N-Q 1 rq880_12053nq.txt RQ880_12053NQ.TXT 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: December 31, 2004 ITEM 1. SCHEDULE OF INVESTMENTS. OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT OBLIGATIONS--1.3% -------------------------------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp. Nts., 3.75%, 7/15/09 [EUR] 16,635,000 $ 23,214,836 -------------------------------------------------------------------------------------------------------- Federal National Mortgage Assn. Sr. Unsec. Nts., 2.125%, 10/9/07 [JPY] 510,000,000 5,234,381 --------------- Total U.S. Government Obligations (Cost $25,005,964) 28,449,217 -------------------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT OBLIGATIONS--68.0% -------------------------------------------------------------------------------------------------------- ARGENTINA--1.5% Argentina (Republic of) Bonds: 1.98%, 8/3/12 1 15,620,000 13,140,731 2.352%, 5/3/05 1 396,000 389,383 Series PRE8, 2%, 1/3/10 2,3,4 [ARP] 15,670,000 7,891,670 Series PR12, 2%, 1/3/16 2,3,4 [ARP] 18,075,972 7,783,766 -------------------------------------------------------------------------------------------------------- Argentina (Republic of) Disc. Bonds, 3/31/23 2,3,4 660,000 372,900 -------------------------------------------------------------------------------------------------------- Argentina (Republic of) Unsec. Bonds: Series 4BR, 5%, 12/20/49 2,3,4 [JPY] 119,000,000 313,555 Series 4RG, 5%, 12/20/49 2,3,4 [JPY] 178,000,000 469,015 -------------------------------------------------------------------------------------------------------- Argentina (Republic of) Unsec. Unsub. Bonds, Series 6RG, 5.125%, 6/14/04 2,3,4 [JPY] 494,000,000 1,301,649 -------------------------------------------------------------------------------------------------------- Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 2,3,4 [ARP] 1,439,569 580,856 --------------- 32,243,525 -------------------------------------------------------------------------------------------------------- AUSTRALIA--2.3% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 62,395,000 50,144,006 -------------------------------------------------------------------------------------------------------- AUSTRIA--3.2% Austria (Republic of) Nts.: 3.80%, 10/20/13 [EUR] 29,045,000 40,087,903 5.50%, 10/20/07 [EUR] 2,440,000 3,566,639 Series 98-1, 5%, 1/15/08 [EUR] 9,795,000 14,191,673 -------------------------------------------------------------------------------------------------------- Austria (Republic of) Sr. Unsec. Unsub. Nts., Series 1, 5%, 7/15/12 [EUR] 6,525,000 9,769,212 --------------- 67,615,427 -------------------------------------------------------------------------------------------------------- BELGIUM--3.1% Belgium (Kingdom of) Bonds: 5%, 9/28/11 [EUR] 3,545,000 5,296,058 5.50%, 3/28/28 [EUR] 5,400,000 8,692,701 Series 19, 6.50%, 3/31/05 [EUR] 7,460,000 10,242,417 Series 32, 3.75%, 3/28/09 [EUR] 19,125,000 26,796,316 Series 35, 5.75%, 9/28/10 [EUR] 9,415,000 14,491,703 --------------- 65,519,195 -------------------------------------------------------------------------------------------------------- BRAZIL--3.4% Brazil (Federal Republic of) Bonds: 8.875%, 10/14/19 5,450,000 5,757,925 10.50%, 7/14/14 13,615,000 16,167,813 Series 15 yr., 3.125%, 4/15/09 1 15,883 15,804 -------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Debt Capitalization Bonds, Series 20 yr., 8%, 4/15/14 37,017,004 37,919,293 -------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Nts., 12%, 4/15/10 2,290,000 2,839,600 -------------------------------------------------------------------------------------------------------- Brazil (Federal Republic of) Unsec. Bonds, 4.75%, 4/10/07 4 [JPY] 500,000,000 4,940,470
1 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- BRAZIL Continued Brazil (Federal Republic of) Unsec. Unsub. Bonds: 10%, 8/7/11 1,530,000 1,780,920 11%, 8/17/40 3,135,200 3,723,834 Cl. B, 8.875%, 4/15/24 81,000 84,240 --------------- 73,229,899 -------------------------------------------------------------------------------------------------------- BULGARIA--0.2% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,505,000 1,888,775 8.25%, 1/15/15 5 1,505,000 1,888,775 --------------- 3,777,550 -------------------------------------------------------------------------------------------------------- COLOMBIA--1.4% Colombia (Republic of) Nts., 11.75%, 3/1/10 [COP] 40,874,000,000 17,859,462 -------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Bonds, 5.50%, 4/27/05 [JPY] 960,000,000 9,465,092 -------------------------------------------------------------------------------------------------------- Colombia (Republic of) Unsec. Unsub. Nts., 11.375%, 1/31/08 [EUR] 1,845,000 2,999,724 --------------- 30,324,278 -------------------------------------------------------------------------------------------------------- DENMARK--0.5% Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 59,310,000 11,237,639 -------------------------------------------------------------------------------------------------------- DOMINICAN REPUBLIC--0.1% Dominican Republic Bonds, Series REGS, 9.04%, 1/23/13 2,090,000 1,771,275 -------------------------------------------------------------------------------------------------------- ECUADOR--0.3% Ecuador (Republic of) Unsec. Bonds, 8%, 8/15/30 1 6,690,000 5,803,575 -------------------------------------------------------------------------------------------------------- EL SALVADOR--0.1% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 5 1,185,000 1,226,475 -------------------------------------------------------------------------------------------------------- FINLAND--2.6% Finland (Republic of) Bonds, 5.375%, 7/4/13 [EUR] 20,985,000 32,344,711 -------------------------------------------------------------------------------------------------------- Finland (Republic of) Sr. Unsec. Unsub. Bonds: 3,470,000 4,743,198 2.75%, 7/4/06 [EUR] 5%, 7/4/07 [EUR] 12,415,000 17,844,778 --------------- 54,932,687 -------------------------------------------------------------------------------------------------------- FRANCE--2.7% France (Government of) Obligations Assimilables du Tresor Bonds: 4%, 10/25/13 [EUR] 13,960,000 19,525,404 5.50%, 10/25/07 [EUR] 12,375,000 18,070,494 5.50%, 10/25/10 [EUR] 3,080,000 4,690,542 5.75%, 10/25/32 [EUR] 5,300,000 8,922,039 -------------------------------------------------------------------------------------------------------- France (Government of) Treasury Nts., 5 yr., 5%, 7/12/05 [EUR] 5,050,000 6,964,703 --------------- 58,173,182 -------------------------------------------------------------------------------------------------------- GERMANY--1.9% Germany (Republic of) Bonds: 2%, 6/17/05 [EUR] 7,865,000 10,685,154 5.375%, 1/4/10 [EUR] 7,205,000 10,813,866 Series 01, 5%, 7/4/11 [EUR] 9,135,000 13,621,170 Series 02, 5%, 7/4/12 [EUR] 4,200,000 6,283,730 --------------- 41,403,920 --------------------------------------------------------------------------------------------------------
