-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pg72IYBSAYBpLxeuc1Igk1jK0v/Wp4PVZU2wqCqttWBnbtrJdBsTej3gCALwnsN/ qf5L6JApThGDWPhyX2L1zQ== 0000935069-06-002455.txt : 20060829 0000935069-06-002455.hdr.sgml : 20060829 20060829172845 ACCESSION NUMBER: 0000935069-06-002455 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060829 DATE AS OF CHANGE: 20060829 EFFECTIVENESS DATE: 20060829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTERNATIONAL BOND FUND CENTRAL INDEX KEY: 0000939800 IRS NUMBER: 841308320 STATE OF INCORPORATION: MA FISCAL YEAR END: 0931 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07255 FILM NUMBER: 061063451 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 3037683200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0000939800 S000007072 OPPENHEIMER INTERNATIONAL BOND FUND C000019293 A C000019294 B C000019295 C C000019296 N C000019297 Y N-Q 1 rq880_33785nq.txt RQ880_33785NQ 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 Date of reporting period: 06/30/2006 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS--17.9% - ------------------------------------------------------------------------------------------------------------------------ U.S. Treasury Bills: 4.74%, 8/10/06 1,2 $ 499,870,000 $ 497,236,630 4.795%, 9/14/06 1 410,000,000 406,068,100 --------------- Total U.S. Government Obligations (Cost $903,166,526) 903,304,730 - ------------------------------------------------------------------------------------------------------------------------ FOREIGN GOVERNMENT OBLIGATIONS--42.8% - ------------------------------------------------------------------------------------------------------------------------ ARGENTINA--1.0% Argentina (Republic of) Bonds: 2%, 9/30/14 3 [ARP] 21,270,000 6,535,330 4.889%, 8/3/12 4 26,446,875 24,450,185 Series V, 7%, 3/28/11 4,705,000 4,354,609 - ------------------------------------------------------------------------------------------------------------------------ Argentina (Republic of) Discount Bonds, 8.28%, 12/31/33 2,516,349 2,248,358 - ------------------------------------------------------------------------------------------------------------------------ Buenos Aires (Province of) Bonds, Bonos de Consolidacion de Deudas, Series PBA1, 4/1/07 3,5 [ARP] 481,546 206,495 - ------------------------------------------------------------------------------------------------------------------------ Central Bank of Argentina Bonds, 2%, 2/4/18 3 [ARP] 23,849,278 10,808,064 --------------- 48,603,041 - ------------------------------------------------------------------------------------------------------------------------ AUSTRALIA--2.4% Queensland Treasury Corp. Unsec. Nts., Series 09G, 6%, 7/14/09 [AUD] 162,670,000 121,124,001 - ------------------------------------------------------------------------------------------------------------------------ BELGIUM--1.6% Belgium (Kingdom of) Bonds, Series 44, 5%, 3/28/35 [EUR] 18,135,000 25,549,931 - ------------------------------------------------------------------------------------------------------------------------ Belgium (Kingdom of) Treasury Bills, 2.81%, 9/14/06 6 [EUR] 43,620,000 55,468,585 --------------- 81,018,516 - ------------------------------------------------------------------------------------------------------------------------ BRAZIL--0.9% Brazil (Federal Republic of) Bonds: 8.25%, 1/20/34 14,380,000 15,134,950 8.75%, 2/4/25 5,000,000 5,500,000 8.875%, 10/14/19 3,250,000 3,628,625 - ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Nts., 7.875%, 3/7/15 6,000,000 6,297,000 - ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Bonds: 4.75%, 4/10/07 3 [JPY] 500,000,000 4,522,020 10.125%, 5/15/27 7,000,000 8,715,000 --------------- 43,797,595 - ------------------------------------------------------------------------------------------------------------------------ BULGARIA--0.1% Bulgaria (Republic of) Bonds: 8.25%, 1/15/15 1,500,000 1,698,000 8.25%, 1/15/15 7 1,440,000 1,630,080 --------------- 3,328,080 - ------------------------------------------------------------------------------------------------------------------------ CANADA--2.2% Canada (Government of) Nts., 4%, 9/1/10 [CAD] 127,470,000 112,174,285 - ------------------------------------------------------------------------------------------------------------------------ COLOMBIA--1.0% Colombia (Republic of) Bonds: 10.375%, 1/28/33 1,420,000 1,757,250 12%, 10/22/15 [COP] 46,912,000,000 19,977,704 - ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Nts.: 8.25%, 12/22/14 6,655,000 7,021,025 11.75%, 3/1/10 [COP] 35,992,780,000 14,708,898
1 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Colombia (Republic of) Unsec. Bonds, 8.125%, 5/21/24 $ 8,290,000 $ 8,435,075 --------------- 51,899,952 - ------------------------------------------------------------------------------------------------------------------------ DENMARK--0.5% Denmark (Kingdom of) Bonds: 4%, 11/15/10 [DKK] 41,905,000 7,229,373 4%, 11/15/15 [DKK] 31,140,000 5,284,111 7%, 11/10/24 [DKK] 11,360,000 2,589,180 - ------------------------------------------------------------------------------------------------------------------------ Denmark (Kingdom of) Nts., 4%, 8/15/08 [DKK] 44,910,000 7,757,031 --------------- 22,859,695 - ------------------------------------------------------------------------------------------------------------------------ EL SALVADOR--0.1% El Salvador (Republic of) Bonds: 7.625%, 9/21/34 7 1,185,000 1,232,400 7.65%, 6/15/35 7 3,025,000 2,919,125 --------------- 4,151,525 - ------------------------------------------------------------------------------------------------------------------------ FRANCE--4.8% France (Government of) Bonds, 3.25%, 4/25/16 [EUR] 115,680,000 138,245,464 - ------------------------------------------------------------------------------------------------------------------------ France (Government of) Obligations Assimilables du Tresor Bonds, 4%, 4/25/55 [EUR] 49,695,000 59,392,717 - ------------------------------------------------------------------------------------------------------------------------ France (Government of) Treasury Bills, 2.90%, 9/21/06 6 [EUR] 35,360,000 44,944,779 --------------- 242,582,960 - ------------------------------------------------------------------------------------------------------------------------ GERMANY--4.7% Germany (Republic of) Bonds, Series 05, 4%, 1/4/37 [EUR] 70,050,000 84,553,145 - ------------------------------------------------------------------------------------------------------------------------ Germany (Republic of) Treasury Bills: Series 106, 2.70%, 7/12/06 6 [EUR] 35,150,000 44,930,748 Series 0306, 2.79%, 9/13/06 6 [EUR] 83,645,000 106,395,931 --------------- 235,879,824 - ------------------------------------------------------------------------------------------------------------------------ GREECE--1.1% Greece (Republic of) Bonds, 4.60%, 5/20/13 [EUR] 42,070,000 55,253,365 - ------------------------------------------------------------------------------------------------------------------------ GUATEMALA--0.0% Guatemala (Republic of) Nts.: 10.25%, 11/8/11 7 160,000 184,560 10.25%, 11/8/11 525,000 605,588 --------------- 790,148 - ------------------------------------------------------------------------------------------------------------------------ INDONESIA--0.1% Indonesia (Republic of) Nts.: 6.75%, 3/10/14 7 120,000 117,900 7.25%, 4/20/15 7 200,000 201,500 - ------------------------------------------------------------------------------------------------------------------------ Indonesia (Republic of) Unsec. Nts., 8.50%, 10/12/35 1,7 4,540,000 4,795,489 --------------- 5,114,889 - ------------------------------------------------------------------------------------------------------------------------ ISRAEL--0.8% Israel (State of) Bonds, Series 2682, 7.50%, 3/31/14 [ILS] 167,800,000 39,928,890 - ------------------------------------------------------------------------------------------------------------------------ ITALY--5.4% Italy (Republic of) Nts., Certificati di Credito del Tesoro, 2.80%, 7/1/09 4 [EUR] 133,745,000 171,785,080
