N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21775

Oppenheimer International Diversified 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: April 30

Date of reporting period: 10/31/2008

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Asset Class Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2008, and are based on the total market value of investments in affiliated companies.

9 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing.

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

Class A shares of the Fund were first offered on 9/27/05. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%.

Class B shares of the Fund were first publicly offered on 9/27/05. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 3% (since inception). Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 9/27/05. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class N shares of the Fund were first publicly offered on 9/27/05. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 9/27/05. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

10 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended October 31, 2008.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical”

11 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FUND EXPENSES Continued

section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	May 1, 2008		October 31, 2008		October 31, 2008
Actual
Class A	$	1,000.00	$	583.20	$	1.96
Class B		1,000.00		580.50		5.52
Class C		1,000.00		580.80		5.00
Class N		1,000.00		581.60		3.32
Class Y		1,000.00		583.90		0.60
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,022.74		2.50
Class B		1,000.00		1,018.25		7.04
Class C		1,000.00		1,018.90		6.38
Class N		1,000.00		1,021.02		4.24
Class Y		1,000.00		1,024.45		0.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding all underlying fund expenses, based on the 6-month period ended October 31, 2008 are as follows:

Class	Expense Ratios
Class A		0.49	%
Class B		1.38
Class C		1.25
Class N		0.83
Class Y		0.15

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager, Distributor and Transfer Agent that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

12 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF INVESTMENTS October 31, 2008 / Unaudited

	Shares			Value
Investment Companies—99.7%1
Fixed Income Fund—16.4%
Oppenheimer International Bond Fund, Cl. Y		30,213,557		$	167,383,108
Global Equity Funds—83.3%
Oppenheimer Developing Markets Fund, Cl. Y		4,573,160			122,606,428
Oppenheimer International Growth Fund, Cl. Y		19,897,909			358,759,294
Oppenheimer International Small Company Fund, Cl. Y		10,583,071			98,845,881
Oppenheimer International Value Fund, Cl. Y		5,096,183			45,712,765
Oppenheimer Master International Value Fund, LLC		12,535,242			71,549,111
Oppenheimer Quest International Value Fund, Inc., Cl. A		14,692,031			153,678,641
					851,152,120
Total Investments, at Value (Cost $1,693,377,920)		99.7	%		1,018,535,228
Other Assets Net of Liabilities		0.3			2,926,004
Net Assets		100.0	%	$	1,021,461,232

Footnotes to Statement of Investments

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended October 31, 2008, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares		Gross		Gross		Shares
	April 30, 2008		Additions		Reductions		October 31, 2008
Oppenheimer Developing Markets Fund, Cl. Y		4,989,058		165,810		581,708		4,573,160
Oppenheimer Institutional Money Market Fund, Cl. E		243,044		15,479,582		15,722,626		—
Oppenheimer International Bond Fund, Cl. Y		32,575,201		1,790,379		4,152,023		30,213,557
Oppenheimer International Growth Fund, Cl. Y		21,944,151		827,083		2,873,325		19,897,909
Oppenheimer International Small Company Fund, Cl. Y		12,203,893		569,009		2,189,831		10,583,071
Oppenheimer International Value Fund, Cl. Y		5,096,183		—		—		5,096,183
Oppenheimer Master International Value Fund, LLC		1,621,687		19,224,004		8,310,449		12,535,242
Oppenheimer Quest International Value Fund, Inc., Cl. A		24,253,433		4,525		9,565,927		14,692,031

F1 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

						Realized
	Value		Income			Loss
Oppenheimer Developing Markets Fund, Cl. Y	$	122,606,428	$	—		$	11,485,574
Oppenheimer Institutional Money Market Fund, Cl. E		—		4,532			—
Oppenheimer International Bond Fund, Cl. Y		167,383,108		4,701,708			2,759,802
Oppenheimer International Growth Fund, Cl. Y		358,759,294		—			28,756,769
Oppenheimer International Small Company Fund, Cl. Y		98,845,881		—			44,387,686
Oppenheimer International Value Fund, Cl. Y		45,712,765		—			—
Oppenheimer Master International Value Fund, LLC		71,549,111		1,101,015	a		24,170,558	a
Oppenheimer Quest International Value Fund, Inc., Cl. A		153,678,641		—			64,704,646
	$	1,018,535,228	$	5,807,255		$	176,265,035

a. Represents the amount allocated to the Fund from Oppenheimer Master International Value Fund, LLC.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

