- 9.6%                                                           
Oppenheimer Institutional Money Market Fund, Cl. E,                                  
2.69%(14,15)(Cost $1,247,730,790)                     1,247,730,790     1,247,730,790
                                                     --------------  ----------------

Total Investments, at Value (Cost $12,381,395,541)             96.2%   12,562,808,654
                                                     --------------  ----------------
Other Assets Net of Liabilities                                 3.8       494,358,680
                                                     --------------  ----------------
Net Assets                                                    100.0% $ 13,057,167,334
                                                     ==============  ================

Footnotes to Statement of Investments                                           

Principal  amount is reported in U.S.  dollars,  except for those denoted in the
following currencies:                                                           

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

13 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

1.  Illiquid  or  restricted  security.  The  aggregate  value  of  illiquid  or
restricted  securities  as of June 30, 2008 was $997,474,550,  which  represents
7.64% of the Fund's net assets, of which  $10,456,920 is considered  restricted.
See  accompanying  Notes.  Information  concerning  restriced  securities  is as
follows:                                                                        

                                                        [Enlarge/Download Table]

                                                                                    UNREALIZED   
                                         ACQUISITION                               APPRECIATION  
               SECURITY                     DATE          COST         VALUE      (DEPRECIATION) 
---------------------------------------  -----------  ------------  ------------  -------------- 
                                                                                                 
Deutsche Bank AG, Opic Reforma I Credit                                                          
Linked Nts., Cl. 1A, 9.928%, 8/14/14        12/27/07  $  2,490,580  $  2,627,726  $      137,146 

Deutsche Bank AG, Opic Reforma I Credit                                                          
Linked Nts., Cl. 1B, 9.928%, 8/14/14         6/12/08       522,536       525,545           3,009 

Deutsche Bank AG, Opic Reforma I Credit                                                          
Linked Nts., Cl. 2A, 11.428%, 5/22/15        5/21/08       249,324       250,742           1,418 

Deutsche Bank AG, Opic Reforma I Credit                                                          
Linked Nts., Cl. 2B, 11.428%, 5/22/15        6/12/08       436,168       438,680           2,512 

Deutsche Bank AG, Opic Reforma I Credit                                                          
Linked Nts., Cl. 2C, 11.428%, 5/22/15        6/18/08     6,617,724     6,614,227          (3,497)
                                                      ------------  ------------  -------------- 
                                                      $ 10,316,332  $ 10,456,920  $      140,588 
                                                      ============  ============  ============== 


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

3. All or a portion of the security is held in collateralized  accounts to cover
initial margin  requirements  on open futures  contracts.  The aggregate  market
value of such securities is $101,250,100. See accompanying Notes.               

4.  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  $785,343,646 or 6.01% of the Fund's net
assets as of June 30, 2008.                                                     

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

6.  When-issued  security or delayed  delivery to be delivered and settled after
June 30, 2008. See accompanying Notes.                                          

7. A sufficient  amount of securities has been  designated to cover  outstanding
foreign currency exchange contracts. See accompanying Notes.                    

8. Denotes an  inflation-indexed  security:  coupon and principal are indexed to
the consumer price index.                                                       

9.  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.                      

10. Non-income producing security.                                              

11. Issue is in default. See accompanying Notes.                                

12. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.                                      

13. Swap contract terms if the option was exercised on exercise date.           

14. Rate shown is the 7-day yield as of June 30, 2008.                          

15. Is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended June 30, 2008,  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:                               

                                                        [Enlarge/Download Table]

                                 SHARES             GROSS            GROSS            SHARES     
                           SEPTEMBER 30, 2007     ADDITIONS        REDUCTIONS      JUNE 30, 2008 
                           ------------------  ---------------  ----------------  ---------------
                                                                                                 
Oppenheimer Institutional                                                                        
Money Market Fund, Cl. E        1,166,273,150   11,264,663,783    11,183,206,143    1,247,730,790

                                                                [Download Table]


                                                 DIVIDEND   
                                VALUE            INCOME     
                           ----------------  ---------------
                                                            
Oppenheimer Institutional                                   
Money Market Fund, Cl. E   $  1,247,730,790  $    25,340,678


14 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF JUNE 30, 2008 ARE                     
AS FOLLOWS:                                                                     

                                                        [Enlarge/Download Table]

                                  CONTRACT                                                                        
                          BUY/     AMOUNT            EXPIRATION                         UNREALIZED     UNREALIZED 
CONTRACT DESCRIPTION      SELL     (000S)               DATES             VALUE       APPRECIATION    DEPRECIATION
------------------------  ----  ------------      -----------------  --------------  ---------------  ------------
                                                                                                                  