2 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Italy (Republic of) Treasury Bonds, Buoni del Tesoro Poliennali, 4.25%, 2/1/19 [EUR] 81,190,000 $ 102,226,105 --------------- 274,011,185 - ------------------------------------------------------------------------------------------------------------------------ JAPAN--5.5% Japan (Government of) Bonds: 2 yr., Series 237, 0.20%, 10/15/07 8,9,10 [JPY] 30,262,000,000 262,877,987 20 yr., Series 81, 2%, 9/20/25 [JPY] 1,721,000,000 14,399,013 --------------- 277,277,000 - ------------------------------------------------------------------------------------------------------------------------ MALAYSIA--0.8% Johor Corp. Malaysia (Government of) Bonds, Series P3, 1%, 7/31/12 3 [MYR] 107,980,000 31,884,148 - ------------------------------------------------------------------------------------------------------------------------ Malaysia (Government of) Bonds, Series 2/05, 4.72%, 9/30/15 [MYR] 39,730,000 10,566,915 --------------- 42,451,063 - ------------------------------------------------------------------------------------------------------------------------ MEXICO--0.7% Mexican Williams Sr. Nts., 6.03%, 11/15/08 3,4 500,000 515,313 - ------------------------------------------------------------------------------------------------------------------------ United Mexican States Bonds: 7.50%, 4/8/33 1,500,000 1,597,500 8.30%, 8/15/31 2,000,000 2,315,000 Series MI10, 8%, 12/19/13 [MXN] 230,788,000 19,326,873 - ------------------------------------------------------------------------------------------------------------------------ United Mexican States Nts., 8.375%, 1/14/11 9,920,000 10,837,600 --------------- 34,592,286 - ------------------------------------------------------------------------------------------------------------------------ NIGERIA--0.0% Central Bank of Nigeria Gtd. Bonds, Series WW, 6.25%, 11/15/20 1,375,000 1,365,547 - ------------------------------------------------------------------------------------------------------------------------ Nigeria (Federal Republic of) Promissory Nts., Series RC, 5.092%, 1/5/10 465,688 412,935 --------------- 1,778,482 - ------------------------------------------------------------------------------------------------------------------------ PANAMA--0.4% Panama (Republic of) Bonds: 6.70%, 1/26/36 1 18,015,000 16,573,800 9.375%, 4/1/29 1,650,000 1,955,250 --------------- 18,529,050 - ------------------------------------------------------------------------------------------------------------------------ PERU--2.7% Peru (Republic of) Bonds: 7.34%, 8/12/16 [PEN] 17,650,000 5,213,039 7.35%, 7/21/25 3,920,000 3,782,800 7.84%, 8/12/20 [PEN] 168,460,000 50,096,260 8.20%, 8/12/26 [PEN] 14,410,000 4,393,007 8.375%, 5/3/16 1,380,000 1,497,300 9.91%, 5/5/15 [PEN] 134,265,000 45,942,911 Series 7, 8.60%, 8/12/17 [PEN] 40,680,000 12,931,626 Series 8-1, 12.25%, 8/10/11 [PEN] 18,633,000 6,898,322 - ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Sr. Nts., 4.53%, 2/28/16 6 2,529,771 1,350,493 - ------------------------------------------------------------------------------------------------------------------------ Peru (Republic of) Unsec. Unsub. Bonds, 8.75%, 11/21/33 3,975,000 4,442,063 --------------- 136,547,821 - ------------------------------------------------------------------------------------------------------------------------ POLAND--1.7% Poland (Republic of) Bonds: Series 0K0807, 4.19%, 8/12/07 6 [PLZ] 43,990,000 13,199,838 Series DS1013, 5%, 10/24/13 [PLZ] 55,940,000 17,300,532
3 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Series WS0922, 5.75%, 9/23/22 [PLZ] 10,000,000 $ 3,093,009 Series DS1110, 6%, 11/24/10 [PLZ] 30,300,000 9,716,758 Series 0511, 4.25%, 5/24/11 [PLZ] 149,770,000 44,596,596 -------------- 87,906,733 - ------------------------------------------------------------------------------------------------------------------------ RUSSIA--0.4% Aries Vermoegensverwaltungs GmbH Unsub. Nts.: Series B, 7.75%, 10/25/09 7 [EUR] 2,500,000 3,559,278 Series C, 9.60%, 10/25/14 13,190,000 16,438,301 - ------------------------------------------------------------------------------------------------------------------------ Russian Federation Unsec. Unsub. Nts., 12.75%, 6/24/28 345,000 585,638 - ------------------------------------------------------------------------------------------------------------------------ Russian Federation Unsub. Nts., 5%, 3/31/30 4 1,190,000 1,268,838 --------------- 21,852,055 - ------------------------------------------------------------------------------------------------------------------------ TURKEY--0.1% Turkey (Republic of) Nts.: 7.25%, 3/15/15 2,515,000 2,373,531 11%, 1/14/13 1,350,000 1,545,750 -------------- 3,919,281 - ------------------------------------------------------------------------------------------------------------------------ GREAT BRITAIN--2.9% United Kingdom Treasury Bond, 6%, 12/7/28 [GBP] 65,590,000 147,274,578 - ------------------------------------------------------------------------------------------------------------------------ URUGUAY--0.2% Uruguay (Oriental Republic of) Bonds, 7.625%, 3/21/36 3,210,000 2,905,050 - ------------------------------------------------------------------------------------------------------------------------ Uruguay (Oriental Republic of) Unsec. Bonds, 8%, 11/18/22 6,835,000 6,578,688 -------------- 9,483,738 - ------------------------------------------------------------------------------------------------------------------------ VENEZUELA--0.7% Venezuela (Republic of) Bonds, 9.25%, 9/15/27 1 20,785,000 24,578,263 - ------------------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Nts., 7%, 3/16/15 [EUR] 5,070,000 6,646,905 - ------------------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Unsec. Bonds, 9.375%, 1/13/34 5,020,000 5,898,500 --------------- 37,123,668 --------------- Total Foreign Government Obligations (Cost $2,164,909,310) 2,161,253,706 - ------------------------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS--0.0% - ------------------------------------------------------------------------------------------------------------------------ Algeria (Republic of) Loan Participation Nts.: 0.938%, 3/4/10 3,4 [JPY] 141,730,387 1,232,277 5.813%, 9/4/06 3,4 164,284 163,874 5.813%, 3/4/10 3,4 542,000 542,000 --------------- Total Loan Participations (Cost $1,829,092) 1,938,151 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS AND NOTES--4.2% - ------------------------------------------------------------------------------------------------------------------------ Aes Dominicana Energia Finance SA, 11% Sr. Nts., 12/13/15 7 15,890,000 15,731,100 - ------------------------------------------------------------------------------------------------------------------------ Alrosa Finance SA: 8.875% Nts., 11/17/14 6,900,000 7,512,375 8.875% Nts., 11/17/14 7 4,675,000 5,089,906 - ------------------------------------------------------------------------------------------------------------------------ Argentine Beverages Financial Trust, 7.375% Bonds, 3/22/12 3 1,445,000 1,394,425 - ------------------------------------------------------------------------------------------------------------------------ Autopistas del Nordeste Cayman Ltd., 9.39% Nts., 1/15/26 7 7,021,458 6,986,351 - ------------------------------------------------------------------------------------------------------------------------ Banco BMG SA, 9.15% Nts., 1/15/16 7 9,710,000 9,540,075 - ------------------------------------------------------------------------------------------------------------------------ Banco Hipotecario SA, 9.75% Sr. Unsec. Nts., 4/27/16 3 4,325,000 4,173,625 - ------------------------------------------------------------------------------------------------------------------------ Cloverie plc, 9.664% Sec. Nts., Series 2005-93, 12/20/10 3,4 3,600,000 3,602,880 - ------------------------------------------------------------------------------------------------------------------------ Eletropaulo Metropolitana SA, 19.125% Nts., 6/28/10 3 [BRR] 13,295,000 6,660,084
4 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Halyk Savings Bank Kazakhstan Europe BV, 7.75% Nts., 5/13/13 7 $ 4,400,000 $ 4,427,500 - ------------------------------------------------------------------------------------------------------------------------ HSBC Bank plc: 9.75% Sr. Unsec. Nts., 7/8/09 6 30,220,000 15,264,122 11.60% Sr. Unsec. Nts., 1/12/10 6 42,800,000 19,482,560 12.28% Sr. Unsec. Nts., 3/9/09 6 30,220,000 16,164,678 - ------------------------------------------------------------------------------------------------------------------------ Inter-American Development Bank: 6.26% Nts., 12/8/09 4 [BRR] 11,200,000 4,655,402 8.81% Nts., 1/25/12 4 [COP] 14,487,428,619 6,198,351 - ------------------------------------------------------------------------------------------------------------------------ International Bank for Reconstruction & Development (The), 15% Nts., 1/7/10 3 [TRY] 3,000,000 1,848,341 - ------------------------------------------------------------------------------------------------------------------------ Kuznetski Capital SA/Bank of Moscow, 7.375% Nts., 11/26/10 3 5,560,000 5,587,800 - ------------------------------------------------------------------------------------------------------------------------ National Gas Co., 6.05% Nts., 1/15/36 7 4,945,000 4,566,965 - ------------------------------------------------------------------------------------------------------------------------ National