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Oppenheimer International Bond Fund · N-Q · For 12/31/07

Filed On 2/27/08, 4:00pm ET   ·   Accession Number 935069-8-412   ·   SEC File 811-07255

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

 2/27/08  Oppenheimer Int'l Bond Fund       N-Q        12/31/07    2:113K                                   Bowne - BGM/FA

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         28    206K 
                          Management Investment Company --                       
                          rq0880_44649nq                                         
 2: EX-99.CERT  Miscellaneous Exhibit -- rq0880_44649cert302           4     13K 


N-Q   —   Quarterly Schedule of Portfolio Holdings of a Management Investment Company — rq0880_44649nq
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Item 1. Schedule of Investments
26Item 2. Controls and Procedures
27Item 3. Exhibits
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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: 12/31/2007 ----------  ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES--0.0% ------------------------------------------------------------------------------------------------------------------------ Taganka Car Loan Finance plc, Automobile Asset-Backed Certificates, Series 2006-1A, Cl. C, 8.403%, 11/14/13 1,2 (Cost $1,350,000) $ 1,350,000 $ 1,309,500 ------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--0.6% ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bills, 3.613%, 2/7/08 3,4 (Cost $58,254,949) 58,470,000 58,254,949 ------------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--59.3% ------------------------------------------------------------------------------------------------------------------------ ARGENTINA--0.3% Argentina (Republic of) Bonds: 5.374%, 8/3/12 2 5,648,125 4,973,920 7%, 10/3/15 2,450,000 2,028,600 Series V, 7%, 3/28/11 18,993,000 17,514,977 Series VII, 7%, 9/12/13 4,700,000 4,087,172 Series GDP, 0.971%, 12/15/35 2 14,920,000 1,723,260 ------------------------------------------------------------------------------------------------------------------------ Neuquen (Province Del) Sr. Sec. Nts., 8.656%, 10/18/14 6 3,375,000 3,391,875 ---------------- 33,719,804 ------------------------------------------------------------------------------------------------------------------------ AUSTRALIA--3.1% New South Wales Treasury Corp. Sr. Unsec. Nts., 6%, 10/1/09 344,630,000 AUD 296,449,727 ------------------------------------------------------------------------------------------------------------------------ Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 17,640,000 AUD 15,213,845 ---------------- 311,663,572 ------------------------------------------------------------------------------------------------------------------------ AUSTRIA--0.7% Austria (Republic of) Unsec. Unsub. Nts., Series E, 4%, 9/15/16 50,376,000 EUR 71,570,099 ------------------------------------------------------------------------------------------------------------------------ BELGIUM--2.4% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 46,835,000 EUR 70,860,919 ------------------------------------------------------------------------------------------------------------------------ Belgium (Kingdom of) Treasury Bills, 4.029%, 9/18/08 5 121,480,000 EUR 172,274,491 ---------------- 243,135,410 ------------------------------------------------------------------------------------------------------------------------ BRAZIL--1.0% Brazil (Federal Republic of) Bonds: 6%, 1/17/17 16,320,000 16,621,920 8%, 1/15/18 14,015,000 15,717,823 8.75%, 2/4/25 2,135,000 2,711,450 8.875%, 10/14/19 28,355,000 35,160,200 10.50%, 7/14/14 17,650,000 22,503,750 ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 4,000,000 4,526,000 ---------------- 97,241,143 ------------------------------------------------------------------------------------------------------------------------ BULGARIA--0.0% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,751,250 8.25%, 1/15/15 6 1,440,000 1,681,200 ---------------- 3,432,450 ------------------------------------------------------------------------------------------------------------------------ CANADA--3.4% Canada (Government of) Nts.: 3.75%, 6/1/12 170,190,000 CAD 170,446,878 4.25%, 12/1/09 166,650,000 CAD 169,245,836 ---------------- 339,692,714 1 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] ------------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ COLOMBIA--0.6% Bogota Distrio Capital Sr. Bonds, 9.75%, 7/26/28 6 16,413,000,000 COP $ 7,747,375 ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Bonds: 7.375%, 9/18/37 3,390,000 3,779,850 10.75%, 1/15/13 12,180,000 15,011,850 12%, 10/22/15 19,665,000,000 COP 10,841,574 ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 6,655,000 7,619,975 11.75%, 3/1/10 7,228,000,000 COP 3,709,418 ------------------------------------------------------------------------------------------------------------------------ EEB International Ltd., Sr. Unsec. Bonds, 8.75%, 10/31/14 1 6,850,000 7,029,813 ---------------- 55,739,855 ------------------------------------------------------------------------------------------------------------------------ COSTA RICA--0.0% Costa Rica (Republic of) Unsec. Bonds, 9.995%, 8/1/20 2,730,000 3,560,944 ------------------------------------------------------------------------------------------------------------------------ DENMARK--0.6% Denmark (Kingdom of) Bonds: 4%, 11/15/10 94,055,000 DKK 18,282,898 4%, 11/15/15 68,475,000 DKK 13,065,244 7%, 11/10/24 24,835,000 DKK 6,205,347 ------------------------------------------------------------------------------------------------------------------------ Denmark (Kingdom of) Nts., 4%, 8/15/08 99,090,000 DKK 19,415,340 ---------------- 56,968,829 ------------------------------------------------------------------------------------------------------------------------ DOMINICAN REPUBLIC--0.0% Dominican Republic Unsec. Unsub. Bonds, Series REG S, 9.04%, 1/23/18 2,705,118 3,077,071 ------------------------------------------------------------------------------------------------------------------------ EGYPT--0.1% Egypt (The Arab Republic of) Unsec. Unsub. Bonds, 8.75%, 7/15/12 6 54,260,000 EGP 10,040,700 ------------------------------------------------------------------------------------------------------------------------ EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 6 1,185,000 1,380,525 7.65%, 6/15/35 6 7,740,000 8,959,050 ---------------- 10,339,575 ------------------------------------------------------------------------------------------------------------------------ FRANCE--5.3% France (Government of) Obligations Assimilables du Tresor Bonds: 3.25%, 4/25/16 178,510,000 EUR 240,842,261 4%, 10/25/38 153,360,000 EUR 199,834,461 ------------------------------------------------------------------------------------------------------------------------ France (Government of) Treasury Bills, 3.933%, 1/17/08 5 64,315,000 EUR 93,729,757 ---------------- 534,406,479 ------------------------------------------------------------------------------------------------------------------------ GERMANY--9.5% Germany (Federal Republic of) Bonds: Series 03, 3.75%, 7/4/13 104,470,000 EUR 149,188,152 Series 05, 4%, 1/4/37 184,805,000 EUR 244,339,277 Series 07, 4.25%, 7/4/17 50,570,000 EUR 73,492,498 ------------------------------------------------------------------------------------------------------------------------ Germany (Federal Republic of) Treasury Bills, Series 0707, 4.062%, 1/16/08 5 332,275,000 EUR 484,300,675 ---------------- 951,320,602 2 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] ------------------------------------------------------------------------------------------------------------------------ PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ GHANA--0.1% Ghana (Republic of) Bonds, 8.50%, 10/4/17 1 $ 6,100,000 $ 6,450,750 ------------------------------------------------------------------------------------------------------------------------ GREECE--1.6% Greece (Republic of) Bonds, 4.60%, 5/20/13 108,850,000 EUR 160,710,222 ------------------------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 6 160,000 185,200 10.25%, 11/8/11 3,710,000 4,294,325 ---------------- 4,479,525 ------------------------------------------------------------------------------------------------------------------------ INDONESIA--0.3% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 6 11,305,000 11,714,806 7.25%, 4/20/15 6 7,450,000 7,897,000 ------------------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 6 6,540,000 7,659,975 ---------------- 27,271,781 ------------------------------------------------------------------------------------------------------------------------ ISRAEL--0.3% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 