The market value of the Fund’s investments was determined based on the following inputs as of October 31, 2008:

	Investments in		Other Financial
Valuation Description	Securities		Instruments*
Level 1—Quoted Prices	$	1,018,535,228	$	—
Level 2—Other Significant Observable Inputs		—		—
Level 3—Significant Unobservable Inputs		—		—
Total	$	1,018,535,228	$	—

* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options and swaps are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

See accompanying Notes to Financial Statements.

F2 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

October 31, 2008

Assets
Investments, at value—see accompanying statement of investments—affiliated companies (cost $1,693,377,920)	$	1,018,535,228
Receivables and other assets:
Shares of beneficial interest sold		6,958,080
Dividends		715,736
Investments sold		442,341
Other		17,490
Total assets		1,026,668,875
Liabilities
Bank overdraft		1,038,409
Payables and other liabilities:
Shares of beneficial interest redeemed		3,489,569
Transfer and shareholder servicing agent fees		298,938
Distribution and service plan fees		214,746
Trustees’ compensation		83,028
Shareholder communications		62,024
Other		20,929
Total liabilities		5,207,643
Net Assets	$	1,021,461,232
Composition of Net Assets
Par value of shares of beneficial interest	$	136,927
Additional paid-in capital		1,821,709,450
Accumulated net investment loss		(279,889	)
Accumulated net realized loss on investments		(125,262,564	)
Net unrealized depreciation on investments		(674,842,692	)
Net Assets	$	1,021,461,232

F3 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $590,966,475 and 78,819,205 shares of beneficial interest outstanding)	$	7.50
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	7.96
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $90,406,329 and 12,240,180 shares of beneficial interest outstanding)	$	7.39
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $272,385,385 and 36,822,354 shares of beneficial interest outstanding)	$	7.40
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $45,744,826 and 6,138,239 shares of beneficial interest outstanding)	$	7.45
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $21,958,217 and 2,907,365 shares of beneficial interest outstanding)	$	7.55

See accompanying Notes to Financial Statements.

F4 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended October 31, 2008

Allocation of Income and Expenses from Master Fund1
Net investment income allocated from Oppenheimer Master International Value Fund, LLC:
Dividends (net of foreign tax withholding of $231,001)	$	1,558,165
Expenses2		(457,150	)
Net investment income from Oppenheimer Master International Value Fund, LLC		1,101,015
Investment Income
Dividends from affiliated companies		4,706,240
Interest		12,905
Other income		14,634
Total investment income		4,733,779
Expenses
Distribution and service plan fees:
Class A		1,191,852
Class B		731,672
Class C		2,256,468
Class N		163,706
Transfer and shareholder servicing agent fees:
Class A		942,879
Class B		229,803
Class C		447,707
Class N		91,988
Class Y		15,926
Shareholder communications:
Class A		32,753
Class B		14,952
Class C		10,363
Class N		2,185
Class Y		469
Trustees’ compensation		29,697
Custodian fees and expenses		5,381
Other		31,430
Total expenses		6,199,231
Less reduction to custodian expenses		(145	)
Less waivers and reimbursements of expenses		(153,966	)
Net expenses		6,045,120
Net Investment Loss		(210,326	)

1.	The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes.
See note 1 of accompanying Notes.
2.	Net of expense waivers and/or reimbursements of $3,457.

F5 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF OPERATIONS Unaudited / Continued

Realized and Unrealized Loss
Net realized loss on:
Investments from affiliated companies	$	(152,094,477	)
Allocated from Oppenheimer Master International Value Fund, LLC		(24,170,558	)
Net realized loss		(176,265,035	)
Net change in unrealized depreciation on:
Investments		(576,551,469	)
Allocated from Oppenheimer Master International Value Fund, LLC		(42,509,835	)
Net change in unrealized depreciation		(619,061,304	)
Net Decrease in Net Assets Resulting from Operations	$	(795,536,665	)

See accompanying Notes to Financial Statements.