Argentine Peso (ARP)       Buy       200,900 ARP      7/7/08-8/7/08  $   65,953,790  $       575,187  $     62,705
Australian Dollar (AUD)   Sell       149,510 AUD             8/1/08     142,661,516          243,132             -
Australian Dollar (AUD)    Buy       218,541 AUD   7/10/08-10/10/08     208,934,934        6,293,130        17,563
Brazilian Real (BRR)      Sell       422,705 BRR             7/2/08     263,679,745        1,047,403             -
Brazilian Real (BRR)       Buy     1,019,756 BRR      7/2/08-1/5/10     628,377,871       29,972,580     1,725,560
British Pound Sterling                                                                                            
(GBP)                     Sell        39,330 GBP             8/5/08      78,112,340                -     1,221,250
British Pound Sterling                                                                                            
(GBP)                      Buy       147,525 GBP   7/10/08-10/10/08     291,934,195        3,701,986        14,700
Canadian Dollar (CAD)     Sell       337,620 CAD    8/1/08-10/10/08     330,768,926        2,665,531             -
Canadian Dollar (CAD)      Buy       244,140 CAD   7/10/08-10/10/08     239,309,401          219,432       682,354
Chilean Peso (CLP)         Buy    11,558,000 CLP    7/21/08-7/25/08      21,998,190                -     1,466,464
Chinese Renminbi (Yuan)                                                                                           
(CNY)                     Sell       444,500 CNY            7/31/08      65,082,153                -       157,521
Chinese Renminbi (Yuan)                                                                                           
(CNY)                      Buy       365,725 CNY     5/13/09-6/8/09      56,412,634          628,037             -
Colombian Peso (COP)      Sell   267,010,000 COP     7/31/08-9/8/08     137,303,893       12,270,623             -
Czech Koruna (CZK)         Buy       926,710 CZK            7/30/08      61,016,858        2,166,918             -
Euro (EUR)                Sell     1,824,356 EUR    7/1/08-10/10/08   2,862,281,048          364,925    25,556,555
Euro (EUR)                 Buy     1,160,240 EUR   7/10/08-10/10/08   1,818,090,016       11,759,674       116,187
Hong Kong Dollar (HKD)    Sell       494,400 HKD            7/31/08      63,450,819                -        64,985
Hungarian Forint (HUF)     Buy     4,717,000 HUF            10/2/08      31,087,738        1,654,372             -
Indonesia Rupiah (IDR)     Buy   852,430,000 IDR     7/7/08-8/29/08      91,701,879        1,339,218             -
Israeli Shekel (ILS)       Buy       149,980 ILS            7/30/08      44,732,761          915,275        82,042
Japanese Yen (JPY)        Sell   115,469,000 JPY   7/16/08-10/10/08   1,091,778,750       15,607,843    10,971,340
Japanese Yen (JPY)         Buy   148,070,525 JPY    7/1/08-10/10/08   1,398,723,820        7,070,846    22,205,245
Kuwaiti Dinar (KWD)        Buy         2,809 KWD            1/29/09      10,634,696          161,169             -
Malaysian Ringgit (MYR)    Buy       572,670 MYR   7/31/08-10/10/08     175,314,045                -     4,054,838
Mexican Nuevo Peso (MXN)   Buy     1,663,680 MXN    8/22/08-8/27/08     159,989,849        1,478,775        39,164
New Taiwan Dollar (TWD)   Sell     4,103,000 TWD     7/28/08-8/1/08     135,481,016           63,083       179,869
New Turkish Lira (TRY)    Sell       164,405 TRY            7/31/08     132,616,100                -       648,690
New Turkish Lira (TRY)     Buy        81,600 TRY            7/31/08      65,822,048          321,968             -
New Zealand Dollar (NZD)  Sell        10,655 NZD           10/10/08       7,987,251          247,679             -
New Zealand Dollar (NZD)   Buy       273,410 NZD     7/16/08-8/1/08     207,613,811          422,958     1,919,387
Norwegian Krone (NOK)      Buy     1,983,295 NOK    8/1/08-10/10/08     386,132,719          434,927     1,901,166
Peruvian New Sol (PEN)     Buy        56,094 PEN            11/5/08      18,923,513                -       994,115
Philippines Peso (PHP)     Buy     2,836,000 PHP             7/3/08      63,155,508                -     1,667,349
Polish Zloty (PLZ)         Buy       613,000 PLZ   7/30/08-10/10/08     285,644,970        9,898,139             -
Qatari Riyal (QAR)         Buy        36,740 QAR            1/29/09      10,277,163                -       196,041
Saudi Riyal (SAR)          Buy        38,670 SAR            1/29/09      10,346,804                -       125,775
Singapore Dollar (SGD)    Sell        86,375 SGD            7/31/08      63,581,643                -       210,403
Singapore Dollar (SGD)     Buy       195,610 SGD             8/1/08     143,997,201          384,479             -
South African Rand (ZAR)  Sell       285,600 ZAR            7/18/08      36,283,924                -     1,120,929
South African Rand (ZAR)   Buy       483,500 ZAR            7/31/08      61,194,593          484,657             -
South Korean Won (KRW)    Sell    39,926,000 KRW      7/7/08-8/1/08      38,118,030           59,739             -
Swedish Krona (SEK)        Buy       359,735 SEK           10/10/08      59,390,816                -       286,523
Swiss Franc (CHF)         Sell       183,660 CHF            7/16/08     179,825,059        3,869,844             -
Swiss Franc (CHF)          Buy     1,059,968 CHF   7/10/08-10/10/08   1,038,467,288        6,898,842     2,687,618
Ukraine Hryvnia (UAH)      Buy       187,630 UAH    7/17/08-1/28/09      39,786,996        2,798,379             -
United Arab Emirates                                                                                              
Dirham (AED)               Buy        37,420 AED            1/29/09      10,254,934                -       212,199
Vietnam Dong (VND)         Buy   166,420,000 VND            1/30/09       8,310,016                -     2,163,237
                                                                                     ---------------  ------------
Total unrealized appreciation and depreciation                                       $   126,020,750  $ 82,751,774
                                                                                     ===============  ============

FUTURES CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS:                           

                                                        [Enlarge/Download Table]

                                                                                            UNREALIZED   
                                                     NUMBER OF  EXPIRATION                 APPRECIATION  
CONTRACT DESCRIPTION                       BUY/SELL  CONTRACTS     DATE        VALUE      (DEPRECIATION) 
-----------------------------------------  --------  ---------  ----------  ------------  -------------- 
                                                                                                         
Amsterdam Exchange Index                        Buy         83     7/18/08  $ 11,136,537  $     (711,018)
Australia (Commonwealth of) Bonds, 10 yr.      Sell        686     9/15/08    63,607,325      (1,015,251)
CAC40 10 Euro Index                            Sell        558     7/18/08    39,042,605       1,668,501 

15 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS   June 30, 2008 / Unaudited                            

                                                        [Enlarge/Download Table]
                                                                                      
