N-Q 1 rq880_18700nq.txt RQ880_18700NQ.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, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--8.2% ------------------------------------------------------------------------------------------------------------ U.S. Treasury Bills, 3.83%, 3/9/06 1 $ 306,085,000 $ 303,938,426 ------------------------------------------------------------------------------------------------------------ U.S. Treasury Nts., 3.75%, 3/31/07 2 10,000,000 9,917,970 ---------------- Total U.S. Government Obligations (Cost $313,900,808) 313,856,396 ------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--47.4% ------------------------------------------------------------------------------------------------------------ ARGENTINA--1.5% Argentina (Republic of) Bonds: 1.20%, 12/31/38 3 [EUR] 3,500,000 1,353,931 1.33%, 12/31/38 1,3 2,740,000 911,050 2%, 9/30/14(4) [ARP] 21,270,000 6,998,788 4.005%, 8/3/12 3 26,446,875 23,141,796 5.83%, 12/31/33 4 [ARP] 33,513,245 9,757,158 ------------------------------------------------------------------------------------------------------------ Argentina (Republic of) Unsec. Unsub. Bonds, 12/15/35 (linked to Argentina Gross Domestic Product) 4 [ARP] 96,429,878 1,574,560 ------------------------------------------------------------------------------------------------------------ Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 4,5 [ARP] 800,886 340,685 ------------------------------------------------------------------------------------------------------------ Central Bank of Argentina Bonds, 2%, 2/4/18 4 [ARP] 24,460,798 11,861,248 ---------------- 55,939,216 ------------------------------------------------------------------------------------------------------------ AUSTRALIA--2.1% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 109,915,000 82,241,693 ------------------------------------------------------------------------------------------------------------ AUSTRIA--1.5% Austria (Republic of) Nts.: 3.80%, 10/20/13 6 [EUR] 38,415,000 47,290,422 Series 98-1, 5%, 1/15/08 [EUR] 9,795,000 12,081,003 ---------------- 59,371,425 ------------------------------------------------------------------------------------------------------------ BRAZIL--1.5% Brazil (Federal Republic of) Bonds: 8%, 1/15/18 1,471,000 1,590,887 8.25%, 1/20/34 4,280,000 4,553,920 8.75%, 2/4/25 1 12,490,000 13,832,675 8.875%, 10/14/19 3,830,000 4,301,090 12.50%, 1/5/16 [BRR] 65,816,000 28,217,312 Series 15 yr., 5.25%, 4/15/09 3 12,354 12,339 ------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 1 2,160,000 2,305,800 ------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Bonds, 4.75%, 4/10/07 4 [JPY] 500,000,000 4,388,010 ---------------- 59,202,033 ------------------------------------------------------------------------------------------------------------ BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,815,000 8.25%, 1/15/15 6 1,440,000 1,742,400 ---------------- 3,557,400 ------------------------------------------------------------------------------------------------------------ COLOMBIA--1.5% Colombia (Republic of) Bonds, 12%, 10/22/15 [COP] 51,252,000,000 26,538,337 ------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 6,655,000 7,420,325
1 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ 11.75%, 3/1/10 [COP] 35,992,780,000 $ 17,694,312 ------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 7,025,000 7,622,125 ---------------- 59,275,099 ------------------------------------------------------------------------------------------------------------ DOMINICAN REPUBLIC--0.1% Dominican Republic Unsec. Unsub. Bonds: Series REG S, 9.04%, 1/23/18 1,588,704 1,678,069 Series REG S, 9.50%, 9/27/11 1,571,250 1,665,525 ---------------- 3,343,594 ------------------------------------------------------------------------------------------------------------ EL SALVADOR--0.0% El Salvador (Republic of) Bonds, 7.625%, 9/21/34 6 1,185,000 1,288,688 ------------------------------------------------------------------------------------------------------------ FRANCE--2.7% France (Government of) Obligations Assimilables du Tresor Bonds, 5.50%, 10/25/10 7 [EUR] 80,255,000 105,291,801 ------------------------------------------------------------------------------------------------------------ GERMANY--3.4% Germany (Republic of) Bonds: 5.25%, 1/4/11 [EUR] 23,640,000 30,759,959 5.375%, 1/4/10 [EUR] 38,715,000 49,844,984 Series 99, 4%, 7/4/09 [EUR] 41,770,000 51,107,882 ---------------- 131,712,825 ------------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 6 160,000 191,200 10.25%, 11/8/11 525,000 627,375 ---------------- 818,575 ------------------------------------------------------------------------------------------------------------ INDONESIA--0.3% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 6 120,000 120,000 7.25%, 4/20/15 6 200,000 206,250 ------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 4 8,620,000 9,381,146 ---------------- 9,707,396 ------------------------------------------------------------------------------------------------------------ ISRAEL--1.0% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 167,800,000 39,501,818 ------------------------------------------------------------------------------------------------------------ JAPAN--10.3% Japan (Government of) Bonds: 2 yr., Series 237, 0.20%, 10/15/07 [JPY] 29,367,000,000 248,878,073 10 yr., Series 239, 1.40%, 6/20/12 [JPY] 8,375,000,000 72,382,128 20 yr., Series 81, 2%, 9/20/25 [JPY] 8,653,000,000 73,682,751 ---------------- 394,942,952 ------------------------------------------------------------------------------------------------------------ MALAYSIA--1.1% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 4 [MYR] 107,980,000 30,998,360 ------------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 41,730,000 11,488,309 ---------------- 42,486,669 ------------------------------------------------------------------------------------------------------------ MEXICO--3.3% Mexican Williams Sr. Nts., 5.30%, 11/15/08 3,4 500,000 513,281
2 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ United Mexican States Bonds: Series B1, 9%, 4/12/06 8 [MXN] 124,640,000 $ 11,429,485 Series MI10, 8%, 12/19/13 [MXN] 230,788,000 21,418,299 Series M20, 8%, 12/7/23 3 [MXN] 43,415,000 3,858,127 Series MI10, 9.50%, 12/18/14 3 [MXN] 357,164,400 36,221,895 Series M20, 10%, 12/5/24 3 [MXN] 169,430,000 18,050,187 Series M10, 10.50%, 7/14/11 3 [MXN] 324,060,000 34,957,304 ------------------------------------------------------------------------------------------------------------ United Mexican States Unsec. Unsub. Nts., Series 6 BR, 6.75%, 6/6/06 [JPY] 205,000,000 1,784,309 ---------------- 128,232,887 ------------------------------------------------------------------------------------------------------------ NEW ZEALAND--2.0% New Zealand (Government of) Bonds, Series 70B, 6%, 7/15/08 [NZD] 109,845,000 75,092,816 ------------------------------------------------------------------------------------------------------------ NIGERIA--0.1% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 1,375,000 1,381,875 ------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 521,367 482,524 ---------------- 1,864,399 ------------------------------------------------------------------------------------------------------------ PANAMA--0.5% Panama (Republic of) Bonds: 8.125%, 4/28/34 1 15,845,000 17,746,400 9.375%, 4/1/29 1,650,000 2,083,125 ---------------- 19,829,525 ------------------------------------------------------------------------------------------------------------ PERU--3.5% Peru (Republic of) Bonds: 7.34%, 8/12/16 [PEN] 17,650,000 4,867,755 7.84%, 8/12/20 [PEN] 187,560,000 52,671,523 8.375%, 5/3/16 1 1,380,000 1,521,450 9.91%, 5/5/15 [PEN] 116,525,000 38,281,454 Series 2, 9%, 1/31/12 [PEN] 18,850,000 5,987,225 Series 7, 8.60%, 8/12/17 [PEN] 40,680,000 12,202,215 Series 8-1, 12.25%, 8/10/11 [PEN] 18,633,000 6,721,180 ------------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 8 5,086,479 3,033,322 ------------------------------------------------------------------------------------------------------------ Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 6,640,000 7,503,200 ---------------- 132,789,324 ------------------------------------------------------------------------------------------------------------ PHILIPPINES--0.1% Philippines (Republic of) Bonds: 8%, 1/15/16 1 550,000 577,500 9.50%, 2/2/30 4,026,000 4,740,615 ------------------------------------------------------------------------------------------------------------ Philippines (Republic of) Nts., 8.25%, 1/15/14 363,000 387,956 ---------------- 5,706,071 ------------------------------------------------------------------------------------------------------------ POLAND--0.9% Poland (Republic of) Bonds: Series DS1013, 5%, 10/24/13 [PLZ] 55,940,000 17,132,793 Series WS0922, 5.75%, 9/23/22 [PLZ] 10,000,000 3,248,388 ------------------------------------------------------------------------------------------------------------ Poland (Republic of) Nts., Series 0K0807, 4.19%, 8/12/07 8 [PLZ] 43,990,000 12,613,261 ---------------- 32,994,442
3 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ PORTUGAL--1.0% Portugal (Republic of) Obrig Do Tes Medio Prazo Unsec. Unsub. Nts., 5.85%, 5/20/10 [EUR] 28,945,000 $ 38,074,050 ------------------------------------------------------------------------------------------------------------ RUSSIA--0.8% Aries Vermoegensverwaltungs GmbH Unsub. Nts.: Series B, 7.75%, 10/25/09 6 [EUR] 2,500,000 3,391,635 Series C, 9.60%, 10/25/14 13,190,000 17,047,257 ------------------------------------------------------------------------------------------------------------ Ministry Finance of Russia Debs., Series VII, 3%, 5/14/11 3,970,000 3,540,883 ------------------------------------------------------------------------------------------------------------ Russian Federation Ministry of Finance Unsec. Debs., Series V, 3%, 5/14/08 8,890,000 8,430,209 ---------------- 32,409,984 ------------------------------------------------------------------------------------------------------------ SOUTH AFRICA--1.5% South Africa (Republic of) Bonds: Series R204, 8%, 12/21/18 [ZAR] 34,150,000 5,659,177 Series R203, 8.25%, 9/15/17 [ZAR] 30,810,000 5,175,775 Series R186, 10.50%, 12/21/26 [ZAR] 136,575,000 29,539,153 Series R157, 13.50%, 9/15/15 [ZAR] 76,130,000 16,983,192 ---------------- 57,357,297 ------------------------------------------------------------------------------------------------------------ SPAIN--0.3% Spain (Kingdom of) Bonds, Bonos y Obligacion del Estado, 5.35%, 10/31/11 [EUR] 8,060,000 10,655,332 ------------------------------------------------------------------------------------------------------------ TURKEY--0.5% Turkey (Republic of) Bonds, 8%, 2/14/34 6,820,000 7,544,625 ------------------------------------------------------------------------------------------------------------ Turkey (Republic of) Nts., 7.25%, 3/15/15 1 9,540,000 10,088,550 ---------------- 17,633,175 ------------------------------------------------------------------------------------------------------------ UNITED KINGDOM--5.2% United Kingdom Treasury Nts., 4%, 3/7/09 [GBP] 116,750,000 199,762,357 ------------------------------------------------------------------------------------------------------------ URUGUAY--0.1% Uruguay (Republic of) Unsec. Bonds, 8%, 11/18/22 4,685,000 4,813,838 ------------------------------------------------------------------------------------------------------------ VENEZUELA--0.5% Venezuela (Republic of) Bonds, 9.25%, 9/15/27 1 10,895,000 12,937,813 ------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Nts., 7%, 3/16/15 [EUR] 5,070,000 6,347,479 ---------------- 19,285,292 ---------------- Total Foreign Government Obligations (Cost $1,814,560,146) 1,825,181,973 ------------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS--0.2% ------------------------------------------------------------------------------------------------------------ Algeria (Republic of) Loan Participation Nts.: 0.878%, 3/4/10 3,4 [JPY] 159,446,686 1,345,228 4.809%, 9/4/06 3,4 328,572 327,751 4.809%, 3/4/10 3,4 609,750 606,701 ------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International, Export-Import Bank of Ukraine Loan Participation Nts., 6.80%, 10/4/12 1,500,000 1,478,603 ------------------------------------------------------------------------------------------------------------ Deutsche Bank AG, Indonesia (Republic of) Rupiah Loan Participation Nts., 3.938%, 1/25/06 3 3,155,000 3,131,338 ---------------- Total Loan Participations (Cost $6,808,906) 6,889,621 ------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--5.2% ------------------------------------------------------------------------------------------------------------ Aes Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 1,4 15,890,000 15,929,725 ------------------------------------------------------------------------------------------------------------ Alrosa Finance SA: 8.875% Nts., 11/17/14 2,400,000 2,756,640
4 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ 8.875% Nts., 11/17/14 6 $ 4,675,000 $ 5,369,705 ------------------------------------------------------------------------------------------------------------ Argentine Beverages Financial Trust, 7.375% Bonds, 3/22/12 4 1,445,000 1,459,450 ------------------------------------------------------------------------------------------------------------ Banco BMG SA, 9.15% Nts., 1/15/16 1,4 7,515,000 7,409,790 ------------------------------------------------------------------------------------------------------------ Cloverie plc, 8.741% Sec. Nts., Series 2005-93, 12/20/10 3,4 3,600,000 3,600,000 ------------------------------------------------------------------------------------------------------------ Dresdner Bank AG (Ukreximbank), 8.75% Bonds, 2/10/10 2,580,000 2,679,975 ------------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 4 [BRR] 13,295,000 6,055,329 ------------------------------------------------------------------------------------------------------------ HSBC Bank plc: 30,220,000 22,726,649 9.75% Sr. Unsec. Nts., 7/8/09 8 11.60% Sr. Unsec. Nts., 1/12/10 8 42,800,000 28,199,636 12.28% Sr. Unsec. Nts., 3/9/09 8 30,220,000 21,059,109 ------------------------------------------------------------------------------------------------------------ Iansa Overseas, 7.25% Sr. Unsec. Nts., 7/28/12 4 4,000,000 3,890,000 ------------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 3 [BRR] 11,200,000 4,472,384 8.81% Nts., 1/25/12 3 [COP] 15,694,714,310 7,303,489 ------------------------------------------------------------------------------------------------------------ International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 4 [TRY] 3,000,000 2,465,753 ------------------------------------------------------------------------------------------------------------ Kuznetski Capital SA, Bank of Moscow, 7.375% Nts., 11/26/10 4 5,560,000 5,740,700 ------------------------------------------------------------------------------------------------------------ Nak Naftogaz Ukraine, 8.125% Bonds, 9/30/09 3,900,000 4,048,005 ------------------------------------------------------------------------------------------------------------ Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09 