2 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- GREECE--3.3% Greece (Republic of) Bonds: 5.35%, 5/18/11 [EUR] 25,040,000 $ 37,746,175 6.50%, 1/11/14 [EUR] 14,195,000 23,317,752 -------------------------------------------------------------------------------------------------------- Greece (Republic of) Sr. Unsub. Bonds, 4.65%, 4/19/07 [EUR] 6,980,000 9,907,938 --------------- 70,971,865 -------------------------------------------------------------------------------------------------------- GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 525,000 621,469 10.25%, 11/8/11 5 160,000 189,400 --------------- 810,869 -------------------------------------------------------------------------------------------------------- HUNGARY--0.5% Hungary (Government of) Bonds, Series 05/I, 8.50%, 10/12/05 [HUF] 1,918,660,000 10,586,703 -------------------------------------------------------------------------------------------------------- IRELAND--3.4% Ireland (Republic of) Treasury Bonds, 3.25%, 4/18/09 [EUR] 52,335,000 71,847,696 -------------------------------------------------------------------------------------------------------- ITALY--2.7% Italy (Republic of) Treasury Bonds: Buoni del Tesoro Poliennali, 4%, 3/1/05 [EUR] 6,980,000 9,515,836 Buoni del Tesoro Poliennali, 4.25%, 2/1/19 [EUR] 13,785,000 19,222,552 Buoni del Tesoro Poliennali, 4.50%, 3/1/07 [EUR] 14,745,000 20,853,843 Buoni del Tesoro Poliennali, 5%, 10/15/07 [EUR] 5,125,000 7,389,000 --------------- 56,981,231 -------------------------------------------------------------------------------------------------------- IVORY COAST--0.0% Ivory Coast (Government of) Past Due Interest Bonds, 3/29/18 2,3,4 [FRF] 16,007,500 559,746 -------------------------------------------------------------------------------------------------------- JAPAN--3.5% Japan (Government of) Bonds, 5 yr., Series 14, 0.40%, 6/20/06 [JPY] 7,578,800,000 74,352,044 -------------------------------------------------------------------------------------------------------- KOREA, REPUBLIC OF SOUTH--0.2% Korea (Republic of) Nts.: 4.25%, 6/1/13 1,445,000 1,387,892 8.875%, 4/15/08 2,160,000 2,510,058 --------------- 3,897,950 -------------------------------------------------------------------------------------------------------- MEXICO--3.4% Mexican Williams Sr. Nts., 3.242%, 11/15/08 1,4 500,000 521,875 -------------------------------------------------------------------------------------------------------- United Mexican States Bonds: 8.30%, 8/15/31 50,000,000 58,725,000 Series MI10, 8%, 12/19/13 [MXN] 111,905,000 8,979,184 Series M20, 8%, 12/7/23 [MXN] 43,415,000 3,152,279 -------------------------------------------------------------------------------------------------------- United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 205,000,000 2,181,038 --------------- 73,559,376 -------------------------------------------------------------------------------------------------------- NEW ZEALAND--0.2% New Zealand (Government of) Bonds, 7%, 7/15/09 6 [NZD] 7,110,000 5,332,205 -------------------------------------------------------------------------------------------------------- NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 1,375,000 1,292,500 -------------------------------------------------------------------------------------------------------- Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 628,586 544,275 --------------- 1,836,775
3 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- PANAMA--0.7% Panama (Republic of) Bonds: 7.25%, 3/15/15 6,670,000 $ 6,970,150 8.125%, 4/28/34 2,030,000 2,151,800 9.375%, 1/16/23 5,585,000 6,478,600 --------------- 15,600,550 -------------------------------------------------------------------------------------------------------- PERU--0.3% Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 7 5,742,145 3,467,451 -------------------------------------------------------------------------------------------------------- Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 3,400,000 3,706,000 --------------- 7,173,451 -------------------------------------------------------------------------------------------------------- POLAND--4.3% Poland (Republic of) Bonds: Series 0K0805, 5.15%, 8/12/05 7 [PLZ] 102,160,000 32,888,058 Series DS1013, 5%, 10/24/13 [PLZ] 55,940,000 17,579,996 Series WS0922, 5.75%, 9/23/22 [PLZ] 10,000,000 3,371,837 Series DS0509, 6%, 5/24/09 [PLZ] 114,745,000 38,153,843 --------------- 91,993,734 -------------------------------------------------------------------------------------------------------- PORTUGAL--3.1% Portugal (Republic of) Obrig Do Tes Medio Prazo Nts., 4.875%, 8/17/07 [EUR] 9,710,000 13,930,161 -------------------------------------------------------------------------------------------------------- Portugal (Republic of) Obrig Do Tes Medio Prazo Unsec. Unsub. Nts., 5.85%, 5/20/10 8,9 [EUR] 34,195,000 52,636,131 --------------- 66,566,292 -------------------------------------------------------------------------------------------------------- RUSSIA--5.1% Aries Vermoegensverwaltungs GmbH Credit Linked Nts., 9.60%, 10/25/14 23,330,000 28,835,763 -------------------------------------------------------------------------------------------------------- Aries Vermoegensverwaltungs GmbH Unsub. Nts., Series B, 7.75%, 10/25/09 4 [EUR] 2,500,000 3,873,862 -------------------------------------------------------------------------------------------------------- Ministry Finance of Russia Debs., Series VI, 3%, 5/14/06 4 3,590,000 3,531,860 -------------------------------------------------------------------------------------------------------- Russian Federation Unsec. Unsub. Bonds, 5%, 3/31/30 1,5 8,580,000 8,880,300 -------------------------------------------------------------------------------------------------------- Russian Federation Unsub. Nts., 5%, 3/31/30 1 62,210,000 64,152,507 --------------- 109,274,292 -------------------------------------------------------------------------------------------------------- SOUTH AFRICA--1.8% South Africa (Republic of) Bonds: Series R157, 13.50%, 9/15/15 [ZAR] 76,130,000 18,674,249 Series R186, 10.50%, 12/21/26 [ZAR] 31,865,000 7,465,362 Series R203, 8.25%, 9/15/17 [ZAR] 30,810,000 5,544,032 Series R204, 8%, 12/21/18 [ZAR] 34,150,000 6,028,740 --------------- 37,712,383 -------------------------------------------------------------------------------------------------------- SPAIN--2.5% Spain (Kingdom of) Bonds: Bonos y Obligacion del Estado, 4.25%, 10/31/07 [EUR] 8,945,000 12,673,461 Bonos y Obligacion del Estado, 4.80%, 10/31/06 [EUR] 5,500,000 7,786,047 Bonos y Obligacion del Estado, 5.35%, 10/31/11 [EUR] 8,060,000 12,281,448 Bonos y Obligacion del Estado, 5.75%, 7/30/32 [EUR] 5,200,000 8,729,667 -------------------------------------------------------------------------------------------------------- Spain (Kingdom of) Treasury Bills, 2.10%, 2/18/05 7 [EUR] 8,450,000 11,454,626 --------------- 52,925,249 --------------------------------------------------------------------------------------------------------