Canada (Government of) Bonds, 10 yr.  Buy  2,109  9/19/08    242,957,958   (1,434,305)
DAX Index                             Buy    348  9/19/08     88,761,533   (4,695,810)
DAX Index                            Sell    177  9/19/08     45,145,952    2,388,256 
Euro-Bundesobligation, 5 yr.          Buy    613   9/8/08    102,092,672      359,597 
Euro-Bundesobligation, 10 yr.         Buy  2,943   9/8/08    512,339,815   (7,212,705)
Euro-Bundesobligation, 10 yr.        Sell  4,869   9/8/08    847,632,538    7,155,007 
Euro-Schatz                           Buy  3,925   9/8/08    632,341,885   (3,763,582)
FTSE 100 Index                       Sell    787  9/19/08     88,536,520    2,247,457 
FTSE/JSE Top 40 Index                Sell    329  9/18/08     12,271,322      286,021 
Hang Seng China Enterprises Index    Sell    139  7/30/08     10,602,488      321,199 
IBEX 35 Index                         Buy     59  7/18/08     11,104,418     (587,346)
Japan (Government of) Bonds, 10 yr.   Buy    312  9/10/08    397,988,416    2,855,663 
Mexican Bolsa Index                  Sell    425  9/19/08     12,296,157       85,787 
Nikkei 225 Index                     Sell  1,260  9/11/08    159,836,135    8,034,160 
OMXS30 Index                          Buy  5,770  7/18/08     82,634,559   (8,841,551)
SGX CNX Nifty Index                  Sell  1,310  7/31/08     10,375,200      314,894 
Standard & Poor's 500 E-Mini         Sell  1,563  9/19/08    100,117,965    5,608,982 
Standard & Poor's/MIB Index, 10 yr.   Buy     51  9/19/08     11,914,507     (447,366)
U.S. Long Bonds                       Buy  4,048  9/19/08    467,923,500    5,207,213 
U.S. Treasury Nts., 5 yr.             Buy  3,898  9/30/08    430,942,174    1,928,661 
U.S. Treasury Nts., 5 yr.            Sell  9,233  9/30/08  1,020,751,434    1,419,555 
U.S. Treasury Nts., 10 yr.           Sell  4,973  9/19/08    566,533,484   (2,215,188)
United Kingdom Long Gilt              Buy  1,130  9/26/08    234,958,072   (4,376,570)
                                                                          ----------- 
                                                                          $ 4,580,261 
                                                                          =========== 

CREDIT DEFAULT SWAP CONTRACTS ARE AS OF JUNE 30, 2008                           

                                                        [Enlarge/Download Table]

                                                              BUY/SELL    NOTIONAL    PAY/                                 
           SWAP                                                CREDIT     AMOUNT     RECEIVE     TERMINATION               
       COUNTERPARTY                REFERENCE ENTITY          PROTECTION   (000S)    FIXED RATE       DATE         VALUE    
------------------------  ---------------------------------  ----------  ---------  ----------   ------------  ----------- 
                                                                                                                           
Citibank NA, New York:                                                                                                     
                          Pakistan                                 Sell  $   3,010       5.100%       3/20/13  $    35,936 
                          Republic of Hungary                       Buy      7,535       0.400       12/20/15      368,251 

Credit Suisse                                                                                                              
International:                                                                                                             

                          Development Bank of Kazakhstan           Sell     18,510       3.750        2/20/13      116,002 
                          Joint Stock Co. "Halyk Bank of                                                                   
                          Kazakhstan"                              Sell      3,840       4.950        3/20/13       26,880 
                          NJSC Naftogaz                            Sell      5,000       3.250        4/20/11     (531,415)
                          Republic of Turkey                        Buy      8,695       2.985        4/20/13     (272,075)
                          Ukraine                                  Sell      6,370       3.370        6/20/13       (1,422)

Deutsche Bank AG:                                                                                                          

                          Federal Republic of Brazil               Sell     19,770       1.050        7/20/13      (20,581)
                          Republic of Peru                         Sell      1,200       1.320        4/20/17       10,519 

Goldman Sachs                                                                                                              
International:                                                                                                             

                          Bolivarian Republic of Venezuela         Sell      2,635       6.350        5/20/13       85,378 
                          Federal Republic of Brazil               Sell     19,780       1.060        7/20/13      (14,162)

Lehman Brothers Special                                                                                                    
Financing, Inc.:                                                                                                           

                          Bolivarian Republic of Venezuela         Sell      5,270       6.350        5/20/13      143,940 
                          JSC "Gazprom"                             Buy      7,590       2.150        2/20/11     (203,344)

Morgan Stanley Capital                                                                                                     
Services, Inc.:                                                                                                            

                          Istanbul Bond Co. SA for                                                                         
                          Finansbank                               Sell     17,390       1.300        3/24/13   (1,018,428)
                          Joint Stock Co. "Halyk Bank of                                                                   
                          Kazakhstan"                              Sell      7,680       4.880        3/20/13       34,045 
                          Joint Stock Co. "Halyk Bank of                                                                   
                          Kazakhstan"                              Sell      7,670       4.780        3/20/13        5,883 
                          Republic of Peru                         Sell      4,960       1.040        6/20/17      (95,668)
                          Republic of Turkey                        Buy      8,695       2.980        4/20/13     (270,241)
                          Yasar                                    Sell      4,800       8.750        6/20/10       21,566 
                          Yasar                                    Sell      4,800       8.500       10/20/09       46,171 

UBS AG:                   Republic of The Philippines              Sell      5,945       1.450        6/20/17     (389,885)
                                                                                                               ----------- 
                                                                                                               $(1,922,650)
                                                                                                               =========== 

16 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

INTEREST RATE SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS:                

                                                        [Enlarge/Download Table]

         SWAP               NOTIONAL             PAID BY      RECEIVED BY    TERMINATION               
     COUNTERPARTY            AMOUNT             THE FUND        THE FUND         DATE        VALUE     
------------------------  -------------   ---  -----------   -------------   ------------  ----------- 
                                                                                                       
Banco Santander Central                                                                                
Hispano SA                   27,880,000   BRR         BZDI           14.00%        1/3/12  $   101,270 

Banco Santander,SA,Inc.:                                                                               
                                                  MXN-TIIE                                             
                            131,000,000   MXN     -BANXICO           8.645        5/17/18     (812,210)
                                                  MXN-TIIE                                             
                            184,100,000   MXN     -BANXICO            8.57         5/3/18   (1,198,914)
                             34,370,000   BRR         BZDI           13.55         1/2/17     (439,000)

                                                               Three-Month                             
Citibank NA, New York       489,400,000   TWD         2.32%   TWD-Telerate        6/27/11       19,026 

Credit Suisse                                                                                          
International               133,400,000   MXN     MXN TIIE            8.30       12/17/26   (1,598,883)

                                                               INR MIBOR -                             
Deutsche Bank AG            490,200,000   INR       7.8175    OIS Compound        6/27/11       31,036 