F6 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	October 31, 2008			April 30,
	(Unaudited)			2008
Operations
Net investment income (loss)	$	(210,326	)	$	32,230,394
Net realized gain (loss)		(176,265,035	)		89,261,651
Net change in unrealized depreciation		(619,061,304	)		(206,286,407	)
Net decrease in net assets resulting from operations		(795,536,665	)		(84,794,362	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		—			(36,057,186	)
Class B		—			(4,401,925	)
Class C		—			(13,806,838	)
Class N		—			(1,800,723	)
Class Y		—			(695,491	)
		—			(56,762,163	)
Distributions from net realized gain:
Class A		—			(10,316,092	)
Class B		—			(1,593,227	)
Class C		—			(4,764,715	)
Class N		—			(551,857	)
Class Y		—			(184,016	)
		—			(17,409,907	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(90,202,398	)		541,361,652
Class B		(14,286,955	)		69,294,443
Class C		(42,900,955	)		247,319,760
Class N		7,934,548			39,971,969
Class Y		9,665,315			25,463,445
		(129,790,445	)		923,411,269
Net Assets
Total increase (decrease)		(925,327,110	)		764,444,837
Beginning of period		1,946,788,342			1,182,343,505
End of period (including accumulated net investment loss of $279,889 and $69,563, respectively)	$	1,021,461,232		$	1,946,788,342

See accompanying Notes to Financial Statements.

F7 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	October 31, 2008						Year Ended April 30,
Class A	(Unaudited)			2008			2007			20061
Per Share Operating Data
Net asset value, beginning of period	$	12.86		$	13.74		$	11.81		$	10.00
Income (loss) from investment operations:
Net investment income2		.01			.30			.32			.14
Net realized and unrealized gain (loss)		(5.37	)		(.61	)		1.90			1.91
Total from investment operations		(5.36	)		(.31	)		2.22			2.05
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.44	)		(.28	)		(.24	)
Distributions from net realized gain		—			(.13	)		(.01	)		—
Total dividends and/or distributions to shareholders		—			(.57	)		(.29	)		(.24	)
Net asset value, end of period	$	7.50		$	12.86		$	13.74		$	11.81
Total Return, at Net Asset Value3		(41.68	)%		(2.50	)%		19.05	%		20.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	590,967		$	1,142,139		$	695,478		$	182,910
Average net assets (in thousands)	$	962,191		$	1,004,386		$	397,871		$	56,852
Ratios to average net assets:4
Net investment income		0.26	%5		2.21	%5		2.60	%		2.10	%
Total expenses6		0.51	%5		0.43	%5		0.43	%		0.53	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.49	%		0.39	%		0.35	%		0.46	%
Portfolio turnover rate		14	%		6	%		1	%		0	%7

1.	For the period from September 27, 2005 (commencement of operations) to April 30, 2006.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of a master funds’ allocated expenses and/or net investment income.
6.	Total expenses including indirect expenses from affiliated funds, excluding investments in master fund, were as follows:

Six Months Ended October 31, 2008	1.27	%
Year Ended April 30, 2008	1.23	%
Year Ended April 30, 2007	1.17	%
Period Ended April 30, 2006	1.43	%