Power Corp., 9.625% Unsec. Bonds, 5/15/28 5,095,000 5,416,902 - ------------------------------------------------------------------------------------------------------------------------ Nordic Investment Bank, 12.50% Sr. Unsec. Nts., 2/15/09 3 [TRY] 5,000,000 2,938,389 - ------------------------------------------------------------------------------------------------------------------------ Ongko International Finance Co. BV, 10.50% Sec. Nts., 3/29/10 3,5 550,000 -- - ------------------------------------------------------------------------------------------------------------------------ Pemex Project Funding Master Trust, 9.125% Unsec. Unsub. Nts., 10/13/10 4,570,000 5,015,575 - ------------------------------------------------------------------------------------------------------------------------ Petroleum Export Ltd. Cayman SPV, 5.265% Sr. Nts., Cl. A3, 6/15/11 7 12,795,308 12,415,479 - ------------------------------------------------------------------------------------------------------------------------ RSHB Capital SA/OJSC Russian Agricultural Bank, 7.175% Nts., 5/16/13 7 10,520,000 10,454,250 - ------------------------------------------------------------------------------------------------------------------------ Telefonica del Peru SA, 8% Sr. Unsec. Bonds, 4/11/16 3 [PEN] 26,033,700 7,929,725 - ------------------------------------------------------------------------------------------------------------------------ Tengizchevroil LLP, 6.124% Nts., 11/15/14 7 5,840,000 5,672,100 - ------------------------------------------------------------------------------------------------------------------------ Tiers-BSP, 0%/8.60% Collateralized Trust, Cl. A, 6/15/97 3,11 6,065,000 2,001,450 - ------------------------------------------------------------------------------------------------------------------------ Titan Petrochemicals Group Ltd., 8.50% Sr. Unsec. Nts., 3/18/12 7 2,381,000 2,041,708 - ------------------------------------------------------------------------------------------------------------------------ UBS Luxembourg SA, 6.23% Sub. Nts., 2/11/15 4 8,020,000 7,879,690 - ------------------------------------------------------------------------------------------------------------------------ VTB Capital SA, 6.25% Sr. Nts., 6/30/35 1,7 9,490,000 8,996,520 --------------- Total Corporate Bonds and Notes (Cost $236,235,376) 209,648,328
SHARES - ------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS--1.9% - ------------------------------------------------------------------------------------------------------------------------ 3i Group plc 120,980 2,016,818 - ------------------------------------------------------------------------------------------------------------------------ Arcelor 47,060 2,271,650 - ------------------------------------------------------------------------------------------------------------------------ Associated British Ports Holdings plc 138,720 2,316,404 - ------------------------------------------------------------------------------------------------------------------------ AXA SA 57,820 1,897,678 - ------------------------------------------------------------------------------------------------------------------------ BAA plc 122,080 2,106,268 - ------------------------------------------------------------------------------------------------------------------------ BNP Paribas SA 21,530 2,061,216 - ------------------------------------------------------------------------------------------------------------------------ BOC Group plc 68,650 2,007,058 - ------------------------------------------------------------------------------------------------------------------------ Credit Agricole SA 53,870 2,049,848 - ------------------------------------------------------------------------------------------------------------------------ DaimlerChrysler AG 38,314 1,889,654 - ------------------------------------------------------------------------------------------------------------------------ Daiwa Securities Group, Inc. 160,000 1,919,702 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG 17,525 1,971,655 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Boerse AG 14,735 2,010,577 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Post AG 74,022 1,989,182 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Telekom AG 123,877 1,991,653 - ------------------------------------------------------------------------------------------------------------------------ DSG International plc 565,720 1,998,123 - ------------------------------------------------------------------------------------------------------------------------ Electrocomponents plc 423,980 1,816,990 - ------------------------------------------------------------------------------------------------------------------------ Euronext NV 23,410 2,194,790 - ------------------------------------------------------------------------------------------------------------------------ Fujikura Ltd. 176,430 1,958,585 - ------------------------------------------------------------------------------------------------------------------------ Gecina SA 16,710 2,188,588
5 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------ Great Portland Estates plc 230,910 $ 2,135,011 - ------------------------------------------------------------------------------------------------------------------------ ICAP plc 217,790 2,005,648 - ------------------------------------------------------------------------------------------------------------------------ JFE Holdings, Inc. 46,400 1,966,445 - ------------------------------------------------------------------------------------------------------------------------ Kawasaki Kisen Kaisha Ltd. 320,300 1,852,836 - ------------------------------------------------------------------------------------------------------------------------ Kobe Steel Ltd. 603,620 1,897,447 - ------------------------------------------------------------------------------------------------------------------------ Komatsu Ltd. 98,870 1,980,722 - ------------------------------------------------------------------------------------------------------------------------ Land Securities Group plc 59,000 1,957,320 - ------------------------------------------------------------------------------------------------------------------------ Lloyds TSB Group plc 212,611 2,089,664 - ------------------------------------------------------------------------------------------------------------------------ MAN AG 27,943 2,019,684 - ------------------------------------------------------------------------------------------------------------------------ Mitchells & Butlers plc 215,170 2,051,152 - ------------------------------------------------------------------------------------------------------------------------ Mitsubishi Materials Corp. 444,670 1,906,813 - ------------------------------------------------------------------------------------------------------------------------ Mitsui Chemicals, Inc. 283,430 1,857,182 - ------------------------------------------------------------------------------------------------------------------------ Nikko Cordial Corp. 134,990 1,737,216 - ------------------------------------------------------------------------------------------------------------------------ Nippon Mining Holdings, Inc. 240,000 2,030,077 - ------------------------------------------------------------------------------------------------------------------------ Nippon Steel Corp. 531,543 2,011,168 - ------------------------------------------------------------------------------------------------------------------------ Nippon Yusen Kabushiki Kaisha 308,000 2,002,377 - ------------------------------------------------------------------------------------------------------------------------ PagesJaunes Groupe SA 72,280 2,269,642 - ------------------------------------------------------------------------------------------------------------------------ Resolution plc 158,950 1,969,349 - ------------------------------------------------------------------------------------------------------------------------ Rio Tinto plc 36,240 1,901,254 - ------------------------------------------------------------------------------------------------------------------------ RWE AG, Non-Vtg., Preference 26,031 1,959,409 - ------------------------------------------------------------------------------------------------------------------------ Sanyo Electric Co. Ltd. 12 829,000 1,751,586 - ------------------------------------------------------------------------------------------------------------------------ Showa Shell Sekiyu K.K. 169,000 1,983,284 - ------------------------------------------------------------------------------------------------------------------------ Suez SA 52,234 2,171,322 - ------------------------------------------------------------------------------------------------------------------------ Sumitomo Metal Industries 446,450 1,848,836 - ------------------------------------------------------------------------------------------------------------------------ Technip SA 33,550 1,858,096 - ------------------------------------------------------------------------------------------------------------------------ ThyssenKrupp AG 58,603 2,001,330 - ------------------------------------------------------------------------------------------------------------------------ TUI AG 98,929 1,962,561 - ------------------------------------------------------------------------------------------------------------------------ Unibail 12,210 2,128,625 - ------------------------------------------------------------------------------------------------------------------------ United Utilities plc 162,560 1,928,403 - ------------------------------------------------------------------------------------------------------------------------ Volkswagen AG, Preference 40,027 2,006,905 --------------- Total Common Stocks (Cost $95,702,727) 97,897,803