4 [TRY] 5,000,000 3,776,379 ------------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 4,5 550,000 -- ------------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust, 9.125% Unsec. Unsub. Nts., 10/13/10 1 4,570,000 5,271,495 ------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 6 13,380,000 13,268,357 ------------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 4 [PEN] 26,033,700 7,494,751 ------------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 1,6 5,840,000 5,968,480 ------------------------------------------------------------------------------------------------------------ Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 6 2,381,000 2,297,665 ------------------------------------------------------------------------------------------------------------ UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 3 8,020,000 8,104,691 ------------------------------------------------------------------------------------------------------------ VTB Capital SA, 6.25% Bonds, 7/2/35 1,6 9,490,000 9,679,800 ---------------- Total Corporate Bonds and Notes (Cost $197,539,828) 201,027,957 SHARES ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--2.0% ------------------------------------------------------------------------------------------------------------ Aggreko plc 333,140 1,554,707 ------------------------------------------------------------------------------------------------------------ Amada Co. Ltd. 178,000 1,577,340 ------------------------------------------------------------------------------------------------------------ Arcelor 61,640 1,528,831 ------------------------------------------------------------------------------------------------------------ Aviva plc 124,600 1,511,329 ------------------------------------------------------------------------------------------------------------ Axa SA 49,080 1,583,957 ------------------------------------------------------------------------------------------------------------ Barratt Developments plc 94,520 1,603,440 ------------------------------------------------------------------------------------------------------------ BNP Paribas SA 18,700 1,513,189 ------------------------------------------------------------------------------------------------------------ BPB plc 110,470 1,468,232 ------------------------------------------------------------------------------------------------------------ British American Tobacco plc 9 67,550 1,510,848 ------------------------------------------------------------------------------------------------------------ Daido Steel Co. Ltd. 203,728 1,921,529 ------------------------------------------------------------------------------------------------------------ Deutsche Boerse AG 14,908 1,525,269 ------------------------------------------------------------------------------------------------------------ Deutsche Telekom AG 88,485 1,472,882 ------------------------------------------------------------------------------------------------------------ E.ON AG 15,444 1,599,124 ------------------------------------------------------------------------------------------------------------
5 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
SHARES VALUE ------------------------------------------------------------------------------------------------------------ Friends Provident plc 448,230 $ 1,461,376 ------------------------------------------------------------------------------------------------------------ Gecina SA 13,130 1,507,820 ------------------------------------------------------------------------------------------------------------ Hanson plc 143,590 1,578,618 ------------------------------------------------------------------------------------------------------------ Hochtief AG 36,284 1,626,760 ------------------------------------------------------------------------------------------------------------ IVG Immobilien AG 76,083 1,602,421 ------------------------------------------------------------------------------------------------------------ Keisei Electric Railway Co. Ltd. 220,860 1,516,908 ------------------------------------------------------------------------------------------------------------ Kubota Corp. 189,000 1,598,344 ------------------------------------------------------------------------------------------------------------ Lloyds TSB Group plc 180,911 1,520,483 ------------------------------------------------------------------------------------------------------------ MAN AG 29,616 1,580,605 ------------------------------------------------------------------------------------------------------------ Matsui Securities Co. Ltd. 149,060 2,061,595 ------------------------------------------------------------------------------------------------------------ Nikon Corp. 98,000 1,540,236 ------------------------------------------------------------------------------------------------------------ Nippon Mining Holdings, Inc. 224,160 1,603,749 ------------------------------------------------------------------------------------------------------------ Nippon Steel Corp. 434,612 1,532,116 ------------------------------------------------------------------------------------------------------------ OKI Electric Industry Co. 443,000 1,636,550 ------------------------------------------------------------------------------------------------------------ PagesJaunes Groupe SA 60,430 1,573,225 ------------------------------------------------------------------------------------------------------------ Peninsular & Oriental Steam Navigation Co. 193,140 1,548,496 ------------------------------------------------------------------------------------------------------------ Persimmon plc 77,460 1,676,525 ------------------------------------------------------------------------------------------------------------ Pilkington plc 573,110 1,469,184 ------------------------------------------------------------------------------------------------------------ Resolution plc 133,260 1,485,685 ------------------------------------------------------------------------------------------------------------ Rolls-Royce Group plc, B Shares 706,911 1,247 ------------------------------------------------------------------------------------------------------------ RWE AG, Non-Vtg., Preference 24,271 1,561,996 ------------------------------------------------------------------------------------------------------------ Shionogi & Co. Ltd. 120,000 1,690,084 ------------------------------------------------------------------------------------------------------------ Societe Generale, Cl. A 12,415 1,527,127 ------------------------------------------------------------------------------------------------------------ Sodexho Alliance SA 37,010 1,524,794 ------------------------------------------------------------------------------------------------------------ Suedzucker AG 66,588 1,560,896 ------------------------------------------------------------------------------------------------------------ Suez SA 51,694 1,609,566 ------------------------------------------------------------------------------------------------------------ Sumitomo Metal Industries 426,450 1,624,857 ------------------------------------------------------------------------------------------------------------ Taylor Woodrow plc 251,540 1,646,697 ------------------------------------------------------------------------------------------------------------ Technip SA 26,040 1,579,562 ------------------------------------------------------------------------------------------------------------ ThyssenKrupp AG 