4 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- SWEDEN--0.5% Sweden (Kingdom of) Bonds, Series 1043, 5%, 1/28/09 [SEK] 63,420,000 $ 10,220,141 -------------------------------------------------------------------------------------------------------- THE NETHERLANDS--2.6% Netherlands (Kingdom of the) Bonds: 3.75%, 7/15/09 [EUR] 8,000,000 11,204,567 4.25%, 7/15/13 [EUR] 9,660,000 13,787,237 5%, 7/15/11 [EUR] 15,405,000 22,993,381 5.50%, 1/15/28 [EUR] 5,300,000 8,561,261 --------------- 56,546,446 -------------------------------------------------------------------------------------------------------- TURKEY--0.3% Turkey (Republic of) Nts., 7.25%, 3/15/15 6,680,000 6,897,100 -------------------------------------------------------------------------------------------------------- UKRAINE--0.2% Ukraine (Government of) Bonds, 7.65%, 6/11/13 3,800,000 4,066,000 -------------------------------------------------------------------------------------------------------- UNITED KINGDOM--4.9% United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 55,075,000 103,888,161 -------------------------------------------------------------------------------------------------------- VENEZUELA--1.1% Venezuela (Republic of) Collateralized Par Bonds, Series W-B, 6.75%, 3/31/20 159,000 158,603 -------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Debs., Series DL, 3.625%, 12/18/07 1 13,362 13,362 -------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Nts.: 8.50%, 10/8/14 12,564,000 13,353,019 10.75%, 9/13/13 8,700,000 10,408,680 --------------- 23,933,664 --------------- Total Foreign Government Obligations (Cost $1,300,858,900) 1,454,936,556 -------------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS--0.7% -------------------------------------------------------------------------------------------------------- Algeria (Republic of) Loan Participation Nts.: 0.938%, 3/4/10 1,4 [JPY] 194,879,283 1,882,800 2.183%, 3/4/10 1,4 745,250 734,071 2.813%, 9/4/06 1,4 657,141 650,569 -------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Indonesia (Republic of) Rupiah Loan Participation Nts., 2.636%, 3/21/05 1 5,390,000 5,396,199 Indonesia (Republic of) Rupiah Loan Participation Nts., 2.636%, 1/25/06 1 3,155,000 3,114,301 OAO Gazprom Loan Participation Nts., 6.50%, 8/4/05 4 3,005,000 3,068,706 --------------- Total Loan Participations (Cost $14,321,564) 14,846,646 -------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES--5.9% -------------------------------------------------------------------------------------------------------- Asia Aluminum Holdings Ltd., 8% Sr. Sec. Nts., 12/23/11 4 4,215,000 4,278,225 -------------------------------------------------------------------------------------------------------- Capital Gaming International, Inc., 11.50% Promissory Nts., 8/1/1995 2,3,4 2,000 -- -------------------------------------------------------------------------------------------------------- CITGO Trustees Cayman Ltd., 8.50% Nts., 12/21/14 4 1,330,000 1,333,325 -------------------------------------------------------------------------------------------------------- European Investment Bank Nts., 2.125%, 9/20/07 [JPY] 136,000,000 1,398,887 -------------------------------------------------------------------------------------------------------- Gazprom International SA, 7.201% Sr. Unsec. Bonds, 2/1/20 7,850,000 8,360,682 -------------------------------------------------------------------------------------------------------- General Electric Capital Corp., 1.40% Sr. Unsec. Unsub. Nts., 11/2/06 [JPY] 4,101,000,000 40,945,485 -------------------------------------------------------------------------------------------------------- Inter-American Development Bank: 1.90% Unsec. Bonds, 7/8/09 [JPY] 113,000,000 1,173,559 6.26% Nts., 12/8/09 1 [BRR] 11,200,000 4,227,410 --------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- International Bank for Reconstruction and Development (The), 2% Nts., 2/18/08 [JPY] 121,000,000 $ 1,248,613 -------------------------------------------------------------------------------------------------------- Japan (Government of) Unsec. Unsub. Nts., 2.875%, 7/28/05 [JPY] 3,320,000,000 32,922,594 -------------------------------------------------------------------------------------------------------- KfW International Finance, Inc., 2.05% Unsec. Unsub. Nts., 9/21/09 [JPY] 104,000,000 1,087,761 -------------------------------------------------------------------------------------------------------- Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 2,3,4 550,000 3,438 -------------------------------------------------------------------------------------------------------- Pemex Project Funding Master Trust, 9.125% Unsec. Unsub. Nts., 10/13/10 4,570,000 5,490,855 -------------------------------------------------------------------------------------------------------- Pfizer, Inc., 0.80% Unsec. Nts., Series INTL, 3/18/08 [JPY] 1,980,000,000 19,544,940 -------------------------------------------------------------------------------------------------------- Tengizchevroil LLP, 6.124% Nts., 11/15/14 5 3,330,000 3,354,975 --------------- Total Corporate Bonds and Notes (Cost $120,843,289) 125,370,749 SHARES -------------------------------------------------------------------------------------------------------- COMMON STOCKS--1.9% -------------------------------------------------------------------------------------------------------- Aegis Group plc 403,510 836,676 -------------------------------------------------------------------------------------------------------- All Nippon Airways Co. Ltd. 2,000 6,968 -------------------------------------------------------------------------------------------------------- Arriva plc 85,350 884,863 -------------------------------------------------------------------------------------------------------- BAE Systems plc 170,700 755,411 -------------------------------------------------------------------------------------------------------- Celesio AG 10,447 847,745 -------------------------------------------------------------------------------------------------------- Chubu Electric Power Co., Inc. 34,700 833,044 -------------------------------------------------------------------------------------------------------- CNP Assurances SA 11,802 845,406 -------------------------------------------------------------------------------------------------------- Continental AG 13,096 832,184 -------------------------------------------------------------------------------------------------------- Corus Group plc 3 768,150 744,760 -------------------------------------------------------------------------------------------------------- Dainippon Ink & Chemicals, Inc. 3,000 6,909 -------------------------------------------------------------------------------------------------------- E.ON AG 9,484 866,026 -------------------------------------------------------------------------------------------------------- Friends Provident plc 513,640 1,518,653 -------------------------------------------------------------------------------------------------------- Heidelberger Zement AG 14,093 853,970 -------------------------------------------------------------------------------------------------------- Hokkaido Electric Power Co. 42,024 826,372 -------------------------------------------------------------------------------------------------------- Imerys SA 10,510 882,143 -------------------------------------------------------------------------------------------------------- Japan Real Estate Investment Corp. 96 809,447 -------------------------------------------------------------------------------------------------------- Karstadt Quelle AG 77,950 805,247 -------------------------------------------------------------------------------------------------------- Kawasaki Kisen Kaisha Ltd. 118,943 767,628 -------------------------------------------------------------------------------------------------------- Klepierre 9,351 828,079 -------------------------------------------------------------------------------------------------------- Lafarge SA 8,515 821,755 -------------------------------------------------------------------------------------------------------- Lloyds TSB Group plc 99,381 902,492 -------------------------------------------------------------------------------------------------------- MAN AG 21,063 808,221 -------------------------------------------------------------------------------------------------------- Merck KGaA 13,818 944,740 -------------------------------------------------------------------------------------------------------- Mitsui O.S.K. Lines Ltd. 129,301 776,033 -------------------------------------------------------------------------------------------------------- Nippon Building Fund, Inc. 92 784,698 -------------------------------------------------------------------------------------------------------- Nippon Yusen Kabushiki Kaisha 151,000 813,428 -------------------------------------------------------------------------------------------------------- Novar plc 257,620 931,094 -------------------------------------------------------------------------------------------------------- NSK Ltd. 173,000 869,474 -------------------------------------------------------------------------------------------------------- Peninsular & Oriental Steam Navigation Co. 139,080 794,384 -------------------------------------------------------------------------------------------------------- Pilkington plc 392,170 828,221 -------------------------------------------------------------------------------------------------------- Rakuten, Inc. 97 111,127 -------------------------------------------------------------------------------------------------------- Rakuten, Inc. 3 873 783,800 -------------------------------------------------------------------------------------------------------- RMC Group plc 49,720 810,434 -------------------------------------------------------------------------------------------------------- Rolls-Royce Group plc 159,030 754,145 -------------------------------------------------------------------------------------------------------- RWE AG 15,026 829,218 -------------------------------------------------------------------------------------------------------- SABMiller plc 48,570 805,677 -------------------------------------------------------------------------------------------------------- Sega Sammy Holdings, Inc. 3 15,100 829,638 -------------------------------------------------------------------------------------------------------- Severn Trent plc 47,070 873,876 --------------------------------------------------------------------------------------------------------
6 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
SHARES VALUE -------------------------------------------------------------------------------------------------------- Showa Shell Sekiyu K.K. 89,398 $ 813,978 -------------------------------------------------------------------------------------------------------- Societe Generale, Cl. A 8,185 828,290 -------------------------------------------------------------------------------------------------------- Suedzucker AG 39,590 824,949 -------------------------------------------------------------------------------------------------------- Suez SA 34,014 907,102 -------------------------------------------------------------------------------------------------------- Tate & Lyle plc 85,050 771,942 -------------------------------------------------------------------------------------------------------- Technip SA 4,762 880,294 -------------------------------------------------------------------------------------------------------- Tohoku Electric Power Co. 45,100 809,837 -------------------------------------------------------------------------------------------------------- TonenGeneral Sekiyu K.K. 85,852 781,691 -------------------------------------------------------------------------------------------------------- Total SA, B Shares 3,630 795,546 -------------------------------------------------------------------------------------------------------- TUI AG 35,884 851,129 -------------------------------------------------------------------------------------------------------- Unibail 5,638 887,427 -------------------------------------------------------------------------------------------------------- United Utilities plc 74,360 899,413 -------------------------------------------------------------------------------------------------------- Vinci 6,465 868,210 --------------- Total Common Stocks (Cost $36,235,367) 40,743,794 UNITS -------------------------------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% ICG Communications, Inc. Wts., Exp. 9/15/05 3,4 495 5 -------------------------------------------------------------------------------------------------------- Loral Space & Communications Ltd. Wts., Exp. 1/15/07 3,4 50 1 -------------------------------------------------------------------------------------------------------- Protection One, Inc. Wts., Exp. 6/30/05 3,4 640 -- -------------------------------------------------------------------------------------------------------- Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 3,4 500 -- --------------- Total Rights, Warrants and Certificates (Cost $481) 6 PRINCIPAL AMOUNT -------------------------------------------------------------------------------------------------------- STRUCTURED NOTES--18.3% -------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Brazilian Real Linked Unsec. Nts., 1.12%, 2/2/05 $ 9,500,000 11,666,950 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 31,110,000,000 16,235,519 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 10 [COP] 12,430,000,000 6,449,809 Colombia (Republic of) Unsec. Credit Linked Nts., 3.12%, 11/20/09 17,040,000 17,268,336 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 11 [COP] 22,700,000,000 11,773,991 Colombia(Republic of) Unsec. Credit Linked Nts., 15%, 3/15/07 [COP] 7,400,000,000 3,838,217 Dominican Republic Peso Unsec. Credit Linked Nts., 24.05%, 3/21/05 [DOP] 258,787,000 8,520,267 Dominican Republic Peso Unsec. Credit Linked Nts., 24.32%, 3/7/05 [DOP] 240,620,000 8,075,376 Indonesia (Republic of) Recapitalization Unsec. Credit Linked Nts., 13.15%, 3/17/10 9,523,810 9,833,316 OAO Gazprom Russian Local Market Unsec. Credit Linked Nts., 15.462%, 11/8/05 11 4,406,270 5,273,190 Peruvian Sol Unsec. Linked Nts., 1.466%, 1/14/05 [PEN] 17,650,000 5,700,320 Ukraine Hryvnia Unsec. Credit Linked Nts., 7.50%, 5/6/05 4 [UAH] 41,174,000 7,754,049 Ukraine Hryvnia Unsec. Credit Linked Nts., 8%, 5/25/05 [UAH] 14,747,028 2,720,563 Ukraine Hryvnia Unsec. Credit Linked Nts., 8%, 5/27/05 [UAH] 18,167,000 3,351,486 -------------------------------------------------------------------------------------------------------- Credit Suisse First Boston International: Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/17/09 [RUR] 321,528,000 11,568,396 Moscow ( City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 [RUR] 277,800,000 11,014,790 Moscow ( City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 [RUR] 280,840,000 11,467,937 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 289,282,000 10,911,316 -------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc.: (Nassau Branch), Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 4,238,000 4,667,013