107,990,000 ILS 30,069,446 ------------------------------------------------------------------------------------------------------------------------ ITALY--5.0% Italy (Republic of) Nts., Certificati di Credito del Tesoro,4.40%, 7/1/09 2 341,800,000 EUR 500,204,016 ------------------------------------------------------------------------------------------------------------------------ JAPAN--7.9% Japan (Government of) Bonds: 2 yr., Series 252, 0.80%, 1/15/09 34,742,000,000 JPY 312,151,606 10 yr., Series 245, 0.90%, 12/20/12 16,210,000,000 JPY 144,388,751 10 yr., Series 288, 1.70%, 9/20/17 14,326,000,000 JPY 131,012,131 30 yr., Series 25, 2.30%, 12/20/36 23,332,000,000 JPY 206,762,436 ---------------- 794,314,924 ------------------------------------------------------------------------------------------------------------------------ MALAYSIA--0.5% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 1 107,980,000 MYR 38,337,060 ------------------------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 39,730,000 MYR 12,536,889 ---------------- 50,873,949 ------------------------------------------------------------------------------------------------------------------------ MEXICO--1.9% Mexican Cetes Treasury Bills: Series BI, 7.734%, 10/23/08 5 572,520,000 MXN 49,337,471 Series BI, 7.764%, 8/28/08 5 283,400,000 MXN 24,696,490 ------------------------------------------------------------------------------------------------------------------------ Mexican Williams Sr. Nts., 5.488%, 11/15/08 1,2 500,000 504,100 ------------------------------------------------------------------------------------------------------------------------ United Mexican States Bonds, Series M7, 8%, 12/24/08 2 1,293,690,000 MXN 118,794,429 ---------------- 193,332,490 ------------------------------------------------------------------------------------------------------------------------ NIGERIA--0.8% Nigeria (Federal Republic of) Bonds, Series 5Y, 13.50%,9/11/11 437,980,000 NGN 3,789,140 ------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Nts.: Series 3Y2S, 12.50%, 2/24/09 356,000,000 NGN 3,155,386 Series 3Y7S, 17%, 12/16/08 570,000,000 NGN 5,269,720 ------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 289,947 252,287 3 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Treasury Bonds: Series 3Y, 9.23%, 5/25/12 1,224,000,000 NGN $ 10,142,901 Series 5Y, 9.50%, 8/31/12 2,202,000,000 NGN 18,583,461 Series 5Y13, 12.99%, 9/29/11 866,700,000 NGN 8,395,008 Series 7Y, 9.20%, 6/29/14 1 650,000,000 NGN 5,320,187 Series 7Y16, 11.99%, 12/22/13 1,422,500,000 NGN 12,909,881 Series 7YR, 12.74%, 10/27/13 1,050,600,000 NGN 9,846,590 ---------------- 77,664,561 ------------------------------------------------------------------------------------------------------------------------ PANAMA--0.4% Panama (Republic of) Bonds: 6.70%, 1/26/36 12,875,000 13,647,500 7.25%, 3/15/15 15,905,000 17,614,788 8.875%, 9/30/27 3,255,000 4,239,638 9.375%, 4/1/29 1,650,000 2,264,625 ---------------- 37,766,551 ------------------------------------------------------------------------------------------------------------------------ PERU--1.8% Peru (Republic of) Bonds: 7.84%, 8/12/20 86,585,000 PEN 32,378,400 9.91%, 5/5/15 128,732,000 PEN 52,035,875 Series 7, 8.60%, 8/12/17 102,145,000 PEN 39,458,191 Series 8-1, 12.25%, 8/10/11 129,465,000 PEN 51,738,930 ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.533%, 2/28/16 5 1,486,438 947,486 ---------------- 176,558,882 ------------------------------------------------------------------------------------------------------------------------ PHILIPPINES--0.2% Philippines (Republic of the) Bonds, 8%, 1/15/16 2,910,000 3,317,400 ------------------------------------------------------------------------------------------------------------------------ Philippines (Republic of the) Unsec. Bonds: 7.75%, 1/14/31 3,914,000 4,535,348 9%, 2/15/13 13,985,000 15,995,344 ---------------- 23,848,092 ------------------------------------------------------------------------------------------------------------------------ POLAND--0.4% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 79,840,000 PLZ 30,772,489 Series WS0922, 5.75%, 9/23/22 10,000,000 PLZ 4,010,573 ---------------- 34,783,062 ------------------------------------------------------------------------------------------------------------------------ SPAIN--2.3% Spain (Government of) Bonds, 3.80%, 1/31/17 30,885,000 EUR 43,064,210 ------------------------------------------------------------------------------------------------------------------------ Spain (Government of) Treasury Bills, 3.999%, 3/20/08 5 127,830,000 EUR 185,125,716 ---------------- 228,189,926 ------------------------------------------------------------------------------------------------------------------------ THE NETHERLANDS--1.0% Netherlands (Kingdom of the) Bonds, 5%, 7/15/11 68,060,000 EUR 102,144,710 ------------------------------------------------------------------------------------------------------------------------ TURKEY--2.2% Turkey (Republic of) Bonds: 6.75%, 4/3/18 36,105,000 37,215,229 7%, 9/26/16 13,755,000 14,614,688 ------------------------------------------------------------------------------------------------------------------------ Turkey (Republic of) Nts.: 7.25%, 3/15/15 8,615,000 9,261,125 16%, 3/7/12 2 165,125,000 TRY 140,575,012 4 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ 17.864%, 8/13/08 5 28,615,000 TRY $ 22,278,090 ---------------- 223,944,144 ------------------------------------------------------------------------------------------------------------------------ UNITED KINGDOM--4.9% United Kingdom Treasury Bonds: 5.75%, 12/7/09 7 138,730,000 GBP 282,586,165 6%, 12/7/28 8,9 87,555,000 GBP 209,865,623 ---------------- 492,451,788 ------------------------------------------------------------------------------------------------------------------------ URUGUAY--0.6% Uruguay (Oriental Republic of) Bonds: 4.25%, 4/5/27 248,600,000 UYU 12,049,256 7.625%, 3/21/36 9,935,000 10,878,825 ------------------------------------------------------------------------------------------------------------------------ Uruguay (Oriental Republic of) Unsec. Bonds: 5%, 9/14/18 403,060,000 UYU 22,200,115 8%, 11/18/22 10,815,000 12,166,875 ---------------- 57,295,071 ---------------- Total Foreign Government Obligations (Cost $5,683,014,622) 5,948,263,137 ------------------------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS--0.1% ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 8.40%, 2/9/16 5,890,000 5,728,025 ------------------------------------------------------------------------------------------------------------------------ Dali Capital plc/Bank of Moscow Loan Participation Nts., Series 28, Tranche 1, 7.25%, 11/25/09 72,600,000 RUR 3,000,368 ------------------------------------------------------------------------------------------------------------------------ Dali Capital SA (ROSBANK) Loan Participation Nts., Series 23, Tranche 1, 8%, 9/30/09 71,200,000 RUR 2,866,762 ---------------- Total Loan Participations (Cost $11,141,031) 11,595,155 ------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--12.2% ------------------------------------------------------------------------------------------------------------------------ AES Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 6 7,923,000 7,923,000 ------------------------------------------------------------------------------------------------------------------------ AES Panama SA, 6.35% Sr. Nts., 12/21/16 6 2,225,000 2,199,190 ------------------------------------------------------------------------------------------------------------------------ African Development Bank, 9.25% Bonds, 1/18/08 1,289,400,000 NGN 11,910,819 ------------------------------------------------------------------------------------------------------------------------ Alrosa Finance SA: 8.875% Nts., 11/17/14 7,010,000 7,553,275 8.875% Nts., 11/17/14 6 10,295,000 11,092,863 ------------------------------------------------------------------------------------------------------------------------ AmBev International Finance Co. Ltd., 9.50% Bonds, 7/24/17 6 27,130,000 BRR 12,988,172 ------------------------------------------------------------------------------------------------------------------------ America Movil SAB de CV, 8.46% Sr. Unsec. Unsub. Bonds, 12/18/36 140,800,000 MXN 12,193,934 ------------------------------------------------------------------------------------------------------------------------ Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 6 9,949,821 10,123,943 ------------------------------------------------------------------------------------------------------------------------ BA Covered Bond Issuer, 4.25% Sec. Nts., 4/5/17 34,020,000 EUR 47,488,596 ------------------------------------------------------------------------------------------------------------------------ Banco Bilbao Vizcaya Argentaria SA, 4.25% Sec. Bonds, 7/15/14 32,820,000 EUR 46,563,879 ------------------------------------------------------------------------------------------------------------------------ Banco BMG SA, 9.15% Nts., 1/15/16 6 9,710,000 9,870,215 ------------------------------------------------------------------------------------------------------------------------ Banco de Credito del Peru, 6.95% Sub. Nts., 11/7/21 2,6 2,750,000 2,557,500 ------------------------------------------------------------------------------------------------------------------------ Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 6 4,325,000 4,054,688 ------------------------------------------------------------------------------------------------------------------------ Banco Invex SA, 25.352% Mtg. Backed Certificates, Series 062U, 3/13/34 2,10 29,866,788 MXN 11,297,032 ------------------------------------------------------------------------------------------------------------------------ Bank of Scotland plc: 4.375% Sr. Sec. Nts., 7/13/16 146,715,000 EUR 206,099,577 4.50% Sr. Sec. Nts., 7/13/21 75,890,000 EUR 103,805,082 ------------------------------------------------------------------------------------------------------------------------ C10 Capital SPV Ltd., 6.722% Unsec. Perpetual Debs. 6,11 6,700,000 6,186,653 ------------------------------------------------------------------------------------------------------------------------ 5 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Cloverie plc, 9.176% Sec. Nts., Series 2005-93, 12/20/10 2 $ 3,600,000 $ 3,884,040 ------------------------------------------------------------------------------------------------------------------------ Coriolanus Ltd., 10.62% Sec. Nts., 8/10/10 1 16,300,000 15,542,050 ------------------------------------------------------------------------------------------------------------------------ Depfa ACS Bank, 3.875% Sec. Nts., 11/14/16 8,775,000 EUR 12,073,777 ------------------------------------------------------------------------------------------------------------------------ Eirles Two Ltd., 6.482% Sec. Nts., Series 335, 4/30/12 1,2 10,800,000 9,612,000 ------------------------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 6 13,295,000 BRR 8,405,315 ------------------------------------------------------------------------------------------------------------------------ Gaz Capital (Gazprom), 7.288% Sr. Unsec. Bonds, 8/16/37 6 27,890,000 28,238,625 ------------------------------------------------------------------------------------------------------------------------ HSBC Bank plc: 9.751% Sr. Unsec. Nts., 7/8/09 5 30,220,000 30,496,211 11.601% Sr. Unsec. Nts., 1/12/10 5 42,800,000 36,924,416 12.278% Sr. Unsec. Nts., 3/9/09 5 30,220,000 28,741,638 ------------------------------------------------------------------------------------------------------------------------ ICICI Bank Ltd.: 6.375% Bonds, 4/30/22 2,6 12,125,000 10,994,368 6.625% Nts., 10/3/12 6 11,560,000 11,385,444 ------------------------------------------------------------------------------------------------------------------------ IIRSA Norte Finance Ltd., 8.75% Sr. Nts., 5/30/24 1 9,712,227 11,047,658 ------------------------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 2 11,200,000 BRR 6,276,542 9.891% Nts., 1/25/12 1,2 10,865,571,549 COP 6,380,756 ------------------------------------------------------------------------------------------------------------------------ International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 3,000,000 TRY 2,556,821 ------------------------------------------------------------------------------------------------------------------------ ISA Capital do Brasil SA: 7.875% Sr. Nts., 1/30/12 6 2,225,000 2,275,063 8.80% Sr. Nts., 1/30/17 6 2,780,000 2,870,350 ------------------------------------------------------------------------------------------------------------------------ JP Morgan Hipotecaria su Casita, 6.47% Sec. Nts., 8/26/35 1 41,757,200 MXN 3,765,626 ------------------------------------------------------------------------------------------------------------------------ JPMorgan, Red Square Capital Ltd., 9% CDO Nts., 11/20/08 6 365,000,000 RUR 14,113,712 ------------------------------------------------------------------------------------------------------------------------ JPMorgan Hipotecaria su Casita, 20.181% Mtg. Backed Certificates, Series 06U, 9/25/35 2 26,330,000 MXN 8,124,762 ------------------------------------------------------------------------------------------------------------------------ JSC Astana Finance, 9.16% Nts., 3/14/12 1 14,000,000 13,142,522 ------------------------------------------------------------------------------------------------------------------------ Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10 6 2,780,000 2,800,850 ------------------------------------------------------------------------------------------------------------------------ Majapahit Holding BV: 7.25% Nts., 10/17/11 6 2,860,000 2,874,300 7.75% Nts., 10/17/16 6 6,420,000 6,468,150 ------------------------------------------------------------------------------------------------------------------------ MHP SA, 10.25% Sr. Sec. Sub. Bonds, 11/30/11 6 2,745,000 2,717,550 ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley: 6.25% Sr. Nts., 3/23/17 1 26,120,000 PEN 8,146,164 10.09% Sr. Unsec. Nts., 5/3/17 1 49,950,000 BRR 25,600,957 ------------------------------------------------------------------------------------------------------------------------ National Gas Co., 6.05% Nts., 1/15/36 6 4,945,000 4,725,699 ------------------------------------------------------------------------------------------------------------------------ National Power Corp.: 5.875% Unsec. Unsub. Bonds, 12/19/16 665,100,000 PHP 15,981,099 6.875% Nts., 11/2/16 6 2,739,000 2,790,493 9.625% Unsec. Bonds, 5/15/28 5,095,000 6,177,688 ------------------------------------------------------------------------------------------------------------------------ Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09 5,000,000 TRY 4,111,544 ------------------------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 1,12,13 550,000 -- ------------------------------------------------------------------------------------------------------------------------ Panama Canal Railway Co., 7% Sr. Sec. Nts., 11/1/26 6 6,990,000 6,815,250 ------------------------------------------------------------------------------------------------------------------------ Petrobras International Finance Co., 5.785% Sr. Unsec. Nts., 3/1/18 20,900,000 20,900,000 ------------------------------------------------------------------------------------------------------------------------ 6 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 6 $ 10,099,794 $ 9,992,322 ------------------------------------------------------------------------------------------------------------------------ Piazza Vittoria Finance SrL, 6.033% Asset-Backed Nts., 7/20/10 2 18,069,662 EUR 26,346,299 ------------------------------------------------------------------------------------------------------------------------ RSHB Capital SA/OJSC Russian Agricultural Bank, 7.175% Nts., 5/16/13 6 3,820,000 3,930,016 ------------------------------------------------------------------------------------------------------------------------ Salisbury International Investments Ltd., 9.33% Sec. Nts., Series 2006-003, Tranche E, 7/20/11 2 2,400,000 2,434,800 ------------------------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 6 26,033,700 PEN 9,356,675 ------------------------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 6 5,840,000 5,533,400 ------------------------------------------------------------------------------------------------------------------------ TGI International Ltd., 9.50% Nts., 10/3/17 6 10,640,000 11,172,000 ------------------------------------------------------------------------------------------------------------------------ Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 14 6,065,000 2,942,320 ------------------------------------------------------------------------------------------------------------------------ Vitro SAB de CV: 8.625% Sr. Unsec. Unsub. Nts., 2/1/12 2,775,000 2,622,375 9.125% Sr. Unsec. Unsub. Nts., 2/1/17 4,715,000 4,361,375 ------------------------------------------------------------------------------------------------------------------------ VTB Capital SA, 6.25% Sr. Nts., 6/30/35 6 2,950,000 2,854,125 ------------------------------------------------------------------------------------------------------------------------ WM Covered Bond Program: 3.875% Sec. Nts., Series1, 9/27/11 92,440,000 EUR 128,547,462 4 % Sec. Mtg. Nts., Series 2, 9/27/16 90,370,000 EUR 119,720,446 ---------------- Total