73,098 1,526,571 ------------------------------------------------------------------------------------------------------------ Tokyo Electron Ltd. 24,268 1,516,534 ------------------------------------------------------------------------------------------------------------ Tokyo Steel Manufacturing Co. Ltd. 113,449 1,637,337 ------------------------------------------------------------------------------------------------------------ TonenGeneral Sekiyu K.K. 138,000 1,483,733 ------------------------------------------------------------------------------------------------------------ Tosoh Corp. 332,000 1,466,731 ------------------------------------------------------------------------------------------------------------ TUI AG 76,269 1,556,676 ------------------------------------------------------------------------------------------------------------ Unibail 11,840 1,575,545 ------------------------------------------------------------------------------------------------------------ United Utilities plc 132,230 1,526,527 ---------------- Total Common Stocks (Cost $68,042,774) 77,107,853 UNITS ------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% ------------------------------------------------------------------------------------------------------------ Loral Space & Communications Ltd. Wts., Exp. 1/15/07 4,10 50 -- ------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 4,10 500 14,500 ---------------- Total Rights, Warrants and Certificates (Cost $481) 14,500
6 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--27.8% ------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Unsec. Credit Linked Nts., 4%, 4/16/10 11 [ARP] 16,540,000 $ 11,133,060 Brazil (Federal Republic of) Credit Linked Nts., 16.69%, 7/3/07 8 [BRR] 55,270,000 18,899,064 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 38,356,000 14,670,354 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 59,878,000 22,902,061 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 100,000,000 38,247,872 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.43%, 1/2/09 8 [BRR] 28,074,132 7,748,691 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.73%, 1/3/08 8 [BRR] 24,719,335 7,870,692 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14.81%, 1/5/10 8 [BRR] 32,035,902 7,691,603 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 12,570,000,000 6,330,354 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 6,942,469,928 4,273,027 Colombia (Republic of) Credit Linked Nts., Series V, 13.50%, 9/15/14 [COP] 28,015,000,000 16,257,889 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 31,110,000,000 19,147,923 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 12,430,000,000 7,650,552 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 11,705,100,000 7,204,383 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 256,400,000 7,690,503 Dominican Republic Credit Linked Nts., 17.08%, 11/6/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 52,160,000 1,331,778 Dominican Republic Credit Linked Nts., 22.41%, 3/10/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 319,516,460 9,077,159 Dominican Republic Credit Linked Nts., 19.69%, 3/31/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 249,890,000 7,026,031 Dominican Republic Credit Linked Nts., 15.64%, 5/2/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 305,780,000 8,496,666 Dominican Republic Credit Linked Nts., 14.11%, 7/10/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 274,400,000 7,399,506 Dominican Republic Unsec. Credit Linked Nts., 23.07%, 3/3/06 (linked to Dominican Republic Treasury Bills) 8 [DOP] 493,299,200 14,059,819 Dominican Republic Unsec. Credit Linked Nts., 16.18%, 4/24/06 (linked to Dominican Republic Treasury BILLS) 8 [DOP] 102,260,000 2,849,904 Dominican Republic Unsec. Credit Linked Nts., 14.67%, 5/15/06 (linked to Dominican Republic Treasury BILLS) 8 [DOP] 165,940,000 4,583,675 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.76%, 1/12/06 (linked to Egyptian Treasury Bills) 8 [EGP] 57,210,000 9,942,652 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 9.21%, 2/2/06 (linked to Egyptian Treasury Bills) 8 [EGP] 42,750,000 7,392,295 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.36%, 2/9/06 (linked to Egyptian Treasury Bills) 8 [EGP] 75,466,000 13,027,690 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.21%, 9/19/06 (linked to Egyptian Treasury Bills) 8 [EGP] 41,300,000 6,760,714 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 13,799,000 3,204,615 ------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston Corp. (Cayman), Turkey (Republic of) Credit Linked Nts., Series EMG 7, 15%, 2/10/10 [TRY] 37,857,000 32,208,584 ------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/17/09 [RUR] 321,528,000 11,332,359 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 [RUR] 277,800,000 11,501,945 Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 [RUR] 280,840,000 11,294,514 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 289,282,000 10,574,987 South African Rand Interest Bearing Linked Nts., Series FBi 43, 4.59%, 5/23/22 3 2,100,000 2,037,210
7 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE ------------------------------------------------------------------------------------------------------------ Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 30,400,000 $ 7,002,508 ------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc.: Turkey (Republic of) Credit Linked Nts., Series EMG 19, 16.90%, 7/5/06 8 [TRY] 20,350,000 14,068,548 Turkey (Republic of) Credit Linked Nts., Series EMG 4, 17.20%, 7/6/06 8 [TRY] 24,930,576 17,235,234 Turkey (Republic of) Credit Linked Nts., Series NAS 316, 22.66%, 2/23/06 8 7,266,000 9,772,261 ------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 4,238,000 4,774,573 Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 12,320,000 15,365,134 Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 9,163,000 2,110,657 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 65,490,000 15,085,336 ------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 4%, 12/21/11 [ARP] 35,580,000 28,250,391 Brazil Real Credit Linked Nts., 13.88%, 3/3/10 8 [BRR] 61,128,560 16,362,471 Campania Total Return Linked Nts., 2.862%, 7/30/10 3 [EUR] 40,150,000 47,390,756 Campania Total Return Linked Nts., 2.869%, 7/30/10 3 [EUR] 34,900,000 41,574,082 Egypt (The Arab Republic of) Total Return Linked Nts., 8.52%, 1/17/06 (linked to Egyptian Treasury Bills) 8 [EGP] 50,610,000 8,782,836 Egypt (The Arab Republic of) Total Return Linked Nts., 8.33%, 12/12/06 (linked to Egyptian Treasury Bills) 8 [EGP] 62,500,000 10,076,236 Egypt (The Arab Republic of) Total Return Linked Nts., 9.63%, 3/9/06 (linked to Egyptian Treasury Bills) 8 [EGP] 36,390,000 6,237,742 European Investment Bank, Russian Federation Credit Linked Nts., 6.23%, 1/19/10 8,475,000 6,805,425 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 8,130,948 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 12,412,800 12,976,341 Moscow (City of) Credit Linked Nts., 10%, 3/30/10 [RUR] 228,279,750 8,837,824 OAO Gazprom I Credit Nts., 8.36%, 10/20/07 1,435,000 1,534,804 OAO Gazprom II Credit Nts., 8.11%, 4/20/07 1,435,000 1,510,458 Romania (The State of) 3 yr. Linked Nts., 12.25%, 10/15/07 [RON] 22,740,000 7,921,224 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 3,320,000 1,174,193 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 5,640,000 1,994,714 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 10,000,000 3,536,726 Romania (The State of) Credit Linked Nts., 11.49%, 12/7/06 [RON] 9,118,650 3,014,645 Russian Federation Credit Linked Nts., 12/2/09 8 [RUR] 233,573,000 8,517,116 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 12 2,505,000 2,517,525 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 12 2,505,000 2,517,525 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 12 2,505,000 2,517,525 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 12 2,505,000 2,517,525 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 12 2,505,000 2,517,525 Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/1/09 4 [UAH] 37,017,600 8,168,747 Ukraine (Republic of) Credit Linked Nts., 11.70%, 5/31/06 [UAH] 20,689,000 4,202,508 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 3,228,000 763,799 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 11,438,000 2,706,423 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 27,990,000 5,531,442 Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/1/09 4 [UAH] 10,604,800 2,340,182 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 27,980,000 5,529,465