7 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 868, 27.50%, 8/25/05 $ 4,070,000 $ 3,603,090 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 872, 23.57%, 10/20/05 1 19,769,000 21,261,852 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 12,320,000 15,019,066 (Nassau Branch), Turkey (Republic of) Credit Linked Nts., Series NAS 316, 24.45%, 2/23/06 7,266,000 5,846,732 (USA), U.S. Dollar/South African Rand Linked Nts., Series FBi 43, 1.468%, 5/23/22 2,100,000 1,995,840 -------------------------------------------------------------------------------------------------------- Deutsche Bank AG: European Investment Bank Credit Bonds, 5.65%, 1/19/10 10 8,475,000 6,418,118 Indonesia (Republic of) Credit Linked Nts., 14.25%, 6/22/13 11,285,000 13,739,488 Indonesia (Republic of) Credit Linked Nts., 14.25%, 6/22/13 11,282,000 13,735,835 Korea (Republic of) Credit Bonds, 2.49%, 6/20/09 7,225,000 7,308,810 Nigeria (Federal Republic of) Naira Linked Nts., 13.25%, 3/17/05 [NGN] 1,170,917,000 8,540,703 Nigeria (Federal Republic of) Naira Linked Nts., 13.75%, 3/3/05 [NGN] 762,830,000 5,600,198 Nigeria (Republic of) Credit Linked Nts., 13.90%, 2/24/05 [NGN] 1,356,559,000 9,984,437 OAO Gazprom I Credit Nts., 6.20%, 10/20/07 1,435,000 1,527,777 OAO Gazprom II Credit Nts., 5.95%, 4/20/07 1,435,000 1,510,679 Romania (The State of) 3 yr. Linked Nts., 12.25%, 10/15/07 [ROL] 227,400,000,000 8,349,995 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [ROL] 33,200,000,000 1,244,632 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [ROL] 100,000,000,000 3,748,893 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/27/07 [ROL] 56,400,000,000 2,114,376 Romania (The State of) Leu Linked Nts., 11.49%, 12/4/06 [ROL] 91,186,500,000 3,168,643 Russian Federation Linked Nts., 15%, 3/11/05 [RUR] 141,112,000 5,232,191 Russian Federation Linked Nts., 8.40%, 12/2/09 [RUR] 233,573,000 8,485,306 Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/1/09 4 [UAH] 46,272,000 8,605,198 Ukraine (Republic of) Credit Linked Nts., 6.541%, 8/5/11 7,740,000 8,347,203 Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/1/09 [UAH] 13,256,000 2,465,217 Ukraine (Republic of) Hryvnia Credit Linked Nts., 12/17/05 [UAH] 17,602,000 3,310,403 Ukraine (Republic of) Hryvnia Credit Linked Nts., 11.70%, 5/31/06 [UAH] 20,689,000 3,894,480 -------------------------------------------------------------------------------------------------------- Lehman Brothers International: Turkey (Republic of) Treasury Bills Total Return Linked Nts., 20%, 10/17/07 13,040,000 15,654,520 Turkey (Republic of) Treasury Bills Total Return Linked Nts., 28.25%, 5/26/05 11,674,353 11,824,952 -------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc., Venezuela (Republic of) Credit Bonds, 5%, 9/20/09 3,260,000 3,611,624 -------------------------------------------------------------------------------------------------------- UBS AG: Israel (State of) Shekel Linked Nts., 7.50%, 4/5/14 [ILS] 56,205,300 14,014,896 OAO Gazprom III Credit Nts., 4.705%, 7/5/06 3,590,000 3,781,752 --------------- Total Structured Notes (Cost $360,664,827) 392,037,747 DATE STRIKE CONTRACTS -------------------------------------------------------------------------------------------------------- OPTIONS PURCHASED--0.3% -------------------------------------------------------------------------------------------------------- Brazilian Real Call 3 1/19/05 $2.80 14,125,000 127,125 -------------------------------------------------------------------------------------------------------- Euro Call 3,4 1/5/05 1.33 123,280,000 3,559,094 -------------------------------------------------------------------------------------------------------- Japanese Yen Call 3,4 1/3/05 103.97 14,122,000,000 1,906,470 -------------------------------------------------------------------------------------------------------- Turkish Lira Put 3 1/6/05 1.00 13,975,000 6,988 -------------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 5.375%, 2/15/31 Call 3 1/18/05 109.285% 79,220 278,552 --------------- Total Options Purchased (Cost $5,063,577) 5,878,229
8 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.8% -------------------------------------------------------------------------------------------------------- Undivided interest of 8.63% in joint repurchase agreement (Principal Amount/Value $1,443,703,000, with a maturity value of $1,443,962,867) with UBS Warburg LLC, 2.16%, dated 12/31/04, to be repurchased at $124,646,432 on 1/3/05, collateralized by Federal National Mortgage Assn., 5%--6%, 4/1/34--10/1/34, with a value of $1,474,609,071 (Cost $124,624,000) $ 124,624,000 $ 124,624,000 -------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding investments purchased with cash collateral from securities loaned) (Cost $1,987,617,969) 2,186,886,944 -------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--0.9% -------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTES --0.0% Whitehawk CDO Funding Corp., 2.56%, 3/15/05 12 2,000,000 2,000,000 -------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS --0.9% Undivided interest of 0.65% in joint repurchase agreement (Principal Amount/Value $2,800,000,000, with a maturity value of $2,800,550,669) with Nomura Securities, 2.36%, dated 12/31/04, to be repurchased at $18,290,780 on 1/3/05, collateralized by U.S. Government Mortgage Agencies, 2.58%-7.50%, 1/15/08-10/15/44, with a value of $2,908,566,289 12 18,287,184 18,287,184 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $20,287,184) 20,287,184 -------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $2,007,905,153) 103.1% 2,207,174,128 -------------------------------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (3.1) (66,464,014) ------------------------------------ Net Assets 100.0% $2,140,710,114 ====================================
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 COP Colombian Peso DKK Danish Krone DOP Dominican Republic Peso EUR Euro FRF French Franc GBP British Pound Sterling HUF Hungarian Forint ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso NGN Nigeria Naira NZD New Zealand Dollar PEN Peruvian New Sol PLZ Polish Zloty ROL Romanian Leu RUR Russian Ruble SEK Swedish Krona UAH Ukraine Hryvnia ZAR South African Rand 1. Represents the current interest rate for a variable or increasing rate security. 2. Issue is in default. See accompanying Notes to Quarterly Statement of Investments. 3. Non-income producing security. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2004 was $65,917,175, which represents 3.08% of the Fund's net assets, of which $502,485 is considered restricted. See accompanying Notes to Quarterly Statement of Investments. 9 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- 5. 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 $15,539,925 or 0.73% of the Fund's net assets as of December 31, 2004. 6. A sufficient amount of liquid assets has been designated to cover outstanding written call options, as follows:
PRINCIPAL EXPIRATION EXERCISE PREMIUM SUBJECT TO CALL DATE PRICE RECEIVED VALUE --------------------------------------------------------------------------------------------------------- New Zealand (Government of) Bonds, 7%, 7/15/09 $7,110 3/7/05 $ 5.95 $ 20,019 $ 3,338
7. Zero coupon bond reflects effective yield on the date of purchase. 8. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes to Quarterly Statement of Investments. 9. A sufficient amount of securities has been designated to cover outstanding written put options, as follows.