UNITS - ------------------------------------------------------------------------------------------------------------------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% - ------------------------------------------------------------------------------------------------------------------------ AXA SA Rts., Exp. 6/30/06 12 57,820 48,810 - ------------------------------------------------------------------------------------------------------------------------ Venezuela (Republic of) Oil Linked Payment Obligation Wts., Exp. 4/15/20 3,12 500 17,750 --------------- Total Rights, Warrants and Certificates (Cost $0) 66,560
PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------ STRUCTURED NOTES--23.9% - ------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: Argentina (Republic of) Credit Linked Nts., 4%, 5/22/08 13 [ARP] 11,655,000 9,873,916 Argentina (Republic of) Unsec. Credit Linked Nts., 4%, 4/16/10 13 [ARP] 12,833,136 7,741,705 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 38,356,000 16,036,240 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 59,878,000 25,034,362 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 10%, 1/5/10 [BRR] 100,000,000 41,808,948 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 14,81%, 1/5/10 6 [BRR] 32,035,902 8,846,962 Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.45%, 1/2/09 6 [BRR] 28,074,132 9,032,226
6 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Brazil (Federal Republic of) Unsec. Credit Linked Nts., 15.73%, 1/3/08 6 [BRR] 24,719,335 $ 9,234,913 Colombia (Republic of) Credit Linked Bonds, 11%, 7/24/20 [COP] 12,570,000,000 5,105,166 Colombia (Republic of) Credit Linked Nts., Series II, 15%, 4/27/12 [COP] 6,942,469,928 3,161,639 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 31,110,000,000 14,167,666 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 12,430,000,000 5,660,691 Colombia (Republic of) Unsec. Credit Linked Nts., 15%, 4/27/12 [COP] 11,705,100,000 5,330,567 Dominican Republic Credit Linked Nts., 14.11%, 7/10/06 (linked to Dominican Republic Treasury Bills) 6 [DOP] 274,400,000 8,357,390 Dominican Republic Credit Linked Nts., 14.61%, 5/14/07 (linked to Dominican Republic Treasury Bills) 6 [DOP] 189,200,000 5,086,569 Dominican Republic Credit Linked Nts., 16.78%, 3/12/07 (linked to Dominican Republic Treasury Bills) [DOP] 205,500,000 5,676,404 Dominican Republic Credit Linked Nts., 17%, 3/12/07 [DOP] 256,400,000 7,921,163 Dominican Republic Credit Linked Nts., 17.08%, 11/6/06 (linked to Dominican Republic Treasury Bills) 6 [DOP] 52,160,000 1,518,961 Dominican Republic Credit Linked Nts., Series II, 15.60%, 4/23/07 (linked to Dominican Republic Treasury Bills) 6 [DOP] 118,210,000 3,206,140 Dominican Republic Unsec. Credit Linked Nts., 15.64%, 4/30/07 (linked to Dominican Republic Treasury Bills) 6 [DOP] 108,450,000 2,932,818 Dominican Republic Unsec. Credit Linked Nts., Series II, 15.74%, 4/30/07 (linked to Dominican Republic Treasury Bills) 6 [DOP] 237,770,000 6,430,024 Egypt (The Arab Republic of) Credit Linked Nts., 7.91%, 8/3/06 (linked to Egyptian Treasury Bills) 6 [EGP] 46,160,000 7,958,770 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 7.97%, 8/17/06 (linked to Egyptian Treasury Bills) [EGP] 46,060,000 7,914,717 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.21%, 9/19/06 (linked to Egyptian Treasury Bills) 6 [EGP] 41,300,000 7,036,644 Egypt (The Arab Republic of) Unsec. Credit Linked Nts., 8.50%, 2/16/08 (linked to Egyptian Treasury Bills) [EGP] 34,150,000 6,075,383 Nigeria (Federal Republic of) Credit Linked Nts., 14.50%, 3/1/11 [NGN] 2,672,000,000 21,202,861 Nigeria (Federal Republic of) Credit Linked Nts., Series II, 14.50%, 4/4/11 [NGN] 2,032,000,000 15,902,299 Ukraine Hryvnia Unsec. Credit Linked Nts., 11.94%, 1/4/10 [UAH] 13,799,000 3,010,648 Zambia (Republic of) Credit Linked Nts., 10.969%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 24,420,000,000 6,424,306 Zambia (Republic of) Credit Linked Nts., Series II, 11.03%, 2/21/07 (linked to Zambian Treasury Bills) [ZMK] 9,980,000,000 2,625,495 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International: Indonesia (Republic of) Total Return Linked Nts., 12%, 9/16/11 [IDR] 116,800,000,000 12,325,596 Lukoil Credit Linked Nts., Series Fbi 105, 7.25%, 11/17/09 [RUR] 321,528,000 12,084,386 Moscow (City of) Credit Linked Nts., Series Fbi 101, 10%, 12/31/10 [RUR] 277,800,000 11,584,913 Moscow (City of) Credit Linked Nts., Series Fbi 98, 11%, 4/23/09 [RUR] 280,840,000 11,679,167 OAO Gazprom Credit Linked Nts., 8.11%, 1/21/07 [RUR] 289,282,000 11,278,627 South African Rand Interest Bearing Linked Nts., Series FBi 43, 5.175%, 5/23/22 4 2,100,000 2,093,700 Ukraine (Republic of) Credit Linked Nts., Series EMG 13, 11.94%, 12/30/09 [UAH] 30,400,000 6,841,314 - ------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. (Nassau Branch): Turkey (Republic of) Credit Linked Nts., 20%, 10/18/07 4,238,000 3,467,371 Turkey (Republic of) Credit Linked Nts., Series EM 880, 20%, 10/18/07 12,320,000 11,154,555 Turkey (Republic of) Credit Linked Nts., Series EMG 19, 16.90%, 7/5/06 6 [TRY] 20,350,000 12,846,669 Turkey (Republic of) Credit Linked Nts., Series EMG 4, 17.20%, 7/6/06 6 (TRY) 24,930,576 15,738,322
7 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Ukraine (Republic of) Credit Linked Nts., Series EMG 11, 11.94%, 12/30/09 [UAH] 9,163,000 $ 2,062,071 Ukraine (Republic of) Credit Linked Nts., Series NPC 12, 11.94%, 12/30/09 [UAH] 65,490,000 14,738,081 - ------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: Argentina (Republic of) Credit Linked Nts., 4%, 12/21/11 [ARP] 35,580,000 27,806,340 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.09%, 1/5/11 [MXN] 136,307,355 11,898,537 Arrendadora Capita Corp. SA de CV/Capita Corp. (The) de Mexico SA de CV Credit Linked Nts., 9.65%, 1/5/11 3 [MXN] 89,780,000 7,916,235 Brazil Real Credit Linked Nts., 13.88%, 3/3/10 6 [BRR] 61,128,560 19,761,862 Brazil Real Credit Linked Nts., 6%, 8/18/10 [BRR] 15,895,000 10,257,035 Campania Total Return Linked Nts., 3.469%, 7/30/10 3,4 [EUR] 34,900,000 44,179,080 Campania Total Return Linked Nts., 3.524%, 7/30/10 3,4 [EUR] 40,150,000 50,378,151 Colombia (Republic of) Credit Linked Nts., 13.50%, 9/15/14 14 [COP] 13,259,000,000 6,245,833 Egypt (The Arab Republic of) Total Return Linked Nts., 8.33%, 12/12/06 (linked to Egyptian Treasury Bills) 6 [EGP] 62,500,000 10,435,491 Egypt (The Arab Republic of) Total Return Linked Nts., 8.38%, 9/29/06 (linked to Egyptian Treasury Bills) 3,6 [EGP] 36,645,000 6,232,515 European Investment Bank, Russian Federation Credit Linked Nts., 5.50%, 1/19/10 6 8,475,000 7,180,868 Halyk Bank of Kazakhstan Total Return Linked Nts., Series I, 7.25%, 3/24/09 [KZT] 2,003,690,000 17,286,003 Indonesia (Republic of) Credit Linked Nts., 9.50%, 6/22/15 10,300,162 8,858,139 Indonesia (Republic of) Credit Linked Nts., Series III, 14.25%, 6/15/13 12,412,800 13,685,112 Nigeria (Federal Republic of) Credit Linked Nts., 12.50%, 2/27/09 [NGN] 525,300,000 4,134,897 Nigeria (Federal Republic of) Credit Linked Nts., 15%, 1/30/09 [NGN] 704,900,000 5,953,221 OAO Gazprom I Credit Nts., 8.36%, 10/20/07 1,435,000 1,520,229 OAO Gazprom II Credit Nts., 8.11%, 4/20/07 1,435,000 1,495,260 Peru (Republic of) Credit Linked Nts., 6.211%, 2/20/11 4 3,255,000 3,277,258 Romania (The State of) 3 yr. Linked Nts., 12.25%, 10/15/07 [RON] 22,740,000 9,087,375 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 3,320,000 1,347,887 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 5,640,000 2,289,784 Romania (The State of) 3 yr. Linked Nts., 12.89%, 9/24/07 [RON] 10,000,000 4,059,900 Romania (The State of) Credit Linked Nts., 11.49%, 12/7/06 [RON] 9,118,650 3,497,497 Russian Federation Credit Linked Nts., 0%, 12/2/09 6 [RUR] 233,573,000 9,103,494 Russian Federation Total Return Linked Nts., Series II, 9%, 4/22/11 [RUR] 288,935,000 11,637,979 Turkey (Republic of) Total Return Linked Nts., 12.832%, 7/7/06 (linked To Turkish Treasury Bills) [TRY] 21,000,000 13,235,905 Turkey (Republic of) Total Return Linked Nts., Series III, 12.81%, 7/5/06 6 [TRY] 27,800,000 17,430,117 Ukraine (Republic of) 5 yr. Credit Linked Nts., 4.05%, 8/25/10 2,505,000 2,559,534 Ukraine (Republic of) 5.5 yr. Credit Linked Nts., 4.05%, 2/25/11 2,505,000 2,541,874 Ukraine (Republic of) 6 yr. Credit Linked Nts., 4.05%, 8/25/11 2,505,000 2,531,728 Ukraine (Republic of) 6.5 yr. Credit Linked Nts., 4.05%, 2/27/12 2,505,000 2,527,069 Ukraine (Republic of) 7 yr. Credit Linked Nts., 4.05%, 8/28/12 2,505,000 2,522,936 Ukraine (Republic of) Credit Linked Nts., 10.208%, 7/1/09 [UAH] 37,017,600 8,291,554 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 3,228,000 722,532 Ukraine (Republic of) Credit Linked Nts., 11.94%, 12/30/09 [UAH] 11,438,000 2,560,200 Ukraine (Republic of) Credit Linked Nts., 5.592%, 5/16/07 [UAH] 27,990,000 5,554,134