8 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE -------------------------------------------------------------------------------------------------------- Videocon International Ltd. Credit Linked Nts., 6.26%, 12/29/09 $ 7,300,000 $ 7,278,100 -------------------------------------------------------------------------------------------------------- ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 4 [UAH] 64,285,000 14,886,265 -------------------------------------------------------------------------------------------- ----------- JPMorgan Chase Bank: Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.55%, 1/2/15 8 [BRR] 114,770,000 14,791,553 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 8 [BRR] 51,226,300 6,602,043 Brazil (Federal Republic of) Credit Linked Nts., 15.33%, 1/2/15 8 [BRR] 138,200,796 17,811,312 Brazil (Federal Republic of) Credit Linked Nts., 2.73%, 11/30/12 8 [ARP] 35,605,000 8,381,709 Brazil (Federal Republic of) Credit Linked Nts., 13.85%, 4/1/10 8 [BRR] 129,150,391 33,332,875 Brazil (Federal Republic of) Credit Linked Nts., 12.68%, 6/1/13 8 [BRR] 75,340,000 11,732,909 Colombia (Republic of) Credit Linked Bonds, 13.50%, 8/3/20 [COP] 132,560,000,000 14,922,493 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 8,12 [COP] 153,800,000,000 24,423,696 Peru (Republic of) Credit Linked Nts., 8.19%, 9/2/15 8 [PEN] 40,860,000 4,751,163 Russian Federation Railways Credit Linked Nts., 6.59%, 6/15/07 [RUR] 297,950,000 10,321,588 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 3,850,000 3,701,775 -------------------------------------------------------------------------------------------------------- Lehman Brothers International: Romania (The State of) Total Return Linked Nts., 7.90%, 2/8/10 (linked to Romanian Treasury Bills) [RON] 10,726,400 3,766,054 Turkey (Republic of) Total Return Linked Nts., 15%, 2/11/10 (linked to Turkish Treasury Bills) [TRY] 12,515,000 10,704,240 Turkey (Republic of) Total Return Linked Nts., 20%, 10/17/07 (linked to Turkish Treasury Bills) 4,252,888 5,252,317 -------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.: Argentina (Republic of) Credit linked Nts., 9.655%, 12/20/15 20,000,000 20,130,000 Romania (The State of) Total Return Linked Nts., 6.50%, 3/8/10 (linked to Romanian Treasury Bills) [RON] 30,904,100 10,192,602 Romania (The State of) Total Return Linked Nts., 6.75%, 3/10/08 (linked to Romanian Treasury Bills) [RON] 36,650,000 12,176,015 Romania (The State of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 3,105,000 1,047,886 Romania (The State of) Total Return Linked Nts., 7.50%, 3/5/07 (linked to Romanian Treasury Bills) [RON] 5,155,000 1,748,131 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 3,101,000 1,049,955 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 7,453,000 2,523,481 Romania (The State of) Total Return Linked Nts., 7.90%, 2/11/08 (linked to Romanian Treasury Bills) [RON] 24,895,500 8,571,793 -------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Sr. Sub. Linked Nts., 15.45%, 1/2/14 [BRR] 40,700,000 16,297,058 Philippines (Republic of) Credit Linked Nts., 8.619%, 9/20/15 980,000 1,007,273 Philippines (Republic of) Credit Linked Nts., 8.652%, 9/20/15 3 30,000,000 32,218,200 United Mexican States Credit Linked Nts., 5.64%, 11/20/15 11,760,000 11,875,954 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 4,415,000 4,524,801 Venezuela (Republic of) Credit Linked Nts., 6.49%, 5/20/10 8,435,000 8,422,263 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 3,850,000 4,139,790 -------------------------------------------------------------------------------------------------------- UBS AG: Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 56,205,300 13,854,471 OAO Gazprom III Credit Nts., 6.81%, 7/5/06 3,590,000 3,758,341 -------------- Total Structured Notes (Cost $1,040,119,005) 1,069,891,611
9 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
STRIKE DATE PRICE CONTRACTS VALUE ------------------------------------------------------------------------------------------------------------ OPTIONS PURCHASED--0.1% ------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Unsub. Bonds, 11%, 8/17/40 PUT 4,10 1/10/06 118.35% $ 9,925,000 $ 99 ------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Unsub. Bonds, 11%, 8/17/40 PUT 10 1/18/06 119.20 9,925,000 993 ------------------------------------------------------------------------------------------------------------ Japanese Yen Call 4,10 1/5/06 113.55JPY 4,962,000,000 546 ------------------------------------------------------------------------------------------------------------ Japanese Yen Put 4,10 3/2/06 122.50JPY 17,455,000,000 224,471 ----------------------------------------------------------------------------------------------------------- Mexican Nuevo Peso Call 10 10/12/06 11.40MXN 176,016,000 210,079 ------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso Put 10 10/12/06 $ 11.40 176,016,000 864,541 -------------- Total Options Purchased (Cost $3,558,394) 1,300,729 NOTIONAL AMOUNT ------------------------------------------------------------------------------------------------------------ SWAPTIONS PURCHASED--0.0% ------------------------------------------------------------------------------------------------------------ Australian Dollar Call 10 2/9/06 5.65AUD 81,810,000AUD 107,852 ------------------------------------------------------------------------------------------------------------ Mexican Neuvo Peso Call 10 3/15/06 9.13MXN 485,160,000 742,792 -------------- Total Swaptions Purchased (Cost $901,969) 850,644 PRINCIPAL AMOUNT -------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--7.3% -------------------------------------------------------------------------------------------------------- Undivided interest of 19.76% in joint repurchase agreement (Principal Amount/Value $1,414,200,000, with a maturity value of $1,414,844,247) with UBS Warburg LLC, 4.10%, dated 12/30/05, to be repurchased at $279,581,307 on 1/3/06, collateralized by Federal Home Loan Mortgage Corp., 5%, 1/1/35, with a value of $157,513,104 and Federal National Mortgage Assn., 5%--5.50%, 3/1/34--10/1/35, with a value of $1,301,420,187 (Cost $279,454,000) $ 279,454,000 279,454,000 -------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $3,724,886,311) 3,775,575,284 -------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--7.3% -------------------------------------------------------------------------------------------------------- ASSET-BACKED FLOATING NOTE--0.3% Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 4.49%, 1/25/06 13 3,000,000 3,000,000 -------------------------------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 4.47%, 1/25/06 13 2,000,000 2,000,000 -------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 4.47%, 1/25/06 13 5,001,862 5,001,862 -------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 4.56%, 3/15/06 13 2,000,000 2,000,000 -------------- 12,001,862 DOMESTIC FLOATING CERTIFICATE OF DEPOSIT--0.1% Washington Mutual Bank, 4.36%, 1/20/06 13 3,499,911 3,499,911 -------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--6.3% Undivided interest of 7.73% in joint repurchase agreement (Principal Amount/Value $3,150,000,000, with a maturity value of $3,151,501,500) with Nomura Securities, 4.29%, dated 12/30/05, to be repurchased at $243,602,691 on 1/3/06, collateralized by U.S. Agency Mortgages, 3.34%--9.50%, 6/1/08--5/1/38, with a value of $3,213,000,000 13 243,486,629 243,486,629 -------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--0.1% CDC Financial Products, Inc., 4.35%, 1/3/06 13 1,000,000 1,000,000 -------------------------------------------------------------------------------------------------------- Citigroup Global Markets, Inc., 4.32%, 1/3/06 13 4,000,000 4,000,000 -------------- 5,000,000
10 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE --------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--0.5% Countrywide Financial Corp., 4.59%, 3/21/06 13 $ 1,999,883 $ 1,999,883 --------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 4.41%, 1/3/06 13 5,000,000 5,000,000 --------------------------------------------------------------------------------------------------------- Landsbanki Islands, 4.45%, 1/17/06 13 10,000,000 10,000,000 --------------- 16,999,883 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $280,988,285) 280,988,285 --------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $4,005,874,596) 105.5% 4,056,563,569 --------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (5.5) (209,749,694) ------------------------------- NET ASSETS 100.0% $3,846,813,875 ===============================
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 DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling ILS Israeli Shekel JPY Japanese Yen MXN Mexican Nuevo Peso MYR Malaysian Ringgit NZD New Zealand Dollar PEN Peruvian New Sol PLZ Polish Zloty RON New Romanian Leu RUR Russian Ruble TRY New Turkish Lira UAH Ukraine Hryvnia ZAR South African Rand 1. Partial or fully-loaned security. See accompanying Notes to Quarterly Statement of Investments. 2. All or a portion of the security is held in collateralized accounts to cover initial margin requirements on open futures sales contracts. The aggregate market value of such securities is $9,917,970. See accompanying Notes to Quarterly Statement of Investments. 3. Represents the current interest rate for a variable or increasing rate security. 4. Illiquid security. The aggregate value of illiquid securities as of December 31, 2005 was $161,549,603, which represents 4.20% of the Fund's net assets. In addition, the Fund has restricted currency of $1,440,041, which represents 0.04% of the Fund's net assets. See accompanying Notes to Quarterly Statement of Investments. 5. Issue is in default. Non-income producing. See accompanying Notes to Quarterly Statement of Investments. 6. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $90,814,602 or 2.36% of the Fund's net assets as of December 31, 2005. 7. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes to Quarterly Statement of Investments. 8. Zero coupon bond reflects effective yield on the date of purchase. 9. A sufficient amount of liquid assets has been designated to cover outstanding written call swaptions. See accompanying Notes to Quarterly Statement of Investments. 10. Non-income producing security. 11. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 11 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 12. When-issued security or forward commitment to be delivered and settled after December 31, 2005. See accompanying Notes to Quarterly Statement of Investments. 13. 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, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS VALUE PERCENT -------------------------------------------------------------------------------- United States $ 875,599,311 21.6% Japan 419,350,595 10.3 Brazil 316,009,518 7.8 United Kingdom 221,325,751 5.5 Turkey 198,999,460 4.9 Colombia 159,485,416 3.9 Russia 150,050,881 3.7 Germany 147,326,025 3.6 Mexico 146,123,128 3.6 Peru 145,035,238 3.6 France 119,286,586 2.9 Argentina 116,912,117 2.9 Ukraine 92,326,155 2.3 Italy 88,964,838 2.2 Australia 82,349,545 2.0 Dominican Republic 81,788,360 2.0 Egypt 75,488,522 1.9 New Zealand 75,092,816 1.9 South Africa 59,394,507 1.5 Austria 59,371,425 1.5 Romania 58,717,419 1.4 Israel 53,356,289 1.3 Malaysia 42,486,669 1.0 Philippines 38,931,544 1.0 Portugal 38,074,050 0.9 Venezuela 36,386,646 0.9 Indonesia 33,946,023 0.8 Poland 32,994,442 0.8 Supranational 21,618,005 0.5 Panama 19,829,525 0.5 Spain 10,655,332 0.3 Luxembourg 7,497,311 0.2 India 7,278,100 0.2 Uruguay 4,813,838 0.1 Chile 3,890,000 0.1 Swaziland 3,701,775 0.1 Bulgaria 3,557,400 0.1 China 2,297,665 0.1 Algeria 2,279,680 0.1 Nigeria 1,864,399 0.0 El Salvador 1,288,688 0.0 Guatemala 818,575 0.0 ----------------------------- Total $ 4,056,563,569 100.0% ============================= 12 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2005 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 $ 4,007,641,571 Federal tax cost of other investments 461,456,806 ---------------- Total federal tax cost $ 4,469,098,377 ================ Gross unrealized appreciation $ 174,181,405 Gross unrealized depreciation (74,501,552) ---------------- Net unrealized appreciation $ 99,679,853 ================ NOTES TO FINANCIAL STATEMENTS 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic 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. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. 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 Statement of Operations in the annual and semiannual reports. The Fund records a realized gain or loss when a structured note is sold or matures. As of December 31, 2005, the market value of these securities comprised 27.8% of the Fund's net assets and resulted in unrealized cumulative gains of $29,772,606. 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 13 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- commitment prior to settlement of the original purchase. As of December 31, 2005, the Fund had purchased $29,445,892 of securities issued on a when-issued basis or forward commitment. 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, 2005, securities with an aggregate market value of $340,685, representing 0.01% of the Fund's net assets, were in default. FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. 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 in the annual and semiannual reports. 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 in the annual and semiannual reports as a receivable or payable and in the Statement of Operations in the annual and semiannual reports with the change in unrealized appreciation or depreciation. 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 in the annual and semiannual reports. As of December 31, 2005, the Fund had outstanding foreign currency contracts as follows: 14 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited --------------------------------------------------------------------------------