CONTRACTS EXPIRATION EXERCISE PREMIUM SUBJECT TO PUT DATES PRICE RECEIVED VALUE ------------------------------------------------------------------------------------------------------- Brazilian Real (BRR) 14,125,000BRR 1/19/05 $ 2.65 $ 21,541 $ 98,522 Turkish Lira ( TRL) 13,975,000TRL 1/6/05 1.00 43,323 139,750 --------------------- $ 64,864 $ 238,272 =====================
10. When-issued security or forward commitment to be delivered and settled after December 31, 2004. See accompanying Notes to Quarterly Statement of Investments. 11. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts with an aggregate market value of $16,838,634. See accompanying Notes to Quarterly Statement of Investments. 12. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See accompanying Notes to Quarterly Statement of Investments. Distribution of investments representing geographic holdings, as a percentage of total investments at value, (excluding Investments Purchased with Cash Collateral from Securities Loaned) is as follows: Geographic Holdings Value Percent ------------------------------------------------------------------------- United States $246,307,677 11.2% Russia 197,895,132 9.0 Japan 117,898,710 5.3 United Kingdom 117,000,202 5.3 Poland 91,993,734 4.2 Colombia 85,890,150 3.9 Brazil 84,896,849 3.8 Turkey 84,774,325 3.8 Mexico 73,559,376 3.3 Ireland 71,847,696 3.2 Greece 70,971,865 3.2 Austria 67,615,427 3.1 France 66,717,434 3.0 Portugal 66,566,292 3.0 Belgium 65,519,195 3.0 Italy 56,981,231 2.6 The Netherlands 56,546,446 2.6 Finland 54,932,687 2.5 Spain 52,925,249 2.4 Australia 50,144,006 2.3 Germany 49,867,349 2.3 Indonesia 45,822,577 2.1 Ukraine 44,514,599 2.0 South Africa 39,708,223 1.8 Argentina 32,243,525 1.5 Venezuela 27,545,288 1.2 Nigeria 25,962,113 1.2 Romania 18,626,539 0.8 Dominican Republic 18,366,918 0.8 Panama 15,600,550 0.7 Israel 14,014,896 0.6 Peru 12,873,771 0.6 Denmark 11,237,639 0.5 Korea, Republic of South 11,206,760 0.5 Hungary 10,586,703 0.5 Sweden 10,220,141 0.5 Supranational 8,048,469 0.4 Ecuador 5,803,575 0.3 New Zealand 5,332,205 0.2 Bermuda 4,278,225 0.2 Bulgaria 3,777,550 0.2 Luxembourg 3,354,975 0.1 Algeria 3,267,440 0.1 Cayman Islands 1,333,325 0.1 El Salvador 1,226,475 0.1 Guatemala 810,869 0.0 Ivory Coast 559,746 0.0 ------------------------------------ Total $2,207,174,128 100.0% ==================================== 10 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- FEDERAL TAX. 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 December 31, 2004 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 $2,008,406,500 =============== Gross unrealized appreciation $ 203,114,283 Gross unrealized depreciation (4,346,655) --------------- Net unrealized appreciation $ 198,767,628 =============== 11 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- NOTES TO QUARTERLY 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 business. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges 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 traded on NASDAQ are valued based on the closing price provided 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. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic 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. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). STRUCTURED NOTES. The Fund invests in structured notes 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 notes 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 financial statements. The Fund records a realized gain or loss when a structured note is sold or matures. As of December 31, 2004, the market value of these securities comprised 18.3% of the Fund's net assets and resulted in unrealized gains of $31,372,920. SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis or forward commitment can take place up to ten days or more after the trade date. Normally the settlement date occurs within six months after the trade date; however, the Fund may, from time to time, purchase securities whose settlement date extends six months or more beyond 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 Fund maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The purchase of securities on a when-issued basis or forward commitment may increase the volatility of the Fund's net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of December 31, 2004, the Fund had purchased $12,903,204 of securities on a when-issued basis or forward commitment. 12 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be subject to a greater degree of credit risk, market fluctuations and loss of income and principal, and may be more sensitive to economic conditions than lower-yielding, higher-rated fixed-income securities. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of December 31, 2004, securities with an aggregate market value of $19,276,595, representing 0.90% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies 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. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized 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 foreign exchange gains and losses 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. JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. FOREIGN CURRENCY CONTRACTS. A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. 13 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of December 31, 2004, the Fund had outstanding foreign currency contracts as follows:
VALUATION EXPIRATION CONTRACT AMOUNT AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) DEC. 31, 2004 APPRECIATION DEPRECIATION ------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso ( ARP) 2/2/05 - 1/18/05 32,660ARP $ 10,987,530 $ 299,368 $ -- Australian Dollar (AUD) 1/21/05 21,950AUD 17,174,644 584,834 -- Brazilian Real (BRR) 1/14/05 -10/21/05 171,209BRR 60,017,838 5,816,306 -- British Pound Sterling (GBP) 1/21/05 8,900GBP 17,061,141 -- 89,159 Chilian Peso (CLP) 1/21/05 -1/24/05 20,713,710CLP 37,271,546 971,546 -- Colombian Peso (COP) 1/7/05- 3/16/05 65,500,875COP 27,736,251 1,482,766 -- Czech Koruna ( CZK) 4/22/05 327,676CZK 14,676,214 1,600,278 -- Euro ( EUR) 2/17/05 -4/1/05 79,615EUR 108,280,986 4,028,735 -- Indian Rupee (INR) 11/9/05-12/20/05 491,940INR 11,177,780 248,715 -- Japanese Yen (JPY) 3/15/05- 4/1/05 32,006,300JPY 314,189,139 15,075,104 -- Mexican Peso (MXN) 1/6/05 124,140MXN 11,124,388 3,721 -- New Zealand Dollar (NZD) 1/21/05 23,510NZD 16,937,001 291,921 -- Russian Ruble (RUR) 10/27/05 302,480RUR 10,758,823 396,370 -- Slovakia Korona (SKK) 2/18/05-3/21/05 658,400SKK 23,071,746 1,049,501 -- South Korean Won (KRW) 2/23/05 5,739,220KRW 5,537,808 143,804 -- Swedish Krona (SEK) 2/16/05 139,080SEK 20,938,683 885,855 -- ---------------------------- 32,878,824 89,159 ---------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 3/2/05 65,600AUD 51,174,858 -- 610,052 Brazilian Real (BRR) 1/4/05 11,382BRR 4,278,560 -- 64,491 British Pound Sterling (GBP) 5/9/05 - 6/8/05 33,635GBP 64,080,411 -- 2,334,658 Colombian Peso (COP) 1/18/05 14,760,400COP 6,261,583 -- 46,678 Euro ( EUR) 2/18/05 -6/8/05 44,725EUR 60,865,740 -- 2,688,844 Japanese Yen (JPY) 1/20/05-6/8/05 2,982,000JPY 29,270,679 -- 305,423 Norwegian Krone (NOK) 1/20/05-2/16/05 225,820,000NOK 37,304,827 -- 1,054,360 Swiss Franc (CHF) 1/20/05-4/1/05 46,870CHF 41,345,498 -- 360,085 Turkish Lira (TRL) 6/21/05 21,244,306,530TRL 14,546,156 -- 499,447 ---------------------------- 0 7,964,038 ---------------------------- Total unrealized appreciation and depreciation $32,878,824 $ 8,053,197 ============================