8 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ Ukraine (Republic of) Credit Linked Nts., 9.60%, 7/1/09 [UAH] 10,604,800 $ 2,375,364 Ukraine (Republic of) Credit Linked Nts., Series A, 5.592%, 5/16/07 [UAH] 27,980,000 5,552,150 United Mexican States Credit Linked Nts., 9.52%, 1/5/11 14 [MXN] 88,660,000 7,817,480 Videocon International Ltd. Credit Linked Nts., 7.21%, 12/29/09 7,300,000 7,279,560 - ------------------------------------------------------------------------------------------------------------------------ ING Bank NV, Ukraine (Republic of) Credit Linked Nts., Series 725, 11.89%, 12/30/09 3 [UAH] 64,285,000 13,889,980 - ------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: Argentina (Republic of) Credit Linked Nts., 4%, 12/19/11 3 [ARP] 36,445,000 28,505,988 Brazil (Federal Republic of) Credit Linked Nts., 12.08%, 1/2/15 6 [BRR] 51,226,300 6,916,780 Brazil (Federal Republic of) Credit Linked Nts., 12.68%, 6/1/13 6 [BRR] 75,340,000 12,577,543 Brazil (Federal Republic of) Credit Linked Nts., 13.85%, 4/1/10 6 [BRR] 129,150,391 32,909,230 Brazil (Federal Republic of) Credit Linked Nts., 15.33%, 1/2/15 6 [BRR] 138,200,796 18,660,425 Brazil (Federal Republic of) Credit Linked Nts., 2.73%, 11/30/12 6 [ARP] 35,605,000 8,076,432 Brazil (Federal Republic of) Credit Linked Nts., 6%, 5/16/45 3 [BRR] 45,170,000 23,065,918 Brazil (Federal Republic of) Credit Linked Nts., Series II, 13.55%, 1/2/15 6 [BRR] 114,770,000 15,496,705 Colombia (Republic of) Credit Linked Bonds, 10.19%, 1/5/16 6 [COP] 153,800,000,000 19,176,074 Colombia (Republic of) Credit Linked Bonds, 27.486%, 8/3/20 [COP] 132,560,000,000 10,838,785 Peru (Republic of) Credit Linked Nts., 8.12%, 9/2/15 6 [PEN] 40,860,000 5,360,331 Russian Federation Railways Credit Linked Nts., 6.59%, 6/15/07 [RUR] 297,950,000 11,715,283 Swaziland (Kingdom of) Credit Linked Nts., 7.25%, 6/20/10 3,850,000 3,828,440 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers International: Romania (The State of) Total Return Linked Nts., 7.90%, 2/9/10 (linked to Romanian Treasury Bills) [RON] 10,726,400 4,426,085 Turkey (Republic of) Total Return Linked Nts., 20%, 10/17/07 (linked to Turkish Treasury Bills) 4,252,888 4,013,450 - ------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: Argentina (Republic of) Credit Linked Nts., 9.655%, 12/20/15 20,000,000 21,010,000 Romania (The State of) Total Return Linked Nts., 6.50%, 3/10/10 (linked to Romanian Treasury Bills) [RON] 30,904,100 11,998,724 Romania (The State of) Total Return Linked Nts., 6.75%, 3/11/08 (linked to Romanian Treasury Bills) [RON] 36,650,000 14,255,366 Romania (The State of) Total Return Linked Nts., 7.25%, 4/18/10 (linked to Romanian Treasury Bills) [RON] 3,105,000 1,234,594 Romania (The State of) Total Return Linked Nts., 7.50%, 3/6/07 (linked to Romanian Treasury Bills) [RON] 5,155,000 2,030,497 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 3,101,000 1,230,603 Romania (The State of) Total Return Linked Nts., 7.75%, 4/18/08 (linked to Romanian Treasury Bills) [RON] 7,453,000 2,957,655 Romania (The State of) Total Return Linked Nts., 7.90%, 2/12/08 (linked to Romanian Treasury Bills) [RON] 24,895,500 10,021,161 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley & Co. International Ltd./Red Arrow International Leasing plc: Total Return Linked Nts., Series A, 8.375%, 6/30/12 [RUR] 294,160,000 11,073,305 Total Return Linked Nts., Series B, 11%, 6/30/12 [RUR] 220,610,000 8,426,256 - ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Brazil (Federal Republic of) Sr. Sub. Linked Nts., 15.45%, 1/2/14 [BRR] 40,700,000 20,104,586 Philippines (Republic of) Credit Linked Nts., 8.619%, 9/20/15 3 980,000 1,038,310 Philippines (Republic of) Credit Linked Nts., 9.78%, 9/20/15 3 30,000,000 33,141,000 Philippines (Republic of) Credit Linked Nts., 8.38%, 6/20/16 3,4 2,640,000 2,536,512
9 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ United Mexican States Credit Linked Nts., 5.64%, 11/20/15 $ 11,760,000 $ 11,543,616 Venezuela (Republic of) 10 yr. Credit Linked Nts., 7.85%, 11/20/15 4,415,000 4,631,777 Venezuela (Republic of) Credit Linked Nts., 6.49%, 5/20/10 8,435,000 8,590,204 Venezuela (Republic of) Credit Linked Nts., 7.382%, 5/20/10 3,850,000 4,191,880 - ------------------------------------------------------------------------------------------------------------------------ UBS AG: Israel (State of) Credit Linked Nts., 7.50%, 4/5/14 [ILS] 56,205,300 13,863,139 OAO Gazprom III Credit Nts., 7.81%, 7/5/06 3,590,000 3,727,836 Ukraine (Republic of) Credit Linked Nts., 8.40%, 2/10/16 3 5,890,000 5,816,130 -------------- Total Structured Notes (Cost $1,181,837,700) 1,204,119,084
STRIKE DATE PRICE CONTRACTS - ------------------------------------------------------------------------------------------------------------------------ OPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------ Euro Put 12 7/25/06 1.235USD 85,680,000 27,265 - ------------------------------------------------------------------------------------------------------------------------ Japanese Yen Put 3,12 9/21/06 119.00USD 53,340,000,000 905,180 - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso Call 12 10/12/06 11.40USD 176,016,000 357,061 - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso Put 12 10/12/06 11.40USD 176,016,000 365,172 -------------- Total Options Purchased (Cost $5,943,050) 1,654,678
NOTIONAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------ SWAPTIONS PURCHASED--0.0% - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso (MXN) Call 12 9/15/06 8.61 MXN $264,300,000 87,298 - ------------------------------------------------------------------------------------------------------------------------ Mexican Nuevo Peso (MXN) Call 12 7/20/06 9.39 MXN 548,730,000 71,336 - ------------------------------------------------------------------------------------------------------------------------ South African Rand (ZAR) Call 12 9/22/06 9.17 ZAR 264,300,000 428,508 --------------- Total Swaptions Purchased (Cost $1,555,174) 587,142
PRINCIPAL AMOUNT - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--8.5% - ------------------------------------------------------------------------------------------------------------------------ Undivided interest of 17.52% in joint repurchase agreement (Principal Amount/Value $2,439,041,000, with a maturity value of $2,440,006,454) with UBS Warburg LLC, 4.75%, dated 6/30/06, to be repurchased at $427,582,184 on 7/3/06, collateralized by Federal National Mortgage Assn., 5%-6%, 10/1/35-3/1/36, with a value of $2,494,907,407 (Cost $427,413,000) $ 427,413,000 427,413,000 - ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (EXCLUDING INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED) (COST $5,018,591,955) 5,007,883,182 - ------------------------------------------------------------------------------------------------------------------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--15.6% - ------------------------------------------------------------------------------------------------------------------------ ASSET-BACKED FLOATING NOTES--0.2% Citigroup Mortgage Loan Trust, Inc., Series 2006-HE1, Cl. A1, 5.38%, 7/25/06 16 4,440,408 4,440,408 - ------------------------------------------------------------------------------------------------------------------------ Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.43%, 7/25/06 16 2,338,248 2,338,248 - ------------------------------------------------------------------------------------------------------------------------ Whitehawk CDO Funding Corp., 5.38%, 9/15/06 16 2,000,000 2,000,000 -------------- 8,778,656 - ------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER--0.5% Fortis Luxembourg Funding SA, 5%, 7/5/06 16 26,076,956 26,076,956