Goldman Sachs Capital                                                                                  
Markets LP                  261,580,000   MXN     MXN TIIE            8.14        1/10/18     (117,714)

Goldman Sachs                                                         CNY-                             
International               107,900,000   CNY         4.00   CFXSREPOFIX01        2/16/17      833,693 

J Aron & Co.:                                                                                          
                             46,300,000   BRR         BZDI           10.67         1/2/12   (2,551,598)
                            140,720,000   MXN     MXN TIIE            9.15        8/27/26     (719,312)
                             35,650,000   BRR         BZDI           14.16         1/2/17       11,742 
                                                 One-Month                                             
                                                 MXN-TIIE-                                             
                             60,800,000   MXN      BANXICO            9.33        9/16/26     (204,058)
                             53,700,000   BRR         BZDI           12.92         1/2/14   (1,248,757)
                             26,730,000   BRR         BZDI           12.87         1/2/14     (645,965)
                             53,240,000   BRR         BZDI           12.71         1/4/10     (467,872)
                            110,230,000   BRR         BZDI           12.61         1/4/10     (544,858)
                             99,100,000   BRR         BZDI           12.26         1/2/15   (3,199,438)
                             45,260,000   BRR         BZDI           12.29         1/2/15   (1,429,060)
                             27,880,000   BRR         BZDI           14.05         1/2/12      115,739 
                             53,300,000   BRR         BZDI           14.30         1/2/17          997 
                             34,640,000   BRR         BZDI           13.67         1/2/17     (441,930)
                             44,980,000   BRR         BZDI           13.10         1/2/17   (1,133,493)

JPMorgan Chase Bank NA:                                                                                
                                                 One-Month                                             
                                                 MXN-TIIE-                                             
                          1,328,170,000   MXN      BANXICO          8.3685        4/23/18  (10,456,807)
                                                                 Six-Month                             
                          1,988,000,000   CZK         4.40     CZK- PRIBOR         4/4/18    2,445,302 
                                                 Six-Month                                             
                                                HUF-BUBOR-                                             
                          5,319,000,000   HUF      Reuters            8.48         6/6/13      (10,029)
                             34,270,000   BRR         BZDI           13.91         1/2/12      164,157 
                                                 MXN-TIIE-                                             
                            136,590,000   MXN      BANXICO            8.57         5/3/18     (949,499)
                                                 MXN-TIIE-                                             
                            124,850,000   MXN      BANXICO            9.32         6/1/18     (192,376)

Lehman Brothers                                                                                        
Holdings, Inc.:                                                                                        
                             31,925,000   BRR         BZDI           14.31         1/2/17        1,195 
                             29,140,000   BRR         BZDI           13.85         1/2/17        4,090 

Lehman Brothers                                                                                        
Special Financing, Inc.     105,670,000   BRR         BZDI           12.90         1/2/14   (2,405,078)

                                                                 Six-Month                             
                                                                      SGD-                             
Merrill Lynch               172,350,000  SGD        3.2534    SOR-Telerate         4/3/18    8,404,620 

17 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                        [Enlarge/Download Table]
                                                                                              
Merrill Lynch Capital                         MXN-TIIE-                                       
Services, Inc.            168,880,000  MXN      BANXICO           8.57  5/11/18    (1,087,336)

Morgan Stanley Capital                                                                        
Services, Inc.:                                                                               

                                                             Six-Month                        
                          122,500,000  EUR        4.713        EURIBOR  8/22/17    (1,921,380)
                                                         Six-Month NOK                        
                        1,684,700,000  NOK        4.985    -NIBOR-NIBR  1/18/11       731,673 
                                            Three-Month                                       
                          670,900,000  SEK   SEK-STIBOR           4.26  1/18/11    (2,072,371)
                                              Six-Month                                       
                           71,200,000  EUR  EUR-EURIBOR          3.996  1/18/11      (881,676)
                                              Six-Month                                       
                                               CHF-BBA-                                       
                          115,170,000  CHF        LIBOR           2.66  1/18/11    (2,224,820)
                           41,020,000  BRR         BZDI          13.93   1/2/17         6,448 

UBS AG:                                                                                       
                          100,000,000  BRR         BZDI          10.67   1/2/12    (5,507,704)
                           37,300,000  BRR         BZDI          14.34   1/2/17         1,163 
                                              Six-Month                                       
                                               AUD-BBR-                                       
Westpac Banking Corp.    135,080,000   AUD         BBSW          7.351   6/4/18      (807,660)
                                                                                 ------------ 
                                                                                 $(32,397,647)
                                                                                 ============ 

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

                                                        [Enlarge/Download Table]
                                                                                                                                 
AUD                      Australian Dollar                                                                                       
BRR                      Brazilian Real                                                                                          
CHF                      Swiss Franc                                                                                             
CNY                      Chinese Renminbi (Yuan)                                                                                 
CZK                      Czech Koruna                                                                                            
EUR                      Euro                                                                                                    
HUF                      Hungarian Forint                                                                                        
INR                      Indian Rupee                                                                                            
MXN                      Mexican Nuevo Peso                                                                                      
NOK                      Norwegian Krone                                                                                         
SEK                      Swedish Krona                                                                                           
SGD                      Singapore Dollar                                                                                        
TWD                      New Taiwan Dollar                                                                                       

Abbreviations are as follows:                                                                                                    
BANXICO                  Banco de Mexico                                                                                         
BBA LIBOR                British Bankers' Association London-Interbank Offered Rate                                              
BBR BBSW                 Bank Bill Rate-Reuters                                                                                  
BUBOR                    Budapest Interbank Offered Rate                                                                         
BZDI                     Brazil Interbank Deposit Rate                                                                           
CNY-CFXSREPOFIX01        Chinese Renminbi 7 Days Repurchase Fixing Rates                                                         
EURIBOR                  Euro Interbank Offered Rate                                                                             
TIIE                     Interbank Equilibrium Interest Rate                                                                     
                         Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-Overnight Indexed
MIBOR-OIS                Swap                                                                                                    
NIBOR NIBR               Norwegian Interbank Offered Rate-Den Norsk Bank                                                         
PRIBOR                   Prague Interbank Offering Rate                                                                          
SOR                      Swap Offer Rate                                                                                         
STIBOR                   Stockholm Interbank Offered Rate                                                                        