14 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- FUTURES CONTRACTS. A futures contract is a commitment to buy or sell a specific amount of a commodity Or financial instrument at a negotiated price on a stipulated future date. Futures contracts are traded on a commodity exchange. The Fund may buy and sell futures contracts that relate to broadly based securities indices (financial futures) or debt securities (interest rate futures) in order to gain exposure to or protection from changes in market value of stocks and bonds or interest rates. The Fund may also buy or write put or call options on these futures contracts. The Fund generally sells futures contracts as a hedge against increases in interest rates and decreases in market value of portfolio securities. The Fund may also purchase futures contracts to gain exposure to market changes as it may be more efficient or cost effective than actually buying securities. 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. The Fund recognizes a realized gain or loss when the contract is closed or has expired. Cash held by the broker to cover initial margin requirements on open futures contracts is noted in the Statement of Assets and Liabilities. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are noted in the Statement of Investments. The Statement of Assets and Liabilities reflects a receivable and/or payable for the daily mark to market for variation margin. Realized gains and losses are reported in the Statement of Operations as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported on the Statement of Operations. Risks of entering into futures contracts (and related options) include the possibility that there may be an illiquid market and that a change in the value of the contract or option may not correlate with changes in the value of the underlying securities. As of December 31, 2004, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS DEC. 31, 2004 (DEPRECIATION) --------------------------------------------------------------------------------------------------- CONTRACTS TO SELL CAC -40 10 Index 3/18/05 106 $ 5,514,680 $ 9,565 DAX Index 3/18/05 49 7,113,226 (11,948) FTSE 100 Index 3/18/05 134 12,342,376 (80,354) Japan (Government of) Bonds, 10 yr. 3/9/05 23 3,106,021 436,997 Japan (Government of) Bonds, 10 yr. 3/10/05 25 33,756,221 1,249,997 Nikkei 225 Index 3/10/05 51 5,713,672 (34,680,000) ------------- $(33,075,743) =============
15 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- OPTION ACTIVITY. The Fund may buy and sell put and call options, or write put and covered call options on portfolio securities in order to produce incremental earnings or protect against changes in the value of portfolio securities. The Fund generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. 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 and unrealized appreciation or depreciation is recorded. The Fund will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Securities designated to cover outstanding call options are noted in the Statement of Investments where applicable. Contracts subject to call, expiration date, exercise price, premium received and market value are detailed in a note to the Statement of Investments. Options written are reported as a liability in the Statement of Assets and Liabilities. Realized gains and losses are reported in the Statement of Operations. 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 of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity as of December 31, 2004 was as follows:
CALL OPTIONS PUT OPTIONS ------------------------------ --------------------------- PRINCIPAL/ PRINCIPAL/ NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS ------------------------------------------------------------------------------------------------ Options outstanding as of September 30, 2004 14,995,007,110 $ 1,096,886 -- $ -- Options written 7,110 20,019 28,100,000 64,863 Options closed or expired (14,995,007,110) (1,096,886) -- -- --------------------------------------------------------------- Options outstanding as of December 31, 2004 7,110 $ 20,019 28,100,000 $ 64,863 ===============================================================
16 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- INTEREST RATE SWAP CONTRACTS. The Fund may enter into an interest rate swap transaction to maintain a total return or yield spread on a particular investment, or portion of its portfolio, or for other non-speculative purposes. Interest rate swaps involve the exchange of commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments. The coupon payments are based on an agreed upon principal amount and a specified index. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Interest rate swaps are subject to credit risk (if the counterparty fails to meet its obligations) and interest rate risk. The Fund could be obligated to pay more under its swap agreements than it receives under them, as a result of interest rate changes. As of December 31, 2004, the Fund had entered into the following interest rate swap agreements:
FIXED RATE FLOATING RATE PAID BY RECEIVED BY UNREALIZED NOTIONAL THE FUND AT THE FUND AT FLOATING TERMINATION APPRECIATION SWAP COUNTERPARTY AMOUNT DEC. 31, 2004 DEC. 31, 2004 RATE INDEX DATES (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------------------------ Citibank Global Markets Holdings Inc. $ 333,000,000TWD 2.02% 1.06% 90 Day CPTW 3/4/09 $ (17,214) Citibank Global Markets Holdings Inc. 333,000,000TWD 2.02 1.14 90 Day CPTW 3/23/09 (9,130) Deutsche Bank AG 500,000,000INR 4.87 4.55 Six-Month MIFOR 3/22/09 500,272 Deutsche Bank AG, 5 yr. 454,000,000INR 4.83 4.97 IRS 1/14/09 397,921 Deutsche Bank AG, 5 yr. 187,000,000TWD 2.59 1.19 90 Day CPTW 8/19/09 (3,593) JP Morgan Chase Bank 13,500,000 3.342 2.56 Three-Month LIBOR flat 3/31/08 116,478 JP Morgan Chase Bank 3,880,000EUR 3.14 2.20 Six-Month LIBOR flat 7/14/08 (59,538) JP Morgan Chase Bank 1,080,000,000HUF 8.88 7.00 Six-Month LIBOR flat 7/14/08 (329,468) JP Morgan Chase Bank 65,000,000EUR 2.11 3.43 Six-Month LIBOR 10/8/09 1,387,102 JP Morgan Chase Bank 125,000,000EUR 2.21 4.11 Six-Month LIBOR 10/8/14 5,921,187 JP Morgan Chase Bank 161,780,000MXN 9.10 10.88 28 Day MXN TIIE 11/16/14 178,950 JP Morgan Chase Bank 49,550,000 4.74 2.41 Three-Month LIBOR flat 12/2/14 (368,650) JP Morgan Chase Bank 66,000,000ZAR 7.45 9.78 Three-Month LIBOR flat 2/20/11 1,069,113 JP Morgan Chase Bank 66,000,000ZAR 7.45 9.68 Three-Month LIBOR flat 2/18/11 1,013,161 Morgan Stanley Capital Services, Inc., 147,000,000EUR 3.06 2.24 Six-Month EURIBOR 12/3/05 (1,390,522) ----------- $ 8,406,069 ===========
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies. Index abbreviations and currencies are as follows: EUR Euro HUF Hungary Forints INR Indian Rupee MXN Mexican Peso TWD New Taiwan Dollar ZAR South African Rand CPTW Bloomberg Taiwan Secondary Commercial Papers EURIBOR Euro Interbank Offered Rate LIBOR London-Interbank Offered Rate MIFOR Mumbai Interbank Forward Offer Rates CREDIT SWAP CONTRACTS. The Fund may enter into a credit swap transaction to maintain a total return on a particular investment or portion of its portfolio, or for other non-speculative purposes. Because the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as a notional principal amount. The Fund records an increase or decrease to unrealized gain (loss), in the amount due to or owed by the Fund at termination or settlement. Credit swaps are subject to credit risks (if the counterparty fails to meet its obligations). The Fund pays an annual interest fee on the notional amount in exchange for the counterparty paying in a potential credit event. 17 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- As of December 31, 2004, the Fund entered into transactions to hedge credit risk. Information regarding the credit swaps is as follows:
UNREALIZED EXPIRATION NOTIONAL VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES AMOUNT DEC. 31, 2004 (DEPRECIATION) --------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Ltd.: Venezuela (Republic of) Credit Nts. 11/20/09 $ 6,960,000 $ (332,500) $ (332,500) Venezuela (Republic of) Credit Nts. 11/20/09 17,040,000 (545,845) (545,845) --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: Export-Import Bank of Korea Credit Bonds 6/20/09 1,440,000 (19,296) (19,296) Korea Deposit Insurance Corp. Credit Bonds 6/20/09 1,440,000 (19,152) (19,152) Korea Development Bank Credit Bonds 6/20/09 1,440,000 (18,720) (18,720) Korea Electric Power Corp. Credit Bonds 6/20/09 1,440,000 (19,728) (19,728) Panama (Republic of) Credit Nts. 5/13/08 1,835,000 (120,442) (120,442) Philippines (Republic of) 10 yr., Credit Bonds 7/25/13 2,335,000 66,373 66,373 Samsung Electronic Co. Ltd. Credit Bonds 6/20/09 1,440,000 (18,144) (18,144) United Mexican States Credit Bonds 9/20/13 2,790,000 (182,521) (182,521) Venezuela (Republic of) Credit Bonds 8/20/14 2,950,000 (1,533,210) (611,887) Venezuela (Republic of) Credit Bonds 10/20/09 6,960,000 (472,253) (472,253) Venezuela (Republic of) Credit Bonds 10/20/09 11,475,000 (700,054) (700,054) --------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Chile (Republic of) Credit Bonds 12/20/13 8,500,000 (354,424) (354,424) Export-Import Bank of Korea Credit Bonds 6/20/09 720,000 (15,733) (15,733) Inter-American Development Bank Credit Bonds 12/20/13 15,910,000 (13,366) (13,366) Jordan (Kingdom of) Credit Nts. 6/6/06 390,000 (1,173) (1,173) Korea Deposit Insurance Corp. Credit Bonds 6/20/09 720,000 (15,461) (15,461) Korea Development Bank Credit Bonds 6/20/09 720,000 (15,429) (15,429) Korea Electric Power Co. Credit Bonds 6/20/09 720,000 (16,508) (16,508) Russian Federation Credit Bonds 10/9/13 550,000 (31,535) (31,535) Samsung Electronics Co. Ltd. Credit Bonds 6/20/09 720,000 (15,612) (15,612) --------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Brazil (Federal Republic of) Credit Bonds 8/20/09 5,120,000 (793,598) (793,598) Russian Federation Credit Bonds 10/28/14 50,000,000 (2,256,253) (2,256,253) Turkey (Republic of) Credit Bonds 11/11/09 1,660,000 (64,176) (64,176) Turkey (Republic of) Credit Bonds 11/11/06 3,645,000 43,724 43,724 United Mexican States Credit Bonds 11/20/14 50,000,000 (1,221,520) (1,221,520) --------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Credit Bonds 8/20/09 5,770,000 (885,253) (885,253) Brazil (Federal Republic of) Credit Bonds 8/20/09 5,770,000 (898,097) (898,097) Panama (Republic of) Credit Bonds 11/20/14 3,810,000 (234,926) (234,926) Philippines (Republic of) Credit Bonds 6/20/09 5,000,000 (90,445) (90,445) Philippines (Republic of) Credit Bonds 6/20/09 5,000,000 (62,113) (62,113) Philippines (Republic of) Credit Bonds 6/20/09 2,500,000 (35,779) (35,779) Venezuela (Republic of) Credit Bonds 7/20/14 5,000,000 (1,370,785) (1,370,785) Venezuela (Republic of) Credit Bonds 2/20/14 2,135,000 (666,332) (666,332) Venezuela (Republic of) Credit Bonds 8/20/06 4,890,000 273,299 273,299 Venezuela (Republic of) Credit Bonds 8/20/06 2,445,000 (330,912) (330,912) --------------------------------------------------------------------------------------------------------------------------------- UBS AG: Brazil (Federal Republic of) Credit Bonds 10/20/09 4,780,000 (345,814) (345,814) Russian Federation Credit Bonds 11/4/14 4,290,000 (172,853) (172,853) Russian Federation Credit Bonds 11/5/14 2,145,000 (78,023) (78,023) Russian Federation Credit Bonds 11/2/14 4,290,000 (206,396) (206,396) Venezuela (Republic of) Credit Bonds 6/20/14 6,040,000 (1,533,210) (1,533,210) Venezuela (Republic of) Credit Bonds 8/20/06 3,260,000 (185,041) (185,041) Venezuela (Republic of) Credit Bonds 8/20/09 1,630,000 207,012 207,012 --------------- $ (14,380,901) ===============
18 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- SWAPTION TRANSACTIONS. The Fund may enter into a swaption transaction, whereby a contract that grants the holder, in return for payment of the purchase price (the "premium") of the option, the right, but not the obligation, to enter into an interest rate swap at a preset rate within a specified period of time, with the writer of the contract. The writer receives premiums and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Swaption contracts written by the Fund do not give rise to counterparty credit risk as they obligate the Fund, not its counterparty, to perform. Swaptions written are reported as a liability in the Statement of Assets and Liabilities. Written swaption activity as of December 31, 2004 was as follows:
CALL SWAPTIONS PUT SWAPTIONS ---------------------------- ---------------------------- NOTIONAL AMOUNT OF NOTIONAL AMOUNT OF AMOUNT PREMIUMS AMOUNT PREMIUMS ------------------------------------------------------------------------------------------------ Swaptions outstanding as of September 30, 2004 $ 50,550,000 $ 500,195 $ 62,395,000 $ 291,178 Swaptions written 49,050,000 485,365 62,395,000 215,509 Swaptions closed or expired (50,550,000) (500,195) (62,395,000) (291,178) --------------------------------------------------------------- Swaptions outstanding as of December 31, 2004 $49,050,000 $ 485,365 $62,395,000 $ 215,509 ===============================================================
As of December 31, 2004, the Fund had entered into the following swaption contracts:
NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTIONS AMOUNT DATES RATE RECEIVED VALUE ------------------------------------------------------------------------------------------- Deutsche Bank AG 62,395,000AUD 2/3/05 5.69% $ 215,509 $ 161,782 British Pound Sterling 49,050,000GBP 3/29/05 4.79 485,365 364,040 ---------------------- $ 700,874 $ 525,822 ======================
Notional amount is denoted in the following currencies: AUD Australian Dollar GBP British Pound Sterling 19 | OPPENHEIMER INTERNATIONAL BOND FUND OPPENHEIMER INTERNATIONAL BOND FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY. As of December 31, 2004, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Information concerning restricted securities and currency is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATE COST DEC. 31, 2004 APPRECIATION -------------------------------------------------------------------------------------------- Currency Russian Ruble 12/29/04 $ 500,140 $502,485 $2,346
SECURITIES LENDING. The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of December 31, 2004, the Fund had on loan securities valued at $19,960,925. Cash of $20,287,184 was received as collateral for the loans, and has been invested in approved instruments. 20 | OPPENHEIMER INTERNATIONAL BOND FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of 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 December 31, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by 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. (b) There have been no significant changes in 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. (a) Exhibits attached hereto. (Attach certifications as exhibits)