10 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------------------------------------ JOINT REPURCHASE AGREEMENTS--13.9% Undivided interest of 13.78% in joint repurchase agreement (Principal Amount/Value $4,500,000,000, with a maturity value of $4,502,006,250) with Nomura Securities, 5.35%, dated 6/30/06, to be repurchased at $620,455,096 on 7/3/06, collateralized by U.S. Agency Mortgages, 0.00%--8.50%, 3/1/07--3/1/43, with a value of $4,590,000,000 15,16 $ 620,178,600 $ 620,178,600 - ------------------------------------------------------------------------------------------------------------------------ Undivided interest of 8.32% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,444,375) with Bank of America NA, 5.3325%, dated 6/30/06, to be repurchased at $83,202,860 on 7/3/06, collateralized by U.S. Agency Mortgages, 5%, 6/1/35, with a value of $1,020,000,000 16 83,165,903 83,165,903 -------------- 703,344,503 - ------------------------------------------------------------------------------------------------------------------------ MASTER FLOATING NOTE--0.1% CDC Financial Products, Inc., 5.41%, 7/3/06 16 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets, Inc., 5.38%, 7/3/06 16 4,000,000 4,000,000 --------------- 5,000,000 - ------------------------------------------------------------------------------------------------------------------------ MEDIUM-TERM FLOATING NOTE--0.3% American Express Credit Corp., 5.21%, 7/17/06 16 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------ Bear Stearns, 5.37%, 7/3/06 16 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 7/3/06 16 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------ CC USA, Inc., 5.37%, 7/3/06 16 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ Dorada Finance, Inc., 5.37%, 7/3/06 16 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------ LINKS Finance LLC, 5.37%, 7/3/06 16 2,000,025 2,000,025 - ------------------------------------------------------------------------------------------------------------------------ MBIA Global Funding LLC, 5.36%, 7/31/06 16 2,000,000 2,000,000 --------------- 17,000,025 - ------------------------------------------------------------------------------------------------------------------------ YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.6% Natexis Banques Populaires NY, 5.37%, 7/3/06 16 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------ Natexis Banques Populaires NY, 5.39%, 7/3/06 16 1,999,660 1,999,660 - ------------------------------------------------------------------------------------------------------------------------ Societe Generale NY, 5.33%, 7/3/06 16 25,000,000 25,000,000 --------------- 28,999,660 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $789,199,800) 789,199,800 - ------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $5,807,791,755) 114.8% 5,797,082,982 - ------------------------------------------------------------------------------------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS (14.8) (749,406,735) -------------------------------- NET ASSETS 100.0% $5,047,676,247 ================================
FOOTNOTES TO STATEMENT OF INVESTMENTS PRINCIPAL AMOUNT IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCIES: ARP Argentine Peso AUD Australian Dollar BRR Brazilian Real CAD Canadian Dollar COP Colombian Peso DKK Danish Krone 11 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- DOP Dominican Republic Peso EGP Egyptian Pounds EUR Euro GBP British Pound Sterling IDR Indonesian Rupiah ILS Israeli Shekel JPY Japanese Yen KZT Kazakhstan Tenge MXN Mexican Nuevo Peso MYR Malaysian Ringgit NGN Nigeria Naira 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 ZMK Zambian Kwacha 1. Partial or fully-loaned security. See accompanying Notes. 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 $25,696,110. In addition, the Fund has restricted currency of $2,532,159 which represents 0.05% of the Fund's net assets. See accompanying Notes. 3. Illiquid security. The aggregate value of illiquid securities as of June 30, 2006 was $310,168,989, which represents 6.14% of the Fund's net assets. See accompanying Notes. 4. Represents the current interest rate for a variable or increasing rate security. 5. Issue is in default. Non-income producing. See accompanying Notes. 6. Zero coupon bond reflects effective yield on the date of purchase. 7. 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 $100,562,286 or 1.99% of the Fund's net assets as of June 30, 2006. 8. A sufficient amount of securities has been designated to cover outstanding foreign currency contracts. See accompanying Notes. 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 - ------------------------------------------------------------------------------------ Japanese Yen (JPY) 53,340,000,000 9/21/06 $ 124 $ 1,118,419 $ 77,343
10. A sufficient amount of liquid assets has been designated to cover outstanding swaptions. See accompanying Notes. 11. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date. 12. Non-income producing security. 13. Denotes an inflation-indexed security: coupon and principal are indexed to the consumer price index. 14. When-issued security or forward commitment to be delivered and settled after June 30, 2006. See accompanying Notes. 15. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. 16. 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. DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS VALUE PERCENT - -------------------------------------------------------------------------------- United States $2,121,572,208 36.6% Italy 368,568,416 6.4 Brazil 337,817,921 5.8 Japan 305,981,276 5.3 France 259,256,785 4.5 Germany 255,682,434 4.4 Russia 179,880,199 3.1 United Kingdom 175,574,040 3.0 12 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- GEOGRAPHIC HOLDINGS VALUE PERCENT - ---------------------------------------------------------------------- Peru 153,115,135 2.6 Argentina 149,109,040 2.6 Turkey 132,717,030 2.3 Colombia 121,586,373 2.1 Australia 121,124,001 2.1 Canada 112,174,285 1.9 Poland 87,906,733 1.5 Ukraine 84,097,299 1.5 Belgium 81,018,516 1.4 Mexico 78,942,363 1.4 Romania 68,437,128 1.2 Dominican Republic 63,846,920 1.1 Egypt 58,068,999 1.0 Greece 55,253,365 1.0 Venezuela 54,555,279 0.9 Israel 53,792,029 0.9 Nigeria 48,971,760 0.8 Philippines 44,134,174 0.8 Malaysia 42,451,063 0.7 Indonesia 39,983,736 0.7 Kazakhstan 27,385,603 0.5 Denmark 22,859,695 0.4 Supranational 19,243,363 0.3 Panama 18,529,050 0.3 Uruguay 9,483,738 0.2 Zambia 9,049,801 0.2 India 7,279,560 0.1 Trinidad & Tobago 4,566,965 0.1 El Salvador 4,151,525 0.1 Swaziland 3,828,440 0.1 Bulgaria 3,328,080 0.1 South Africa 2,522,208 0.0 Luxembourg 2,271,650 0.0 The Netherlands 2,194,790 0.0 China 2,041,708 0.0 Algeria 1,938,151 0.0 Guatemala 790,148 0.0 -------------------------- Total $5,797,082,982 100.0% ========================== FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2006 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 $ 5,809,878,886 Federal tax cost of other investments 1,682,718,407 ----------------- Total federal tax cost $ 7,492,597,293 ================= Gross unrealized appreciation $ 140,479,764 Gross unrealized depreciation (120,820,309) ----------------- Net unrealized appreciation $ 19,659,455 ================= 13 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / 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 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, as identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities 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 accompanying 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 June 30, 2006, the market value of these securities comprised 23.9% of the Fund's net assets and resulted in unrealized cumulative gains of $22,281,384. 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 June 30, 2006, the Fund had purchased $14,063,313 of securities issued on a when-issued basis. In connection with its ability to purchase or sell securities on a when-issued basis, the Fund may enter into forward roll transactions with respect to mortgage-related securities. Forward roll transactions require the sale of securities for delivery in the current month, and a simultaneous agreement with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund records the incremental difference between the forward purchase and sale of each forward roll as realized gain (loss) on investments or as fee income in the case of such transactions that have an associated fee in lieu of a difference in the forward purchase and sale price. Risks of entering into forward roll transactions include the potential inability of the counterparty to meet the terms of the agreement; the potential of the Fund to receive inferior securities at redelivery as compared to the securities sold to the counterparty; counterparty credit risk; and the potential pay down speed variance between the mortgage-related pools. 14 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / 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 June 30, 2006, securities with an aggregate market value of $206,495, representing less than 0.005% 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 June 30, 2006, the Fund had outstanding foreign currency contracts as follows: 15 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