Corporate Bonds and Notes (Cost $1,172,191,853) 1,220,683,473 ------------------------------------------------------------------------------------------------------------------------ STRUCTURED SECURITIES--15.5% ------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 11.673%, 5/22/08 2,4 9,175,000 ARP 8,342,701 Argentina (Republic of) Credit Linked Nts., 11.265%, 5/18/09 1,2 7,884,000 ARP 6,765,747 Argentina (Republic of) Unsec. Credit Linked Nts., 9.423%, 4/16/10 1,2,4 9,189,787 ARP 7,760,157 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 38,356,000 BRR 21,471,205 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 59,878,000 BRR 33,518,949 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 100,000,000 BRR 55,978,738 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.809%, 1/5/10 5 32,035,902 BRR 14,127,752 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.427%, 1/2/09 5 28,074,132 BRR 14,094,479 Colombia (Republic of) Credit Linked Bonds, 11%, 7/27/20 12,570,000,000 COP 6,516,000 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 6,942,469,928 COP 3,978,882 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 31,110,000,000 COP 17,829,822 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 12,430,000,000 COP 7,123,905 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 11,705,100,000 COP 6,708,449 Dominican Republic Credit Linked Bonds, 9.85%, 11/10/08 5,15 116,770,000 DOP 3,211,766 Dominican Republic Credit Linked Nts., 10.086%, 3/20/08 1,5 118,000,000 DOP 3,243,994 Dominican Republic Credit Linked Nts., 22%, 10/3/11 158,100,000 DOP 5,990,057 Dominican Republic Credit Linked Nts., 8.452%, 3/24/08 5 177,660,000 DOP 5,243,694 Dominican Republic Credit Linked Nts., 9.522%, 5/12/08 5 106,540,000 DOP 3,096,050 7 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Dominican Republic Credit Linked Nts., 9.826%, 3/20/08 5 109,540,000 DOP $ 3,232,288 Dominican Republic Unsec. Credit Linked Nts., 15%, 3/12/12 289,700,000 DOP 9,417,231 Dominican Republic Unsec. Credit Linked Nts., 9.342%, 8/11/08 5 244,600,000 DOP 6,922,674 Dominican Republic Unsec. Credit Linked Nts., 9.696%, 3/10/08 5 196,300,000 DOP 5,813,223 Dominican Republic Unsec. Credit Linked Nts., Series 007, 9.302%, 5/12/08 5 211,900,000 DOP 6,152,925 Egypt (The Arab Republic of) Credit Linked Nts., 7.364%, 1/10/08 1,5 54,440,000 EGP 9,827,645 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.376%, 2/28/08 1,5 54,300,000 EGP 9,711,267 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 34,150,000 EGP 6,685,522 Ghana (Republic of) Credit Linked Nts., 13.50%, 4/2/10 15,350,000 GHS 15,927,330 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 6 2,672,000,000 NGN 25,840,892 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 6 2,032,000,000 NGN 19,717,294 Renins Nonlife Ltd. Credit Linked Nts., 12.50%, 5/30/12 1 5,241,363 5,241,363 Russian Federation Credit Linked Nts., 7.65%, 12/4/08 1,2 41,690,000 RUR 1,671,762 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 13,799,000 UAH 2,927,519 Zambia (Republic of) Credit Linked Nts., 8.833%, 2/21/08 5 38,315,000,000 ZMK 9,779,972 ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: Boryspil Airport Total Return Linked Nts., 10%, 4/19/10 2 49,215,000 UAH 9,994,543 EES Total Return Linked Nts., 7.10%, 12/12/08 2 72,800,000 RUR 3,008,634 Gazprom Total Return Linked Nts., 6.79%, 10/29/09 144,790,000 RUR 5,991,494 Gazprom Total Return Linked Nts., Series 002, 6.95%, 8/6/09 141,750,000 RUR 5,970,332 Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 1 116,800,000,000 IDR 13,783,518 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/19/09 1,2 321,528,000 RUR 13,235,287 Moitk Total Return Linked Nts., 8.966%, 3/26/11 1,2 244,714,000 RUR 9,612,727 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 1 277,800,000 RUR 12,486,734 Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 6 280,840,000 RUR 12,329,082 Orenburgskaya IZHK Total Return Linked Nts., 9.24%, 2/21/12 1,2 64,940,000 RUR 2,524,367 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 30,400,000 UAH 6,766,739 Vietnam Shipping Industry Group Total Return Linked Nts., 10.50%, 1/19/17 1 85,958,000,000 VND 5,313,172 ------------------------------------------------------------------------------------------------------------------------ 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 2,915,422 ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Russian Specialized Construction and Installation Administration Credit Linked Nts., 8.59%, 5/20/10 1,2 64,600,000 RUR 2,524,367 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 9,163,000 UAH 2,039,593 8 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 6 65,490,000 UAH $ 14,577,426 ------------------------------------------------------------------------------------------------------------------------ Credit Suisse Group, Russian Moscoblgaz Finance Total Return Linked Nts., 9.25%, 6/24/12 1 64,500,000 RUR 2,520,459 ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 11.673%, 12/21/11 1,4 35,580,000 ARP 28,915,810 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 1 98,803,218 MXN 9,101,071 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 1 65,227,872 MXN 6,008,342 Brazil Real Credit Linked Nts., 13.882%, 3/3/10 5 61,128,560 BRR 26,584,310 Brazil Real Credit Linked Nts., 6%, 8/18/10 15,895,000 BRR 14,521,074 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 13,259,000,000 COP 7,548,366 Colombia (Republic of) Total Return Linked Bonds, Series 002, 11%, 7/28/20 24,620,000,000 COP 12,784,466 Compania Total Return Linked Nts., 4.454%, 7/22/10 7,519,235 EUR 11,081,872 Egypt (The Arab Republic of) Credit Linked Nts., 9.381%, 2/5/08 1,5 36,510,000 EGP 6,545,528 Egypt (The Arab Republic of) Total Return Linked Nts., 7.725%, 9/16/08 5 74,375,000 EGP 12,723,490 European Investment Bank, Russian Federation Credit Linked Nts., 5.502%, 1/19/10 1,5 8,475,000 7,362,233 Grupo TMM SA Credit Linked Nts., 6%, 9/7/12 1 4,860,463 4,884,765 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/20/09 2,003,690,000 KZT 15,630,376 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 10,174,706 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/22/13 12,412,800 15,038,480 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/24/09 1 525,300,000 NGN 4,762,898 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/27/09 1 704,900,000 NGN 6,652,008 Opic Reforma Credit Linked Nts., 9.205%, 10/3/15 1,4 27,100,000 MXN 2,483,846 Peru (Republic of) Credit Linked Nts., 6.659%, 2/20/11 2 3,255,000 3,300,786 Russian Federation Credit Linked Nts., 0%, 12/2/09 5 233,573,000 RUR 9,890,941 Russian Federation Credit Linked Nts., 6.942%, 2/22/08 5 161,200,000 RUR 6,506,902 Russian Federation Credit Linked Nts., 7.176%, 2/21/08 5 78,000,000 RUR 3,147,639 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 288,935,000 RUR 12,762,606 Russian Railways Total Return Linked Bonds, 6.67%, 1/26/09 2 146,720,000 RUR 6,003,519 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 2,505,000 2,541,022 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 2,505,000 2,530,301 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 2,505,000 2,517,500 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 2,505,000 2,505,726 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 2,505,000 2,496,283 Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/1/09 18,508,800 UAH 3,923,866 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 3,228,000 UAH 722,561 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 11,438,000 UAH 2,560,300 Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/1/09 5,302,400 UAH 1,124,109 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 1 65,202,499 MXN 6,006,004 9 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 $ 7,300,000 $ 7,314,746 ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG Singapore, Vietnam Shipping Industry Group Total Return Linked Nts., 9%, 4/20/17 1 216,800,000,000 VND 12,454,511 ------------------------------------------------------------------------------------------------------------------------ Dresdner Bank AG, Lukoil Credit Linked Nts., Series 3, 7.04%, 12/8/11 2,6 213,030,000 RUR 9,355,747 ------------------------------------------------------------------------------------------------------------------------ Goldman Sachs & Co., Turkey (Republic of) Credit Linked Nts., 14.802%, 3/29/17 5,6 129,050,000 TRY 26,833,382 ------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP, Colombia (Republic of) Credit Linked Nts., 10.476%, 2/8/37 5,6 376,977,600,000 COP 7,154,728 ------------------------------------------------------------------------------------------------------------------------ Goldman Sachs International, Russian Federation Total Return Linked Nts., 8%, 5/13/09 2 573,900,000 RUR 23,487,099 ------------------------------------------------------------------------------------------------------------------------ Hallertau SPC 2007-01, Philippines (Republic of) Credit Linked Nts., 12/20/17 1,2,15 45,030,000 44,665,257 ------------------------------------------------------------------------------------------------------------------------ ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 1 64,285,000 UAH 14,213,859 ------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 11.625%, 12/19/11 1,2,4 36,445,000 ARP 28,406,274 Brazil (Federal Republic of) Credit Linked Nts., 13.847%, 4/1/10 5,6 129,150,391 BRR 55,893,641 Brazil (Federal Republic of) Credit Linked Nts., 14.35%, 2/20/12 1 34,060,000 BRR 18,343,099 Brazil (Federal Republic of) Credit Linked Nts., 15.326%, 1/2/15 5 115,066,796 BRR 27,104,501 Brazil (Federal Republic of) Credit Linked Nts., 2.731%, 11/30/12 5,6 35,605,000 ARP 10,114,081 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 1 11,130,000 BRR 9,836,776 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 5,6 153,800,000,000 COP 31,712,676 Colombia (Republic of) Credit Linked Bonds, 10.218%, 10/31/16 1,5 90,697,000,000 COP 17,033,778 Colombia (Republic of) Credit Linked Bonds, Series A, 10.218%, 10/31/16 1,5 90,312,000,000 COP 16,961,471 Peru (Republic of) Credit Linked Nts., 8.115%, 9/2/15 5,6 40,860,000 PEN 7,615,933 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 6 3,850,000 3,804,570 ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers International, Romania (Republic of) Total Return Linked Nts., 7.90%, 2/9/10 10,726,400 RON 4,589,117 ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: Argentina (Republic of) Credit Linked Nts., 9.655%, 12/20/15 6 20,000,000 19,696,000 CMS 10 yr. Curve Credit Linked Nts., 6%, 2/5/17 130,660,000 141,387,186 Romania (Republic of) Total Return Linked Nts., 6.50%, 3/9/10 30,904,100 RON 12,659,699 Romania (Republic of) Total Return Linked Nts., 6.75%, 3/11/08 36,650,000 RON 15,566,365 Romania (Republic of) Total Return Linked Nts., 7.25%, 4/19/10 3,105,000 RON 1,285,244 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 3,101,000 RON 1,318,362 Romania (Republic of) Total Return Linked Nts., 7.75%, 4/21/08 7,453,000 RON 3,168,615 10 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------------------ Romania (Republic of) Total Return Linked Nts., 7.90%, 2/12/08 24,895,500 RON $ 10,758,299 ------------------------------------------------------------------------------------------------------------------------ Merrill Lynch: Colombia (Republic of) Credit Linked Nts., 10%, 11/17/16 1 13,289,000,000 COP 6,032,732 Renaissance Capital International Services Ltd. Total Return Linked Nts., 10.50%, 10/7/08 1 414,000,000 RUR 16,347,232 ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley, Russian Federation Total Return Linked Securities, Series 007, Cl. VR, 5%, 8/22/34 504,577,353 RUR 17,058,674 ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 1 208,171,301 RUR 8,475,406 Total Return Linked Nts., Series B, 11%, 6/30/12 1 152,616,630 RUR 6,447,754 ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Bank Center Credit Total Return Linked Nts., 7.52%, 6/6/08 3,273,000,000 KZT 26,143,454 Brazil (Federal Republic of) Linked Nts., 12.551%, 1/5/22 5,6 173,500,000 BRR 16,514,503 Brazil (Federal Republic of) Sr. Linked Nts., 14.40%, 8/4/16 1 56,967,568 BRR 42,128,086 Brazil (Federal Republic of) Total Return Nts., 8/2/10 28,719,441 BRR 12,500,350 Ukraine (Republic of) Credit Linked Nts., 6.653%, 10/15/17 2,6 17,600,000 17,362,400 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 6 11,760,000 12,069,876 WTI Trading Ltd. Total Return Linked Nts., Series A, 13.50%, 2/9/09 1 10,900,000 10,464,000 WTI Trading Ltd. Total Return Linked Nts., Series B, 13.50%, 2/9/09 1 14,550,000 13,968,000 ------------------------------------------------------------------------------------------------------------------------ UBS AG, Ghana (Republic of) Credit Linked Nts., 14.47%, 12/28/11 1 7,369,232 GHS 8,153,593 ---------------- Total Structured Securities (Cost $1,358,664,870) 1,557,209,932 [Enlarge/Download Table] EXPIRATION STRIKE DATE PRICE CONTRACTS ---------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.2% ---------------------------------------------------------------------------------------------------- Euro (EUR) Call 12 1/15/08 $ 1.46 333,400,000 3,507,601 ---------------------------------------------------------------------------------------------------- Gold Precious Metal Call 1,12 1/3/08 796 98,080 3,790,792 ---------------------------------------------------------------------------------------------------- Gold Precious Metal Call 1,12 1/4/08 796 98,080 3,810,330 ---------------------------------------------------------------------------------------------------- Gold Precious Metal Call 1,12 1/7/08 796 98,080 3,873,258 ---------------------------------------------------------------------------------------------------- Japanese Yen (JPY) Put 12 2/12/08 112.35 30,701,000,000 3,702,234 ---------------------------------------------------------------------------------------------------- U.S. Treasury Nts. 4.25%, 11/15/17 Put 12 1/14/08 100.563 490,400,000 1,781,525 ----------- Total Options Purchased (Cost $20,100,146) 20,465,740 [Enlarge/Download Table] SHARES ------------------------------------------------------------------------------------------------------------------------ INVESTMENT COMPANIES--8.8% ------------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl. E, 5.03% 16,17 (Cost $888,759,890) 888,759,890 888,759,890 11 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] VALUE ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $9,193,477,361) 96.7% 9,706,541,776 ------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 3.3 330,467,306 ---------------------------- NET ASSETS 100.0% $10,037,009,082 ============================ 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 PEN Peruvian New Sol PHP Philippines Peso PLZ Polish Zloty RON New Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia UYU Uruguay Peso VND Vietnam Dong ZMK Zambian Kwacha 1. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2007 was $629,455,844, which represents 6.27% of the Fund's net assets, of which $2,483,846 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows: [Enlarge/Download Table] ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION --------------------------------------------------------------------------------------------------------- Deutsche Bank AG, Opic Reforma Credit Linked Nts., 9.205%, 10/3/15 12/28/07 $ 2,490,580 $ 2,483,846 $ 6,734 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 $58,254,949. See accompanying Notes. 4. Represents the current interest rate on a security whose interest rate is 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. See accompanying Notes. 5. Zero coupon bond reflects effective yield on the date of purchase. 6. 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 $568,559,868 or 5.66% of the Fund's net assets as of December 31, 2007. 7. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 8. A sufficient amount of liquid assets has been designated to cover outstanding written put options. 9. A sufficient amount of liquid assets has been designated to cover outstanding written call options. 10. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 12 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- 11. 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. 12. Non-income producing security. 13. Issue is in default. See accompanying Notes. 14. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 15. When-issued security or delayed delivery to be delivered and settled after December 31, 2007. See accompanying Notes. 16. Rate shown is the 7-day yield as of December 31, 2007. 17. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 2007, 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 DECEMBER 31, 2007 ---------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E 1,166,273,150 2,580,964,729 2,858,477,989 888,759,890 [Enlarge/Download Table] DIVIDEND VALUE INCOME ---------------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E $ 888,759,890 $ 6,650,989 DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS VALUE PERCENT -------------------------------------------------------------------------------- United States $ 1,430,225,226 14.7% Germany 951,320,602 9.8 United Kingdom 802,356,447 8.3 Japan 794,314,924 8.2 Italy 537,632,187 5.5 France 534,406,479 5.5 Brazil 527,281,802 5.4 Turkey 346,939,791 3.6 Canada 339,692,714 3.5 Australia 311,663,572 3.2 Russia 300,179,928 3.1 Mexico 282,438,151 2.9 Spain 274,753,805 2.8 Belgium 243,135,410 2.5 Peru 218,583,598 2.3 Colombia 208,297,130 2.1 Greece 160,710,222 1.7 Nigeria 146,548,472 1.5 Argentina 137,661,181 1.4 Ukraine 121,681,322 1.3 The Netherlands 102,144,710 1.1 Philippines 96,404,949 1.0 Indonesia 75,610,935 0.8 Dominican Republic 73,447,916 0.8 Austria 71,570,099 0.7 Egypt 65,526,474 0.7 Kazakhstan 60,449,752 0.6 Uruguay 57,295,071 0.6 Denmark 56,968,829 0.6 Malaysia 50,873,949 0.5 Romania 49,345,701 0.5 Panama 46,780,991 0.5 Supranational 35,256,503 0.4 Poland 34,783,062 0.4 Ghana 30,531,673 0.3 Israel 30,069,446 0.3 India 29,694,558 0.3 13 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- Vietnam 17,767,683 0.2 Ireland 12,073,777 0.1 El Salvador 10,339,575 0.1 Zambia 9,779,972 0.1 Trinidad & Tobago 4,725,699 0.1 Guatemala 4,479,525 0.0 Swaziland 3,804,570 0.0 Costa Rica 3,560,944 0.0 Bulgaria 3,432,450 0.0 -------------------------- Total $ 9,706,541,776 100.0% ========================== -------------------------------------------------------------------------------- FOREIGN CURRENCY EXCHANGE CONTRACTS ARE AS FOLLOWS: -------------------------------------------------------------------------------- [Enlarge/Download Table] CONTRACT AMOUNT EXPIRATION UNREALIZED UNREALIZED CONTRACT DESCRIPTION BUY/SELL (000s) DATES VALUE APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------------------ Argentine Peso (ARP) Buy 296,200 ARP 1/22/08-1/24/08 $ 93,790,781 $ -- $ 437,504 Australian Dollar (AUD) Sell 199,012 AUD 1/8/08-4/10/08 173,539,079 3,167,660 704,603 Brazilian Real (BRR) Buy 330,736 BRR 2/6/08-1/5/10 180,822,879 17,786,033 -- British Pound Sterling (GBP) Buy 1,495 GBP 1/2/08 2,969,519 -- 9,119 British Pound Sterling (GBP) Sell 162,645 GBP 1/2/08-5/14/08 322,324,302 9,703,977 -- Canadian Dollar (CAD) Sell 332,925 CAD 1/8/08-4/10/08 335,228,150 6,677,035 1,346,614 Chilean Peso (CLP) Buy 16,861,000 CLP 1/16/08 33,842,708 -- 303,724 Chinese Renminbi (Yuan) (CNY) Sell 632,000 CNY 1/11/08 86,649,901 -- 622,541 Colombian Peso (COP) Sell 195,451,000 COP 2/6/08-3/4/08 96,086,740 -- 960,284 Czech Koruna (CZK) Buy 1,673,400 CZK 1/30/08 92,127,285 2,357,983 -- Dominican Republic Peso (DOP) Buy 107,721 DOP 1/8/08 3,244,614 48,140 -- Euro (EUR) Buy 924,590 EUR 1/2/08-5/14/08 1,350,371,052 28,229,991 131,717 Euro (EUR) Sell 728,090 EUR 1/2/08-4/29/08 1,063,341,051 4,300,922 18,915,772 Hungarian Forint (HUF) Buy 21,761,000 HUF 1/30/08-1/31/08 125,239,089 1,086,517 -- Indian Rupee (INR) Buy 15,126 INR 1/2/08 383,631 583 -- Indonesia Rupiah (IDR) Buy 659,110,000 IDR 1/31/08-2/29/08 70,118,089 179,422 704,726 Israeli Shekel (ILS) Buy 311,610 ILS 1/30/08-5/2/08 80,722,936 2,029,367 -- Japanese Yen (JPY) Buy 156,176,000 JPY 4/10/08 1,415,382,951 43,971,774 1,178,004 Japanese Yen (JPY) Sell 35,397,000 JPY 1/8/08-5/14/08 318,815,659 1,398,564 5,749,935 Malaysian Ringgit (MYR) Buy 541,505 MYR 1/30/08-4/10/08 164,855,297 1,149,927 -- Mexican Nuevo Peso (MXN) Buy 957,380 MXN 2/25/08-3/7/08 87,390,070 583,283 57,131 New Taiwan Dollar (TWD) Sell 3,054,000 TWD 1/17/08 94,170,557 497,763 -- New Turkish Lira (TRY) Buy 113,075 TRY 1/17/08-1/28/08 95,927,377 2,061,791 -- New Zealand Dollar (NZD) Buy 231,260 NZD 1/17/08-5/14/08 175,719,617 2,007,824 1,691,173 New Zealand Dollar (NZD) Sell 135,960 NZD 1/8/08-4/10/08 103,403,846 147,248 587,011 Norwegian Krone (NOK) Buy 305,380 NOK 5/14/08 55,956,701 -- 45,089 Norwegian Krone (NOK) Sell 305,380 NOK 4/10/08 56,029,134 -- 716,992 Peruvian New Sol (PEN) Buy 241,610 PEN 1/22/08 80,827,900 -- 718,128 Philippines Peso (PHP) Buy 5,373,000 PHP 1/30/08-2/29/08 130,287,773 6,425,050 -- Polish Zloty (PLZ) Buy 307,200 PLZ 1/30/08-4/10/08 124,249,133 1,250,415 1,030,301 Singapore Dollar (SGD) Buy 34,150 SGD 2/5/08 23,756,036 86,387 -- Singapore Dollar (SGD) Sell 142,350 SGD 2/11/08 99,056,470 -- 305,170 Slovak Koruna (SKK) Buy 1,619,150 SKK 1/30/08 70,383,443 89,383 -- 14 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] South African Rand (ZAR) Buy 1,140,720 ZAR 1/18/08-2/29/08 165,717,699 3,510,556 -- South Korean Won (KRW) Buy 157,316,000 KRW 1/30/08-4/30/08 169,375,341 -- 3,669,570 South Korean Won (KRW) Sell 91,320,000 KRW 2/11/08 98,260,229 -- 544,751 Swedish Krona (SEK) Buy 769,590 SEK 4/10/08 119,096,901 514,784 499,727 Swedish Krona (SEK) Sell 294,070 SEK 5/14/08 45,502,303 501,483 -- Swiss Franc (CHF) Buy 103,975 CHF 4/7/08-4/10/08 92,255,694 1,513,527 232,117 Swiss Franc (CHF) Sell 51,149 CHF 1/8/08-2/29/08 45,168,177 67,109 634,812 ---------------------------- Total unrealized appreciation and depreciation $141,344,498 $ 41,796,515 ============================ -------------------------------------------------------------------------------- FUTURES CONTRACTS ARE AS FOLLOWS: -------------------------------------------------------------------------------- [Enlarge/Download Table] UNREALIZED NUMBER OF EXPIRATION APPRECIATION/ CONTRACT DESCRIPTION BUY/SELL CONTRACTS DATE VALUE (DEPRECIATION) --------------------------------------------------------------------------------------------------------------------- Amsterdam Exchange Index Buy 66 1/18/08 $ 9,959,249 $ 232,846 Australia (Commonwealth of) Bonds, 10 yr. Sell 686 3/17/08 58,739,282 175,505 CAC 40 10 Index Sell 469 1/18/08 38,472,632 (513,818) Canada (Government of) Bonds, 10 yr. Buy 742 3/19/08 85,802,616 (158,884) DAX Index Buy 34 3/20/08 10,103,863 268,704 DAX Index Sell 231 3/20/08 68,646,835 (1,825,883) Euro-Bundesobligation, 5 yr. Buy 4,195 3/6/08 660,873,717 (9,839,605) Euro-Bundesobligation, 10 yr. Buy 2,943 3/6/08 485,842,346 (11,185,882) Euro-Bundesobligation, 10 yr. Sell 3,093 3/6/08 510,604,953 (244,737) Euro-Schatz Buy 12,288 3/6/08 1,853,603,305 (12,254,149) FTSE 100 Index Sell 474 3/20/08 60,774,226 (1,071,429) Japan (Government of) Bonds, 10 yr. Buy 729 3/11/08 894,158,956 3,644,630 Mexican Bolsa Index Sell 380 3/19/08 10,393,621 77,021 Nikkei 225 Index Sell 528 3/13/08 72,189,349 2,266,219 OMXS30 Index Sell 1,925 1/25/08 32,269,931 (526,829) Standard & Poor's 500 E-Mini Buy 467 3/20/08 34,492,620 (25,138) Standard & Poor's 500 E-Mini Sell 124 3/20/08 9,158,640 6,510 Standard & Poor's/MIB Index, 10 yr. Buy 33 3/20/08 9,373,099 48,433 Standard & Poor's/Toronto Stock Exchange 60 Index Buy 200 3/19/08 32,743,007 469,745 U.S. Long Bonds Buy 1,894 3/19/08 220,414,250 (2,232,189) U.S. Treasury Nts., 5 yr. Buy 2,931 3/31/08 323,234,344 525,957 U.S. Treasury Nts., 5 yr. Sell 1,552 3/31/08 171,156,500 516,728 U.S. Treasury Nts., 10 yr. Buy 512 3/19/08 58,056,000 304,000 U.S. Treasury Nts., 10 yr. Sell 3,752 3/19/08 425,441,625 (2,767,048) ------------------ $ (34,109,293) ================== -------------------------------------------------------------------------------- WRITTEN OPTIONS ARE AS FOLLOWS: -------------------------------------------------------------------------------- [Enlarge/Download Table] NUMBER OF EXERCISE EXPIRATION DESCRIPTION TYPE CONTRACTS PRICE DATE PREMIUM VALUE ------------------------------------------------------------------------------------------------------------- British Pound Sterling (GBP) Call 1,325,000 $ 1.99 1/4/08 $ 12,120 $ 12,311 British Pound Sterling (GBP) Call 1,495,000 1.98 1/2/08 12,822 8,894 British Pound Sterling (GBP) Call 1,495,000 1.99 1/3/08 11,757 6,084 British Pound Sterling (GBP) Call 1,550,000 2.01 1/7/08 14,885 3,348 British Pound Sterling (GBP) Put 1,325,000 1.99 1/4/08 12,120 12,311 15 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] British Pound Sterling (GBP) Put 1,495,000 1.98 1/2/08 13,341 9,783 British Pound Sterling (GBP) Put 1,495,000 1.99 1/3/08 11,757 19,209 British Pound Sterling (GBP) Put 1,550,000 2.01 1/7/08 15,196 44,841 Euro (EUR) Call 6,040,000 1.47 1/4/08 41,466 20,385 Euro (EUR) Call 6,040,000 1.47 1/7/08 41,773 41,773 Euro (EUR) Put 6,040,000 1.47 1/4/08 41,688 70,819 Euro (EUR) Put 6,040,000 1.47 1/7/08 41,773 41,773 Japanese Yen (JPY) Call 28,156,000,000 102.90 2/12/08 3,256,135 207,510 ------------------------- $ 3,526,833 $ 499,041 ========================= -------------------------------------------------------------------------------- CREDIT DEFAULT SWAP CONTRACTS ARE AS FOLLOWS: -------------------------------------------------------------------------------- [Enlarge/Download Table] BUY/SELL NOTIONAL CREDIT AMOUNT PAY/RECEIVE TERMINATION PREMIUM SWAP COUNTERPARTY REFERENCE ENTITY PROTECTION (000s) FIXED RATE DATE PAID/(RECEIVED) VALUE ------------------------------------------------------------------------------------------------------------------------------------ Barclays Bank plc: Republic of Turkey Sell $ 6,025 1.620% 4/20/12 $ -- $ 54,777 Russian Federation Sell 5,000 0.990 12/20/12 -- 35,275 ------------------------------------------------------------------------------------------------------------------------------------ Citibank NA, New York: Pakistan Sell 3,010 5.100 1/20/13 -- -- Republic of Hungary Buy 7,535 0.400 12/20/15 -- 114,769 Republic of Indonesia Sell 2,990 2.100 9/20/12 -- 78,741 Republic of Turkey Sell 4,520 2.470 4/20/17 -- 51,457 Ukraine