18 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

TOTAL RETURN SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS:                 

                                                        [Enlarge/Download Table]

                             NOTIONAL                                                             TERMINATION               
    SWAP COUNTERPARTY         AMOUNT               PAID BY THE FUND       RECEIVED BY THE FUND       DATE          VALUE    
-------------------------  -------------  ---  ------------------------   ---------------------  -------------  ----------- 
                                                                                                                            
Citibank NA, New York:                                                                                                      

                                               One-Month JPY-BBA-LIBOR-                                                     
                                               plus 40 basis points and                                                     
                                                       if negative, the                                                     
                                                  absolute value of the            If positive,                             
                                                      Total Return of a   the Total Return of a                             
                                                       custom basket of       custom  basket of                             
                           8,176,152,223  JPY                securities              securities  4/14/09        $(5,002,710)

                                                  One-Month GBP-BBA-BBA                                                     
                                                   plus 35 basis points                                                     
                                                   and if negative, the                                                     
                                                  absolute value of the                                                     
                                                      Total Return of a  If positive, the Total                             
                                                       custom basket of      Return of a custom                             
                              39,458,619  GBP                securities    basket of securities   5/8/09         (8,872,814)

Deutsche Bank AG:                                                                                                           
                              16,760,000        Six-Month USD BBA LIBOR         5.460 times UDI  5/13/15          5,475,683 
                              11,050,000            Six-Month USD LIBOR         5.250 times UDI  6/23/15          3,150,641 

Goldman Sachs Group, Inc.                                                                                                   
(The):                                                                                                                      
                              11,580,000        Six-Month USD-BBA-LIBOR         5.100 times UDI  1/14/15          3,853,936 
                              11,580,000            Six-Month BBA LIBOR         5.080 times UDI  1/20/15          4,051,092 

Goldman Sachs                                                                                                               
International:                                                                                                              
                                                       If negative, the                                                     
                                                  absolute value of the  If positive, the Total                             
                                                    Total Return of the   Return of the BOVESPA                             
                              21,609,669  BRR       BOVESPA 08/08 Index             08/08 Index  8/14/08           (758,825)
                                                      One-Month USD BBA                                                     
                                                           LIBOR and if                                                     
                                                          negative, the  If positive, the Total                             
                                                  absolute value of the      Return of the MSCI                             
                                                       MSCI Daily Total      Daily Total Return                             
                                                 Return New Belgium USD         New Belgium USD                             
                               2,173,624                   Market Index            Market Index  10/8/08           (396,774)
                                                      One-Month USD BBA                                                     
                                                           LIBOR and if            If positive,                             
                                                          negative, the        the Total Return                             
                                                  absolute value of the             of the MSCI                             
                                                       MSCI Daily Total             Daily Total                             
                                                 Return New Belgium USD  Return New Belgium USD                             
                               1,489,014                   Market Index            Market Index  10/8/08           (244,034)
                                                      One-Month USD BBA            If positive,                             
                                                           LIBOR and if        the Total Return                             
                                                          negative, the             of the MSCI                             
                                                  absolute value of the             Daily Total                             
                                                       MSCI Daily Total              Return New                             
                                                 Return New Belgium USD             Belgium USD                             
                               1,037,320                   Market Index            Market Index  10/8/08           (172,053)
                                                      One-Month USD BBA            If positive,                             
                                                           LIBOR and if        the Total Return                             
                                                          negative, the             of the MSCI                             
                                                  absolute value of the             Daily Total                             
                                                       MSCI Daily Total              Return New                             
                                                 Return New Belgium USD             Belgium USD                             
                               7,930,842                   Market Index            Market Index  10/8/08         (1,246,503)

Merrill Lynch Capital                                                                                                       
Services, Inc.:                                                                                                             
                                                                                   The Constant                             
                                                                                Maturity Option                             
                                                                                  Price divided                             
                             134,690,000                         5.3300%              by 10,000  8/13/17         (1,064,739)

                                                                                   The Constant                             
                                                                                Maturity Option                             
                                                                               Price divided by                             
                             248,000,000                         4.6600                  10,000  6/11/17          8,029,952 

                                                      One-Month EUR BBA                                                     
                                                    LIBOR plus 25 basis                                                     
                                                          points and if                                                     
                                                          negative, the            If positive,                             
                                                  absolute value of the        the Total Return                             
                                                      Total Return of a             of a custom                             
                                                       custom basket of               basket of                             
Morgan Stanley                33,668,700  EUR                securities              securities   3/6/09         (5,216,927)

                                                      One-Month EUR BBA                                                     
                                                    LIBOR plus 30 basis                                                     
                                                          points and if                                                     
                                                          negative, the                                                     
                                                  absolute value of the            If positive,                             
                                                      Total Return of a        the Total Return                             
Morgan Stanley                                         custom basket of   of a custom basket of                             
International                 30,752,500  EUR                securities              securities  10/7/08         (4,234,750)
                                                                                                                ----------- 
                                                                                                                $(2,648,825)
                                                                                                                =========== 

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

                                                                [Download Table]
                                                  
BRR                         Brazilian Real        
EUR                         Euro                  
GBP                         British Pound Sterling
JPY                         Japanese Yen          

19 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

Abbreviations are as follows:                                                   

                                                                [Download Table]
                                                                               
BBA                  British Bankers' Association                              
BBA LIBOR            British Bankers' Association London-Interbank Offered Rate
BOVESPA              Bovespa Index that trades on the Sao Paulo Stock Exchange 
LIBOR                London-Interbank Offered Rate                             
MSCI                 Morgan Stanley Capital International                      
UDI                  Unidad de Inversion (Unit of Investment)                  

CURRENCY SWAP CONTRACTS AS OF JUNE 30, 2008 ARE AS FOLLOWS:                     

                                                        [Enlarge/Download Table]

           SWAP                  NOTIONAL        PAID BY        RECEIVEDBY   TERMINATION             
       COUNTERPARTY           AMOUNT(000S)       THE FUND        THE FUND        DATE        VALUE   
---------------------------   -------------  ---------------  -------------  -----------  -----------
                                                                                                     