7. Less than 0.005%.

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

	Six Months
	Ended
	October 31, 2008			Year Ended April 30,
Class B	(Unaudited)			2008			2007			20061
Per Share Operating Data
Net asset value, beginning of period	$	12.73		$	13.63		$	11.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2		(.03	)		.17			.21			.09
Net realized and unrealized gain (loss)		(5.31	)		(.59	)		1.89			1.90
Total from investment operations		(5.34	)		(.42	)		2.10			1.99
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.35	)		(.22	)		(.23	)
Distributions from net realized gain		—			(.13	)		(.01	)		—
Total dividends and/or distributions to shareholders		—			(.48	)		(.23	)		(.23	)
Net asset value, end of period	$	7.39		$	12.73		$	13.63		$	11.76
Total Return, at Net Asset Value3		(41.95	)%		(3.32	)%		18.06	%		20.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90,406		$	174,717		$	118,894		$	33,843
Average net assets (in thousands)	$	145,108		$	156,641		$	69,567		$	10,159
Ratios to average net assets:4
Net investment income (loss)		(0.62	)%5		1.24	%5		1.74	%		1.34	%
Total expenses6		1.40	%5		1.29	%5		1.30	%		1.42	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.38	%		1.26	%		1.22	%		1.35	%
Portfolio turnover rate		14	%		6	%		1	%		0	%7

1.	For the period from September 27, 2005 (commencement of operations) to April 30, 2006.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of a master funds’ allocated expenses and/or net investment income.
6.	Total expenses including indirect expenses from affiliated funds, excluding investments in master fund, were as follows:

Six Months Ended October 31, 2008	2.16	%
Year Ended April 30, 2008	2.09	%
Year Ended April 30, 2007	2.04	%
Period Ended April 30, 2006	2.32	%

7. Less than 0.005%.

See accompanying Notes to Financial Statements.

F9 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	October 31, 2008			Year Ended April 30,
Class C	(Unaudited)			2008			2007			20061
Per Share Operating Data
Net asset value, beginning of period	$	12.74		$	13.64		$	11.77		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2		(.03	)		.20			.22			.04
Net realized and unrealized gain (loss)		(5.31	)		(.60	)		1.89			1.96
Total from investment operations		(5.34	)		(.40	)		2.11			2.00
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.37	)		(.23	)		(.23	)
Distributions from net realized gain		—			(.13	)		(.01	)		—
Total dividends and/or distributions to shareholders		—			(.50	)		(.24	)		(.23	)
Net asset value, end of period	$	7.40		$	12.74		$	13.64		$	11.77
Total Return, at Net Asset Value3		(41.92	)%		(3.20	)%		18.14	%		20.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	272,385		$	531,228		$	327,749		$	84,529
Average net assets (in thousands)	$	447,437		$	459,758		$	184,470		$	24,928
Ratios to average net assets:4
Net investment income (loss)		(0.49	)%5		1.46	%5		1.81	%		0.67	%
Total expenses6		1.27	%5		1.18	%5		1.19	%		1.28	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25	%		1.15	%		1.12	%		1.21	%
Portfolio turnover rate		14	%		6	%		1	%		0	%7

1.	For the period from September 27, 2005 (commencement of operations) to April 30, 2006.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of a master funds’ allocated expenses and/or net investment income.
6.	Total expenses including indirect expenses from affiliated funds, excluding investments in master fund, were as follows:

Six Months Ended October 31, 2008	2.03	%
Year Ended April 30, 2008	1.98	%
Year Ended April 30, 2007	1.93	%
Period Ended April 30, 2006	2.18	%

7. Less than 0.005%.

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

	Six Months
	Ended
	October 31, 2008						Year Ended April 30,
Class N	(Unaudited)			2008			2007			20061
Per Share Operating Data
Net asset value, beginning of period	$	12.81		$	13.70		$	11.80		$	10.00
Income (loss) from investment operations:
Net investment income (loss)2		—	3		.25			.29			.10
Net realized and unrealized gain (loss)		(5.36	)		(.60	)		1.89			1.93
Total from investment operations		(5.36	)		(.35	)		2.18			2.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.41	)		(.27	)		(.23	)
Distributions from net realized gain		—			(.13	)		(.01	)		—
Total dividends and/or distributions to shareholders		—			(.54	)		(.28	)		(.23	)
Net asset value, end of period	$	7.45		$	12.81		$	13.70		$	11.80
Total Return, at Net Asset Value4		(41.84	)%		(2.79	)%		18.70	%		20.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45,745		$	70,481		$	35,342		$	5,989
Average net assets (in thousands)	$	64,994		$	53,978		$	17,382		$	1,477
Ratios to average net assets:5
Net investment income (loss)		(0.07	)%6		1.82	%6		2.32	%		1.61	%
Total expenses7		0.85	%6		0.75	%6		0.74	%		0.79	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83	%		0.71	%		0.67	%		0.72	%
Portfolio turnover rate		14	%		6	%		1	%		0	%8