EXPIRATION CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED CONTRACT DESCRIPTION DATES (000S) JUNE 30, 2006 APPRECIATION DEPRECIATION - ----------------------------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Argentine Peso (ARP) 7/20/06 160,000 ARP $ 51,675,281 $ 24,803 $ 12,697 Brazilian Real (BRR) 8/2/06-1/31/10 477,979 BRR 192,543,065 28,892,368 -- Chilean Peso (CLP) 9/11/06-9/29/06 16,612,000 CLP 30,793,656 264,672 -- Colombian Peso (COP) 7/6/06 16,075,212 COP 6,243,403 -- 4,250 Euro (EUR) 10/3/06 79,170 EUR 101,912,970 1,961,241 -- British Pound Sterling (GBP) 8/15/06 12,545 GBP 23,222,768 85,900 -- Indian Rupee (INR) 7/10/06 2,300,000 INR 49,943,909 -- 181,403 Japanese Yen (JPY) 7/6/06-12/15/06 65,412,000 JPY 582,709,749 1,544,695 3,692,664 Malaysian Ringgit (MYR) 11/10/06-11/17/06 133,730 MYR 36,683,135 -- 1,218,750 Mexican Nuevo Peso (MXN) 7/14/06-7/25/06 348,390 MXN 30,680,317 -- 561,214 New Turkish Lira (TRY) 7/19/06 80,000 TRY 50,116,484 219,397 -- Philippine Peso (PHP) 7/20/06 2,700,000 PHP 50,760,343 -- 10,624 Polish Zloty (PLZ) 9/5/06-9/22/06 61,590 PLZ 19,437,692 158,438 331,214 South Korean Won (KRW) 8/2/06-9/5/06 51,918,000 KRW 54,813,437 -- 305,578 Swiss Franc (CHF) 8/8/06-8/9/06 291,190 CHF 239,266,170 512,563 1,231,518 Thailand Baht (THB) 7/17/06 1,239,000 THB 32,490,552 8,448 17,269 ---------------------------- 33,672,525 7,567,181 ---------------------------- CONTRACTS TO SELL Australian Dollar (AUD) 8/22/06 148,820 AUD 110,510,231 3,069,193 -- Canadian Dollar (CAD) 7/26/06 63,780 CAD 57,182,243 -- 552,838 Chinese Renminbi (CNY) 7/20/06 400,000 CNY 50,150,793 -- 55,299 Czech Koruna (CZK) 7/20/06 1,100,000 CZK 49,451,114 -- 603,474 Euro (EUR) 7/6/06-9/22/06 196,995 EUR 228,341,489 161,912 5,253,713 British Pound Sterling (GBP) 8/7/06 16,000 GBP 29,613,107 -- 1,506,806 Hungarian Forint (HUF) 10/3/06 15,008,000 HUF 67,528,931 -- 1,544,618 Japanese Yen (JPY) 7/20/06-8/7/06 9,784,000 JPY 85,851,141 38,040 286,911 New Taiwan Dollar (TWD) 7/20/06 1,600,000 TWD 49,547,280 -- 348,724 New Turkish Lira (TRY) 7/5/06-9/22/06 213,927 TRY 131,323,073 302,411 4,604,537 Slovakia Koruna (SKK) 10/3/06 1,016,000 SKK 33,875,177 -- 616,044 Swiss Franc (CHF) 7/20/06 61,000 CHF 50,013,942 -- 408,347 ---------------------------- 3,571,556 15,781,311 ---------------------------- Total unrealized appreciation and depreciation $ 37,244,081 $ 23,348,492 ============================
16 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / 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 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 June 30, 2006, the Fund had outstanding futures contracts as follows:
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS JUNE 30, 2006 (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------- CONTRACTS TO PURCHASE Euro-Bundesobligation, 5 yr. 9/7/06 890 $ 124,205,902 $ (402,899) Euro-Bundesobligation, 10 yr. 9/7/06 259 38,202,525 (200,783) Euro-Schatz 9/7/06 1,458 193,926,327 (258,203) FTSE 100 Index 9/15/06 46 4,954,972 241,154 IBEX 35 Index 7/21/06 35 5,156,460 323,672 Japan (Government of) Bonds, 10 yr. 9/8/06 250 287,596,120 (2,152,206) MSCI Taiwan Stock Index 7/28/06 177 4,915,290 114,851 Standard & Poor's ASX 200 Index 9/21/06 53 5,001,821 232,709 Standard & Poor's/MIB Index, 10 yr. 9/15/06 22 5,159,446 262,270 U.S. Treasury Nts., 10 yr. 9/20/06 11,305 1,185,435,234 6,871,492 --------------- 5,032,057 --------------- CONTRACTS TO SELL Australia (Commonwealth of) Bonds, 10 yr. 9/15/06 604 45,608,389 519,105 CAC-40 10 Index 7/21/06 324 20,610,798 (1,466,950) Canada (Government of) Bonds, 10 yr. 9/20/06 594 58,708,250 493,889 DAX Index 9/15/06 137 25,086,352 (1,582,133) FTSE 100 Index 9/15/06 287 30,914,714 (1,510,852)
17 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
UNREALIZED EXPIRATION NUMBER OF VALUATION AS OF APPRECIATION CONTRACT DESCRIPTION DATES CONTRACTS JUNE 30, 2006 (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------- MSCI Singapore Index 7/28/06 141 5,193,354 (172,265) Nikkei 225 Index 9/7/06 260 35,237,679 219,793 Standard & Poor's 500 E-Mini 9/15/06 79 5,053,630 (51,085) Standard & Poor's/Toronto Stock Exchange 60 Index 9/14/06 42 4,943,832 (282,304) U.S. Treasury Nts., 5 yr. 9/29/06 260 26,885,625 (24,804) --------------- (3,857,606) -------------- $ 1,174,451 ===============
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 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 June 30, 2006 was as follows: PUT OPTIONS NUMBER OF AMOUNT OF CONTRACTS PREMIUMS - ------------------------------------------------------------------- Options outstanding as of September 30, 2005 -- $ -- Options written 53,463,350,000 1,792,004 Options closed or expired (123,350,000) (673,585) -------------------------------- Options outstanding as of June 30, 2006 53,340,000,000 $ 1,118,419 ================================ 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 daily change in the valuation of the notional amount of the swap, as well as the amount due to (owed by) the Fund at termination or settlement, is combined and separately disclosed as an asset (liability). The Fund also records any periodic payments received from (paid to) the counterparty, 18 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- including at termination, under such contracts as realized gain (loss). Total return swaps are subject to risks (if the counterparty fails to meet its obligations). As of June 30, 2006, 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 $ 909,080 - -------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The): Six-Month BBA LIBOR 11,580,000 1/14/15 249,060 Six-Month BBA LIBOR 11,580,000 1/20/15 405,718 ------------- $ 1,563,858 =============
Abbreviation is 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 Fund records an increase or decrease to unrealized gain (loss) on the notional amount of the swap in an amount equal to the daily change in such valuation. The Fund also records any periodic payments received from (paid to) the counterparty, including at termination, under such contracts as realized gain (loss). 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 June 30, 2006, 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 JUNE 30, 2006 JUNE 30, 2006 RATE INDEX DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc.: 16,830,000 PLZ 4.3400% 5.5200% Six-Month WIBO 3/24/10 $ 22,482 26,928,000 PLZ 4.1300 5.5500 Six-Month WIBO 3/24/10 44,528 489,400,000 TWD 2.3200 1.6408 90-Day CPTW 6/27/11 (9,811) - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston, Inc. 46,785,000 PLZ 4.6000 4.4800 Six-Month WIBO 7/1/10 (221,236) - ------------------------------------------------------------------------------------------------------------------------------------ Credit Suisse First Boston International 112,580,000 MXN 7.3450 10.0000 28-Day MXN TIIE 7/9/15 215,996 - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank AG: 2,387,000,000 HUF 8.4400 7.3300 Six-Month BUBOR 7/4/11 -- 490,200,000 INR 7.1750 6.5000 IRS 6/27/11 34,477 11,050,000 4.6838 5.2500 Six-Month LIBOR 6/23/15 235,391
19 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