Sell 2,500 2.320 8/20/12 -- 25,734 ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse International NJSC Naftogaz Sell 5,000 3.250 4/20/11 -- (670,714) ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG Republic of Peru Sell 1,200 1.320 4/20/17 -- (12,091) ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP Russian Federation Sell 5,000 0.995 12/20/12 -- 32,769 ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch International: Republic of Indonesia Sell 5,000 1.670 9/20/12 -- 45,720 Republic of Turkey Sell 3,070 2.470 4/20/17 -- 36,671 ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Istanbul Bond Co. SA for Finansbank Sell 17,390 1.300 3/24/13 -- (18,749) Republic of Indonesia Sell 6,000 2.230 9/20/12 -- 196,965 Republic of Peru Sell 4,960 1.040 6/20/17 -- (146,326) Republic of Turkey Sell 6,150 1.600 4/20/12 -- 44,519 Republic of Turkey Sell 5,150 2.750 11/20/16 -- 175,694 ------------------------------------------------------------------------------------------------------------------------------------ Republic of The UBS AG Philippines Sell 5,945 1.450 6/20/17 -- (243,516) ------------------------------ $ -- $ (198,305) ============================== 16 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS 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: Six-Month Tasa Nominal Annual $5,126,000,000 CLP (TNA-Chile) 6.60% 8/21/17 $ 103,128 27,880,000 BRR BZDI 14.00 1/3/12 515,565 ----------------------------------------------------------------------------------------------------------------------------------- Six-Month Barclays Bank plc 492,450,000 NOK NOK NIBOR 5.54 11/5/17 (69,829) ----------------------------------------------------------------------------------------------------------------------------------- Citibank NA, London: Six-Month 16,830,000 PLZ WIBOR 5.52 3/24/10 43,868 Six-Month 26,928,000 PLZ WIBOR 5.55 3/25/10 74,500 ----------------------------------------------------------------------------------------------------------------------------------- Citibank NA, New York: 489,400,000 TWD 2.32% TWD-Telerate 6/27/11 82,572 Three-Month 2,963,000,000 TWD 2.94 TWD 11/6/17 (1,861,509) Six-Month Tasa Nominal Annual 4,101,000,000 CLP (TNA) 6.53 8/25/17 48,226 ----------------------------------------------------------------------------------------------------------------------------------- Six-Month Credit Suisse First Boston, Inc. 46,785,000 PLZ WIBOR 4.48 7/1/10 (766,415) ----------------------------------------------------------------------------------------------------------------------------------- Credit Suisse International: 133,400,000 MXN MXN TIIE 8.30 12/17/26 (558,398) Six-Month Tasa Nominal Annual 4,101,000,000 CLP (TNA-Chile) 6.58 8/21/17 67,574 Three-Month ZAR-JIBAR 213,100,000 ZAR 10.64 SAFEX 11/7/08 34,070 ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: INR MIBOR- 490,200,000 INR 7.175 OIS Compound 6/27/11 (1,613) Three-Month 119,100,000 NZD NZD BBR FRA 7.82 11/5/17 (438,074) Six-Month 2,387,000,000 HUF 8.44 BUBOR 7/4/11 (536,522) Three-Month 578,290,000 SEK SEK-STIBOR 4.7875 11/14/17 (845,436) 17 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] Six-Month 15,892,000,000 HUF 6.57 HUF-BUBOR 11/6/17 1,981,722 ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 289,270,000 MXN MXN TIIE 9.84 12/31/09 807,165 ----------------------------------------------------------------------------------------------------------------------------------- CNY- Goldman Sachs International 107,900,000 CNY 4.00 CFXSREPOFIX01 2/16/17 578,232 ----------------------------------------------------------------------------------------------------------------------------------- J Aron & Co.: 46,300,000 BRR BZDI 10.67 1/2/12 (1,471,041) 140,720,000 MXN MXN TIIE 9.15 8/27/26 465,720 60,800,000 MXN MXN TIIE 9.33 9/16/26 295,170 53,700,000 BRR BZDI 12.92 1/2/14 43,078 26,730,000 BRR BZDI 12.87 1/2/14 (1,918) 53,240,000 BRR BZDI 12.71 1/4/10 115,683 110,230,000 BRR BZDI 12.61 1/4/10 105,976 99,100,000 BRR BZDI 12.26 1/2/15 (1,188,116) 45,260,000 BRR BZDI 12.29 1/2/15 (517,614) 27,880,000 BRR BZDI 14.05 1/2/12 557,162 ----------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank NA 34,270,000 BRR BZDI 13.91 1/2/12 560,463 ----------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Six-Month 55,540,000 PLZ WIBOR 4.53 7/5/10 (418,525) The greater of 0 and 8* (-0.0031375- (10 yr. CMS Index + 2 yr. CMS Index)) 131,690,000 quarterly $ 3,950,700 2/5/17 (311,377) ----------------------------------------------------------------------------------------------------------------------------------- Six-Month Morgan Stanley Capital Services, Inc. 122,500,000 EUR 4.713 EURIBOR 8/22/17 (20,578) ----------------------------------------------------------------------------------------------------------------------------------- UBS AG 100,000,000 BRR BZDI 10.67 1/2/12 (3,192,706) ----------------------------------------------------------------------------------------------------------------------------------- Westpac Banking Corp.: Six-Month EUR- 274,430,000 EUR EURIBOR-Telerate 4.24 11/29/10 (1,028,454) Three-Month 178,200,000 NZD 7.97 NZD-BBR-FRA 11/29/10 157,343 Three-Month 177,710,000 NZD 7.84 NZD-BBR-FRA 10/13/10 357,411 Three-Month 177,710,000 NZD 7.9075 NZD-BBR-FRA 10/19/10 275,794 ----------------------------------------------------------------------------------------------------------------------------------- $ (5,957,703) ============== 18 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CLP Chilean Peso CNY Chinese Renminbi (Yuan) EUR Euro HUF Hungarian Forint INR Indian Rupee MXN Mexican Nuevo Peso NOK Norwegian Krone NZD New Zealand Dollar PLZ Polish Zloty SEK Swedish Krona TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BUBOR Budapest Interbank Offered Rate BZDI Brazil Interbank Deposit Rate CMS Constant Maturity Swap CNY-CFXSREPOFIX01 Chinese Renminbi 7 Days Repurchase Fixing Rates EURIBOR Euro Interbank Offered Rate HUF Hungarian Forint MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate MIBOR-OIS Mid Market Interest Rate for French Franc/Austrian Schilling and India Swap Composites-Overnight Indexed Swap NIBOR Norwegian Interbank Offered Rate NZD-BBR-FRA New Zealand Dollar-Bank Bill Rate-Forward Rate Agreement STIBOR Stockholm Interbank Offered Rate TWD New Taiwan Dollar WIBOR Poland Warsaw Interbank Offer Bid Rate ZAR-JIBAR-SAFEX South African Rand-Johannesburg Interbank Agreed Rate-South African Futures Exchange -------------------------------------------------------------------------------- TOTAL RETURN SWAP CONTRACTS 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: Twelve-Month JPY BBA LIBOR plus 40 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom basket Return of a custom 6,482,965,082 JPY of securities basket of securities 4/8/08 $ (2,489,136) Twelve-Month GBP BBA LIBOR plus 35 basis points and if negative, the absolute value of the Total If positive, the Total Return of a custom basket Return of a custom 27,929,408 GBP of securities basket of securities 5/7/08 1,228,411 -------------------------------------------------------------------------------------------------------------------------------- 19 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: 16,760,000 Six-Month USD BBA LIBOR 5.46 times UDI 5/13/15 3,928,382 11,050,000 Six-Month USD LIBOR 5.25 times UDI 6/23/15 2,206,617 -------------------------------------------------------------------------------------------------------------------------------- One-Month BBA EURIBOR plus 10 basis points and if negative, the absolute value of the If positive, the Deutsche Bank AG, Total Return of a Total Return of a London 26,428,919 EUR custom equity basket custom equity basket 10/7/08 546,880 -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 11,580,000 Six-Month BBA LIBOR 5.10 times UDI 1/14/15 2,734,935 11,580,000 Six-Month BBA LIBOR 5.08 times UDI 1/20/15 2,968,657 -------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs International: One-Month USD BBA LIBOR and if negative, the If positive, the absolute value of the Total Return of the MSCI Daily Total MSCI Daily Total Return New Belgium Return New Belgium 7,930,842 USD Market Index USD Market Index 10/8/08 (104,667) One-Month USD BBA LIBOR and if negative, the If positive, the absolute value of the Total Return of the MSCI Daily Total MSCI Daily Total Return New Belgium Return New Belgium 1,489,014 USD Market Index USD Market Index 10/8/08 (20,491) One-Month USD BBA LIBOR and if negative, the If positive, the absolute value of the Total Return of the MSCI Daily Total MSCI Daily Total Return New Belgium Return New Belgium 1,037,320 USD Market Index USD Market Index 10/8/08 (14,447) If negative, the absolute value of the If positive, the Total Return of the Total Return of the 17,645,732 BRR BOVESPA 02/08 Index BOVESPA 02/08 