Credit Suisse International:                                                                         
                                                      Three-                                         
                                                   Month USD                                         
                                 18,590,000  TRY   BBA LIBOR         16.75%      2/26/12  $ 1,266,246
                                                      Three-                                         
                                                   Month USD                                         
                                  7,370,000  TRY   BBA LIBOR         17.25        2/7/12     676,502 
                                                      Three-                                         
                                                   Month USD                                         
                                 11,105,000  TRY   BBA LIBOR         17.30        2/9/12    1,004,530

                                                     Three-                                          
                                                   Month USD                                         
Merrill Lync  International       3,840,000  TRY   BBA LIBOR         17.10        2/6/12      407,035
                                                                                          -----------
                                                                                          $ 3,354,313
                                                                                          ===========

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

                                                                [Download Table]
                                                                           
TRY              New Turkish Lira                                          

Abbreviation is as follows:                                                

BBA LIBOR        British Bankers' Association London-Interbank Offered Rate

                                                                [Download Table]

    GEOGRAPHIC HOLDINGS                           VALUE             PERCENT     
---------------------------                 -----------------  -----------------
                                                                                
Japan                                       $ 2,369,105,848                18.9%
United States                                 1,864,714,178                14.8 
France                                          967,263,116                 7.7 
Germany                                         937,900,989                 7.5 
Brazil                                          934,275,591                 7.4 
United Kingdom                                  657,532,089                 5.2 
Russia                                          434,267,739                 3.5 
Mexico                                          337,959,384                 2.7 
Turkey                                          330,470,039                 2.6 
Peru                                            310,738,062                 2.5 
Canada                                          301,160,913                 2.4 
European Union                                  280,111,494                 2.2 
Nigeria                                         234,190,428                 1.9 
Italy                                           218,712,106                 1.7 
Colombia                                        205,672,360                 1.6 
Egypt                                           194,444,885                 1.6 
Ukraine                                         168,410,524                 1.3 
Greece                                          157,910,029                 1.3 
The Netherlands                                 140,915,409                 1.1 
Indonesia                                       125,234,786                 1.0 
Philippines                                     115,093,481                 0.9 
Supranational                                   108,685,209                 0.9 
Australia                                       100,803,710                 0.8 
Kazakhstan                                       99,581,557                 0.8 
Israel                                           85,746,930                 0.7 
Argentina                                        81,767,530                 0.7 
Venezuela                                        80,223,533                 0.6 

20 |  OPPENHEIMER INTERNATIONAL BOND FUND                                       

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

                                                                [Download Table]

    GEOGRAPHIC HOLDINGS                          VALUE         PERCENT
---------------------------                 ---------------    -------
                                                                      
New Zealand                                      77,061,832       0.6 
Panama                                           73,269,368       0.6 
Austria                                          71,094,018       0.6 
Dominican Republic                               70,559,118       0.6 
Belgium                                          68,321,617       0.5 
India                                            62,585,940       0.5 
Uruguay                                          62,188,337       0.5 
Denmark                                          57,936,052       0.5 
Spain                                            46,715,919       0.4 
Malaysia                                         45,504,244       0.4 
Ghana                                            25,688,910       0.2 
Zambia                                           15,162,993       0.1 
El Salvador                                       9,311,625       0.1 
Vietnam                                           8,972,515       0.1 
Guatemala                                         5,713,550       0.0 
Trinidad & Tobago                                 4,547,229       0.0 
Poland                                            4,336,360       0.0 
Swaziland                                         4,074,070       0.0 
Costa Rica                                        3,525,113       0.0 
Bulgaria                                          3,347,925       0.0 
                                            ---------------    ------ 
Total                                       $12,562,808,654     100.0%
                                            ===============    ====== 

NOTES TO STATEMENT OF INVESTMENTS                                               

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. Securities may be   
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.     
securities exchange are valued based on the last sale price of the security     
traded on that exchange prior to the time when the Fund's assets are valued.    
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the     
prior trading day, if it is within the spread of the closing "bid" and "asked"  
prices, and if not, at the closing bid price. Securities traded on foreign      
exchanges are valued based on the last sale price on the principal exchange on  
which the security is traded, as identified by the portfolio pricing service,   
prior to the time when the Fund's assets are valued. In the absence of a sale,  
the security is valued at the official closing price on the principal exchange. 
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities, collateralized      
mortgage obligations and other asset-backed securities will be valued at the    
mean between the "bid" and "asked" prices. Securities for which market          
quotations are not readily available are valued at their fair value. Securities 
whose values have been materially affected by what the Manager identifies as a  
significant event occurring before the Fund's assets are valued but after the   
close of their respective exchanges will be fair valued. Fair value is          
determined in good faith using consistently applied procedures under the        
supervision of the Board of Trustees. Shares of a registered investment company 
that are not traded on an exchange are valued at the acquired investment        
company's net asset value per share. "Money market-type" debt instruments with  
remaining maturities of sixty days or less are valued at cost adjusted by the   
amortization of discount or premium to maturity (amortized cost), which         
approximates market value.                                                      

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 funds. 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                                                             

21 |  OPPENHEIMER INTERNATIONAL BOND FUND                                       

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

purchase of securities on a when-issued basis may increase                      
the volatility of the Fund's net asset value to the extent the Fund executes    
such transactions while remaining substantially fully invested. When the Fund   
engages in when-issued or delayed delivery transactions, it relies on the buyer 
or seller, as the case may be, to complete the transaction. Their failure to do 
so may cause the Fund to lose the opportunity to obtain or dispose of the       
security at a price and yield it considers advantageous. The Fund maintains     
internally designated assets with a market value equal to or greater than the   
amount of its purchase commitments. The Fund may also sell securities that it   
purchased on a when-issued basis or forward commitment prior to settlement of   
the original purchase.                                                          

As of June 30, 2008, the Fund had purchased securities issued on a when-issued  
or delayed delivery basis and sold securities issued on a delayed delivery basis
as follows:                                                                     

                                                                [Download Table]

                               WHEN-ISSUED OR DELAYED DELIVERY 
                                      BASIS TRANSACTIONS       
                               --------------------------------
                                                               
Purchased securities           $306,144,291                    

CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which  
may be subject to a greater degree of credit risk. Credit risk relates to the   
ability of the issuer to meet interest or principal payments or both as they    
become due. The Fund may acquire securities in default, and is not obligated to 
dispose of securities whose issuers subsequently default. As of June 30, 2008,  
securities with an aggregate market value of $0 were in default.                