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) DEC. 31, 2005 APPRECIATION DEPRECIATION ---------------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 1/5/06-2/2/06 127,510 ARP $ 41,857,519 $ -- $ 554,558 Brazilian Real (BRR) 1/17/06-10/31/06 326,498 BRR 133,614,983 9,221,706 1,230,144 Canadian Dollar (CAD) 1/23/06 44,090 CAD 37,954,802 292,355 -- Chilean Peso (CLP) 1/6/06 6,185,000 CLP 12,025,353 316,882 -- Colombian Peso (COP) 1/5/06 56,924,456 COP 24,894,089 -- 140,071 Euro (EUR) 1/17/06-2/14/06 278,980 EUR 330,849,755 70,452 1,312,854 Indian Rupee (INR) 1/5/06 1,693,000 INR 37,611,803 1,001,595 -- Indonesian Rupiah (IDR) 4/3/06 230,470,000 IDR 23,197,727 -- 46,852 Japanese Yen (JPY) 1/6/06 11,818,000 JPY 100,285,019 -- 1,530,668 Mexican Nuevo Peso (MXN) 1/17/06-4/25/06 649,730 MXN 60,740,920 943,300 -- New Turkish Lira (TRY) 1/17/06-2/7/06 63,565 TRY 46,804,309 137,196 14,287 Swedish Krona (SEK) 2/13/06 594,750 SEK 75,110,584 163,019 17,812 Swiss Franc (CHF) 2/2/06 49,010 CHF 37,425,611 -- 95,424 Thailand Baht (THB) 1/17/06 1,239,000 THB 30,190,675 -- 14,104 ------------------------------- 12,146,505 4,956,774 ------------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 3/6/06 71,540 AUD 52,342,133 578,558 -- British Pound Sterling (GBP) 1/17/06-3/8/06 72,960 GBP 125,517,085 4,247,963 -- Chinese Renminbi (CNY) 1/17/06 297,700 CNY 36,986,388 -- 3,183 Euro (EUR) 2/2/06-3/8/06 55,780 EUR 66,216,541 1,194,846 115,867 Japanese Yen (JPY) 1/10/06-4/5/06 24,369,000 JPY 207,610,095 3,398,941 327,838 New Taiwan Dollar (TWD) 1/17/06 1,234,700 TWD 37,691,105 -- 751,689 New Zealand Dollar (NZD) 2/21/06 109,880 NZD 74,696,171 1,084,612 -- South African Rand (ZAR) 1/11/06-1/12/06 213,530 ZAR 33,715,554 -- 1,791,412 Swedish Krona (SEK) 1/17/06 297,900 SEK 37,547,209 494,395 -- Swiss Franc (CHF) 1/17/06 48,450 CHF 36,936,937 590,657 -- ------------------------------- 11,589,972 2,989,989 ------------------------------- Total unrealized appreciation and depreciation $ 23,736,477 $ 7,946,763 ===============================
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 15 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 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 in the annual and semiannual reports. 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 in the annual and semiannual reports 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 in the annual and semiannual reports as the closing and expiration of futures contracts. The net change in unrealized appreciation and depreciation is reported in the Statement of Operations in the annual and semiannual reports. 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, 2005, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS DECEMBER 31, 2005 (DEPRECIATION) -------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Amsterdam Exchange Index 1/20/06 62 $ 6,416,020 $ 58,886 Euro-Bundesobligation, 10 yr. 3/8/06 900 129,821,114 888,716 Standard & Poor's ASX 200 Index 3/16/06 72 6,237,656 172,667 Standard & Poor's/MIB Index, 10 yr. 3/17/06 31 6,568,512 132,453 U.S. Treasury Nts., 10 yr. 3/22/06 2,790 305,243,438 1,504,759 ------------ 2,757,481 ------------ CONTRACTS TO SELL CAC-40 10 Index 1/20/06 241 13,462,755 (70,973) DAX Index 3/17/06 79 12,715,084 (248,199) FTSE 100 Index 3/17/06 265 25,605,010 (398,369) Nikkei 225 Index 3/9/06 205 27,898,843 (943,954) OMXS30 Index 1/27/06 582 7,047,442 (147,783) Standard & Poor's 500 Index 3/16/06 20 6,274,000 55,925 ------------ (1,753,353) ------------ $ 1,004,128 ============
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. 16 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 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 in the annual and semiannual reports. Realized gains and losses are reported in the Statement of Operations in the annual and semiannual reports. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Written option activity for the period ended December 31, 2005 was as follows: PUT OPTIONS ----------------------------- PRINCIPAL/ NUMBER OF AMOUNT OF CONTRACTS PREMIUMS --------------------------------------------------------- Options outstanding as of September 30, 2005 -- $ -- Options written 123,350,000 673,585 Options closed or expired (123,350,000) (673,585) ----------------------------- Options outstanding as of December 31, 2005 -- $ -- ============================= TOTAL RETURN SWAP CONTRACTS The Fund may enter into a total return 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 notional. The unrealized gain (loss) related to the valuation of such contracts as well as the amount due to (owed by) the Fund at termination or settlement is combined and separately disclosed as an asset (liability) on the Statement of Assets and Liabilities in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of December 31, 2005, the Fund had entered into the following total return swap agreements:
SWAP NOTIONAL TERMINATION UNREALIZED COUNTERPARTY SWAP DESCRIPTION AMOUNT DATES APPRECIATION -------------------------------------------------------------------------------------------- Deutsche Bank AG Six-Month BBA LIBOR $ 16,760,000 5/13/15 $ 1,926,871 -------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): Six-Month BBA LIBOR 11,580,000 1/14/15 1,455,088 Six-Month BBA LIBOR 11,580,000 1/20/15 1,592,664 ------------- $ 4,974,623 =============
17 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- Abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate 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 unrealized gain (loss) related to the valuation of such contracts as well as the amount due to (owed by) the Fund at termination or settlement is combined and separately disclosed as an asset (liability) on the Statement of Assets and Liabilities in the annual and semiannual reports. The Fund also records any periodic payments received from (paid to) the counterparty under such contracts as realized gain (loss) on the Statement of Operations in the annual and semiannual reports. 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, 2005, the Fund had entered into the following interest rate swap agreements:
RATE RATE PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT THE FUND AT FLOATING TERMINATION APPRECIATION COUNTERPARTY AMOUNT DEC. 31, 2005 DEC. 31, 2005 RATE INDEX DATES (DEPRECIATION) --------------------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: 90-Day 333,000,000 TWD 2.020% 1.361% CPTW 3/4/09 $ (43,305) 16,830,000 PLZ 5.900 5.520 Six-Month WIBO 3/24/10 286,690 26,928,000 PLZ 4.350 5.550 Six-Month WIBO 3/24/10 468,958 90-Day 333,000,000 TWD 2.020 1.418 CPTW 3/23/09 (34,586) --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston, Inc. 46,785,000 PLZ 4.910 4.480 Six-Month WIBO 7/1/10 (291,435) --------------------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston 28-Day International 112,580,000 MXN 8.900 10.000 MXN TIIE 7/9/15 695,922 --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG: 11,050,000 USD 3.660 5.250 Six-Month LIBOR 6/23/15 879,286 500,000,000 INR 4.870 5.010 Six-Month MIFOR 3/22/09 412,522 --------------------------------------------------------------------------------------------------------------------------------- Deutsche Bank AG, 5 yr.: 454,000,000 INR 4.830 5.420 IRS 1/14/09 344,544