Index 2/14/08 (303,280) If negative, the If positive, the absolute value of the Total Return of the Total Return of the INDF/S&P CNX NSE INDF/S&P CNX NSE NIFTY Index 01/08 NIFTY Index 01/08 (396,856,250) INR Future Future 2/7/08 (479,514) If negative, the If positive, the absolute value of the Total Return of the Total Return of the (10,448,080) CHF EURX SMI Index EURX SMI Index 3/25/08 85,618 -------------------------------------------------------------------------------------------------------------------------------- 20 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Capital Services, Inc.: The Constant Maturity Option Price 134,690,000 5.33% divided by 10,000 8/13/17 (2,595,478) The Constant Maturity Option Price 248,000,000 4.66 divided by 10,000 6/11/17 5,962,929 -------------------------------------------------------------------------------------------------------------------------------- One-Month EUR BBA LIBOR plus 30 basis points and if negative, the absolute value of the If positive, the Total Return of a Total Return of a Morgan Stanley custom basket of custom basket of International 26,615,800 EUR securities securities 10/7/08 (1,263,299) -------------------------------------------------------------------------------------------------------------------------------- $ 12,392,117 ============= Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currencies: BRR Brazilian Real CHF Swiss Franc EUR Euro GBP British Pound Sterling INR Indian Rupee JPY Japanese Yen Index abbreviations are as follows: BBA British Bankers' Association BBA LIBOR British Bankers' Association London-Interbank Offered Rate BOVESPA Sao Paulo Stock Exchange EURIBOR Euro Interbank Offered Rate EURX European Stock Exchange INDF/S&P CNX NSE Indian S&P National Stock Exchange Nifty Index LIBOR London-Interbank Offered Rate MSCI Morgan Stanley Capital International SMI Swiss Market Index -------------------------------------------------------------------------------- CURRENCY SWAPS ARE AS FOLLOWS: -------------------------------------------------------------------------------- [Enlarge/Download Table] SWAP NOTIONAL PAID BY RECEIVED BY TERMINATION COUNTERPARTY AMOUNT THE FUND THE FUND DATE VALUE ---------------------------------------------------------------------------------------------------------------- Credit Suisse International: Three Month USD 18,590,000 TRY BBA LIBOR 16.75% 2/26/12 $ 4,627,998 Three-Month USD 7,370,000 TRY BBA LIBOR 17.25 2/7/12 2,048,351 Three-Month USD 11,105,000 TRY BBA LIBOR 17.30 2/9/12 3,080,932 ---------------------------------------------------------------------------------------------------------------- Three-Month BBA Merrill Lynch International 3,840,000 TRY LIBOR 17.10 2/6/12 1,228,656 ------------- $ 10,985,937 ============= 21 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- Notional amount is reported in U.S. Dollars (USD), except for those denoted in the following currency: TRY New Turkish Lira Index abbreviation is as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate 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 reports. The Fund records a realized gain or loss when a structured security is sold or matures. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund 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. 22 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- As of December 31, 2007, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows: ------------------------------------------------------------ WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS ------------------------------------------------------------ Purchased securities $ 48,274,614 ------------------------------------------------------------ Sold securities 39,372,432 ------------------------------------------------------------ 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. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. 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 reports. 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 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 reports. 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. Foreign currency exchange 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 reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations in the annual and semiannual reports. 23 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- 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 that relate to broadly based securities indices (financial futures), debt securities (interest rate futures) and various commodities (commodity index futures). The Fund 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 reports. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. Realized gains (losses) are reported in the Statement of Operations in the annual and semiannual reports at the closing or expiration of futures contracts. 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 reports. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations in the annual and semiannual reports. 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 reports. 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. Written option activity for the year ended December 31, 2007 was as follows: 24 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- [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 45,582,300,000 7,569,510 17,426,300,000 4,306,712 Options closed or expired (9,076,795,000) (2,025,429) (8,346,880,000) (2,245,315) Options exercised (8,346,880,000) (2,249,917) (9,076,795,000) (2,022,439) -------------------------------------------------------------- Options outstanding as of December 31, 2007 28,173,945,000 $ 3,390,958 17,945,000 $ 135,875 ============================================================== 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 reports. The unrealized appreciation (depreciation) related to the change in the valuation of the notional amount of the swap is combined with the accrued interest due to (owed by) the Fund at termination or settlement. The net change in this amount during the period is included on the Statement of Operations in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. 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 reports. Risks of credit default swaps include, but are not limited to, the cost of paying for credit protection if there are no credit events. 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 movements of interest rates in the future, the payments made by the Fund under a swap agreement will be greater than the payments it received. 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 25 | OPPENHEIMER INTERNATIONAL BOND FUND
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Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS DECEMBER 31, 2007 / UNAUDITED -------------------------------------------------------------------------------- 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. ILLIQUID SECURITIES As of December 31, 2007, investments in securities included issues that are illiquid. 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. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. LOAN COMMITMENTS Pursuant to the terms of certain indenture agreements, the Fund has unfunded loan commitments of $24,636,364 at December 31, 2007. The Fund generally will maintain with its custodian, liquid investments having an aggregate value at least equal to the amount of unfunded 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. COMMITMENT TERMINATION UNFUNDED DATE AMOUNT ------------------------------------------------------------------------------- Deutsche Bank AG, Opic Reforma Credit Linked Nts. 10/20/13 $ 24,636,364 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 December 31, 2007, 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. 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 December 31, 2007 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 9,193,477,361 Federal tax cost of other investments 3,256,508,617 ----------------- Total federal tax cost $ 12,449,985,978 ================= Gross unrealized appreciation $ 616,528,559 Gross unrealized depreciation (117,349,277) ----------------- Net unrealized appreciation $ 499,179,282 ================= 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 12/31/2007, 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: 02/07/2008 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: 02/07/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 02/07/2008

Dates Referenced Herein   and   Documents Incorporated By Reference

Referenced-On Page
This N-Q Filing   Date First   Last      Other Filings
9/30/071324F-2NT, N-CSR, NSAR-B
11/15/0726
For The Period Ended12/31/07126
Filed On / Filed As Of / Effective As Of2/27/08
 
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