1.	For the period from September 27, 2005 (commencement of operations) to April 30, 2006.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Includes the Fund’s share of a master funds’ allocated expenses and/or net investment income.
7.	Total expenses including indirect expenses from affiliated funds, excluding investments in master fund, were as follows:

Six Months Ended October 31, 2008	1.61	%
Year Ended April 30, 2008	1.55	%
Year Ended April 30, 2007	1.48	%
Period Ended April 30, 2006	1.69	%

8. Less than 0.005%.

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	October 31, 2008						Year Ended April 30,
Class Y	(Unaudited)			2008			2007			20061
Per Share Operating Data
Net asset value, beginning of period	$	12.93		$	13.80		$	11.84		$	10.00
Income (loss) from investment operations:
Net investment income2		.03			.37			.32			.09
Net realized and unrealized gain (loss)		(5.41	)		(.63	)		1.96			1.99
Total from investment operations		(5.38	)		(.26	)		2.28			2.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			(.48	)		(.31	)		(.24	)
Distributions from net realized gain		—			(.13	)		(.01	)		—
Total dividends and/or distributions to shareholders		—			(.61	)		(.32	)		(.24	)
Net asset value, end of period	$	7.55		$	12.93		$	13.80		$	11.84
Total Return, at Net Asset Value3		(41.61	)%		(2.17	)%		19.51	%		21.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,958		$	28,223		$	4,881		$	1,405
Average net assets (in thousands)	$	29,248		$	16,727		$	2,254		$	469
Ratios to average net assets:4
Net investment income		0.61	%5		2.72	%5		2.62	%		1.41	%
Total expenses6		0.17	%5		0.10	%5		0.02	%		0.08	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.15	%		0.07	%		(0.05	)%7		0.01	%
Portfolio turnover rate		14	%		6	%		1	%		0	%8

1.	For the period from September 27, 2005 (commencement of operations) to April 30, 2006.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Includes the Fund’s share of a master funds’ allocated expenses and/or net investment income.
6.	Total expenses including indirect expenses from affiliated funds, excluding investments in master fund, were as follows:

Six Months Ended October 31, 2008	0.93	%
Year Ended April 30, 2008	0.90	%
Year Ended April 30, 2007	0.76	%
Period Ended April 30, 2006	0.98	%

7.	The amount of indirect expenses reimbursed for the class, including certain management fees and all distribution related service plan fees incurred indirectly, exceeded the amount of direct expenses it incurred.
8.	Less than 0.005%.

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer International Diversified Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek high total return through both capital appreciation and income. The Fund is a special type of mutual fund known as a “fund of funds” because it invests in other mutual funds. The Fund normally invests in a portfolio consisting of a target-weighted allocation in Class A or Class Y shares of other Oppenheimer funds (the “Underlying Funds”). The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

     The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. The Fund calculates the net asset value of its shares based upon the net asset value of the applicable Underlying Fund. For each Underlying Fund, the net asset value per share for a class of shares is determined 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 by dividing the value of the Underlying Fund’s net assets attributable to that class by the number of outstanding shares of that class on that day.

     Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical assets or liabilities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing assets and liabilities are not necessarily an indication of the risks associated with investing in

F13 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

those assets or liabilities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     The Fund classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds.

     To determine their net asset values, the Underlying Funds’ assets are valued primarily on the basis of current market quotations. In the absence of a readily available quoted market price, including for assets whose values have been materially affected by what the Manager identifies as a significant event occurring before the Underlying Fund’s assets are valued but after the close of their respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that Underlying Fund’s assets using consistently applied procedures under the supervision of the Board of Trustees. The methodologies used for valuing assets are not necessarily an indication of the risks associated with investing in those Underlying Funds.