18 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 90-Day 187,000,000 TWD 2.585 1.360 CPTW 8/19/09 (134,792) --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Capital Markets LP: 94,500,000 MXN 9.000 10.290 MXN TIIE 6/14/15 767,408 21,965,083 BRR 18.250 17.720 BZDI 1/2/07 5 120,050,000 MXN 9.155 10.220 MXN TIIE 1/30/15 922,597 187,935,994 BRR 19.730 17.180 BZDI 1/2/08 1,378,112 38,987,000 BRR 19.200 18.160 BZDI 1/2/08 661,496 55,700,000 MXN 8.615 10.000 MXN TIIE 6/24/15 354,717 93,375,000 MXN 9.110 10.430 MXN TIIE 5/29/15 840,960 93,375,000 MXN 9.053 10.300 MXN TIIE 6/1/15 765,049 --------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): 48,030,000 MXN 8.650 9.410 MXN TIIE 8/31/20 84,230 144,630,000 MXN 8.650 9.740 MXN TIIE 1/5/10 614,321 61,200,000 MXN 8.588 10.850 MXN TIIE 3/5/15 703,686 46,968,000 BRR 18.630 18.000 BZDI 1/2/07 115,223 17,037,427 BRR 18.250 17.170 BZDI 1/2/08 78,247 20,823,527 BRR 18.250 17.170 BZDI 1/2/08 95,635 109,710,000 MXN 8.565 10.700 MXN TIIE 5/8/15 1,164,031 100,000,000 MXN 8.565 10.750 MXN TIIE 5/8/15 1,091,595 144,000,000 MXN 8.650 9.510 MXN TIIE 8/26/25 256,062 96,930,000 MXN 8.625 9.500 MXN TIIE 8/28/25 163,209 289,270,000 MXN 8.900 9.840 MXN TIIE 12/31/09 1,322,175 --------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank: Six-Month 1,080,000,000 HUF 6.630 7.000 LIBOR flat 7/14/08 13,614 Six-Month 94,000,000 EUR 2.218 4.106 LIBOR 10/8/14 6,379,855 161,780,000 MXN 8.650 10.880 28-Day MXN TIIE 11/16/14 1,841,530 Three-Month 66,000,000 ZAR 7.000 9.680 LIBOR flat 2/20/11 1,050,627 Three-Month 66,000,000 ZAR 7.000 9.680 LIBOR flat 2/18/11 1,006,193 114,500,000 MXN 9.140 9.760 MXN TIIE 8/17/15 544,161 --------------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Special Financing, Inc.:
19 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 55,540,000 PLZ 4.470 4.530 Six-Month WIBO 7/5/10 (273,194) 28-Day 111,440,000 MXN 8.900 9.990 MXN TIIE 7/19/15 668,137 --------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: 24,054,685 BRR 18.680 16.880 BZDI 1/2/08 33,025 Six-Month BBA 1,416,000,000 JPY 1.522 0.406 LIBOR 10/5/13 (7,843) Six-Month BBA 4,798,000,000 JPY 0.376 0.670 LIBOR 10/5/08 1,505 Three-Month 150,000,000 ZAR 7.136 7.810 JIBA 2/4/10 381,719 Three-Month 50,970,000 ZAR 7.000 8.140 JIBA 5/18/10 226,948 41,775,000 BRR 19.720 17.590 BZDI 1/2/07 72,219 --------------- $ 25,901,058 ===============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies: BRR Brazilian Real EUR Euro HUF Hungary Forints INR Indian Rupee JPY Japanese Yen MXN Mexican Nuevo Peso PLZ Polish Zloty TWD New Taiwan Dollar ZAR South African Rand Index abbreviations are as follows: BBA LIBOR British Bankers' Association London-Interbank Offered Rate BZDI Brazil Cetip Interbank Deposit Rate CPTW Bloomberg Taiwan Secondary Commercial Papers IRS India Swap Composites JIBA South Africa Johannesburg Interbank Agreed Rate LIBOR London-Interbank Offered Rate MXN TIIE Mexican Peso-Interbank Equilibrium Interest Rate MIFOR Mumbai Interbank Forward Offer Rate WIBO Poland Warsaw Interbank Offer Bid Rate CREDIT SWAP CONTRACTS The Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or for other non-speculative purposes. Credit default swap contracts are subject to credit risks (for example if the counterparty fails to meet its obligations). As a purchaser of a credit default swap contract, the Fund pays a periodic interest fee on the notional amount to the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund is obligated to deliver that security to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as realized gain. Information regarding such credit swaps as of December 31, 2005 is as follows:
NOTIONAL AMOUNT ANNUAL RECEIVED BY THE INTEREST RATE UNREALIZED FUND UPON CREDIT PAID BY THE APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION EVENT FUND (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Limited London, UK Republic of Hungary 4.50% Bond $ 7,535,000 0.40% $ 3,564 ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank Philippine Government Bond 14,000,000 3.69 245,000 ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase New York, NY: Kingdom of Jordan 6% Step-up Bond 390,000 2.00 (1,362) Russian Federation 2.50% Step-up Bond 550,000 2.40 (58,477) ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc. Brazil 12.25% Global Bond 5,120,000 6.15 (849,227) ------------------------------------------------------------------------------------------------------------------------------------
20 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Republic of Colombia 10.375% Bond 1,980,000 3.70 (200,936) Turkey Government 11.875% International Bond 7,010,000 3.22 (603,980) Ukrainian Government Bond 5,630,000 1.65 (31,668) ------------------------------------------------------------------------------------------------------------------ UBS AG, London Branch Federal Republic of Brazil 12.25% Bond 4,780,000 4.50 (495,886) ------------ $ 1,992,972 ============
As a seller of a credit default swap contract, the Fund receives a periodic interest fee on the notional amount from the counterparty. This interest fee is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt. Upon occurrence of a specific credit event with respect to the underlying referenced debt obligation, the Fund receives that security from the counterparty in exchange for payment of the notional amount to the counterparty. The difference between the value of the security received and the notional amount paid is recorded as realized loss. Information regarding such credit swaps as of December 31, 2005 is as follows:
NOTIONAL ANNUAL AMOUNT PAID BY INTEREST RATE THE FUND UPON RECEIVED BY UNREALIZED COUNTERPARTY REFERENCED DEBT OBLIGATION CREDIT EVENT THE FUND APPRECIATION ------------------------------------------------------------------------------------------------------------------ UBS AG, London Branch Federal Republic of Brazil 12.25% Bond $ 15,600,000 3.80% $ 1,225,036
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 in the annual and semiannual reports. Written swaption activity for the period ended December 31, 2005 was as follows: CALL SWAPTIONS ------------------------------- NOTIONAL AMOUNT OF AMOUNT PREMIUMS -------------------------------------------------------------- Swaptions outstanding as of September 30, 2005 $ 61,360,000 $ 251,576 Swaptions written -- -- ------------------------------- Swaptions outstanding as of December 31, 2005 $ 61,360,000 $ 251,576 =============================== As of December 31, 2005, the Fund had entered into the following swaption contracts:
NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTIONS AMOUNT DATE PRICE RECEIVED VALUE -------------------------------------------------------------------------------- U.S. Dollar Call $ 61,360,000 2/9/06 $ 4.74 $ 251,576 $ 58,835
ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of December 31, 2005, 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 21 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning currency is as follows:
ACQUISITION VALUATION AS OF UNREALIZED CURRENCY DATES COST DECEMBER 31, 2005 DEPRECIATION ---------------------------------------------------------------------------------------- Argentine Peso (ARP) 7/14/05-12/29/05 $ 1,470,823 $ 1,440,041 $ 30,782
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 U.S. 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 continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of December 31, 2005, the Fund had on loan securities valued at $337,620,048. Collateral of $341,839,075 was received for the loans, of which $280,988,285 was received in cash and subsequently invested in approved instruments. 22 | OPPENHEIMER INTERNATIONAL BOND FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 2005, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer International Bond Fund By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: February 14, 2006 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: February 14, 2006 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: February 14, 2006