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

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

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

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

INVESTMENTS WITH OFF-BALANCE SHEET MARKET RISK. The Fund enters into financial  
instrument transactions (such as swaps, futures, options and other derivatives) 
that may have off-balance sheet market risk. Off-balance sheet market risk      
exists when the maximum potential loss on a particular financial instrument is  
greater than the value of such financial instrument, as reflected in the Fund's 
Statement of Assets and Liabilities in the annual and semiannual funds.         

FOREIGN CURRENCY EXCHANGE CONTRACTS                                             

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

22 |  OPPENHEIMER INTERNATIONAL BOND FUND                                       

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS June 30, 2008 / Unaudited                              

Forward contracts are reported on a schedule following the Statement of         
Investments. Forward contracts will be valued daily based upon the closing      
prices of the forward currency rates determined at the close of the Exchange as 
provided by a bank, dealer or pricing service. The resulting unrealized         
appreciation (depreciation) is reported in the Statement of Assets and          
Liabilities in the annual and semiannual funds as a receivable or payable and in
the Statement of Operations in the annual and semiannual funds 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 funds.                                                           

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

FUTURES CONTRACTS                                                               

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

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

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

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

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

Options are valued daily based upon the last sale price on the principal        
exchange on which the option is traded. The difference between the premium      
received or paid, and market value of the option, is recorded as unrealized     
appreciation or depreciation. The net change in unrealized appreciation or      
depreciation is reported in the Statement of Operations in the annual and       
semiannual funds. 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 semiannualfunds.                                                     

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

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

23 |  OPPENHEIMER INTERNATIONAL BOND FUND                                       

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS   June 30, 2008  / Unaudited                           

Written option activity for the period ended June 30, 2008 was as follows:      

                                                        [Enlarge/Download Table]

                                      CALL OPTIONS                      PUT OPTIONS          
                           --------------------------------   ------------------------------ 
                              NUMBER OF          AMOUNT OF       NUMBER OF        AMOUNT OF  
                              CONTRACTS          PREMIUMS       CONTRACTS         PREMIUMS   
                           -----------------   ------------   ---------------   ------------ 
                                                                                             
Options outstanding as of                                                                    
September 30, 2007                15,320,000   $     96,794        15,320,000   $     96,917 
Options written               81,734,385,000     16,013,842    54,246,845,000     13,534,329 
Options closed or expired    (54,497,970,000)    (9,487,138)  (28,680,075,000)    (7,500,049)
Options exercised            (27,251,735,000)    (6,623,498)  (25,582,090,000)    (6,131,197)
Options outstanding as of                                                                    
                           -----------------   ------------   ---------------   ------------ 
June 30, 2008                              -   $          -                 -   $          - 
                           =================   ============   ===============   ============ 

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, or the        
occurrence of a credit event, over a specified period. Such contracts may       
include interest rate, equity, debt, index, total return, credit and currency   
swaps.                                                                          

Swaps are marked to market daily using primarily quotations from pricing        
services, counterparties and brokers. Swap contracts are reported on a schedule 
following the Statement of Investments. The value of the contracts is separately
disclosed on the Statement of Assets and Liabilities in the annual and          
semiannual funds. 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 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 funds. 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 funds.                                  

Risks of entering into swap contracts include credit, market and liquidity risk.
Credit risk arises from the possibility that the counterparty will default. If  
the counterparty defaults, the Fund's loss will consist of the net amount of    
contractual payments that the Fund has not yet received. Market risk is the risk
that the value of the contract will depreciate due to unfavorable changes in the
reference asset. If there is an illiquid market for the agreement, the Fund may 
be unable to close the contract prior to contract termination.                  

CREDIT DEFAULT SWAP CONTRACTS. A credit default swap is a bilateral contract    
that enables an investor to buy or sell protection against a defined-issuer     
credit event. The Fund may enter into credit default swaps on a single security,
or a basket of securities.                                                      

In a credit default swap contract, the purchaser of the contract will pay a     
periodic interest fee, similar to an insurance premium, on the notional amount  
of the swap contract to the counterparty (the seller of the contract). If there 
is a credit event (for example, bankruptcy or a failure to timely pay interest  
or principal), the purchaser will exercise the contract and will receive a      
payment from the seller of the contract equal to the notional value of the      
credit default swap contract less the value of the underlying security. In the  
event that the credit default swap is exercised due to a credit event, the      
difference between the value of the underlying security and the notional amount 
is recorded as realized gain (loss) and is included on the Statement of         
Operations in the annual and semiannual funds.                                  

Risks of credit default swaps include, but are not limited to, the cost of      
paying for credit protection if there are no credit events, or the cost of      
selling protection (paying the notional amount) when a credit event occurs,     
pricing transparency when assessing the cost of a credit default swap, and the  
need to fund the delivery obligation (either cash or defaulted securities).     

INTEREST RATE SWAP CONTRACTS. An interest rate swap is an agreement between     
counterparties to exchange periodic interest payments on the notional amount of 
the contract. One cash flow stream will typically be a floating rate payment    
based upon a specified index while the other is typically a fixed rate.         

Interest rate swap agreements include interest rate risk. There is a risk, based
on future movements of interest rates where the payments made by the Fund under 
a swap agreement will be greater than the payments it received.                 

24 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS   June 30, 2008  / Unaudited                           

TOTAL RETURN SWAP CONTRACTS. A total return swap is an agreement between        
counterparties to exchange a set of future cash flows on the notional amount of 
the contract. One cash flow is typically based on a reference interest rate or  
index and the other on the total return of a reference asset such as a security,
a basket of securities, or an index. The total return includes appreciation or  
depreciation on the reference asset, plus any interest or dividend payments.    

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

Currency swap agreements include exchange rate risk. Due to the exchange of     
currency at contract termination, changes in currency exchange rates may result 
in the Fund paying an amount greater than the amount received. There is a risk, 
based on movements of interest rates or indexes that the periodic payments made 
by the Fund will be greater than the payments received.                         