     The Underlying Funds’ investments are classified as Level 1, Level 2 or Level 3 based on the inputs used in determining their value. Investments held by the Underlying Funds are typically classified as Level 1 or Level 2.

     Fair valued assets may be classified as “Level 3” if the valuation primarily reflects the Manager’s own assumptions about the inputs that market participants would use in valuing such securities.

     There have been no significant changes to the fair valuation methodologies during the period.

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

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

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

F14 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

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

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.

Investments in Oppenheimer master fund. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master International Value Fund, LLC (the “master fund”). The master fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one master fund than in another, the Fund will have greater exposure to the risks of that master fund.

     The investment objective of Oppenheimer Master International Value Fund, LLC (“Master International Value”) is to seek long-term capital appreciation by investing in common stocks of foreign companies that the Manager believes are undervalued. The Fund’s investment in the master fund is included in the Statement of Investments. The Fund recognizes income and gain (loss) on its investment in the master fund according to its allocated pro-rata share, based on its relative proportion of total outstanding master fund shares held, of the total net income earned and the net gain (loss) realized on investments sold by the master fund. As a shareholder, the Fund is subject to its proportional share of Master International Value’s expenses, including its management fee.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal

F15 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

     During the fiscal year ended April 30, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year.

     As of October 31, 2008, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $176,265,035 expiring by 2017. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended October 31, 2008, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The 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 October 31, 2008 are noted in the following table. 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 or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,736,915,682
Gross unrealized appreciation	$	1,136,256
Gross unrealized depreciation		(719,516,710	)
Net unrealized depreciation	$	(718,380,454	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended October 31, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	10,692
Payments Made to Retired Trustees		17
Accumulated Liability as of October 31, 2008		64,700

F16 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

F17 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended October 31, 2008						Year Ended April 30, 2008
	Shares			Amount			Shares			Amount
Class A
Sold		10,989,755		$	124,899,659			52,768,299		$	735,141,446
Dividends and/or distributions reinvested		—			—			2,945,852			40,330,255
Redeemed		(20,968,854	)		(215,102,057	)		(17,539,105	)		(234,110,049	)
Net increase (decrease)		(9,979,099	)	$	(90,202,398	)		38,175,046		$	541,361,652
Class B
Sold		1,508,122		$	16,796,664			7,617,637		$	104,370,736
Dividends and/or distributions reinvested		—			—			405,837			5,511,266
Redeemed		(2,995,709	)		(31,083,619	)		(3,020,805	)		(40,587,559	)
Net increase (decrease)		(1,487,587	)	$	(14,286,955	)		5,002,669		$	69,294,443
Class C
Sold		4,858,472		$	53,664,061			22,488,389		$	310,159,377
Dividends and/or distributions reinvested		—			—			1,110,872			15,096,793
Redeemed		(9,738,645	)		(96,565,016	)		(5,925,907	)		(77,936,410	)
Net increase (decrease)		(4,880,173	)	$	(42,900,955	)		17,673,354		$	247,319,760
Class N
Sold		1,643,536		$	18,285,091			3,912,356		$	53,125,101
Dividends and/or distributions reinvested		—			—			152,295			2,077,303
Redeemed		(1,008,875	)		(10,350,543	)		(1,141,668	)		(15,230,435	)
Net increase		634,661		$	7,934,548			2,922,983		$	39,971,969
Class Y
Sold		1,751,474		$	19,904,785			2,107,822		$	29,122,872
Dividends and/or distributions reinvested		—			—			59,815			822,456
Redeemed		(1,026,170	)		(10,239,470	)		(339,185	)		(4,481,883	)
Net increase		725,304		$	9,665,315			1,828,452		$	25,463,445

F18 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended October 31, 2008, were as follows:

	Purchases		Sales
Investment securities	$	231,939,583	$	362,090,044

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Manager does not charge a management fee, but rather collects indirect management fees from investments in the Underlying Funds. The weighted indirect management fees collected from the Underlying Funds, as a percent of average daily net assets of the Fund for the six months ended October 31, 2008 was 0.69%.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended October 31, 2008, the Fund paid $1,692,949 to OFS for services to the Fund.

     Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales

F19 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor’s aggregate uncompensated expenses under the Plans at September 30, 2008 for Class B, Class C and Class N shares were $2,654,961, $3,631,371 and $584,326, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class B		Class C		Class N
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor		Distributor		Distributor
October 31, 2008	$	414,301	$	26,046	$	237,059	$	79,992	$	5,002

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to a total expense limitation on the aggregate amount of combined direct (fund-of-funds level) and indirect expense so that as a percentage of average daily net assets they will not exceed the following annual rates: 1.75%, 2.50%, 2.50%, 2.00% and 1.45%, for Class A, Class B, Class C, Class N and Class Y, respectively. The Manager may modify or terminate this undertaking at any time without notice to shareholders.

     The Manager waived and/or reimbursed Fund expenses in amounts equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended October 31, 2008, the Manager waived $163 for IMMF management fees.

     The Distributor reimbursed Fund expenses in an amount equal to the distribution and service plan fees incurred through the Fund’s investment in the Class A shares of Oppenheimer Quest International Value Fund, Inc. which, for the six months ended October 31, 2008, was $152,077.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the six months ended October 31, 2008, OFS waived $1,726 for Class B shares. This undertaking may be amended or withdrawn at any time.

F20 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

5. Recent Accounting Pronouncement

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

F21 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

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F22 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

     The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

     Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

     Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio manager and the Manager’s asset allocation team, who provide research, analysis and other advisory services in regard to the Fund’s investments; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

13 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

     The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of George Evans, the portfolio manager for the Fund, and the experience of the portfolio managers and the investment performance of the investment companies in which the Fund may invest (the “Underlying Funds”). The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, that the Fund benefits from the services provided under the Agreement.

     Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load international multi-cap core funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund’s since inception performance was better than its peer group median although its one-year performance was equal to its peer group median.

     Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and its affiliates and the other expenses borne by the Fund. The Board noted that the Fund does not pay a direct management fee but that the Fund indirectly bears its share of the management fees of the Underlying Funds. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other international multi-cap core and global multi-cap core funds of funds with comparable asset levels and distribution features. The Board noted that the Manager has agreed to voluntarily limit certain direct (Fund level) and indirect (Underlying Fund level) fees and

14 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

expenses so that, as a percentage of average daily net assets, the Fund’s total annual operating expenses will not exceed the following rates: 1.75% for Class A shares, 2.50% for Class B shares, 2.50% for Class C shares, 2.00% for Class N shares and 1.45% for Class Y shares. The Manager may modify or terminate this undertaking at any time without notice to shareholders. The Board noted that the Fund’s total expenses were lower than its peer group median.

     Economies of Scale. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund and the Underlying Funds, and the extent to which those economies of scale would benefit the Fund’s shareholders.

     Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.

     Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

     Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, in light of all of the surrounding circumstances.

15 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

     The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

16 | OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1.

The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.

The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s

background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.

The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

	The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.
4.	Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”
5.	Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

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 10/31/2008, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)  (1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer International Diversified Fund

By:	/s/ John V. Murphy John V. Murphy
	Principal Executive Officer
Date:	12/12/2008

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:	12/12/2008
By:	/s/ Brian W. Wixted Brian W. Wixted
	Principal Financial Officer
Date:	12/12/2008

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, John V. Murphy, certify that:

1.	I have reviewed this report on Form N-CSR of Oppenheimer International Diversified Fund;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 12/12/2008

/s/ John V. Murphy John V. Murphy

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1.	I have reviewed this report on Form N-CSR of Oppenheimer International Diversified Fund;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 12/12/2008

/s/ Brian W. Wixted Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer International Diversified Fund (the “Registrant”), each certify to the best of his knowledge that:

1.	The Registrant’s periodic report on Form N-CSR for the period ended 10/31/2008 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer International Diversified Fund	Oppenheimer International Diversified Fund
/s/ John V. Murphy John V. Murphy	/s/ Brian W. Wixted Brian W. Wixted
Date: 12/12/2008	Date: 12/12/2008