RATE RATE PAID BY RECEIVED BY UNREALIZED SWAP NOTIONAL THE FUND AT THE FUND AT FLOATING TERMINATION APPRECIATION COUNTERPARTY AMOUNT JUNE 30, 2006 JUNE 30, 2006 RATE INDEX DATES (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Capital Markets LP: 21,965,083 BRR 26.2440 17.7200 BZDI 1/2/07 94,185 55,700,000 MXN 7.3350 10.0000 MXN TIIE 6/24/15 106,066 93,375,000 MXN 7.3350 10.4300 MXN TIIE 5/29/15 417,478 94,500,000 MXN 7.3050 10.2900 MXN TIIE 6/14/15 345,053 93,375,000 MXN 7.3350 10.3000 MXN TIIE 6/1/15 348,268 120,050,000 MXN 7.3350 10.2200 MXN TIIE 1/30/15 392,034 38,987,000 BRR 22.4230 18.1600 BZDI 1/2/08 879,490 187,935,994 BRR 18.3300 17.1800 BZDI 1/2/08 2,107,599 - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group, Inc (The): 38,800,000 MXN 7.3350 8.7000 MXN TIIE 2/15/16 (219,820) 144,000,000 MXN 7.3400 9.5100 MXN TIIE 8/26/25 (632,371) 48,030,000 MXN 7.3300 9.4100 MXN TIIE 8/31/20 (178,428) 96,930,000 MXN 7.3400 9.5000 MXN TIIE 8/28/25 (434,610) 17,037,427 BRR 26.4130 17.1700 BZDI 1/2/08 139,528 20,823,527 BRR 26.4130 17.1700 BZDI 1/2/08 170,535 46,968,000 BRR 23.8820 18.0000 BZDI 1/2/07 332,950 61,200,000 MXN 7.3450 10.8500 MXN TIIE 3/5/15 416,698 100,000,000 MXN 7.3150 10.7500 MXN TIIE 5/8/15 618,063 109,710,000 MXN 7.3150 10.7000 MXN TIIE 5/8/15 648,052 289,270,000 MXN 7.3450 9.8400 MXN TIIE 12/31/09 893,912 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase Bank: 264,090,000 ZAR 8.2900 7.4300 Three-Month JIBA 6/23/08 337,878 114,500,000 MXN 7.3400 9.7600 MXN TIIE 8/7/15 71,256 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Special Financing, Inc.: 55,540,000 PLZ 4.6000 4.5300 Six-Month WIBO 7/5/10 (606,523) 111,440,000 MXN 7.3450 9.9900 28-Day MXN TIIE 7/19/15 222,549 102,585,000 GBP 5.2500 5.2590 Six-Month WIBO 5/21/09 155,848 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: 4,798,000,000 JPY 0.0788 0.6700 Six-Month BBA LIBOR 10/5/08 (350,355) 1,416,000,000 JPY 1.5220 0.0788 Six-Month BBA LIBOR 10/5/13 354,081 24,054,685 BRR 18.6800 16.8800 BZDI 1/2/08 77,380 41,775,000 BRR 17.4880 17.5900 BZDI 1/2/07 248,484 - ------------------------------------------------------------------------------------------------------------------------------------ UBS AG 505,750,000 NOK 4.2200 3.3453 Six-Month LIBOR 2/6/12 1,894,258 - ------------------------------------------------------------------------------------------------------------------------------------ WestPac Banking Corp. 68,660,000 NZD 6.7500 7.4990 NDBB 6/29/16 8,557 - ------------------------------------------------------------------------------------------------------------------------------------ 9,179,922 ===============
Notional amount is reported in U.S. Dollars, except for those denoted in the following currencies: BRR Brazilian Real GBP British Pound Sterling HUF Hungarian Forint INR Indian Rupee JPY Japanese Yen MXN Mexican Nuevo Peso 20 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- NZD New Zealand Dollar NOK Norwegian Krone 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 BUBOR Budapest 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 NDBB New Zealand Bank Bill WIBO Poland Warsaw Interbank Offer Bid Rate CREDIT DEFAULT 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. The Fund also records an increase or decrease to unrealized gain (loss) in an amount equal to the daily valuation. 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 default swaps as of June 30, 2006 is as follows:
NOTIONAL AMOUNT RECEIVED BY THE ANNUAL INTEREST UNREALIZED FUND UPON CREDIT RATE PAID BY THE APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION EVENT FUND (DEPRECIATION) - --------------------------------------------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: Hungary (Republic of) $ 7,535,000 0.4000% $ 186,727 Mexico (Government of) 7,770,000 0.6475 4,663 - --------------------------------------------------------------------------------------------------------------------- Deutsche Bank: Brazil (Government of) 10,000,000 1.4100 104,610 Philippines (Republic of) 14,000,000 3.6900 (701,400) Ukraine (Republic of) 4,075,000 1.8800 59,714 - --------------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank Russian Federation 550,000 2.4000 (52,215) - --------------------------------------------------------------------------------------------------------------------- Morgan Stanley Capital Services, Inc.: Colombia (Republic of) 1,980,000 3.7000 (145,706)
21 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - --------------------------------------------------------------------------------
NOTIONAL AMOUNT RECEIVED BY THE ANNUAL INTEREST UNREALIZED FUND UPON CREDIT RATE PAID BY THE APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION EVENT FUND (DEPRECIATION) - --------------------------------------------------------------------------------------------------------------------- Dominican Republic 7,970,000 3.2500 (96,961) Indonesia Government 4,900,000 1.6800 108,298 Mexico (Government of) 9,920,000 0.6450 78,644 NBG Finance plc 17,390,000 0.2500 19,592 Philippines (Republic of) 3,890,000 2.9800 132,015 Philippines (Republic of) 8,500,000 4.8500 (741,151) Ukraine (Republic of) 4,290,000 1.7700 98,184 Ukraine (Republic of) 5,630,000 1.6500 161,451 - --------------------------------------------------------------------------------------------------------------------- UBS AG: Brazil (Government of) 4,780,000 4.5000 (547,431) Ukraine (Republic of) 4,075,000 1.8400 79,624 --------------- $ (1,251,342) ===============
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. The Fund also records an increase or decrease to unrealized gain (loss) in an amount equal to the daily valuation. 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 default swaps as of June 30, 2006 is as follows:
NOTIONAL AMOUNT ANNUAL INTEREST UNREALIZED PAID BY THE FUND RATE RECEIVED APPRECIATION COUNTERPARTY REFERENCED DEBT OBLIGATION UPON CREDIT EVENT BY THE FUND (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------ Citigroup Global Markets Holdings, Inc. Russia (Government of) $ 7,770,000 0.6475% $ 10,535 - ------------------------------------------------------------------------------------------------------------------ Morgan Stanley Capital Services, Inc.: Indonesia Government 4,900,000 1.6700 (135,513) Istanbul Bond Co. SA for Finansbank 17,390,000 1.3000 (660,820) - ------------------------------------------------------------------------------------------------------------------ UBS AG Indonesia (Republic of) 2,550,000 2.3000 -- ------------ $ (785,798) ============
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. 22 | OPPENHEIMER INTERNATIONAL BOND FUND Oppenheimer International Bond Fund STATEMENT OF INVESTMENTS JUNE 30, 2006 / UNAUDITED - -------------------------------------------------------------------------------- Written swaption activity for the period ended June 30, 2006 was as follows: CALL SWAPTIONS -------------------------------- NOTIONAL AMOUNT OF AMOUNT PREMIUMS - ----------------------------------------------------------------- Swaptions outstanding as of September 30, 2005 $ 61,360,000 $ 251,576 Swaptions written 124,200,000 138,106 Swaptions closed or expired (61,360,000) 251,576) -------------------------------- Swaptions outstanding as of June 30, 2006 $ 124,200,000 $ 138,106 ================================ As of June 30, 2006, the Fund had entered into the following swaption contracts: NOTIONAL EXPIRATION EXERCISE PREMIUM SWAPTION AMOUNT DATE PRICE RECEIVED VALUE - -------------------------------------------------------------------------------- Mexican Nuevo Peso $ 124,200,000 9/15/06 9.35 * $ 138,106 $ 99,188 *Exercise price is denoted in the following currency: MXN - Mexican Nuevo Peso ILLIQUID OR RESTRICTED SECURITIES AND CURRENCY As of June 30, 2006, 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. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities and currency is as follows: VALUATION AS ACQUISITION OF JUNE 30, UNREALIZED CURRENCY DATES COST 2006 APPRECIATION - -------------------------------------------------------------------------------- Argentine Peso (ARP) 6/21/06-6/30/06 $ 2,518,377 $ 2,532,159 $ 13,782 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. 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 June 30, 2006, the Fund had on loan securities valued at $866,579,380, which are included in the Statement of Assets and Liabilities as "Investments, at value" and, when applicable, as "Investments sold". Collateral of $874,209,707 was received for the loans, of which $789,199,800 was received in cash and subsequently invested in approved investments or held as cash. 23 | OPPENHEIMER INTERNATIONAL BOND FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2006, 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: 08/08/2006 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: 08/08/2006 By: /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Principal Financial Officer Date: 08/08/2006 EX-99.CERT 2 rq880_33785cert302.txt RQ880_33785CERT302 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer International Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ---------------------------- John V. Murphy Principal Executive Officer Date: 08/08/2006 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer International Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ---------------------------- Brian W. Wixted Principal Financial Officer Date: 08/08/2006 -----END PRIVACY-ENHANCED MESSAGE-----