SWAPTION TRANSACTIONS. The Fund may enter into a swaption contract which grants 
the purchaser the right, but not the obligation, to enter into an interest rate 
swap at a preset rate 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 rate on the underlying interest rate swap.                               

Swaptions are marked to market daily using primarily quotations from            
counterparties and brokers. Written and purchased swaptions are reported on a   
schedule following the Statement of Investments. Written swaptions are reported 
as a liability in the Statement of Assets and Liabilities in the annual and     
semiannual funds. The difference between the premium received or paid, and      
market value of the swaption, 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 funds. 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 funds for the amount of the premium paid or received. 

Swaption contracts written by the Fund do not give rise to counterparty credit  
risk as they obligate the Fund, not its counterparty, to perform. The Fund      
generally will incur a greater risk when it writes a swaption than when it      
purchases a swaption. When the Fund purchases a swaption it risks losing only   
the amount of the premium they have paid if the option expires unexercised. When
the Fund writes a swaption it will become obligated, upon exercise of the       
option, according to the terms of the underlying agreement.                     

ILLIQUID OR RESTRICTED SECURITIES                                               

As of June 30, 2008, investments in securities included issues that are illiquid
or restricted. Investments may be illiquid because they do not have an active   
trading market, making it difficult to value them or dispose of them promptly at
an acceptable price. A restricted security may have a contractual restriction on
its resale and is valued under methods approved by the Board of Trustees as     
reflecting fair value. The Fund will not invest more than 15% of its net assets 
(determined at the time of purchase and reviewed periodically) in illiquid and  
restricted securities. Certain restricted securities, eligible for resale to    
qualified institutional purchasers, may not be subject to that limitation.      
Securities that are illiquid or restricted are marked with an applicable        
footnote on the Statement of Investments. Restricted securities are reported on 
a schedule following the Statement of Investments.                              

UNFUNDED PURCHASE COMMITMENTS                                                   

Pursuant to the terms of certain indenture agreements, the Fund has unfunded    
purchase commitments of $16,636,790 at June 30, 2008. The Fund generally will   
maintain with its custodian, liquid investments having an aggregate value at    
least equal to the amount of unfunded purchase loan commitments. The following  
commitments are subject to funding based on the borrower's discretion. The Fund 
is obligated to fund these commitments at the time of the request by the        
borrower. These commitments have been excluded from the Statement of            
Investments.                                                                    

As of June 30, 2008, the Fund had unfunded purchase commitments as follows:     

                                                                [Download Table]

                                   COMMITMENT                
                                   TERMINATION     UNFUNDED  
                                      DATE          AMOUNT   
                                  ------------   ------------
                                                             
Deutsche Bank AG, Opic Reforma                               
 I Credit Linked Nts.               10/20/13     $ 16,636,790

25 | OPPENHEIMER INTERNATIONAL BOND FUND                                        

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Oppenheimer International Bond Fund                                             

STATEMENT OF INVESTMENTS   June 30, 2008  / Unaudited                           

RECENT ACCOUNTING PRONOUNCEMENT                                                 

In September 2006, Financial Accounting Standards Board ("FASB") issued         
Statement of Financial Accounting Standards ("SFAS") No. 157, Fair Value        
Measurements. This standard establishes a single authoritative definition of    
fair value, sets out a framework for measuring fair value and expands           
disclosures about fair value measurements. SFAS No. 157 applies to fair value   
measurements already required or permitted by existing standards. SFAS No. 157  
is effective for financial statements issued for fiscal years beginning after   
November 15, 2007, and interim periods within those fiscal years. As of June 30,
2008, the Manager does not believe the adoption of SFAS No. 157 will materially 
impact the financial statement amounts; however, additional disclosures may be  
required about the inputs used to develop the measurements and the effect of    
certain of the measurements on changes in net assets for the period.            

In March 2008, FASB issued SFAS No. 161, "Disclosures about Derivative          
Instruments and Hedging Activities." This standard requires enhanced disclosures
about derivative and hedging activities, including qualitative disclosures about
how and why the Fund uses derivative instruments, how these activities are      
accounted for, and their effect on the Fund's financial position, financial     
performance and cash flows. SFAS No. 161 is effective for financial statements  
issued for fiscal years beginning after November 15, 2008 and interim periods   
within those fiscal years. At this time, management is evaluating the           
implications of SFAS No. 161 and its impact on the Fund's financial statements  
and related disclosures.                                                        

FEDERAL TAX. 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, 2008 are   
noted below. The primary difference between book and tax appreciation or        
depreciation of securities and other investments, if applicable, is attributable
to the tax deferral of losses.                                                  

                                                                [Download Table]

                                                                         
Federal tax cost of securities                         $  12,383,384,671 
Federal tax cost of other investments                        252,183,833 
                                                       ----------------- 
Total federal tax cost                                 $  12,635,568,504 
                                                       ================= 

Gross unrealized appreciation                          $     478,911,131 
Gross unrealized depreciation                               (328,464,255)
                                                       ----------------- 
Net unrealized appreciation                            $     150,446,876 
                                                       ================= 

26 | 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 06/30/2008, 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.                                             

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     (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.                                                       

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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/ John V. Murphy                                                          
----------------------------                                            
John V. Murphy                                                          
Principal Executive Officer                                             

Date: 08/07/2008                                                                

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

By: /s/ John V. Murphy                                                          
----------------------------                                            
John V. Murphy                                                          
Principal Executive Officer                                             

Date: 08/07/2008                                                                

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

Date: 08/07/2008

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-Q’ Filing	Date	First	Last	Other Filings

	11/15/08	26
Filed on / Effective on:	8/28/08
For Period End:	6/30/08	1	26	N-PX
	11/15/07	26
	9/30/07	14		24F-2NT, N-CSR, NSAR-B
				List all Filings

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Filing Submission 0000935069-08-002016 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Oppenheimer International Bond Fund – ‘N-Q’ for 6/30/08

On: Thursday, 8/28/08, at 2:18pm ET · Effective: 8/28/08 · For: 6/30/08 · Accession #: 935069-8-2016 · File #: 811-07255

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